The global elite gather at Davos for the World Economic Forum (WEF) summit against the most complex backdrop so far.&nbsp;

The theme this year is 'rebuilding trust', which will focus on the increasingly fractured world.&nbsp;

Geopolitical tensions, the rise of Artificial Intelligence, the ongoing economic slowdown and the climate emergency will be the top discussion points, when global leaders meet from January 15th&nbsp;to the 19th. &nbsp;

President Borge Brende expects much of this year's focus to be high-level diplomatic talks on the wars in Ukraine and West Asia. &nbsp;

“We will make sure that we bring together the right people ... To see how we can solve this very challenging world,” Brende said. &nbsp;

The annual meeting gives insight to the minds of global leaders, who decide the social, political and economic trajectories of their countries. &nbsp;

Yet, the Davos summit continues to attract criticism for being an ‘elite’ talking shop, disconnected to the grim realities of the outside world. &nbsp;&nbsp;

To begin with, the annual meeting remains a 'by invitation only' event. &nbsp;

World Economic Forum members can attend the event for free. But membership rates start from $69,000 and reach up to $600,000 for the corporate world. &nbsp;

That is not all. Estimates peg the cost of travel and stay at over $300,000 for the week, something the general public cannot afford. &nbsp;

Visuals of many attendees jet-setting to the meeting – many of them talk about climate change and sustainability – have attracted criticism. Last year, Greenpeace activists slammed attendees for the “distasteful master class in hypocrisy”. &nbsp;

The summit ends up being a holiday tour for the elite, with negligible returns.&nbsp;

For over a decade now, every Davos meeting raises one big question - is the annual summit losing relevance as the world turns more uncertain?&nbsp;

The war in Ukraine has dominated the last two World Economic Forum meetings, with very little change to the situation. &nbsp;

Ukraine President Volodymyr Zelensky is again expected to make a speech. But it is unclear if any Russian officials would attend.&nbsp;

On the economic front, the event has continued amid the COVID-19 pandemic, economic slowdown &amp; sky-rocketing inflation.&nbsp;

In the same period, corporate profits have reached record-levels while over 500 million people entered extreme poverty. &nbsp;

Karl Schwab, the WEF's founder, champions globalisation. In a 2017 article, he argued that globalisation has pulled over a billion people out of poverty. &nbsp;

But he did agree that “in its present form, globalisation is no longer fit for purpose in our current context.” &nbsp;

Data also points to the gradual decline of 'neoliberal' globalisation – of the kind&nbsp;often associated with the WEF.&nbsp;

Global trade, as a percentage of the world's Gross Domestic Product, is now at levels seen in 2008, when the global financial crisis disrupted&nbsp;the economic growth engine.&nbsp;

The ongoing US-China trade war, along with the tensions in West Asia and on the edge of Europe, are only going to make matters worse.&nbsp;

WEF organisers have also emphasised the attendance of key leaders from the 'Global South' – a term used for developing countries. &nbsp;

India, which aims to lead the ‘Global South’, will make make its presence felt at Davos. Several Indian states, including Maharashtra, Tamil Nadu and Karnataka, will pitch themselves as an investment destination. &nbsp;

Apart from India, the African continent will expand its presence this year, aiming to foster greater collaboration with the developed world. &nbsp;

The Davos summit provides a global platform for the ‘Global South’ to woo the world’s biggest corporations.&nbsp;

Nevertheless, previous meetings have not resulted in any meaningful investment in countries needing it badly. &nbsp;

This year's theme reflects the changing dynamics of the world, where geopolitics is increasingly dictating trade and economics. &nbsp;

Terms like ‘de-globalisation’, trade fragmentation and ‘nearshoring’ are becoming a&nbsp;reality. But is the World Economic Forum adapting to the changes? &nbsp;

The world will find out over the next five days.&nbsp;

The global elite gather at Davos for the World Economic Forum (WEF) summit against the most complex backdrop so far. The theme this year is 'rebuilding trust', which will focus on the increasingly fractured world.

The global elite gather at Davos for the World Economic Forum (WEF) summit against the most complex backdrop so far. The theme this year is 'rebuilding trust', which will focus on the increasingly fractured world. Geopolitical tensions, the rise of Artificial Intelligence, the ongoing economic slowdown and the climate emergency will be the top discussion points, when global leaders meet from January 15th to the 19th. President Borge Brende expects much of this year's focus to be high-level diplomatic talks on the wars in Ukraine and West Asia. “We will make sure that we bring together the right people ... To see how we can solve this very challenging world,” Brende said. The annual meeting gives insight to the minds of global leaders, who decide the social, political and economic trajectories of their countries. Yet, the Davos summit continues to attract criticism for being an ‘elite’ talking shop, disconnected to the grim realities of the outside world. To begin with, the annual meeting remains a 'by invitation only' event. World Economic Forum members can attend the event for free. But membership rates start from $69,000 and reach up to $600,000 for the corporate world. That is not all. Estimates peg the cost of travel and stay at over $300,000 for the week, something the general public cannot afford. Visuals of many attendees jet-setting to the meeting – many of them talk about climate change and sustainability – have attracted criticism. Last year, Greenpeace activists slammed attendees for the “distasteful master class in hypocrisy”. The summit ends up being a holiday tour for the elite, with negligible returns. For over a decade now, every Davos meeting raises one big question - is the annual summit losing relevance as the world turns more uncertain? The war in Ukraine has dominated the last two World Economic Forum meetings, with very little change to the situation. Ukraine President Volodymyr Zelensky is again expected to make a speech. But it is unclear if any Russian officials would attend. On the economic front, the event has continued amid the COVID-19 pandemic, economic slowdown & sky-rocketing inflation. In the same period, corporate profits have reached record-levels while over 500 million people entered extreme poverty. Karl Schwab, the WEF's founder, champions globalisation. In a 2017 article, he argued that globalisation has pulled over a billion people out of poverty. But he did agree that “in its present form, globalisation is no longer fit for purpose in our current context.” Data also points to the gradual decline of 'neoliberal' globalisation – of the kind often associated with the WEF. Global trade, as a percentage of the world's Gross Domestic Product, is now at levels seen in 2008, when the global financial crisis disrupted the economic growth engine. The ongoing US-China trade war, along with the tensions in West Asia and on the edge of Europe, are only going to make matters worse. WEF organisers have also emphasised the attendance of key leaders from the 'Global South' – a term used for developing countries. India, which aims to lead the ‘Global South’, will make make its presence felt at Davos. Several Indian states, including Maharashtra, Tamil Nadu and Karnataka, will pitch themselves as an investment destination. Apart from India, the African continent will expand its presence this year, aiming to foster greater collaboration with the developed world. The Davos summit provides a global platform for the ‘Global South’ to woo the world’s biggest corporations. Nevertheless, previous meetings have not resulted in any meaningful investment in countries needing it badly. This year's theme reflects the changing dynamics of the world, where geopolitics is increasingly dictating trade and economics. Terms like ‘de-globalisation’, trade fragmentation and ‘nearshoring’ are becoming a reality. But is the World Economic Forum adapting to the changes? The world will find out over the next five days.

Davos Summit 2024: World Economic Forum enters its most difficult year to date 

The World Economic Forum (WEF) warned on Wednesday (Jan&nbsp;10) that artificial intelligence (AI) driven misinformation and disinformation will pose great global risk this year and the next, especially, with elections lined-up in major countries and economies. In its Global Risks Report 2024, the WEF has also warned of challenges and threats due to war, climate change and cost-of-living crisis. The report has been released ahead of annual meeting of political and business elites in Davos which is due to take place next week.

"Misinformation and disinformation are biggest short-term risks, while extreme weather and critical change to Earth systems are greatest long-term concern," the report said.

"Concerns over a persistent cost-of-living crisis and the intertwined risks of AI-driven misinformation and disinformation, and societal polarization dominated the risks outlook for 2024," it added.&nbsp;

Misinformation is incorrect information while disinformation is false information spread with an aim of deceiving people.

Watch | Israel-Hamas War: Israel ramps up attacks despite mounting pressure

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In its report, WEF also noted that "with several live conflicts under way, underlying geopolitical tensions and corroding societal resilience risk are creating conflict contagion".

For the WEF survey, more than 1400 global risk experts, industry leaders and policymakers were surveyed in September.

The report said that "emerging as the most severe global risk anticipated over the next two years, foreign and domestic actors alike will leverage misinformation and disinformation to further widen societal and political divides".

Also Read | <a href="https://www.wionews.com/world/us-in-favour-of-tangible-steps-for-palestinian-state-blinken-tells-abbas-678690">US in favour of 'tangible steps' for Palestinian state, Blinken tells Abbas</a>

National elections are due in major economies like the United States, India, the United Kingdom, Indonesia and Mexico which will cumulatively see three billion people casting their votes.

Also Read | <a href="https://www.wionews.com/world/ukraines-zelensky-arrives-in-lithuania-on-visit-to-baltic-allies-with-focus-on-war-eu-integration-678656">Ukraine’s Zelensky arrives in Lithuania on visit to Baltic allies with focus on war, EU integration</a>

With this in mind the WEF has warned that &nbsp;"the widespread use of misinformation and disinformation, and tools to disseminate it, may undermine the legitimacy of newly elected governments".

The upcoming Davos talks are expected to be dominated by military conflict such as Israel-Hamas War and Ukraine war. US Secretary of State Antony Blinken, Israeli President Isaac Herzog and leaders from West Asian countries are expected to attend the gathering.

(With inputs from agencies)

The World Economic Forum (WEF) warned on Wednesday (Jan 10) that artificial intelligence (AI) driven misinformation and disinformation will pose great global risk this year and the next, especially, with elections lined-up in major countries and economies.

The World Economic Forum (WEF) warned on Wednesday (Jan 10) that artificial intelligence (AI) driven misinformation and disinformation will pose great global risk this year and the next, especially, with elections lined-up in major countries and economies. In its Global Risks Report 2024, the WEF has also warned of challenges and threats due to war, climate change and cost-of-living crisis. The report has been released ahead of annual meeting of political and business elites in Davos which is due to take place next week. "Misinformation and disinformation are biggest short-term risks, while extreme weather and critical change to Earth systems are greatest long-term concern," the report said. "Concerns over a persistent cost-of-living crisis and the intertwined risks of AI-driven misinformation and disinformation, and societal polarization dominated the risks outlook for 2024," it added. Misinformation is incorrect information while disinformation is false information spread with an aim of deceiving people. Watch | Israel-Hamas War: Israel ramps up attacks despite mounting pressure × In its report, WEF also noted that "with several live conflicts under way, underlying geopolitical tensions and corroding societal resilience risk are creating conflict contagion". For the WEF survey, more than 1400 global risk experts, industry leaders and policymakers were surveyed in September. The report said that "emerging as the most severe global risk anticipated over the next two years, foreign and domestic actors alike will leverage misinformation and disinformation to further widen societal and political divides". Also Read | US in favour of 'tangible steps' for Palestinian state, Blinken tells Abbas National elections are due in major economies like the United States, India, the United Kingdom, Indonesia and Mexico which will cumulatively see three billion people casting their votes. Also Read | Ukraine’s Zelensky arrives in Lithuania on visit to Baltic allies with focus on war, EU integration With this in mind the WEF has warned that "the widespread use of misinformation and disinformation, and tools to disseminate it, may undermine the legitimacy of newly elected governments". The upcoming Davos talks are expected to be dominated by military conflict such as Israel-Hamas War and Ukraine war. US Secretary of State Antony Blinken, Israeli President Isaac Herzog and leaders from West Asian countries are expected to attend the gathering. (With inputs from agencies)

WEF warns AI-driven disinformation may pose risk to elections around the world

While economies are staring at a possible recession but the growth is likely to come back by the end of the current year - this comes from Gita Gopinath, the first Deputy Managing Director of International Monetary Fund. In an exclusive conversation, she shared India's role in the current economic environment.

WION at Davos 2023: Gita Gopinath gives message on world economy

Digital transformation is a dominating theme at the World Economic Forum in Davos, Switzerland, companies are betting on new technologies including, artificial intelligence and metaverse to drive growth.

WION at Davos 2023: 'Tech giants turning cautiously optimistic,' says Publicis Sapient CEO Vaz

The fear of recession is doing the rounds and the World Economic Forum's annual summit in Davos but not every company is overtly concerned but the Indian auto giant Mahindra Group sees no fears of economic showdown or a recession. Mahindra Group CEO Anish Shah speaks on it.

WION at Davos 2023: 'Indian firms well positioned,' says Mahindra Group CEO Anish Shah

In a first, Pakistan's minister Bilawal Bhutto Zardari had a brief interaction with Ukraine's first lady, Zelenska, on the sidelines of the World Economic Forum in Davos.

Pakistan minister Bilawal Bhutto meets Ukraine's first lady Zelenska on sidelines of WEF

On Thursday, 20-year-old climate activist Greta Thunberg spoke on the sidelines in the World Economic Forum in Davos, Switzerland and she accused those present at the summit of the global climate crisis.

Greta Thunberg discusses climate crisis in Davos; activists slam new fossil fuel investments

WION Climate Tracker: Energy firms will keep 'throwing people under the bus', says Greta Thunberg

As the Russian invasion of Ukraine approaches a year, Ukrainian President Volodymyr Zelensky&nbsp;stated on Wednesday that while it took just a few seconds for Russia to launch the war, the world took several days to enforce sanctions.

During a special online address from Kyiv during the World Economic Forum Annual Meeting, he stated that if the world was hesitant when Russia invaded Cremia without any hesitation, the world must not be hesitant today.

With his wife Olena Zelenska seated in the audience, Zelensky declared that the world needed to advance more quickly than Russia.

"Supplies of Western tanks must outpace the attack by Russia," he said.

“It was not us who started the war but it has to be us who will end this war and for that, the entire world has to be united in supporting Ukraine,” he added.

Also read |&nbsp;<a href="https://www.wionews.com/world/zelenskys-advisor-quits-following-goof-up-that-ukraine-was-responsible-for-dnipro-disaster-553599">Zelensky’s advisor quits following goof-up over remarks that Ukraine was responsible for Dnipro disaster&nbsp;</a>

He claimed that for Ukraine to triumph in this war and emerge from the crisis, it needs both financial and military aid.

Zelensky&nbsp;said, "Russia has earned a place among terrorists," when asked where he saw Russia's role in the world. They must accept responsibility for their mistakes and respect the integrity of our territory. The president of Ukraine declared that all he needs to fight the war is ammunition and that he is not concerned about his personal security or desire to travel.

(With inputs from agencies)

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As the Russian invasion of Ukraine approaches a year, Ukrainian President Volodymyr Zelensky stated on Wednesday that while it took just a few seconds for Russia to launch the war, the world took several days to enforce sanctions.

As the Russian invasion of Ukraine approaches a year, Ukrainian President Volodymyr Zelensky stated on Wednesday that while it took just a few seconds for Russia to launch the war, the world took several days to enforce sanctions. During a special online address from Kyiv during the World Economic Forum Annual Meeting, he stated that if the world was hesitant when Russia invaded Cremia without any hesitation, the world must not be hesitant today. With his wife Olena Zelenska seated in the audience, Zelensky declared that the world needed to advance more quickly than Russia. "Supplies of Western tanks must outpace the attack by Russia," he said. “It was not us who started the war but it has to be us who will end this war and for that, the entire world has to be united in supporting Ukraine,” he added. Also read | Zelensky’s advisor quits following goof-up over remarks that Ukraine was responsible for Dnipro disaster He claimed that for Ukraine to triumph in this war and emerge from the crisis, it needs both financial and military aid. Zelensky said, "Russia has earned a place among terrorists," when asked where he saw Russia's role in the world. They must accept responsibility for their mistakes and respect the integrity of our territory. The president of Ukraine declared that all he needs to fight the war is ammunition and that he is not concerned about his personal security or desire to travel. (With inputs from agencies) WATCH WION LIVE HERE:

'Russia has earned a place among terrorists': Zelensky addresses the World Economic Forum

Politicians and business delegates from across the world are meeting at Davos for the WEF Summit, but many prominent figures are absent. Is the summit losing its significance and relevance? Molly Gambhir reports.

Gravitas: Is the WEF summit's relevance fading?

Philippines President Ferdinand Marcos, Jr previewed his multibillion-dollar sovereign wealth fund during a soft-launch at the World Economic Forum in Davos, Switzerland.

WION Fineprint | Marcos Jr promotes wealth fund at Davos 2023

More than 200 millionaires have made a fervent appeal to the world leaders and business executives meeting in Davos for this week’s World Economic Forum (WEF) “to tackle extreme wealth”&nbsp;by taxing the ultra-rich to ease the cost-of-living crisis. &nbsp;

The Patriotic Millionaires — a self-described group of “high-net-worth Americans who share a profound concern about the destabilizing level of inequality in America”— has asked to “tax us, the ultra-rich, now” to help the ordinary household. &nbsp;

“The current lack of action is gravely concerning. A meeting of the ‘global elite’ in Davos to discuss&nbsp;‘cooperation in a fragmented world’ is pointless if you aren’t challenging the root cause of division,” they said in an&nbsp;open letter&nbsp;published on Wednesday. &nbsp;

“Defending democracy and building cooperation requires action to build fairer economies right now – it is not a problem that can be left for our children to fix.&nbsp;

“Now is the time to tackle extreme wealth; now is the time to tax the ultra-rich,” they said.&nbsp;

The millionaires from 13 countries, in the letter, noted how the wealth of the super-rich has been trending upwards in the last five decades, while those in the lower strata are struggling to even make their basic ends meet.&nbsp;

“The history of the last five decades is a story of wealth flowing nowhere but upwards. In the last few years, this trend has greatly accelerated …The solution is plain for all to see. You, our global representatives, have to tax us, the ultra-rich, and you have to start now.”&nbsp;

“There’s only so much stress any society can take, only so many times mothers and fathers will watch their children go hungry while the ultra-rich contemplate their growing wealth. The cost of action is much cheaper than the cost of inaction – it’s time to get on with the job.”&nbsp;

This comes days after an Oxfam report showing&nbsp;that&nbsp;the world’s richest 1 per cent have pocketed nearly two-thirds of all new global wealth over the last two years, amassing $26 trillion out of $42 trillion created in that period.

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More than 200 millionaires have made a fervent appeal to the world leaders and business executives meeting in Davos for this week’s World Economic Forum (WEF) “to tackle extreme wealth” by taxing the ultra-rich to ease the cost-of-living crisis.

More than 200 millionaires have made a fervent appeal to the world leaders and business executives meeting in Davos for this week’s World Economic Forum (WEF) “to tackle extreme wealth” by taxing the ultra-rich to ease the cost-of-living crisis. The Patriotic Millionaires — a self-described group of “high-net-worth Americans who share a profound concern about the destabilizing level of inequality in America”— has asked to “tax us, the ultra-rich, now” to help the ordinary household. “The current lack of action is gravely concerning. A meeting of the ‘global elite’ in Davos to discuss ‘cooperation in a fragmented world’ is pointless if you aren’t challenging the root cause of division,” they said in an open letter published on Wednesday. “Defending democracy and building cooperation requires action to build fairer economies right now – it is not a problem that can be left for our children to fix. “Now is the time to tackle extreme wealth; now is the time to tax the ultra-rich,” they said. The millionaires from 13 countries, in the letter, noted how the wealth of the super-rich has been trending upwards in the last five decades, while those in the lower strata are struggling to even make their basic ends meet. “The history of the last five decades is a story of wealth flowing nowhere but upwards. In the last few years, this trend has greatly accelerated …The solution is plain for all to see. You, our global representatives, have to tax us, the ultra-rich, and you have to start now.” “There’s only so much stress any society can take, only so many times mothers and fathers will watch their children go hungry while the ultra-rich contemplate their growing wealth. The cost of action is much cheaper than the cost of inaction – it’s time to get on with the job.” This comes days after an Oxfam report showing that the world’s richest 1 per cent have pocketed nearly two-thirds of all new global wealth over the last two years, amassing $26 trillion out of $42 trillion created in that period. WATCH WION LIVE HERE:

Over 200 millionaires make fervent call to world leaders to tax ultra-rich

Philippine finance secretary Benjamin Diokno presented to global economic leaders at the World Economic Forum (WEF) in Davos, Switzerland the government’s plan to establish a sovereign wealth fund for investments in agriculture, clean energy, digitalization, and climate change.

Philippines unveils proposed sovereign wealth fund for food security and clean energy at Davos

Amid the ongoing World Economic Forum Summit 2023 in Davos, Tackling the climate crisis is one of the top priorities. Watch this report to know all the latest developments.

WION Climate Tracker: Tackling climate crisis at World Economic Forum Summit 2023

Talking to WION in an exclusive interview at the sidelines of the ongoing annual summit of the World Economic Forum in&nbsp;Davos, Switzerland, Saudi Arabia Industry Minister Bandar bin Ibrahim Alkhorayef, called India “a key partner” for his country. The minister also said that the relationship between the two nations was “great” and one which Saudi “will continue to grow”.

In conversation with WION’s Business Editor Sumit Chaturvedi, the Saudi minister said that his nation was “open for business like never before”. Opening up about Riyadh’s presence at the WEF summit, he said that Saudi’s government is investor centric, and the meeting is a key venue to talk to investors and discuss the different initiatives his country offers.

Watch |&nbsp;Davos 2023: WION speaks to Saudi Arabia Industry Minister Bandar bin Ibrahim Alkhorayef

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Responding to a question about Riyadh’s push to non-oil business, like manufacturing, travel and tourism, Alkhorayef said that the nation's Vision 2030’ framework is “all about diversifying our economy,” to which “both industry and mining are great contributors”.

“In Saudi Arabia, we bet on technology to leapfrog the industrial sector much faster than anybody else, but also to create the jobs of the future for our people. We are working also to make Saudi Arabia an important hub for logistics, to be a serious player in securing the supply chain for the global community,” he added.

Saudi Arabia is one of the biggest players in the oil market globally. Recent days have seen the global economies face a battering at the hands of inflation; rising costs of oil and crude have further&nbsp;been exacerbated due to the ongoing conflict in Ukraine.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/survival-of-the-richest-for-a-more-equal-world-cut-down-number-of-billionaires-by-half-suggests-oxfam-552962">‘Survival of the Richest’: For a more equal world, cut down number of billionaires by half, suggests Oxfam</a>&nbsp;

Responding to a question about the kind of oil prices his country favours, the Saudi Industry Minister said that in his opinion the Ministry of Energy in "a very practical way", was looking at "fair pricing between supply and demand to ensure that the markets also get the quantities."

He further added that Saudi’s focus is on ensuring "the future of the commodity rather than the spot price."&nbsp;

In October of last year, Riyadh along with other OPEC+ nationsdecidedn to cut oil production. The decision was vehemently protested by the United States, with the nation’s President Joe Biden as per reports going as far as delaying military aid to Saudi.

Also read | <a href="https://www.wionews.com/business-economy/big-oil-firms-will-push-their-agenda-at-davos-say-protesting-climate-activists-553056">Big oil firms will push their agenda at Davos, say protesting climate activists</a>

The World Economic Forum’s annual meeting, which kicked off on January 16, will continue till January 20. 2,700 delegates from 130 countries are expected to convene at Davos during the mega summit.

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Talking to WION in an exclusive interview at the sidelines of the ongoing annual summit of the World Economic Forum in Davos, Switzerland, Saudi Arabia Industry Minister Bandar bin Ibrahim Alkhorayef, called India “a key partner” for his country.

Talking to WION in an exclusive interview at the sidelines of the ongoing annual summit of the World Economic Forum in Davos, Switzerland, Saudi Arabia Industry Minister Bandar bin Ibrahim Alkhorayef, called India “a key partner” for his country. The minister also said that the relationship between the two nations was “great” and one which Saudi “will continue to grow”. In conversation with WION’s Business Editor Sumit Chaturvedi, the Saudi minister said that his nation was “open for business like never before”. Opening up about Riyadh’s presence at the WEF summit, he said that Saudi’s government is investor centric, and the meeting is a key venue to talk to investors and discuss the different initiatives his country offers. Watch | Davos 2023: WION speaks to Saudi Arabia Industry Minister Bandar bin Ibrahim Alkhorayef Responding to a question about Riyadh’s push to non-oil business, like manufacturing, travel and tourism, Alkhorayef said that the nation's Vision 2030’ framework is “all about diversifying our economy,” to which “both industry and mining are great contributors”. “In Saudi Arabia, we bet on technology to leapfrog the industrial sector much faster than anybody else, but also to create the jobs of the future for our people. We are working also to make Saudi Arabia an important hub for logistics, to be a serious player in securing the supply chain for the global community,” he added. Saudi Arabia is one of the biggest players in the oil market globally. Recent days have seen the global economies face a battering at the hands of inflation; rising costs of oil and crude have further been exacerbated due to the ongoing conflict in Ukraine. Also read | ‘Survival of the Richest’: For a more equal world, cut down number of billionaires by half, suggests Oxfam Responding to a question about the kind of oil prices his country favours, the Saudi Industry Minister said that in his opinion the Ministry of Energy in "a very practical way", was looking at "fair pricing between supply and demand to ensure that the markets also get the quantities." He further added that Saudi’s focus is on ensuring "the future of the commodity rather than the spot price." In October of last year, Riyadh along with other OPEC+ nationsdecidedn to cut oil production. The decision was vehemently protested by the United States, with the nation’s President Joe Biden as per reports going as far as delaying military aid to Saudi. Also read | Big oil firms will push their agenda at Davos, say protesting climate activists The World Economic Forum’s annual meeting, which kicked off on January 16, will continue till January 20. 2,700 delegates from 130 countries are expected to convene at Davos during the mega summit. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Exclusive | Riyadh focusing on future of oil rather than 'spot price', says Saudi Industry Minister Alkhorayef

Asia's third-largest economy India has a sizeable presence at World Economic Forum's Annual Meet which is taking place in Switzerland. The Forum has called on leaders from across the globe to address the immediate energy and food crisis. Watch to know more.

WEF Davos 2023: Resilience of the Indian Economy

The World Economic Forum's annual meeting kicks off in the city of Davos, Switzerland, from today (January 16) and will continue till January 20. 2,700 delegates from 130 countries are expected to convene at Davos during the mega summit.

Davos 2023: WION speaks to Saudi Arabia Industry Minister Bandar bin Ibrahim AlKhorayef

The annual summit of the World Economic Forum is taking place in Davos, Switzerland. The forum has called on leaders from across the globe to address immediate economic energy, food crisis as well as the ongoing climate crisis. Watch this report to know more.

Davos 2023: World leaders' biggest post-pandemic gathering

The Global elites are gathering in Davos for the Annual Summit 2023. Last year Russia's invasion of Ukraine dominated the discourse in forum but this time, other teams are expected to form the agenda of the annual event.

WION at Davos 2023: India features prominently at WEF 2023

WION Climate Tracker | Davos 2023: Climate change on agenda at World Economic Forum annual summit

Davos 2023: World Economic Forum’s annual meet kicks off, 2,700 delegates to convene

Scores of climate activists have gathered in Davos to protest against the role of big oil firms at this week's World Economic Forum (WEF) saying they were hijacking the climate debate.

World Business Watch: Climate activist protest in Davos over role of oil firms in WEF

Climate activists demonstrated against large oil companies at the World Economic Forum (WEF), claiming that these energy giants were monopolising the debate on climate change in Davos, according to a Reuters report.

Among the 1,500 corporate leaders gathered for the annual meeting in the Swiss resort are major oil companies like BP, Chevron, and Saudi Aramco, during which global issues, including climate change, will be discussed.

"We are demanding concrete and real climate action," Nicolas Siegrist, the 26-year-old organiser of the protest who also heads the Young Socialists party in Switzerland, told Reuters.

Watch |&nbsp;World Business Watch: Climate activist protest in Davos over role of oil firms in WEF

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On Monday in Davos, the annual gathering of top business and political figures gets underway, with the summit calling on leaders from across the globe to address immediate economic, energy and food crises while laying the groundwork for a more sustainable and resilient world.

"They (big oil firms) will be in the same room with state leaders, and they will push for their interests," Siegrist said of the involvement of energy companies at the WEF meeting.

Fossil fuels will continue to play a significant role in the global energy mix as nations move to low-carbon economies, according to the oil and gas sector, which has stated that it must be a part of the energy transition.

In a snowy Davos square, more than a hundred protesters screamed, "Change your diet for the climate, eat the rich," while others booed oil companies, according to the Reuters report.

<a href="https://www.wionews.com/business-economy/walt-disney-and-investor-activist-nelson-peltz-to-face-off-on-boardroom-seat-551766">Also read |&nbsp;Walt Disney and investor activist Nelson Peltz to face off on boardroom seat</a>

"I know some of the companies are involved in alternatives, but I think governments, with their subsidies, have to skew the field in favour of alternative energy," Heather Smith, a member of the 99 per cent organisation, told Reuters.

Smith was holding a sign saying "Stop Rosebank", a North Sea oil and gas field she is campaigning to halt plans for.

"There is still too much money to be made from fossil fuel investments," added Smith.

Renewable energy development financing has become more difficult to secure due to rising interest rates, giving established businesses with substantial financial resources a competitive edge.

(With inputs from agencies)

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Climate activists demonstrated against large oil companies at the World Economic Forum (WEF), claiming that these energy giants were monopolising the debate on climate change in Davos, according to a Reuters report.

Climate activists demonstrated against large oil companies at the World Economic Forum (WEF), claiming that these energy giants were monopolising the debate on climate change in Davos, according to a Reuters report. Among the 1,500 corporate leaders gathered for the annual meeting in the Swiss resort are major oil companies like BP, Chevron, and Saudi Aramco, during which global issues, including climate change, will be discussed. "We are demanding concrete and real climate action," Nicolas Siegrist, the 26-year-old organiser of the protest who also heads the Young Socialists party in Switzerland, told Reuters. Watch | World Business Watch: Climate activist protest in Davos over role of oil firms in WEF On Monday in Davos, the annual gathering of top business and political figures gets underway, with the summit calling on leaders from across the globe to address immediate economic, energy and food crises while laying the groundwork for a more sustainable and resilient world. "They (big oil firms) will be in the same room with state leaders, and they will push for their interests," Siegrist said of the involvement of energy companies at the WEF meeting. Fossil fuels will continue to play a significant role in the global energy mix as nations move to low-carbon economies, according to the oil and gas sector, which has stated that it must be a part of the energy transition. In a snowy Davos square, more than a hundred protesters screamed, "Change your diet for the climate, eat the rich," while others booed oil companies, according to the Reuters report. Also read | Walt Disney and investor activist Nelson Peltz to face off on boardroom seat "I know some of the companies are involved in alternatives, but I think governments, with their subsidies, have to skew the field in favour of alternative energy," Heather Smith, a member of the 99 per cent organisation, told Reuters. Smith was holding a sign saying "Stop Rosebank", a North Sea oil and gas field she is campaigning to halt plans for. "There is still too much money to be made from fossil fuel investments," added Smith. Renewable energy development financing has become more difficult to secure due to rising interest rates, giving established businesses with substantial financial resources a competitive edge. (With inputs from agencies) WATCH WION LIVE HERE

Big oil firms will push their agenda at Davos, say protesting climate activists

After days of discussions about Russia’s war in Ukraine, a global food crisis, climate change and other hot-button issues, the World Economic Forum’s annual meeting is set start in Davos. Watch further to know more.

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