As delegates started to settle in to Davos 2023 for the start of the annual meeting of the World Economic Forum, the regular question about the future of globalisation re-emerged.
There is no doubt that the forum is a product of a post-Second World War, western-led system that grew after the end of the Cold War.
However, the impact of Covid-19, US-China competition and sanctions on Russia after the Ukraine war means that system is effectively over.
With India having four times the number of participants as France at this year’s meeting and with sessions dedicated to addressing global population growth, Brazil’s emerging role and transformation in the UAE, Saudi Arabia and beyond, the shift is clear.
One European participant asked in a closed session what will replace the "western-led system of globalisation".
Globalisation as it was at the start of the century is no longer relevant. The question that will be addressed this week is what the next system will resemble.
All eyes will be on Ursula von der Leyen, the European Commission President, who will deliver the first major address to this year's WEF on Tuesday morning, followed by Liu He, the Chinese Vice Premier.
The tone that these two leaders set for the week’s meetings will be of major importance in terms of navigating geopolitical fragmentation, while the US is largely represented by trade representatives and senators.
Technology continues to be a key marker of the success of globalisation. Uber, Zoom and international banks have a heavy presence in Davos and they are instrumental in allowing participants from the world over to seamlessly plug and play upon arrival.
However, with escalated tensions between the US and China, and the ramifications of international sanctions on Russia, there is a threat of that level of globalisation breaking down.
Most multinational companies are concerned that if global systems are decoupled, their operations will be affected and will either have to split activities or give up on one of the two top global economies.
The World Economic Forum is hoping to build bridges that avoid such a scenario — and has dedicated several sessions on China and global co-operation. It is hoping to build bridges in the physical world and in the metaverse.
One new development at this year’s meeting is an alliance of 70 companies and international organisations, creating a space representing a “Global Collaboration Village” to bring people together in the metaverse.
Participants can build their avatar and “attend Davos” in the digital realm. While the experiment is garnering attention, it cannot change the reality of geopolitical competition and tension, with a backdrop of reduced purchasing power globally.
How current global systems will help countries and societies navigate these challenges will set the stage for rebuilding the global order. Being so emblematic of globalisation, this is the ideal forum to start coming up with answers.
UAE currency: the story behind the money in your pockets
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Vikram%20Vedha
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UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Defined benefit and defined contribution schemes explained
Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
The specs
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Playing records of the top 10 in 2017
How many games the top 10 have undertaken in the 2017 ATP season
1. Rafael Nadal 58 (49-9)
2. Andy Murray 35 (25-10)
3. Roger Federer 38 (35-3)
4. Stan Wawrinka 37 (26-11)
5. Novak Djokovic 40 (32-8)
6. Alexander Zverev 60 (46-14)
7. Marin Cilic 43 (29-14)
8. Dominic Thiem 60 (41-19)
9. Grigor Dimitrov 48 (34-14)
10. Kei Nishikori 43 (30-13)
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
Brief scoreline:
Liverpool 2
Mane 51', Salah 53'
Chelsea 0
Man of the Match: Mohamed Salah (Liverpool)
What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
