Davos 2025: CEOs issue stark warnings on Europe’s future and the new Trump era, as WEF gathers steam

Israel’s central bank governor on Tuesday said he sees one to two potential rate cuts for the country in the second half of this year, suggesting confidence that domestic inflation will ease in the coming months.

Inflation, which hit 3.2% in December, is “still above our target, which is between 1% and 3%,” Bank of Israel Governor Amir Yaron said.

While the bank expects costs to go up in the first half of the year, “in the second half, we are hoping [inflation] will come into balance, moderate itself,” Yaron said. “We are seeing one or two cuts feasible in the second half of the year, as inflation is supposed to go into the target.”

He also expressed optimism that a sustained ceasefire agreement between Israel and Hamas would help Israel’s economy and that of the wider region.

— Natasha Turak

U.S. regulations introduced in recent years will be relaxed under President Donald Trump, Barclays CEO C. S. Venkatakrishnan told CNBC on Tuesday, adding that he was hopeful to see a similar shift across the pond.

“We are a bank that has about 40% of our revenues in the US. So it’s important to us,” Venkatakrishnan told Sara Eisen.

“Obviously there’s a lot of control and regulation that had been placed in the last few years, and we think that’ll get relaxed. That’s generally good for business sentiment and good for business opportunity.”

“And we think those winds are blowing towards Europe and the U.K., where you can see governments understanding what’s going on in the U.S. and trying to see what aspects of their own regulation they should ease up on. And we think if they did that, that’s a good idea.”

“One can be hopeful,” he added.

Venkatakrishnan discussed his optimism around deal activity in the U.S., both due to interest rates reaching a “relatively stable” level and because of the change in administration helping facilitate mergers.

Venkatakrishnan also said he was optimistic on the U.K., where economic growth has stagnated and investor concerns over high debt have been reflected in higher borrowing costs and a fall in sterling.

“We are already a large bank, but we are putting more capital to work in the U.K. We think that both the hard and the soft infrastructure of the U.K. is extremely strong and robust,” he said.

“We need to move forward with a new economic program which this new government has put forth, and we have to give it time… I think they have the right plan.”

— Jenni Reid

Odile Renaud-Basso, president of the European Bank for Reconstruction and Development, said that Russian President Vladimir Putin had “failed” to achieve his original objective of collapsing Ukraine.

Speaking to CNBC’s Dan Murphy, she also said that the EBRD has so far been focusing on supporting Ukraine’s real economy, and that the bank is currently still in the phase of providing emergency support to help with quick reconstruction in areas like infrastructure.

Since the start of the war the EBRD has invested around 6.2 billion euros ($6.5 billion), Renaud-Basso said, with investment set to continue in 2025 and then be increased when construction can properly start.

— Sophie Kiderlin

The European Union is not prepared for U.S. President Donald Trump’s second four-year term, according to one top German business executive.

The comment comes as policymakers and business executives at the World Economic Forum’s (WEF) annual summit in Davos, Switzerland, await further details regarding Trump’s latest and upcoming policies. The newly inaugurated president signed a flurry of executive orders on Monday, shortly after being sworn in as the 47th president of the United States.

“I think we need to wait and see until the facts are on the table,” Joe Kaeser, chairman of the supervisory board of Siemens Energy, told CNBC’s Dan Murphy at WEF on Tuesday.

“Obviously, it looks different to what it used to be. Trump 1.0 was a lot of noise, little signal and less actions. This time the administration seems to be well prepared to really change things for the global world,” Kaeser said.

“Unfortunately, the European Union is not prepared for having a seat on the table because they do not have a foreign economic policy — at least not one which represents the whole 450 million people in this economy. So, it is going to be an interesting time,” he added.

European Commission President Ursula von der Leyen said earlier in the day that the EU is ready to do business with the world.

— Sam Meredith

Global sentiment is currently dominated by excitement around the U.S. economy and a gloomier outlook on Europe, David Schwimmer, head of London Stock Exchange Group (LSEG), told CNBC’s Dan Murphy on Tuesday.

“If you go around the world, you can see very different situations and in different economies, a lot of excitement about the U.S. We’ll see how long that lasts. There are some lurking challenges there, I think,” Schwimmer said at the World Economic Forum in Davos.

“A little bit more of a gloomy perspective on parts of Europe. Some of that is geopolitical, some of that is economic. [On] China, some challenges. India, a little bit more positive.”

Schwimmer also told CNBC he expected to gain regulatory approval for LSEG’s new Pisces system, which will allow private companies to be publicly traded in London for limited periods as short as a single day in the “coming months.” The program ties into a larger revamp of London Stock Exchange rules aimed at addressing a slowdown in listings.

Schwimmer said Pisces would be “less onerous” than drawing up a full listing prospectus and would come with no obligations for disclosure after the fundraising.

“It’s actually a very attractive solution for private companies that want to… provide liquidity to employees, but they don’t actually want to be a public company, and there are a number of features that we’re building into it that really allow it to replicate, but in a much more efficient way, a typical private placement process,” he said.

— Jenni Reid

Allianz CEO Oliver Bäte on Tuesday told CNBC that Germany has “a spending problem,” and suggested major changes were needed.

While the country does not have an income problem due to its high tax levels, it does have a problem with spending, he said. Bäte added that in recent history the country has been spending more money on consumption and less on investment, which he said needs to change.

The CEO of the insurance and financial services firm also suggested Germany was failing its working class by not providing “the most important basic goods” in a sufficient way.

The country was having issues in areas like transportation and education, he said, noting that there were many things that needed fixing. This was having an impact on Europe’s political landscape, Bäte said, explaining that people were not voting for far right or far left parties because they are extremist, but because of the failure to deliver basic goods.

— Sophie Kiderlin

Novo Nordisk Foundation CEO Mads Krogsgaard Thomsen urged Europe to “innovate before you regulate,” joining a chorus of WEF voices arguing that regulation was stifling innovation.

“Innovation demands that there’s funding, and there’s different mechanisms for creating that funding,” said Krogsgaard Thomsen.

“But also that you don’t have too many red tapes, too many rigid regulatory frameworks, which we tend to do in Europe,” he said.

The Novo Nordisk Foundation owns Wegovy obesity drugmaker Novo Nordisk’s unlisted A shares.

— Karen Gilchrist

Ukrainian President Volodymyr Zelenskyy called into question the U.S.′ commitment to its transatlantic allies, saying President Donald Trump’s decision to focus on domestic issues as his first act in office suggested he would not be concerned with the future of Europe.

“Right now, all eyes are on Washington, but who’s actually watching Europe at the moment?” Zelenskyy asked the audience of business leaders and heads of state gathered in Davos, Switzerland, during his address on Tuesday.

Read the full story here.

— Holly Ellyatt

Binance CEO Richard Teng said he sees bitcoin hitting a new all-time high in 2025 on the back of a more positive U.S. regulatory environment for crypto expected under newly inaugurated President Donald Trump.

“If you look at past cycles, this year will be a year that we see a new all-time high for the crypto industry,” Teng said in a fireside chat at the World Economic Forum in Davos, Switzerland. He added he sees “much clearer regulation” in the U.S. this year under the new Trump administration.

Bitcoin passed the $100,000 price milestone for the first time last year, as traders grew optimistic about the crypto industry’s prospects under a Trump administration. As of Tuesday, the token was trading near $104,000, according to CoinGecko, down 3% in the last 24 hours amid a broad slump in crypto markets.

– Ryan Browne

German Chancellor Olaf Scholz on Tuesday said that the U.S. remained Germany’s closest ally outside of Europe, adding that he would do everything he could for this to remain the case.

Scholz also disclosed that he has had “good first talks” with President Donald Trump, but noted that “at the same time, it is absolutely clear President Trump and his government will keep the world in suspense” with respect to various policy areas.

“We are able and will be dealing with this, without any excitement and indignation but also without fake cozying up and telling them what they want to hear,” Scholz said.

— Sophie Kiderlin

The chief executive of Austria’s energy major OMV said the firm’s gas portfolio is better than ever before, describing 2025 as “a new chapter” for the company.

His comments come shortly after OMV won an arbitration case against Russia’s state-owned energy giant Gazprom, a step that prompted the company to say it would stop paying for Gazprom gas.

“We were able to terminate our business activities with Russia at the end of last year because we got an arbitration ruling that we could actually execute,” Alfred Stern, CEO of OMV, told CNBC’s Dan Murphy at the World Economic Forum on Tuesday.

“With this, we now have a much better gas portfolio than we have ever had before, with diversified sources coming from Norway, coming from LNG, the U.S., Italy and so on,” Stern said.

“That is helping us to move forward and open a new chapter for OMV,” he added.

— Sam Meredith

The executive chairman of Spanish renewable energy giant Iberdrola said the process of replacing fossil fuels with electrically powered equivalents, such as electric vehicles or heat pumps, is “absolutely unstoppable.”

“We are seeing that probably we are in the best moment for electrification,” Iberdrola’s Ignacio Galán told CNBC’s Dan Murphy at the World Economic Forum on Tuesday.

“Electrification is absolutely unstoppable. So, countries, uses, vehicles, data centers, cooling and heating, whatever. All is electric now,” he added.

— Sam Meredith

Saudi Arabia expects to see steadily increasing non-oil GDP growth in the coming years, the kingdom’s Minister of Economy and Planning Faisal Alibrahim told CNBC’s Dan Murphy.

“We project 2024 will close as non-oil economy growth at 3.9%, 2025 we project 4.8% for non-oil and 2026 we project 6.2%,” the minister said. “And we’ll continue working on not just these numbers being achieved, but the long term laying of a foundation for a new economic structure to be built,” he said.

Alibrahim highlighted sectors the Saudi government is investing in to create more diversified economic growth, including heavy industry, mining, tourism and sports.

— Natasha Turak

Europe needs to follow America’s lead when it comes to business regulation, according to Ericsson CEO Borje Ekholm.

Speaking to CNBC in Davos, Ekholm said Europe had adopted “a regulatory-first approach.”

“I don’t think you can be [a] frontrunner in regulation, I don’t think that creates value,” he said. “Where you have to be frontrunner is innovation, you need a framework that supports innovation. That’s where the U.S. has been really successful — Europe needs that.”

— Chloe Taylor

An expected decline in interest rates could be stalled if the prospective tariffs of Donald Trump’s second White House administration bleed into markets and shore up inflation, UBS CEO Sergio Ermotti warned Tuesday.

“Something that I’ve been saying for a while, inflation is much more sticky than we have been saying,” he told CNBC’s Andrew Ross Sorkin at the World Economic Forum in Davos, Switzerland. “The [truth] of the matter is that we need to see also how tariffs will play a role in inflation.”

“Tariffs will probably not really help inflation to come down. And therefore I don’t see rates coming down as fast as people believe,” he said.

Markets have been on alert for the next trade steps of the newly inaugurated Trump, who has threatened to impose 25% tariffs on Mexico and Canada, while also floating a separate set of retaliatory trade measures against China in a bid to pressure Beijing to force ByteDance’s sale of TikTok.

Read the full story.

— Ruxandra Iordache

Watch CNBC’s interview with José Viñals, chair of Standard Chartered, at the World Economic Forum’s annual meeting in Davos, Switzerland.

David Beckham admitted that being the owner of a soccer club has been the “biggest challenge” of his career, in a wide-ranging conversation with CNBC host Tania Bryer.

The former soccer player discussed becoming the president and co-owner of American soccer club Inter-Miami CF, saying “it’s probably been my biggest challenge in my career as a player, and in my career as a businessman.”

“The first few years were very difficult, it was very difficult to get things up and running and then once we got up and running, we had Covid,” he added.

Beckham was the recipient of the Crystal Award on Monday at WEF for his philanthropic work protecting the rights of vulnerable children.

He has worked as a UNICEF goodwill ambassador since 2005 and told Bryer it was his first time attending Davos. The most important thing about the award is that “it shines a light on the situations that children are facing around the world,” he said.

Beckham also discussed signing on Lionel Messi to Inter-Miami in 2023,  the production of the Netflix docuseries “Beckham,” and hinted at an upcoming documentary about his wife, Victoria Beckham.

— Sawdah Bhaimiya

The head of French artificial intelligence firm Mistral sees the technology moving beyond large language models this year.

“I think the focus should shift [from AI models] to systems,” Arthur Mensch, CEO and co-founder of Mistral, told CNBC’s Arjun Kharpal in an interview Tuesday.

“Models are a part of systems, but systems are connected to data, connected to tools, able to actually do things on your behalf, able to act in an agentic way.”

“Agentic AI” refers to a type of artificial intelligence that can take actions autonomously with limited human supervision.

Founded only two years ago, Mistral has quickly become one of Europe’s most hyped AI companies, achieving a $6 billion valuation and backing from U.S. tech giant Microsoft last year.

– Ryan Browne

Speaking on a panel moderated by CNBC’s Steve Sedgwick, former U.S. Treasury Secretary Larry Summers said the technological possibilities ahead of the world have never been brighter.

“We’re going to get into a world where we see a thing like Wegovy and the semaglutides — a miracle drug, a new one — every couple of years,” he said. “And I believe AI will be to the internet as the computer was to the calculator.”

However, he warned that the future was not “automatically going to be okay.”

“The ’20s was a moment of stunning technological possibility, with synthetic fabrics, the automobile, with widespread electrification, and what followed the 20s wasn’t great,” he said.

— Chloe Taylor

Excessive regulation and high energy transition costs risk deindustrializing Europe, prompting frontier industries to move elsewhere, Morten Wierod, CEO of Swiss robotics firm ABB warned.

“That will lead to the deindustrialization of Europe, where these industries will move elsewhere. I’m concerned, as they are — our customers and partners — so I think it’s important that that message gets clearly across,” he said.

Wierod said it was important for bureaucratic EU regulation to be simplified to give firms more flexibility to innovate and grow, particularly in emerging industries like AI and decarbonization.

“It needs to be a clear reset on regulation and let business get on with it,” he said.

“Each regulation is set with good intentions. But it’s when you take and you put everything together, it just becomes too much. It gets too complex.”

— Karen Gilchrist

Chinese Vice Premier Ding Xuexiang warned there are “no winners” in a trade war, as the world’s second-largest economy faces the possibility of tariffs under the freshly-inaugurated administration of Donald Trump.

Ding made his comments during a Tuesday speech at the World Economic Forum in Davos, Switzerland, according to an official English translation.

Ding, who said he was attending Davos for the second time, is one of China’s four vice premiers. China economy has struggled with lackluster consumption and a real estate slump. Despite this, the country’s GDP officially grew by 5% last year after a flurry of stimulus announcements starting in late September.

Read the full story here: Trade war has no winners, China’s vice premier warns, as Trump threatens tariffs

— Evelyn Cheng

As we enter an era of more protectionist trade policies under President Donald Trump, the world needs to remember that global trade benefits all parties, the CEO of DHL Group said Tuesday.

“I think it’s important to remind ourselves that global trade has been a very positive thing,” Tobias Meyer told CNBC at Davos Tuesday.

“It has been a positive thing in terms of boosting wealth. It remains essential for nations to participate in the advances of technology — think about medical devices — but also in other areas, and it also has been good for the U.S.,” he added.

“You see many U.S. companies here, engaging globally with their partners, with good reason,” he said.

— Holly Ellyatt

Inflation driven by U.S. tariffs under President Donald Trump is among the biggest market risks in 2025, Nicolai Tangen, CEO of Norges Bank Investment Management, told CNBC’s Dan Murphy.

Higher for longer rates, geopolitical tensions, concentration in U.S. equities and high government debt levels are also risks Norway’s massive sovereign wealth fund is monitoring, Tangen added.

However, he said that “purely financially,” for a lot of U.S. companies, Trump’s arrival was going to be “very positive.”

“Just from a financial point of view, as a financial investor, it’s generally very exciting… when we talk to American CEOs, and we talk to a lot of them, we really see this animal spirit coming back.”

Read the full story.

— Jenni Reid

Despite President Donald Trump’s previous threat to impose up to 100% tariffs on Chinese imports to the U.S., the relationship between the economic behemoths could improve, the CEO of Hong Kong Exchanges and Clearing (HKEX) told CNBC Tuesday.

“I’ve been talking to a lot of people and, inevitably, everyone is focused on [Trump’s inauguration], but one thing which I found quite pleasing is the fact that when the topic of U.S.-China relationship comes up, it’s not all one-sided, and I did pick up quite a lot of optimism. So that’s quite encouraging,” Bonnie Chan told CNBC’s Karen Tso on Tuesday.

“It’s still early days. I’m not declaring victory, obviously, but I say that there is still quite a lot of positive things to look forward to,” she said.

Ahead of his inauguration on Monday, Trump had threatened to impose massive tariffs on China, but he stopped short of implementing an immediate tariff policy toward Beijing. He nevertheless warned that tariffs of 25% could be levied against Mexico and Canada as soon as early February.

Rather than worrying about potential tariffs, Chan said HKEX was focused on building its own resilience to geopolitical volatility.

“From our perspective, it is really about maintaining that resilience, so that no matter what happens, we stay the course, and hopefully we bring more more companies to the public market. We continue to really be the super-connector, matching the capital with the opportunities. That’s what we want to focus on,” she said. 

— Holly Ellyatt

There are too many banks in Europe, according to ING CEO Steven van Rijswijk.

Van Rijswijk said if Europe heads towards a Capital Markets Union, where fiscal, monetary and regulatory policies are standardized across European Union member states, then fewer banks will be needed.

“I think there are too many banks in Europe for an efficient capital system,” he told CNBC’s Squawk Box Europe in Davos.

The CEO suggested that fragmented laws across Europe were currently hampering a more efficient banking system, in stark contrast to the United States.

“We see also in Europe that there are different regulations on different elements,” Van Rijswijk said. “Talking about anti-money laundering, GDPR or cyber, there are differences in Europe that hamper [the] efficient way of banks doing business with our customers.”

The U.S. is expected to start a three-year transition towards the Basel III capital framework in the second half of 2025. The Bank of England delayed the implementation of the framework by a year to 2027. However, the EU implemented the framework at the start of this year.

The new capital framework will raise the amount of capital banks will be required to have to lend to customers thereby denting their profit. Van Rijswijk suggested the discrepancy across the various jurisdictions is likely to leave European banks at a disadvantage.

“In the end, it’s about level playing field,” he added.

— Ganesh Rao

Speaking during a panel discussion on the future of growth, Banco Santander Executive Chair Ana Botín said governments need to develop frameworks to kickstart growth “the right way, with redistribution [and] thinking about what AI means.”

“We are not a museum,” she said of Europe. “We are at risk of becoming a museum. But who develops the latest vaccines? A lot of the innovation is actually happening in Europe. We have a huge amount of startups, the issue is they start here and then they go to the United States.”

— Chloe Taylor

Lloyds Banking Group Chief Executive Charlie Nunn has said the lender expects three cuts to interest rates by the Bank of England in 2025, in line with the interest rate swaps market.

Lloyds is one of the largest mortgage lenders in the U.K. and owns high street bank Halifax and Bank of Scotland, as well as credit card provider MBNA.

The bank boss said that while global growth is expected to slow this year, the impact on the U.K. will be relatively smaller owing to its strong services-led export exposure.

“The U.K. remains a really attractive destination, and I think we can get the turnaround in the growth that the government is looking for, and more importantly, our customers need,” Nunn told CNBC’s Squawk Box Europe in Davos.

Nunn also added that the U.K. government had a “real opportunity” to look at deregulation in the banking sector.

Nunn’s comments come after regulators and courts have ruled against the misselling of some auto loans, where Lloyds Banking Group has a multi billion pound exposure through its auto financing subsidiary, Black Horse.

— Ganesh Rao

Novartis CEO Vas Narasimhan said that the pharmaceutical industry hopes to work constructively with the new administration of Donald Trump despite clear clashes with his vaccine-skeptic healthcare head pick Robert F. Kennedy Jr.

“We have a challenge right now because, on the one hand, we have a leader of the department of HHS [U.S. Department of Health and Human Services] who has outwardly said some pretty anti-scientific statements,” Narasimhan said.

“And yet we have to work constructively with this administration to get policy changes that are important for our industry and yet still stand for vaccines, stand for science,” he continued.

Narasimhan added that his company had had positive initial communications with the new administration — even aligning on elements of the MAHA [make America healthy again] agenda and the need for greater innovation in the sector.

“That fits completely with a company like Novartis’ agenda,” he said. “That’s the common ground that we have. And I think we have to start from where we have the common ground.”

CNBC reached out to RFK Jr’s campaign group for comment, but did not immediately receive a response.

— Karen Gilchrist

The global economy is set for steady growth in 2025, and corporate confidence is rising, according to a survey of CEOs by EY.

The survey showed 73% of chief executives surveyed were confident in their company growth prospects, compared to 70% in September and to 64% in January last year.

Tax, regulation and the prospect of trade tariffs remained the big-ticket issues for business leaders, however, with all eyes on President Donald Trump’s policies, as he returned to the White House on Monday.

The president began his second term in office by signing a range of executive orders, including pardoning the Capitol Hill rioters of Jan. 6, 2021, and withdrawing the U.S. from the Paris climate deal.

Janet Truncale, chief executive of EY, told CNBC at the World Economic Forum that, while it was very early days in terms of Trump’s presidency, global chief executives were confident about the year ahead.

“There’s so much to digest over the last 24 hours and there’s going to be so much more, going forward,” she told CNBC’s “Squawk Box Europe” in Davos, Switzerland.

“But with our CEO survey what we’ve seen is a steady increase in confidence over the last year, that’s what’s important because confidence is going to give our clients the ability to make long-term decisions, to create long-term value for their clients and their employees,” she said.

— Holly Ellyatt

Asked if the “merit-based system” touted by newly inaugurated President Donald Trump, and his mission to roll-back DEI initiatives, were a welcome change, Randstad CEO Sander van’t Noordende replied: “no, not at all.”

“The world, business needs everyone on board,” he said. “Talent is looking for a sense of community at work. Why do they say that? Because they’re more productive, they can do a better job. Everybody on board, everybody in an environment where they feel comfortable, is best for business.”

He added that while some businesses were scaling back on DEI, or diversity, equity, and inclusion, programs, most were staying the course.  

“Why? Because it’s good for business,” he said.

— Chloe Taylor

Zurich Insurance CEO Mario Greco said Tuesday that Europe is “lagging behind” on innovation, insisting that it needs to “wake up” if it is to compete with other global markets.

“Europe is always lagging behind. It’s always busy with itself,” Greco told CNBC’s “Squawk Box Europe” at the World Economic Forum in Davos.

Greco insisted that Europe had become too preoccupied with regulation and that it was stifling progress, particularly in new technologies needed to drive growth.

The comments came after President Donald Trump signed a slew of executive orders on his first day in office Monday, including withdrawing from the Paris climate agreement and revoking a 50% electric vehicle target.

“In a world which is going very fast forward, with lots of innovation, it’s a wake up call, again, for Europe. And I hope that Europe takes it seriously,” Greco added.

— Karen Gilchrist

The world has yet to fully recognize the extent of change artificial intelligence will bring to every aspect of human life, the CEO of Abu Dhabi sovereign wealth fund Mubadala told CNBC at the World Economic Forum in Davos.

“In terms of the risks … this is a technology that no one today really appreciates, truly the level of disruption that it’s going to create, affecting everything from our lives, our businesses, human capital, employment, every sector is going to be disrupted,” Khaldoon Al Mubarak, managing director of the $330 billion fund, told CNBC’s Dan Murphy.

“And I think that while there’s a lot of opportunity, it also presents significant amount of risk, which is today unclear, because the technology is moving so fast and we’re all trying to catch up as much as possible.”

Al Mubarak outlined the push Mubadala has been making into AI and the infrastructure that supports the burgeoning technology, including data centers and chip manufacturing.

Read the whole story here: Abu Dhabi’s $330-billion sovereign wealth fund says no one appreciates the level of disruption that AI is about to unleash

— Natasha Turak

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 event in the Alpine resort this week — but what might be more telling is which leaders are sidestepping the forum.

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.

Brazil’s President Luiz Inácio Lula da Silva will also be absent from the proceedings this year, while Russian President Vladimir Putin effectively became persona non grata after the 2022 invasion of Ukraine.

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 actually attending the summit in person is outgoing German Chancellor Olaf Scholz.

Read the full story here: As WEF gets underway, the list of world leaders not attending Davos speaks volumes

— Holly Ellyatt

CNBC’s anchors will be speaking to a plethora of business leaders on Tuesday, both one-to-one in our special Davos studio, and on CNBC-moderated panels.

Our Tuesday coverage will include interviews with the CEOs of Zurich Insurance, Novartis, EY, Lloyds Banking Group, ING, Allianz, Standard Chartered, ABB and Ericsson, and many others.

We will also be speaking to the governor of the Bank of Israel, Saudi Arabia’s economy minister and Anthony Scaramucci, Trump’s former communications director.

CNBC-moderated panels, with guests from the world of business and politics, include “Industries in the Intelligent Age,” as well as “The Future of Growth” and “Reinventing Digital Inclusion.”

— Holly Ellyatt

The World Economic Forum officially began on Monday, but it’s Tuesday when the event really kicks off.

There are a number of keynote speeches taking place as WEF steps up a gear, with Ursula von der Leyen, head of the European Commission, set to speak at 10:50 a.m. Davos time (9:50 a.m. London time). Shortly after, Ding Xuexiang, the vice premier of China, will give a keynote speech at 11:20 a.m.

In the afternoon, German Chancellor Olaf Scholz will address the forum at 14:00 local time and Ukrainian President Volodymyr Zelenskyy will speak at 2:30 p.m.; the forum will be a crucial platform for the president to present Ukraine’s case ahead of likely pressure from President Donald Trump to reach a ceasefire with Russia to end the war.

Later in the afternoon, Cyril Ramaphosa, the president of South Africa, will give a keynote at 3:45 p.m. Davos time.

— Holly Ellyatt