TIME Davos

This Is Why There Aren’t More Women at Davos

General Motors CEO Mary Barra attends the Automotive World Congress on Jan. 14, 2015 in Detroit.
General Motors CEO Mary Barra attends the Automotive World Congress on Jan. 14, 2015 in Detroit. Paul Warner—Getty Images

This year only 17% of Davos participants are women. That number doesn’t reflect how bad gender diversity in global leadership really is

As the world’s most formidable leaders prepare to gather at the World Economic Forum’s annual meeting, the event’s glaring lack of gender diversity has once again been brought to the public’s attention. Of the 2,500 participants, only 17% of Davos’ participants will be women.

Learn more about what to expect in Davos from Fortune’s video team:

That number may seem low—but it’s up from last year’s 15%.

Despite the criticism, Davos gender breakdown is merely a reflection of a global reality. CEOs like Yahoo’s Marissa Mayer and General Motors Mary Barra get a lot of press, but they’re outliers. The vast majority of the world’s largest companies are led by men: In Fortune‘s Global 500, only 3.4% of companies have female chief executives.

It’s slightly—only slightly—better in politics. Women make up 6% of all heads of state and 8% of all heads of government.

And, of course, women are famously underrepresented in the boardroom. Only 11% of board seats at the world’s largest and best-known companies are occupied by women.

But targeting Davos misses the point. Yes, the fact that the organization (which bills itself as “committed to improving the state of the world through public-private cooperation”) doesn’t go above and beyond to engage more women is an issue. But it’s not the crux of the problem.

Consider this: Last year, the World Economic Forum did make a concerted effort to recruit more women to its annual meeting. It created a gender quota system, requiring large corporations to bring one woman for every four men who attend Davos. The quota won’t do much, though, if women aren’t crowding companies’ corner offices. As Barri Rafferty, CEO of Ketchum North America, pointed out in an interview with Fortune’s Caroline Fairchild, “If your company is going to send five people, they are going to look at their C-Suite people, which likely has fewer women.”

So really, who’s to blame for the lack of women at Davos: The World Economic Forum or the corporations themselves?

This article originally appeared on Fortune.com.

MONEY Economy

Swiss Currency Has Shot Up 15% So Far Today. Here’s Why That Matters

A Swiss coin is seen beneath a euro banknote on Januay 15, 2015 in Lausanne. In a shock announcement on January 15, Switzerland's central bank said it was ending a three-year bid to artificially hold down the value of the Swiss franc against the euro, in a move that immediately sent the safe haven currency soaring. Fabrice Coffrini—AFP/Getty Images

Chaos in the currency market is a sign of deep problems for Europe—and the whole global economy.

The global economy got a lot more interesting today, and maybe a little more scary, when the Swiss National Bank ended its commitment to a fixed exchange rate between the Swiss Franc and the euro.

Currency markets went into a frenzy. The Swiss franc immediately rose 30% in value against the euro, mirrored by a spike in its U.S. dollar value. Some of those gains have pulled back, with the currency up about 15% at midday. That’s still a huge move.

Okay, so it’s been a big day for currency traders—and anyone planning on a ski trip to the Alps. But what’s this mean for me?

The wildness in the market underscores the big economic story of the moment: Europe’s slide toward a recession. In a globally connected economy, weak demand in Europe could weigh on the recovery in the U.S.

So what exactly happened?

Swiss francs rose because the Swiss central bank removed an artificial cap on the price of an asset people really, really want right now. The import of the story is less about the sudden price change today than about why people want to trade their euros for francs in the first place.

Switzerland isn’t a part of the eurozone, the group of countries that share the euro as a currency. Swiss assets denominated in Swiss francs have long been considered a safe haven—a parking spot for investors around the globe when they are feeling jittery.

The eurozone has given people a lot be jittery about. In the wake of the Greek debt crisis at the beginning of the decade, investors jumped into francs, strengthening the currency against others. The problem with that for the Swiss is that it makes the goods produced by Swiss companies more expensive to export. So the Swiss National Bank (that’s like their Federal Reserve) capped the value of a franc at 1.20 per euro.

It also decided to start charging negative interest rates, meaning investors in effect have to pay a fee to park their money in a Swiss bank. That’s another way of fighting currency overvaluation. Today, at the same time as it cut the currency peg, the Swiss bank lowered the short-term interest rate from -0.25% to -0.75%. That is, they raised the penalty for stashing money there. Even so, the rally in francs shows there remains a lot of demand for doing just that.

Why did the Swiss cut the exchange rate peg?

The surprise move comes as Mario Draghi, president of the European Central Bank, is considering new measures to stimulate the eurozone economy. Many investors expect the ECB will take a page from the U.S. Federal Reserve and start buying long-term debt to push down long-term interest rates, a strategy known as quantitative easing.

A euro QE is broadly expected to bring down the value of the euro compared to the U.S. dollar. The Swiss, it seems, didn’t want to tie the value of its own currency so closely to the policy makers at the ECB.

“Recently, divergences between the monetary policies of the major currency areas have increased significantly – a trend that is likely to become even more pronounced,” the Swiss central bank said in a statement. “The euro has depreciated considerably against the US dollar and this, in turn, has caused the Swiss franc to weaken against the US dollar. In these circumstances, the SNB concluded that enforcing and maintaining the minimum exchange rate for the Swiss franc against the euro is no longer justified.”

Pity Swiss watchmakers, though. Their timepieces just became more expensive for foreigners to buy.

TIME Innovation

Five Best Ideas of the Day: January 13

The Aspen Institute is an educational and policy studies organization based in Washington, D.C.

1. The U.S. could improve its counterinsurgency strategy by gathering better public opinion data from people in conflict zones.

By Andrew Shaver and Yang-Yang Zhou in the Washington Post

2. The drought-stricken western U.S. can learn from Israel’s water management software which pores over tons of data to detect or prevent leaks.

By Amanda Little in Bloomberg Businessweek

3. Beyond “Teach for Mexico:” To upgrade Latin America’s outdated public education systems, leaders must fight institutional inequality.

By Whitney Eulich and Ruxandra Guidi in the Christian Science Monitor

4. Investment recommendations for retirees are often based on savings levels achieved by only a small fraction of families. Here’s better advice.

By Luke Delorme in the Daily Economy

5. Lessons from the Swiss: We should start making people pay for the trash they throw away.

By Sabine Oishi in the Baltimore Sun

The Aspen Institute is an educational and policy studies organization based in Washington, D.C.

TIME Ideas hosts the world's leading voices, providing commentary and expertise on the most compelling events in news, society, and culture. We welcome outside contributions. To submit a piece, email ideas@time.com.

TIME Travel

Europe’s 13 Best Winter Getaways

Pamporovo, Bulgaria
Villa Gella, Pamporovo, Bulgaria chicretreats.com

High design and haute cuisine meet crackling fires and snow-covered vistas in these European winter destinations

Europeans have dreamt up many definitions of cozy. Denmark has hygge, a concept that evokes “coziness when relaxing with good friends.” Germany, Austria, and Switzerland have gemütlich, which translates to “comfortably homey.” And Bulgaria has its уют, which means “snug.”

In other words, when the temperature drops, there’s a special appeal to hightailing it to Europe, where the art form of coziness has been perfected over the course of a few thousand winters. From the Ardennes to the Alps, woodsy retreats with crackling fireplaces, steamy thermal baths with pine-scented steam rooms, and wood-paneled inns where bubbling pots of fondue and shots of schnapps have long warmed locals and propelled many travelers to cross an ocean for a taste.

Still, the concept of a European winter getaway is changing. Seaside towns and off-season resort areas are seeing an uptick of visitors who come for digital detoxes and crowd-free retreats that can cost a quarter as much as a ski weekend. Sagres, in Portugal, for instance, is experiencing an increase in visitors, namely golfers seeking a bit of cool January sun and surfers coming for the winter swells. Croatia’s Istrian coast, meanwhile, attracts flocks of Zagreb creative types thanks to the significant off-season savings at its seaside and design-forward hotels.

Find out why there’s no winter like a European winter—especially in these towns.

Åre, Sweden

With its snow-covered peaks, café-lined town square, and red-hot après-ski scene, this mountain resort in northern Sweden is the Aspen of Scandinavia. There are more than 100 powdery ski runs, or you can navigate the slopes by snowmobile or dogsled: Explore Åre and Camp Åre are two top outfitters that can arrange tours. After dark, a lively crowd congregates over pints of Swedish Brekeriet beer at Hotel Fjällgården, where DJs keep the place thumping late into the night. For a quiet evening, curl up with a mug of glogg in one of the candlelit nooks at Thyras Salong, in the Tott Hotel. A five-minute walk away, chef Markus Aujalays runs Fjällpuben, a cozy restaurant with a farmhouse feel that serves dishes like tender elk carpaccio with currants and pickled beets. You’ll find several sophisticated hotels in town, but for a true northern adventure, consider spending a night at Igloo Åre, where the beds are made of packed snow covered in plush sleeping bags and reindeer skins, and private guides lead early morning snowshoe hikes. If the thought of ice blocks leaves you cold, there’s the new wood- and-glass Copperhill Mountain Lodge by American architect Peter Bohlin, a high-design ski-in, ski-out chalet with huge stone fireplaces, furnishings by the likes of Tom Dixon and Patricia Urquiola, and spa “tee-pees” that pay homage to the region’s indigenous Sami tribe. Book a Samezen massage, which uses warm stones and plant extracts, then take in the mountain views from a hot-spring-fed pool. —Ingrid K. Williams

Vals, Switzerland

You don’t come to this tiny village in the Swiss Alps to ski. Instead of perfectly groomed pistes, you’ll find a wonderland for design buffs. Built from sparkling gray blocks of Vals quartzite, Pritzker Prize winner Peter Zumthor’s austerely beautiful Therme Vals houses a warren of steamy hammams and flower-strewn pools. Last fall, the on-site hotel was rebranded as the 7132 Hotel, with furniture by Fritz Hansen and Eero Saarinen, a restaurant that serves dishes like Öra salmon with beets and spinach, and new rooftop suites designed by Japanese architect Kengo Kuma. If your taste tends toward fewer hard surfaces and right angles, the four-room Brücke 49 embodies the distinctive Danish ethos of hygge, or coziness, but with some Midcentury-inspired flair: Finn Juhl chairs, 1960s Le Klint lamps, Vola showers, and William Morris wallpaper. Do as the locals do and earn your fondue with a 45-minute hike from the hotel along farm roads to Restaurant Ganni, an 18th-century timber mountain lodge. After a pot of silky cheese spiked with ginger, porcini, or traditional kirsch, throw back avieille prune (cask-aged plum brandy) digestif to fortify you for the walk back down. —Adam H. Graham

Snæfellsnes Peninsula, Iceland

Jutting west into the North Atlantic Ocean, the Snæfellsnes peninsula is Iceland at its most stunning: moss-blanketed lava fields, misty fjords surrounded by craggy cliffs, and a towering volcano crowned with a glacier that dates back to the Ice Age. Do it as a road trip, starting with a night at the fire-engine-red Hotel Egilsen, in the tiny fishing town of Stykkisholmur. The inn’s 10 cozy rooms have a New England vibe, decorated as they are in light blues and greens, and original sketches of local landmarks by Icelandic artist Tolli line the walls. Across the street, Narfeyrarstofa, with its doilies and lace curtains, may look like someone’s grandmother’s house, but the restaurant serves the best lamb stew in town. It’s about an 80-mile drive around the tip of the peninsula—past waterfalls and golden beaches—to Hotel Búðir, the region’s game-changing property. The 17th-century trading post turned 28-room lodge is a destination in itself, with views of the Snæfell glacier or bay from every window, sitting areas with deep leather sofas and scores of old National Geographics to flip through, and a lobby bar with one of the country’s largest whiskey collections. If you’re looking to knock the northern lights off your bucket list, you’re in luck: an overnight concierge will wake you up for the show. —Brooke Porter Katz

The Cotswolds, Cheltenham

Once a popular spa getaway for well-heeled Londoners, Cheltenham fell out of favor with the rise of its trendier neighbors Daylesford and Chipping Norton. But with the opening of No. 38 The Park, the historic town in the northern Cotswolds is back in the spotlight. The brainchild of Sam and Georgie Pearman, the Regency building has 13 bedrooms, elegantly done with reclaimed-wood tables, freestanding Victorian bathtubs, and David Hockney prints. For dinner, make your way to sister property No. 131, where locals gather in a buzzy, low-lit dining room for regionally sourced dishes. Beyond the hotel, there’s plenty to explore, including the housewares and antiques shops in the neighborhoods of Montpelier and Suffolk. Don’t miss Guild at 51, full of handmade textiles and silverwork. Or tour the recently renovated Wilson, an art space showcasing both British Arts and Crafts and emerging artists. For lunch, Purslane serves a standout Cornish pollack with wood-roasted celeriac and chanterelles; come nighttime, it’s all about Daffodil, an Art Deco–style restaurant and bar known for its martinis and live jazz. —Sarah Miller

Courchevel, France

Bernard Arnault, the CEO of LVMH, is not known for taking foolish risks. So when he decided to give the hotel business a try with the ultra-luxe Cheval Blanc Courchevel, he set his sights on Courchevel’s most glamorous zip code, Le Jardin Alpin. Its north-facing slopes are among the best, its network of ski lifts the most efficient, and its habitués the most monied in all of Europe. With Arnault’s imprimatur and designer Sybille de Margerie’s bright, futuristic interiors, the property was a big- enough deal to lure chef Yannick Alléno from Paris’s Michelin three- starred Le Meurice to open Le 1947, where traditional French dishes get a modern spin. Just up the mountain,L’Apogée Courchevel bears the dual stamp of Parisian designers India Mahdavi and Joseph Dirand. The 55 timbered rooms and suites are surprisingly casual, decorated in a burgundy, green, and gingham palette, while the two chalets have log fires, perfect for curling up beside after a long day on the mountain. Courchevel’s equally polished town center is lined with high-end boutiques, including Isabel Marant and Ski Dior, and the bakery Maison Braissand is an essential stop for its buttery pain au chocolat. —Alexandra Marshall

Read the full list HERE.

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TIME commodities

Gold Prices Down After Swiss Voters Nix Gold Measure

Stacks of gold bars
Mike Groll—AP

In a poor showing for the commodities market, oil prices also reached their lowest levels since June 2009

Gold prices slid downward on Monday after Swiss voters nixed a measure to bump up the nation’s gold reserves, while oil prices also fell to a five-year low as the Organization of the Petroleum Exporting Countries (OPEC) decided to maintain crude oil production levels.

The rejected Swiss proposal, defeated by 78% of voters, would have required the Swiss National Bank to more than double its gold reserves, holding at least 20% of its assets in the precious metal, Reuters reports. The measure would have challenged the bank’s policy of capping the Swiss franc at 1.20 per euro.

After the vote, gold at one point fell more than two percent to $1,142.90 per ounce XAU=, while silver prices, which usually mirror gold prices, hit a five-year-low at $14.50 per ounce XAG=.

Meanwhile, oil prices also slumped to $64.10 per barrel after OPEC rejected calls from some member states, including Iran and Venezuela, to tighten crude oil output and vie to keep oil prices from tumbling amidst a flurry of growth in the U.S. shale oil market.

[Reuters]

TIME Research

Study Suggests Banking Industry Breeds Dishonesty

Bank industry culture “seems to make [employees] more dishonest,” a study author says

Bank employees are more likely to exhibit dishonesty when discussing their jobs, a new study found.

Researchers out of Switzerland tested employees from several industries during a coin-toss game that offered money if their coins matched researcher’s. According to Reuters, there was “a considerable incentive to cheat” given the maximum pay-off of $200. One hundred and twenty-eight employees from one bank were tested and were found to be generally as honest as everyone else when asked questions about their personal lives prior to flipping the coin, the Associated Press reports. But when they were asked about work before the toss, they were more inclined toward giving false answers, the study determined.

The author of the study says bankers are not any more dishonest than other people, but that the culture of the industry “seems to make them more dishonest.”

The American Bankers Association rebuffed the study’s findings to the AP.

“While this study looks at one bank, America’s 6,000 banks set a very high bar when it comes to the honesty and integrity of their employees. Banks take the fiduciary responsibility they have for their customers very seriously,” the Association said.

[AP]

TIME China

U.N. Panel Claims China Tried to Silence Women’s Rights Activists

Some claimed to have been censored by "state agents"

A United Nations committee on women’s rights accused China on Friday of aiming to silence activists who were scheduled to testify about the government’s human rights record at a conference in Geneva.

Some activists claimed to have been censored by “state agents,” according to Reuters, and at least one wasn’t able to travel to Switzerland based on “travel restrictions.”

The U.N. Committee on the Elimination of Discrimination Against Women asked that China “take steps to ensure that in the future no travel restrictions are placed on individuals/human rights defenders,” and also to fight other practices like forced abortions and “infanticide of girls.”

Read more at Reuters

TIME Switzerland

Swiss Retailer Apologizes for Coffee Creamers Featuring Hitler

Other creamers featured Italian dictator Benito Mussolini

A Swiss retailer apologized Wednesday for selling coffee creamers with the likeness of German dictator Adolf Hitler on the label and acknowledged it had withdrawn roughly 2,000 containers from dozens of cafes.

Migros said that the “unforgivable incident” occurred because of an internal failure. A spokesperson, Tristan Cerf, told the New York Times that an outside company had asked a Migros subsidiary, ELSA, to provide it with 55 varieties of coffee cream containers based on vintage cigar labels. Two types featured Hitler and Italy’s Benito Mussolini, Cerf said: “Usually the labels have pleasant images like trains, landscapes and dogs — nothing polemic that can pose a problem.”

The scandalous creamers were spotted months after a German furniture chain claimed it unintentionally ordered 5,00 coffee mugs with faint portraits of Hitler on them from a trade fair in China.

MONEY The Economy

WATCH: How Some U.S. Companies Are Dodging Taxes

Major American corporations are reincorporating overseas to avoid paying higher U.S. taxes.

TIME World Cup

The 16 Best Photos From the World Cup’s Round of 16

The celebrations, the heartaches, and the sometimes gravity-defying saves and goals that made this leg of the tournament all pins-and-needles

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