<p>History is tricky business. Often it requires breaking a continuum at different points to demarcate the beginning or end of eras. This week is one such inflection point that future historians are likely to look back at to mark the beginning of a new dynamic in the world order.</p>

<p>&nbsp;</p>

<p>With Donald Trump set to take charge in the Oval Office, on a bitterly cold day in the Swiss town of Davos, the leader of the world&rsquo;s largest Communist Party, Xi Jinping of China pitched himself as the next standard bearer of globalisation and the liberal economic order.</p>

<p>&nbsp;</p>

<p>Delivering the opening plenary speech at the World Economic Forum, Chinese President Xi Jinping hinted more clearly than ever before that Beijing is ready to move on from Deng Xiaoping&rsquo;s vision of tao guang yang hui &ndash; roughly meaning: keep a low profile and bide your time while things get accomplished.</p>

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<h5>Beijing is ready to move on from Deng Xiaoping&rsquo;s vision of tao guang yang hui &ndash; roughly meaning: keep a low profile and bide your time while things get accomplished</h5>
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<p>&ldquo;We must remain committed to developing global free trade and investment, promote trade and investment liberalization and facilitation through opening-up and say no to protectionism. Pursuing protectionism is like locking oneself in a dark room. While wind and rain may be kept outside, that dark room will also block light and air. No one will emerge as a winner in a trade war,&rdquo; Xi proclaimed to applause, chiding critics of globalisation.</p>

<p>&nbsp;</p>

<p>A day later, Xi met United Nations General Assembly President Peter Thomson and new Secretary-General Antonio Guterres at the UN office in Geneva, pledging Beijing&rsquo;s commitment to the organisation.</p>

<p>&nbsp;</p>

<p>&quot;The interests of all nations are connected, while their future is shared. The old way of chasing profits and hegemony must be banished, and should be replaced with a new pattern of using rules and institutions to better coordinate relationships and interests,&rdquo; Chinese state media quoted him as saying.</p>

<p>&nbsp;</p>

<p>Guterres and Thomson lauded those remarks as indicative of China&rsquo;s reaffirmation to multilateralism.</p>

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<h5>Ever since winning the elections, Trump has indicated that he intends to act on his protectionist campaign promises</h5>
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<p>In both Davos and Geneva, although Xi mentioned no names, the target of his rhetoric was clear. Ever since winning the elections, Trump has indicated that he intends to act on his protectionist campaign promises.</p>

<p>&nbsp;</p>

<p>Apart from the much-talked about border wall, which Trump says Mexico will pay for, he has threatened carmakers like Toyota, General Motors, Ford and BMW with a border tax for manufacturing abroad and selling in the US. He&rsquo;s also spoken about re-negotiating NAFTA and junking the Trans-Pacific Trade Partnership agreement. Added to that, he has vowed to get tougher on immigration, even for skilled workers, by raising the bar for H1-B visa applicants.</p>

<p>&nbsp;</p>

<p>Trump&rsquo;s rhetoric has not just been protectionist but also anti-multilateralism bordering on isolationism, at least in the context of long-standing American commitments in the global arena. From terming NATO &ldquo;obsolete,&rdquo; predicting the break-up of the EU and calling it an institution that serves German interests, to dismissing the UN as a &ldquo;club&rdquo; for people to &ldquo;have a good time,&rdquo; Trump has indicated that he wants US allies to carry their own weight.</p>

<p>&nbsp;</p>

<p>It is this perceived pullback that the Chinese president is looking to capitalise on. For instance, in November, as the US was debating the outcome of the presidential election, Xi traveled to South America.</p>

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<h5>Although data shows that South America&rsquo;s trade with China creates fewer jobs per dollar worth of exports, Beijing is looking to change that.</h5>
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<p>Beijing&rsquo;s economic ties with the region have largely been in the context of raw materials and investments in infrastructure. China buys raw materials such as oil, minerals like copper and soybeans from Latin America. Its share in overall South American trade has climbed steadily since 2000. While the US&rsquo;s share remains the largest, it has steadily declined. Moreover, although data shows that South America&rsquo;s trade with China creates fewer jobs per dollar worth of exports, Beijing is looking to change that.</p>

<p>&nbsp;</p>

<p>China is promising investments in oil and energy sectors, such as the Coca Codo Sinclair hydroelectric station in Ecuador or the Shanghai-based Envision Energy&rsquo;s proposed wind farms in Argentina, along with undertaking mega infrastructure projects, such as the proposed 3,300-mile-long transcontinental railroad.</p>

<p>&nbsp;</p>

<p>Beijing has been employing a similar approach elsewhere too. For instance, reports suggest that Africa is likely to slide down the new US administration&rsquo;s priority list, with Trump questioning aid and security commitments along with the African Growth and Opportunity Act, which eliminated US import levies on 7,000 African products. China, meanwhile, is expanding its engagement in the region, ever since it overtook the United States as Africa&rsquo;s top trade partner in 2009.</p>

<p>&nbsp;</p>

<p>Estimates value China-Africa trade to be nearly 170 billion US dollars in 2015, dipping from over 200 billion US dollars in 2014. Chinese exports to Africa in 2015 reached 103 billion US dollars, which far outstrips the 27-billion-dollars worth of exports from the US.</p>

<p>&nbsp;</p>

<p>In addition, many China-funded infrastructure projects in Africa, such as the Ethiopia-Djibouti Railway and the Abuja-Kaduna standard gauge railway in Nigeria, were completed in 2016. During his visit to the region at the beginning of 2017, Chinese Foreign Minister Wang Yi also extended an invite to African nations to join Beijing&rsquo;s foreign policy cornerstone Belt and Road initiative.</p>

<p>&nbsp;</p>

<p>Chinese media reports suggest that already 40 countries and organizations have signed deals in connection with the Belt and Road initiative, with Chinese investment in countries along the routes having surpassed 50 billion US dollars. In addition, the China-led 57-member Asian Infrastructure Investment Bank has already approved nine major projects in the last year, lending 1.7 billion US dollars, surpassing its initial target of 1.2 billion US dollars.</p>

<p>&nbsp;</p>

<p>Added to that, with Trump indicating a US reversal on the TPP, Beijing is keen on pressing ahead with the Regional Comprehensive Economic Partnership, which brings together ASEAN members and its six FTA partners - China, Japan, South Korea, India, Australia and New Zealand.</p>

<p>&nbsp;</p>

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<h5>China&rsquo;s attempts to cement its position as a leader of the multilateral liberal economic order hinge&nbsp;on crucial changes in its domestic economic policy.</h5>
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<p>However, China&rsquo;s attempts to cement its position as a leader of the multilateral liberal economic order hinge&nbsp;on crucial changes in its domestic economic policy. First, Chinese growth is slowing, with GDP growth estimates for 2017 down to 6.5 per cent - the lowest in over 25 years. If that trend continues, it will place a serious question mark on Beijing&rsquo;s ability to use its economic muscle to sway countries in its favour.</p>

<p>&nbsp;</p>

<p>Second, while Chinese banks extended a record 12.56 trillion yuan (roughly $1.83 trillion) of loans in 2016, growing debt, particularly corporate debt with state-owned enterprises, remains a major concern. In a recent assessment, the IMF warned that China&rsquo;s total debt rose to 247 per cent of its GDP in 2015. The economic slowdown and rising debt, along with external factors, are also contributing to the yuan&rsquo;s depreciation.</p>

<p>&nbsp;</p>

<p>Lastly, any attempts at leading the liberal economic order will require China to further ease access to its domestic markets. China still hasn&rsquo;t been accorded &lsquo;market economy status&rsquo; at the WTO and the recent 2016 Enabling Trade Index published by the WEF ranks China 121 out of 136 countries in terms of domestic market access, estimating average applied tariffs of 11.1 per cent.</p>

<p>&nbsp;</p>

<p>Given the above, delivering on the rhetorical flourishes in Switzerland will require Xi Jinping to addresses domestic economic challenges, along with managing political tensions with countries like India, Japan and claimants in the South China Sea dispute.</p>


China chides critics of globalisation, 'No one will emerge as a winner in a trade war'

History is tricky business. Often it requires breaking a continuum at different points to demarcate the beginning or end of eras. This week is one such inflection point that future historians are likely to look back at to mark the beginning of a new dynamic in the world order. With Donald Trump set to take charge in the Oval Office, on a bitterly cold day in the Swiss town of Davos, the leader of the world’s largest Communist Party, Xi Jinping of China pitched himself as the next standard bearer of globalisation and the liberal economic order. Delivering the opening plenary speech at the World Economic Forum, Chinese President Xi Jinping hinted more clearly than ever before that Beijing is ready to move on from Deng Xiaoping’s vision of tao guang yang hui – roughly meaning: keep a low profile and bide your time while things get accomplished. Beijing is ready to move on from Deng Xiaoping’s vision of tao guang yang hui – roughly meaning: keep a low profile and bide your time while things get accomplished × “We must remain committed to developing global free trade and investment, promote trade and investment liberalization and facilitation through opening-up and say no to protectionism. Pursuing protectionism is like locking oneself in a dark room. While wind and rain may be kept outside, that dark room will also block light and air. No one will emerge as a winner in a trade war,” Xi proclaimed to applause, chiding critics of globalisation. A day later, Xi met United Nations General Assembly President Peter Thomson and new Secretary-General Antonio Guterres at the UN office in Geneva, pledging Beijing’s commitment to the organisation. "The interests of all nations are connected, while their future is shared. The old way of chasing profits and hegemony must be banished, and should be replaced with a new pattern of using rules and institutions to better coordinate relationships and interests,” Chinese state media quoted him as saying. Guterres and Thomson lauded those remarks as indicative of China’s reaffirmation to multilateralism. Ever since winning the elections, Trump has indicated that he intends to act on his protectionist campaign promises × In both Davos and Geneva, although Xi mentioned no names, the target of his rhetoric was clear. Ever since winning the elections, Trump has indicated that he intends to act on his protectionist campaign promises. Apart from the much-talked about border wall, which Trump says Mexico will pay for, he has threatened carmakers like Toyota, General Motors, Ford and BMW with a border tax for manufacturing abroad and selling in the US. He’s also spoken about re-negotiating NAFTA and junking the Trans-Pacific Trade Partnership agreement. Added to that, he has vowed to get tougher on immigration, even for skilled workers, by raising the bar for H1-B visa applicants. Trump’s rhetoric has not just been protectionist but also anti-multilateralism bordering on isolationism, at least in the context of long-standing American commitments in the global arena. From terming NATO “obsolete,” predicting the break-up of the EU and calling it an institution that serves German interests, to dismissing the UN as a “club” for people to “have a good time,” Trump has indicated that he wants US allies to carry their own weight. It is this perceived pullback that the Chinese president is looking to capitalise on. For instance, in November, as the US was debating the outcome of the presidential election, Xi traveled to South America. Although data shows that South America’s trade with China creates fewer jobs per dollar worth of exports, Beijing is looking to change that. × Beijing’s economic ties with the region have largely been in the context of raw materials and investments in infrastructure. China buys raw materials such as oil, minerals like copper and soybeans from Latin America. Its share in overall South American trade has climbed steadily since 2000. While the US’s share remains the largest, it has steadily declined. Moreover, although data shows that South America’s trade with China creates fewer jobs per dollar worth of exports, Beijing is looking to change that. China is promising investments in oil and energy sectors, such as the Coca Codo Sinclair hydroelectric station in Ecuador or the Shanghai-based Envision Energy’s proposed wind farms in Argentina, along with undertaking mega infrastructure projects, such as the proposed 3,300-mile-long transcontinental railroad. Beijing has been employing a similar approach elsewhere too. For instance, reports suggest that Africa is likely to slide down the new US administration’s priority list, with Trump questioning aid and security commitments along with the African Growth and Opportunity Act, which eliminated US import levies on 7,000 African products. China, meanwhile, is expanding its engagement in the region, ever since it overtook the United States as Africa’s top trade partner in 2009. Estimates value China-Africa trade to be nearly 170 billion US dollars in 2015, dipping from over 200 billion US dollars in 2014. Chinese exports to Africa in 2015 reached 103 billion US dollars, which far outstrips the 27-billion-dollars worth of exports from the US. In addition, many China-funded infrastructure projects in Africa, such as the Ethiopia-Djibouti Railway and the Abuja-Kaduna standard gauge railway in Nigeria, were completed in 2016. During his visit to the region at the beginning of 2017, Chinese Foreign Minister Wang Yi also extended an invite to African nations to join Beijing’s foreign policy cornerstone Belt and Road initiative. Chinese media reports suggest that already 40 countries and organizations have signed deals in connection with the Belt and Road initiative, with Chinese investment in countries along the routes having surpassed 50 billion US dollars. In addition, the China-led 57-member Asian Infrastructure Investment Bank has already approved nine major projects in the last year, lending 1.7 billion US dollars, surpassing its initial target of 1.2 billion US dollars. Added to that, with Trump indicating a US reversal on the TPP, Beijing is keen on pressing ahead with the Regional Comprehensive Economic Partnership, which brings together ASEAN members and its six FTA partners - China, Japan, South Korea, India, Australia and New Zealand. China’s attempts to cement its position as a leader of the multilateral liberal economic order hinge on crucial changes in its domestic economic policy. × However, China’s attempts to cement its position as a leader of the multilateral liberal economic order hinge on crucial changes in its domestic economic policy. First, Chinese growth is slowing, with GDP growth estimates for 2017 down to 6.5 per cent - the lowest in over 25 years. If that trend continues, it will place a serious question mark on Beijing’s ability to use its economic muscle to sway countries in its favour. Second, while Chinese banks extended a record 12.56 trillion yuan (roughly $1.83 trillion) of loans in 2016, growing debt, particularly corporate debt with state-owned enterprises, remains a major concern. In a recent assessment, the IMF warned that China’s total debt rose to 247 per cent of its GDP in 2015. The economic slowdown and rising debt, along with external factors, are also contributing to the yuan’s depreciation. Lastly, any attempts at leading the liberal economic order will require China to further ease access to its domestic markets. China still hasn’t been accorded ‘market economy status’ at the WTO and the recent 2016 Enabling Trade Index published by the WEF ranks China 121 out of 136 countries in terms of domestic market access, estimating average applied tariffs of 11.1 per cent. Given the above, delivering on the rhetorical flourishes in Switzerland will require Xi Jinping to addresses domestic economic challenges, along with managing political tensions with countries like India, Japan and claimants in the South China Sea dispute.

China: The new face of globalisation

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>Trump has denied claims of his ties with the Kremlin.</p>

<p>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.</p>

<p>&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;</p>

<p>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;</p>

<p>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.</p>

<p>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;</p>

<p>(WION with inputs from Reuters)</p>


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

<p>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.</p>

<p>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.</p>

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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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<p>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.</p>

<p>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.</p>

<p>&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.</p>

<p>&quot;There are different ways of running capitalism that could be much, much more beneficial to the majority of people.&quot;</p>

<p>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.</p>

<p>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.</p>

<p>&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.</p>

<p>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.</p>

<p>(Reuters)<br />
&nbsp;</p>


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

<p>It could take as long as&nbsp;170 years&nbsp;to establish gender&nbsp;economic equality, according to a study done by Geneva-based World Economic Forum.</p>

<p>In the global gender gap report released today, Pakistan ranked 143 out of 144 nations in the gender equality index. India was ranked 87th,&nbsp;Bangladesh 72nd, Sri Lanka 100th, Nepal 110th, the Maldives 115th and Bhutan 121st.</p>

<p>Yemen was the only country that fared worse than Pakistan.</p>

<p>The study measures discrepancies between men and women across four key areas -- health, education, economy and politics -- and the dismal results are a clarion call to ramp up efforts to close the gender gaps in pay and workforce participation.&nbsp;</p>

<p>Iceland and Finland took the top spot, followed by Norway, Sweden and Rwanda.</p>

<p>Rwanda has the highest share of women parliamentarians in the world.</p>

<p>Income equality has also improved in the eastern African country in the last few years, the WEF said.&nbsp;</p>

<p><strong>Political empowerment</strong></p>

<p>The United States ranked 73rd in the political empowerment gap. The gap is all the more disturbing as the country might elect its first woman president on November 8.</p>

<p>Closing the gap in political empowerment&nbsp;at current rate&nbsp;could take 82 years, the report said.<br />
&nbsp;<br />
US ranked 45th in the overall global list.&nbsp;</p>

<p>&quot;In the political sphere, women&#39;s engagement in public life has a positive impact on inequality across society at large,&quot; the report said. &quot;In addition, there is a range of evidence to suggest that women&#39;s political leadership and wider economic participation are correlated.&rdquo;</p>

<p><strong>Gender gap at 59 per cent</strong></p>

<p>The gender gap stands at 59 per cent, meaning that women have just 59 per cent&nbsp;of economic participation and opportunity as compared to men.&nbsp;</p>

<p>Around the world, 54 per cent of working-age women on average participate in the formal economy, compared with 81 per cent of men, according to the findings.&nbsp;</p>

<p>&quot;The number of women in senior positions also remains stubbornly low, with only four countries in the world having equal numbers of male and female legislators, senior officials and managers, despite the fact that 95 countries now have as many &ndash; if not more &ndash; women educated at university level,&rdquo; the report said.&nbsp;</p>

<p>The authors of the report,&nbsp;Richard Samans and Saadia Zahidi, told Guardian that they hoped their work &ldquo;will serve as a call to action for governments to accelerate gender equality through bolder policymaking, to business to prioritise gender equality as a critical talent and moral imperative, and to all of us to become deeply conscious of the choices we make every day that impact gender equality globally&rdquo;.</p>

<p>(WION with inputs from agencies)</p>


Bangladesh was ranked 72nd, India 87th and Pakistan 143rd in the gender equality index

It could take as long as 170 years to establish gender economic equality, according to a study done by Geneva-based World Economic Forum. In the global gender gap report released today, Pakistan ranked 143 out of 144 nations in the gender equality index. India was ranked 87th, Bangladesh 72nd, Sri Lanka 100th, Nepal 110th, the Maldives 115th and Bhutan 121st. Yemen was the only country that fared worse than Pakistan. The study measures discrepancies between men and women across four key areas -- health, education, economy and politics -- and the dismal results are a clarion call to ramp up efforts to close the gender gaps in pay and workforce participation. Iceland and Finland took the top spot, followed by Norway, Sweden and Rwanda. Rwanda has the highest share of women parliamentarians in the world. Income equality has also improved in the eastern African country in the last few years, the WEF said. Political empowerment The United States ranked 73rd in the political empowerment gap. The gap is all the more disturbing as the country might elect its first woman president on November 8. Closing the gap in political empowerment at current rate could take 82 years, the report said. US ranked 45th in the overall global list. "In the political sphere, women's engagement in public life has a positive impact on inequality across society at large," the report said. "In addition, there is a range of evidence to suggest that women's political leadership and wider economic participation are correlated.” Gender gap at 59 per cent The gender gap stands at 59 per cent, meaning that women have just 59 per cent of economic participation and opportunity as compared to men. Around the world, 54 per cent of working-age women on average participate in the formal economy, compared with 81 per cent of men, according to the findings. "The number of women in senior positions also remains stubbornly low, with only four countries in the world having equal numbers of male and female legislators, senior officials and managers, despite the fact that 95 countries now have as many – if not more – women educated at university level,” the report said. The authors of the report, Richard Samans and Saadia Zahidi, told Guardian that they hoped their work “will serve as a call to action for governments to accelerate gender equality through bolder policymaking, to business to prioritise gender equality as a critical talent and moral imperative, and to all of us to become deeply conscious of the choices we make every day that impact gender equality globally”. (WION with inputs from agencies)

Closing gender pay gap could take almost two centuries: World Economic Forum

<p>Monetary and fiscal policy reforms, that provided a major impetus to India&#39;s economy, have placed the country among the most competitive economies in the world.&nbsp;</p>

<p>India noted a jump of 16 places from last year&#39;s 55th place, the highest for any economy in 2016, according to the World Economic Forum.&nbsp;</p>

<p>It ranked 39th on the Global Competitiveness Index prepared by the Forum. And the second-most competitive among BRICS nations behind neighbouring China, which is at the 28th position.&nbsp;</p>

<p>India&#39;s &quot;competitiveness has improved across the board, in particular in goods market efficiency, business sophistication, and innovation&quot;.</p>

<p>&quot;Thanks to improved monetary and fiscal policies as well as lower oil prices, the Indian economy has stabilised and now boasts of the highest growth among G20 countries,&quot; according to WEF&#39;s Global Competitiveness Report 2016-17.</p>

<p>Switzerland, with a score of 5.81 on the index, topped the list for the eighth straight time as the most competitive economy.&nbsp;</p>

<p>Singapore and the US are at the second and third positions, respectively. India has a score of 4.52 on the index.</p>

<p>The WEF said, India still needs to work on opening the economy to foreign investors and international trade and increasing transparency in the financial system.</p>

<p>&quot;Declining openness in the global economy is harming competitiveness and making it harder for leaders to drive sustainable and inclusive growth,&quot; WEF founder and executive chairman Klaus Schwab said.&nbsp;</p>

<p>He added that businesses still face&nbsp;rigid labour regulations in India and infrastructure also remains a bottleneck. &nbsp;</p>

<p>The rankings are based on the Global Competitiveness Index (GCI) from country-level data covering 12 categories.&nbsp;</p>

<p>The Forum assessed 138 economies for their competitiveness this year, while there were 140 economies in the 2015-16 rankings.</p>

<p>(WION with inputs from agencies)<br />
&nbsp;</p>


India's ranking on the Global Competitiveness Index noted an improvement of 16 places, moving it to the 39th spot

Monetary and fiscal policy reforms, that provided a major impetus to India's economy, have placed the country among the most competitive economies in the world. India noted a jump of 16 places from last year's 55th place, the highest for any economy in 2016, according to the World Economic Forum. It ranked 39th on the Global Competitiveness Index prepared by the Forum. And the second-most competitive among BRICS nations behind neighbouring China, which is at the 28th position. India's "competitiveness has improved across the board, in particular in goods market efficiency, business sophistication, and innovation". "Thanks to improved monetary and fiscal policies as well as lower oil prices, the Indian economy has stabilised and now boasts of the highest growth among G20 countries," according to WEF's Global Competitiveness Report 2016-17. Switzerland, with a score of 5.81 on the index, topped the list for the eighth straight time as the most competitive economy. Singapore and the US are at the second and third positions, respectively. India has a score of 4.52 on the index. The WEF said, India still needs to work on opening the economy to foreign investors and international trade and increasing transparency in the financial system. "Declining openness in the global economy is harming competitiveness and making it harder for leaders to drive sustainable and inclusive growth," WEF founder and executive chairman Klaus Schwab said. He added that businesses still face rigid labour regulations in India and infrastructure also remains a bottleneck. The rankings are based on the Global Competitiveness Index (GCI) from country-level data covering 12 categories. The Forum assessed 138 economies for their competitiveness this year, while there were 140 economies in the 2015-16 rankings. (WION with inputs from agencies)

World Economic Forum: India ranked as 39th most competitive economy in world

Anti-globalisation activists will gather in Montreal on Tuesday for the first World Social Forum (WSF) to be held in the northern hemisphere, hoping the location will provide fresh impetus for the movement.<br />
<br />
A march through downtown Montreal is to kick off the event, which was first held in Brazil in 2001 seeking to promote alternatives to neoliberalism.<br />
<br />
More than 50,000 members of civil society groups, social movements and others are expected to attend the six-day event.<br />
<br />
<strong>&#39;Social inequality is everywhere&#39;</strong><br />
<br />
&quot;We&#39;re hoping to gain momentum by bringing the forum to a northern country like Canada,&quot; which is also a Group of Seven industrialised nation, said one of the organisers, Raphael Canet.<br />
<br />
&quot;Social inequality is everywhere,&quot; he added. &quot;We want to overcome North-South divisions and say clearly that there are social problems worldwide, and also global solutions.&quot;<br />
<br />
Born out of violent protests as a counterweight to its capitalist rival, the World Economic Forum held annually in Davos, Switzerland, the WSF aims to offer a space for decentralised debate and an exchange of ideas, as well as the coordination of global campaigns.<br />
<br />
Past annual conferences held in Mali, India, Pakistan and Tunisia have attracted up to 100,000 delegates each.<br />
<br />
Only half that number are expected for the Montreal event, however, as many could not afford the trip and relatively pricey accommodations, even with financial assistance, according to organisers.<br />
<br />
They said the Canadian government also denied travel visas to 234 delegates, preventing them from attending, including Mali&#39;s former culture minister Aminata Traore and Imad Temiza, the president of the Palestinian postal union.<br />
<br />
Officials declined to comment on specific cases, citing Canada&#39;s strict privacy laws.<br />
<br />
Nancy Caron, a spokeswoman for the immigration ministry, said the department reached out to WSF organizers to facilitate delegates&#39; entry into Canada.<br />
<br />
But she said in an email to AFP: &quot;No contact has been made with the special events unit by the organising committee to inform the special events unit of any issues or difficulties in obtaining participants&#39; visas.&quot;<br />
<br />
As a result, eight out of 10 delegates at this year&#39;s event will hail from the host city and nearby Quebec communities.<br />
<br />
<strong>&#39;WSF running out of steam&#39;</strong><br />
<br />
Dominique Plihon, spokesman for the non-governmental organization Attac France, concedes the WSF is struggling after 11 gatherings over 15 years.<br />
<br />
&quot;The WSF is running out of steam and is in desperate need of renewal,&quot; he said, while refusing to give up on the symposium.<br />
<br />
&quot;We will always need an international meeting, we must create international movements. The idea here is to create visibility, to make people aware of alternatives (to hegemonic globalisation),&quot; he told AFP.<br />
<br />
Organisers said they chose Montreal to host the forum this year also because of the city&#39;s vibrant civil society, and as a nod to the Occupy movements in North America and Europe, and Montreal activists&#39; involvement in those.<br />
<br />
&quot;Montreal really appeared on the social movement map in 2012 with the student protests ... that brought down the Quebec government,&quot; said Raphael Canet.<br />
<br />
Tuesday through Sunday, representatives of 5,000 civil society groups will take part in workshops, debates and performances across Montreal.<br />
<br />
Topical themes include fighting tax evasion, environmental degradation, the plight of refugees and struggles against racism, xenophobia, patriarchy and fundamentalism.<br />
<br />
Some 80 lecturers including university professors, leftist politicians, trade unionists and anti-globalisation activists are scheduled to speak. They include Canadian activist Naomi Klein, Bolivian Vice President Alvaro Garcia Linera and French philosopher Edgar Morin.<br />
<br />
(AFP)&nbsp;

More than 50,000 members of civil society groups, social movements and others are expected to attend the six-day event.

Anti-globalisation activists will gather in Montreal on Tuesday for the first World Social Forum (WSF) to be held in the northern hemisphere, hoping the location will provide fresh impetus for the movement. A march through downtown Montreal is to kick off the event, which was first held in Brazil in 2001 seeking to promote alternatives to neoliberalism. More than 50,000 members of civil society groups, social movements and others are expected to attend the six-day event. 'Social inequality is everywhere' "We're hoping to gain momentum by bringing the forum to a northern country like Canada," which is also a Group of Seven industrialised nation, said one of the organisers, Raphael Canet. "Social inequality is everywhere," he added. "We want to overcome North-South divisions and say clearly that there are social problems worldwide, and also global solutions." Born out of violent protests as a counterweight to its capitalist rival, the World Economic Forum held annually in Davos, Switzerland, the WSF aims to offer a space for decentralised debate and an exchange of ideas, as well as the coordination of global campaigns. Past annual conferences held in Mali, India, Pakistan and Tunisia have attracted up to 100,000 delegates each. Only half that number are expected for the Montreal event, however, as many could not afford the trip and relatively pricey accommodations, even with financial assistance, according to organisers. They said the Canadian government also denied travel visas to 234 delegates, preventing them from attending, including Mali's former culture minister Aminata Traore and Imad Temiza, the president of the Palestinian postal union. Officials declined to comment on specific cases, citing Canada's strict privacy laws. Nancy Caron, a spokeswoman for the immigration ministry, said the department reached out to WSF organizers to facilitate delegates' entry into Canada. But she said in an email to AFP: "No contact has been made with the special events unit by the organising committee to inform the special events unit of any issues or difficulties in obtaining participants' visas." As a result, eight out of 10 delegates at this year's event will hail from the host city and nearby Quebec communities. 'WSF running out of steam' Dominique Plihon, spokesman for the non-governmental organization Attac France, concedes the WSF is struggling after 11 gatherings over 15 years. "The WSF is running out of steam and is in desperate need of renewal," he said, while refusing to give up on the symposium. "We will always need an international meeting, we must create international movements. The idea here is to create visibility, to make people aware of alternatives (to hegemonic globalisation)," he told AFP. Organisers said they chose Montreal to host the forum this year also because of the city's vibrant civil society, and as a nod to the Occupy movements in North America and Europe, and Montreal activists' involvement in those. "Montreal really appeared on the social movement map in 2012 with the student protests ... that brought down the Quebec government," said Raphael Canet. Tuesday through Sunday, representatives of 5,000 civil society groups will take part in workshops, debates and performances across Montreal. Topical themes include fighting tax evasion, environmental degradation, the plight of refugees and struggles against racism, xenophobia, patriarchy and fundamentalism. Some 80 lecturers including university professors, leftist politicians, trade unionists and anti-globalisation activists are scheduled to speak. They include Canadian activist Naomi Klein, Bolivian Vice President Alvaro Garcia Linera and French philosopher Edgar Morin. (AFP)

World Social Forum moves to G7 nation for the first time

China&#39;s policymakers and leading economists today voiced concerns about Britain&#39;s vote to leave the European Union, with the finance minister saying it has heightened market uncertainty, though some expect a limited impact on the Chinese economy.<br />
<br />
The &quot;Brexit&quot; decision &quot;will cast a shadow over the global economy ... The repercussions and fallout will emerge in the next five to 10 years,&quot; said Lou Jiwei, China&#39;s minister of finance, at the first annual meeting of the Asian Infrastructure Investment Bank in Beijing.<br />
<br />
&quot;It&#39;s difficult to predict now,&quot; he said. &quot;The knee-jerk reaction from the market is probably a bit excessive and needs to calm down and take an objective view.&quot;<br />
<br />
Stock markets around the world plunged in the wake of the referendum. Sterling&#39;s value also plummeted.<br />
<br />
Lou&#39;s views were echoed by the head of China&#39;s top economic planning authority and other economists at the World Economic Forum (WEF) in the northern city of Tianjin.<br />
<br />
&quot;For Chinese firms that are going to invest or carry out mergers, entrepreneurs are smarter than me, and they will definitely wait and see,&quot; Xu Shaoshi, chairman of the National Development and Reform Commission, said at WEF today.<br />
<br />
&quot;The Brexit incident wil affect China&#39;s economy via investment, trade and capital,&quot; he said. &quot;But I believe the impact will not be big and relevant government departments have made contingency plans.&quot;<br />
<br />
Huang Yiping, a professor at Peking University and a member of the central bank&#39;s monetary policy committee, said it is hard to judge the direct impact of the British referendum on China&#39;s economy.<br />
<br />
&quot;If (Brexit) is an important landmark in terms of a reversal of globalisation, I think that&#39;s very bad for the world, it&#39;s very bad for China,&quot; Huang said.<br />
<br />
Li Daokui, a professor at Tsinghua University and a former adviser to China&#39;s central bank, was more optimistic on the referendum&#39;s effects on the world&#39;s second-largest economy.<br />
<br />
&quot;China is perhaps one of the least impacted economies in the world by the event of Brexit,&quot; he told an audience at WEF.<br />
<br />
&quot;The only short-term impact I can think about is the exchange rate of the Renminbi ... But I do think within a few trading sessions that situation will very quickly be subdued,&quot; Li said.<br />
<br />
Also speaking at WEF was economist Nouriel Roubini, famed for predicting the global financial crisis, who said the decision to leave the European Union &quot;creates a whole bunch of financial, economic, political and geopolitical uncertainties.&quot;<br />
<br />
It could be the &quot;beginning of the disintegration&quot; of the bloc of countries, the euro zone or the United Kingdom, said Roubini.<br />
<br />
&quot;I don&#39;t expect a global recession or another global financial crisis,&quot; he added. &quot;I think the impact of Brexit is significant but not of the same size and magnitude of the one we had 2007 to 2009.&quot;<br />
<br />
Michael Falcon, CEO of Global Investment Management Asia Pacific at JP Morgan, said he expects more market volatility but doubts the vote will derail a global recovery.<br />
<br />
&quot;It is a shock, not a crisis, and so far markets seem to be handling this pretty well,&quot; Falcon said at the WEF conference.<br />
<br />
(Reuters)

The repercussions and fallout will emerge in the next five to 10 years, said Lou Jiwei, China's finance minister

China's policymakers and leading economists today voiced concerns about Britain's vote to leave the European Union, with the finance minister saying it has heightened market uncertainty, though some expect a limited impact on the Chinese economy. The "Brexit" decision "will cast a shadow over the global economy ... The repercussions and fallout will emerge in the next five to 10 years," said Lou Jiwei, China's minister of finance, at the first annual meeting of the Asian Infrastructure Investment Bank in Beijing. "It's difficult to predict now," he said. "The knee-jerk reaction from the market is probably a bit excessive and needs to calm down and take an objective view." Stock markets around the world plunged in the wake of the referendum. Sterling's value also plummeted. Lou's views were echoed by the head of China's top economic planning authority and other economists at the World Economic Forum (WEF) in the northern city of Tianjin. "For Chinese firms that are going to invest or carry out mergers, entrepreneurs are smarter than me, and they will definitely wait and see," Xu Shaoshi, chairman of the National Development and Reform Commission, said at WEF today. "The Brexit incident wil affect China's economy via investment, trade and capital," he said. "But I believe the impact will not be big and relevant government departments have made contingency plans." Huang Yiping, a professor at Peking University and a member of the central bank's monetary policy committee, said it is hard to judge the direct impact of the British referendum on China's economy. "If (Brexit) is an important landmark in terms of a reversal of globalisation, I think that's very bad for the world, it's very bad for China," Huang said. Li Daokui, a professor at Tsinghua University and a former adviser to China's central bank, was more optimistic on the referendum's effects on the world's second-largest economy. "China is perhaps one of the least impacted economies in the world by the event of Brexit," he told an audience at WEF. "The only short-term impact I can think about is the exchange rate of the Renminbi ... But I do think within a few trading sessions that situation will very quickly be subdued," Li said. Also speaking at WEF was economist Nouriel Roubini, famed for predicting the global financial crisis, who said the decision to leave the European Union "creates a whole bunch of financial, economic, political and geopolitical uncertainties." It could be the "beginning of the disintegration" of the bloc of countries, the euro zone or the United Kingdom, said Roubini. "I don't expect a global recession or another global financial crisis," he added. "I think the impact of Brexit is significant but not of the same size and magnitude of the one we had 2007 to 2009." Michael Falcon, CEO of Global Investment Management Asia Pacific at JP Morgan, said he expects more market volatility but doubts the vote will derail a global recovery. "It is a shock, not a crisis, and so far markets seem to be handling this pretty well," Falcon said at the WEF conference. (Reuters)

China's finance minister sees 'Brexit' heightening uncertainty for markets

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