Donald Trump will take his populist message directly to the world&#39;s political and business elite later this month, becoming the first US president to attend the World Economic Forum in Davos in nearly 20 years.

Trump -- who ran for president on a nationalist &quot;America First&quot; platform -- will mingle at the annual Alpine festival of globalism in Switzerland, and perhaps offer a few views of his own, the White House said.

&quot;The president welcomes opportunities to advance his America First agenda with world leaders,&quot; White House spokeswoman Sarah Sanders said.

&quot;At this year&#39;s World Economic Forum, the president looks forward to promoting his policies to strengthen American businesses, American industries and American workers.&quot;

A string of US presidents have avoided attending the annual upscale event, fearing a sojourn to a European ski resort would make them look out of touch.&nbsp;

The last president to go was Bill Clinton, who attended in 2000.

The gathering might seem antithetical to Trump&#39;s brand of politics, but the White House insists his message will be the same surrounded by chalets as it would be in Washington.

Looking to make his mark

Trump, a real estate mogul-turned-president, has rarely shied away from the rich and famous but may have an additional geopolitical incentive to attend.

Last year, the forum was dominated by the appearance of Chinese President Xi Jinping.

Xi became the first Chinese leader to go, picking up the mantle of defender of free trade and globalization in the face of Trump&#39;s protectionist rhetoric.&nbsp;

&quot;No one will emerge as a winner in a trade war,&quot; Xi warned, fueling a sense of rapidly growing China stepping into a space vacated by the United States.

During a decades-long spending spree, China has bankrolled infrastructure projects from Sri Lanka to Zambia, often earning political influence in the process.

Last year, the Trump administration was represented by informal emissary Anthony Scaramucci, who challenged Beijing to match words and deeds.

Firms were also quick to point out the gap between Xi&#39;s rhetoric and the realities of doing business in China, which is a frequently tortuous affair.

America First

But it is unclear how Trump&#39;s pitch for &quot;America First&quot; trade will play among the disciples of a global rules-based order.

&quot;The question appears to be whether he&#39;ll play to the global Davos audience or use his speech to shock the crowd with the anti-globalization rhetoric he loves to use back home,&quot; said Scott Mulhauser, former chief of staff at the US Embassy in Beijing.&nbsp;

&quot;The two sides of Trump stand in particular contrast on trade and globalization and may even both appear in the same speech,&quot; added Mulhauser.&nbsp;

&quot;So this one should be fascinating -- and the signals he sends will be heard at home and across the globe.&quot;

Since coming to office in January 2017, Trump has ripped up or sought to renegotiate a series of trade pacts that underpin global commerce.

A series of investigations into Chinese trade practices have put his administration on a collision course with Beijing.

This year&#39;s Davos gathering takes place January 23-26, with a theme of &quot;Creating a Shared Future in a Fractured World.&quot;

It is not yet clear when precisely Trump will attend.

US president Donald Trump would be the first US president to attend the World Economic Forum in Davos in nearly 20 years

Donald Trump will take his populist message directly to the world's political and business elite later this month, becoming the first US president to attend the World Economic Forum in Davos in nearly 20 years. Trump -- who ran for president on a nationalist "America First" platform -- will mingle at the annual Alpine festival of globalism in Switzerland, and perhaps offer a few views of his own, the White House said. "The president welcomes opportunities to advance his America First agenda with world leaders," White House spokeswoman Sarah Sanders said. "At this year's World Economic Forum, the president looks forward to promoting his policies to strengthen American businesses, American industries and American workers." A string of US presidents have avoided attending the annual upscale event, fearing a sojourn to a European ski resort would make them look out of touch. The last president to go was Bill Clinton, who attended in 2000. The gathering might seem antithetical to Trump's brand of politics, but the White House insists his message will be the same surrounded by chalets as it would be in Washington. Looking to make his mark Trump, a real estate mogul-turned-president, has rarely shied away from the rich and famous but may have an additional geopolitical incentive to attend. Last year, the forum was dominated by the appearance of Chinese President Xi Jinping. Xi became the first Chinese leader to go, picking up the mantle of defender of free trade and globalization in the face of Trump's protectionist rhetoric. "No one will emerge as a winner in a trade war," Xi warned, fueling a sense of rapidly growing China stepping into a space vacated by the United States. During a decades-long spending spree, China has bankrolled infrastructure projects from Sri Lanka to Zambia, often earning political influence in the process. Last year, the Trump administration was represented by informal emissary Anthony Scaramucci, who challenged Beijing to match words and deeds. Firms were also quick to point out the gap between Xi's rhetoric and the realities of doing business in China, which is a frequently tortuous affair. America First But it is unclear how Trump's pitch for "America First" trade will play among the disciples of a global rules-based order. "The question appears to be whether he'll play to the global Davos audience or use his speech to shock the crowd with the anti-globalization rhetoric he loves to use back home," said Scott Mulhauser, former chief of staff at the US Embassy in Beijing. "The two sides of Trump stand in particular contrast on trade and globalization and may even both appear in the same speech," added Mulhauser. "So this one should be fascinating -- and the signals he sends will be heard at home and across the globe." Since coming to office in January 2017, Trump has ripped up or sought to renegotiate a series of trade pacts that underpin global commerce. A series of investigations into Chinese trade practices have put his administration on a collision course with Beijing. This year's Davos gathering takes place January 23-26, with a theme of "Creating a Shared Future in a Fractured World." It is not yet clear when precisely Trump will attend.

Trump to make surprise appearance at Davos

At the World Economic Forum in Davos on Thursday, the chief executive of Russia&#39;s second-largest Russian bank, VTB,&nbsp;called for US President-elect Donald&nbsp;Trump to scrap penalties&nbsp;against Russian banks when considering lifting other sanctions against Moscow.

Obama&#39;s administration&nbsp;and other European countries had imposed sanctions against Russian businesses, officials and individuals after Russia&#39;s annexation of Crimea&nbsp;in 2014.

The Russian banker&#39;s&nbsp;request to&nbsp;Trump&nbsp;comes as 17 US&nbsp;Intelligence agencies all agree that Russia interfered with the US election to benefit trump in a multifaceted cyber attack, including the&nbsp;spread of misinformation, fake news, and hacking the Democrats.

Trump has denied claims of his ties with the Kremlin.

In his final news conference at the White House on January 18, Obama advised Trump to keep the issue of economic sanctions on Russia separate from talks to reduce nuclear stockpiles. &quot;Russia continues to occupy Ukrainian territory and meddle in Ukrainian affairs,&quot; Obama told reporters.

&quot;I think it would probably best serve, not only American interests, but also the interests of preserving international norms if we made sure that we don&#39;t confuse why these sanctions have been imposed with a whole set of other issues,&quot; he said.&nbsp;

Obama also said that while it&nbsp;was in the world&#39;s interest for US and Russia to have a &quot;constructive relationship&quot;,&nbsp;Russia&#39;s return to an &quot;adversarial spirit&quot; under President Vladimir Putin made that difficult. Obama&nbsp;said the reason the sanctions were imposed was&nbsp;not because of nuclear weapons&nbsp;but because the independence and sovereignty of a country, Ukraine, had been encroached upon by force by Russia.&nbsp;

In an interview with the Times of London published on Monday Trump&nbsp;said he would bargain with Moscow over ending sanctions on Russia in return for a nuclear arms reduction deal.

Obama had also clarified that the US negotiated the Strategic Arms Reduction Treaty (START) with Russia in his first term and that both countries &quot;substantially reduced our nuclear stockpiles&quot;, but further progress was stalled because Putin was unwilling to negotiate. &nbsp;

(WION with inputs from Reuters)

The US imposed sanctions against Russian businesses, officials and individuals following Russia's annexation of Crimea in 2014

At the World Economic Forum in Davos on Thursday, the chief executive of Russia's second-largest Russian bank, VTB, called for US President-elect Donald Trump to scrap penalties against Russian banks when considering lifting other sanctions against Moscow. Obama's administration and other European countries had imposed sanctions against Russian businesses, officials and individuals after Russia's annexation of Crimea in 2014. The Russian banker's request to Trump comes as 17 US Intelligence agencies all agree that Russia interfered with the US election to benefit trump in a multifaceted cyber attack, including the spread of misinformation, fake news, and hacking the Democrats. Trump has denied claims of his ties with the Kremlin. In his final news conference at the White House on January 18, Obama advised Trump to keep the issue of economic sanctions on Russia separate from talks to reduce nuclear stockpiles. "Russia continues to occupy Ukrainian territory and meddle in Ukrainian affairs," Obama told reporters. "I think it would probably best serve, not only American interests, but also the interests of preserving international norms if we made sure that we don't confuse why these sanctions have been imposed with a whole set of other issues," he said. Obama also said that while it was in the world's interest for US and Russia to have a "constructive relationship", Russia's return to an "adversarial spirit" under President Vladimir Putin made that difficult. Obama said the reason the sanctions were imposed was not because of nuclear weapons but because the independence and sovereignty of a country, Ukraine, had been encroached upon by force by Russia. In an interview with the Times of London published on Monday Trump said he would bargain with Moscow over ending sanctions on Russia in return for a nuclear arms reduction deal. Obama had also clarified that the US negotiated the Strategic Arms Reduction Treaty (START) with Russia in his first term and that both countries "substantially reduced our nuclear stockpiles", but further progress was stalled because Putin was unwilling to negotiate. (WION with inputs from Reuters)

CEO of Russian bank asks Trump to lift sanctions at World Economic Forum

Chinese President Xi Jinping presented himself as a champion of globalisation Tuesday, lecturing the world elite in Davos on the dangers of protectionism and the futility of trade wars.

The leader of the world&#39;s second largest economy became the first Chinese president to address the World Economic Forum, where 3,000 well-heeled delegates from government, business, science and the arts have gathered.

His appearance comes as populist protectionism is on the rise across Europe and in the US, where November&#39;s election of Donald Trump sent shockwaves through the global liberal order.

There is &quot;no point in blaming economic globalisation for the world&#39;s problems,&quot; he said, saying that the process was not at the root of the Syrian refugee situation or the 2008 financial crisis.

&quot;It&#39;s true that economic globalisation has created new problems, but this is not justification to write off economic globalisation altogether.&quot;&nbsp;

Globalisation should be &quot;more inclusive, more sustainable,&quot; he said, adding that currently existing global institutions are &quot;inadequate&quot; and should be more &quot;representative.&quot;

Xi&#39;s speech was highly anticipated by Davos attendees, a global club who have been caught off-guard by the rising sentiment against liberal trade regimes, and are looking for guidance in the face of an incoming Trump administration in Washington.

While acknowledging that globalisation was a &quot;double-edged sword,&quot; Xi argued that the benefits far outweighed the negatives and there could be no turning away from international economic integration.

&quot;The global economy is a big ocean you cannot escape from,&quot; he said, likening goods, services and capital to waters that cannot be channeled back into landlocked streams and lakes.

&quot;Pursuing protectionism is like locking oneself in a dark room. Wind and rain may be kept outside, but so is light and air,&quot; he said.

&quot;No one will emerge as a winner in a trade war,&quot; he added, in an oblique reference to Trump.

The incoming US leader has repeatedly accused China of carrying out trade policies that have led to massive US job losses and has threatened to slap tariffs of up to 45 per cent on the country&#39;s goods.

Beijing is seeking to pick up the mantle of world economic leadership set to be shrugged off by Trump, who takes office Friday.

China supports building regional free-trade arrangements, and opposes those that are &quot;exclusive&quot; or fragmented, Xi said.&nbsp;

China is pushing two major trade pacts, the Regional Comprehensive Economic Partnership (RCEP) and the Free Trade Area of the Asia Pacific.

Xi added that China has &quot;no intention&quot; of boosting its trade competitiveness by devaluing the yuan currency or launch a currency war.

Though Chinese leaders have repeatedly used international forums in the last year to assure foreign leaders that there is no basis for depreciation of the currency, the yuan has continued its slide, recently reaching eight-year lows, making the country&#39;s exports cheaper for trade partners.&nbsp;

The symbolism of Xi&#39;s speech was underlined by WEF chairman and founder Klaus Schwab, who said the world community was &quot;looking to China&quot; to provide responsible leadership and instill confidence.

&quot;Whether people admit it or not, it&#39;s undeniable that China has taken the global leadership role in many respects,&quot; Lin Boqiang, professor at Xiamen University, told AFP. &quot;You can talk about it or not, but that`s what&#39;s happening in reality.&quot;&nbsp; 
 
(AFP)

The Chinese president, however, clarified that globalisation should be more inclusive and sustainable

Chinese President Xi Jinping presented himself as a champion of globalisation Tuesday, lecturing the world elite in Davos on the dangers of protectionism and the futility of trade wars. The leader of the world's second largest economy became the first Chinese president to address the World Economic Forum, where 3,000 well-heeled delegates from government, business, science and the arts have gathered. His appearance comes as populist protectionism is on the rise across Europe and in the US, where November's election of Donald Trump sent shockwaves through the global liberal order. There is "no point in blaming economic globalisation for the world's problems," he said, saying that the process was not at the root of the Syrian refugee situation or the 2008 financial crisis. "It's true that economic globalisation has created new problems, but this is not justification to write off economic globalisation altogether." Globalisation should be "more inclusive, more sustainable," he said, adding that currently existing global institutions are "inadequate" and should be more "representative." Xi's speech was highly anticipated by Davos attendees, a global club who have been caught off-guard by the rising sentiment against liberal trade regimes, and are looking for guidance in the face of an incoming Trump administration in Washington. While acknowledging that globalisation was a "double-edged sword," Xi argued that the benefits far outweighed the negatives and there could be no turning away from international economic integration. "The global economy is a big ocean you cannot escape from," he said, likening goods, services and capital to waters that cannot be channeled back into landlocked streams and lakes. "Pursuing protectionism is like locking oneself in a dark room. Wind and rain may be kept outside, but so is light and air," he said. "No one will emerge as a winner in a trade war," he added, in an oblique reference to Trump. The incoming US leader has repeatedly accused China of carrying out trade policies that have led to massive US job losses and has threatened to slap tariffs of up to 45 per cent on the country's goods. Beijing is seeking to pick up the mantle of world economic leadership set to be shrugged off by Trump, who takes office Friday. China supports building regional free-trade arrangements, and opposes those that are "exclusive" or fragmented, Xi said. China is pushing two major trade pacts, the Regional Comprehensive Economic Partnership (RCEP) and the Free Trade Area of the Asia Pacific. Xi added that China has "no intention" of boosting its trade competitiveness by devaluing the yuan currency or launch a currency war. Though Chinese leaders have repeatedly used international forums in the last year to assure foreign leaders that there is no basis for depreciation of the currency, the yuan has continued its slide, recently reaching eight-year lows, making the country's exports cheaper for trade partners. The symbolism of Xi's speech was underlined by WEF chairman and founder Klaus Schwab, who said the world community was "looking to China" to provide responsible leadership and instill confidence. "Whether people admit it or not, it's undeniable that China has taken the global leadership role in many respects," Lin Boqiang, professor at Xiamen University, told AFP. "You can talk about it or not, but that`s what's happening in reality." (AFP)

At Davos, China's Xi Jinping says 'no point blaming economic globalisation for the world's problems'

Just eight individuals, all men, own as much wealth as the poorest half of the world&#39;s population, Oxfam said in a report calling for action to curtail rewards for those at the top.

As decision-makers and super-rich gather for this week&#39;s World Economic Forum (WEF) annual meeting in Davos, the charity&#39;s report suggests the wealth gap is wider than ever, with new data for China and India indicating that the poorest half of the world owns less than previously estimated.

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<h5>The eight individuals named in the report are Bill Gates, Inditex founder Amancio Ortega, veteran investor Warren Buffett, Mexico&#39;s Carlos Slim, Amazon boss Jeff Bezos, Facebook&#39;s Mark Zuckerberg, Oracle&#39;s Larry Ellison and former New York City mayor Michael Bloomberg</h5>
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Oxfam, which described the gap as &quot;obscene&quot;, said if the new data had been available before, it would have shown that in 2016 nine people owned the same as the 3.6 billion who make up the poorest half of humanity, rather than 62 estimated at the time.&nbsp;In 2010, by comparison, it took the combined assets of the 43 richest people to equal the wealth of the poorest 50 per cent, according to latest calculations.

Inequality has moved up the agenda in recent years, with the head of the International Monetary Fund and the Pope among those warning of its corrosive effects, while resentment of elites has helped fuel an upsurge in populist politics.Concern about the issue was highlighted again in the WEF&#39;s own global risks report last week.

&quot;We see a lot of hand-wringing - and clearly Trump&#39;s victory and Brexit gives that new impetus this year - but there is a lack of concrete alternatives to business as usual,&quot; said Max Lawson, Oxfam&#39;s head of policy.

&quot;There are different ways of running capitalism that could be much, much more beneficial to the majority of people.&quot;

Oxfam called in its report for a crackdown on tax dodging and a shift away from &quot;super-charged&quot; shareholder capitalism that pays out disproportionately to the rich.&nbsp;While many workers struggle with stagnating incomes, the wealth of the super-rich has increased by an average of 11 per cent a year since 2009.

Bill Gates, the world&#39;s richest man who is a regular at Davos, has seen his fortune rise by 50 per cent or $25 billion since announcing plans to leave Microsoft in 2006, despite his efforts to give much of it away.&nbsp;While Gates exemplifies how outsized wealth can be recycled to help the poor, Oxfam believes such &quot;big philanthropy&quot; does not address the fundamental problem.

&quot;If billionaires choose to give their money away then that is a good thing. But inequality matters and you cannot have a system where billionaires are systematically paying lower rates of tax than their secretary or cleaner,&quot; Lawson said.

Oxfam bases its calculations on data from Swiss bank Credit Suisse and Forbes. The eight individuals named in the report are Gates, Inditex founder Amancio Ortega, veteran investor Warren Buffett, Mexico&#39;s Carlos Slim, Amazon boss Jeff Bezos, Facebook&#39;s Mark Zuckerberg, Oracle&#39;s Larry Ellison and former New York City mayor Michael Bloomberg.

(Reuters) 
&nbsp;

Oxfam, in its report, called the gap 'obscene', said the divide between the rich and the poor is wider than ever

Just eight individuals, all men, own as much wealth as the poorest half of the world's population, Oxfam said in a report calling for action to curtail rewards for those at the top. As decision-makers and super-rich gather for this week's World Economic Forum (WEF) annual meeting in Davos, the charity's report suggests the wealth gap is wider than ever, with new data for China and India indicating that the poorest half of the world owns less than previously estimated. The eight individuals named in the report are Bill Gates, Inditex founder Amancio Ortega, veteran investor Warren Buffett, Mexico's Carlos Slim, Amazon boss Jeff Bezos, Facebook's Mark Zuckerberg, Oracle's Larry Ellison and former New York City mayor Michael Bloomberg × Oxfam, which described the gap as "obscene", said if the new data had been available before, it would have shown that in 2016 nine people owned the same as the 3.6 billion who make up the poorest half of humanity, rather than 62 estimated at the time. In 2010, by comparison, it took the combined assets of the 43 richest people to equal the wealth of the poorest 50 per cent, according to latest calculations. Inequality has moved up the agenda in recent years, with the head of the International Monetary Fund and the Pope among those warning of its corrosive effects, while resentment of elites has helped fuel an upsurge in populist politics.Concern about the issue was highlighted again in the WEF's own global risks report last week. "We see a lot of hand-wringing - and clearly Trump's victory and Brexit gives that new impetus this year - but there is a lack of concrete alternatives to business as usual," said Max Lawson, Oxfam's head of policy. "There are different ways of running capitalism that could be much, much more beneficial to the majority of people." Oxfam called in its report for a crackdown on tax dodging and a shift away from "super-charged" shareholder capitalism that pays out disproportionately to the rich. While many workers struggle with stagnating incomes, the wealth of the super-rich has increased by an average of 11 per cent a year since 2009. Bill Gates, the world's richest man who is a regular at Davos, has seen his fortune rise by 50 per cent or $25 billion since announcing plans to leave Microsoft in 2006, despite his efforts to give much of it away. While Gates exemplifies how outsized wealth can be recycled to help the poor, Oxfam believes such "big philanthropy" does not address the fundamental problem. "If billionaires choose to give their money away then that is a good thing. But inequality matters and you cannot have a system where billionaires are systematically paying lower rates of tax than their secretary or cleaner," Lawson said. Oxfam bases its calculations on data from Swiss bank Credit Suisse and Forbes. The eight individuals named in the report are Gates, Inditex founder Amancio Ortega, veteran investor Warren Buffett, Mexico's Carlos Slim, Amazon boss Jeff Bezos, Facebook's Mark Zuckerberg, Oracle's Larry Ellison and former New York City mayor Michael Bloomberg. (Reuters)

Eight men own half the world's wealth: Oxfam

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