{"id":90584,"date":"2024-01-16T00:05:56","date_gmt":"2024-01-16T00:05:56","guid":{"rendered":"https:\/\/www.estaql.com\/davos-as-the-rich-attend-world-economic-forum-there-are-fretful-noises-about-whats-happening-in-red-sea-shipping-lanes-business-news\/"},"modified":"2024-01-16T00:05:56","modified_gmt":"2024-01-16T00:05:56","slug":"davos-as-the-rich-attend-world-economic-forum-there-are-fretful-noises-about-whats-happening-in-red-sea-shipping-lanes-business-news","status":"publish","type":"post","link":"https:\/\/estaql.com\/seo\/davos-as-the-rich-attend-world-economic-forum-there-are-fretful-noises-about-whats-happening-in-red-sea-shipping-lanes-business-news\/","title":{"rendered":"Davos: As the rich attend World Economic Forum, there are fretful noises about what’s happening in Red Sea shipping lanes | Business News"},"content":{"rendered":"

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Davos: As the rich attend World Economic Forum, there are fretful noises about what’s happening in Red Sea shipping lanes | Business News<\/h2>\n

Davos: As the rich attend World Economic Forum, there are fretful noises about what’s happening in Red Sea shipping lanes | Business News<\/p>\n

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This year’s World Economic Forum wasn’t supposed to be about the events in the Red Sea.<\/p>\n

When the conveners came to put it together – the 2024 edition of the annual shindig at Davos<\/strong> where plutocrats mingle with politicians and celebrities in the Swiss<\/strong> mountain village – they had plenty of other big issues on the menu.<\/p>\n

The highlight of the opening day was supposed to be the appearance of Ukrainian President Volodymyr Zelenskyy<\/strong>.<\/p>\n

There is session after session about artificial intelligence and the energy transition.<\/p>\n

Yet, as is so often the case, the main talking point here on the “Magic Mountain” was something else entirely.<\/p>\n

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In this case, as the rich and famous come to discuss the state of the world, there are fretful noises about what’s happening in the shipping lanes of the Red Sea<\/strong>.<\/p>\n

And you can see why.<\/p>\n

Davos is, in some senses, the ultimate emblem of globalisation.<\/p>\n

Here are thousands of delegates whose lives and livelihoods depend on the free movement of goods and capital around the world.<\/p>\n

Yet in recent years, they have had to contend not merely with war in Europe and hideous attacks in the Middle East, but a fraying of the very global order they stand for.<\/p>\n

The attacks on shipping<\/strong> in the Red Sea are only the start of it.<\/p>\n

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\n 0:59<\/span>
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‘Lights are flashing red on global dashboard’<\/span>
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Read more:<\/strong>
Are shipping attacks by Houthis having impact on prices?<\/strong>
US shoots down missile fired at navy destroyer from Houthi areas<\/strong><\/p>\n

World leaders have forsworn the free trade, non-interventionist policies that dominated in most of the WEF’s lifetime.<\/p>\n

The US has committed to vast subsidies to shore up its energy sector; Europe is pledging to do something similar; even the UK is experimenting with industrial strategy.<\/p>\n

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In the meantime, diplomatic and economic relations between the West and China have become more frigid, while Russia is once again persona non grata.<\/p>\n

In short, the stability and calm which most delegates here have long hoped for has begun to evaporate away.<\/p>\n

But the Red Sea attacks raise further questions.<\/p>\n

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How do shipping attacks hit shoppers?<\/span>
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One of the premises of globalisation is that rather than trying to make everything domestically, one should source the cheapest viable product from overseas instead.<\/p>\n

But what if those products won’t or can’t turn up on time? What if trade becomes so dangerous that you can no longer rely on ships turning up at all?<\/p>\n

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Such questions are terrifying to those here in Davos, in large part because they have been able to take free trade for granted for so long.<\/p>\n

So while the episodes of recent weeks were not scheduled to play a major role in the panels and speeches this week, there’s every chance they may intrude.<\/p>\n

Yet, Davos is about more than one topic. It is a place where businesspeople come to meet and to do deals.<\/p>\n

It’s a place where campaigners come to try to attract the attention of the world’s richest and most influential people.<\/p>\n

It is a forum where politicians come in an effort to be taken seriously – it’s not for nothing that both the UK government (via Jeremy Hunt and Lord Cameron) and the Labour Party (via Rachel Reeves and Jonathan Reynolds) are here in force.<\/p>\n

It is a carnival of capitalism, in all its garish, complex, colours on display.<\/p>\n<\/p><\/div>\n

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Davos: As the rich attend World Economic Forum, there are fretful noises about what’s happening in Red Sea shipping lanes | Business News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Davos: As the rich attend World Economic Forum, there are fretful noises about what’s happening in Red Sea shipping lanes | Business News Davos: As the rich attend World Economic Forum, there are fretful noises about what’s happening in Red Sea shipping lanes | Business News This year’s World Economic Forum wasn’t supposed to be […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7711],"tags":[],"class_list":["post-90584","post","type-post","status-publish","format-standard","hentry","category-7711"],"_links":{"self":[{"href":"https:\/\/estaql.com\/seo\/wp-json\/wp\/v2\/posts\/90584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/estaql.com\/seo\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/estaql.com\/seo\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/estaql.com\/seo\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/estaql.com\/seo\/wp-json\/wp\/v2\/comments?post=90584"}],"version-history":[{"count":0,"href":"https:\/\/estaql.com\/seo\/wp-json\/wp\/v2\/posts\/90584\/revisions"}],"wp:attachment":[{"href":"https:\/\/estaql.com\/seo\/wp-json\/wp\/v2\/media?parent=90584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/estaql.com\/seo\/wp-json\/wp\/v2\/categories?post=90584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/estaql.com\/seo\/wp-json\/wp\/v2\/tags?post=90584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}