Davos Diary: Day 1

Friday, 27th January 2012, 12:51pm

Want to get by in Davos? Then technology is what you need. I only arrived yesterday, and have already realised how woefully short of technical nous I am. There are basic gaps in my understanding all the way: from finding the right adaptor plugs in my bedroom to adding the Davos apps to my iPad. I had to engage the assistance of both the hotel porter and my longstanding friend Lindy — whom I now hold in even higher esteem — just to get by.

And the other thing you need? Snow boots. My girlfriend Janet lent me hers for the week, and they're certainly necessary. Much of your time here is spent crunching around the snowy roads between your hotel and the congress centre, and nearly slipping as you bump into people. It feels like networking in a Winter Wonderland. Just grab the hand of someone you know (or think you should know) as you slide on by — and share a smile that says you both know you look absurd in your wooly hats.

Once you're finally at the centre, it's down to business. And business, in this case, is stuttering world economy. It was all neatly summarised by Ian Powell, from PwC, after the launch of his company's research into how CEOs view the situation. Business types can cope with risk, he said. They positively thrive on it. But it's uncertainty — a sort of unquantifiable risk I suppose — that gets them worried. And at the moment we have major uncertainty about the eurozone, liquidity and regulation. As a result, companies are sitting on cash and not investing. An uncertain world means a bunged up economy.

The fascinating conversations tumbled on from there. There was my near collision with Gerard Lyons, Chief Economist for Standard Chartered Bank, during which he explained that the Chinese and Indian economies are ‘cooling’, but their underlying trends are still ‘very good’. And I also saw John Quelch, Dean of the China Europe International Business School, who I've known since his time at the London Business School. He shared his thoughts on new models of leadership emanating from China.

A day-and-a-bit into Davos, and I already feel swept away by flurries of ideas, not just of snow. And this year, in particular, nothing is clear or straightforward. But I think that’s the point of a World Economic Forum. Klaus Schwab, when he spoke yesterday afternoon, said that he didn’t want to limit the number of issues covered here at Davos. We are here, he said, to give an impression of what's going on in the world. I think he’s right.

Carole Stone is chairman of YouGovStone.

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