Senior Correspondent, London
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Jan 25, 2012
Jan 25, 2012
Jan 24, 2012
Jan 24, 2012

Confidence falls as CEOs prepare for more shocks

DAVOS, Switzerland, Jan 24 (Reuters) – Corporate executives are struggling to find paths to growth as the euro zone crisis stokes fears of a return to recession and developing economies lose momentum.

Leaders of top companies meeting in Davos this week are braced for further shocks in 2012 and, at the personal level, the strains are growing as the backlash over top pay increases at a time of rising unemployment.

This month’s stock market rally may have leavened the mood but it has failed to dent the world’s growing queue of jobseekers. Worryingly, that coincides with acute skill shortages in parts of the labour market and finding the right talent is a top concern for executives.

“Twelve months ago we were all looking forward to a pretty good 2011,” said Manpower Chief Executive Jeff Joerres. “Twelve months later, here we are in a completely different world.”

Only 40 percent of chief executives are “very confident” of revenue growth for their companies in the next 12 months, down from 48 percent in 2011, according a PricewaterhouseCoopers (PwC) survey of 1,258 CEOs published on Tuesday.

Even so, business leaders, who are optimists by nature, remain more upbeat than two years ago and are a lot more hopeful for their own firms’ prospects than for the wider economy. Just 15 percent expect the global economy to improve in 2012.

After the shocks of last year — Europe’s worsening debt and banking crisis, the downgrading of the United States credit rating, the Arab Spring and Japan’s earthquake — bosses believe they have learnt how to deal with increased volatility.

Jan 24, 2012
Jan 24, 2012

48 hours in Davos mixing power and powder

DAVOS, Switzerland (Reuters) – Got 48 hours in Davos this week? Here are some tips on slaloming through the crowds of the rich and powerful at the World Economic Forum and, if you’re lucky, enjoying the snow.

The common worry at this annual talking-shop for the global elite is that everybody else — politicians, central bankers, chief executives and lesser mortals — is at another event with someone more important.

So try and relax, recognise that you can’t be everywhere at once, and enjoy the mash-up of business and culture that is Davos. The event runs from January 25 to 29 and is not all heavy-duty business, economics and politics.

The snow is great this year, but remember to wrap up warm and bring sturdy footwear. Davos is 1,560 metres (5,118 feet) above sea level and the average temperature during the annual meeting is -4 degrees C (24.8°F) to 1 C. It can drop to -20 C at night.

Tuesday

6 p.m. Arrive in Davos — by train or helicopter, depending on your budget. Accommodation ranges from the swanky Belvedere Hotel to some basic ski lodgings.

6.30 p.m. Take your first plunge into the Davos melee at a welcome reception hosted by WEF WEF.L founder Klaus Schwab and his wife Hilde before the meeting kicks off in earnest tomorrow.

Jan 24, 2012
Jan 23, 2012
Jan 23, 2012
Jan 23, 2012
    • About Ben

      "Ben Hirschler is European pharmaceuticals, biotechnology and healthcare correspondent, based in London. Previously, he was in charge of British company news and before that was posted to Johannesburg, covering the economic challenges facing post-apartheid South Africa."
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