Senior Correspondent, London
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Jan 23, 2012

Davos man weighs future of capitalism

DAVOS, Switzerland, Jan 23 (Reuters) – The Occupy movement, which went global after protests against Wall Street last year, is camping in igloos to bring its argument with the super-rich “1 percent” to Davos.

It is a reminder to the leaders of finance and industry at the World Economic Forum of the resentment that is leading to questions about the future direction of capitalism.

“At meetings the rest of society is excluded from, this powerful ’1 percent’ negotiates and decides about the fate of the other 99 percent of this world,” says David Roth, “Camp Igloo” organiser and head of the Swiss centre-left’s youth wing.

“The economic and financial concentration of power in a small, privileged minority leads to a dictatorship over the rest of us. The motto ‘one person, one vote’ is no longer valid, but ‘one dollar, one vote’. We want to change that.”

Roth’s group has set up camp in sub-zero temperatures and snow to “occupy” the WEF in a car park just outside the security cordon around the meeting that has become a byword for globalisation.

He is seeking dialogue with the WEF but few of the 2,000 visitors are likely to sees the camp by the train station, many preferring to travel by private jet or helicopter from Zurich. A one-way trip costs 5,100 Swiss francs ($5,500) according to a WEF handout.

Police arrested two men suspected of scrawling “SMASH WEF” on the walls of the Swiss National Bank in Zurich last week. They also stopped an unauthorised anti-WEF demonstration in the capital Berne on Saturday.

Jan 23, 2012
Jan 23, 2012

Travel Postcard: 48 hours in Davos mixing power and powder

DAVOS, Switzerland, Jan 23 (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 (WEF) 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 Jan. 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 founder Klaus Schwab and his wife Hilde before the meeting kicks off in earnest tomorrow.

Jan 22, 2012
Jan 20, 2012

EU says Novartis MS drug needs heart monitoring

LONDON/ZURICH (Reuters) – The European Medicines Agency advised doctors to continuously monitor patients for six hours after giving them a first dose of Novartis AG’s multiple sclerosis drug Gilenya, casting a shadow over the potential blockbuster product.

Friday’s move came as the organization started a review into the safety of the medicine, following reports of heart problems in patients and the death of one person in the United States within 24 hours of starting treatment.

The Swiss drugmaker said last month it was investigating whether Gilenya, seen by analysts as a potential multibillion-dollar seller, caused the death of the 59-year-old U.S. patient.

Gilenya can temporarily slow the heart rate. Although this usually returns to normal after a few hours, the European watchdog recommended intense cardiovascular monitoring after the first dose.

This should include electrocardiogram (ECG) monitoring before treatment and then continuously for the first six hours afterwards, as well as measurement of blood pressure and heart rate every hour.

Mark Schoenebaum, an analyst at ISI Group, said the call for active ECG monitoring was very different from the U.S. Food and Drug Administration (FDA) recommendation of observation and could encourage European doctors to use Biogen Idec’s experimental BG-12.

“We believe active ECG monitoring for six hours could be a material impediment to starting patients on Gilenya and could enhance BG-12′s attractiveness to EU physicians once approved,” he said.

Jan 20, 2012
Jan 20, 2012
Jan 20, 2012
Jan 19, 2012
Jan 19, 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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