World Economic Forum begins in Davos amid hope and uncertainty

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The WEF annual meeting will focus on geopolitical shocks, living standards and energy transition among other challenges. (WEF photos)
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The WEF annual meeting will focus on geopolitical shocks, living standards and energy transition among other challenges. (WEF photos)
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Updated 20 January 2025
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World Economic Forum begins in Davos amid hope and uncertainty

  • Annual meeting coincides with high geopolitical tensions, rapid technological advancements and escalating impacts of climate change
  • Discussions at Swiss resort town will include center on the future of work, technology, and climate action among other pressing topics

DUBAI: As the world’s elite arrive in the snow-capped Swiss mountains for the World Economic Forum (WEF) Annual Meeting 2025, the event promises to be a pivotal moment as global leaders address the world’s most pressing challenges.

With more than 350 government leaders, including 60 heads of state, attending, alongside business executives, civil society leaders, global experts, and other influential individuals from more than 130 countries, the forum’s organizers say the event — which runs from Jan. 20 to Jan. 24 — is intended to “drive dialogue and create solutions to the world’s shared problems.”




A picture taken on January 19, 2025 shows the Alpine resort of Davos ahead of the World Economic Forum annual meetig. (AFP)

The theme of the 2025 meeting, “Collaboration for the Intelligent Age,” will focus on five pillars crucial for a sustainable and inclusive future: Reimagining Growth, Industries in the Intelligent Age, Investing in People, Safeguarding the Planet, and Rebuilding Trust.

Klaus Schwab, the WEF’s founder and chairman, emphasized the role of Davos as a unique venue in bringing together thousands of decision makers to address global challenges.

“Despite divergent positions and great uncertainties, the Annual Meeting 2025 will foster a spirit of cooperation and constructive optimism with the objective of shaping the forthcoming Intelligent Age in a more sustainable and inclusive way” Schwab said in a press release




WEF founder and chairman Klaus Schwab speaks with the forum's managing directors Mirek Dusek and Neo Gim Huay, president and CEO Borge Brende and head of media Yann Zopf ahead of the annual meeting in Davos. (AFP)

In that same release, Børge Brende, president and CEO of the WEF, echoed this sentiment, noting that unprecedented collaboration is required to deal with the world’s most pressing issues.

“The only way to address urgent challenges and unlock new opportunities is through innovative, cooperative approaches,” Brende stated.

Among the heads of state set to participate are U.S. President-elect Donald Trump (via video link), European Commission President Ursula von der Leyen, German Chancellor Olaf Scholz, South African President Cyril Ramaphosa, Argentine President Javier Milei, and Ukrainian President Volodymyr Zelenskyy.

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Leaders from international organizations including the United Nations, the World Health Organization, and the International Monetary Fund will also be present, alongside 1,600 business leaders, including more than 900 CEOs and more than 120 “tech pioneers.”

Civil society will also be well represented, with more than 170 leaders from labor unions, non-governmental organizations, and academia, and more than 160 members of the WEF’s Global Shapers, Young Global Leaders and Social Innovators.




Protestors are seen on a two-day hike from Kueblis to Davos as part of a demonstration of the collective 'Strike WEF' in Switzerland on Jan. 18, 2025 ahead of the annual meeting of the World Economic Forum in Davos. (Keystone via AP)

The event will also be attended by 120 “cultural leaders,” and will feature an Arts and Culture program showcasing music, film, photography, interactive AI-driven art and handcrafted creations.

Mirek Dusek, WEF managing director, said in a statement: “By convening leaders from around the world and different walks of life, the Annual Meeting provides a platform to share views and knowledge at a time of profound change for people and communities.  

“A core goal of our proceedings is to enable broad-based agency and solutions in the context of the new economy that seems to be emerging.”




Discussions at Davos will include debates on the future of work, technology, and climate action, and will also examine critical initiatives in areas including cybersecurity, artificial intelligence, and renewable energy. (AFP)

Discussions at Davos will include debates on the future of work, technology, and climate action. Reports such as the Global Cooperation Barometer 2025 and the Future of Jobs Report will be discussed during sessions, as will the ways in which new technologies will reshape industries and potentially create millions of jobs, while also terminating many others.

The meeting will also examine critical initiatives in areas including cybersecurity, artificial intelligence, and renewable energy, with the aim of creating “responsible, inclusive strategies for the future.”

Gim Huay Neo, WEF managing director said in a press release, “We will explore how data and technologies, as well as innovative partnerships, can be harnessed to create value and empower leadership for people, planet and prosperity.”
 

 


US allows countries to buy Russian oil stranded at sea for 30 days

Updated 13 March 2026
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US allows countries to buy Russian oil stranded at sea for 30 days

  • US issues 30-day license for stranded Russian oil purchases
  • Measure the latest by Trump administration to calm energy markets jolted by Iran war

The United States issued ​a 30-day license for countries to buy Russian oil and petroleum products currently stranded at sea in what Treasury Secretary Scott Bessent said was a step to stabilize global energy markets roiled by the Iran war.
The announcement comes a day after the US Energy Department said that the US would be releasing 172 million barrels of oil from the strategic petroleum reserve in an effort to curb sky-rocketing oil prices in the wake of the war in Iran. That release was part of a broader commitment by the 32-nation International Energy Agency to release 400 million barrels of oil. The agency said earlier on Thursday that he war in the Middle East ‌was creating the ‌biggest oil supply disruption in history. Bessent, in a statement on X ​released ‌hours ⁠after benchmark ​oil prices ⁠shot above $100 a barrel, said the measure was “narrowly tailored” and “short-term” and would not provide significant financial benefit to the Russian government.
“The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term,” Bessent said in the statement, echoing President Donald Trump.
Thursday’s license, which authorizes the delivery and sale of Russian crude oil and petroleum products loaded on vessels as of March 12, will remain valid through midnight Washington time on April 11, according to the text of the license posted on ⁠the Treasury Department’s website. The US Treasury previously issued a 30-day waiver on March ‌5 specifically for India, allowing New Delhi to buy Russian oil stuck ‌at sea. Among other measures to tame energy prices, Trump has already ordered ​the US International Development Finance Corporation to provide political ‌risk insurance and financial guarantees for maritime trade in the Gulf and said the US Navy ‌could escort ships in the region. In another attempt to control prices, the Trump administration is considering temporarily waiving a shipping rule known as the Jones Act to ensure energy and agricultural products can move freely between US ports, the White House said. Waiving the rule would allow foreign ships to carry fuel between US ports, potentially lowering costs and speeding deliveries.
“The president ‌is taking every action he can to lower prices ... unsanctioned oil that’s at sea to get that into the market, continuing to push our own ⁠producers to drill and ⁠expand production as fast and as far as they can, providing regulatory relief, and you’re going to see more and more in the days to come,” White House Deputy Chief of Staff Stephen Miller told Fox News’ “Primetime” program on Thursday.
There were about 124 million barrels of Russian-origin oil on water across 30 different locations globally as of Thursday, Fox News reported, adding that the US license would provide around five to six days of supply when taking into account the daily loss of oil from the Strait. Trump said earlier on Thursday the United States stood to make significant money from oil prices driven higher by the war, prompting criticism from some lawmakers who accused him of caring only about rich people.
US and Israeli strikes on Iran and the subsequent response by Tehran have widened regional tensions and paralyzed shipping through the Strait of Hormuz, disrupting vital ​Middle East oil and gas flows and sending energy ​prices higher.
Raising the stakes for the global economy, Iran’s Islamic Revolutionary Guard Corps says it will block oil shipments from the Gulf unless the US and Israeli attacks cease.