Page last updated at 18:12 GMT, Thursday, 29 January 2009

Live: World Economic Forum 2009


By Jude Sheerin

Live coverage of the second day of the 2009 World Economic Forum at the Swiss mountain resort of Davos. We will be bringing you news, insights from BBC correspondents, some of your e-mails and Twitter, and the best of the blogs. (All times GMT, CET -1)

1811 That's ends our live coverage of the second day of the World Economic Forum. Join us again for the latest on Friday from 0800 when. Speakers will include ex-UN head Kofi Annan and his successor, Ban Ki-moon. There'll also be talks from UK PM Gordon Brown, his German counterpart Angela Merkel, World Bank President Robert Zoellick, economist Nicholas Stern and many, many more! Until then you can keep up to date with events in Davos on our website's in-depth page or by following Tim Weber's tweets.

e-mail sent in by reader
Charles, Accra, Ghana: World economic leaders meeting in Davos should think about creating more jobs to cut down on unemployment. The forum should be a place where serious economic issues can be implemented and discussed. More of your comments.

1736 Darling may be dodging Davos, but the Independent newspaper's diary has spotted his Tory shadow, George Osborne, in town. So, the diary reports, is Russian tycoon Oleg Deripaska, with whom Osborne got into a pickle last year after allegedly - he strongly denied it - soliciting a party donation. Also reportedly expected at the shindig is Nat Rothschild. And, spotted out dining on a cheese fondue, were News Corp boss Rupert Murdoch and his son James. Read Independent Davos diary.

1718 UK Treasury says Alistair Darling is not going to Davos because the people he's supposed to be meeting have pulled out. Things must be bad when our leaders forgo a junket in the Swiss Alps.

e-mail sent in by reader
K H Hemmings, Wrexham, UK says: They should listen to each other and weigh up the whole global economy, not just the East or West. It should mean the whole. More of your comments.

Bridget Kendall
1712 Another no-show at Davos from Team UK: Just ascertained that David Miliband is not here and not coming. His evaluation, it seems, being that this Davos summit is first and foremost about the economic crisis and - given a busy schedule - not the best use of a British foreign secretary's time. Maybe the lack of many other foreign ministers or a high-powered Obama team is also part of the reason. But his French counterpart, Bernard Kouchner, is here, even though his country is embroiled in industrial action.

Bridget Kendall
1709 The BBC's Bridget Kendall says: A large crowd at the annual Philanthropic lunch at Davos - and a list of big-shot givers intent on seeing the bright side. Bill Clinton pointed out even those feeling the squeeze are still pretty well off compared to the poorest. And Bill Gates said philanthropy was fun and fulfilling.

1702 The UK Treasury confirms to the BBC that Finance Minister Alistair Darling has pulled out of his trip tonight to the World Economic Forum. We don't yet know why.

The BBC's Tim Weber tweets: Valerie Jarrett speaks as President Obama's representative in Davos. She says his message can be conveyed in one word: "responsibility". Read tim_weber's tweets.

1545 International Atomic Energy Agency head Mohamed ElBaradei says only dialogue can resolve the US standoff with Iran over its nuclear programme. We got this from Reuters news agency because ElBaradei won't speak to the BBC. :(

1528 Iranian foreign minister tells Davos he respects President Obama's plan to withdraw from Iraq and recommends US troops also pull out of Afghanistan, reports Reuters news agency.

1526 The man who predicted the credit crunch, Professor Nouriel Roubini, aka Dr Doom, tells Bloomberg that the world economy faces the threat of more "disastrous" asset bubbles unless regulators overhaul rules which allow banks to police their own behaviour.

comment from blogger
"At Davos 2009, the people in the spotlight are the central bankers. Two years back they would have been part of the anonymous 'government types'. Now however, people are hanging on to their every word, just as we did with astrologers in a previous century." Read blog

e-mail sent in by reader
David, Florida, US, says: How can a meeting of the so-called "experts" who caused the current economic crisis be expected to make a difference? More of your comments.

1444 Israeli President Shimon Peres says at Davos he is "all for" a UN appeal to help Palestinians recover from Israel's attack on Gaza, reports AP news agency.

Evan Davis
1434 The BBC's Evan Davis at Davos blogs: "There is not much here everybody agrees on. But one proposition keeps coming up without a dissenting murmur. It's that this is no time for nations to retreat into their shells. In fact, so many people agree with the idea, it's enough to make you worry there must be something wrong with it." Read Evan Davis' blog.

1426 Iran is ready to co-operate with President Obama if the US changes its policies and practices in the region, Iranian Foreign Minister Manouchechr Mottaki tells Davos, reports Reuters news agency.

1424 British Airways' chairman tells Davos the firm hopes to decide by the end of March whether to go ahead with its planned merger with Spanish peer Iberia.

e-mail sent in by reader
Kevin, Belgium says: Business needs to be made accountable both to governments and the people who finance them, the workers. More of your comments.

The BBC's Tim Weber tweets: So did we find the holy grail of restoring trust in corporations? Nope. Lots of good intentions, but no sorrys, solutions. Read tim_weber's tweets.

Nik Gowing
1418 The BBC's Nik Gowing at Davos says a number of delegates have talked about the failure of US-led capitalism. Even Bill Clinton agrees. When asked about Wen Jiabao's thinly veiled criticism of America over the crisis, the ex-US president told a Davos meeting: "The Chinese premier was right: It all started in the United States."

1402 Chinese action movie star Jet Li has appealed at Davos for charity giving to continue, despite the world slump. "Even if the economy is down, you still have one yuan a month," said the Lethal Weapon 4 star, who set up his own foundation after a brush with danger during the 2004 Asian tsunami.

1354 Clean energy investment needs to more than triple to $515bn (360bn) a year to stop planet-warming emissions reaching levels deemed unsustainable by scientists, the World Economic Forum says in a report.

1349 The gold price is likely to hit new record highs in dollar terms, because of serious concern about the US currency, the chairman of Barrick Gold Corp, Peter Munk, tells Reuters news agency at Davos.

1331 Breaking News! An upbeat message has emerged from Davos: US firm Tupperware Brands Corp says it is unlikely to lay off staff or cut costs. Chief executive Rick Goings says: "The last thing to cut is your talent."

1324 Well, to say optimism has been a rare commodity among the not-so-obscenely-rich-anymore at the Davos Sackcloth and Ashes Forum would be an understatement. Instead it all seems to be self-flagellation and soul-searching. Even Davos' legendarily raucous piano bar has reportedly been sedate. Is the party over?

1309 As the leaders of the free world retire for bibulous power lunches after a morning spent trying to solve the mess they helped create, to recap, the second day has been dominated by the Middle East and the economic downturn. Wonder which problem is the more intractable right now? Have your say

comment from blogger
Speaking in a session on "the values behind market capitalism," Tony Blair, the former British prime minister, said he had run into an old friend who told him: "See, I told you. Capitalism is going to end." Mr Blair said that was wrong. "The free enterprise system has not failed," he said. "The financial system has failed." Read New York Times blog.

Stephanie Flanders
1240 BBC economics editor Stephanie Flanders says: "Governments all over the world are plunging into deficit to get themselves out of this mess. And the more profligate they were in the past, the more they are paying the price in the form of a falling currency. Witness what's happened to the pound. But not the US. Because it is the world's reserve currency it can flood the world with US debt, and the dollar barely falters. It has even risen a little today. It's not fair.

1215 Nassim Nicholas Taleb, author of best-selling finance book The Black Swan, tells Bloomberg in Davos that bank nationalisations are "absolutely necessary" to avoid taxpayers having to bear the burden of their risk-taking.

1208 Turkish PM Recep Tayyip Erdogan tells Davos: "President Obama must redefine terror and terrorist organisations in the Middle East, and based on this new definition, a new American policy must be deployed in the Middle East."

e-mail sent in by reader
Jair, Caucaia, Brazil says: I think it is very important that world leaders meet at Davos where they can focus total attention on global themes and forget their private problems. More of your comments.

The BBC's Tim Weber tweets: We need more confidence here in Davos, says Richard Muirhead. As entrepreneur I deal in optimism. Read tim_weber's tweets.

e-mail sent in by reader
Gopal Vadlamani, Kuwait says: Can the plight of the common man on the streets of any developing or underdeveloped country be addressed at Davos? More of your comments.

Forget the global slump, the question on everyone's lips at Davos, the BBC's Tanya Beckett tweets, is: What does one ask an Egyptian banker? Read TanyaBeckett's tweets.

1115 French Foreign Minister Bernard Kouchner rules out increasing the number of French troops deployed in Afghanistan and tells Davos France has not received such a request.

Bridget Kendall
1114 Following the UN's Gaza appeal, the BBC's Bridget Kendall at Davos says Binyamin Netanyahu expressed to her his concern that any humanitarian aid to the coastal strip might be channelled through Hamas.

1114 Israeli election front-runner Binyamin Netanyahu tells Davos keeping the "fanatic radical regime" in Iran from developing nuclear weapons ranks above the economy in the challenges facing the leaders of the 21st century, reports AP news agency.

1102 Later in the day, former US President Bill Clinton and World Economic Forum President Klaus Schwab are having a conversation. Oh, and Turkish PM Recep Tayyip Erdogan is joined by Israeli President Shimon Peres as they talk about Gaza and the case for Middle East peace.

1100 So what's coming up for the rest of today at Davos? French Foreign Minister Bernard Kouchner is holding forth on Pakistan and its neighbours; UK Foreign Secretary David Miliband and his Iraqi counterpart, Hoshyar Zebari, are joined by former UK PM Tony Blair in talking about the Middle East "owning its challenges".

Robert Peston
BBC business editor Robert Peston blogs: The Mayor of London, Boris Johnson, had the depressed plutocrats in stitches at Barclays' swanky dinner last night. They loved Boris's refusal to acknowledge that the City is in something of a pickle. Read Peston's Picks.

1019 Pakistan Prime Minister Yusuf Raza Gilani tells Davos US drone attacks on Pakistani territory are "counterproductive" and calls for a new approach by the US administration, reports AFP news agency.

The BBC's Tanya Beckett tweets: Can capitalism survive? At Davos they seem to think it must. Read TanyaBeckett's tweets.

The BBC's Tim Weber tweets: Opec and others are trying to talk up the price of oil to a range between $60 and $80 a barrel. Read tim_weber's tweets.

0936 The UN will launch an appeal for $613m (430m) to help those affected by the 22-day conflict in Gaza, UN Secretary General Ban Ki-moon tells Davos.

e-mail sent in by reader
Suman, Islamabad, Pakistan says: The leaders should have brought in solid economic proposals for reformation instead of dabbling in idealistic discussions. To see positive results they need to deal with unequal distribution of wealth More of your comments.

0924 Russia is discussing plans to bail out its second-largest lender VTB, the company's chief executive says. Andrei Kostin says in a speech at Davos a 200bn rouble ($6bn; 4.2bn) state recapitalisation is being considered.

e-mail sent in by reader
C, Norway says: The huge sums of money spent on such gatherings could have gone a long way towards saving millions of jobs world wide. So I ask where the willingness lies on the part of world leaders to solve this crisis. More of your comments.

e-mail sent in by reader
Mirjami, Tampere, Finland says: The leaders at Davos should discuss how they could get a real understanding of what poverty and social injustice mean today - and what to do about them. More of your comments.

The BBC's Tim Weber tweets: Davos Opec boss threatens further output cuts if the oil price keeps on dropping. El Badri says even an oil price of $50 a barrel is too low. Read tim_weber's tweets.

0846 Airbus chief executive Tom Enders tells the BBC that aviation is and will remain a growth industry.

0835 OPEC Secretary General Abdalla Salem El-Badri says the cartel could announce more production cuts this year to halt the downward slide in prices. OPEC next meets on 15 March.

The BBC's Tim Weber tweets: Davos: Session on energy outlook is about to start. With oil prices down, this should be very interesting. Read tim_weber's tweets.

0830 Good morning and welcome to our live coverage of the second day of the 2009 World Economic Forum at the Swiss mountain village of Davos. We will be updating this page throughout the day, bringing you insights from BBC correspondents, some of your emails, Twitter, and the best of the blogs. As ever, we would love to hear what you make of the summit's developments.

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