Davos 2016: Biden calls for cancer 'moonshot' as DiCaprio blasts greedy oil

Graeme Wearden (in Davos) and Nick Fletcher (doing

from on 2016-01-19 19:51 (#114GR)

US vice-president tells the World Economic Forum that we need a quantum leap to fight cancer

Latest: DiCaprio wants fossil fuels left in the ground
Joe Biden gets Davos underway
Biden: Data sharing is key to fighting cancer
UBS: Rich wil profit from robot revolution
"More plastic in the sea than fish by 2050"

7.59pm GMT

PS: If you'd like to learn more about Mark Pollock, please start here:

7.51pm GMT

And that is all from us for tonight. Back in the morning. GW

7.49pm GMT

Davos isn't just about greedy bankers and scheming politicians.

Tonight, the press pack are hearing from Mark Pollock, who became the first blind man to reach the South Pole in 2009. The next year, he fell from a second floor window, broke his back, and is paralysed.

The next big step for mankind is to take the first step after paralysis.

7.37pm GMT

An intriguing theme has emerged around this year's Davos - the Falklands Islands.

Argentina's new president, Mauricio Macri, has declared that he wants to rebuild his country's relationship with the UK, more than thirty years after the Falklands War.

7.28pm GMT

6.24pm GMT

The awards ceremony is over, and delegates are fanning out across the Congress Centre, and beyond, ready for tomorrow's action.

5.50pm GMT

5.45pm GMT

"Corporate greed cannot determine the results of climate protection" Leonardo di Caprio@wef2016 pic.twitter.com/CDKu7b9PyS

5.44pm GMT

5.42pm GMT

DiCaprio announces that his foundation is making a new 15m donation to help protect fragile ecosystems.

This includes rainforests in Sumatro, and protecting other rainforsts from the palm oil industry.

5.41pm GMT

And finally, Leonardo DiCaprio is picking up a Crystal Award for his work on environmental issues and climate change.

The Hollywood actor tells delegates at Davos thatworld leaders took an important first step in Paris with their agreement to reduce carbon emissions. But there's much more to do.

Enough is enough, you know better, the world knows better. History will put the blame for this devastation firmly at their feet.

Climate change cannot be stopped unless fossil fuels are left in the ground.

5.35pm GMT

The next Crystal award goes to Chinese actor Yao Chen.

She's known as the Queen of Weibo, with 78 million followers on the social media site (there's an audible gasp in the audience).

5.29pm GMT

America's poorest communities could be changed forever if they could spawn the next technology giant, will.i.am continues. That's the long-term goal of his foundation.

5.28pm GMT

Hilde Schwab, who co-founded WEF with her husband Klaus, has the floor in Davos.

She's announcing the winners of the Crystal Awards - WEF's annual prizes for people who have gone the extra mile to make the world better (no, they don't give them to Wall Street bankers)

5.17pm GMT

One of Davos's many curious traditions is a habit of ringing cowbells when a keynote session is about to start.

And that ding-ding noise in the distance means the opening ceremony is getting underway.

5.08pm GMT

Back at the cancer moonshot talk, Joe Biden has called on the public to do their bit to help tackle the illness. It won't be easy, or cheap.

I'm going to be asking the public for a lot more money and cooperation on the #cancermoonshot: Vice President Biden https://t.co/hN3bFBtO7t

5.06pm GMT

As well as warning about the impact of automation, Axel Weber, chairman of UBS, is discussing today's latest downgrade of global growth forecasts by the IMF.

It was like groundhog day, he say, as the IMF had downgraded its forecasts nine times.

"It's a sign we have moved to a lower growth economy."

5.01pm GMT

UBS chairman Axel Weber says politicians need to address the rising inequality that the robot revolution will cause:

Jill is tweeting the details:

Countries such as Singapore, Switzerland, the UK and the US will be comparatively better off from automation, says UBS at Davos

Alex Webber, UBS chairman, says in Davos it is up to policy makers to tackle the rise in inequality that will be caused by more automation

Webber of UBS says the rise in inequality will take place not just between developing and developed countries but also within countries

4.59pm GMT

While Biden was demanding more progress on cancer, Swiss bank UBS has been presenting a new report into the fourth industrial revolution.

And you may be unsurprised to hear that UBS reckons the richest will benefit most from new technologies such as robots, AI, 3D printing, and all those cutting-edge systems.

4.53pm GMT

VP Biden says every cancer centre should share a record of its own data to researchers #WEF16

4.52pm GMT

4.50pm GMT

Joe Biden is now challenging the experts on the panel, who includes top cancer researchers from the US and beyond, to share their data better.

Big data, he insists, is the key to this moonshot.

What would happen if I asked all of you who have data..... to get together in one room. Could that make sense, to talk to each other?...

4.43pm GMT

Some reaction to Joe Biden's words:

The goal is to break through barriers and deliver treatments for millions of people: Vice President Biden https://t.co/xeNTvyRbhs #wef"

Exciting to hear @VP Biden talk about @AACR Project GENIE at the cancer moonshot panel in #Davos today. Learn more: https://t.co/SmUI58KPtT

4.39pm GMT

Here's another photo from the cancer moonshot talk:

"The first thing about solving a problem is addressing the impediment." @VP Biden #cancer #wef2016 pic.twitter.com/6DOZZGAaAZ

4.35pm GMT

Data is absolutely crucial to Joe Biden's cancer moonshot:

@Davos VP Biden calls for coordinatd action on cancer. Data, data standards and data access heavily emphasised. #health #informatics #WEF16

4.17pm GMT

When Joe Biden talks about a cancer moonshot, he is harking back to the Apollo landings, and John F Kennedy's declaration that America would put a man on the moon before the end of the 1960s.

This battle is different, though, partly because Biden doesn't think the Federal government can do all the work.

4.08pm GMT

Cancer has touched nearly all of us in some way, Joe Biden points out - few families have avoided experiencing it.

And every year, 14 billion people are diagnosed with cancer, 8 million die from it.

4.00pm GMT

Hello from Davos, where this year's World Economic Forum is getting underway.

Not without a few hitches, though. It's bumper-to-bumper traffic out there, as business leaders, politicians, policy advocates and the media make the annual trek to WEF.

Joe Biden - der erste Termin auf dem #wef16 in @davos Fight against cancer pic.twitter.com/ezsd5N0Voc

We are at an inflection point - a lot has been achieved in the last decade or less.

We have seen amazing advances in science, immunology.

Tapping this treasure trove is vital to speeding the process towards finding a cure for cancer.

2.41pm GMT

On a busy day and ahead of the start of the Davos conference, here's a quick recap of events:

2.35pm GMT

US markets have followed the example of Europe, and are moving sharply higher in early trading.

The Dow Jones Industrial Average is currently 148 points or 0.9% higher, while the S&P 500 has climbed around 1%.

2.31pm GMT

Here's a horrifying thought. There could be more plastic in the sea than fish in just over three decades. Ahead of Davos, Graeme Wearden reports:

As a record-breaking yachtswoman, Dame Ellen MacArthur has seen more of the world's oceans than almost anyone else. Now she is warning that there will be more waste plastic in the sea than fish by 2050, unless the plastics industry cleans up its act.

According to a new report issued by the Ellen MacArthur Foundation at the World Economic Forum on Tuesday, new plastics will consume 20% of all oil production within 35 years, up from an estimated 5% today.

2.15pm GMT

Mark Carney's caution on interest rates is justified, says our economics editor Larry Elliott:

Mark Carney is half way through his five-year term as governor of the Bank of England. Judging by his latest remarks on the state of the economy he could go back to Canada in the summer of 2018 and still not have raised interest rates.

The governor's speech was notable for its dovish tone. Six months ago, in a speech in Lincoln, he said the decision on whether to increase the cost of borrowing would come into sharper relief around the turn of the year. That was seen as an indication that a tightening of policy would be announced sooner rather than later.

2.03pm GMT

#Markets have given their view of dovish #Carney speech - #pound hits 7-year low against #USdollar and tests 1-year low against #euro

1.31pm GMT

On the pound's decline today, David Lamb, head of dealing at the forex group Fexco, said:

The prospect of a UK interest rate rise hasn't been kicked into the long grass. The Governor hoofed it right out of the park.

Mark Carney's prediction - made last summer - that we would have greater clarity on interest rates at the start of 2016 has been completely overtaken by events. Six months on, the prospects for UK interest rates remain as clear as mud.

1.13pm GMT

As a mortgage holder i'd quite like to buy #Carney a pint as someone thinking about going to the US this summer he should buy me one #GBPUSD

12.58pm GMT

And the pound is still falling:

#Carney sends #GBPUSD to 1.4207, lowest since Mar 2009 Just in case GBP bulls got excited abt that CPI

12.55pm GMT

Answering questions, Carney said the Bank was picking up uncertainty around political events, but investment intentions remained robust.

He also indicated that rates could rise before the consumer price index hit 2%:

BoE's Carney: Could See Rate Hike Before Inflation Hits 2%

12.25pm GMT

Spot in this chart of today's movement of the pound against the dollar when Carney started speaking and suggesting now is not the time to raise rates:

12.15pm GMT

We need a new measure for the BoE - odds of Carney getting to the end of his 5yr term (Summer 2018) without a hike.

12.10pm GMT

The governor of the Bank of England has warned that the UK faces "a powerful set of forces" preventing policymakers from raising interest rates and the date of the first rise is still uncertain, writes Phillip Inman.

Mark Carney said the plunge in oil prices had dragged down inflation and postponed the date of a rise from the current 0.5%, though he refused to indicate when the central bank would make its first move.

12.06pm GMT

Bank of England governor Mark Carney wants to see faster growth and stronger inflation before raising interest rates, with no set timetable for an increase.

In a speech at the Queen Mary University of London, he said global and domestic growth had proved weaker than he expected in the middle of last year, when he predicted a decision on rates would come into sharper relief by early 2016. He said:

Well the year has turned, and, in my view, the decision proved straightforward: now is not yet the time to raise interest rates.

This wasn't a surprise to market participants or the wider public. They observed the renewed collapse in oil prices, the volatility in China, and the moderation in growth and wages here at home since the summer and rightly concluded that not enough cumulative progress had been made to warrant tightening monetary policy.

11.57am GMT

And now oil is back over $30 a barrel, despite the International Energy Agency warning of continuing oversupply.

Brent crude has jumped 5.7% to $30.18, helped by strong oil demand from China. There is also the hope of more stimulus from the Chinese authorities following the latest GDP figures, which showed a slowdown in growth.

11.31am GMT

Stock markets continue to move higher following the Chinese GDP data, and despite higher than expected UK inflation and the IMF cutting its global growth forecasts.

The FTSE 100 is currently up nearly 1.9%, while Germany's Dax is 2% higher and France's Cac has climbed 2.3%.

10.50am GMT

And here are the IMF comments on markets and China, courtesy of Reuters:

Global financial markets seem to be overreacting to falling oil prices and China, the chief economist of the International Monetary Fund said on Tuesday.

Maurice Obstfeld also said it was critical that China is clear about its overall policy strategy, including its currency.

10.34am GMT

The IMF has commented on the prospect of Britain leaving the EU:

Obstfeld on Brexit: Hard to factor in something v speculative at this point. & econ effects v uncertain. We haven't done an analysis yet.

10.32am GMT

Here's the UK Treasury welcoming the day's inflation figures:

Read our spokesperson quote in response to @ONS's CPI #inflation release pic.twitter.com/b8tyaoZybc

10.27am GMT

The IMF is giving more details of its global outlook. Its chief economist Maurice Obstfeld said there were clearly deflationary pressures in the eurozone, and he expected the European Central Bank to ease further as further data comes in.

*IMF EXPECTS ECB TO RESPOND TO GROWING DEFLATIONARY PRESSURE

Obstfeld: "financial markets have been known to overreact in the past. Not a stretch to say may be overreacting to small pieces of evidence"

10.20am GMT

UK house prices are at a 10 month high, according to the Office for National Statistics:

ONS report UK house prices rose 0.8% m/m in Nov, pushing y/y rate up to 10-month high of 7.7%. We expect prices to rise 6% in 2016

London resurgent? House price growth across UK regions in the year to November. pic.twitter.com/XQNlbtThrj

10.17am GMT

Meanwhile the ZEW confidence index showed a downbeat mood among German analysts and investors in the wake of the recent market turmoil.

With any slowdown in China likely to knock the German export market, the ZEW think tank said economic sentiment fell from 16.1 in December to 10.2 in January. But this was higher than a Reuters estimate of 8.2.

10.13am GMT

In the eurozone, inflation has come in at 0.2% year on year in December, in line with expectations. The month on month figure was flat. November's year on year figure was revised down from 0.2% to 0.1%. That is a long was short of the European Central Bank's 2% target despite the stimulus package the central bank has instituted. Dennis de Jong, managing director at UFX.com, said:

Today's inflation figures suggest that ECB President Mario Draghi's renewed stimulus plan isn't yet having the desired effect, and the two per cent target is still a long way off.

Record low oil prices, alongside volatility in China and elsewhere, have taken their toll on major economies the world over and the Eurozone is no different. With a stimulus programme in effect and no real room to manoeuvre interest rates further, Draghi is running out of options.

10.05am GMT

Back with UK inflation, and Howard Archer at IHS Global Insight expects a UK rate rise in August:

With consumer price inflation still only 0.2% in December, there is certainly little immediate pressure on the Bank of England to start raising interest rates.

We believe it is pretty unlikely that the Bank of England will raise interest rates (from 0.50% to 0.75%) until at least August - given the increased probability that inflation will stay lower for longer and a current more uncertain growth outlook. Indeed, there is a very real chance that the Bank of England could delay raising interest rates until the fourth quarter of 2016.

10.00am GMT

The International Monetary Fund has reduced its growth forecasts in its latest update on the global economy. Our economics editor Larry Elliott reports:

[The IMF] has added to concerns about the health of the global economy by cutting its growth forecasts for the next two years and warning that recovery from the financial crisis could be derailed altogether if key challenges are mishandled.

The Washington-based body said world output would be 0.2 points lower in 2016 and 2017 compared with forecasts made just three months ago - and that the risks to its predictions were to the downside.

10.00am GMT

The inflation figures, along higher than expected, should not put pressure on the Bank of England to raise rates, said James Knightley at ING Bank:

December UK headline consumer price inflation has come in at 0.2% year on year, up from 0.1% in November and is the fastest rate of price increase since January 2015. Meanwhile the core rate of inflation (excluding food and fuel) rose 1.4% year on year versus a consensus forecast of 1.2%. This was also the highest inflation rate since January last year.

The details show air fares contributed positively (up 26.8% year on year! Sea fares were up 20.3%) - note that the transportation component was the only one of 12 CPI sub components to actually increase. It showed transport prices swinging from -2.1% year on year to -0.2%. However, food prices saw intensifying deflation, as did clothing, furniture, recreation and culture. Therefore, today's pick-up in inflation (particularly core) can't really be viewed as suggesting the story regarding inflation has changed much. After all, transportation prices will fall back again next month given what has happened to fuel costs.

9.57am GMT

9.55am GMT

The pound has moved to its day's highs against the dollar and euro, as the UK inflation figures came in higher than expected.

Sterling touched $1.4340, up from $1.4320 before the data, while against the euro it strengthened from 76p to 75.82p.

9.53am GMT

Other measures of UK inflation were also stronger than expected with RPI rising 1.2% vs. 1.0% expected and HPI +7.7% vs. 7.3% y/y #FX ^FR

9.45am GMT

Our report on inflation, from Patrick Collinson:

There was a surprise rise in the UK's inflation rate to 0.2% in December, the first month since January 2015 in which the rate has exceeded 0.1% according to the Office for National Statistics.

Transport costs, particularly air fares, and to a lesser extent motor fuels, were the main contributors to the rise, said the ONS.

9.43am GMT

And here's the trend for CPI:

9.39am GMT

Here's a breakdown of the inflation data:

9.36am GMT

9.31am GMT

The UK consumer price index has risen 0.1% in December on a month on month basis, in line with forecasts. But the year on year figure of 0.2% is the highest since January 2015, and higher than expectations of a 0.1% rise.

9.21am GMT

The crude oil market will continue to be oversupplied until at least late 2016, according to the International Energy Agency. It said the market "could drown in oversupply."

With unseasonably warm weather and rising supply - not least from Iran now sanctions have been lifted - will continue to put pressure on crude prices. The IEA said global oil demand fell to a one year low of 1m barrels a day in the fourth quarter of 2015, down from 2.1m in the previous three months.

We conclude that the oil market faces the prospect of a third successive year when supply will exceed demand by 1m barrels a day and there will be enormous strain o the ability of the oil system to absorb it efficiently.

9.15am GMT

A couple of positive comments on the Chinese GDP figures.

Rain Newton-Smith, CBI director of economics, said:

These figures paint a picture of a Chinese economy which is slowing and rebalancing, but still making a huge contribution to the global economy.

In recent weeks, financial markets have struggled to digest this situation, alongside further weakness in oil prices. While direct links between the UK and China are relatively small, the spill-over effects from China's economic slowdown, alongside continued volatility in financial markets, amplify the downside risks to growth in the UK.

Much will be made of the fact that this is China's weakest growth in a quarter of a century: Intense volatility in the stock market and the cycle of industrial overcapacity and sluggish external demand have had policymakers looking over their shoulder for a good while.

But we don't see this as the toppling of an economic giant. Instead, there is a rapidly different business environment forming in China. The overall trend for consumer spending is far from grim, and the surging middle class is at the heart of this consumption boom. While consumers are boosting demand for imported goods, there are Chinese companies working in the opposite direction, and redefining what Chinese exporters look like.

9.04am GMT

More on UK inflation. lya Spivak, currency strategist at DailyFX, said:

The core year-on-year inflation rate is expected to register at 1.2% in December, unchanged from the prior month. Leading survey data hints downward price pressures may have waned however, opening the door for an upside surprise. Such an outcome may breathe a big of life into rate hike speculation, offering a lift to the British pound. Follow-on comments from Bank of England governor Mark Carney represent a bit of wild card and may either amplify or undermine the initial post-CPI response, depending on the central bank chief's tone.

8.54am GMT

Despite Bank of England governor Mark Carney saying in the middle of last year that it should be clearer by now when UK interest rates should be increased, that is not at all the case.

Recent weak data and the current market turmoil that many analysts do not expect any move until much later this year, if at all. Bank of England policymaker Gertjan Vlieghe seemed to concur on Monday, saying ultra low rates could be here to stay for some years.

8.49am GMT

Still on the corporate front, one of the day's biggest gainers in the UK market so far is Ocado.

The online grocer is up 11% following a revival of talk that Amazon could be interested in a takeover to boost its own fledgling food business.

8.42am GMT

Unilever, which makes everything from Dove soap to Pot Noodle, is expecting trading condtions to be tougher and more volatile this year.

The company beat analysts forecasts with full year sales up 4.1%, despite negligible growth in developmed markets and weakness in emerging markets.

8.26am GMT

As the markets hold onto their early gains, analyst Tony Cross at Trustnet Direct said:

A shortfall in Chinese GDP data for 2015 - and accompanying hopes that this will be the catalyst for further stimulus measures from Beijing - is the key driver here, and it's the natural resources stocks that are leading the charge. Whilst some upside is probably warranted - not least given the protracted falls we've accrued of late - the question as always is just how sustainable these gains will prove to be. The news of weak growth has obviously done nothing to lend support to oil prices, but bargain hunting and a mounting belief that Opec's over supply of the market will now reign in higher cost production is also helping crude edge higher. A break back above $30/barrel here could prove instrumental in cementing a degree of confidence in the wider market.

How this now plays out could be very instructive. If equities can hold on to early gains then we could finally build some upside momentum and reverse last year's losses. But if this rally fades, as did all the attempts last week, then that could signal that we're entering a fully blown bear market.

8.17am GMT

Ahead of the latest EU inflation number and the ZEW confidence figures, Germany has reported a 0.2% year on year rise in its consumer price index.

Morning. Soft news on #Germany today. Final Dec. HICP confirmed at just +0.2%yy, while Jan. ZEW at 10GMT may show falling investor optimism.

8.11am GMT

Following a move below $28 a barrel on Monday in the wake of Iran's promise to increase exports now sanctions have been lifted, crude prices have regained some ground. Brent is now up 3% at $29.44 a barrel, following strong oil data from China where demand in 2015 was at a record 10.32m barrels a day, up 2.5% from the previous year.

8.05am GMT

Following on from Asia, European stock markets have moved higher in early trading.

The FTSE 100 has jumped 1.7% or 102 points to 5881.92 while Germany's Dax is up 2.1%, France's Cac 1.9% and Spain's Ibex 1.7%.

7.59am GMT

Ahead of the World Economic Forum's annual conference which begins this evening, my colleague Graeme Wearden has looked at the eight key themes, ranging from the rise of the robots to market turmoil and medicine:

7.42am GMT

For UK inflation, most analysts expect the CPI figure to come in at 0.1% but RBC Capital Markets goes a little higher:

RBC forecasts CPI inflation at 0.3% year on year in December 2015, up from 0.1% year on year in November. However, as last time, we acknowledge that the risk to the forecast is to the downside as the continued decline in the petrol price has reduced the base effects that were due to kick in on the back of oil price declines at the end of 2014. For RPI inflation, we look for the annual rate to hold at 1.1% year on year. Beyond the monthly print, the message remains that even if inflation does get near 1% year on year soon, there are limited prospects in 2016 for it taking another leg up from there and moving towards the 2% target.

7.39am GMT

As well as China's stock markets moving higher, the Nikkei and Hang Seng are also in positive territory, up 0.5% and 1.75% respectively. So Europe is expected to follow suit:

Our European opening calls: $FTSE 5843 up 63 $DAX 9664 up 142 $CAC 4243 up 54 $IBEX 8548 up 79 $MIB 18897 up 210

7.37am GMT

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

On a busy day for economic news, China has kicked things off with news of the slowest GDP growth in 25 years. The figure of 6.9% growth for the year was not far from the government target but prompted talk of new stimulus measures, and gave some support to the Chinese stock market. The CSI300 index rose 2.95% while the Shanghai composite was 3.2% higher. Here is our report on the Chinese GDP numbers:

This morning's latest Chinese economic data hasn't really shed any new light on an economy that we know is slowing down. The latest fourth quarter GDP data came in at 6.8%, the slowest pace in 25 years and slightly below consensus expectations, while December industrial production slid back to 5.9% from 6.2% in November, no real surprise given recent weak PMI readings. Retail sales were slightly disappointing coming in at 11.1%, slipping back from 11.2% and breaking a sequence of consecutive monthly improvements since last March. While these numbers are slightly disappointing they don't point to a sharp slowdown, however it does raise the question as to what further steps to stimulate the economy policymakers will take in the coming weeks.

Source	RSS or Atom Feed
Feed Location	http://feeds.theguardian.com/theguardian/business/economics/rss
Feed Title
Feed Link	http://feeds.theguardian.com/