Egyptian security forces have used rubber bullets, tear gas and water canon in running battles with tens of thousands of anti-government demonstrators demanding that Hosni Mubarak, the president, step down.
The demonstrations, the fourth consecutive day of protests in Egypt, started after Muslim Friday prayers, with the most serious clashes taking place in the capital Cairo.
WEF founder Klaus Schwab says the world's top bankers did not travel to Davos to discuss the troubled world economy but to celebrate lavish luxury parties,
Egypt's day of fury: Cairo in flames as cities become battlegrounds. Hosni Mubarak regime left reeling as thousands defy curfew. Police fire baton round volleys into crowds unwilling to retreat. . .News item:
Tunisia's protests spark suicide in Algeria and fears through Arab world Man burns to death in Algeria in echo of man's death that began Tunisian protests while Arab states are nervous . .News item:
Hedge fund manager John Paulson personally made more than $5 billion in profit in 2010, which may likely be the largest one-year earnings in investment history, the Wall Street Journal said.News item:
Paulson's latest profit has trumped the nearly $4 billion he made with his "short" bets against subprime mortgages in 2007, the Journal said.
"The Obama administration's pay czar said Friday that 17 banks receiving taxpayer money from the $700 billion financial bailout made "ill-advised" payments to their executives. But he stopped short of calling them "contrary to the public interest," language that would have signaled a fight to get it back."News item:
"World Economic Forum. . . an unrestrained affair: loud bands, drunken, middle-aged dancing and massive amounts of free booze. Most of those elements will probably still be there tonight. But in these more straitened times, Davos is getting a bit self-conscious about drunken revelry. . .News item:
"The annual Davos ball almost seems to invite satire. But then the same thing could be said about the entire World Economic Forum. There is something faintly comic about seeing so many important people (and vast egos) crammed into a small Swiss ski resort, slithering and sliding their way along the same Alpine streets in garish anoraks and newly purchased snow-boots.
The earnest mission statement of the World Economic Forum – 'committed to improving the state of the world' – sits uneasily alongside the reality of the forum, much of which is made up of frantic networking, self-promotion, deal-making and social climbing. . . "
- Greek Prime Minister George Papandreou said the global crisis had led to an "unsustainable" race to the bottom in labor standards and social protection in developed nations. "Politically, I believe we are at a turning point where... there are signs in Europe of more nationalism, more racism, anti-Muslim, anti-Semitism, fundamentalisms of all types," he said. "We need to look to a different model."
- "Maurice Levy, chairman and chief executive of French advertising giant Publicis said, "We have been led by greed. We have been led by only the bottom line, the profit and we have sacrificed the workers in order to please the stockholders."
- Former U.S. President Bill Clinton said tackling income inequalities was essential to future growth and needed to be part of the core of doing business in the 21st century.
- U.S. economist Nouriel Roubini predicted a backlash against budget cuts in Europe if there was no rapid return to economic growth. "People are willing to do austerity, willing to do sacrifices and reform as long as there's light at the end of the tunnel," he said.
- With unrest in Tunisia and Egypt a major talking point in Davos, the Chief Economist for the African Development Bank predicted more trouble ahead if the fruits of growth were not shared more evenly:
- "If you are not even creating jobs, not even sharing the economic growth that is coming through, then there will be push-back," he said. "It's one thing to get good growth going. It is another to share that."
"The crisis in financial markets is also a crisis of the World Economic Forum in Davos. Today, at the height of the worst financial crisis in decades, most top banks did not come all the way to Davos to listen to the warnings of critical contemporaries - but to have fun and to court customers. The parties have become, little by little, out of hand. . . We let that get out of control."Recommend this post