Trump has everyone at the World Economic Forum in Davos guessing
Donald Trump likes to discomfort his enemies.
Not to mention his friends, his partners, business adversaries, celebrity critics, anyone, in fact, who could end up on the other side of a deal.
As president of the world’s largest economy, that makes for a long list, many of them in Davos on Tuesday trying to make sense of what his second term will mean, and not getting very far.
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The World Economic Forum is a body that likes to think it has the answers. The annual conference attracts leaders from business, politics and civil society, gathering to share their wisdom and cut deals on the side.
Less than 48 hours into Trump II not only are they struggling for answers, they’re yet not clear what the question is.
For European political leaders, already exposed to soaring US growth rates, Trump’s still-vague threats to “tax and tariff” could pose a fundamental threat to economic cooperation and stability.
In the absence of firm policy, they promised to work with Trump, but not at all costs.
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European Commission president Ursula Von der Leyen conceded that the harmonious world order imagined at the turn of the century is dead – “Instead we have a new era of harsh geo-strategic competition.”
The race is one, she said, but not to the bottom. “We will be pragmatic but we will always stand by our principles… because that is the European way.”
Outgoing German chancellor Olaf Scholz, already a victim of the European populist wave, acknowledged the uncertainty.
“President Trump and his government will keep the world in suspense in the coming years,” he said. “We can and will deal with that, without unnecessary agitation and outrage, but also without false ingratiation or telling people what they want to hear.”
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A glance at the tech billionaires lined up in front of the cabinet at the inauguration, behind only the Trump family, suggests that may be wishful thinking.
Ukraine
The most coherent response came from the European leader with most to lose.
Volodymyr Zelenskyy asked not what Trump will do to help defeat Russia, but what Europe will do to remain relevant.
He painted a picture of a US administration striking deals with Russia and China while Europe looked on, a fundamental challenge and a call to arms that made the continents’ leaders shift in their seats.
For business, the implications are less grave but no less knotty.
Business reaction
Bankers and investors are braced for the upside of a president who will measure success by the stock market as much as poll ratings, The crypto crowd meanwhile have a spring in their snowshoes.
Others hope economic reality will outrun rhetoric.
In the face of Trump’s rejection of renewables and a promise to “drill baby, drill”, Henrik Anderson, chief executive of Danish wind turbine manufacturer Vestas, was not being blown off course
“The US is our largest market, I listened to most of it [the inauguration] before I went to bed last night, and I slept well overnight,” he told Sky News.
“This is the new administration coming into play, some of the legislation will either change or continue, but what I think we will see is that creating the energy he needs will also create jobs.”
Others are not so sure. “F****** hell,” said one prominent British chief executive with a shake of the head.
Donald Trump has everyone guessing, which is just the way he likes it.
Police officers found a handgun, a silencer and a red notebook described as a “manifesto” when they arrested Luigi Mangione.
The 27-year-old was arrested in December 2024 and charged with killing UnitedHealthcare chief executive Brian Thompson in New York City.
Mangione‘s lawyers want to block prosecutors from showing or telling jurors at his eventual trial in Manhattan about statements he allegedly made and items they said police seized from his backpack during his arrest at a McDonald’s in Pennsylvania.
The objects include a 9mm handgun prosecutors say matches the one used in the killing, a silencer, a magazine with bullets wrapped in underwear and a notebook in which they say Mangione described his intent to “wack” a healthcare executive.
Mangione with his attorney. Pic: Reuters
The defence contends the items should be excluded because police did not get a warrant before searching Mangione’s backpack.
Prosecutors deny claims Mangione was illegally searched and questioned.
They also want to suppress some statements he made to police, such as allegedly giving a false name, because officers asked him questions before telling him he had a right to remain silent.
Last week, Mangione watched surveillance videos of the killing of Mr Thompson, 50, as he walked to a New York City hotel for his company’s annual investor conference.
Mangione has pleaded not guilty to state and federal murder charges.
The state charges carry the possibility of life in prison, while federal prosecutors are seeking the death penalty.
This week’s hearing concerns only the state case, but Mangione’s lawyers want to bar evidence from both cases.
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In September, a judge dismissed two terrorism counts against Mangione, finding prosecutors had not presented enough evidence Mangione intended to intimidate health insurance workers or influence government policy.
Trial dates are yet to be set in either the state or federal cases.
Paramount has launched a £108.4bn hostile bid for Warner Bros, challenging Netflix, which had reached a $72bn takeover deal with the company.
Paramount said on Monday that it was going straight to Warner Bros Discovery (WBD) shareholders with a $30 per share in cash offer for the entirety of the company, including its Global Networks segment, asking them to reject the deal with Netflix.
On Friday Netflix struck a deal to buy WBD, the Hollywood giant behind “Harry Potter” and HBO Max
The agreement means Warner Bros Discovery’s library of film and TV successes including Harry Potter and Game Of Thrones will come under the same roof as Stranger Things and Squid Game.
The cash and stock deal is valued at $27.75 per Warner share, giving it a total enterprise value of $82.7 billion, including debt.
But Paramount says its deal will pay $30 cash per share, representing $18 billion more in cash than its rivals are offering.
In a statement, Paramount said it was making a “strategically and financially compelling offer to WBD shareholders” and a “superior alternative to the Netflix transaction”.
File pic: iStock
David Ellison, chairman and CEO of Paramount, said: “WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company.
“Our public offer, which is on the same terms we provided to the Warner Bros. Discovery Board of Directors in private, provides superior value, and a more certain and quicker path to completion.
“We believe the WBD Board of Directors is pursuing an inferior proposal which exposes shareholders to a mix of cash and stock, an uncertain future trading value of the Global Networks linear cable business and a challenging regulatory approval process.
“We are taking our offer directly to shareholders to give them the opportunity to act in their own best interests and maximize the value of their shares.”
Paramount said it had submitted six proposals to WBD in the course of 12 weeks, but that they were never “meaningfully” engaged with.
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