Harper to address stagnant capital in Davos

Prime Minister Stephen Harper is in Davos, Switzerland to attend the World Economic Forum, a gathering of more than 2,600 business and government leaders. On Wednesday, Harper is meeting with Canadian business leaders, including the CEOs of Desjardins Group, Barrick Gold, Jim Leech of the Ontario Teachers’ Pension Plan and Charles Sirois, chairman of CIBC. Unease about the health of the global banking system and world economy is encouraging large companies to hoard their capital, rather than invest it new projects, a topic Harper has touched on in the past. The prime minister is expected to try and find ways to encourage such companies to invest stagnant capital, which would create jobs and spur economic activity. Harper is also expected to hold discussions with leaders from developing economies as he seeks to find new customers for the Canadian oil industry. On Thursday, Harper will deliver a speech to the forum, where he will frame the key points of his government’s upcoming budget, which is expected to include significant austerity measures, according to the CBC.

CBC