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After two years, the Davos Forum is back, but with less billionaires and no snow

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After two years, the Davos Forum is back, but with less billionaires and no snow

Ask some of the world’s wealthiest and most powerful people in Davos this week, and they’ll tell you that the World Economic Forum’s annual meeting won’t be the same after a two-year hiatus due to a pandemic.

Hundreds of names are missing from the guest list, including many financial titans. Goldman Sachs Group Inc. and JPMorgan Chase & Co. CEOs will not be attending. Larry Fink of BlackRock Inc. and Steve Schwarzman, the private-equity billionaire, aren’t.

The usual contingent of super-rich Russian tycoons, including several who attended in 2020 and many of their Chinese counterparts, is also missing.

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Even the weather and timing are off: instead of the usual snow and crisp January air, the May Davos is expected to be rainy. (Instead of crampons, the WEF included umbrellas in the delegates’ welcome package.)

A bleak backdrop for the five-day event is the lingering pandemic, rampant inflation, tumbling stock markets, and the war in Ukraine. The theme for this year is “History at a Turning Point,” which has an ominous ring to it.

Wendy Craft, chief of staff at Fulcrum Equities, a New York-based family office, said, “I just don’t think the excitement is there.” “The markets, the war, and the virus aren’t helping.”

The event is still expected to draw 2,000 people, not including the hundreds of others who come but do not attend official events. Jane Fraser of Citigroup Inc. and Brian Moynihan of Bank of America Corp. will be in attendance.

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So will the Bloomberg Billionaires Index’s estimated 90 billionaires. Bill Gates and George Soros, hedge fund mogul Ray Dalio, and India’s Gautam Adani, whose personal fortune has skyrocketed this year, making him the world’s sixth-richest person, are among them.

In January 2020, when the coronavirus outbreak began, at least 119 billionaires descended on the town. That included Jamie Dimon, who is staying in New York this time for a major JPMorgan investor day. Goldman Sachs is sending a few of its top executives, but not its CEO, David Solomon.

While around 50 heads of state and government are expected to attend, German Chancellor Olaf Scholz is the only member of the Group of Seven.

While President Donald Trump took centre stage in 2020, Commerce Secretary Gina Raimondo will lead the US delegation this year. Xie Zhenhua, China’s special envoy for climate change, is the highest-ranking Chinese official.

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On Monday, the man of the moment, Ukrainian President Volodymyr Zelenskiy, will speak from war-torn Kiev.

Guests can climb the 33 stone steps to the Steigenberger Grandhotel Belvedere for closed-door confabs after attending a series of panels. In the evenings, there will be fewer parties to choose from. For example, JPMorgan will not be holding its annual event in a local art gallery.

Many of those attending this year are looking forward to a return to normalcy: meetings, handshakes, and sipping a Monsteiner at the Piano Bar, the local beer made at Europe’s highest-altitude brewery.

Tim Gokey, CEO of Broadridge Financial Solutions Inc. in Lake Success, New York, said, “I am looking forward to seeing people in person.”

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David Spreng, the founder of venture debt lender Runway Growth Capital, said he decided to skip the conference this year and instead attend offsite events, some of which he helped organise.

“I discovered that I can achieve my new objectives without a white badge,” Spreng explained.

The weather may be the most significant difference of all.

Davos isn’t Davos without the snow, as one Wall Street executive recently joked to a colleague.

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Tollywood

Day 6 box office receipts for Game Changer: Ram Charan’s film takes another hit, earning over ₹110 crore

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Day 6 box office receipts for Game Changer: Ram Charan’s film takes another hit, earning over ₹110 crore

Game Changer box office collection day 6: Ram Charan and Kiara Advani-starrer released in theatres on January 10.
Game Changer box office collection: Ram Charan, Kiara Advani-Game Changer is one the first big releases of this year, and came with huge audience expectations. However the film opened to mixed reviews and has performed decently at the box office. As per the latest version of Sacnilk.com, Game Changer has minted ₹6.11 crore in its sixth day of release. Game Changer is directed by Shankar.

Game Changer box office collection

The report states that Game Changer has now crossed the ₹110 crore mark at the box office. It minted ₹5.55 crore on its first Wednesday, which is the lowest for the film so far. The film had seen a slight growth on its fifth day of release, with ₹10 crore net. The overall collections now stand at ₹112.26 crore.

Game Changer minted ₹51 crore on its opening day, and saw a dip in collections on its second day with ₹21.6 crore. Day three collections were at ₹15.9 crore whereas day four net was ₹7.65 crore. The film saw a sharp decline in its weekdays and is yet to recover. Game Changer is facing stiff competition from a number of releases, which includes Nandamuri Balakrisha’s Daaku Maharaj, Unni Mukundan’s Marco and Allu Arjun’s Pushpa 2: The Rule.

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More details

Amid box office concerns for the film, a pirated version of Game Changer was allegedly aired on a local TV channel and shown in buses. Screenshots of the same surfaced on X, which caught the attention of producer Sreenivas Kumar. He took to his X account to demand strict action on it.

A few days ago, the makers of the film had filed a complaint against individuals for allegedly leaking a pirated version of the film online. The complaint also states that before the film’s release, the producers and a few team members were threatened through social media and messaging platforms like WhatsApp, wherein the same alleged pirates demanded money from producers and threatened to leak the pirated version if their demands were not fulfilled.

Game Changer is directed by Shankar and stars Ram Charan, Kiara Advani, and SJ Suryah. The film has also been released in Tamil, Kannada, and Malayalam.

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