At Davos, Modi puts free trade first
At Davos, Modi puts free trade first
In the first address at Davos by an Indian leader for two decades, he talked of the need for “creating a shared future in a fractured world” — with a warning that technological changes “can create fault lines that can inflict a very painful wound,” — ticking the box marked “fourth industrial revolution,” the core of the WEF cannon.
But he also sprang to the defense of global free trade and laissez-faire economics with a reference to the “forces of protectionism” in a thinly veiled hit at US President Donald Trump, who is expected to expound his “America First” message on Friday.
“The solution to this worrisome situation against globalization is not isolation. Its solution is in understanding and accepting change,” he said. Modi ranked protectionism among the three biggest challenges to global stability, along with climate change and terrorism.
Indeed, the specter of Trump — due on Friday — loomed everywhere on the first day. Prime Minister Justin Trudeau of Canada — one of the WEF’s favorites for a number of reasons, not least his physical and philosophical contrast to the American — took the opportunity of his special address to announce that Canada and 10 trade partners had signed an agreement to advance the Trans-Pacific Partnership, the trade treaty Trump renounced as one of his first acts in office.
Like Modi, he too linked protectionism with the other challenges the WEF perceives: Technological disruption, gender inequalities and climate change.
Norwegian Prime Minister Erna Solberg struck a note familiar with Saudi Arabian attendees at the WEF, when she called for a new global crackdown on global corruption.
“We need to see who is taking money, who is bribing others, and show that this is unacceptable in all our societies,” she said, proposing a #MeToo campaign against corruption, which she said was fueling terrorism and making it harder for emerging countries to develop their economies.
Middle East issues were on display at the meeting too, with behind-closed-doors sessions on the strategic condition of the region and geopolitics. Executives from Middle East corporations were involved in an apparently endless series of bilateral briefings.
Participants at the 48th annual meeting of the WEF had struggled through huge snow drifts and transport problems to get to the event.
At one stage, even the helicopters could not land — an event unprecedented for most WEF veterans.
But they did not let those wintry problems dim their enthusiasm for the basic message that Davos likes to hear: Liberal globalism in all its forms.
Saudi minister Al-Falih says Aramco IPO likely in 2019
- Energy Minister Khalid Al-Falih: “We are ready, the company (Saudi Aramco) essentially has ticked all the boxes. We’re simply waiting for a market readiness for the IPO.”
- Khalid Al-Falih: “Most likely it will be in 2019 but we will not know until the announcement has been made. All I could say is stay tuned.”
RIYADH: Saudi Arabia is most likely to hold the initial public offering (IPO) of oil giant Aramco in 2019, Energy Minister Khalid Al-Falih said on Friday, confirming a delay from the initial plan to list the company this year.
“The timing I think will depend on the readiness of the market, rather than the readiness of the company or the readiness of Saudi Arabia,” Khalid Al-Falih, who’s also the company’s chairman, said at the St. Petersburg International Economic Forum in Russia on Friday.
“We are ready, the company essentially has ticked all the boxes,” he said. “We’re simply waiting for a market readiness for the IPO.”
For almost two years, Saudi officials said the IPO was “on track, on time” for the second half of 2018. But for the first time in March they suggested it could be delayed until 2019.
“Most likely it will be in 2019 but we will not know until the announcement has been made,” Al-Falih said. “All I could say is stay tuned.”
The Aramco IPO would be a once-in-a-generation event for financial markets. Saudi officials said they hope to raise a record $100 billion by selling a 5 percent stake, valuing the company at more than $2 trillion and dwarfing the $25 billion raised by Chinese retailer Alibaba Group Holding Ltd. in 2014.