Women in Iceland want you to know it's not a gender equality utopia, despite what the statistics say

<ul><li>In his opening remarks at the Voice of <keyword id="461890" type="General" weightage="80" keywordseo="global-south" source="Orion">Global South</keyword> virtual summit, Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> flagged concerns over rising prices of food, fuel and fertilisers and the economic impact of the Covid-19 pandemic.</li><li><keyword id="6354642" type="General" weightage="100" keywordseo="modi" source="Orion">Modi</keyword> also stressed the need for the Global South to escape the cycle of dependency on systems and circumstances which are not of its making.</li><li>The 'Global South' largely refers to countries in Asia, Africa and South America.</li></ul><br />The world is in a state of crisis and it is difficult to predict how long this state of instability will last, Prime Minister Narendra Modi said on Thursday as he stressed the need for the Global South to escape the cycle of dependency on systems and circumstances which are not of its making. He also said that in the 21st Century, global growth will come from countries of the South.<br /> <br /> In his opening remarks at the Voice of Global South virtual summit, Modi flagged concerns over rising prices of food, fuel and fertilisers, economic impact of the COVID-19 pandemic as well as natural disasters driven by climate change.<br /> <br /> "We are meeting as a new year dawns and brings new hopes and new energy," Modi said.<br /> <br /> "We have turned the page on another difficult year that saw war, conflict, terrorism and geo-political tensions. Rising food, fertiliser and fuel prices, climate change-driven natural disasters and lasting economic impact of the Covid pandemic," he said.<br /> <br /> "It is clear that the world is in a state of crisis. It is difficult to predict how long this state of instability will last," Modi added.<br /> <br /> The prime minister said the need of the hour is to identify simple, scalable and sustainable solutions that can transform societies and economies.<br /> <br /> "Despite the challenges the developing world faces, I remain optimistic that our time is coming. And our time is coming. The need of the hour is to identify simple, scalable and sustainable solutions that can transform our societies and economies. With such an approach, we shall overcome the difficult challenges," he said.<br /> <br /> "I am confident that together the Global South can produce new and creative ideas. These ideas can form the basis of our voice in the G20 and other forums. In India, we have a prayer...it means may noble thoughts come to us from all directions of the universe. This Voice of Global South Summit is a collective effort for gaining noble ideas for our collective futures," Modi said.<br /> <br /> The prime minister noted that the Global South has the largest stakes in the future of the world.<br /> <br /> "We, the Global South, have the largest stakes in the future. Three-fourths of humanity lives in our countries. We should also have an equivalent voice.Hence, as the eight-decade-old model of global governance slowly changes, we should try to shape the emerging order," he said.<br /> <br /> The 'Global South' largely refers to countries in Asia, Africa and South America.<br /> <br /> The prime minister said that as India begins its G20 Presidency this year, it is natural that our aim is to amplify the <keyword id="16041021" type="General" weightage="50" keywordseo="voice-of-the-global-south" source="Orion">voice of the Global South</keyword>.<br /> <br /> In his closing remarks at the Summit, Modi said the interventions at the conference brought out the common challenges that are on the top of all our minds.<br /> <br /> "These mainly concern the lack of resources for our development needs, and increasing instability both in the natural climate and the geopolitical climate. Despite this, it is also clear that we developing countries are full of positive energy, full of confidence," he said.<br /> <br /> Noting that in the 20th Century, the developed countries were the drivers of the global economy, Modi said today, most of these advanced economies are slowing down.<br /> <br /> "Clearly, in the 21st Century, global growth will come from countries of the South. I think that if we work together, we can set the global agenda," he said.<br /> <br /> "The Voice of the Global South needs to set its own tone. Together, we need to escape the cycle of dependency on systems and circumstances which are not of our making," the prime minister said.<br /> <br /> India is hosting the two-day summit to bring together countries of the Global South and provide them a common platform to share their common concerns relating to various global challenges, including food and energy security triggered by the Ukraine conflict.<br /> <br /> The theme of the inaugural leaders' session is "Voice of Global South - for Human-Centric Development" while the leaders' concluding session will be on "Unity of Voice-Unity of Purpose".<br /> <br /> The summit envisages ten sessions out of which four sessions would be held on Thursday while six sessions would take place on Friday. Each session is expected to witness the participation of leaders and ministers from 10-20 countries.<br /> <br /> <b>SEE ALSO:</b><br /> <br /> <b><a href="https://www.businessinsider.in/finance/news/digital-inequality-debt-cost-of-living-crises-among-top-5-risks-for-india-in-2-years-wef/articleshow/96929194.cms">Digital inequality, debt, cost of living crises among top 5 risks for India in 2 years: WEF</a></b><br /> <br /> <b><a href="https://www.businessinsider.in/business/auto/news/auto-expo-2023-upcoming-electric-cars-and-bikes-in-india-in-2023/slidelist/96929819.cms">Auto Expo 2023: Upcoming electric cars and bikes in India in 2023</a></b><br /> <br /> <b><a href="https://www.businessinsider.in/business/news/from-selling-puran-poli-on-a-bicycle-to-being-offered-seat-at-shark-tank-bhaskars-puranpoli-ghars-story/slidelist/96924857.cms">From selling puran poli on a bicycle to being offered seat at Shark Tank: Bhaskar’s Puranpoli Ghar’s story</a></b><br />

World is in a state of crisis, difficult to predict how long it will last: Modi

<ul><li><strong>We are witnessing a unique explosion of new business building said <keyword id="6354955" type="General" weightage="50" keywordseo="kumar-mangalam-birla" source="Orion">Kumar Mangalam Birla</keyword> in his annual reflections note of 2022-23. <br /><br /></strong></li><li><strong>Compromises that have been made by businesses in the interest of growth, and alarms have been set off too late, he says. <br /><br /></strong></li><li><strong>Core metrics like operating profits, gross margins, and cash flows — have enduring resonance across business cycles.<br /><br /></strong></li><li><strong>He cites <em>Top Gun Maverick – </em>the 2022 sequel to the 1986 movie <em>Top Gun – as</em> a good example of combining brand power with excellence to win over GenXers and GenZs alike.</strong> <br /></li></ul>There are no shortcuts to business building, says Kumar Mangalam Birla, the chairman of the Aditya Birla group, in his annual reflections note of 2022-23. He also added that we now live in a world of increasing opportunity and accelerating uncertainty. <br /><br />The 55-year-old head of one of India’s oldest and profitable business groups said that we are witnessing a unique explosion of new business building thanks to availability of capital, coupled with young talent brimming with ideas. <br /><br /><strong>Hustle vs Hubris <br /></strong>“There is much to be celebrated and learnt from the raw energy and hustle of many of these new ventures in the startup ecosystem. At the same time, it’s also increasingly clear that there is a thin line between hustle and hubris,” said Birla.<br /><br />According to him, businesses — new or old – must get a few things right to strike the right balance. He pointed out issues and also offered suggestions. Right on top are the compromises that have been made by businesses in the interest of growth – where alarms have been set off too late. <br /><br />“Unfortunately, there have been one too many examples recently of teams that have embraced shortcuts. Build for the long haul and create a culture of values, where actions matter more than slogans,” he said. <br /><br /><strong>The metrics that matter <br /></strong><br />Incumbents and insurgents both should ‘own the offensive moves’, according to Birla, who manages the metals-to-retail conglomerate. <br /><br />Big bets need to be orchestrated based on fundamental strengths — better <keyword id="3339534" type="General" weightage="20" keywordseo="unit-economics" source="Orion">unit economics</keyword>, massive scale, network advantages and speed. “Play out the patterns on the chess board three moves hence. If you do not continuously reshape the terms of the industry based on these big bets, someone else definitely will be playing to theirs,” he said. <br /><br />He insists that there is value in core metrics like operating profits, gross margins, and cash flows — terms that have enduring resonance across business cycles.<br /><br /><strong>Wing it like <keyword id="1538" type="General" weightage="50" keywordseo="tom-cruise" source="Orion">Tom Cruise</keyword> <br /></strong><br />However, we are living in a world of shorter business cycles where technology is changing and consumer needs are evolving. “For a group like ours, a unique challenge is to harness the trust and stability that comes from longevity, while ensuring that we can continuously reinvent ourselves,” he said. <br /><br />In this context, he quotes the example of the recent hit <em>Top Gun Maverick,</em> which grossed $1 billion at the box office in 2022 in the very first month of its release. It’s a sequel to the 1986 original that catapulted its lead actor Tom Cruise to stardom. But those who watched this movie are not just nostalgic GenXers but also GenZs, who enthusiastically embraced the movie. <br /><br />“This is in no small part due to the push for cinematic excellence, the commitment of a star who still does his own flying, and the imagination to reinvent and build for the future,” says Birla telling the tale of how old and the new can come together. <br /><br /><strong>How’s the future?<br /></strong><br />A large number of business leaders have been struggling with new and evolving business needs. In a survey conducted by PwC, 41% Indian CEOs said that they do not expect their companies to be economically viable in ten years if they continue on their current path. They also see multiple challenges to profitability within their industries, as they believe they would be operating in a much different scenario than they are used to. <br /><br />Around 62% of India CEOs believe that changing customer demand will impact profitability in their respective industries over the next ten years to a large or very large extent. Birla too says that businesses are facing tough conundrums like harnessing brand power, distribution might with tech, forward looking product pipeline, consumer relevance and an agile workforce. <br /><br />“What are the bets that see through the short-term fads and translate into sustainable advantage? I do not have the answers to all these questions but take heart in some of the unique experiments that we have underway to find solutions,” says Birla. <br /><br /><strong>SEE ALSO <br /><br /><a href="https://www.businessinsider.in/finance/news/indian-ceos-see-a-difficult-year-but-most-say-they-wont-go-for-job-or-salary-cuts-pwc-survey/articleshow/97046963.cms">Indian CEOs see a difficult year but most say they won’t go for job or salary cuts: PwC survey</a><br /><br /></strong><a href="https://www.businessinsider.in/finance/news/digital-inequality-debt-cost-of-living-crises-among-top-5-risks-for-india-in-2-years-wef/articleshow/96929194.cms"><strong>Digital inequality, debt, cost of living crises among top 5 risks for India in 2 years: WEF</strong></a><br /><br /><br />

Reinvent for the future like Tom Cruise in Top Gun Maverick says Kumar Mangalam Birla

<ul><li>RBI’s new <keyword id="113684" type="General" weightage="20" keywordseo="microfinance" source="Orion">microfinance</keyword> framework has had a major adverse impact on new microfinance loans.</li><li>Earlier banks used to reject three out of ten — or about 30-35% — such microfinance applications.</li><li>A <keyword id="4298535" type="General" weightage="20" keywordseo="microfinance-loan" source="Orion">microfinance loan</keyword> is defined as a collateral-free loan given to a household having an annual income of up to ₹300,000.</li><li>The microfinance disbursement is expected to be muted for the April-June quarter, even though there may be recovery in June.</li></ul>One out of every two applications for small loans have been rejected ever since the Indian central bank implemented revised guidelines for microfinance loans in April 2022, a latest report by ICICI Securities has revealed.<br /><br />The brokerage firm noted that earlier banks used to reject three out of ten — or about 30-35% — such applications. But the <a href="https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12256&amp;Mode=0">revised guidelines</a> under the ‘Regulatory Framework for Microfinance Loans Directions 2022’ have made it even harder for customers to get small loans, leading to an increase in rejection rate.<br /><br />“Our channel checks suggest that, post the implementation of revised guidelines w.e.f. 1st April, 2022, as per the ‘Regulatory Framework for Microfinance Loans Directions 2022’, microfinance <keyword id="6970794" type="General" weightage="20" keywordseo="loan-rejection" source="Orion">loan rejection</keyword> rate increased to over 50% vs 30-35% pre-March 2022,” ICICI Securities said in a report published on June 9. <br /><br />A microfinance loan is defined as a collateral-free loan given to a household having an annual income of up to ₹300,000. <br /><br /><cmsannotation type="cmsannotation" annotationid="What has led to such micro loan rejection?" comment="subhead" text="What has led to such micro loan rejection?"><span data-til="noop">What has led to such micro loan rejection?</span></cmsannotation><br /><br />ICICI Securities — a subsidiary of ICICI Bank — has blamed this muted growth on two main factors of the revised guidelines. <br /><br />First, the maximum loan per borrower has been capped at an ‘EMI to income ratio’ of 50% with an annual household income at ₹300,000, which has left out many loan seekers. Previously the household income was kept at ₹200,000 in urban areas and ₹160,000 in rural areas.<br /><br />Secondly, the lender has to consider all outstanding retail loans at household level — and not only at microfinance institutions borrower level — while arriving at monthly EMI, which has increased the timeline of customer onboarding process. These provisions are applicable on all commercial banks, all co-operative banks and all non-banking financial companies (NBFCs).<br /><br />“Our interaction with field staff and branch managers suggests that centre timings have increased to capture details of all household members vs only borrower-level data earlier. The same is likely to impact productivity in the near term,” the report noted.<br /><br /><cmsannotation type="cmsannotation" annotationid="But it's not all bad, June may be better" comment="subhead" text="But it's not all bad, June may be better"><span data-til="noop">But it's not all bad, June may be better</span></cmsannotation><br /><br />According to data shared by MFIN, the microfinance loan portfolio of all lenders grew about 10% year-on-year to ₹2.56 lakh crore at the end of December 2021, compared to ₹2.33 lakh crore in the previous year.<br /><br />The ICICI Securities’ report also noted that the gradual increase in economic activities and steady improvement in collections led to robust microloan disbursements in the second half of fiscal year 2022.<br /><br />But the momentum was derailed due to the new microfinance loan directions.<br /><br />Even though the microfinance disbursement rate will be back to pre-Covid levels in June, it would not be enough to increase overall loan disbursal in the April-June quarter. Therefore, microfinance disbursement is expected to be muted this quarter. <br /><br />“The new regulatory regime will create a level playing field for all incumbents and the risk-based pricing approach is likely to enable the players to absorb cyclical lumpy credit costs more effectively than before. While, we believe, the impact of the revised regulation on SFBs and banks will vary from neutral to positive, NBFC-MFIs stand to benefit the most,” ICICI Securities concluded. <br /><br />The revised guidelines were also welcomed by other microfinance firms like Microfinance Institutions Network (MFIN), Village Financial Services and Ba-Dhan for similar reasons.<br /><br /><strong>SEE </strong><strong>ALSO</strong><br /><a href="https://www.businessinsider.in/business/startups/news/pepper-content-raises-14-million-to-enter-the-us-market/articleshow/92084581.cms" style="">INTERVIEW: Pepper Content skip the traditional Middle East route, heads directly for the US market</a><br /><a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-has-lived-up-to-expectations-so-far-says-walmart-ceo-confirms-ipo-plans/articleshow/92096890.cms" style="">Flipkart has ‘lived up to expectations so far’, says Walmart CEO, confirms IPO plans</a><br /><a href="https://www.businessinsider.in/business/ecommerce/news/meesho-recorded-5-35-million-orders-during-the-one-day-sale/articleshow/92100754.cms" style="">India's youngest ecommerce giant received more than 60 orders every second during its one-day sale</a><br />

1 in 2 micro loans are being rejected since April, thanks to RBI's new microfinance framework

Roughly 10 per cent of the world's population may have been infected with the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword>, leaving the vast majority vulnerable to the <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">Covid-19</keyword> disease, the World Health Organization has said.<br /><br />"Our current best estimates tell us about 10% of the global population may have been infected by this virus. It varies depending on the country, it varies from urban to rural, it varies depending on groups. But what it does mean is that the vast majority of the world remains at risk," Mike Ryan, the <keyword id="6366244" type="UNKNOWN" weightage="20" keywordseo="who">WHO</keyword>'s top emergency expert said on Monday.<br /><br />The world, he said, is now heading into a difficult period as the disease continues to spread.<br /><br />He noted the surge of cases in parts of Southern Asia, and a rise of deaths across Europe, and the eastern Mediterranean region is cause for concern, a report of the World Economic Forum said.<br /><br />Ryan was addressing WHO's executive board, where the United States took a dig at China for its "failure" to provide accurate and timely information on the outbreak.<br /><br />The WHO has submitted a list of experts to take part in an international mission to China to investigate the origin, for consideration by Chinese authorities, Ryan said, without giving details.<br /><br />U.S. assistant health secretary Brett Giroir said that it was critical that WHO's 194 member states receive "regular and timely updates, including the terms of reference for this panel or for any field missions, so that we can all engage with the process and be confident in the outcomes".<br /><br />Germany, speaking for the EU, said the expert mission should be deployed soon, with Australia also supporting a swift investigation.<br /><br />Meanwhile, Alexandra Dronova, Russia's deputy health minister, called for an evaluation of the legal and financial repercussions of the Trump administration announcing the US withdrawal from the WHO next July, the WEF reported.The United States has decided to not pay around $80 million it owes the WHO, the WEF said.<br /><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/new-h-1b-visa-rules-make-it-more-expensive-and-harder-to-hire-workers-from-india-but-they-may-not-hold-ground/articleshow/78531040.cms">New H-1B visa rules make it more expensive and harder to hire workers from India — but they may not hold ground</a><br /><span class="c-message_attachment__title"><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/government-debt-grows-at-30-quarter-high-of-14-3/articleshow/78531151.cms">Government debt grows at 30-quarter high of 14.3%</a></span><br /><br />

One in 10 people in the world has COVID-19, says WHO

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Ex Machine the Movie</span></p></div><p></p></div></div>Tech Mahindra, a $4-billion (£2.8 billion) IT services firm in India, is aiming to invest $200 million (£141 million) in what its boss calls "garage startups."</p><p>CEO CP Gurnani told Business Insider he has<span> a remit from his board to find some of the world's most exciting startups in artificial intelligence, automation and computing to invest in. </span></p><p>"The board has said I can spend up to $200 million in startups from across the world. In tandem, the board has also appointed an investment committee to go through each proposal," said Gurnani, who is also the Vice Chairman of the Indian IT Trade body Nasscom.</p><p>"What do those startups look like? Well, for example we invested $30 million in a California startup that is looking into virtual reality while, in India, we committed $5 million to a startup that looks into automation of data centres. Some startups will get $2 million, some $20 million. Regardless the board evaluates the merit."</p><p>He made the comments on the sidelines of the <a href="http://www.weforum.org/events/world-economic-forum-annual-meeting-2016">World Economic Forum annual meeting in Davos, Switzerland</a>. His group counts telecoms giant BT, aviation titan Bombardier and automaker Volvo as clients.</p><p>So why is such a huge company in India looking to almost start from scratch with these new companies? Gurnani said that these "garage startups" are the new generation of thinkers that, in the long-run, will be key to making sure incumbent companies like Tech Mahindra evolve with the digital revolution - or as the theme of the WEF meeting puts it - "The Fourth Industrial Revolution."</p><p>"The number one reason is because this is what our customers want and what are customers' customers want. They want more productivity, efficiency and better value for their budgets," he said.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Nasscom/TechMahindra</span></p><p class="caption">CP Gurnani, CEO of Tech Mahindra spoke to Business Insider at the World Economic Forum Annual Meeting in Davos, Switzerland.</p></div><p></p></div></div>"Our customers are constantly looking at new areas of growth and are expanding into new geographies and whatever you want to call it, whether digital disruption or the 'fourth industrial revolution,' we need to be part of that eco system and good ideas come out of of the garages. You have to establish a good relationship with them and listen as they could all potentially help my customers and my customers' customers."</p><p>The areas that Tech Mahindra is super-keen in investing in are across artificial intelligence - although the group is key to call this automation - mobility, a software defined network and "the internet of things."</p><p>The "internet of things" has become shorthand for an electronic and software network that binds together physical objects, devices, vehicles, and buildings, which also enables these objects to collect and exchange data. Essentially a "<a href="http://uk.businessinsider.com/conservative-mp-dan-byles-leaves-politics-to-go-into-smart-cities-sector-2015-3">smart city.</a>"</p><p>But this week in Davos, many of the 2,500 delegates from more than 100 countries are keen to point out that there are great risks to the global and company and country infrastructure. </p><p><a href="http://uk.businessinsider.com/ubs-wef-extreme-automation-and-connectivity-white-paper-2016-1">UBS highlighted in its white paper</a>, entitled "Extreme automation and connectivity: The global, regional, and investment implications of the Fourth Industrial Revolution," that as connectivity between industries and countries increases, so the system becomes more fragile.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters</span></p><p class="caption">The town of Davos in Switzerland is beset with 2,500 of the most powerful people in the world.</p></div><p></p></div></div>The world is open to catastrophic risks that can fell energy grids, companies and even country infrastructure.</p><p>However, Gurnani is not as worried as some of his counterparts at the WEF meeting.</p><p>"Every opportunity comes with challenges. With horse drawn carriages there were automobiles, with airports, machines checking you in. There are always risks with any technology. But the good news is, is that we are talking about it and can tackle it," said Gurnani.</p><p>"For example, if you are an architect, if you are building a house in New Dehli or Johannesburg, you make damn well sure that you make sure that building has good security and high walls. You also have a risk mitigation plan."</p><p>So with all this cash for investment and Tech Mahindra's mega-support in cutting edge technology, WEF is the perfect place to do business.</p><p>The conference is used as a platform for world leaders, business and industry executives, and representatives from academia, civil society, media, and arts to help shape global agendas when it comes to global economics, security, public health, education, gender parity, and climate change.</p><p>It's an opportunity for the power brokers of the world to set the agenda.</p><p>However, Gurnani said that he sees it as more of a place to develop ideas rather than landing deals.</p><p>"WEF is a brain spa for me. People always say when I come here that WEF is like speed dating for business and sleepless nights, but I don't view it that way," he insisted.</p><p>"I have mindful interactions with some of the most influential people in the world."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/volkswagen-brand-chief-apology-ces-scandal-vw-herbert-diess-2016-1">Volkswagen's brand chief gave an extended apology before their CES keynote</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Z2OTcxMDE6jEOoKMTCYmvKW9Pm28yMpX" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

This tech CEO has been given $200 million to invest in 'garage' start-ups

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="https://www.flickr.com/photos/russelljsmith/9486459/in/photolist-QBZD-ee93j5-ecRFef-aJMYxv-eebbhL-5CwqzG-vecHx-ofPy2-ofP4R-ofNtK-ofMYQ-ofMrr-7U3Afv-kngfR-9fWqQG-caw367-xXuK5-eenWjw-aJMZwp-aJMYgM-aJMXNH-aJMXJR-aJMXAZ-4DsjtB-aJMWR6-aJMWGe-aJMWgn-aJMTHK-aHsMwn-aFmMkR-aFmM8K-aFmLX2-aFmLaK-a7eKEi-a7hAaf-a7hzRy-a7eH44-a7hz8A-a7eEQZ-a7eECF-a7eCFi-a7huPh-a7huvh-a7hufu-a7eATX-a7eADB-a7hsSh-a7hsDG-a7hrBy-5NPtYz">Flickr/Russell James Smith</a></span></p></div><p></p></div></div>Oil prices are more than 70% lower than they were in the Summer of 2014. Right now, they're around $26.40 per barrel. </p><p>But according to IHS Insight's chief economist Dr. <span>Nariman Behravesh</span><em>,</em> responsible for a team of over 400 economists, worse is yet to come.</p><p>"Is it feasible for oil to reach $20 per barrel in 2016? - Yes it is. Oil can reach $20 this year.  But if it does, it will be temporary, because at those prices a lot of production will be unprofitable and will cease," said Dr Behravesh in an interview with Business Insider on the sidelines of the <a href="https://www.weforum.org/events/world-economic-forum-annual-meeting-2016">World Economic Forum</a> in Davos, Switzerland.</p><p><span>Saudi Arabia is arguably to blame for hurting its own economy because it is a "swing producer,"</span><a href="http://uk.businessinsider.com/oil-prices-2015-saudi-arabia-hit-hard-and-withdraws-cash-from-funds-2015-9">meaning it produces so much oil that it can shift prices depending on how much of the product it releases to the market</a><span>.</span></p><p><a href="http://uk.businessinsider.com/saudi-arabia-budget-deficit-2015-and-oil-prices-2015-12">Saudi Arabia's entire economy is being hit badly</a>.</p><p><a href="https://www.saudiembassy.net/files/PDF/News/Ministry_of_Finance_2016_Budget_report.pdf">The country reported that its budget deficit</a> - the amount in which expenditures exceed revenue - for 2015 hit $98 billion (£65.7 billion). It's spending more while less money is coming in - mainly thanks to low oil prices.</p><p><span>So Saudi Arabia has the power to boost its economy with a simple policy shift.</span></p><p><span>Dr. <span>Behravesh pointed out that the pain it is feeling from keeping the oil prices low will not stop the country from cutting supply any time soon.</span></span></p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>IHS Global Insight</span></p><p class="caption">Nariman Behravesh, Chief Economist from IHS Global Insight spoke to Business Insider in Davos for the WEF meeting.</p></div><p></p></div></div>"The Saudis are willing to play the 'long game.'  While their budget is under pressure, they still have ample forex reserves and will able to last at least another year and possibly two," said <span>Dr. </span><span>Behravesh.</span></p><p><span>"</span>The winners are consumers of oil in the developed world and also in the emerging world, for example India.  The losers are high cost oil producers such as Russia and Venezuela."</p><p>Some 2,500 people from over 100 countries for are in Davos for the WEF meeting. China's slowdown is also being scrutinized by delegates as a key economic risk. </p><p><span>Dr. </span><span>Behravesh said that since the slowdown has been "well known" for some time - a huge bubble isn't about to pop and sink the Western economies.</span></p><p>"China's economy has been slowing down for some time and its huge debt pile and vast amount of excess industrial capacity are well known problems," he said.</p><p>"The real reason for China's recent financial problems are the burst stock market bubble and the chaotic response of the government to the crash and the intense downward pressure on the exchange.  This had spooked the markets and undermine confidence in Chinese policy makers.</p><p>"The exposure of the developed world to China is fairly small.  The financial linkages are weak and the US and EU do not export that much to China. Assuming that China is able to stabilize its financial markets, then global markets will become calmer."</p><p>So what are the other key risks for this year? Well, <span>Dr. </span><span>Behravesh says "it's </span>the rising tensions between Iran and Saudi Arabia."  </p><p>"In the unlikely event that this escalates into a bigger conflict then the impact on oil markets could be very problematic."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/volkswagen-brand-chief-apology-ces-scandal-vw-herbert-diess-2016-1">Volkswagen's brand chief gave an extended apology before their CES keynote</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Z2OTcxMDE6jEOoKMTCYmvKW9Pm28yMpX" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Oil can reach $20 this year because Saudi Arabia is willing to play the long game

Ian Bremmer reveals what business and political leaders are discussing behind closed doors in Davos

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="https://www.flickr.com/photos/midsommarnights/2289296009/in/photolist-4uieWR-brwbAT-cz7XCj-panT4-cz6mMU-39Vk4-39VjW-5P4HTs-9czDJn-opoq-4MVRQv-5hxVet-2tWQaB-6y8Vpx-6y8UMR-6yczgQ-6yDZj-cz7z8h-cz7zcL-2WKgF-LJktv-hu62h-6ycyvU-4MW3sy-4MW3dN-8SC6qQ-3w8EbP-4MWkLr-4MRS5H-4d2BYp-4D47fr-8Rgodx-5hChqQ-e9h8vb-dxbmq9-4N13KA-4MVRPc-6T7rSg-KVntM-7WALzz-593ne2-5aHZiP-6THXu-6THXP-5Neyi1-9czyCD-8iY6WX-2zcchX-4u3HK-4Xeehm">J.Elliot/Flickr</a></span></p><p class="caption">What if you are still alive in 2100?</p></div><p></p></div></div>Chances are, most of us haven't asked ourselves the question: What if I live until 2100?</p><p>Most people would probably pin the average human lifespan at somewhere around 70 to 80 years old. The <a href="http://www.who.int/gho/mortality_burden_disease/life_tables/situation_trends/en/">World Health Organization said the average expectancy was 72 in 2013.</a></p><p>But within academia there are some serious discussions being had about what the world will look like when the average person lives past 100. But those discussions are only just beginning to permeate governments and the business world.</p><p>Hence why the "What If You Are Still Alive in 2100?" panel session at the World Economic Forum's Annual Meeting in Davos - the yearly who's who of the business, political, and academic elite - made for such an interesting an eye-opening debate.</p><p>Turns out, living past 100 won't be a rarity very soon. Vitality global chief health officer Derek Yach said on the panel that the population in 50 to 100 years from now will be between 10 and 11 billion people because of it. People have already lived to more than 120 years old. It's not unfathomable that more of us could celebrate our centenaries.</p><h2>Yet the decision makers of this world are not moving fast enough to keep up</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://www.openforumdavos.ch/en/">Screenshot/World Economic Forum</a></span></p><p class="caption">Lynda Gratton, London Business School professor of management, speaking at the WEF Annual Meeting in Davos, January 2016.</p></div><p></p></div></div>London Business School professor of management practice Lynda Gratton said: "What's clear is the major restructuring of life that we think is going to happen with regards to longevity - corporations are not prepared for this. Governments are not prepared for this. It will rest with the individual both working on their own and collectively who will be the agents of change. I expect to see and we are certainly monitoring some amazing experiments occurring over the next decade as people come to terms with what it really means to live 100 years."</p><p>So what kind of things should governments and corporations be preparing for?</p><h2>Some of the inevitable signs of ageing will begin to be wiped out</h2><p>Salk Institute for Biological Studies president and co-recipient of the 2009 Nobel Prize in Physiology or Medicine Elizabeth Blackburn said medically and scientifically we will soon have a real understanding that much of what is attributed to aging as an inevitable process - the slow decline, the increase in heart disease, cancers, dementia's and so on - will be avoidable.</p><p>Sadly, they won't be solved with someone wonderful magic pill that can counteract certain genes. It's a complex system, Blackburn said.</p><p>For example, we already know cardiovascular disease can largely be attributed to lifestyle: Eating lots of red meat, smoking, not keeping fit. All those things are modifiable. With dementia too, there is research to suggest exercise and social support structures can stave off some of the effects.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">The signs of age-related disease should be looked at far earlier in life, according to Salk Institute for Biological Studies president Elizabeth Blackburn.</p></div><p></p></div></div>Meanwhile, governments should be providing more funding for pre-natal and childcare education.</p><p>Blackburn said there are already "excellent" studies, looking at people pre-natally, then looking at the offspring who were deprived in some form in pregnancies. Those deprived in some during pregnancies were found to have a higher likelihood of diabetes and hyper-tension. The ageing process starts far earlier than old age and that investment can pay off decades later.</p><h2>There's no way people can take their pensions as early as they do now</h2><p>For the last three years, Gratton, alongside economist Andrew Scott, have been researching what life will look like when everybody lives to 100.</p><p>If you live until 100 and want to retire on 50% of your income, as most people do, you'll need to be working until 79-to-82-years-old, according to Gratton. </p><p>It's clear the idea of pushing people out of work at 60 is already behind the times.</p><h2>There will be a whole new set of life stages</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Reuters</span></p><p class="caption">Retirement age will move from a period of recreation, to "re-creation."</p></div><p></p></div></div>If we're working longer, we're going to need to keep on learning. So Gratton thinks there'll be a shift among people at an older age from a notion of leisure and recreation to a notion of recreation.</p><p>In an elongated life, there will be new life stages. The idea of leisure, work, and retirement will be turned on its head. Individuals will take their own individual paths and have the capacity to transform themselves.</p><p>"Explorer" is one stage.</p><p>Gratton said: "Why would you want to make all your big career decisions at 20 when you could explore and create more choices?"</p><p>"Individual producers," is another stage - the idea of using all the readily available technology to build their own companies. Portfolios will become much more important too, she added.</p><h2>The least-prepared countries are three of the largest countries in the world </h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Getty/Keith Bedford</span></p><p class="caption">India will soon have the highest population of older people, according to Vitality global chief health officer Derek Yach.</p></div><p></p></div></div>Soon there will be three billion additional people in Africa, a population rising from a very low base, with a relatively low level of wealth, according to Yach. </p><p>A large proportion of older people will be situated in three of the largest and most populated countries on Earth: India first, then China, and Nigeria, he said.</p><p>While all this happens, climate change isn't going away - it's going to steadily get worse. Yach predicted that some major epidemics, <a href="http://www.ncbi.nlm.nih.gov/pmc/articles/PMC420061/">such as the near 15,000 heatstroke-related deaths in France in 200</a>3, will become more widespread as some countries are not prepared to take care for vulnerable people during extreme weather.</p><h2>Pensions are under threat</h2><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">A pensioner supporting the communist-affiliated trade union PAME cries out during a demonstration against a set of government's planned pension reforms in Athens.</p></div><p></p></div></div>Gratton said that the UK government predicts that a child born today will live to 85. She says that's "obviously ridiculous" but there's a clear reason why governments are sticking to these kinds of estimates, rather than extending life expectancy forecasts to nearer 100.</p><p>"The reason why they are doing that is that all our pension schemes would go under water and would look more and more like a Ponzi scheme," she added.</p><p>Corporations and individuals need to realize employees need to work into their 70s and mid-70s - and they'll have to save.</p><h2>The relationship workers will have with their corporations will change</h2><p>As people work for longer, the "intangible assets" an employer will offer will become more important. Gratton said questions like "how much are you going to train me?" will become just as important as "how much are you going to pay me?"</p><p>The idea of a working week is probably going to change too. Perhaps companies will get more productivity from their older workforces if they ditch the traditional five-day working week, Blackburn suggested. Instead, companies may offer a two days on, one day off model.</p><p>Work-life balance too might need to be re-balanced over a longer period. Thinking about her own life as a professor, she said she has certain periods when she wants to be intensely involved in her research, then other times when she wants to give family her full attention - not half-baked for both over decades and decades. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/biggest-risks-2016-eurasia-group-saudi-arabi-isis-china-us-europe-2016-1">These are the biggest risks facing the world in 2016</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="1yZmd4eTokdaUX-SbXaNg-rdWXygmYaa" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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