Good morning, Davos delegates and devotees!
It’s the first full day of programming. Take one last look at your perfectly crafted schedule—inevitably, it won’t look so clean and logical once the forum really gets going.
This daily email from Quartz is your guide to all the news and chatter from the World Economic Forum 2017.
It’s another cold one, with a high of -12°C (10°F). Don’t forget an extra layer or two.
What to watch for today
Oh-oh, here Xi comes. The most anticipated appearance of this year’s forum comes on the first day: Xi Jinping is the first top Chinese leader to speak in Davos. Here’s a guide to parsing what could be cryptic remarks. Xi will defend trade and make a pitch for China to step into the leadership void left by a more-protectionist US under president Trump. It’s worth keeping an eye on @realDonaldTrump, to see if the US president-elect tries to steal the Chinese president’s thunder with a trademark early-morning tweetstorm.
Sound smart after the speech. This feature story, by Quartz’s Gwynn Guilford, explains all you need to know about the challenges that China will confront if it tries to assume a global leadership role. “Closer examination of China’s finances suggests that any ambitions to assume a US-like stabilizing role in the global economy will be harder to fulfill than its leaders—and indeed most people—realize,” she writes.
The view from Trumpland. Although the president-elect is the dominant subject of conversation this week, representatives from his team are thin on the ground. Today, though, we get a double dose of Anthony Scaramucci—hedge-fund founder, Davos fixture, and soon-to-be White House advisor. He is speaking on a panel about monetary policy and also appearing on his own to detail the priorities for the incoming US government. (You might get more candid comments from him over drinks at his fund’s annual bash at the Piano Bar, though.)
The day in soirées. There’s a packed schedule of star-studded gatherings on the forum’s first night. Tina Brown’s “Women of Impact” dinner will feature the Clooneys, Matt Damon, and Gillian Anderson, raising money for Nadia’s Initiative with the help of Credit Suisse. If you’ve ever wondered what will.i.am thinks about the future of artificial intelligence, Cylance is hosting a dinner (with Quartz as a media partner) that features the musician and entrepreneur in addition to execs from IBM, Facebook, Salesforce, and more. And a lucky 100 people have gained entry to the Wine Forum’s tasting of top Bordeaux vintages.
What everyone is talking about
Risky business. PwC released its annual survey of CEOs yesterday, and they are super-worried about the dive in public trust in seemingly everything around them, which could harm growth. Nearly 60% of the bosses surveyed said they were worried about their eroding credibility, up from just 37% who said the same four years ago.
Soul searching. Some delegates are privately questioning how the WEF will remain relevant, given the repudiation of many of it principles, like open borders and multilateral action on issues such as climate change. They worry that, year after year, the business community has failed to articulate a convincing vision for globalization. But the consensus is that Davos will continue, if only because it’s a good place for CEOs to pack their schedules with meetings and do deals.
Mind the gender gap. For the first time ever, women represent 20% of the participants in Davos. That’s up from 18% in 2016 and 17% the year before. The WEF has employed various measures to nudge the number higher. Among them: The roughly 120 organizations that pay the WEF an annual fee of 600,000 Swiss francs ($593,000) to be “strategic partners” get four tickets to attend the Davos forum with all-access passes. If one of the four they bring is a woman, the WEF awards a fifth ticket for free.
The view from the inside
This trippy photo is actually a very familiar location for any Davos delegate. Click here to see the Congress Center in 360 degrees, and it will all make sense.
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This is a special edition of the Quartz Daily Brief produced for attendees and others following the World Economic Forum in Davos. If you were forwarded this newsletter by a colleague, head of state, or Klaus Schwab himself, you can get your own copy for free by clicking here.
News from around the world
Rolls-Royce agreed to pay over $800 million to resolve bribery inquiries. The UK aerospace firm reached agreements (paywall) with authorities in Britain, the US, and Brazil related to probes into potential corruption in overseas markets. The largest payment, of about $600 million, will go to Britain’s Serious Fraud Office.
Germany’s auto industry hit back at Trump. German economic minister Sigmar Gabriel and BMW pushed back against the US president-elect’s threat to tax Mexican-made imports to the US by German automakers, and his complaint that few American cars can be found on German roads. “Build better cars,” Gabriel said.
The US irked Russia. US Marines arrived in Russia’s neighbor, Norway, marking the first time since World War II that Norway has allowed foreign troops to be stationed there. It follows on the US strengthening its military presence in Poland.
The last man to walk on the moon died. US astronaut Eugene Cernan passed away at the age of 82. He wrote his daughter’s initials into the lunar surface, and upon taking his first steps there exclaimed, “Oh my golly! Unbelievable!” Recently John Glenn, the first American to orbit the Earth, died at the age of 95.
Matters of debate
Martin Luther King Jr. was ahead of his time on universal basic income. King advocated the idea in 1967. Experts now say it may be a necessary safety net as job losses mount due to automation.
Trust is a thing of the past. A survey by communications group Edelman found a “global implosion” in people’s trust for institutions such as business, government, the media, and NGOs.
Trump’s efforts to discredit John Lewis are misguided. The US lawmaker is a civil rights hero, having faced down death repeatedly in 1965 while peacefully protesting for equal treatment in Alabama.
Surprising discoveries
An analysis of 10,000 scientific studies on marijuana concretely supports only three medical benefits. A new 400-page report also identifies strong evidence of four high-risk factors associated with cannabis use.
Spiciness may help you live longer. A longitudinal study of thousands of participants found that people who ate a lot of hot red chili peppers had a 13% lower risk of death.
Amazon tried selling Indian-flag doormats and Gandhi-themed flip-flops—in India. The e-commerce giant has been widely called out over its tone-deaf offerings, though some feel the reaction has been too much.
Theresa May will appear in Vogue. The British prime minister and fashion fan was shot by famed photographer Annie Leibovitz and will be featured in the magazine’s US edition in April.
A neo-Nazi podcaster was outed as having a Jewish wife. The host of a racist, anti-Semitic program resigned after the news about his wife spread online, reportedly leaving some of his listeners “crestfallen.”
Our best wishes for an inspiring day at the forum. Please send any news, tips, spare Bordeaux bottles, and Chinese economy longreads to me, Jason Karaian, at jason@qz.com. The best way to keep up with news while you’re on the go this week is the Quartz app for iPhone and Android.
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