Wednesday, January 28, 2009

CEO confidence plunges around the globe

DAVOS, Switzerland (Reuters) – Confidence among leaders of the world's top companies meeting in Davos has nosedived to a new low, with recession and a worsening credit crisis torpedoing faith in corporate prospects.

The findings from a poll of more than 1,100 CEOs sets a grim backdrop to a four-day meeting of the world's business and political elite which opens on Wednesday in the Swiss ski resort.

Bankers are thin on the ground this year but policymakers will work behind the scenes ahead of a summit of the G20 group of big and emerging countries in April and a G8 summit in July. Russian Prime Minister Vladimir Putin and Chinese Premier Wen Jiabao will both address the meeting later on Wednesday.

The annual PricewaterhouseCoopers (PwC) survey suggests the need for action is urgent, as a crisis that started in the banking system takes a growing toll on revenues, profits, expansion plans and jobs across all regions and industries.

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