Davos Highlights: Intel CEO, Larry Summers, Dan Yergin and Sen. Manchin
Recession worries, technology leadership, the inflation fight, energy independence and an attack on freedom of speech topped this year's summit
Energy security 'is back on the agenda,' 'cannot be assumed away': Daniel Yergin
S&P Global Vice Chairman Daniel Yergin says America has taken for granted 'the big revolution' in energy independence.
This year's World Economic Forum in Davos, Switzerland, has been one of the most interesting as business and geopolitical leaders returned for the first time in person post-pandemic. And there was no shortage of issues to discuss.
Global inflation, a U.S. recession, the debt ceiling and Russia's invasion of Ukraine topped the many issues.
A Swiss national flag waves on a building in Davos, Switzerland, Sunday, Jan. 15, 2023. (AP Photo/Markus Schreiber / AP Newsroom)
FOX Business looks back on some of the most notable newsmakers from the confab.
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BANK OF AMERICA CEO
Bank of America's Brian Moynihan shared his thoughts on the U.S. recession and warned how it may impact wealth.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BAC | BANK OF AMERICA CORP. | 46.83 | +0.77 | +1.67% |
BANK OF AMERICA CEO: WEALTH EFFECT COULD FEEL LIKE '08
Brian Moynihan on economy, energy independence: 'Capitalism will solve these problems'
Bank of America Chairman and CEO Brian Moynihan discusses industry layoffs, Federal Reserve trajectory and investing in innovation from the World Economic Forum.
INTEL CEO
Pat Gelsinger said semiconductor industry investments are "critical" for the global economy's future and claimed the U.S. CHIPS and Science Act was a "turning point" in global competition with China.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| INTC | INTEL CORP. | 24.14 | +0.13 | +0.54% |
US HIT 'TURNING POINT' WITH CHINA: INTEL CEO
Semiconductors, technology will ‘define’ future global economy: Pat Gelsinger
Intel CEO Pat Gelsinger unpacks the ‘criticality’ of semiconductors ahead of his talk at the World Economic Forum in Davos.
LARRY SUMMERS
Harvard Professor Larry Summers, who served in both the Clinton and Obama administrations, expressed his wariness about inflation.
"To suppose that some kind of relenting on an inflation target will be a salvation would be a costly error," Summers said. He added that while tackling inflation will cause a recession, an even greater recession will occur if the Federal Reserve can't get inflation under control.
LARRY SUMMERS WARNS THE FED RISKS 1970S-STYLE CRISIS IF IT PAUSES INFLATION FIGHT
Lawrence Summers, president emeritus and professor at Harvard University, during a panel session on the closing day of the World Economic Forum in Davos, Switzerland, Friday, Jan. 20, 2023. (Stefan Wermuth/Bloomberg via Getty Images / Getty Images)
S&P GLOBAL VICE CHAIRMAN DANIEL YERGIN
Daniel Yergin, a Pulitzer Prize winner for his book, "The Prize: The Epic Quest For Oil, Money & Power," warned of underinvestment in oil and gas because energy independence is "taken for granted" in America.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORP. | 121.38 | +1.03 | +0.86% |
| CVX | CHEVRON CORP. | 161.88 | +0.58 | +0.36% |
| USO | UNITED STATES OIL FUND - USD ACC | 72.98 | +0.95 | +1.33% |
| BNO | UNITED STATES BRENT OIL FUND - USD ACC | 29.45 | +0.33 | +1.12% |
ENERGY EXPERT URGES US INDEPENDENCE, SAYS SECURITY MUST BE ‘BACK ON THE AGENDA’
Daniel Yergin attends the 2018 Columbia Global Energy Summit regarding the evaluations of the United States' increased crude oil production, oil market and crude oil prices in New York April 19, 2018. (Atilgan Ozdil/Anadolu Agency/Getty Images / Getty Images)
UNITED STATES SENATOR JOE MANCHIN
Sen. Joe Manchin, D-W.Va., said, "The problem that we have is the open press system and basically all the platforms."
Manchin apologetic for slamming 'open press system' at Davos panel
Sen. Joe Manchin, D-W.Va., told FOX Business' Maria Bartiromo he is 'totally' apologetic for saying the 'open press system' is a 'problem' while speaking on a Davos panel.
SEN. JOE MANCHIN APOLOGIZES AFTER TRASHING 'OPEN PRESS SYSTEM' ON DAVOS PANEL
After his comments went viral over worries he was attacking freedom of speech, Manchin clarified that America is home to a "very good, competent press," but social media platforms can become echo chambers that reward "bad behavior."