January 2011

New Zealand Dollar At Risk For Reversal As Rate Expectations Falter

January 28, 2011

New Zealand Dollar At Risk For Reversal As Rate Expectations Falter

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Euro: Six Month Outlook

January 28, 2011

Euro: Six Month Outlook

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Euro: Six Month Outlook

January 28, 2011

Euro: Six Month Outlook

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European stocks managed to close on red

January 28, 2011

European stocks managed to close on red

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European stocks managed to close on red

January 28, 2011

European stocks managed to close on red

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Japanese Yen Rebounds following Downgrade

January 28, 2011

Japanese Yen Rebounds following Downgrade

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Japanese Yen Rebounds following Downgrade

January 28, 2011

Japanese Yen Rebounds following Downgrade

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Clean Global Energy Limited (ASX:CGV) Not Affected By QLD Government Decision To Keep Cougar Plant Closed

January 28, 2011

Clean Global Energy Limited (ASX:CGV) Not Affected By QLD Government Decision To Keep Cougar Plant Closed

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The dollar falls after US economy grows less than expected

January 28, 2011

The dollar falls after US economy grows less than expected

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Chevron report a rise in net income in the fourth quarter

January 28, 2011

Chevron report a rise in net income in the fourth quarter

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The US economy grew by 3.2% in the fourth quarter yet less than expected

January 28, 2011

The US economy grew by 3.2% in the fourth quarter yet less than expected

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Investors All Around the Globe Anxious Ahead of U.S. GDP Figure

January 28, 2011

Investors All Around the Globe Anxious Ahead of U.S. GDP Figure

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Avalon Rare Metals Inc. (TSE:AVL) Reports Increase in Indicated Resources in the Nechalacho Rare Earth Elements Deposit, NWT

January 28, 2011

Avalon Rare Metals Inc. (TSE:AVL) Reports Increase in Indicated Resources in the Nechalacho Rare Earth Elements Deposit, NWT

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Demo Trading vs. Live Trading

January 28, 2011

Demo Trading vs. Live Trading

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US 4Q GDP Expands 3.2%, Personal Consumption Marks Biggest Advance Since 2006

January 28, 2011

US 4Q GDP Expands 3.2%, Personal Consumption Marks Biggest Advance Since 2006

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ADX Energy Limited (ASX:ADX) Completes Gold And Base Metal Asset Spin Off

January 28, 2011

ADX Energy Limited (ASX:ADX) Completes Gold And Base Metal Asset Spin Off

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Airbus corporate jets’ sales reach record number

January 28, 2011

Airbus corporate jets’ sales reach record number

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Lower French unemployment expected in 2011

January 28, 2011

Lower French unemployment expected in 2011

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Remain Short EURCHF (Stop at 1.306); Pending Short NZDUSD

January 28, 2011

Remain Short EURCHF (Stop at 1.306); Pending Short NZDUSD

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FX Headlines: EURUSD Under Pressure Ahead of the U.S. GDP Report

January 28, 2011

FX Headlines: EURUSD Under Pressure Ahead of the U.S. GDP Report

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AUDUSD: Short Entry Sought on Range Breakout

January 28, 2011

AUDUSD: Short Entry Sought on Range Breakout

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H&M Group’s earnings increase 15% in 2010

January 28, 2011

H&M Group’s earnings increase 15% in 2010

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Decrease in Nokia’s global cell-phone market share

January 28, 2011

Decrease in Nokia’s global cell-phone market share

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Dollar at two-weeks high against yen

January 28, 2011

Dollar at two-weeks high against yen

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A relatively quiet day in Europe on limited data

January 28, 2011

A relatively quiet day in Europe on limited data

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Euro-zone Money Supply Eases As Corporate Demand for Loans Lags

January 28, 2011

Euro-zone Money Supply Eases As Corporate Demand for Loans Lags

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Euro Needs Close Below 1.3635 to Relieve Topside Pressures

January 28, 2011

Euro Needs Close Below 1.3635 to Relieve Topside Pressures

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FOREX: Dollar Gains Ahead of US GDP Report, Yen Rebounds on Jobs Data

January 28, 2011

FOREX: Dollar Gains Ahead of US GDP Report, Yen Rebounds on Jobs Data

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Euro Still Not Ready to Relent; Door Open for Fresh Upside on Friday

January 28, 2011

Euro Still Not Ready to Relent; Door Open for Fresh Upside on Friday

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Bauxite Resources Limited (ASX:BAU) To Receive A$6.1 Million Reimbursement From Yankuang Resources

January 28, 2011

Bauxite Resources Limited (ASX:BAU) To Receive A$6.1 Million Reimbursement From Yankuang Resources

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FOREX CENTRAL BANK WATCH: ECB Interest Rate Expectations Reach 11-Month High

January 28, 2011

FOREX CENTRAL BANK WATCH: ECB Interest Rate Expectations Reach 11-Month High

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Guest Commentary: Pie in the Sky

January 28, 2011

Guest Commentary: Pie in the Sky

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AusTex Oil Limited (ASX:AOK) Pratt No.1 Well Encountered Free Oil And Gas

January 28, 2011

AusTex Oil Limited (ASX:AOK) Pratt No.1 Well Encountered Free Oil And Gas

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Australian Market Report of January 28, 2011: Liquefied Natural Gas Limited (ASX:LNG) Form Strategic Partnership With China Huanqiu Contracting And Engineering Corporation

January 28, 2011

Australian Market Report of January 28, 2011: Liquefied Natural Gas Limited (ASX:LNG) Form Strategic Partnership With China Huanqiu Contracting And Engineering Corporation

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Crude Oil Falls on Profit Taking, Gold Plunges as Investors Flee

January 28, 2011

Crude Oil Falls on Profit Taking, Gold Plunges as Investors Flee

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Ready for a Busy Friday and a Meaningful Euro Correction

January 28, 2011

Ready for a Busy Friday and a Meaningful Euro Correction

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FOREX: Dollar Steady Through Strong and Weak Data, Primed for a Potentially Dramatic GDP Reaction

January 28, 2011

FOREX: Dollar Steady Through Strong and Weak Data, Primed for a Potentially Dramatic GDP Reaction

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Yen Little Changed after Japan Jobless Rate Falls to 4.9%

January 28, 2011

Yen Little Changed after Japan Jobless Rate Falls to 4.9%

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Video: IMF’s Lipsky Says ‘Never Say Never’ to More EU Bailouts

January 28, 2011

Jan. 28 (Bloomberg) — International Monetary Fund First Deputy Managing Director John Lipsky talks about the European debt crisis and the risk of inflation in emerging economies. He speaks with Francine Lacqua on Bloomberg Television’s “The Pulse” from the World Economic Forum meeting in Davos, Switzerland.

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Video: Walsh Says Global Food Inflation `Broadly Under Control’

January 28, 2011

Jan. 28 (Bloomberg) — Paul Walsh, chief executive officer of Diageo Plc, and Joergen Ole Haslestad, CEO of Yara International ASA, talk about commodity prices and acquisitions in emerging markets. They speak with Francine Lacqua on Bloomberg Television’s “On The Move” at the World Economic Forum meeting in Davos, Switzerland.

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Video: Grimsson Says Iceland Depositor Accord Now `Much Better’

January 28, 2011

Jan. 28 (Bloomberg) — Iceland President Olafur Grimsson talks about changes to the depositor claims accord with the U.K. and Dutch governments stemming from the failure of Landsbanki Islands hf in October 2008. Grimsson also discusses the outlook for a conclusion in the International Monetary Fund’s program in the country. He speaks with Andrea Catherwood on Bloomberg Television’s “The Pulse” from the World Economic Forum meeting in Davos, Switzerland.

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Video: Zoellick Says G-7 Should Have Flexible Exchange Rates

January 28, 2011

Jan. 28 (Bloomberg) — World Bank President Robert Zoellick talks about reserve currencies and exchange rates among the Group of Seven nations. He speaks with Francine Lacqua on Bloomberg Television’s “The Pulse” from the World Economic Forum meeting in Davos, Switzerland.

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Video: Almunia Says WestLB Must Meet Deadline for Restructuring

January 28, 2011

Jan. 28 (Bloomberg) — European Union Competition Commissioner Joaquin Almunia talks about the bloc’s dispute with WestLB AG over restructuring necessary to compensate for government aid. WestLB was ordered by the EU in 2009 to shrink its balance sheet and reduce risk. Almunia speaks with Francine Lacqua on Bloomberg Television’s “On The Move” from the World Economic Forum meeting in Davos, Switzerland.

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Video: Kochhar Says India Has `Huge’ Momentum in Infrastructure

January 28, 2011

Jan. 28 (Bloomberg) — Chanda Kochhar, chief executive officer of ICICI Bank Ltd., talks about growth in banking in India and investment in the country’s infrastructure. She speaks with Francine Lacqua on Bloomberg Television’s “On The Move” at the World Economic Forum meeting in Davos, Switzerland.

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Slovakia’s housing market poised to recover

January 28, 2011

Things are getting better in Slovakia! Buoyed by the economic recovery, average housing prices fell only 1.36% (-2.41% in real terms) y-o-y to Q3 2010.

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Ian Fletcher: Cluelessness Trifecta as Tea Party Flubs Response to Obama State of the Union

January 28, 2011

I have already written about the economic cluelessness of Obama’s State of the Union Address and the cluelessness of the official Republican response. Neither party seems to grasp that free trade killed the Great American Job Machine, and both are grasping at straws, repeating mantras from 30 years ago, or promoting policies (a NAFTA with South Korea?!) that will make things even worse. But I was holding out a tiny glimmer of hope for the Tea Party. Whatever one may think of them on other issues, they are a populist insurgency, so if a challenge to the Demopublican Tweedledum-Tweedledee consensus on trade was to emerge somewhere, it just might be here. And polls now report that a solid 61% majority of Tea Party supporters are now against free trade agreements. Unfortunately, the Washington leadership of this loosely-organized movement is notoriously not the same as its rank and file, and the response to the State of the Union by Tea Party supporter Rep. Bachmann merely repeated the same mistakes as the official Republican response: a) no grasp of the Keynesian idea of deficit spending to get out of recession, and b) no idea why jobs are being lost. She said, Two years ago, when Barack Obama became our president, unemployment was 7.8 percent and our national debt stood at what seemed like a staggering $10.6 trillion dollars. We wondered whether the president would cut spending, reduce the deficit and implement real job-creating policies. Unfortunately, the president’s strategy for recovery was to spend a trillion dollars on a failed stimulus program, fueled by borrowed money. The White House promised us that all the spending would keep unemployment under 8 percent. Well not only did that plan fail to deliver, but within three months the national jobless rate spiked to 9.4 percent. It hasn’t been lower for 20 straight months. While the government grew, we lost more than 2 million jobs…In October of 2001, our national unemployment rate was at 5.3 percent. In 2008 it was at 6.6 percent. But just eight months after President Obama promised lower unemployment, that rate spiked to a staggering 10.1 percent. Today, unemployment is at 9.4 percent with about 400,000 new claims every week. Narrowly true, most of it, but why, Michelle? Why is the jobs engine broken? No mention of that in your speech. Just some bits from the old Reaganite deregulation agenda — as if deregulation hadn’t caused a big part of our current mess, and as if we could ever win a race to lower regulatory standards with Guandong. The Tea Party claims to believe in returning to the Founders’ vision of America. Well, here’s something they should consider: the founders were explicitly against free trade. Article I, Section 8 of the Constitution is what they need to be pondering right about now.

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Crisis Panel Finds Wall Street Appeared To Violate Federal Law

January 28, 2011

Wall Street firms that sold mortgage-backed securities appear to have violated federal securities laws by misleading investors on the quality of the underlying mortgages, a bipartisan panel created by Congress to investigate the root causes of the financial crisis concluded. Banks that sold home loan bonds often didn’t disclose key details that would have helped investors accurately judge the quality of the investments. For example, investors were rarely told whether the mortgages failed to meet the banks’ own standards. That failure raises “the question of whether the disclosures were materially misleading, in violation of the securities laws,” the panel said. The claim of allegedly widespread securities law violations is among the more explosive findings in a sweeping report released Thursday by the Congressionally-appointed Financial Crisis Inquiry Commission. Those details help explain why the panel opted to refer several financial industry figures to state or federal law enforcement agencies for potential prosecution, as The Huffington Post reported Monday . The report, the result of a year-long investigation, finds fault with nearly every every cog in the financial system: Wall Street investment banks, government regulators, the Federal Reserve, hedge funds and credit rating agencies. The crisis panel blamed Wall Street for taking excessive risks and creating exotic financial instruments that even bank chiefs didn’t understand. It criticized federal regulators for ignoring clear warning signs that the meteoric rise in home prices was unsustainable and the bubble would one day pop. Credit rating agencies were faulted for telling investors that mortgage-linked investments based on sketchy home loans deserved to be rated as highly as Treasuries. And government officials were taken to task for allowing bloated mortgage giants Fannie Mae and Freddie Mac to help inflate the bubble, then resisting calls to rein them in because it threatened political goals of maximizing the national homeownership rate. The worst financial crisis since the Great Depression was avoidable, the report concludes. Yet while much of the commission’s findings simply reiterate what many already know to be true — government officials watched and did nothing as Wall Street took ever bigger risks — the plight of investors possibly being duped into buying dubious securities has largely been ignored. The multi-trillion mortgage bond market was rife with poor data, an overall lack of information, and little oversight, the crisis commission found. Many of these instruments were sold by Wall Street giants like Morgan Stanley, Goldman Sachs, and Citigroup. Big investors like pension funds and German banks bought them without knowing all the risks. The commission’s report concludes that sellers of mortgage bonds didn’t tell buyers enough about the underlying mortgages they were purchasing. The crisis panel found that firms routinely failed to disclose basic facts that would have helped investors properly evaluate what they were buying. The finding appears to bolster claims by investors suing Wall Street firms for selling them now-toxic mortgage bonds. Giant lenders like JPMorgan Chase and Bank of America face billions of dollars in lawsuits and potential losses over such allegations. JPMorgan set aside nearly $6 billion last year to cover legal costs “predominantly for mortgage-related matters,” it said on January 14. Bank of America is facing almost $8 billion in claims to buy back soured mortgages from aggrieved investors, the firm said on January 21. In September, the crisis commission heard testimony from Keith Johnson, former president of Clayton Holdings, one of the nation’s biggest mortgage research companies. Johnson testified that some 28 percent of the loans given to homeowners with poor credit examined by his firm on behalf of Wall Street banks failed to meet basic standards. Yet nearly half appear to have been sold to investors regardless, he added. Last April, the commission heard from Richard Bowen, a whistleblower and former chief underwriter for Citigroup’s consumer-lending unit. Bowen told the panel that in the middle of 2006, he discovered more than 60 percent of the mortgages the bank had purchased from other firms and then sold to investors were “defective,” meaning they did not satisfy the bank’s own lending criteria. On November 3, 2007, Bowen sent an e-mail to top Citi officials, including Robert Rubin, a former Treasury Secretary. Bowen’s warnings appear to have been ignored. Thanks to their testimony — especially Johnson’s — the commission’s final report found that investors weren’t adequately told what they were actually buying. “Such disclosures were insufficient for investors to know what criteria the mortgage they were buying actually did meet,” the report states. Christopher Whalen, a bank analyst and managing director at Institutional Risk Analytics, said the crisis commission’s findings on behalf of investors will help them in their fight against securities issuers, but only slightly. “It’ll help the plaintiffs to have more evidence in the public domain,” Whalen said, in reference to the commission’s report. “But the real place where the rubber hits the road is when the investor alleges fraud. Basic, plain vanilla fraud.” “Whether disclosure was there or not doesn’t matter,” he added. The crisis panel, hobbled by staff turnover and partisan infighting throughout the year, produced the report after a year-long investigation in which it reviewed millions of pages of documents, interviewed more than 700 witnesses and held 19 days of public hearings across the country. The six Democratic commissioners voted for the report’s findings; the four Republicans voted against, producing two separate, dissenting reports. The Republicans largely looked at global forces, like savings from Asia flooding the U.S. financial system, and the role played by government housing goals. ************************* Shahien Nasiripour is a business reporter for The Huffington Post. You can send him an e-mail ; bookmark his page ; subscribe to his RSS feed ; follow him on Twitter ; friend him on Facebook ; become a fan ; and/or get e-mail alerts when he reports the latest news. He can be reached at 646-274-2455.

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Michael J. Critelli: My Highly Improbable Journey From CEO to Contemporary Urban Film Producer

January 28, 2011

Growing up, my family felt unusual empathy with black people. Because my mother worked as a public health nurse’s aide, we got to know her black professional nursing friends. I also grew watching incomprehensible brutality against well-behaved black people in the South on TV. My parents had been direct victims of discrimination when they were younger. Even in my generation, attending schools dominated by members of other ethnic groups, I experienced more subtle forms of discrimination, including degrading ethnic jokes from some classmates. I spent 30 years at Pitney Bowes, 11 as CEO, because Pitney Bowes welcomed all kinds of people. Walter Wheeler, its longest serving CEO, had been a National Urban League board member, because, like Pitney Bowes, the NUL invited everyone, black, white, young, old, male, female, Democrat or Republican, to aspire to the American dream. I accepted the NUL’s invitation to join its Board in 1997, became its chairman for five years, and served for 13 years. Both organizations created and celebrated success stories for women and people of color. In 2004, I discovered such a story. My younger son’s white Swedish chess coach told me he had secured a golf scholarship to Tennessee State University, a historically black college. The coach was a black woman, Dr. Catana Starks. When she began coaching in 1988, she fielded a black golf team, but she was forced to recruit mostly or all white non-U.S. golfers after the mid-1990′s. Two insights came together to make me passionate, even obsessive, about making a film about her story: Golf had evolved from a relatively inexpensive sport open for elite competitive access to most young people of most income levels to an extremely expensive sport which required a great deal of wealth. Young black people did not have access to private country clubs, although I encountered some of them on the public course on which I played, but they found a way to excel at golf. Becoming a caddy was how young black people got access to golf instruction, equipment and facilities to achieve elite performance levels. Country clubs phased out caddies, because they saw more profit potential renting golf carts. Coach Starks recruited abroad, because middle-income young people were more likely to learn golf through caddying or government-subsidized golf academies. Although Title IX had opened up big opportunities for girl athletes, the financial and competitive pressures of coaching had shrunk the number of women coaches. Coach Starks, who had grown up in the Jim Crow era in Alabama, and whom I met in 2006, reminded me of my late mother: short and soft-spoken, but very tenacious, inspirational, caring, competitive and visionary woman. She coached golf successfully for 18 years, although the financial wear and tear of coaching and travel caused her to retire from coaching at age 60 in 2006. Her most famous golfer was Sean Foley, who has recently coached Tiger Woods, but she developed other golfers, like San Puryear, Michigan State University’s golf coach, and Robert Dunwiddie, who is a European tour player. I was determined to make a film about her life to prove that women like my mother and Coach Starks deserved to prove their ability to succeed in a man’s world. Why a film? Entertainment is the most powerful medium for changing minds. After all, I was inspired to be a lawyer because I watched Perry Mason when growing up. In November, 2009, I asked my son Mike, who had graduated from the University of Southern California in 2008, to write a screenplay about the Coach Starks story. In March, 2010, I contacted Pierre Bagley, an African-American filmmaker, whom I met when serving as the Chairman of the National Urban League Board of Trustees. We decided to form Gyre Entertainment, a firm with a mission to create film and other entertainment content of strong interest to contemporary urban audiences, with the Coach Starks film as our first project. The film, called From the Rough , stars Taraji P. Henson, an Academy Award nominee for The Curious Case of Benjamin Button , as Coach Starks. Tom Felton, from the Harry Potter series, Michael Clarke Duncan, an Academy Award for The Green Mile , are other members of an outstanding cast. We are targeting a Fall 2011, theatrical release. Our Gyre team is attending the PGA of America merchandise show in Orlando, Florida. We share an interest in expanding access to golf for African Americans with the PGA and the merchandisers attending the show. However, I will also think about my mother, Coach Starks, and countless other heroic women.

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Fisher Communications Recieves Notice of Intention to Nominate Directors at 2011 Meeting of Shareholders

January 27, 2011

SEATTLE, WA–(Marketwire – January 27, 2011) – Fisher Communications, Inc. ( NASDAQ : FSCI ), a leader in local media innovation, today issued the following statement:

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Jim Wallis: Values at Davos

January 27, 2011

Yesterday was the first day of the World Economic Forum in Davos, a little mountain village in Switzerland, where each January corporate CEOs, heads of state and leaders of nonprofit organizations from around the globe gather to reflect upon the state of the world. I had been to Davos before the financial crisis of 2008, as part of a group of religious leaders who came to discuss interfaith cooperation, but who also began to dialogue with the other participants at Davos about moral values and the economy. Quite honestly, these conversations about moral values and the economy often felt like an extra-curricular activity, with sessions at 7 a.m. on the third floor. But after the economic crisis hit, our values conversations felt more like a necessity,  and we were quickly moved to prime time in the main hall. At Davos 2008, the World Economic Forum convened a plenary session for all its participants on “Values and the Market.” I was on the panel and said that asking when the crisis will end was the wrong question; the right question was,  how will the crisis change us? Looking out over a huge hall full of business and political leaders (not my usual audience), I suggested that too often people didn’t believe they had to bring virtue and values to bear on economic decisions — that the market would automatically take care of those things. But, as the economic crisis has shown, this was the wrong mentality. The panel caused a buzz, and its questions resonated through that week, leading to many “pastoral” conversations with CEOs who told me they had “lost” some important values. The positive response I felt at Davos eventually led me to write a new book, Rediscovering Values: A Guide for Economic and Moral Recovery . I began to speak at business schools, and found business leaders coming to talk to me like Nicodemus at night. A year later, at Davos 2009, there were 17 sessions with the word “values” in the title. I found myself on a plenary panel with Muhammad Yunus, founder of the Grameen Bank in Bangladesh, addressing the subject of “Rethinking Values in the Post-Crisis World,” and talking about business with a moral purpose — even as a tool for eliminating poverty. But some of us began to feel the danger of just holding values seminars as a response to a devastating economic crisis. Behaviors created this crisis, and unless our values talk led to changed behaviors, it all wouldn’t mean very much. Out of that conference a Global Agenda Council on Values was formed, and I now find myself unexpectedly as its chair. This Council on Values has been given the task of shaping what the World Economic Forum is calling the “Moral Economy Dialogue” — a multi-year process that will develop serious tools for personal, organizational, corporate and national values assessments that focus on changing behaviors. This week at Davos 2011, new metrics like “human flourishing” and “the common good” are being lifted up. Again, I have had many personal conversations with business executives who feel alone in their soul-searching for values. Furthermore, business ethics professors at some of the country’s leading business schools have also told me that their courses are over-subscribed, yet they still feel marginal to the curriculum. All day yesterday, in many of the sessions here at Davos , we wrestled with feeling “stuck” in trying to implement values-change at big corporations and banks. We are now moving from just a conversation on values to a conversation on behavioral change. For example, we had a session yesterday on “Defining Shared Norms.” We spoke of the need for both external regulation and self-regulation; both external accountabilities and the internal moral compass which comes from embedding values in a business . This is all good news to Klaus Schwab, the founder and executive chairman of Davos who, as a young Swiss economist many years ago, wrote about the need for business to not only take into account the interests of shareholders, but also of the many other stakeholders — including employees, consumers, the poor, the environment and future generations. That Davos would take these issues very seriously, and would turn to faith community leaders for help, is good news to me. But the headline in yesterday’s International Herald Tribune — “The Super-Rich Pull Ever Farther Ahead” — indicated we still have a long way to go. Many of those super-rich are at Davos, and I indicated yesterday that the only people whose lives seem to have got back to “normal” since the financial crisis began are those whose behaviors caused it in the first place. They are back to record profits, while a seminar I attended yesterday showed how dramatic and devastating unemployment still is around the globe — especially for young people. But the conversations here lasted far into the night, and I woke up this morning with a full day of more work before us, including one session where I will speak on “Mindful Leadership.” Indeed, leadership — moral leadership — is clearly the issue now, and our session today is already overbooked. And that’s a good sign. I find myself spending time at Davos every year now with an exciting group of about 50 young entrepreneurs called the Young Global Leaders, who are asking some of the most important questions that are before us. The snow keeps falling here, but there are signs and hopes for spring. Jim Wallis is the author of Rediscovering Values: On Wall Street, Main Street, and Your Street — A Moral Compass for the New Economy , and CEO of Sojourners . He blogs at www.godspolitics.com . Follow Jim on Twitter @JimWallis . Click here to get email updates from Jim Wallis

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