Davos adopts caring face of capitalism

Corporate responsibility rather than profit took centre stage in Davos on Friday, as the annual get-together of business chiefs turned its attention to issues of health, aid and development.
Rock star activist Bono, billionaire philanthropist Bill Gates and UN chief Ban Ki-moon steered the conversation away from the global economy and geopolitics, towards issues such as malaria eradication, poverty alleviation and climate change.
The Davos event has long prided itself on showing the caring side of capitalism, although participants have often been criticised for trumpeting big ideas on big issues in public, while actually expending most of their energy on corridor schmoozing and backroom deals.
Gates announced 306 million dollars (208 million euros) of grants to develop farming in poor countries, marking a major push into agriculture by his charitable foundation which has previously focused on public health.
"If we are serious about ending extreme hunger and poverty around the world, we must be serious about transforming agriculture for small farmers, most of whom are women," Gates said.
The cash injection is to fund projects to improve soil quality, milk production, irrigation and seed development in a host of poor African and Asian countries.
A perennial participant at Davos, Gates on Thursday pitched a new form of capitalism to forum delegates that would better serve the neglected poor.
"The challenge here is to design a system including profit and recognition to do more for the poor," he said, calling for a new form of "creative capitalism."
He was to be joined by Bono, Ban and British Prime Minister Gordon Brown for a debate later on progress -- or the lack thereof -- in reaching the UN Millennium Development Goals.
Brown, in an early public interview in front of delegates, called for the World Bank to take on an environmental role to fight climate change in addition to its development mission.
The world should move directly to creating the "World Bank for the environment as well as for development," he said.
This year's Davos event has drawn nearly 30 heads of state or government, more than 110 cabinet ministers and several hundred corporate titans.
The first day was taken up with talk of a looming US recession -- a subject that was to be revisited on Friday with a round-table discussion on the theme of "Global Economic Shocks: Perfect Storm Ahead?"
Thursday saw the focus of debate switch to the situation in the Middle East and efforts to resolve the Israeli-Palestinian conflict.