Trump to Take Virtual Center Stage in Davos

Davos will finally hear from the man himself during a live video appearance, with CEOs given the chance to lob questions at Donald Trump. FABRICE COFFRINI / AFP
Davos will finally hear from the man himself during a live video appearance, with CEOs given the chance to lob questions at Donald Trump. FABRICE COFFRINI / AFP
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Trump to Take Virtual Center Stage in Davos

Davos will finally hear from the man himself during a live video appearance, with CEOs given the chance to lob questions at Donald Trump. FABRICE COFFRINI / AFP
Davos will finally hear from the man himself during a live video appearance, with CEOs given the chance to lob questions at Donald Trump. FABRICE COFFRINI / AFP

Donald Trump on Thursday will star in an eagerly-anticipated online appearance at the World Economic Forum in Davos, addressing global elites whose annual gabfest has been consumed by the US president's days-old second term.
Trump's name has come up in almost every conversation in the Swiss Alpine village this week: in formal panel discussions, in shuttles ferrying people up and down the mountain, and in exclusive parties along the promenade.
"Trump is a provocateur. He enjoys being a provocateur, and many people at Davos are bored in their life. He's not boring. So, you know, it's kind of exciting," Harvard scholar and WEF regular Graham Allison told AFP.
Davos will finally hear from the man himself during a live video appearance, with CEOs given the chance to lob questions at Trump, himself a businessman who made his fortune in real estate.
He already gave Davos a taste of what is to come since his inauguration on Monday, which coincided with the WEF's first day: tariff threats against Mexico and Canada, the US withdrawal from the Paris climate pact, a threat to take the Panama Canal, just to name a few.
His plans to cut taxes, reduce the size of the federal government and deregulate industries will find a sympathetic ear amongst many businesses.
"Trump has been running America like America Inc. He's been very focused on getting the best advantage for the US in any way that he can," Julie Teigland, a managing partner at EY consulting firm, told AFP.
"He knows that he needs trade partners to do that. He does. And so I expect him to give messages along these lines," she said.
'No winners'
His trade partners had a chance to react in Davos earlier this week.
Without invoking Trump's name, Chinese Vice Premier Ding Xuexiang warned that "there are no winners in a trade war".
German Chancellor Olaf Scholz vowed to defend free trade but he took a conciliatory tone, saying that he had good earlier discussions with Trump.
European Union chief Ursula von der Leyen said that Brussels was ready to negotiate with Trump, but she also underscored the bloc's diverging policy with him on climate, saying it would stick by the Paris accord.
Panama's President Jose Raul Mulino dismissed Trump's claims to the Panama Canal, which was built by the United States but handed to the Central American country in 1999 under two-decade old treaties.
Mulino said he was "not worried" and that Panama would not be "distracted by this type of statement".
'Celebrate Trump'
The Republican president also has fans in Davos.
One of his biggest cheerleaders on the world stage, Argentina's libertarian President Javier Milei, will make a speech to the WEF on Thursday, hours before Trump.
"The world should celebrate the arrival of President Trump," Milei said at a Bloomberg event on Wednesday.
"The golden era he proposes for the United States will shine a light for the whole world as it will spell the end of the woke ideology, which is doing so much harm to the planet," Milei said.
One of his backers in the business world, Marc Benioff, the chief executive of US tech firm Salesfoce, was also enthusiastic at the same Bloomberg chat.
"I'm very positive," he said. "I'm just looking forward to seeing what's going to happen. And it's a new day and, it's an exciting moment."



Derayah Financial Joins Flurry of Saudi Firms Seeking a Listing

Derayah Financial Joins Flurry of Saudi Firms Seeking a Listing
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Derayah Financial Joins Flurry of Saudi Firms Seeking a Listing

Derayah Financial Joins Flurry of Saudi Firms Seeking a Listing

Saudi Arabia's Derayah Financial became the first firm to announce plans this year to float on Riyadh's main market, after it said on Thursday it was offering investors a 20% stake via an initial public offering (IPO).
The company is planning to sell 49.94 million existing shares in the IPO, it said in an intention to float document, adding the price for the offering will be determined at the end of a book-building period, without providing further details, Reuters said.
"I am excited to welcome new shareholders to join us on this journey as we continue to drive innovation, create value, and contribute to the Kingdom's ambitious economic transformation," co-founder and chairman Taha AlKuwaiz said in the document.
Founded in 2009, Derayah provides brokerage and trading services, as well as asset and wealth management solutions, with 15.1 billion riyals ($4.03 billion) in assets under management as of the end of June.
The possible listing is part of a flurry of IPOs in the Gulf driven in part by local governments' economic diversification strategy and listings by private groups and family businesses.
Saudi Arabia's red-hot IPO market saw a number of financial services firms including Rasan Information Technology and Yaqeen Capital make their market debut last year.
Others like the investment banking arm of one of the Kingdom's biggest lenders, Riyad Bank, could follow suit this year.
Derayah posted a net profit of 228 million riyals ($60.80 million) in the first half of 2024, up 70% from the same period a year earlier, it said on Thursday.
It appointed HSBC Saudi Arabia as sole financial adviser, bookrunner, global coordinator, lead manager and underwriter for the IPO.