Davos delegates gather to 'shape new world'

The head of the World Economic Forum has urged delegates to respond to the global economic crisis by shaping a "new world" as they braved Global Warming snowstorms, icy roads and subzero temperatures Tuesday to gather for the five-day annual brainstorm in the Swiss Alps.

Speaking to CNN, WEF founder Klaus Schwab said the world was in the midst of a "transformational crisis" and admitted that Davos 2009 would be "more concerned, more austere and more modest" than previous events.

"The whole atmosphere is going to be different," said Schwab. "Above all else this is a crisis of confidence. To re-store confidence you have to establish signposts that the world after the crisis will be different. We have to create a new world and that is what Davos 2009 will be all about -- serving society."

Davos has traditionally attracted the cream of the global business community, eager to bring a boardroom mentality to bear on a smorgasbord of international issues from climate change to developing world aid to weapons proliferation.

But the spotlight this time is likely to fall squarely on political leaders as newly humbled industries from banking to car manufacturing seek government assistance to help them survive a deepening recession that has devastated stock markets and threatens millions of jobs.

Peter Levene, Chairman of the London-based insurers Lloyd's, admitted the mood among corporate representatives would need to be more reflective and self-critical than usual. More