Is the Scene At Davos Getting Old?
Davos has always been maligned for being a playground for elites. The ambrosial London Mayor Boris Johnson described the event this year as ”a constellation of egos involved in orgies of adulation.” Of course, exclusivity can work in your favor when trying to build an intellectual global brand. But could the old-world elitism that Davos thrives on be losing its allure? Accusations of hollow hobnobbing were no big deal a decade ago when the conference ruled the roost and there were few alternatives. But in recent years the competition for ideas conferences—TED, the Aspen Ideas Festival, South by Southwest, and the Clinton Global Initiative, to name a few—has heated up. As a result, one of the biggest questions among the under-40 crowd this year isn’t “Are we changing the world here?” but “What is Davos about?” Few Davosians would argue that this event, or any big conference for that matter, can really jolt the needle on mammoth issues like China’s growth problem, global ...
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Tesco Barely in Profit as it Prepares U.S. Exit
(LONDON) — Tesco PLC, Britain’s largest supermarket operator, says it is looking to sell its U.S. operations after failing to make an impression over six years. Tesco said Wednesday that net profit for the year dropped 96 percent to 120 million pounds ($183 million) following a 1.2 billion pounds writedown to exit its Fresh & Easy brand in the U.S. It also took an 804 million pounds writedown on its U.K. property portfolio. Fresh & Easy has nearly 200 stores in California, Arizona and Nevada. Tesco says it is also leaving Japan and taking a more measured approach to growth in China. Chief Executive Philip Clarke told the BBC that the decision to leave the United States was right for shareholders and that the company was looking for a single buyer. MORE: How the Entry of Walmart and Big Retail Chains Will Change India
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Xstrata, Glencore up on media report that China approves merger
LONDON - Shares in global miner Xstrata climbed 6 percent on Tuesday, with traders citing a media report that its takeover by commodities trader Glencore had cleared the final regulatory hurdle in China.
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Found 1 month ago on channel
Reuters
London Markets: RandGold, miners sink in London as gold dives
Miners tumble in London on Monday, hammered by worse-than-expected economic data from China and softness in metals prices, where gold slides more than $85.
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Glencore concessions to China expected for Xstrata deal
LONDON - Trader Glencore is expected to agree to concessions this week to ease Chinese worries over its grip on the supply of copper, clearing the final regulatory hurdle in its $32 billion acquisition of miner Xstrata.
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Found 1 month ago on channel
Reuters