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— WORLD ECONOMIC FORUM —


May 31, 2010

Everybody's Business: Strengthening International Cooperation in a More Interdependent World


World Economic Forum


The World Economic Forum today issued one of the most extensive sets of proposals to strengthen international cooperation and governance ever assembled.

The product of a year-long dialogue and group of task forces involving over 1,500 academic, business, governmental and civil society experts and decision-makers from around the world, the Forum's Global Redesign Initiative report contains 58 specific proposals and nine thematic essays by some of the international community's leading authorities on international economic, environmental and security cooperation.

Entitled Everybody's Business: Strengthening International Cooperation in a More Interdependent World, the Forum's report warns that serious global risks and challenges are accumulating in many areas, and international institutions and arrangements are often ill-equipped to provide a proactive response.


World Economic Forum

Photo: Brian T. Moynihan, President and Chief Executive Officer, Bank of America, USA, captured during the session 'Redesigning Capital Markets' at the Congress Centre of the Annual Meeting 2010 of the World Economic Forum in Davos, Switzerland, January 29, 2010. (© World Economic Forum. Photo by Michael Wuertenberg).


World Economic Forum

Photo: Geoff Cutmore (Anchor, CNBC, United Kingdom) captured at the World Economic Forum on Europe held in Brussels, Belgium, May 10, 2010. (© World Economic Forum. Photo by Youssef Meftah).


World Economic Forum

Photo: William H. Gates III, Co-Chair, Bill & Melinda Gates Foundation, USA, smiles during the 'Bill & Melinda Gates Foundation Pledge' in the Congress Centre of the Annual Meeting 2010 of the World Economic Forum in Davos, Switzerland, January 29, 2010. (© World Economic Forum. Photo by Sebastian Derungs).


Reminding the international community that in the midst of the financial crisis in late 2008 and early 2009 it "was seized with the transformational nature of our times," the report calls on it to "hold on to that moment of possibility, consolidate its considerable accomplishment in containing the crisis and renew its earlier commitment to renovate the international system."

Drawing a parallel to the 1944 Dumbarton Oaks and Bretton Woods conferences that designed much of the post-war international security and economic architecture over a year before World War II ended, the report concludes that the time has come for governments, companies and other civil society institutions to "rise above their immediate, parochial interests and consider more seriously their long-term stake in a properly structured and resourced global cooperation system for the 21st century."

Writing in the report's overview chapter, Forum Managing Director Richard Samans, Executive Chairman and Founder Klaus Schwab and Vice-Chairman Lord Malloch-Brown conclude: "Even as governments develop their exit strategies from fiscal and monetary stimulus measures applied during the crisis, they should engage in an effort to absorb the larger meaning of the changes that have transformed the international community during the past generation and rendered much of its cooperative architecture not fully fit for purpose."

The Forum report proposes a "blueprint for renovating international cooperation in an era of increasingly complex interdependence, rendering it both more effective and legitimate" based on the many proposals that have emerged from the Global Redesign process.

In particular, it proposes a more results-oriented "multidimensional" approach to international governance and cooperation. Arguing that the international community's increasing interconnectedness and interdependence creates new modes and means of accelerating progress on many global challenges, it demonstrates how pragmatic strategies that take advantage of these additional tools and capacities can be combined to achieve breakthroughs on such issues as climate change, fisheries depletion, unemployment and poverty, public health, proliferation of weapons of mass destruction and educational access and illiteracy, even when new multilateral agreements appear to be diplomatically beyond reach.


World Economic Forum

Photo: Montek S. Ahluwalia, Deputy Chairman, Planning Commission, India, speaks during the session 'Rethinking Government Assistance' in the Congress Centre of the Annual Meeting 2010 of the World Economic Forum in Davos, Switzerland, January 29, 2010. (© World Economic Forum. Photo by Remy Steinegger).


World Economic Forum

Photo: Lawrence H. Summers, Director, National Economic Council (NEC), Executive Office of the President, USA, is captured during the session 'The US Economic Outlook' at the Annual Meeting 2010 of the World Economic Forum in Davos, Switzerland, January 29, 2010. © World Economic Forum. Photo by Monika Flueckiger).


The report calls for the "state-based core of the international system to be adapted to our more complex, bottom-up world in which non-governmental actors have become a more significant force." To this end, it urges governments and international organizations to conceive of themselves more explicitly as constituting part of "a much wider global cooperation system that has the potential to overcome the limitations of scale, information and coherence from which they currently suffer by anchoring the preparation and implementation of their decisions more deeply in processes of interaction with interdisciplinary and multi-stakeholder networks of relevant experts and actors."

In parallel, the report calls for a stronger sense of ownership and responsibility - a shift in values - on the part of these non-governmental institutions and their leaders regarding the underlying health of the international system.


Criticizing the "severe price the international community has paid for its complacency about systemic financial and macro-economic risks that were well publicized but nevertheless allowed to accumulate for too long," it calls on "those who educate and select business, scientific, academic, religious, media as well as political leaders - particularly graduate education programs and boards of directors and human resources departments - to redesign their curricula and senior talent development and promotion policies to reflect that they are cultivating not only leaders of functional organizations but also stewards of the international system and the contribution of their professional disciplines thereto."


In addition to making proposals to strengthen international cooperative structures on problems as diverse as financial stability, international trade, water scarcity, prevention of mass atrocities, Internet security, malnutrition, energy security and many others, the report of the Global Redesign Initiative includes a number of broader proposals for the international community. For example, it:

• Urges the Group of 20 Leaders' process to clarify soon its ongoing purpose and relationship with the United Nations and specialized international organizations, making a number of specific proposals in this regard. In addition, it challenges these leaders to reach a package deal on the currently deadlocked UN climate, WTO trade, Millennium Development Goal funding, IMF and World Bank reform, and global macro-economic rebalancing negotiations, arguing that this kind of systemic leap forward in international cooperation would yield large net benefits for developing, emerging and advanced countries alike and could only be brokered by G20 leaders.


World Economic Forum

Photo: Peter Westaway (Chief European Economist, Nomura International Plc, United Kingdom) captured at the World Economic Forum on Europe held in Brussels, Belgium, May 10, 2010. (© World Economic Forum. Photo by Youssef Meftah).


World Economic Forum

Photo: H.M. Queen Rania Al Abdullah of the Hashemite Kingdom of Jordan; Member of the Foundation Board of the World Economic Forum; Global Agenda Council on Education Systems captured during the session 'Rebuilding Education for the 21st Century' at the congress centre at the Annual Meeting 2010 of the World Economic Forum in Davos, Switzerland, January 30, 2010. (© World Economic Forum. Photo by Michael Wuertenberg).


The proposals were developed by the Forum's Global Agenda Councils of leading experts and decision-makers from academia, business, civil society, international organizations and government as well as its Industry Partner communities and Young Global Leader Task Forces.

The proposals were reviewed by the following distinguished rapporteurs, who have written nine thematic summary chapters that set them in broader context and provide additional proposals:

1. Creating a Values Framework - John J. DeGioia, President, Georgetown University, USA.

2. Building Sustained Economic Growth - Robert Z. Lawrence, Albert L. Williams Professor of Trade and Investment, John F. Kennedy School of Government, Harvard University, USA.

3. Strengthening the International Monetary and Financial System - David Daokui Li, Director and Mansfield Freeman Professor of Economics, Center for China in the World Economy (CCWE), Tsinghua University, People's Republic of China; and Suzanne Nora Johnson, Trustee, Carnegie Institution for Science, USA.

4. Creating Employment, Eradicating Poverty and Improving Social Welfare - John McArthur, Chief Executive Officer, Millennium Promise, USA; and Dennis J. Snower, President, Kiel Institute for the World Economy, Germany.

5. Managing and Mitigating Global Risks - Ian Goldin, Director, James Martin 21st Century School, and Professorial Fellow, Balliol College, University of Oxford, United Kingdom.

6. Ensuring Health for All - Peter Piot, Professor and Director, Institute of Global Health, Imperial College London, United Kingdom; David E. Bloom, Clarence James Gamble Professor of Economics and Demography, Harvard School of Public Health, USA; and Peter C. Smith, Professor, Health Policy, Imperial College London, United Kingdom.

7. Enhancing Global Security - Lilia Shevtsova, Senior Associate, Carnegie Endowment for International Peace, Carnegie Moscow Center, Russian Federation; and Jean-Marie Guéhenno, Senior Non-resident Fellow, Brookings Institution, USA.

8. Ensuring Sustainability - Ashok Khosla, Chairman, Development Alternatives, India; and Caio Koch-Weser, Vice-Chairman, Deutsche Bank Group, Deutsche Bank, United Kingdom.

9. Building Effective Institutions in an Empowered Society - Ngaire Woods, Professor of International Political Economy, University of Oxford, United Kingdom; and Kishore Mahbubani, Dean, Lee Kuan Yew School of Public Policy, Singapore.


"If we do not want to be caught in a continuous vicious cycle of crisis fighting, we have to analyze the fundamental forces changing our world and formulate policies which take into account the manifold structural changes in geopolitics and geo-economics," said Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.


Global Redesign Initiative Report: GET IT HERE


Source: World Economic Forum

|GlobalGiants.Com|


Our Opinion

"Commendable work though. The report is wanting.

It fails to recognize that its objectives cannot be met without the full-scale involvement of the Principal Catalyst -- The Mainstream Media.

Let the World Economic Forum set up a "Global Agenda Council" on "The Role and the Responsibility of the Media", obtain that council's proposals, and add them to the report.

Is "The Role and the Responsibility of the Media" not crucial, Professor Schwab?"

© GlobalGiants.Com. All Rights Reserved.

INTELLECTUAL PROPERTY



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Edited & Posted by Surender Hastir | 4:35 AM | Link to this Post

May 19, 2010

International Trade: The Global Enabling Trade Report 2010


Singapore and Hong Kong are the most open economies to international trade in 2010.

Vietnam gains 18 positions among 125 countries in The Global Enabling Trade Report 2010.

Turkey, India and Russia drop in the rankings.


International Trade


Hong Kong

Photo: Victorial Harbour, Hong Kong.


East Asian economies - Singapore and Hong Kong SAR - continue to occupy the top two positions in the Enabling Trade Index ranking, followed by Denmark, Sweden and Switzerland, according to The Global Enabling Trade Report 2010, released today by the World Economic Forum in Geneva.

New Zealand moves by five ranks to 5th place. Norway, Canada, Luxembourg and the Netherlands complete the top-10 list. Iceland enters the ranking for the first time at 11th position, and Finland drops out of the top 10 to 12th place.

Among the large economies, Germany is the best performer at 13th, ahead of the United States, which drops by three places to 19th. China (48th) and Brazil (87th) remain stable, while Turkey (62nd), India (84th) and Russia (114th) drop in the ranking.


See the Overall Rankings


Global Trade


The results mirror the resilience against the threat of protectionism during the economic crisis. International agreements such the WTO framework and pledges by the G20 have contributed to limiting the effect of protectionist pressures on trade barriers. Despite fears of rising protectionism, the report confirms that a large majority of countries did not raise trade barriers.


Global Trade


World Trade


"Just as trade was a key force spreading the growth slowdown internationally, so can trade be an important driver in diffusing the benefits of recovery across the globe. When individual countries enable trade, they provide benefits not only to themselves but also to other nations with which they trade. Improved market access, more efficient customs, and better infrastructure and business environments offer enhanced opportunities for both importers and exporters. Thus, granting Aid for Trade to help nations implement such measures reflects enlightened self-interest, because it enhances welfare in recipient countries and their trading partners," said Robert Z. Lawrence, Albert L. Williams Professor of Trade and Investment at the John F. Kennedy School of Government at Harvard University, USA. Professor Lawrence is also academic adviser and co-editor of the report.

Published for the third year in a row and covering 125 economies worldwide, the report presents a resource for dialogue and provides a yardstick of the extent to which economies have in place the necessary attributes for enabling trade and where improvements are most needed.


Get The Global Enabling Trade Report 2010


Source: The World Economic Forum, Geneva, Switzerland.

|GlobalGiants.Com|


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Edited & Posted by Surender Hastir | 11:56 PM | Link to this Post

May 10, 2010

"We will do anything to defend the Euro"


If Europe wants a monetary union, it must promote an economic union.

Europe cannot afford its social model without economic growth and increased competitiveness.


World Economic Forum

Photo: Participants captured at the World Economic Forum on Europe held in Brussels, Belgium, May 10, 2010. © World Economic Forum. Photo by Youssef Meftah.


World Economic Forum Annette Court

Photo: Annette Court (Member of the group Executive Committee and Chief Executive Officer, Europe General Insurance Zurich Financial Services, Switzerland) captured at the World Economic Forum on Europe held in Brussels, Belgium, May 10, 2010. © World Economic Forum. Photo by Youssef Meftah.


Jose Manuel Barroso.jpg

Photo: José Manuel Barroso (President, European Commission, Brussels) captured at the World Economic Forum on Europe held in Brussels, Belgium, May 10, 2010. © World Economic Forum. Photo by Youssef Meftah.


The World Economic Forum on Europe opened today (May 10, 2010) in Brussels, Belgium. Over 400 leaders from business, government, academia and civil society from over 40 countries are participating. The meeting is being held from 10 to 11 May under the theme Renewed Leadership, New Vision.

In less than 48 hours, Europe took "a historic decision" to provide an unprecedented rescue package in an effort to combat the debt crisis that has swept across Europe and threatened markets globally.

"We have stated that we will do anything to defend the euro. We completed an agreement to respond in a coordinated, fast and effective manner to any difficulties in Member States. Any attempt to weaken the stability of the euro will fail," said José Manuel Barroso, President, European Commission, Brussels, at the opening plenary of the World Economic Forum on Europe.


Francine Lacqua

Photo: Francine Lacqua (Anchor and Business Reporter, Bloomberg TV, United Kingdom) captured at the World Economic Forum on Europe held in Brussels, Belgium, May 10, 2010. © World Economic Forum. Photo by Youssef Meftah.


After a meeting in Brussels lasting more than 11 hours, the Economic and Finance Council, comprising the EU's economic and finance ministers, reached an agreement in the early hours of Monday morning on a loan package of more than 720 billion euros over three years to defend the euro and to cover the needs of European Member States that, according to Barroso, are "living beyond their means". Stock markets, which fell to near three-month lows last week over rising concerns about debt contagion from Greece, rallied on Monday in response to the substantial emergency loan package from the EU and the International Monetary Fund.

Referring to the bailout package as a "consolidation pact" for the eurozone, Barroso pledged to broaden surveillance of the EU's economic imbalances, reinforce competitiveness and push for a permanent mechanism to deal with economic crises. "If there is one lesson we have learned from this crisis, it is this: if you want a monetary union, you need to promote an economic union. This means reinforced economic governance and respect of all obligations Member States have under the Stability and Growth Pact."


World Economic Forum

Photo: Chander P. Gurnani (Chief Executive Officer, Mahindra Satyam, India) captured at the World Economic Forum on Europe held in Brussels, Belgium, May 10, 2010. © World Economic Forum. Photo by Youssef Meftah.


World Economic Forum

Photo: Jeffrey Joerres (Chairman and Chief Executive Officer, Manpower Inc., USA) captured at the World Economic Forum on Europe held in Brussels, Belgium, May 10, 2010. © World Economic Forum. Photo by Youssef Meftah.


Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, praised European leaders for their "great act of European solidarity" and noted that this historical moment represents a "critical juncture" for the future of Europe.

Source: World Economic Forum

|GlobalGiants.Com|


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Edited & Posted by Surender Hastir | 2:07 PM | Link to this Post

March 25, 2010

Global Information Technology Report 2009-2010

• Sweden replaces Denmark as world's most networked economy in The Global Information Technology Report 2009-2010 rankings.

• United States moves down two positions to fifth place.

• China (37th) and India (43rd) lead BRIC economies and continue upward trend with a 9 and 11 place improvement respectively.

• Ninth edition of report covers 133 economies, accounting for over 98% of world's GDP.


Information Technology


Sweden tops the rankings of The Global Information Technology Report 2009-2010, released today (March 25, 2010) by the World Economic Forum in Geneva, Switzerland.

The report highlights the key role of ICT (Information and Communication Technology) as an enabler of a more economically, environmentally and socially sustainable world in the aftermath of one of the most serious economic crises in decades. Sweden is followed by Singapore and Denmark, which was in the number one position for the last three years.


Global Information Technology

Photo: An overview captured during the session 'The Global Agenda 2010: The View from Davos' at the Congress Centre of the Annual Meeting 2010 of the World Economic Forum in Davos, Switzerland, January 31, 2010. (Copyright by World Economic Forum. swiss-image.ch/Photo by Michael Wuertenberg)


"Sweden, Singapore and Denmark's superior capacity to leverage ICT as an enabler of sustainable, long-term economic growth is built on similar premises, relating with a long-standing focus placed by governments and private sectors alike on education, innovation and ICT access and diffusion," said Irene Mia, Senior Economist of the Global Competitiveness Network at the World Economic Forum and co-editor of the report. "The success of these countries underlines the importance of a joint ICT vision, an implementation, by all the different stakeholders in a society for a country to take full advantage of ICT advances in its daily life and overall competitiveness strategy."


Global Information Technology


Global Information Technology


Global Information Technology


Global Information Technology


The report is produced by the World Economic Forum in cooperation with INSEAD, the leading international business school, within the framework of the World Economic Forum's Global Competitiveness Network and the Industry Partnership Program for Information Technology and Telecommunications Industries.


INSEAD

ENLARGE


Published for the ninth consecutive year with an extensive coverage of 133 economies worldwide, the report remains the world's most comprehensive and authoritative international assessment of the impact of ICT on the development process and the competitiveness of nations.

Under the theme ICT for Sustainability, this year's report explores the many and diverse links between ICT and sustainability, in all its dimensions.


World Economic Forum ICT Rankings


The Networked Readiness Index: View the Rankings of All Countries


The Networked Readiness Index (NRI), featured in the report, examines how prepared countries are to use ICT effectively on three dimensions:

1. The general business, regulatory and infrastructure environment for ICT.

2. The readiness of the three key stakeholder groups in a society -- individuals, businesses and governments -- to use and benefit from ICT.

3. The actual usage of the latest information and communication technologies available.


The NRI uses a combination of data from publicly available sources, as well as the results of the Executive Opinion Survey, a comprehensive annual survey conducted by the World Economic Forum with its network of partner institutes (leading research institutes and business organizations) in the countries included in the report. The survey provides unique data on many qualitative dimensions important to assess national networked readiness.


Global Information Technology


• The cross-country analysis of the drivers of networked readiness provides useful comparative information for making business decisions and additional value to governments wishing to improve their ICT preparedness.

The report contains detailed country profiles for the 133 economies featured in the study, providing a snapshot of each economy's level of ICT penetration and usage. Also included is an extensive section of data tables, as well as each indicator used in the computation of the Index.

The editors of the report are Soumitra Dutta, Roland Berger Professor of Business and Technology, INSEAD, France, and Irene Mia, Director and Senior Economist, Global Competitiveness Network, World Economic Forum.


Get the Entire Global Information Technology Report 2009-2010


Source: The World Economic Forum, Geneva, Switzerland.

|GlobalGiants.Com|


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Edited & Posted by Surender Hastir | 1:15 PM | Link to this Post

February 3, 2010

World Economic Forum Annual Meeting 2010: Rebuilding the Global Economy


Clinton

Photo: William J. Clinton, Founder, William J. Clinton Foundation; President of the United States (1993-2001); UN Special Envoy to Haiti speaks during the 'Special Session on Haiti' at the Congress Centre at the Annual Meeting 2010 of the World Economic Forum in Davos, Switzerland, January 28, 2010. (Copyright by World Economic Forum. swiss-image.ch/Photo by Remy Steinegger)

• At the 40th World Economic Forum Annual Meeting 2010, participants found that the global recovery is fragile, and now is the moment to rethink values as the world rebuilds prosperity.

• All countries in the G20 and beyond should find new pathways to sustainable growth and job creation.

• Concretely, Bill and Melinda Gates, Co-Chairs of the Bill and Melinda Gates Foundation, which is a founding partner of the GAVI Alliance, pledged US$ 10 billion to vaccinate over 8 million children in the next decade.

• Former US President William J. Clinton announced a joint initiative between the World Economic Forum, the Clinton Global Initiative and the UN to support Haiti's long-term reconstruction.

• Canadian Prime Minister Stephen Harper, South Korean President Lee Myung-Bak, Mexican President Felipe de Jesus Calderon Hinojosa and French President Nicolas Sarkozy all set forth agendas for global engagement to prevent future crises and to promote sustainability and principled growth.

• Since its launch 10 years ago, the Global Alliance for Vaccines and Immunisation (GAVI) has saved over 4 million lives and has immunized an additional 256 million children in the world's poorest countries.

Premji

Photo: Azim H. Premji, Chairman, Wipro, India; Co-Chair of the World Economic Forum Annual Meeting 2010 captured during the session 'A Roadmap for a Sustainable Recovery' of the Annual Meeting 2010 of the World Economic Forum in Davos, Switzerland, January 31, 2010 at the Congress Centre. (Copyright by World Economic Forum. swiss-image.ch/Photo by Sebastian Derungs)

Ackerman

Photo: Josef Ackermann, Chairman of the Management Board and the Group Executive Committee, Deutsche Bank, Germany; Member of the Foundation Board of the World Economic Forum; Chair of the Governors Meeting for Financial Services 2010; Co-Chair of the World Economic Forum Annual Meeting 2010 captured during the session 'A Roadmap for a Sustainable Recovery' of the Annual Meeting 2010 of the World Economic Forum in Davos, Switzerland, January 31, 2010 at the Congress Centre. (Copyright by World Economic Forum. swiss-image.ch/Photo by Sebastian Derungs)

Markey

Photo: Edward J. Markey, Congressman from Massachusetts (Democrat), 7th District, Chairman, Select Committee on Energy Independence and Global Warming, USA, speaks during the session 'The US Legislative Agenda: A Global Perspective' in the Congress Centre of the Annual Meeting 2010 of the World Economic Forum in Davos, Switzerland, January 30, 2010. (Copyright by World Economic Forum. swiss-image.ch/Photo by Michael Wuertenberg)

Lawrence Harvard

Photo: Robert Z. Lawrence, Albert L. Williams Professor of Trade and Investment, John F. Kennedy School of Government, Harvard University, USA; Global Agenda Council on Trade is captured during the session 'Rethinking Trade and Climate Change' at the congress centre during the Annual Meeting 2010 of the World Economic Forum in Davos, Switzerland, January 30, 2010. (Copyright by World Economic Forum. swiss-image.ch/Photo by Sebastian Derungs)

At the conclusion of the 40th World Economic Forum Annual Meeting in Davos, Switzerland, participants pledged to rethink, rebuild and redesign the global economy based on sustainable principles.

The sense of the Meeting, echoed by Lawrence H. Summers, Director of the US National Economic Council (NEC), was that the world was experiencing "a statistical recovery and a human recession." "We are not out of the woods yet," said Michael Oreskes, Senior Managing Editor of the Associated Press. "The recovery is still very fragile in many developed economies." Principled leadership is key to stabilization.

"At the end, it's an interdependent system," said Josef Ackermann, Chairman of the Management Board and the Group Executive Committee of Deutsche Bank; Member of the Foundation Board of the World Economic Forum; and Co-Chair of the World Economic Forum Annual Meeting 2010. "If you lose the support of society, you are not going to achieve your corporate objectives."

Job creation is critical to sustainable recovery. There is a role for all to play in job creation, underscored Patricia A. Woertz, Chairman, President and Chief Executive Officer of Archer Daniels Midland (ADM), and Co-Chair of the World Economic Forum Annual Meeting 2010. "And retaining jobs is as important as creating new ones." The recession also demonstrated that the world must hear better the voices outside of the G8.

Veneman Unicef

Photo: Ann M. Veneman, Executive Director, United Nations Children's Fund (UNICEF), New York; Global Agenda Council on the Welfare of Children is captured during the session 'Redesign Your Cause' of the Annual Meeting 2010 of the World Economic Forum in Davos, Switzerland, January 30, 2010. (Copyright by World Economic Forum. swiss-image.ch/Photo by Monika Flueckiger)

Sandburg Facebook

Photo: Sheryl Sandberg, Chief Operating Officer, Facebook Inc., USA captured during the session 'The Gender Agenda: Putting Parity into Practice' at the Annual Meeting 2010 of the World Economic Forum in Davos, Switzerland, January 30, 2010. (Copyright by World Economic Forum. swiss-image.ch/Photo by Sebastian Derungs)

McGraw

Photo: Harold McGraw III, Chairman, President and Chief Executive Officer, The McGraw-Hill Companies, USA during the session 'Rebuilding Education for the 21st Century' at the congress centre at the Annual Meeting 2010 of the World Economic Forum in Davos, Switzerland, January 30, 2010. (Copyright by World Economic Forum. swiss-image.ch/Photo by Michael Wuertenberg)

"The self-confidence of emerging nations is completely different," said Azim H. Premji, Chairman of Wipro, and Co-Chair of the World Economic Forum Annual Meeting 2010. He warned that in India and China "if services are put under severe, unreasonable restrictions, you will get tariffs overnight."

"If you have lost the trust of societies, you cannot just respond technically, you have to respond morally," said Ackermann. Rowan D. Williams, Archbishop of Canterbury, United Kingdom, urged participants to take collective responsibility for the future by being individually responsible now. Living responsibly in the present means living within ecological limits to ensure the security of work and food. "Responsibility for the future means being responsible for a vision of humanity which excites and enlarges us," he added.

Earlier, addressing participants in a session on "The US Legislative Agenda: A Global Perspective" at the World Economic Forum Annual Meeting 2010, US congressmen and senators confirmed that despite bipartisan differences, there is agreement that financial regulation is imperative. So, this spring, expect an energy package and "tough regulation" on financial services from the Obama Administration.

Source: World Economic Forum, Davos, Switzerland

|GlobalGiants.Com|

Commanding Brands

Commanding Brands


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Edited & Posted by Surender Hastir | 7:04 AM | Link to this Post

October 8, 2009

World Economic Forum's Financial Development Report shows global financial centres' lead is weakening


• Signs of weakness emerge among many global financial centers following crisis.

• Developing countries show comparative financial stability, but also potential for improvement in other areas.

• Report analyses 55 financial systems and capital markets around the world.


Financial Development Report

ENLARGE


Financial Development Report

ENLARGE

Photos: Participants captured during the Dalian WorkSpace 2009 at the World Economic Forum's Annual Meeting of the New Champions in Dalian, China.


Financial Development Report 2009 -- New York, USA, 8 October 2009 - The world's largest economies took the biggest hit in the World Economic Forum's second annual Financial Development Report released today.

Global financial centers still lead in the report's Index, but the effects of financial instability have pulled down their scores compared to last year. The United Kingdom, buoyed by the relative strength of its banking and non-banking financial activities, claimed the Index's top spot from the United States, which slipped to third position behind Australia largely due to poorer financial stability scores and a weakened banking sector.

The Financial Development Report ranks 55 of the world's leading financial systems and capital markets. It analyses the drivers of financial system development and economic growth in developed and developing countries to serve as a tool for countries to benchmark themselves and establish priorities for reform.


Download the 2009 rankings in PDF

Download the full Report (PDF)


Financial Development Report

ENLARGE


Financial Development Report

ENLARGE

Photos: Participants captured during a session at the Young Global Leaders Summit 2009 in Dalian, China.


The rankings are based on over 120 variables spanning institutional and business environments, financial stability, and size and depth of capital markets, among other factors.

The financial crisis was acutely felt in most global financial systems and caused most countries' scores to drop significantly compared to 2008.

"The change in scores does demonstrate the implications of the downturn on our assessment of the long-term development of financial systems," said Nouriel Roubini of New York University and Chairman, RGE Monitor who is the lead academic on the report.

Germany and France suffered a heavy fall in overall scores that pulled them out of the top 10. They dropped in the rankings but demonstrated financial stability scores that were significantly higher than the United Kingdom and US. Australia showed particular strength this year, a trend that is echoed in many Asia Pacific economies.

The breadth of factors covered in the report means that countries with high financial instability scores like the United Kingdom and US could still achieve a high relative ranking in the Index due to other strengths.

"We hope this report will provide some insight as to how the financial crisis has affected the world's major financial systems. It draws attention to the diversity of factors beyond financial stability that must be addressed to support the role of financial systems in driving economic growth. The United Kingdom and US may still show leadership in the rankings, but their significant drops in score show increasing weakness and imply their leadership may be in jeopardy." said Kevin Steinberg, Chief Operating Officer, World Economic Forum USA.

Some developing countries performed well in the financial stability section of the Index. Chile came in third while Malaysia, Mexico and Brazil are all in the top 15. Norway and Switzerland took the top two spots in this category.

"Developing countries exhibited a relatively strong showing in the financial stability pillar of the Index. For some, this is the result of learning from the mistakes of past financial crises, while for others it may reflect the relative lack of complexity and global integration of their financial systems," said Co-Author Nouriel Roubini.

Developing countries also earned many of the top spots with respect to commercial access, which measures the availability of capital through such means as commercial loans, IPOs and venture capital.

The Industry Partnership Programme of the World Economic Forum, under whose auspices this work was undertaken, provides a platform for the world's leading companies to define and address critical issues. The Financial Development Report benefited from the guidance and support of its Industry Partners with particular contributions from Barclays Capital, EFG Hermes, JPMorgan, Standard Chartered Bank and Troika Dialog.

The report draws on data taken from a variety of publicly available sources such as the World Bank.

Source: World Economic Forum

|GlobalGiants.com|


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Edited & Posted by Surender Hastir | 10:32 AM | Link to this Post

September 13, 2009

New Global Reserve Currency


The international monetary system needs reform, but so do the Asian and US economies.


Global Currency


According to thought leaders from the principal world economies, the current international monetary system, reliant on the US dollar, is deeply flawed, but a single viable alternative is not readily apparent.

This was the outcome from the debate at the Annual Meeting of the New Champions on September 12, 2009 at Dalian, People's Republic of China, where they discussed the global currency reserve system.


World Economic Forum

ENLARGE

Photo: Participants captured during the Dalian WorkSpace 2009 at the World Economic Forum's Annual Meeting of the New Champions in Dalian, China 10-12 September 2009. © World Economic Forum.


World Economic Forum

ENLARGE

Photo: Participants gather at the Education for the Next Wave of Growth session at The World Economic Forum Annual Meeting of the New Champions in Dalian, China 10-12 September 2009. © World Economic Forum.


World Economic Forum

Photo: Michael D. Antonovich, Los Angeles County Supervisor, speaks during the North America's Economic Outlook session at The World Economic Forum Annual Meeting of the New Champions in Dalian, China 10-12 September 2009. © World Economic Forum.


In March, China's Central Bank Governor Zhou Xiaochuan sparked controversy when he proposed that the International Monetary Fund create a new reserve currency - a proposal with enormous implications across Asia, which holds nearly US$ 4 trillion in foreign currency.

"I strongly supported the proposal made by Governor Zhou," said Yu Yongding, Senior Fellow, Institute of World Economics and Politics, Chinese Academy of Social Sciences (CASS), People's Republic of China and member of the Forum's Global Agenda Council on International Monetary Systems.

However, panelists agreed that the creation of a new global currency to replace the dollar and other sovereign currencies was not politically viable.

The overwhelming problems facing the Asian and US economies are not based on currency doubts. "Don't kid yourself. This crisis is not about currency problems. This problem is about the failures of policies," said Stephen S. Roach, Chairman, Asia, Morgan Stanley, Hong Kong. "We've had central banks that have just gone along for the ride, driven by ideologies, driven by politics."


World Economic Forum

Photo: Aron Cramer, President and Chief Executive Officer, Business for Social Responsibility (BSR), speaks during the Global Redesign Series -- What Is the Basis of a New Social Compact? session at The World Economic Forum Annual Meeting of the New Champions in Dalian, China 10-12 September 2009. © World Economic Forum.


World Economic Forum

Photo: Participants captured during the Dalian WorkSpace 2009 at the World Economic Forum's Annual Meeting of the New Champions in Dalian, China 10-12 September 2009. © World Economic Forum.


World Economic Forum

Photo: Zhu Min, Group Executive Vice-President, Bank of China, laughs during The Global Economic Outlook session at The World Economic Forum Annual Meeting of the New Champions in Dalian, China 10-12 September 2009. © World Economic Forum.


For the global financial system to steady itself, the US must increase exports and Asian economies, China's in particular, must do much more to reorient their growth away from external demand towards domestic consumption. "The most important thing for China is to speed up structural reform," agreed Yu.

When polled informally, participants preferred the yuan over the dollar as an investment but few believed it would replace the dollar as the global reserve. Among the panelists, only Oki Matsumoto, Founder and Chief Executive Officer of Japan's Monex Group, was mildly bullish on the dollar.

The World Economic Forum is an independent international organization committed to improving the state of the world by engaging leaders in partnerships to shape global, regional and industry agendas.

Source: World Economic Forum

|GlobalGiants.com|


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Edited & Posted by Surender Hastir | 3:55 AM | Link to this Post

September 8, 2009

World Economic Forum's Global Competitiveness Rankings: Switzerland Replaces United States at the Top


Switzerland leads the rankings of the World Economic Forum's Global Competitiveness Report 2009-2010.

The United States falls to second place, with weaker financial markets and less macroeconomic stability.

Singapore moves up to third; Brazil, China and India also post improvements.


World Economic Forum

Photo: COLOGNY, SWITZERLAND - Cover of the World Economic Forum's The Global Competitiveness Report 2009-2010. © World Economic Forum.


Download the full Report (PDF)

Get the Full Rankings (PDF)

Get the Highlights of the Report (PDF)


Switzerland tops the overall ranking in The Global Competitiveness Report 2009-2010, released today (September 8, 2009) by the World Economic Forum ahead of its Annual Meeting of the New Champions 2009 in Dalian, People's Republic of China.

The United States falls one place to second position, with weakening in its financial markets and macroeconomic stability. Singapore, Sweden and Denmark round out the top five. European economies continue to prevail in the top 10 with Finland, Germany and the Netherlands following suit. The United Kingdom, while remaining very competitive, has continued its fall from last year, moving down one more place this year to 13th, mainly attributable to continuing weakening of its financial markets.


World Economic Forum

ENLARGE

Photo: People exit the World Expo Center at the World Economic Forum's Inaugural Meeting of the New Champions in Dalian, China on 5 September 2007. (Handout Photo/World Economic Forum/Doug Kanter).


The People's Republic of China continues to lead the way among large developing economies, improving by one place this year, solidifying its position among the top 30. Among the three other large BRIC economies, Brazil and India also improve, while Russia falls by 12 places. Several Asian economies perform strongly with Japan, Hong Kong SAR, Republic of Korea and Taiwan, China also in the top 20. In Latin America, Chile is the highest ranked country, followed by Costa Rica and Brazil.

A number of countries in the Middle East and North Africa region are in the upper half of the rankings, led by Qatar, United Arab Emirates, Israel, Saudi Arabia, Bahrain, Kuwait and Tunisia, with particular improvements noted in the Gulf States, which continue their upward trend of recent years. In sub-Saharan Africa, South Africa, Mauritius and Botswana feature in the top half of the rankings, with a number of other countries from the region measurably improving their competitiveness.


World Economic Forum

Photo: SEOUL, SOUTH KOREA - Koji Endo, Director, Equity Research, Credit Suisse Securities (Japan) Limited, Credit Suisse, Japan during the Joint Automotive and Logistics & Transport - World Economic Forum on East Asia 2009. © World Economic Forum. Photo by Oh Jaehyuk.


"The strong interdependence among the world's economies makes this a truly global economic crisis in every sense. Policy-makers are presently struggling with ways of managing these new economic challenges, while preparing their economies to perform well in a future economic landscape characterized by growing uncertainty. In a difficult global economic environment, it is more important than ever for countries to put into place strong fundamentals underpinning economic growth and development," said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.


World Economic Forum

Photo: SEOUL, SOUTH KOREA - Andy Palmer, Senior Vice-President, Nissan Motor Co., Japan - captured during the World Economic Forum on East Asia in Seoul, South Korea, June 19, 2009. © World Economic Forum. Photo by Oh Jaehyuk.


The Global Competitiveness Report is based on 12 pillars of competitiveness, providing a comprehensive picture of the competitiveness landscape in countries around the world at all stages of development. The pillars include Institutions, Infrastructure, Macroeconomic Stability, Health and Primary Education, Higher Education and Training, Goods Market Efficiency, Labour Market Efficiency, Financial Market Sophistication, Technological Readiness, Market Size, Business Sophistication, and Innovation.

The Report contains a detailed profile for each of the 133 economies featured in the study, providing a comprehensive summary of the overall position in the rankings as well as the most prominent competitive advantages and disadvantages of each country/economy based on the analysis used in computing the rankings.

Source: World Economic Forum

|GlobalGiants.com|


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Edited & Posted by Surender Hastir | 12:42 PM | Link to this Post

January 30, 2009

Global Leaders Pledge Collaboration for Global Solutions to Global Crisis


WEF

Photo: A sign with the logo of the World Economic Forum stands in the snow during preparations for the upcomming Annual Meeting 2009 of the World Economic Forum in Davos, Switzerland, January 26, 2009. (© World Economic Forum/Christof Sonderegger)


WEF Davos

Photo: Impression of Davos: The biggest tourism resorts of the Swiss alps, captured before the opening of the Annual Meeting 2009 of the World Economic Forum in Davos, Switzerland, January 25, 2009. (© World Economic Forum/Christof Sonderegger)


Government, business and civil society leaders are at the World Economic Forum Annual Meeting 2009 at Davos, Switzerland, in record numbers to discuss ways out of the worst financial crisis in eight decades.
"Davos fills the vital need for a global and dialogue-based platform where knowledgeable and empowered stakeholders can collaborate to address issues of common criticality. I can't think of a better time and a better reason to be at Davos," said Anand Mahindra, Vice-Chairman and Managing Director, Mahindra & Mahindra, India and Co-Chair of the Annual Meeting 2009.

"It is important that leaders who come here go back and work on ways of finding far-reaching policies that will allow us to create sustainable economic growth, create jobs and coordinate macroeconomic policies," insisted Kofi Annan, Secretary-General, United Nations (1997-2006), Member of the Foundation Board of the World Economic Forum and Co-Chair, Annual Meeting 2009, on the opening day of the five-day Annual Meeting.

"I believe we are also facing a crisis of governance at a national and international level. The current architecture of managing global affairs is broken and needs to be fixed. We have new players that have to be integrated and the poor have to be given a voice," he said. "The world has changed; are we capable of changing fast enough to save the planet?"


WEF Putin

Photo: Vladimir Putin, Prime Minister of the Russian Federation talks to the participants of the 'Private Meeting of the Members of the International Business Council with Vladimir Putin' at the Annual Meeting 2009 of the World Economic Forum in Davos, Switzerland, January 29, 2009. (© World Economic Forum/Sebastian Derungs)


WEF

Photo: Gary D. Cohn, President and Co-Chief Operating Officer, Goldman Sachs, USA, captured during the session 'Managing Global Risks' at the Annual Meeting 2009 of the World Economic Forum in Davos, Switzerland, January 29, 2009. (© World Economic Forum/Sebastian Derungs)


WEF

Photo: Ban Ki-moon, Secretary-General, United Nations, New York adjusts his headphones during the session 'Gaza: The Case for Middle East Peace' at the Annual Meeting 2009 of the World Economic Forum in Davos, Switzerland, January 29, 2009. (© World Economic Forum/Monika Flueckiger)


WEF

Photo: Mark Zuckerberg, Founder and Chief Executive Officer, Facebook, USA, captured during the session 'The Next Digital Experience' at the Annual Meeting 2009 of the World Economic Forum in Davos, Switzerland, January 30, 2009. (© World Economic Forum/Remy Steinegger)


WEF

Photo: Muhtar A. Kent, President and Chief Executive Officer, The Coca-Cola Company, USA; Co-Chair of the Governors Meeting for Consumer Industries 2009, speaks during the session 'The Global Compact: Creating Sustainable Markets' at the Annual Meeting 2009 of the World Economic Forum in Davos, Switzerland, January 29, 2009. (© World Economic Forum/Christof Sonderegger)


Stephen Green, Group Chairman, HSBC Holdings, United Kingdom, and Co-Chair of the Annual Meeting 2009, agreed that the Annual Meeting gives leaders the space to share ideas needed to address current challenges. "Talking through what we need to do is important and that is why Davos is more than ordinarily important," he said.

The world is still in crisis, yet we should treat it "as an opportunity to set goals for how we want to come out of it, such as energy sufficiency, world pollution...and shape policies which will help to solve some of those problems," said Rupert Murdoch, Chairman and Chief Executive Officer, News Corporation, USA, and Co-Chair of the Annual Meeting 2009. "Don't let's lose sight of what creates wealth; it's open markets, capitalism and we've proved this again and again in last century," he cautioned.


WEF

Photo: Shimon Peres, President of Israel, speaks during the session 'The Values behind Market Capitalism' at the Annual Meeting 2009 of the World Economic Forum in Davos, Switzerland, January 29, 2009. (© World Economic Forum/Remy Steinegger)


WEF

Photo: Wen Jiabao, Premier of the People's Republic of China is captured during a session at the Annual Meeting 2009 of the World Economic Forum in Davos, Switzerland, January 28, 2009. (© World Economic Forum/Christof Sonderegger)


WEF

Photo: Melinda French Gates speaks during the 'Gates Foundation' press conference at the Annual Meeting 2009 of the World Economic Forum in Davos, Switzerland, January 30, 2009. (© World Economic Forum/Remy Steinegger)


"I do not expect we will find from Davos solutions, but expect that we are able to get a joint understanding of the reasons for the crisis, and that we get a good understanding of how we are really able to overcome such a severe crisis in a globalized world," said Werner Wenning, Chairman of the Board of Management, Bayer, Germany, and Co-Chair of the Annual Meeting 2009. "We're talking about growing populations; we have to address issues of how to secure energy supply and of climate change; we're also talking a lot about sustainability and returning to the basics of sustainable behavior."


WEF

Photo: Gordon Brown, Prime Minister of the United Kingdom, speaks during the session 'A Conversation with' at the Annual Meeting 2009 of the World Economic Forum in Davos, Switzerland, January 31, 2009. (© World Economic Forum/Remy Steinegger)


WEF

Photo: Taro Aso, Prime Minister of Japan, captured during the session 'Special Address by' at the Annual Meeting 2009 of the World Economic Forum in Davos, Switzerland, January 31, 2009. (© World Economic Forum/Sebastian Derungs)


WEF

Photo: Carlos Ghosn, President and Chief Executive Officer, Renault, France; President and Chief Executive Officer, Nissan, Japan; Member of the Foundation Board of the World Economic Forum; Co-Chair of the Governors Meeting for the Automotive Industry 2009, captured during the session 'Special Address by Taro Aso' at the Annual Meeting 2009 of the World Economic Forum in Davos, Switzerland, January 31, 2009. (© World Economic Forum/Sebastian Derungs)


WEF

Photo: Joseph E. Stiglitz, Professor, Columbia University, USA, gestures during the session 'Rebooting the Global Economy' at the Annual Meeting 2009 of the World Economic Forum in Davos, Switzerland, January 31, 2009. (© World Economic Forum/Christof Sonderegger)


WEF

Photo: Robert Z. Lawrence, Albert L. Williams Professor of Trade and Investment, John F. Kennedy School of Government, Harvard University, USA; Chair, Global Agenda Council on Trade Facilitation, talks to the participants during the session 'The Fight against Protectionism' at the Annual Meeting 2009 of the World Economic Forum in Davos, Switzerland, January 31, 2009. (© World Economic Forum/Monika Flueckiger)


More than 2,500 participants from 96 countries are participating in the Annual Meeting held under the theme "Shaping the Post-Crisis World", including a record 40 heads of state or government. Key finance, foreign affairs, trade and energy ministers will join heads of non-governmental organizations, social entrepreneurs and religious leaders at the Meeting. Around 60% of the participants are business leaders drawn principally from the Forum's members - 1,000 of the foremost companies from around the world and across all economic sectors.

|GlobalGiants.com|


Our Opinion

"Excessive accumulation of corrupt transactions (disguised as smart business) such as predatory, forcible or irrational lending via the agents whose sole objective is to pocket their commissions has landed us here.

It is NOT RECESSION, Gentlemen!

CORRECTION is taking place.

Analyze it technically and take authoritative actions to make it smooth and short."

© GlobalGiants.Com


Quote

"It is not by augmenting the capital of the country, but by rendering a greater part of that capital active and productive than would otherwise be so, that the most judicious operations of banking can increase the industry of the country."

-- Adam Smith



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Edited & Posted by Surender Hastir | 5:27 AM | Link to this Post

January 27, 2008

World Economic Forum Annual Meeting 2008: Japanese PM unveils 10 billion dollar fund on climate change

World Economic Forum

Photo: John A. Thain, Chief Executive Officer, Merrill Lynch, USA, captured during the session 'The Global Economic Outlook 2008' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 26, 2008. (© World Economic Forum. Photo by Remy Steinegger)


World Economic Forum

Photo: Josh Lerner, Professor of Finance, Entrepreneurial and Service Management, Harvard Business School, USA, captured during the session 'Myths and Realities of Private Equity' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 26, 2008. (© World Economic Forum. Photo by Remy Steinegger)


World Economic Forum

Photo: Anatole Kaletsky, The Times, United Kingdom, captured during the session 'Myths and Realities of Private Equity' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 26, 2008. (© World Economic Forum. Photo by Remy Steinegger)


World Economic Forum

Photo: Martin Wolf, Associate Editor and Chief Economics Commentator, Financial Times, United Kingdom, makes a point during the session 'The Global Economic Outlook 2008' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 26, 2008. (© World Economic Forum. Photo by Remy Steinegger)


World Economic Forum

Davos, Switzerland -- Japanese Prime Minister Yasuo Fukuda today unveiled a five-year, US$ 10 billion fund to support efforts in developing countries to combat global warming a move that ensures top priority be given to climate change at this year's G8 Summit.

In addition, Japan aims to create a new multilateral fund with the US and the UK to mitigate changes in the earth's climate as a result of global warming, Fukuda told business leaders at the World Economic Forum Annual Meeting 2008.


World Economic Forum

Photo: Yasuo Fukuda, Prime Minister of Japan at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 26, 2008. (© World Economic Forum. Photo by Remy Steinegger)


Calling it the "Cool Earth Partnership", the prime minister, who will chair the G8 Hokkaido Toyako Summit later in the year, said: "Japan will cooperate actively with developing countries' efforts to reduce emissions, such as those to enhance energy efficiency. At the same time, we will extend the hand of assistance to developing countries suffering severe adverse impact as a result of climate change."

The fund will start disbursing funds this year. It will set aside up to US$ 8 billion for assistance in climate change mitigation, and up to US$ 2 billion for grants, aid and technical assistance for countries switching to clean energy.

"There is no time to lose in addressing climate change," Fukuda said. "We have readily available means for taking action without waiting for the agreement on a post-Kyoto framework."

The Kyoto Protocol governing greenhouse gas emissions runs out in 2012.

As the chair of the G8 Summit, Fukuda said he is resolved to work with major emitters to set a "fair and equitable emissions target" based on a bottom-up approach that looks at sectoral energy efficiency.

Japan will set a "quantified national target" to reduce emissions immediately. |GlobalGiants.com|


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Edited & Posted by Surender Hastir | 7:18 AM | Link to this Post

January 26, 2008

World Economic Forum: Is "Brand USA" suffering? Perhaps not

World Economic Forum

Photo: A participant walks from the Congress Center. Impression of the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 25, 2008. (© World Economic Forum. Photo by Annette Boutellier)


World Economic Forum

Photo: Carlos Ghosn, President and Chief Executive Officer, Renault, France; President and Chief Executive Officer, Nissan, Japan, captured during the session 'The Power of Collaborative Innovation' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 25, 2008. (© World Economic Forum. Photo by Remy Steinegger)


World Economic Forum

Photo: Thomas H. Glocer, Chief Executive Officer, Reuters, United Kingdom, captured during the session 'The Power of Collaborative Innovation' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 25, 2008. (© World Economic Forum. Photo by Remy Steinegger)


World Economic Forum

Photo: Rajagopala Chidambaram, Principal Scientific Adviser to the Government of India, captured during the session 'Innovative India' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 25, 2008. (© World Economic Forum. Photo by Monika Flueckiger)


World Economic Forum

Photo: Eric Schmidt, Chairman of the Executive Committee and Chief Executive Officer, Google, USA, captured during the session 'The Future of Mobile Technology' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 25, 2008. (© World Economic Forum. Photo by Andy Mettler)


World Economic Forum

Photo: Gordon Brown, Prime Minister of the United Kingdom, captured during the session 'Three Crucial Questions for the Prime Minister of the United Kingdom, Gordon Brown' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 25, 2008. (© World Economic Forum. Photo by Andy Mettler)


World Economic Forum

Photo: Gordon Brown, Prime Minister of the United Kingdom and H.M. Queen Rania Al Abdullah of the Hashemite Kingdom of Jordan, Member of the Foundation Board of the World Economic Forum, talk to each other during the session 'Corporate Global Citizenship in the 21st Century' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 24, 2008. (© World Economic Forum. Photo by Andy Mettler)


World Economic Forum

Photo: H.M. Queen Rania Al Abdullah of the Hashemite Kingdom of Jordan, Member of the Foundation Board of the World Economic Forum, captured during the session 'Corporate Global Citizenship in the 21st Century' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 24, 2008. (© World Economic Forum. Photo by Andy Mettler)


World Economic Forum

Photo: Sir Martin Sorrell , Group Chief Executive, WPP, United Kingdom, captured at the Annual Meeting 2007 of the World Economic Forum in Davos, Switzerland, January 25, 2007. (© World Economic Forum. Photo by Annette Boutellier)

Davos, Switzerland -- "The US brand still has significant leadership, but there has been a significant decline in the perception of the brand over the past few years," Sir Martin Sorrell, Group Chief Executive, WPP, United Kingdom, told the World Economic Forum Annual Meeting 2008 at a session entitled "Rebuilding Brand America: Five Suggestions for the Future President".

Sorrell said market research carried out by his company prior to the Annual Meeting looked at the United States as both a political and a corporate brand. "The report card for brand manager [President George W.] Bush is 'could do better'," he said, adding: "The relationship with the rest of the world has deteriorated."

But News Corporation chief Rupert Murdoch made a spirited defence of the actions and standing of the US, even dismissing the title of the debate as a "false presumption". Asked what advice he would give to the US President, Murdoch replied: "I would advise not to read The New York Times. The United States has a great image around the world."

The United States provides more international aid and assistance than any other country and has a tradition of philanthropy that is simply unmatched elsewhere. "The generosity of the Americans is amazing and most people know this," he affirmed. But what everybody needs to understand is that the world changed for the US on 9/11.

The two business leaders were joined on the panel by Publicis head Maurice Levy and H.H. Sheikh Salman Bin Hamad Al Khalifa, Crown Prince and Chairman of the Economic Development Board of the Kingdom of Bahrain, who both stressed the need for the United States to be seen to be applying its traditional values.

"It should try as much as possible to apply its values universally. It will make us all play the game better," said the Crown Prince, who praised the role of the United States in guaranteeing the security of his country and others in the region over the past 50 years. He said that he chose to study in the US because he was attracted by the "values of a free nation."

Nevertheless, the US role in the Middle East has probably "led to some negative perception". Making clear that he was referring to the Palestinian-Israeli question, the Crown Prince added: "All we seek is that it apply its values universally."

Levy, who joked he was reluctant to differ with Murdoch because he is a good business client, said that it is important to see what is not working when it comes to the US image. "They have lost something very important. They have a glorious past, coloured by some decisions in recent years." He said the turning point was Iraq.

In many ways, the United States suffers from being held in such high regard that people are probably tougher on it than on other countries. "You are more tough on them when you love them," said Levy. To remedy the situation, the United States needs to engage more with other countries on issues such as global warming, be a "little less lonely" when making foreign policy decisions, and perhaps be more ready to accept advice from others.

Sorrell noted that even though his market research shows that the US corporate brand is "not well liked", US companies still account for 50% of the top 10 brands in China in terms of market recognition and loyalty, and in Italy the figure is only slightly lower. |GlobalGiants.com|


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Edited & Posted by Surender Hastir | 12:13 AM | Link to this Post

January 25, 2008

WORLD ECONOMIC FORUM: GROWTH OF SOVEREIGN WEALTH FUNDS SEEN AS POSITIVE DEVELOPMENT

WORLD ECONOMIC FORUM

Photo: Philip Yea, Chief Executive, 3i Group, United Kingdom, captured during the session 'Private Equity and Hedge Funds - Friend or Foe?' at the Annual Meeting 2008 of the World Economic Forum at the Swiss Alpine High School in Davos, Switzerland, January 24, 2008. (Copyright by World Economic Forum. Photo by Annette Boutellier)


WORLD ECONOMIC FORUM

Photo: Henry A. Kissinger (R), Chairman, Kissinger Associates, USA; Co-Chair of the World Economic Forum Annual Meeting 2008, and Shimon Peres, President of Israel, captured during the session 'Orchestrating a New Concert of Powers' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 24, 2008. (Copyright by World Economic Forum. Photo by Annette Boutellier)


WORLD ECONOMIC FORUM

Photo: Sir Martin Sorrell, Group Chief Executive, WPP, United Kingdom, captured during the session 'Rebuilding Brand America: Five Suggestions for the Future President' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 24, 2008. (Copyright by World Economic Forum. Photo by Remy Steinegger)


WORLD ECONOMIC FORUM

Photos: William H. Gates III, Chairman, Microsoft Corporation, USA, captured during the session 'A New Approach to Capitalism in the 21st Century' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 24, 2008. (Copyright by World Economic Forum. Photo by Remy Steinegger)


WORLD ECONOMIC FORUM

Photo: Rupert Murdoch, Chairman and Chief Executive Officer, News Corporation, USA captured during the session 'Rebuilding Brand America: Five Suggestions for the Future President' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 24, 2008. (Copyright by World Economic Forum. Photo by Remy Steinegger)


WORLD ECONOMIC FORUM

Photo: Emma Thompson, Actor and Writer, United Kingdom, expresses her thoughts during the session 'Future Shifts: The Voice of the Next Generation' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 24, 2008. (Copyright by World Economic Forum. Photo by Monika Flueckiger)


WORLD ECONOMIC FORUM

Photo: Tzipi Livni, Vice-Prime Minister and Minister of Foreign Affairs of Israel, addresses the audience during the session 'Middle East: After Annapolis, After Paris' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 24, 2008. (Copyright by World Economic Forum. Photo by Andy Mettler)


Davos, Switzerland, 24 January 2008 - The growing financial clout of sovereign wealth funds (SWFs) - government-controlled vehicles created to invest the foreign currency reserves of many major oil producers and other exporters - should be welcomed, not opposed, by global policy-makers, panellists at the World Economic Forum Annual Meeting 2008 agreed today.

The rising importance of these funds - as seen by their recent investments in troubled financial institutions in the US and Europe - has attracted widespread media attention, fuelling public concern about their potential political influence. Yet, for the most part, these fears bear no relation to the funds' actual behaviour. "These are among the most professional investors in the world," noted Stephen A. Schwarzman, Chairman and Chief Executive Officer, The Blackstone Group, USA. "In our experience, there is virtually no difference between going to a sovereign fund [for investment capital] and going to a state pension fund in the US."

Schwarzman was speaking at a panel session entitled "Myths and Realities of Sovereign Wealth Funds". The panel also included fund managers from Kuwait and Norway, key government officials from the US, Russia and Saudi Arabia, and a noted economist and former US Treasury Secretary. For the most part, these participants agreed that the SWFs represent a valuable pool of stable, long-term capital, and have reduced, rather than increased, capital market volatility.

The need for standards cuts both ways, argued Robert M. Kimmitt, US Deputy Secretary of the Treasury. Recipient countries need to make it clear that they will not block investments from foreign sources, including the SWFs, merely on political grounds. G7 leaders, he noted, have asked the International Monetary Fund and the World Bank to work with both sovereign investors and recipients of that investment to develop voluntary guidelines. Drafts of these standards should be ready for review by the autumn IMF/World Bank meetings, he said. |GlobalGiants.com|


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Edited & Posted by Surender Hastir | 2:24 AM | Link to this Post

January 24, 2008

RICE DEFENDS US IDEALS AT WORLD ECONOMIC FORUM

WORLD ECONOMIC FORUM

Photo: Tony Blair (L), former Prime Minister of the United Kingdom (1997-2007); Member of the Foundation Board of the World Economic Forum; Co-Chair of the World Economic Forum Annual Meeting 2008 , Condoleezza Rice (C), US Secretary of State and Henry A. Kissinger, Chairman, Kissinger Associates, USA; Co-Chair of the World Economic Forum Annual Meeting 2008, captured during the session 'Opening Plenary' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 23, 2008. (Copyright by World Economic Forum. Photo by Annette Boutellier)


Davos, Switzerland, 23 January 2008 - US Secretary of State Condoleezza Rice told the World Economic Forum Annual Meeting that American foreign policy must be driven by a combination of ideals and optimism because international problems may be managed but never resolved without them.

"There is not one challenge in the world today that will get better if we approach it without confidence in the appeal and effectiveness of our ideals - political and economic freedom, open markets and free and fair trade, human dignity and human rights, equal opportunity and the rule of law," she said in the opening address to the 38th World Economic Annual Meeting.

Despite the current turbulence on international markets, the long-term fundamentals of the US economy are sound, she declared. Nevertheless, if the global economy is to continue to grow, the world needs an entirely new approach to energy and the environment. "We have to ... cut the Gordian knot of fossil fuels, carbon emissions and economic activity," she said. The US is ready to do its part on climate change and global warming.


WORLD ECONOMIC FORUM

Photo: Al Gore, Vice-President of the United States of America (1993-2001); Nobel Laureate 2007 captured during the session 'A Unified Earth Theory: Combining Solutions to Extreme Poverty and the Climate Crisis' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 24, 2008. (Copyright by World Economic Forum. Photo by Remy Steinegger)


WORLD ECONOMIC FORUM

Photo: Pervez Musharraf, President of Pakistan gestures as he talks during the session 'The Quest for Peace and Stability' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 24, 2008. (Copyright by World Economic Forum. Photo by Andy Mettler)


Turning to the issue of democracy, Rice suggested that the notion is sometimes controversial when applied to the Middle East, with some arguing that it has "made the situation worse." But, said Rice: "I would ask, worse compared to what?" Things are certainly no worse than when the Syrian army controlled Lebanon, when Palestinians could not elect their leaders or when Saddam Hussein exercised his "tyranny", Rice said.

"The main problem for democracy in the Middle East has not been that people are not ready for it. The problem is that there are violent forces of reaction that should not be allowed to triumph," she said. And, she added, nobody should be under any illusion that the problems will get easier "if we approach them in a less principled fashion."

When it comes to diplomacy, America has no permanent enemies because it harbours no "permanent hatreds," said Rice. Nowhere is this more clearly illustrated than in relations with Russia. "The recent talk about a new cold war is hyperbolic nonsense," Rice said.

Similarly, Washington has no desire for permanent enmity with Iran. "We have no conflict with Iran's people, but we have real differences with Iran's government - from its support for terrorism, to its destabilizing policies in Iraq, to its pursuit of technology that could lead to a nuclear weapon."


WORLD ECONOMIC FORUM

Photo: Ban Ki-moon, Secretary-General, United Nations, New York addresses the audience during the session 'Time Is Running Out for Water' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 24, 2008. (Copyright by World Economic Forum. Photo by Remy Steinegger)

A few minutes before, Hamid Karzai, President of Afghanistan, reminded participants of the ongoing war against terrorism being waged in his country and urged regional governments to move beyond words to concrete action. "Complacency must no longer be tolerated," he declared. He also underlined the need to root out terrorist sanctuaries and to target individuals and entities that harbour sources of extremism with impunity.

Speaking on the same platform, Rajendra K. Pachauri, Chairman, Intergovernmental Panel on Climate Change (IPCC), Geneva, called for a more serious effort to combat global warming, reminding business, government and civil society leaders that the results will benefit health and security in the entire world. |GlobalGiants.com|


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Edited & Posted by Surender Hastir | 11:40 AM | Link to this Post

World Economic Forum Annual Meeting 2008 Opens With Calls For Collaborative Innovation

World Economic Forum

Photo: Impression of the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 22, 2008. (Copyright by World Economic Forum. Photo by Annette Boutellier)


World Economic Forum

Photo: Condoleezza Rice, US Secretary of State, captured during the 'Opening Address' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 23, 2008. (Copyright by World Economic Forum. Photo by Andy Mettler)


Davos, Switzerland, 23 January 2008 - The World Economic Forum Annual Meeting 2008 has opened with calls from the Co-Chairs to exercise "The Power of Collaborative Innovation" to meet the top challenges of economic instability, climate change and equitable growth.


World Economic Forum

Photo: Tony Blair (L), former Prime Minister of the United Kingdom (1997-2007); Member of the Foundation Board of the World Economic Forum; Co-Chair of the World Economic Forum Annual Meeting 2008 and Condoleezza Rice, US Secretary of State captured during the Opening Plenary at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 23, 2008. (Copyright by World Economic Forum. Photo by Remy Steinegger)


World Economic Forum

Photo: Condoleezza Rice (L), US Secretary of State and Henry A. Kissinger, Chairman, Kissinger Associates, USA; Co-Chair of the World Economic Forum Annual Meeting 2008 captured during the session 'Opening Plenary' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 23, 2008. (Copyright by World Economic Forum. Photo by Remy Steinegger)


World Economic Forum

Photo: Yasuo Hayashi, Chairman and Chief Executive Officer, Japan External Trade Organization (JETRO), Japan, captured during the session '2008 World Economic Brainstorming: Addressing Uncertainty' at the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 23, 2008. (Copyright by World Economic Forum. Photo by Remy Steinegger)

"This is a moment of greater insecurity and challenge in the world today, but it makes a meeting like this all the more important. The theme of the Annual Meeting, 'The Power of Collaborative Innovation' is the answer to all the big global challenges we are facing," said Co-Chair Tony Blair, former Prime Minister of the United Kingdom (1997-2007) and Member of the Foundation Board of the World Economic Forum.


World Economic Forum

Photo: A participant of the Annual Meeting 2008 of the World Economic Forum in Davos, Switzerland, January 23, 2008 reads the Financial Times, informing herself about the stock exchange turbulences. (Copyright by World Economic Forum. Photo by Andy Mettler)

In total, over 240 sessions are taking place over the course of the five-day Meeting, as well as related smaller, private meetings and the Open Forum, which the general public is invited to attend. The programme is organized around five sub-themes:

• Business: Competing While Collaborating
• Economics and Finance: Addressing Economic Insecurity
• Geopolitics: Aligning Interests across Divides
• Science and Technology: Exploring Nature's New Frontiers
• Values and Society: Understanding Future Shifts

More than 2,500 participants from 88 countries are in Davos, Switzerland, including 27 heads of state or government, 113 cabinet ministers, along with religious leaders, media leaders and heads of non-governmental organizations. Around 60% of the participants are business leaders drawn principally from the Forum's members - 1,000 of the foremost companies from around the world and across all economic sectors.

The Co-Chairs of the meeting are:

• Tony Blair, former Prime Minister of the United Kingdom (1997-2007); Member of the Foundation Board of the World Economic Forum
• James Dimon, Chairman and Chief Executive Officer, JPMorgan Chase & Co., USA
• K.V. Kamath, Managing Director and Chief Executive Officer, ICICI Bank, India
• Henry Kissinger, Chairman, Kissinger Associates, USA
• Indra K. Nooyi, Chairman and Chief Executive Officer, PepsiCo, USA
• David J. O'Reilly, Chairman and Chief Executive Officer, Chevron, USA
• Wang Jianzhou, Chairman and Chief Executive, China Mobile Communications Corporation, People's Republic of China

|GlobalGiants.com|


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Edited & Posted by Surender Hastir | 12:33 AM | Link to this Post

January 29, 2007

The World Economic Forum Annual Meeting Ends With Concrete Proposals to Tackle Global Issues : GlobalGiants.com

DAVOS


PHOTO: DAVOS, SWITZERLAND, 28 JANUARY 2007 - Participants captured during the farewell party at the Schatzalp, at the Annual Meeting 2007 of the World Economic Forum in Davos, Switzerland, January 28, 2007. (© World Economic Forum, Photo by Anette Boutellier)

DAVOS


PHOTO: Susan Schwab (l), US Trade Representative and Kamal Nath (r), Minister of Commerce and Industry of India captured during the session 'Frozen Trade Talks and the Need for Progress' at the Annual Meeting 2007 of the World Economic Forum in Davos, Switzerland, January 27, 2007. (© World Economic Forum, Photo by Annette Boutellier)

Davos, Switzerland, 28 January 2007- The World Economic Forum Annual Meeting in Davos wrapped up Sunday with climate change firmly at the centre stage of debate. In 17 sessions related to global warming, the Forum gathered the world’s top academics, business leaders, NGO representatives, UN agency chiefs, politicians and many others in order to advance the discussion and explore practical opportunities for progress through partnership. The meeting clearly illustrated the deepening commitment of business to engage other groups in addressing this issue. [GlobalGiants.com]

Following are examples of some of the concrete developments from this year’s Annual Meeting:

• The Forum announced the formation of a new international partnership of seven organizations to establish a generally accepted framework for climate risk-related reporting by corporations. Founding members of the institutional consortium, the Climate Disclosure Standards Board (CDSB), include the California Climate Action Registry, Carbon Disclosure Project, Ceres, The Climate Group, International Emissions Trading Association, World Economic Forum Global Greenhouse Gas Register and World Resources Institute. CDSB member organizations have agreed to align their core requests for information from companies in order to ensure that they report climate change-related information in a standardized way that facilitates easier comparative analysis by investors, managers and the public.

• The Forum announced the establishment of a joint Israeli-Palestinian business council. Founding members formulated their mission as encouraging and facilitating constructive cooperation between Israeli and Palestinian business leaders to reinforce economic relationship and help peace building efforts by a credible and legitimate voice. The Council which will bring together some 200 Palestinian and Israeli CEOs and plans to hold its first assembly during the World Economic Forum Meeting on the Middle East at the Dead Sea in Jordan on 19-20 May 2007.

• An alliance of leading companies was announced with the objective to bring power to villages in Sub-Saharan Africa. Sub-Saharan Africa has the lowest electrification rate with three out of four people lacking access. During the Annual Meeting, the Lesotho Government signed a Memorandum of Understanding with the Alliance Partners for a first project to deliver energy to a rural village in Lesotho

• The heads of the Big Four Accounting firms (Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers) have agreed to work with the World Economic Forum Partnering Against Corruption Initiative (PACI) to support the global fight against corruption. Together, PACI and the accounting firms will explore the development of a framework for companies to benefit from independent reviews of their anti-bribery programmes.

• The Presidents of the World Bank, the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development and the Executive Director of the international Finance Corporation reaffirmed their support of the World Economic Forum Partnering Against Corruption Initiative (PACI) and recognized the important role the private sector plays in guiding policy and assisting governments in reducing corruption. They have agreed to jointly pilot an country-specific anti-corruption implementation programme, and a sector-specific structural reform that will promote fair competition and transparency. In addition, the banks will explore using PACI's frameworks and tools as a starting point for developing their own programmes.

• The World Economic Forum and the Reinventing Bretton Woods Committee (RBWC) issued the final report of a two-year, public-private review of the international monetary system in cooperation with Group of 20 governments. Entitled "The International Monetary System, the IMF and the G20: A Great Transformation in the Making?", the report concludes that a critical mass of governments appears ready to try to adapt international financial institutions to a world characterized by increasingly large cross-border private capital flows, wider geographic distribution of economic activity and deepened regional macroeconomic and international trade policy coordination. It includes a selection of proposed reforms in such areas as strengthening the international adjustment process, improving crisis prevention and resolution instruments, and modernizing and rationalizing the governance of the system’s principal institutions.

• New data released at the Annual Meeting from the World Health Organization showed that the GAVI Alliance, a groundbreaking global initiative to increase access to children’s vaccines, originally launched in Davos in 2000, has brought immunisation rates to record highs in poor countries. The WHO data, project that since 2000, GAVI-funded immunisation programs in developing countries have prevented approximately 2.3 million future deaths, and that immunisations in 2006 alone prevented 600,000 future deaths.

"These projects may range in scope and ambition from the local to the global, but they are all examples of the growing interest of companies to work in partnership with governmental or civil society organizations to advance progress on critical challenges. Multistakeholder alliances such as these illustrate an important aspect of the "shifting power equation" that was the theme of our Annual Meeting this year – a new geometry of collective action and collaborative governance in a world characterized by growing dispersion of economic and political influence," said Rick Samans, Managing Director of the World Economic Forum. [GlobalGiants.com]


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Edited & Posted by Surender Hastir | 1:31 AM | Link to this Post

World Economic Forum Ceremony: Irene Khan : GlobalGiants.com

Irene Khan Amnesty International


PHOTO: DAVOS, SWITZERLAND, 28 JANUARY 2007 - Irene Khan, Secretary-General, Amnesty International, United Kingdom captured during the 'Ceremony' at the Annual Meeting 2007 of the World Economic Forum in Davos, Switzerland, January 28, 2007. (© World Economic Forum, Photo by Severin Nowacki) [GlobalGiants.com]


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Edited & Posted by Surender Hastir | 12:49 AM | Link to this Post

January 28, 2007

Modern Russia: Strengths, Challenges and New Prospects - A Perspective from Business: James S. Turley : GlobalGiants.com

DAVOS


PHOTO: DAVOS, SWITZERLAND, 27 JANUARY 2007 - James S. Turley, Chairman and Chief Executive Officer, Ernst & Young, USA Chaired by Lionel Barber, Editor, Financial Times, United Kingdom captured during the session 'Modern Russia: Strengths, Challenges and New Prospects - A Perspective from Business' at the Annual Meeting 2007 of the World Economic Forum in Davos, Switzerland, January 27, 2007. (© World Economic Forum, Photo by Annette Boutellier) [GlobalGiants.com]


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Edited & Posted by Surender Hastir | 7:01 AM | Link to this Post

World Economic Forum Closing Plenary: Eric Schmidt : GlobalGiants.com

DAVOS


PHOTO: DAVOS, SWITZERLAND, 27 JANUARY 2007 - Eric Schmidt, Co-Chair of the 2007 Annual Meeting; Chairman of the Executive Committee and Chief Executive Officer, Google Inc., USA captured during the session 'Closing Plenary' at the Annual Meeting 2007 of the World Economic Forum in Davos, Switzerland, January 27, 2007. (© World Economic Forum, Photo by Remy Steinegger) [GlobalGiants.com]


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Edited & Posted by Surender Hastir | 6:56 AM | Link to this Post

China Gets Innovative: Andrew N. Liveris : GlobalGiants.com

DAVOS


PHOTO: DAVOS, SWITZERLAND, 27 JANUARY 2007 - Andrew N. Liveris, Chairman and Chief Executive Officer, Dow Chemical Company, USA, captured during the session 'China Gets Innovative' at the Annual Meeting 2007 of the World Economic Forum in Davos, Switzerland, January 27, 2007. (© World Economic Forum, Photo by Annette Boutellier) [GlobalGiants.com]


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Edited & Posted by Surender Hastir | 6:53 AM | Link to this Post

China Gets Innovative: Edward J. Zander : GlobalGiants.com

DAVOS


PHOTO: DAVOS, SWITZERLAND, 27 JANUARY 2007 - Edward J. Zander, Chairman and Chief Executive Officer, Motorola, USA, captured during the session 'China Gets Innovative' at the Annual Meeting 2007 of the World Economic Forum in Davos, Switzerland, January 27, 2007. (© World Economic Forum, Photo by Annette Boutellier) [GlobalGiants.com]


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Edited & Posted by Surender Hastir | 6:50 AM | Link to this Post


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