GENEVA — The annual World Economic Forum that begins today in Davos, Switzerland, is likely to be dominated by concerns that the sharp downturn of the U.S. economy, the world's largest, could trigger a global recession.The gathering of world business and political leaders comes as the Federal Reserve, responding to an international stock sell-off on Monday, took emergency action on Tuesday to reduce the U.S. benchmark interest rate by three-quarters of a percentage point."The risks of a significant slowdown, if not a recession, have been increasing," said Richard Samans, WEF managing director and a former economic policy adviser to President Bill Clinton.Along with concerns over volatility in global financial and energy markets, the declining dollar and China's undervalued yuan, the agenda includes high oil prices and growing apprehension about the rapid growth and clout of sovereign wealth funds.Climate change and terrorism, as well as corporate social responsibility, food and energy supply shortages, the emergence of economic powers such as China and India, and global trade problems also are on the table for the 2,500 forum participants.About 27 heads of state and some 113 cabinet ministers from 88 countries, as well as more than 900 chief executives from the top global corporations are slated to take part in the five-day meeting, which has the theme, "The Power of Collaborative Innovation to Benefit Us All.""The meeting gives us all a chance to understand and shape the global agenda for the year ahead and beyond," said Klaus Schwab, WEF founder and executive chairman.Top officials from 74 Fortune 100 companies are among the guests.National leaders include: U.S. Secretary of State Condoleezza Rice, who will deliver a keynote address on "Climate Change and Terrorism;" U.K. Prime Minister Gordon Brown, Japanese Prime Minister Yasuo Fukuda and Chinese Vice-Premier Zeng Peiyan.A series of high-level meetings are also expected to take place on the sidelines between the trade ministers of major trading powers such as Brazil, India, the European Union, the U.S., Egypt and Japan, on how to advance the stalled Doha global trade talks.U.S. Trade Representative Susan Schwab and World Trade Organization director general Pascal Lamy are likely to take active roles on how to advance the problematic global trade negotiations.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim