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☆ Even the ultrawealthy had to wait in long lines at Davos — and they were reportedly annoyed about it
▼ + stars: | 2024-01-20 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Davos attendees complained about the long lines they had to wait in, NYT reported. Business Insider was in attendance at Davos, and can confirm there were long lines to enter both the conference's go-to hotel, the Grandhotel Belvédère, and some of the hottest parties. Related storiesAt the Grandhotel Belvédère, the wait times just to enter the building were up to an hour, Dealbook reported. Other guests get orange badges, green badges, purple badges, and so on. But even the most-coveted white badges don't guarantee you can dodge the long lines.

Persons: —, They're, Salesforce, Sting —, Barry Colson, Colson Organizations: NYT, Tech, Service, Economic, The New York Times, Business, Times, Apple Watch, Davos Locations: Davos, The

The Davos consensus on the presidential electionPublicly, the global business leaders who gathered at the World Economic Forum in Davos, Switzerland, haven’t wanted to predict the winner of the upcoming U.S. presidential election. In an interview with Andrew on CNBC, he didn’t predict that Trump would win, but suggested that dismissing the former president and his supporters would be a mistake. “He wasn’t wrong about some of these critical issues, and that’s why they’re voting for him,” he said. “Trump is already the president at Davos — which is a good thing because the Davos consensus is usually wrong,” Alex Soros, the son of George Soros, said on a panel. A little history: The Davos consensus was that Hillary Clinton would beat Trump in 2016.

Persons: haven’t, Donald Trump, DealBook, Trump, Jamie Dimon, JPMorgan Chase, Andrew, “, ” Dimon, ”, MAGA, bode, “ Trump, ” Alex Soros, George Soros, Hillary Clinton, Sting, Biden, It’s, Reddit, Macy’s, Tony Spring, Warren Buffett, Morningstar Organizations: Economic, JPMorgan, CNBC, Trump, NATO, Biden, Trump’s Republican, Davos, Apple Watch, Reuters, Investors Locations: Davos, Switzerland, U.S, China, American, Indonesia, E.S.G

DAVOS, Switzerland (AP) — Business and political elites descended on the Swiss Alpine snows of Davos to suss out “rebuilding trust” in a splintering world. If there’s any takeaway from the World Economic Forum's annual meeting — boldly touting that theme — it’s that we still have a long way to go. The idea is getting people together, and big announcements are often just a byproduct — not the aim. “It’s unrealistic to think that Davos — or any meeting, anywhere in the world — in one meeting can rebuild trust when it’s fragmented on so many dimensions," said Rich Lesser, chairman of Boston Consulting Group. But thousands of conversations between the social, private and public sectors help create "a starting point for rebuilding trust,” he said.

Persons: —, Rich Lesser, ”, bigwigs, Bill Gates, Agnès Callamard, craziness, Long, Volodymyr Zelenskyy, ” Zelenskyy, ” Pham Minh Chinh, vociferously, Benjamin Netanyahu, Antony Blinken, wasn't, Antonio Guterres, Masha Macpherson, David Keyton, Courtney Bonnell, Kelvin Chan Organizations: —, Boston Consulting, Nature Energy, “ Cooperation, Security, Amnesty, European Union, U.S, Israeli, ” Locations: DAVOS, Switzerland, Swiss, Davos, suss, Ukraine, U.S, India, South Africa, UKRAINE, Kyiv, Europe, United States, Britain, Israel, Gaza, Palestinian, Saudi Arabia, London

☆ Everyone's buzzing about AI — including plenty of people who clearly don't understand it
▼ + stars: | 2024-01-17 | by ( Spriha Srivastava | ) www.businessinsider.com time to read: +4 min

BINigel Vaz, CEO of Publicis Sapient, a consulting firm, compares the buzz around AI to the early days of the internet. BINela Richardson, chief economist at ADP, told BI there's a big learning gap on what constitutes AI. Much of what is being called "generative AI" has been around for decades, while much of what workers think is AI is actually automation. Similarly, Guru Gowrappan, CEO of ViaSat, a communications operator, says many companies are just talking about AI at Davos — but not actually doing much with it. And some of them are just recategorizing what they were doing to call it AI," he tells BI.

Persons: —, I've, Davos — I've, Sheila Warren, there's, Warren, Nigel Vaz, Publicis, Vaz, Bain, Nela Richardson, Richardson, Ivana Bartoletti, Guru Gowrappan, Gowrappan Organizations: Service, Economic, Business, Davos —, Crypto, VR, Infosys, IBM, Accenture, Consulting, ADP, Wipro, ViaSat, Davos Locations: Davos

☆ Sam Bankman-Fried decided at the last minute he didn't want to speak at the World Economic Forum in Davos, leaving organizers scrambling
▼ + stars: | 2023-10-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried was supposed to speak at the WEF's flagship event in Davos. However, he decided not to show up the night before the event, per Michael Lewis' biography on the disgraced FTX founder. Lewis wrote SBF would cancel on people "because he'd done some math in his head that proved that you weren't worth the time." "CEOs had flown to the Bahamas under the mistaken impression that Sam had agreed to buy their companies," Lewis wrote in his book. The World Economic Forum Annual Meeting is the organization's flagship event held at the end of each January in Davos, Switzerland.

Persons: Sam Bankman, Fried, Michael Lewis, Lewis, SBF, —, Sam, It's, Mark Cohen Organizations: Service, Economic, Political, Bankman Locations: Davos, Davos —, Bahamas, Switzerland, Dubai

☆ Russia is charging foreign business execs over $25,000 to attend its version of Davos — but nobody really wants to be seen there in the first place
▼ + stars: | 2023-06-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Most attendees hail from the ex-Soviet states, Africa, Cuba, and the UAE, per the Moscow Times. But it's still charging foreign participants over $25,000 to attend, which appears to baffle even the forum's own organizers. "The main problem for the 2023 organizers is to scrape together participants," a forum organizer told The Moscow Times on Thursday. "Although it serves no real purpose, this forum will never be abandoned," a manager at another major Russian state-owned company told The Moscow Times. Organizers of the St. Petersburg International Economic Forum did not immediately respond to a request for comment from Insider sent outside regular business hours.

Persons: —, Emmanuel Macron, Angela Merkel, Vladimir Putin's Organizations: UAE, Moscow Times, Service, St ., Economic, United Arab Emirates, The Moscow Times Locations: Davos, Africa, Cuba, Moscow, St, St . Petersburg, Ukraine, Swiss, Russian, Europe, Petersburg

☆ $1.4 trillion wipeout hits crypto industry at Davos — except for a lone flashy orange bitcoin car
▼ + stars: | 2023-01-18 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Along the Davos Promenade in 2023 there were fewer crypto companies than in previous years after the market crash. Last year, crypto firms from all walks of life took over the place. But since the market slide, there are far fewer crypto firms with flashy store fronts at Davos. He added that the crypto firms that have remained at Davos are "substantiative projects" and "the real deals" versus things like NFTs. There were also those in traditional finance who welcomed fewer crypto firms.

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