Economy

 The summit in Davos  

The elite in Davos believe in AI and Trump - "they are always wrong"  

 

The mood at the global elite meeting in Davos is a useful indicator for investors - as long as you do the opposite, writes WSJ's James Machintosh in an analysis. 

 

“When the elite are depressed, buy. When they are positive, sell. When they are focused on crypto, like 2021, run away.”  

 

According to Machintosh, this year it was impossible to move around the snow-covered resort without hearing buzz about artificial intelligence. It may therefore be time to close your ears and avoid AI stocks.  

 

Alexander Soros, who recently took over father George Soros' charitable empire, has another scoop from the summit. 

 

- In Davos, Donald Trump is already president. It's positive because the Davos consensus is always wrong, he told CNBC.  

 

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General strike expected to paralyze Finnish society 

 

A major strike awaits in Finland from February 1, reports Yle.  

 

Some of the unions have announced only February 1, while others are announcing a 48-hour strike, the channel writes.  

 

Among other things, industry, service, traffic, health care, childcare and schools are expected to be covered by the strike.  

 

The industrial union strike is expected to affect most large industrial companies such as UPM, ABB and Kone, writes Yle.  

 

In addition, flights are expected to be practically at a standstill for two days when five unions in the aviation industry go on strike.  

 

The major trade unions FFC and STTK are behind the strike, which is a protest against the government's working life reforms and changes that affect the right to strike. 

 

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Job crisis for young people in China: "The endless hunt a torture"  

 

More than one in four young people in China was unemployed at the time of the survey in June, writes Reuters. 

 

The measurements were then paused and resumed in December. Then they had excluded university students and the figure landed at 14.9 percent.  

 

- We were born in the wrong era, says 24-year-old Melody Zhang, who graduated from the prestigious Renmin University.  

 

Zhang has applied for hundreds of jobs without success, most recently in the state propaganda ministry. The only problem is that 2.6 million applied for the 36,000 government jobs that were available. 

 

- The endless search for a job is torture, she states.