WEF spat heats up as founder Klaus Schwab denies misconduct
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
ZURICH: World Economic Forum founder Klaus Schwab denied allegations of misconduct that were reportedly substantiated by a formal investigation and accused the board of trustees of violating an agreement regarding media discretion on the matter."I am in a position to refute all the accusations brought up against me," Schwab said in a statement, responding to a report in SonntagsZeitung. The Swiss newspaper said preliminary findings by Swiss law firm Homburger support allegations that Schwab manipulated economic reports published by the forum and submitted unjustifiably high expense claims.The investigation, commissioned by the WEF's board of trustees, is examining a range of accusations against the 87-year-old, including claims he used the forum's resources for personal purposes.Schwab abruptly resigned from the WEF in April after the misconduct allegations emerged, sparking a clash with the board. A successor has yet to be named.High-profile figures linked to the role have included BlackRock Vice Chairman and former Swiss National Bank President Philipp Hildebrand , who joined the board of trustees in May, and European Central Bank President Christine Lagarde , who until recently was considered the top candidate by both Schwab and the organization, Bloomberg previously reported.Lagarde has said she first intends to complete her ECB term, which runs until October 2027.The WEF board of directors is currently led by former Nestle Chairman Peter Brabeck-Letmathe on an interim basis.In his statement Sunday, Schwab said he made himself available for an interview with Homburger on July 15. He was told he would have access to a draft of the report to respond to the allegations. He has yet to see a draft, a spokesperson added in a separate statement."In this respect I feel deceived," Schwab said. "I am willing to defend my interests with all my strength, even in the context of a legal dispute."A WEF spokesperson declined to comment when contacted by Bloomberg, stating that the organization would respond once the investigation concludes, likely at the end of August.The SonntagsZeitung report intensifies an ongoing dispute between Schwab and the board of trustees at WEF and comes just weeks after the two parties issued a joint statement claiming they were working toward "normalizing" their relationship and resolving the dispute.According to excerpts cited by the newspaper, Homburger's investigation found that Schwab repeatedly intervened to influence country rankings in the WEF's Global Competitiveness Report for political purposes.The investigation also scrutinized some 900,000 Swiss francs ($1.12 million) in expenses submitted by Schwab and his wife Hilde that allegedly lacked sufficient ties to WEF activities, the newspaper said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Standard
a minute ago
- Business Standard
EcoYou Powers India's Energy Independence with Global Biogas Growth Ahead of BioEnergy Global 2025
VMPL New Delhi [India], July 25: EcoYou - the Energy Division of Ecoboard Industries Limited - has solidified its position as a global leader in Compressed Biogas (CBG) solutions, with over 125 large-scale biogas digestor installations operating across the world. These systems treat more than 20 million cubic meters of industrial effluents annually, converting waste from dairy, distillery, and agro-industries into clean, renewable energy. EcoYou will showcase these innovations at BioEnergy Global 2025, to be held in New Delhi from July 29-31, where it joins leading energy companies, policymakers, and technology providers shaping the future of bioenergy. EcoYou's Indian clients are now actively participating in the Government of India's SATAT (Sustainable Alternative Towards Affordable Transportation) scheme, converting raw biogas into purified bio-CBG for industrial and vehicular use. "At EcoYou, we help our customers turn waste into wealth," said G. Ramakrishna Raju, Managing Director of EcoYou. "Effluent treatment is no longer optional--it's essential for industrial sustainability. Our systems save around 500,000 tons of coal annually, substantially reducing greenhouse gas emissions." EcoYou's Dry Digestor Systems, in partnership with Ruckert Naturgas (Germany), tackle solid waste, while Wet Digestor systems--based on Swiss technology--process high-load liquid waste. The company has also partnered with KP Engineering to deliver Zero Liquid Discharge (ZLD) solutions. Through these innovations, EcoYou transforms industrial waste into bio-CBG, contributing directly to environmental protection, energy security, and economic development. EcoYou's advanced biogas systems are powered by Sulzer-based Continuous Stirred Tank Reactor (CSTR) technology, known for its robust, energy-efficient performance in complex industrial environments. "Globally, our systems are helping industries reduce their carbon footprint while embracing circularity. This is not just environmental stewardship--it's sustainable progress that benefits the planet, people, and profits" says Praveen Gottumukkala, Technical Advisor at EcoYou. Beyond energy production, EcoYou's projects have far-reaching environmental and economic benefits. By enabling reuse of treated water, industries reduce their freshwater dependency and operational costs. The systems also support organic composting and sludge-to-energy conversion, aligning with India's sustainability priorities including the National Water Mission, Swachh Bharat, and multiple UN Sustainable Development Goals (SDGs). Globally, countries like Germany, Japan, and the Netherlands have stringent discharge norms and high adoption of biogas and ZLD systems. Technologies such as membrane bioreactors (MBRs), advanced oxidation processes (AOPs), AI-enabled monitoring, and real-time analytics are increasingly common. Treated wastewater is reused in agriculture, and sludge is processed into energy or compost, supported by strong digital infrastructure and regulatory enforcement. India is fast catching up. Adoption of dry and wet digestors and ZLD technologies is growing, especially among large industries. More corporates are integrating bio-CBG projects into their ESG and CSR frameworks, making sustainability part of their core strategy. Headquartered in Pune, Maharashtra, EcoYou is playing a pivotal role in shaping India's environmental and industrial future. By serving clients in sectors such as chemicals, pharmaceuticals, textiles, distilleries, and food processing, EcoYou is ensuring that industrial progress and ecological responsibility go hand in hand.
Fibre2Fashion
31 minutes ago
- Fibre2Fashion
Switzerland's Calida posts $128 mn H1 sales amid market headwinds
Swiss clothing company Calida group has reported sales of CHF 101.7 million (~$128.14 million) in the first half (H1) of 2025, reflecting a 7.1 per cent currency-adjusted decline due to continued global market uncertainty and subdued consumer sentiment. Brand-wise, Calida posted sales of CHF 66 million, down 5.5 per cent, but maintained margin discipline by avoiding excessive promotions and focusing on e-commerce and collection modernisation. Meanwhile, Aubade saw sales fall by 10.2 per cent to CHF 28.9 million, particularly impacted by a weak French market, though improvements in its digital platform are expected to enhance future growth. Swiss firm Calida group has reported H1 2025 sales of CHF 101.7 million (~$128.14 million), down 7.1 per cent. Despite weak consumer sentiment, Calida and Aubade maintained brand strength, while Cosabella faced restructuring challenges. The group posted an adjusted operating loss of CHF 1.3 million (~$1.638 million) but an overall profit of CHF 1.5 million (~$1.89 million). Cosabella's repositioning remains ongoing, with H1 sales dropping 23.5 per cent to CHF 6.8 million due to restructuring, delivery issues, and economic headwinds. The group has reported an adjusted operating loss from continuing operations of CHF 1.3 million (~$1.638 million). However, a CHF 1.5 million (~$1.89 million) overall operating profit was recorded, supported by the disposal of the Lafuma Mobilier factory building. Net liquidity improved by CHF 7.3 million to CHF 12.9 million, despite a negative free cash flow of CHF 2.7 million, the company said in its financial release. 'In a demanding environment, the Calida Group again demonstrated its resilience and innovative strength. The measures we initiated to optimise operations and focus on core values are progressing according to plan but will take time to unfold their full potential. The sales performance in H1 2025 reflected the difficult situation in our brands' core markets,' said Thomas Stocklin, chief executive officer (CEO) of the Calida Group . 'At the same time, we are systematically keeping our strategic focus on the premium segment—through strong brand positioning and a deliberate pursuit of profitable business models, forgoing volume-driven growth. Only when the markets settle down and consumers regain confidence will the strategic decisions increasingly take effect,' added Stocklin. With a new CEO at the helm and organisational restructuring underway, the group enters H2 with cautious optimism. Management expects a stable full-year result, with organic growth from Calida and Aubade reinforcing brand strength and Cosabella's US expansion steadily progressing, added the release. Fibre2Fashion News Desk (SG)
Economic Times
an hour ago
- Economic Times
German bond yields hit four-month highs, bets wane on ECB cuts
German 10-year government bond yields hit their highest in four months on Friday, as fading conviction among investors for steeper rate cuts from the European Central Bank compounded a push out of safe havens on optimism over U.S.-EU trade talks. ADVERTISEMENT The ECB left interest rates at 2% on Thursday, as expected, and President Christine Lagarde suggested policymakers were less concerned than before about an abrupt slowdown in growth and inflation over the coming year. Bond yields rose sharply in response. Meanwhile, optimism is growing that the European Union will be able to secure an agreement with the United States on trade at a lower tariff than the 30% threatened by President Donald Trump if there is no deal by his August 1 deadline. Government bonds came under pressure, as did gold and safe-haven currencies like the Japanese yen and Swiss franc. Two-year German Schatz yields, which rose by nearly 12 basis points on Thursday in their biggest one-day increase since mid-May, were up 3.6 bps at 1.947%, their highest since April 3, the day after Trump's "Liberation Day" announcement on tariffs. Benchmark 10-year German yields were up 6 bps to 2.75%, their highest since the end of March, while Italian yields rose 7 bps to 3.636%, leaving the gap between the two at 88.2 bps, its widest in a week. ADVERTISEMENT Two sources told Reuters on Thursday that ECB policymakers were setting the bar high for a September rate cut and would need to see a significant deterioration in growth and inflation before backing further easing. BRIGHTER OUTLOOK ADVERTISEMENT Recent economic data suggests the euro zone is weathering uncertainty over U.S. tariffs reasonably well. Euro zone business activity hit an 11-month high in early July, based on HCOB's preliminary composite euro zone Purchasing Managers' Index, compiled by S&P Global on Thursday. ADVERTISEMENT "After good PMI numbers and a positive tone from the ECB, the path towards higher rates is becoming even clearer. If a trade deal gets signed, we should see rates move up further, with the 10-year swap rate hitting at least 2.8%," ING rates strategist Michiel Tukker said. The 10-year swap rate, an indicator of long-term borrowing costs, is hovering around 2.7%, its highest since March, having risen by nearly 20 bps in the last month. ADVERTISEMENT Tukker said a move towards 3% would likely be slower and would depend on growth remaining resilient. Money markets show traders are undecided about another ECB rate cut this year, attaching about a 30% chance of a drop below 2% by the end of December. Reflecting some of that greater confidence in the outlook was a modest improvement in German business morale in July. A survey on Friday from the Ifo institute showed its business climate index rose to 88.6 this month - the highest in 13 months - from 88.4 in June, slightly below a Reuters forecast for 89.0. A separate report from the ECB showed bank lending in the euro zone grew at the fastest pace in two years last month, extending a gradual recovery fuelled by lower borrowing costs and a stabilisation in the economy.
