Давос И Форекс
Davos Business elite gives verdict on Trump; Ukraine encouraged by commitments
Ireland's Taoiseach: Keen to develop relationship with China
Leo Varadkar, the Taoiseach of Ireland, discusses Chinese Premier Li Qiang's recent visit to the country, access to finance in Europe, and his outlook for how AI will impact the jobs market.
Top ad guru says Big Tech will keep dominating the market
The strength or weakness of the ad market depends on where you look — and Big Tech will continue to dominate in , according to S4 Capital co-founder Martin Sorrell.
"It's a bifurcated market. Linear TV is having a very tough time," he told CNBC at the World Economic Forum in Davos, Switzerland, on Thursday.
Players in that space with live sports to support them, like Fox and Disney, saw narrower losses in ad revenue than those that didn't, Sorrell said.
"On the other side, the platforms are up about 10%. Alphabet, Meta, Amazon, all did, you know, 20%, 12%, 25% in Q3, and had very strong first and second quarters," he continued.
Platforms continue to deliver better short-term activation, performance and measurement, he noted. Meanwhile, big companies are continuing to spend and invest despite macro headwinds, but they are spending in a more short-term, activation-focused, performance-focused way, he said.
"And that's what's going to happen this year too. I mean, linear TV is going to be under pressure the linear TV market is in what I would call a consolidation phase."
Sorrell pointed to Disney CEO Bob Iger telling CNBC in mid that the company was "open minded" on its continued ownership of networks such as ABC, FX and National Geographic, and had to "be objective about the future of those businesses."
"The problem there is as they consolidate, when you actually do the numbers net revenue and EBITDA actually increased from linear TV, which is not the direction in which you want to go, you want to increase your digital exposure to streaming and everything else," Sorrell said.
—Jenni Reid
Kuleba: No change in tone from the U.S. administration
Ukrainian Minister of Foreign Affairs Dmytro Kuleba said he's seen no change in tone from the U.S. administration when it comes to how they want Ukraine to approach the war and diplomacy.
"I have no reasons to doubt the sincerity of the commitments of the Biden administration to continue helping Ukraine," he told CNBC.
"Nor do I have reasons to believe that the Republican Party as a whole does not realize how fundamental it is to defeat Russia in Ukraine and not to allow Russia to continue destroying the world order built by America," he said.
"I mean let's be honest, the word we live in was built under American leadership."
The U.S. administration has recently stepped up the pressure on Congress to provide billions more in aid to Kyiv in its war with Russia.
—Matt Clinch
Ukraine's Kuleba: Davos has been very reassuring
Ukraine's foreign affairs minister, Dmytro Kuleba, told CNBC at Davos that the event had been very reassuring.
"The atmosphere here was positive in a way that people are looking for solutions instead of endlessly discussing problems," he told CNBC's Steve Sedgwick.
"President Zelenskyy had excellent meetings with both political leadership and business leaders. And messages that were received from both wings are very encouraging."
"The most important thing is that you feel, you sense, and you hear the commitment, the commitment to stand by Ukraine, to keep helping one way or another," he added.
The war in Ukraine is dominating conversations at the World Economic Forum in Davos this week, with Ukraine's President Volodymyr Zelenskyy making the most of the opportunity to address the global business and political elite, including JPMorgan chief Jamie Dimon.
Dimon said he and other business leaders met Zelenskyy on Tuesday to discuss "refinancing" the redevelopment of Ukraine once the war with Russia is over. "So, he is starting to think ahead," Dimon said of the Ukrainian president.
—Matt Clinch
'It won't be the end of the world': Executives give their verdict on a Trump return to the White House
U.S. business leaders seem nonplussed about the prospect of Donald Trump returning to the White House, while their European counterparts appear nervous, according to executives who spoke to CNBC at the World Economic Forum in Davos, Switzerland.
One prominent U.S. business executive, who asked not to be named because his discussions with foreign leaders were private, said some of the fear may be due to a lack of understanding of the checks and balances built into the U.S. government.
Normalizing relations with Middle East heavyweight Saudi Arabia is pivotal for Israel to transition from the current war against Palestinian militant group Hamas toward new opportunities, Israel's president said.
"Clearly, the Saudi option, as part of it, of the whole normalization process is key to the ability to exit from the war into a new horizon," Isaac Herzog said in a special address at the World Economic Forum in Davos, Switzerland. "It's still delicate, it's fragile, it will take a long time, but I think it's actually an opportunity to move forward in the region toward a better future. I view that as a very important development."
He went on to describe normalization with Saudi Arabia — a step that has been heavily encouraged by the U.S. in a bid to reunite its two strong allies in the Middle East — as a "game-changer," saying that Riyadh's steps to recognize Israel would follow on "the courage of nations, such as Egypt, Jordan and the Abraham Accords nations such as the United Arab Emirates, Morocco, the kingdom of Morocco, and the kingdom of Bahrain."
Saudi Arabia has so far withheld its approval from normalizing relations and has historically aligned itself with the interests of the Palestinian people in the Gaza Strip.
Israel's Prime Minister Benjamin Netanyahu had indicated to the U.N. that his country was "at the cusp" of a breakthrough leading to a peace deal with Riyadh in September last year, a mere two weeks before the Oct. 7 Hamas terror attacks plunged Israel into war. Saudi Arabia has since called for a cease-fire in the Gaza Strip, where Israel is carrying out a retaliatory offensive.
In January, Saudi ambassador to the U.K., Prince Khalid bin Bandar, told the BBC that his country remains interested in normalizing ties with Israel after the end of the war in the Gaza Strip, but stressed that any agreement hinges on the creation of a Palestinian state.
— Ruxandra Iordache
Israelis want to be 'promised real safety in the future,' president says
Israelis want certainty over their future safety, said Israel's President Isaac Herzog.
"If you ask an average Israeli now about his mental or her mental state, nobody in his right mind is willing now to think about what will be the solution of the peace agreements, because everybody wants to know: Can we be promised real safety in the future?" he said, speaking in an address at the World Economic Forum in Davos, Switzerland.
"Every Israeli wants to know that he will not be attacked in the same way from north, or south, or east," he added, referring to the attacks by Palestinian militant group Hamas on southern Israel on Oct. 7.
— Lucy Handley
'If Israel were not there, Europe would be next,' Israeli president says
Israeli President Isaac Herzog warned that Israel is holding back threats in the Middle East that would otherwise spread to menace Europe and the United States.
Addressing Israel's ongoing war against Palestinian militant group Hamas and Lebanese faction Hezbollah, he said, "If Israel were not there, Europe would be next and the United States is next too."
Herzog was speaking in an address at the World Economic Forum in Davos, Switzerland.
"We are fighting a war for the entire universe, for the free world," he added, also referencing the threat of Lebanese militant faction Hezbollah, which has been engaging in offensives with Israel since the start of the conflict, citing solidarity with the civilians of the Gaza Strip.
He also acknowledged the naval dangers in the Red Sea posed by Yemeni Houthi, saying that Israel is "unraveling a huge system of evil."
— Ruxandra Iordache
Israel's president calls on world to work toward hostage release
Crypto Shines at Davos as ETF Approval Attracts More Fiat Capital
While generalizations are often best avoided, it’s fair to say that a significant number of long-time Bitcoin believers are not fans of Davos get-togethers, or indeed of event organizers the World Economic Forum. This can be put down, in part, to Bitcoin’s origin story as a bootstrapped potential replacement for present banking and finance mechanisms, and even for fiat money itself, coupled with the fact that Davos is regarded as emblematic of precisely those institutions to which Bitcoin has been touted as an alternative.
All of which makes it notable that in recent years, the Davos conference has featured an increasing presence of representatives from the cryptocurrency industry, whose attendance this year may seem more fitting than ever due to the recent approval of spot BTC ETFs in the United States, a move seen by some as legitimizing bitcoin for mainstream investors.
In fact, the approval and launch of spot ETFs marks a significant shift in tone since bitcoin and crypto's lows when the collapse of FTX gave the temporary impression that perhaps crypto skeptics had had a point, and the industry as a whole might be better off resolving its own internal problems, rather than attending political/corporate talking shops.
As the self-anointed descend on Davos in their private jets, here is a reminder of the totalitarian future they want to usher in with CBDCs…
— Walker⚡️ (@WalkerAmerica) January 16,
They will own everything, you will own nothing, & you will most definitely not be happy.
Study #eunic-brussels.eu
Fast forward to and crypto is in a far more optimistic position, while at Davos there have been some memorable statements, not least from JP Morgan's CEO, Jamie Dimon, who remains, despite JP Morgan acting as an Authorized Participant for BlackRock's new Bitcoin ETF, as skeptical of BTC as ever.
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Entertainingly for viewers, Dimon declared in a CNBC interview at Davos that he definitely did not want to talk about bitcoin, while also taking the opportunity to wonder whether pseudonymous Bitcoin creator Satoshi Nakamoto might one day reappear to increase the digital currency's fixed supply beyond its hardcoded 21 million cap.
Bitcoin does nothing, JPMorgan Chase CEO Jamie Dimon said Wednesday on the sidelines of the World Economic eunic-brussels.eu://eunic-brussels.eu
— CNBC (@CNBC) January 17,
Such a supply increase isn’t technically possible, and perhaps Dimon knows that, either way, it made for a compelling onscreen exchange. Notably, Dimon displayed interest in other blockchain projects (as he has previously), specifically those used for “tokenizing things that you do something with”, which ties in with the growing crypto industry narrative around RWAs (meaning real world assets traded on-chain.)
The Case for Stablecoins
Another significant moment at Davos occurred when Howard Lutnick, the CEO of Cantor Fitzgerald, openly stated in an interview that the major stablecoin Tether is fully backed by reserves. This is significant as there has been ongoing speculation and concern about Tether’s reserves, which Lutnick's assertion directly contradicts.
What’s more, Lutnick steered the interview unprompted towards crypto in order to explain that in the likes of, “Argentina, Venezuela, and Turkey, these crypto assets matter, stablecoins matter. Holding your dollar in a token is amazing. That’s why Tether is doing really well.”
Meanwhile, the CEO of Ripple, Brad Garlinghouse, mentioned in an interview that he expects crypto ETFs to be approved by the SEC in the wake of spot BTC ETFs, and touched on stablecoins and regulation: “The stablecoin market has surprised people in some ways in terms of solving a real need. I think it only makes sense for there to be regulatory clarity around that.”
Political Opportunity
Elsewhere, it was made clear that Davos presents opportunities for crypto representatives to meet with political leaders, with Faryar Shirzad, the Chief Policy Officer at Coinbase: “The governments that we’re interested in talking to, the level of interest on their side is typically quite high.”
And he also drew attention to a contrast with the hostility that the crypto industry faces from some politicians in the US: “It’s not as though the Elizabeth Warren attack on us defines how we engage with most governments.” Davos, then, appears to be a more welcoming environment for crypto than the combatively partisan political and regulatory arena in the US.
This man is going to save @Argentina. Javier Milei gives the clearest argument for capitalism over government controlled collectivism I have ever heard. Learn from this man. @Davoseunic-brussels.eu#freedom#trust#bitcoin#orwhatever
— Tim Draper (@TimDraper) January 18,
A Spotlight on AI
It's also apparent that another tech contender, the AI sector, is making its presence felt this year. Could it be the case that with BlackRock and others taking Bitcoin mainstream, it’s AI that is now the creatively disruptive attendee at Davos, an event which leans, on the whole, towards bureaucracy and top-down management?
In that case, then crypto may truly be becoming, courtesy to some extent of those ETF offerings, respectably integrated with the corporate world. At the same time though, let’s not forget that those original bitcoiners had very long-term plans, and perhaps view integration as a stepping stone towards disruption.
Whatever the outcome that plays out, a shift is currently apparent, with Dante Disparte, the Chief Strategy Officer at stablecoin issuer Circle, describing in an interview how, “there’s an AI house every block [at Davos this year], whereas historically there was a blockchain foundation or a web3 house or a crypto house. I take that to mean the [blockchain] technology stack has arrived, when the technology can sort of recede to the background.”
By that reckoning, the less the crypto contingent stands out, the more we can infer that crypto has moved to the center ground and is sticking around.
LSEG at the World Economic Forum Annual Meeting
Ron Lefferts is Group Head of Sales & Account Management, LSEG and is responsible for leading the global sales team to drive the growth of LSEG’s products and solutions through go-to-market strategy, sales and commercial excellence, product development, and partnerships across all customer segments and channels.
He was previously Group Head of Strategic Accounts, delivering end-to-end services and offerings across the LSEG portfolio to the company’s largest global customers.
Prior to joining LSEG, Ron was Protiviti’s Global Leader of Technology Consulting where he was responsible for the strategy, solution offerings, consulting delivery and external partnerships for all Protiviti's technology solutions, including Security & Privacy, Enterprise Applications, Technology Strategy & Operations, Advanced Analytics, Software Services, Cloud and the Emerging Technology Group.
Earlier in his career, Ron held leadership roles with IBM, including Managing Partner, Financial Services Sector for North America and Managing Partner, Financial Services, Greater China Group. In these roles, he was responsible for business unit strategy, operations and management in addition to managing several strategic client relationships and running major client transformation initiatives.
He also served as Director of Technology Strategy and Architecture for a major global investment bank.
Ron is based in New York.
FX Daily: Waiting on central bankers to shake data-resistant markets
The first half of January has shown a dislocation between rate expectations and data in the US. The two most important data points for the Federal Reserve, labour and CPI inflation figures, both came in hotter than expected. PPI was a bit softer than consensus on Friday, but that is not enough to justify markets’ reluctance to price out Fed easing. The Fed funds future curve prices in 21bp of cuts in March, and bp by year-end.
Our view remains that the Fed won’t start cutting before May, and that the total easing package will be bp. Accordingly, the rally in short-term USD rates appears overdone, and weakness in the front part of the USD curve should support some recovery in the dollar. However, we suspect that the data may prove insufficient to trigger a USD rebound for now; the consensus view of a dollar decline later this year seems to be making investors keen to sell dollar rallies. Also, the Fed probably needs to send a clearer message that the latest data does not justify the kind of aggressively dovish view embedded in money market pricing. There are a few more Fed speakers lined up this week, but perhaps dollar bears will want to hear it from Fed Chief Jerome Powell, who is not scheduled to speak until the 31 January FOMC announcement.
Incidentally, the US data calendar isn’t very busy this week. Retail sales and the University of Michigan inflation expectations will attract the most attention along with jobless claims - which came in well below expectations last week, reinforcing the narrative of a still-tight labour market. We think the dollar will be driven more by other events than data this week, barring major surprises. First, the results of the election in Taiwan have raised again the delicate question of Taipei-Beijing relationships, with tensions among the two seen as a major risk for Asian and global risk sentiment this year. The dollar might benefit from some outflows from exposed EM FX. The situation in the Gulf also looks rather volatile after the US and UK military operations last week, even though the impact on oil prices has been muted so far.
Domestically, we’ll monitor the market reaction to the business tax relief extension currently being discussed in the US Congress. The impact of fiscal support may turn out to be negative for risk sentiment – and positive for the dollar – as markets see a greater risk of sticky inflation and a lower chance of Fed rate cuts.
We think the dollar is more at risk of a rebound than a further correction from these levels, although the chances of another rangebound trading week in FX (DXY still hovering in the / region) are high.
Francesco Pesole
DAX Index, FTSE , STOXX European Markets Face Pressure as Davos Forum Looms
DAX Under Scrutiny
The DAX is facing downward pressure, partly due to rising Eurozone government bond yields and cautious investor sentiment regarding rate cuts. Comments from the ECB’s chief economist Philip Lane are suggesting a careful approach to rate adjustments, contrasting with market expectations. Key players like Commerzbank and Dassault Aviation are influencing market movements, with the latter’s stock declining after missing aircraft delivery targets and a downgrade from Deutsche Bank.
FTSE Fluctuations
The FTSE is reversing early gains, affected by a sell-off in luxury and banking sectors. Burberry’s warning about a slowdown in luxury goods demand and HSBC’s downgrade are impacting the index. Investors are awaiting the UK’s consumer price inflation and retail sales data for more clarity on potential rate adjustments. The market is also responding to corporate forecasts, as seen in the performance of companies like PageGroup and Crest Nicholson.
Short-Term Market Outlook
The European market is appearing bearish in the short term, influenced by economic uncertainties, cautious investor sentiment regarding interest rate policies, and mixed corporate performances. The ongoing discussions at the WEF in Davos are providing further insights, potentially impacting market directions in the coming days.
Dax Index Technical Analysis
Talk in Davos of 'high for longer' as CEOs wrestle with rates
DAVOS, Switzerland, Jan 19 (Reuters) - Business leaders and financiers in Davos this week said they are preparing for "high for longer" borrowing costs, despite markets betting on large-scale interest rate cuts this year.
Jose Minaya, CEO of global investment manager Nuveen, which manages $1 trillion in assets said markets were "likely overestimating" the extent of rate cuts by central banks and investors need to prepare for a different environment.
"The next ten years are likely going to have lower returns than the previous ten years, you haven't seen inflation in almost two decades," he told the Reuters Global Markets Forum, opens new tab.
The U.S. Federal Reserve is gauging whether inflation is sustainably back at its 2% target in order to lower interest rates, after basis points of hikes since March
AlixPartners CEO Simon Freakley said executives globally are "hoping for the best but preparing for the worst," as company boards plan for a high-for-longer scenario, while hoping rates will come down at least towards the end of the year.
The discussion within boardrooms was around having to manage increased interest costs than previously thought and having to accommodate that within their plans and budgets, Freakley said.
"Rates will be slow to come down, and it's partly because international central banks were slow in taking them up," said Nicolai Tangen, CEO of Norges Bank Investment Management.
"You don't want to come back to some kind of 70s situation," said Tangen, who leads the world's largest sovereign wealth fund with $ trillion in assets, referring to sustained hyperinflation in the s.
U.S. rate-futures contracts are now pricing in a year-end policy rate of around % from the Fed's current % to % target range, and expecting rate cuts to begin in March.
"March is a very realistic starting point," said Jan Hatzius, chief economist and head of global investment research at Goldman Sachs, who forecasts five U.S. cuts for
Nevertheless, some doubt the U.S. central bank will cut interest rates as rapidly as markets are forecasting.
"My personal view is that there's a better than 50% chance that the Fed doesn't cut rates this year," Minaya said.
Barclays CEO C.S. Venkatakrishnan said in Davos he saw "maybe one" U.S. interest rate cut by year-end.
"I don't expect it to turn on a dime. I think if you look at the questions which we were asking ourselves a year ago or two years ago, they're very different from the questions we ask ourselves now," he told a Wall Street Journal event at Davos.
(Join GMF, a chat room hosted on LSEG Messenger, for live interviews: eunic-brussels.eu, opens new tab)
Reporting by Divya Chowdhury and Megan Davies in Davos, Lisa Mattackal and Anisha Sircar in Bengaluru; Editing by Alexander Smith
Our Standards: The Thomson Reuters Trust Principles., opens new tab
DAX Index, FTSE , STOXX European Stocks Edge Higher as Davos Concludes
UK Retail Sales Impact on FTSE
In the UK, retail sales figures were disappointing, showing a significant drop in December – the largest monthly fall since January This decline has increased speculation about a possible mild recession in the UK, affecting the pound and bond yields. Despite this, the FTSE Index managed to advance, buoyed by the weaker pound.
DAX and Financials
In the meantime, European shares, particularly in the financial sector, have seen an uptick. However, this has been tempered by the European Central Bank’s hawkish stance, causing the DAX to aim for a weekly fall. German producer prices showed a notable decrease, yet the DAX 40 index still managed to rise slightly.
Tech and Telecom Sector Movements
The technology sector in Europe showed resilience, rising for a second session. Notable gains were seen in Teleperformance and Temenos following positive ratings and earnings reports. Conversely, telecom giants Ericsson and Nokia faced declines after a downgrade by Barclays due to concerns over the 5G rollout in India.
Short-Term Forecast: Cautious Optimism
With mixed signals from retail sales data and central bank policies, the European market outlook remains cautiously optimistic. Investors are likely to stay focused on corporate earnings and macroeconomic data, with particular attention to any shifts in central bank policies and their impact on market sentiment.
Dax Index Technical Indicator
Israeli President Isaac Herzog has called for the release of the hostages held by Hamas.
Addressing delegates at the World Economic Forum in Davos, Switzerland, Herzog spoke of a baby boy, Kfir Bibas, who turned one year-old on Thursday while kidnapped by Hamas.
"Here, on this incredible world stage, I call on the entire universe to free Kfir Bibas and all the hostages that are there," he said, sitting next to a photograph of the baby.
"Our world was shattered on [the] 7th [of] October, we were celebrating a Jewish holiday … we were awakened into a huge shock," Herzog said, describing Hamas's attack against Israel last year.
— Lucy Handley
'We need to be much faster': European Commission vice-president on supporting business
European Commission Vice President Maros Sefcovic said the organization must "adjust how we are supporting our businesses in Europe" by smoothing the process of granting permits, among other measures.
Asked how Europe will respond to competition from the U.S and China — the U.S. has invested billions of dollars into climate change technology and infrastructure, while China's BYD has become the world's top electric vehicle (EV) maker— Sefcovic said that the Commission is "ready to fight" for European businesses.
"We want you to prosper in Europe, because we have a lot to offer, we just have to be much faster, we have to be better at scaling up. And of course we have to do our utmost to make sure that sustainability, which is a trademark feature of European economies, will have a future here in Europe," he told CNBC at the World Economic Forum in Davos, Switzerland.
The European government and national governments must provide a "one-stop shop" to support businesses financially, Sefcovic added.
— Lucy Handley
'Europe is lagging behind' on innovation, says Merck KGaA CEO
Belén Garijo, CEO of the multinational science and technology company Merck KGaA, says innovation is key to economic growth and prosperity and at this time "I believe Europe is lagging behind."
Great power rivalries could derail the energy transition, professor says
Jason Bordoff, the founding director of the Center on Global Energy Policy at Columbia University, discusses how elections throughout the world in might affect climate policy and what needs to be done to speed up the energy transition.
Barclays CEO: 'I'm very optimistic on the UK'
Barclays CEO C.S. Venkatakrishnan said he is "very optimistic" about the outlook for the U.K. economy, speaking to CNBC at the World Economic Forum in Davos, Switzerland.
"I think the U.K. consumer is in very decent shape These pent-up savings have been getting eroded. On the other hand, it's a floating rate mortgage market, and a lot of the mortgage adjustment has happened, because the average term is about three years fixed and we've had about three years of rising rates," he said.
The typical products on offer to U.K. consumers are two-year and five-year mortgages.
"Energy prices have calmed down. So the two things that have hit the pocket book are coming down, and I will say I'm very optimistic on the U.K.," he added.
— Lucy Handley
'There's a lot of errors': CEOs discuss generative AI
The rise of generative artificial intelligence (AI) has dominated public and private discussions at the World Economic Forum in Davos, Switzerland.
Accuracy was a key topic for technology leaders, with Intel's CEO Patrick Gelsinger telling CNBC: "How do you prove that a large language model is actually right? There's a lot of errors today. So you still need, you know, essentially, I'm improving the productivity of a knowledge worker. But, at the end of the day, I need the knowledge worker to say is it right."
The best way to improve accuracy is through experimentation and co-piloting tests to advance adoption, said Clara Shih, CEO of Salesforce AI.
"You can tell the AI to be conservative for higher stakes until a human co-pilot essentially graduates it to autopilot," Shih said.
Read the full story here.
— Lucy Handley
Emmanuel Macron: We must be 'more visible' as Europeans during 'pivotal year'
Since Feb. , however, almost 2, Russian individuals and entities linked to the Kremlin, or deemed to be undermining or threatening the territorial integrity, sovereignty and independence of Ukraine, have been sanctioned and subject to asset freezes and travel bans by the EU and Ukraine's other Western allies, including Switzerland.
Among the list of public figures attending WEF, there are none from Russia.
When asked if Moscow had followed a keynote address made by Ukraine's President Volodymyr Zelenskyy Tuesday, Peskov replied: "We always closely monitor statements from Kyiv."
— Holly Ellyatt
China sends largest delegation to Davos in years
Israel seeks backing for tech startups in Davos
DAVOS, Switzerland, Jan 19 (Reuters) - An Israeli agency came to Davos with a message for the business community, its CEO told Reuters: Israel's start-ups are open for investment.
Dror Bin, who runs the publicly funded Israel Innovation Authority, said in an interview it was important for him to tell large multinationals and other investors that, despite the Israel-Hamas war, the country's tech sector "continues to deliver".
More than , Israelis were drafted to reserve military service since the Oct. 7 attacks by Palestinian militant group Hamas. Labour shortages that impacted the tech sector have been expected to ease with changes in the war, which has led to a mounting death toll and humanitarian crisis in Gaza.
According to Bin, the Israel Innovation Authority requires financial matching by the private sector for it to give grants to Israeli start-ups conducting research and development. Successful start-ups pay their grant's value back to the agency, he said.
For start-ups previously, "it was relatively easy for them to raise money," Bin said. "We want to make sure that investors are not deciding to wait and see how the world evolves."
Bin declined to specify investments the agency was helping to secure. Asked how Davos participants had responded to his call for support, Bin said some were viewing investment in terms of both financial return and "philanthropic activity".
"They want to invest," he said. "They want to support Israel."
Reporting By Jeffrey Dastin in Davos, Switzerland; Editing by Alex Richardson
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