From Breakingviews - The Davos party returns, with the shakes
Bernard Looney will represent resurgent oil majors. All in all, the WEF expects to welcome some 2,700 leaders from 130 countries, including 370 public figures.
Yet the apparent return to business as usual only serves to highlight the changes that have taken place since the last full gathering of the Davos elite. The global pandemic and Russia’s invasion of Ukraine have added more friction to the already creaking globalised world that Davos epitomised. Meanwhile, the political leaders responsible for shaping the new order are mostly staying at home. U.S. President Joe Biden is not making the trip – unlike. Though a smattering of U.S. Congress members are expected to come they are hardly well-known international figures. China’s most senior representative is Vice-Premier Liu He. British Prime Minister Rishi Sunak, grappling with a slowing economy and striking public sector workers, is also staying home.
A stroll down the Davos Promenade, the town’s main drag where countries and corporations temporarily take over storefronts, underscores the shift. Poland and Indonesia have a prominent presence, but other national delegations have quieter messages on display. Saudi Arabia has a few conspicuous banners touting NEOM, its futuristic economic zone. The United Arab Emirates is touting tolerance.
The cryptocurrency firms that were at previous gatherings are mostly muted, replaced by companies promoting technologies like the blockchain. The Medical
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