Wednesday Morning Briefing: Day two at the World Economic Forum

DAY 2: 2020 WORLD ECONOMIC FORUM

How likely are you to fit into the Davos crowd? A Reuters analysis of conference data shows the age distribution of attendees over the last three years. The age make-up of the participants looks consistent - mostly male, and over 50. Click here for the age breakdown by sector and more.

President Trump said that the U.S. has a plan in place to contain the coronavirus outbreak. Speaking on the sidelines of the WEF, Trump said: “We do have a plan and we think it is going to be handled very well. We’ve already handled it very well. The CDC is terrific. Very professional.”

Britain and the EU are capable of reaching a long-term trade deal covering both goods and services by the end of this year, finance minister Sajid Javid said, dismissing suggestions from the EU that this is unrealistic.

“I’ve had a number of discussions with my European colleagues ... and there is a strong belief on both sides that it can be done,” Javid said in a panel discussion with U.S. Treasury Secretary Steven Mnuchin and IMF managing director Kristalina Georgieva.

European Union member states lose $188.38 billion a year due to tax avoidance and evasion, a Polish state think-tank said in a report due to be discussed at the WEF. The report, from the Polish Economic Institute, also proposed that the European Commission should have powers to sanction as “EU tax havens” countries that benefited from what it called artificial profit-shifting by companies.

Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan Al Saud said that an allegation the kingdom’s crown prince had been involved in a plot to hack the phone of Amazon founder Jeff Bezos was “absurd.”

“I think absurd is exactly the right word,” Prince Faisal told Reuters. “The idea that the crown prince would hack Jeff Bezos’ phone is absolutely silly.”

IMPEACHMENT

↑ The U.S. Capitol is seen as evening falls on the first day of the impeachment trial of President Trump in Washington, U.S., January 21, 2020. REUTERS/Joshua Roberts

The Republican-controlled Senate voted on party lines to approve the rules for Trump’s impeachment trial, rejecting Democratic efforts to obtain evidence and ensure witnesses are heard.

As the third presidential impeachment trial in U.S. history began in earnest, Trump’s chief legal defender argued the Democratic case was a baseless effort to overturn the 2016 election, but a top Democratic lawmaker said there was “overwhelming” evidence of wrongdoing.

Stuck in Washington, 2020 Democratic senators send campaign representatives, family and Alexandria Ocasio-Cortez to barnstorm Iowa. Bernie Sanders scrapped Iowa appearances, Amy Klobuchar sent campaign representatives to “hot dish” dinners and Elizabeth Warren planned a remote video speech as the Democratic senators running for president got stuck in Washington for Trump’s impeachment trial.

All four Democratic senators running for their party’s nomination to unseat Trump in November’s election - including Michael Bennet of Colorado - must now divert their efforts from the campaign trail for six-day workweeks during the proceedings.

Business

Exclusive: Bank of America to hire 50 bankers for Asia dealmaking team in 2020

Bank of America will recruit about 50 bankers for its investment banking team in Asia this year, as it pushes to bolster its dealmaking business and shore up revenues from the unit, three people with direct knowledge of the matter said.

4 min read

J&J misses revenue estimates as blockbuster drugs disappoint

Johnson & Johnson largely missed quarterly revenue estimates as sales of its blockbuster psoriasis medicine Stelara and cancer drug Imbruvica fell short of expectations.

2 min read

Tesla crosses $100 billion stock market valuation in extended trading

Tesla became the first $100 billion publicly listed U.S. carmaker in extended trading, in a sign of Wall Street’s confidence in an all-electric future.

2 min read

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