WEF 2017

George Soros, on the sideline of Davos Forum, gave his views on the state of the world. The EU, according to billionaire investor, is disintegrating following last year’s Brexit vote and Italian referendum, a course that must be reversed. The trading bloc has become dysfunctional because it is governed by laws that are "not appropriate to the current circumstances" and not easily changed, he said.

"If Europe breaks down, the consequences will be very dire," the investor said. "But I do see a way it could be saved, and this is also recognized by many of the people in Brussels. They can’t say so publicly, but they know that Europe is not functioning."

Chinese e-commerce giant Alibaba’s executive chairman Jack Ma said the company’s ambitions to link up with Hollywood remain strong and also urged people to give President-Elect Donald Trump “some time” because “he’s listening.”

Speaking at the World Economic Forum in Davos, Switzerland on Wednesday, the Chinese billionaire said Alibaba had a debate five years ago about what Chinese people want. “Happiness and health,” he said. “We believe the movie industry brings happiness. Today, no one is happy. Rich people aren’t happy. Poor people aren’t happy. At least when I watch a movie I’m happy.”

The top boss of HSBC, Stuart Gulliver, has said it is planning to move some staff from London to Paris following Britain’s exit from the European Union.

Speaking from the World Economic Forum in Davos, Gulliver said in an interview Bloomberg Television that "about 1,000 jobs which are carrying out activities which are covered by European legislation… would probably need, in our case, to go to France".

While Gulliver had in the past already hinted at such a switch of investment banking jobs, his comments appeared more precise as he suggested France would take precedence over other EU nations.

Credit Suisse Chief Executive Tidjane Thiam sees market conditions improving during 2017 as the bank’s reorganization gathers pace and its efficiency drive continues.

Thiam told Bloomberg TV in an interview from Davos on Tuesday that "After a year in 2016 where you saw revenues really go down (across the sector)…hopefully 2017 will be better but all this is markets permitting," he said.

"We have seen across the world the benefits of globalization…but we have also seen the tensions. The cracks in the system which then found a political translation," said the CEO of Switzerland’s second-largest bank.

China’s President, Xi Jinping, says that economic globalization has powered worldwide growth and should not be blamed for the world’s problems.

In an attack on the anti-globalization rhetoric, Xi told a packed audience at the World Economic Forum at Davos on Tuesday: "It is true that economic globalization created new problems but this is no justification to write off economic globalization altogether", and he added that “Pursing protectionism is just like locking oneself in a dark room".

He stressed the challenges as well of the benefits of economic globalisation and that the process needed to be made more “invigorated, inclusive and sustainable”.

Xi Jinping is set to become the first Chinese president to attend the World Economic Forum’s annual gathering high in Davos. It’s a visit rich in symbolism: Beijing is positioning itself as a global leader at a time when Western powers, and especially the United States, are retreating from the world stage.

Globalisation and free trade are being attacked in the US and Europe. And with a new president about to enter the White House, President Xi’s speech will be watched very carefully.