Experts say high food prices are here to stay

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108089710-1737466393786-gettyimages-1252137672-SPAIN_IBERDROLA-820x461.jpeg" alt="" class="wp-image-577480" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108089710-1737466393786-gettyimages-1252137672-SPAIN_IBERDROLA-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108089710-1737466393786-gettyimages-1252137672-SPAIN_IBERDROLA-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108089710-1737466393786-gettyimages-1252137672-SPAIN_IBERDROLA-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108089710-1737466393786-gettyimages-1252137672-SPAIN_IBERDROLA-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108089710-1737466393786-gettyimages-1252137672-SPAIN_IBERDROLA-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108089710-1737466393786-gettyimages-1252137672-SPAIN_IBERDROLA.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A logo on the nacelle of a wind turbine at the Martin de la Jara wind farm, operated by Iberdrola SA, in the Martin de la Jara district of Sevilla, Spain, on Friday, April 21, 2023. Bloomberg | Bloomberg | Getty Images</figcaption></figure>



Renewable energy giants appear relatively sanguine about U.S. President Donald Trump’s anti-wind policies, describing the process of replacing fossil fuels with electrically powered products as “absolutely unstoppable.”



Trump, who promised a new “golden age” for America in his inaugural address on Monday, swiftly took aim at low-carbon energy initiatives.



In a standalone executive order, which had been widely expected, the president temporarily suspended new or renewed leases for offshore and onshore wind projects and halted the leasing of wind power projects on the outer continental shelf.



“We are not going to do the wind thing. Big ugly windmills, they ruin your neighborhood,” Trump told his supporters at the Capital One Area in Washington on Monday. He previously described wind turbines as an economic and environmental “disaster.”



The measures formed part of a much broader energy offensive designed to “unleash” already booming oil and gas production. This included declaring a national energy emergency, promoting fossil fuel drilling in Alaska and signing an executive order to withdraw the U.S. from the landmark Paris Agreement.



Joe Kaeser, chairman of the supervisory board of Siemens Energy, one of the world’s biggest renewables players, seemed unfazed by Trump’s sweeping energy agenda. In fact, Kaeser considered the policies a “slight plus” for the German energy technology group.



Shares of Siemens Energy jumped more than 8% on Wednesday morning, hitting a new 52-week high.



“We need to see what’s behind all the executive orders and the policies. So far, I believe there are many areas where actually Siemens Energy benefits a lot,” Kaeser told CNBC’s Dan Murphy at the World Economic Forum’s (WEF) annual meeting in Davos, Switzerland on Tuesday.



There will be uncertainty for low-carbon energy sectors, such as onshore and offshore wind, Kaeser said, before adding that Trump’s measures were unlikely to directly impact Siemens Energy. That’s partly because roughly 80% of the firm’s wind market is in Europe, Kaeser said.



“So, I believe that doesn’t move the needle. I’m much more worried about the European economies and how they deal with a very powerful nation, with a very powerful concept. We may or may not like it, because it’s got some nationalistic type of things, but if we look at it from the view of the American people, we better get something going,” Kaeser said.



Beyond onshore and offshore wind, Kaeser said Siemens Energy was well positioned to capitalize from a “booming” electrification market.



“Think about the data centers, artificial intelligence, we have waiting times now on large gas turbines. Actually, customers are coming and saying, hey can I make a reservation and I’ll pay you for a reservation? Just think about that. It hasn’t happened for a long time,” Kaeser said.



“I believe the electrification age has just begun. Whether that’s gas turbines or wind or solar or something else, we’ve got everything, and the customers decide in the end. And one thing I believe one should not underestimate, the White House is not buying much [but] the customer does,” he added.



<h2 class="wp-block-heading" id="h-very-very-optimistic"><a></a>‘Very, very optimistic’</h2>



Spanish renewable energy giant Iberdrola was similarly bullish about the road to full electrification, describing the transition away from fossil fuels as “absolutely unstoppable.”



“We are seeing that probably we are in the best moment for electrification,” Ignacio Galán, executive chairman of Iberdrola, told CNBC at WEF on Tuesday.



Galán cited soaring global demand for electrically powered data centers, low-emission vehicles as well as cooling and heating applications.



“All of those things require more electricity 24 hours a day. Our business in the United States is mostly in this area, which is networks … and the regulation depends on the state authority, so I think that is not really affected at all,” Galán said.



“Depending on the legislation, we will make more or less investment in another part of our business,” he added, referring to Trump’s energy policy.



“We are very, very optimistic about the United States and the future,” Galán said.



<h2 class="wp-block-heading"><a></a>Wind power woes</h2>



Shares of some European wind power giants fell shortly after Trump took aim at wind power plans.



Denmark’s Orsted, which recently announced a roughly $1.7 billion impairment charge on U.S. projects, dipped 4.4% on Wednesday morning, extending steep losses from the previous session.



The rapidly growing offshore wind sector has endured a torrid time in recent years, hampered by rising costs, supply chain disruption and higher interest rates.



Artem Abramov, head of new energies research at Rystad Energy, said Trump’s energy agenda essentially means the likelihood of any new offshore developments in the U.S. has fallen to zero — at least for now.



“The US currently has around 2.4 gigawatts (GW) of advanced-stage offshore wind developments that have reached final investment decision and are under construction, which are unlikely to be impacted by the order,” Abramov said in a research note published Tuesday.



“Moderate risk amid the unfavorable investment climate is present for 10.5 GW of projects which secured necessary permits but have not reached investment decisions,” Abramov said.



“The remaining 25 GW of early-stage projects are unlikely to see any progress under the current administration,” he added.



— CNBC’s Spencer Kimball contributed to this report.

108089710-1737466393786-gettyimages-1252137672-SPAIN_IBERDROLA

Renewable giants shrug off Trump’s anti-wind policies: ‘Electrification is absolutely unstoppable’

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088946-1737375722728-Davos_Promenade_2025_AI_-_Pic_1-820x462.jpg" alt="" class="wp-image-577390" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088946-1737375722728-Davos_Promenade_2025_AI_-_Pic_1-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088946-1737375722728-Davos_Promenade_2025_AI_-_Pic_1-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088946-1737375722728-Davos_Promenade_2025_AI_-_Pic_1-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088946-1737375722728-Davos_Promenade_2025_AI_-_Pic_1-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088946-1737375722728-Davos_Promenade_2025_AI_-_Pic_1-1536x865.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088946-1737375722728-Davos_Promenade_2025_AI_-_Pic_1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Companies advertised their AI products on the Davos Promenade at the World Economic Forum 2025. Arjun Kharpal | CNBC</figcaption></figure>



The Davos Promenade in Switzerland is the focal point of the World Economic Forum’s annual meeting in the Swiss ski town.



Some of the world’s biggest companies take over cafes, shops and restaurants and build temporary meeting and event spaces for the week — and their branding often gives away what’s top of mind for business leaders.



It’s no surprise, then, that artificial intelligence dominated the space this year, given the boom in the technology, which has propelled firms to capitalize on AI interest — especially from businesses.



A poll from consultancy Accenture out on Monday revealed that 58% of execs expect generative AI solutions to be adopted at scale within the organization in 2025, up from just 37% in 2024. Generative AI is the technology that underpins applications like ChatGPT.



Several companies from Intel to Salesforce and Workday displayed AI-linked branding on the front of their spaces.



Showing on the promenade can often follow what’s happening in markets, with crypto companies have been out in force in the past. The explosion of AI branding kicked off at Davos in 2024, pushing aside crypto, at a time when ChatGPT was still gaining in popularity, while Nvidia’s stock continued to rally. Nvidia, whose chip systems are used to train huge AI models, is seen as a benchmark for investor appetite in artificial intelligence.



Advances in AI, as well as the dangers of rapidly-advancing systems, will be discussed during this year’s WEF. Artificial general intelligence — or AGI, describing AI systems that are smarter than humans — will be in focus, as well as current advances with AI agents.

108088946-1737375722728-Davos_Promenade_2025_AI_-_Pic_1

AI mania takes over Davos as the world’s biggest firms tout their offerings

Why U.S. Tech Companies Struggle To Replicate China’s WeChat ‘Super App’ Model

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108089378-1737420172919-gettyimages-2194232437-TRUMP_INAUGURATION_2025-820x547.jpeg" alt="" class="wp-image-577095" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108089378-1737420172919-gettyimages-2194232437-TRUMP_INAUGURATION_2025-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108089378-1737420172919-gettyimages-2194232437-TRUMP_INAUGURATION_2025-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108089378-1737420172919-gettyimages-2194232437-TRUMP_INAUGURATION_2025-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108089378-1737420172919-gettyimages-2194232437-TRUMP_INAUGURATION_2025-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108089378-1737420172919-gettyimages-2194232437-TRUMP_INAUGURATION_2025-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108089378-1737420172919-gettyimages-2194232437-TRUMP_INAUGURATION_2025-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">U.S. President Donald Trump during a rally at Capital One Arena ahead of the 60th presidential inauguration in Washington, DC, US, on Sunday, Jan. 19, 2025.  Al Drago | Bloomberg | Getty Images</figcaption></figure>



<h2 class="wp-block-heading" id="h-what-you-need-to-know-today">What you need to know today</h2>



The 47th U.S. president President Donald J. Trump was sworn into the White House on Monday and began signing a flurry of executive orders. He issued “full pardons” to people charged in relation to the attack on the U.S. Capitol on Jan. 6, 2021; halted, for at least 75 days, the enforcement of a law that would ban TikTok in the United States; and created the Elon Musk-led Department of Government Efficiency, or DOGE.



National energy emergency declared Trump on Monday declared a national energy emergency — part of a sweeping agenda that aims to increase fossil fuel production — and ordered the U.S. to withdraw from the Paris climate agreement. He also repealed the Biden administration’s various climate goals, such as achieving net-zero emissions by 2050.



Trump targets tariffs Trump told reporters on Monday that he’s thinking of imposing levies of 25% on Mexico and Canada, and is targeting Feb. 1 for them to come into effect. He also issued a trade memorandum instructing federal agencies to scrutinize trade policies with other nations, especially China, Canada and Mexico — but the memo stopped short of introducing new duties.



Biden’s pardons Former U.S. President Joe Biden on Monday issued preemptive pardons for several family members, citing concerns that they would be targeted by “baseless and politically motivated investigations.” Biden also issued pardons for Anthony Fauci, Gen. Mark Milley, members of Congress who investigated the Jan. 6 Capitol riot and others who he said were under threat of being “baselessly” targeted for political purposes.



Asian markets rise after inauguration U.S. markets were closed Monday for Martin Luther King Jr. Day. Stock futures mostly edged lower Tuesday after Trump indicated he’s considering tariffs on Mexico and Canada. Asia-Pacific markets advanced Tuesday. Hong Kong’s Hang Seng index added almost 1%, while Korea’s Kospi index ticked down around 0.1% as the country’s wholesale inflation rate for December climbed 1.7% on an annual basis.



[PRO] Second time an echo of the first? Trump’s second term might have the same effects on certain asset classes as it did the first-time round, according to some on Wall Street. To find out, CNBC Pro looked at the performance of several assets during the first 100 days of Trump’s last presidency and asked analysts how those assets will fare.



<h2 class="wp-block-heading" id="h-the-bottom-line"><a></a>The bottom line</h2>



Donald Trump has hit the ground running since officially becoming the 47th president of the United States, signing numerous executive orders fresh off his inauguration. Here are the two main issues investors will keep an eye on.



Tariffs



“To me, the most beautiful word in the dictionary is ‘tariff,’” Trump told the Chicago Economic Club in October. Trump said on Monday he’s mulling over imposing 25% tariffs on goods from Canada and Mexico by Feb. 1. On the campaign trail, Trump vowed to levy a universal tariff of up to 20% on all imports to the U.S and more than 60% on Chinese products.



Tariffs are imposed by governments ostensibly to protect domestic industries. Companies that import goods pay what is essentially a tax, driving up costs. This nudges them to look for local suppliers instead.



With supply chains being so integrated globally, and much of the manufacturing being done outside the U.S., companies may find it hard to shift production to local shores. The higher costs, then, will likely be passed on to the consumer in the form of increased prices.



In other words, tariffs could lead to more inflation.



Deportations



At a pre-inauguration event titled “Make America Great Again Victory Rally,” Trump pledged to his supporters that “the invasion of our country will have come to a halt.” Like tariffs, tighter immigration policies — or outright deportations — are typically enacted to protect the domestic economy (among other reasons).



The theory is that, with fewer people competing for each open job, it’ll be easier to gain employment.



But many parts of the U.S. economy, such as construction and agriculture, are staffed by undocumented immigrants, who take on jobs undesirable to residents. Even documented immigrants are crucial to higher-skilled sectors such as tech — as proven by Elon Musk’s tussle with Trump supporters over H-1B visas.



If reliable sources of labor vanish overnight, companies will have to raise wages to attract talent, which might reintroduce the prospect of the dreaded wage-price spiral.



Other policies



Trump has promised many other economic measures, such as corporate tax cuts, legitimizing cryptocurrency and pulling back on green energy subsidies.



Tariffs, however, might have the biggest impact on the economy and financial institutions globally.



— CNBC’s Sam Meredith, Ryan Ermey, Annie Nova, Rebecca Picciotto, Evelyn Cheng and Lim Hui Jie contributed to this report.

108089378-1737420172919-gettyimages-2194232437-TRUMP_INAUGURATION_2025

Keep an eye on these Trump 2.0 policies

Trump’s plan for mass deportation could have a big effect on prices

CONVERGE Andy Cohen subs v2

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/105325942-1531403759987gettyimages-996948238-820x461.jpeg" alt="" class="wp-image-576846" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/105325942-1531403759987gettyimages-996948238-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/105325942-1531403759987gettyimages-996948238-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/105325942-1531403759987gettyimages-996948238-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/105325942-1531403759987gettyimages-996948238-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/105325942-1531403759987gettyimages-996948238-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/105325942-1531403759987gettyimages-996948238.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">U.S. President Donald Trump at a press conference at the end of the NATO summit in July 12, 2018. Bernd von Jutrczenka | dpa | picture alliance | Getty Images</figcaption></figure>



U.S. President-elect Donald Trump returns to the White House on Monday, and much of the world is watching on with bated breath.



The prospect of more unpredictable foreign and trade policies, particularly the threat of universal trade tariffs of 10-20%, has stoked concerns internationally and spooked financial markets. But Trump’s transactional approach and his “America First” policy are not universally feared.



In fact, many countries welcome a new era that’s being labeled “Trump 2.0.”



“Trump’s return is lamented by America’s long-term allies, but almost nobody else,” the European Council on Foreign Relations think tank said as it published a global poll that found that people in China and Russia were more optimistic about Trump’s return to power than long-standing allies in Europe and Asia.



“Many think Trump will not just be good for America but that he will bring peace or reduce tensions in Ukraine, the Middle East and U.S.-China relations,” the poll of over 28,000 people in 24 countries found.



“In countries from India and China to Turkey and Brazil, more respondents think Trump will be good for America, for their country and for peace in the world than think he will be bad for them,” the ECFR said of the findings.



The survey showed that respondents in India, Saudi Arabia and Russia were the most optimistic about Trump’s return to office, both in terms of it being good for U.S. citizens and for their own countries.



Almost 60% of Russian respondents felt Trump’s election was good for U.S. citizens and 49% felt it was a good thing for Russia.



Closely following, 46% of Chinese respondents felt Trump’s return was good for China. That’s despite Trump’s threat to impose tariffs of 60% to 100% on goods imported from China, a move that could deal a blow to the Chinese economy but also backfire, likely pushing up prices for U.S. consumers.



Positive sentiment toward Trump among the original BRICS nations (Brazil, Russia, India, China and South Africa) — and the belief that a more peaceful world might ensue as a result of his presidency — was far higher than in the EU, U.K. and South Korea, where only 11% of citizens polled regarded a Trump presidency as a good thing for their future.



Just a tad more cheerful, only 15% of British respondents thought Trump would be good for the U.K. So much for the “special relationship.”



“When Donald Trump returns to the White House, much of the world will welcome him. In Europe, anxiety is widespread, but people in many other countries feel either relaxed or actively positive about Trump’s second term,” the ECFR noted as it published the survey, conducted in November.



“U.S. allies in Europe and South Korea are notably pessimistic about the incoming president — suggesting a further weakening of the geopolitical ‘West’,” it added.



<h2 class="wp-block-heading" id="h-trump-empowered"><a></a>Trump empowered</h2>



Geopolitical analysts say things will be different with President Trump this time round, and the world needs to be ready.



Not only will he be emboldened by the scale of his 2024 electoral victory, the firm support of a unified Republican Party and returning to the White House with more experience, he has also surrounded himself with loyalists who are more ideologically aligned with him, noted Ian Bremmer, founder and president of Eurasia Group.



Bremmer told CNBC that Trump 2.0 will see the president hold more power and sway than before, while the West and the Group of Seven — a group that includes the U.K., Canada and Germany — lose status.



“Trump has significantly more power vis-a-vis other countries this time around — both U.S. allies and adversaries — so they’re more inclined to listen to him and take him seriously,” Bremmer told CNBC in emailed comments.&nbsp;



“Trump also has more countries and populations lined up in support of his “my country first” approach to governing,” Bremmer added.



“He had a strong relationship with Israel and the Gulf states in his first term, but now add to that Italy, Hungary, Argentina, El Salvador … and large parts of populations in a number of other countries as well. It’s very different than Trump showing up at the G20 and everyone snickering behind his back,” he noted.



“Today’s G-Zero world is a very different environment,” Bremmer added, referring to his view of a world in which no one power or group of powers is willing and able to drive a global agenda to maintain international order.



Market analysts agree that while Trump’s antipathy toward China, the U.S.′ greatest economic rival, is well known, his long-standing ambivalence toward NATO and his anger over a continuing trade deficit with much of Europe make allies on the continent a target for Trump’s likely more assertive, and potentially hostile, trade and defense policies.



European countries make up the majority of constituents of NATO and the EU is the U.S.′ largest trading partner as a bloc.



“Here in Europe, we are concerned,” market strategist Bill Blain [if he’s not independent can we state the company/org he’s from please] said in emailed comments last week. “However, the rest of the World is largely unbothered at the scale of change that might be coming.”



“It’s clear the geopolitical lines are being redrawn. So will the grounds of global economics be redefined,” Blain added.

105325942-1531403759987gettyimages-996948238

As America braces for Trump 2.0, here’s how the world views his return

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194135899-820x547.jpg" alt="" class="wp-image-576815" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194135899-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194135899-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194135899-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194135899-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194135899-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/GettyImages-2194135899-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Attendees in the Congress Center ahead of the World Economic Forum (WEF) in Davos, Switzerland, on Sunday, Jan. 19, 2025. The annual Davos gathering of political leaders, top executives and celebrities runs from January 20 to 24. Photographer: Hollie Adams/Bloomberg via Getty Images</figcaption></figure>



LONDON — It’s that time of year when the great and the good gather for the annual World Economic Forum in Davos, Switzerland.



A slew of heads of state, politicians and business moguls are set to attend the four-day event in the Alpine resort — but what might be more telling is which leaders are sidestepping the forum.



While Donald Trump, who is being inaugurated as U.S. president on Monday, is expected to address the forum via live video link on Thursday, a number of key leaders will be completely absent from the event.



These include Indian Prime Minister Narendra Modi and Chinese President Xi Jinping, as well as French President Emmanuel Macron, Italy’s leader Giorgia Meloni and British Prime Minister Keir Starmer.



Of the Group of Seven (G7) industrialized nations — which includes the U.S., Europe’s biggest economies, Canada and Japan — the only head of state attending the summit in person is outgoing German Chancellor Olaf Scholz.



WEF says this year’s event — the 55th annual forum, which runs from Monday to Thursday — will convene close to 3,000 leaders from over 130 countries, with the gathering “demonstrating the critical need for dialogue in an increasingly uncertain era.” It notes that 350 government leaders, including 60 heads of state and governments, “will gather in Davos-Klosters to address pressing challenges and shape emerging opportunities.”



The theme of the event is “Collaboration for the Intelligent Age,” with the agenda focusing on five key areas: reimagining growth, industries in the intelligent age, investing in people, safeguarding the planted and rebuilding trust.



Not all world leaders will be there to discuss these issues, however.



“The leaders of Brazil, of China, of India, who gave the keynote speeches 10 years ago, are not there now. Russia has not been welcomed for some years now, Keir Starmer is not going to be there. Macron’s not going to be there,” Jan&nbsp;Aart&nbsp;Scholte, professor of global transformations and governance challenges at Leiden University, told CNBC Thursday.



“True, the prime minister of Spain is going to be there and there are a couple of others, but the general picture of the heads of state, of government that are there is that it’s not the big players. I think if you went through a list of the G20, it’s going to be a small minority [who are attending],” he said.



<h2 class="wp-block-heading" id="h-collective-effort"><a></a>Collective effort</h2>



There is often no official reason given for a lack of participation in WEF, but pressing domestic problems — ranging from slowing economic growth to political crises — are known to keep heads of government at home.



In recent years, there has also been some ambivalence over attending an event that has been accused of being elite and out-of-touch.



The forum has repeatedly stated that it provides a space where stakeholders from across business, government, academia, civil society, media and the arts can “meet on a global, impartial, not-for-profit platform.”



These people, it says, “come together to find common ground and seize opportunities for positive change on large global issues.”



In a statement to CNBC on Monday, WEF said that while it always values the presence of key global leaders, “the Annual Meeting’s impact and ability to drive meaningful dialogue, and action is defined by the collective efforts of a broad and representative community.”



This year’s program, the forum continued, “is designed to address the most pressing global challenges, including economic fragmentation, technological transformation, and climate action.”



“We recognize that global leaders face a wide range of commitments and responsibilities, and their absence does not diminish our ongoing engagement with their respective governments and institutions throughout the year,” WEF added.



Who will be there A number of big names will still join this year’s summit — an event that began back in 1971 under the aegis of Klaus Schwab, who remained executive chairman of the event until the start of this year.



Ding Xuexiang, the vice premier of China, Ukraine’s President Volodymyr Zelenskyy, Javier Milei, the prime minister of Argentina and Cyril Ramaphosa, the president of South Africa, are all due to hold speeches in Davos this week.



The head of the European Commission, Ursula von der Leyen, will likewise attend, as will the leaders of global organizations such as the International Monetary Fund, United Nations, World Health Organization and the World Trade Organization.



Sven Smit, a senior partner at strategic WEF partner&nbsp;McKinsey&nbsp;&amp; Company said in online comments that it would be a priority for participants to “understand what is on the mind of the leaders who are at Davos.”



“You can’t fully predict it, there are themes out there that people suggest, they range from growth to sustainability, but what distils as a Davos theme is not fully predictable and that’s the interesting part,” Smit said.



However, many of the Western institutions in attendance have, in recent years, found themselves on the wrong side of a push against globalization by populist leaders like Trump, and countries like Russia and China.



WEF, too, has fallen foul of this anti-establishment trend, Scholte noted, and while the presence of leaders like Trump might not have been sought out in the past, there is now an acceptance that the world has changed.



“I don’t think that the promoters of a liberal, open world economy speak with quite as much disdain, let’s say, of contrary forces and views as they might have done, say, before the global financial crisis,” he said.



“I think there’s a bit more modesty that, no, it sometimes doesn’t fully work. And no, we haven’t always taken sufficient account of those who feel excluded from this.”



Nonetheless, he stressed that WEF was still a draw for many business and political leaders.



“There are various indicators that a site like the World Economic Forum isn’t as strong a magnet as it might have been a couple of decades ago,” Scholte said. “But the idea that it’s no longer a magnet, and the idea that it also doesn’t have certain areas within world economic governance where it can still be very strong, I think that would be wrong.”

Davos Prepares To Host World Economic Forum (WEF) 2025

As WEF gets underway, the list of world leaders not attending Davos speaks volumes

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088768-1737318993901-gettyimages-2194750964-4m7a5799_kbh8pivj-820x547.jpeg" alt="" class="wp-image-576785" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088768-1737318993901-gettyimages-2194750964-4m7a5799_kbh8pivj-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088768-1737318993901-gettyimages-2194750964-4m7a5799_kbh8pivj-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088768-1737318993901-gettyimages-2194750964-4m7a5799_kbh8pivj-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088768-1737318993901-gettyimages-2194750964-4m7a5799_kbh8pivj-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088768-1737318993901-gettyimages-2194750964-4m7a5799_kbh8pivj-1536x1025.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108088768-1737318993901-gettyimages-2194750964-4m7a5799_kbh8pivj-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">In this photo illustration an iPhone displays a popup message on the social media platform TikTok on January 19, 2025 in Washington, D.C.  Kayla Bartkowski | Getty Images</figcaption></figure>



TikTok was available to some U.S. users on Sunday after President-elect Donald Trump said that he would sign an executive order on Monday following his inauguration to delay a federal ban of the app.



In a statement on X, the company wrote that it would bring back access to its American users.



“In agreement with our service providers, TikTok is in the process of restoring service,” TikTok wrote. “We thank President Trump for providing the necessary clarity and assurance to our service providers that they will face no penalties providing TikTok to over 170 million Americans and allowing over 7 million small businesses to thrive.”



The decision is “a strong stand for the First Amendment and against arbitrary censorship,” the company added. “We will work with President Trump on a long-term solution that keeps TikTok in the United States.”



This came after Trump wrote on his social media app Truth Social he would “issue an executive order on Monday” to extend the period of time before the ban was set to take place.



“I’m asking companies not to let TikTok stay dark!” Trump wrote on Sunday morning.



Although TikTok was shut down for American users late Saturday night, and also removed from Apple and Google’s app stores, some were able to log on to the platform on Sunday through their mobile apps and desktops.



The law banning TikTok was set to take effect on Sunday as ByteDance, the China-based owner of TikTok, had not yet divested the company to a non-Chinese entity. The Supreme Court had ruled on Friday to uphold the law that would ban the app and penalize third-party internet service providers, such as Apple and Google, if they supported TikTok on their platforms after the ban went into effect.



Despite TikTok’s pledge to reinstate service in the U.S. following Trump’s statement, the company’s future remains unclear under the current law.



Trump has previously stated on Truth Social that he would like the U.S. to hold 50% ownership of TikTok in a joint venture to “keep it in good hands and allow it to stay up.” However, ByteDance has not changed its stance on having no plans to sell the company.

108087891-17370552112025-01-16t184115z_264065835_rc26bcansfjq_rtrmadp_0_usa-china-tiktok

TikTok restoring U.S. service after Trump provided ‘assurance’

Protesters block the road to Davos

How drones are being used for life saving missions

How Bluesky Grew From A Twitter Side Project To An X Competitor

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1920" height="1080" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108087889-17370551552025-01-16t184404z_820877807_rc26bcaoa7bg_rtrmadp_0_usa-china-tiktok-1.jpeg" alt="" class="wp-image-576489" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108087889-17370551552025-01-16t184404z_820877807_rc26bcaoa7bg_rtrmadp_0_usa-china-tiktok-1.jpeg 1920w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108087889-17370551552025-01-16t184404z_820877807_rc26bcaoa7bg_rtrmadp_0_usa-china-tiktok-1-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108087889-17370551552025-01-16t184404z_820877807_rc26bcaoa7bg_rtrmadp_0_usa-china-tiktok-1-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108087889-17370551552025-01-16t184404z_820877807_rc26bcaoa7bg_rtrmadp_0_usa-china-tiktok-1-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108087889-17370551552025-01-16t184404z_820877807_rc26bcaoa7bg_rtrmadp_0_usa-china-tiktok-1-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/01/108087889-17370551552025-01-16t184404z_820877807_rc26bcaoa7bg_rtrmadp_0_usa-china-tiktok-1-1536x864.jpeg 1536w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">Dado Ruvic | Reuters</figcaption></figure>



Apple and Google removed TikTok from their app stores Saturday night, complying with a law requiring China’s ByteDance to divest the social app or see it face an effective ban in the U.S. 



The Apple App Store and the Google Play store’s removal of TikTok means people in the U.S. can no longer download the popular short-form video app on their devices. The app’s delisting comes after the Supreme Court on Friday unanimously upheld the Protecting Americans from Foreign Adversary Controlled Applications Act, which President Joe Biden signed in April. TikTok on Friday said its service would go dark, meaning it would stop working for Americans, unless the Biden administration intervened.



On Apple’s App Store, a message saying “App Not Available” appears on TikTok’s former app-install page.



“This app is currently not available in your country or region,” the message said.



“We’re sorry, the requested URL was not found on this server,” said a message on the page the previously hosted TikTok on the Google Play store.



Some users who visited TikTok’s app and website on Saturday were greeted with a message that said, “Sorry, TikTok isn’t available right now.”



“A law banning TikTok has been enacted in the U.S. Unfortunately, that means you can’t use TikTok for now,” the notice said. “We are fortunate that President Trump has indicated that he will work with us on a solution to reinstate TikTok once he takes office. Please stay tuned!”



Lemon8, another service owned by ByteDance, also displayed a notice letting users know it wasn’t available in the U.S. The app had shot up the charts recently, becoming one of the most popular free apps on iOS.



“Sorry, Lemon8 isn’t available right now,” the notice states.



The law requires that service providers no longer support TikTok within the U.S. if ByteDance failed to carry out a “qualified divestiture” of the app by Sunday. As a result, Apple, Google and Oracle could face tough penalties for failing to adhere to the law. Apple and Google previously distributed the app through its app stores while Oracle provides cloud computing services to TikTok and said in June that the law would hurt its business.



After the Supreme Court’s decision, TikTok CEO Shou Chew said use of TikTok is a First Amendment right and added that over 7 million American businesses use it to make money and find customers.



<h2 class="wp-block-heading" id="h-awaiting-trump"><a></a>Awaiting Trump</h2>



“Rest assured, we will do everything in our power to ensure our platform thrives as your online home for limitless creativity and discovery as well as a source of inspiration and joy for years to come,” Chew said in a TikTok video.



Chew also thanked President-elect Donald Trump, who previously asked the Supreme Court to pause the law’s implementation and allow his administration “the opportunity to pursue a political resolution of the questions at issue in the case.” Chew is expected to attend Trump’s inauguration in Washington on Monday, along with tech leaders from companies including Meta, Amazon, Apple and Google.



Trump arrived in Washington Saturday evening. His transition team did not immediately respond to the TikTok shutdown. Trump on Friday said that the Supreme Court’s decision was expected “and everyone must respect it.”



“My decision on TikTok will be made in the not too distant future, but I must have time to review the situation. Stay tuned!” Trump wrote in a post on his social media app Truth Social.



White House press secretary Karine Jean-Pierre on Saturday acknowledged TikTok’s statement that it would go dark and characterized it as a “stunt.”



“We have laid out our position clearly and straightforwardly: actions to implement this law will fall to the next administration,” Jean-Pierre said. “So TikTok and other companies should take up any concerns with them.“ Trump told NBC News on Saturday that he would “most likely” give TikTok a 90-day extension of the Sunday deadline, and that he would “probably announce” a decision on Monday.



“I think that would be, certainly, an option that we look at,” Trump said in the phone interview. “The 90-day extension is something that will be most likely done, because it’s appropriate. You know, it’s appropriate. We have to look at it carefully. It’s a very big situation.”



Artificial intelligence startup Perplexity AI on Saturday submitted a bid for TikTok that would result in the AI-powered search engine startup combine with TikTok’s U.S. operations and new capital partners, CNBC reported.



Businessman Frank McCourt’s internet advocacy group Project Liberty announced on Jan. 9, that it had submitted a proposal to buy TikTok from ByteDance at undisclosed terms. McCourt told CNBC on Friday that “we, I believe, are the only bidder” that meets the necessary criteria of disentangling the technology from the Chinese algorithm.

108087889-17370551552025-01-16t184404z_820877807_rc26bcaoa7bg_rtrmadp_0_usa-china-tiktok (1)

Apple, Google remove TikTok from stores as app halts service in U.S.

Inside the Dyson research lab working with robots

From Street View To AI — How Google Maps Mapped The World

CNBC

Experts say high food prices are here to stay

Renewable giants shrug off Trump’s anti-wind policies: ‘Electrification is absolutely unstoppable’

AI mania takes over Davos as the world’s biggest firms tout their offerings

Why U.S. Tech Companies Struggle To Replicate China’s WeChat ‘Super App’ Model

Keep an eye on these Trump 2.0 policies

Trump’s plan for mass deportation could have a big effect on prices

CONVERGE Andy Cohen subs v2

As America braces for Trump 2.0, here’s how the world views his return

As WEF gets underway, the list of world leaders not attending Davos speaks volumes

TikTok restoring U.S. service after Trump provided ‘assurance’

Protesters block the road to Davos

How drones are being used for life saving missions

How Bluesky Grew From A Twitter Side Project To An X Competitor

Apple, Google remove TikTok from stores as app halts service in U.S.

Inside the Dyson research lab working with robots

From Street View To AI — How Google Maps Mapped The World

Here’s why Americans love canned cocktails like High Noon and Cutwater

News Tips

Advertise With Us

CNBC

Experts say high food prices are here to stay

Renewable giants shrug off Trump’s anti-wind policies: ‘Electrification is absolutely unstoppable’

AI mania takes over Davos as the world’s biggest firms tout their offerings

Why U.S. Tech Companies Struggle To Replicate China’s WeChat ‘Super App’ Model

Keep an eye on these Trump 2.0 policies

Trump’s plan for mass deportation could have a big effect on prices

CONVERGE Andy Cohen subs v2

As America braces for Trump 2.0, here’s how the world views his return

As WEF gets underway, the list of world leaders not attending Davos speaks volumes

TikTok restoring U.S. service after Trump provided ‘assurance’

Protesters block the road to Davos

How drones are being used for life saving missions

How Bluesky Grew From A Twitter Side Project To An X Competitor

Apple, Google remove TikTok from stores as app halts service in U.S.

Inside the Dyson research lab working with robots

From Street View To AI — How Google Maps Mapped The World

Here’s why Americans love canned cocktails like High Noon and Cutwater

News Tips

Advertise With Us

Newsletters