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Photo: Fabrice Coffrini/AFP via Getty Images

The World Economic Forum announced Monday that it will convene its annual meeting this summer in Singapore instead of the iconic Swiss ski town of Davos "in light of the current situation with regards to COVID-19 cases."

Why it matters: Singapore has earned praise for its success in combatting the coronavirus, reporting 58,260 cases since the start of the pandemic and only 213 over the last month, according to data from Johns Hopkins University.

  • Europe, meanwhile, has been home to some of the worst-hit countries in the world. The continent has only recently begun to turn its terrifying surge around after weeks of countries tightening up restrictions.
  • "The change in location reflects the Forum’s priority of safeguarding the health and safety of participants and the host community," the news release states.

What they're saying: The forum "will be the first global leadership event to address worldwide recovery from the pandemic," the WEF said.

  • “The Special Annual Meeting 2021 will be a place for leaders from business, government and civil society to meet in person for the first time since the start of the global pandemic," said World Economic Forum founder and executive chair Klaus Schwab.
  • "Public-private cooperation is needed more than ever to rebuild trust and address the fault lines that emerged in 2020.”

Go deeper: The coronavirus outbreak will forever change the world economy

Go deeper

17 hours ago - Health

Amazon offers to help Biden administration with COVID vaccine efforts

Amazon CEO Jeff Bezos at the White House with Jill Biden in 2016. Photo: Chip Somodevilla/Getty Images

Amazon's worldwide consumer CEO Dave Clark has offered to help the Biden administration with its coronavirus vaccination goals by mobilizing efforts to inoculate its employees, according to a letter sent to President Biden on Wednesday.

Why it matters: As demand for the coronavirus vaccine is outstripping supply, Amazon has about 800,000 employees, many of whom are essential workers. The Biden administration wants to vaccinate 100 million Americans in 100 days.

Dion Rabouin, author of Markets
26 mins ago - Economy & Business

First glimpse of the Biden market

Photo: Jonathan Ernst-Pool/Getty Images

Investors made clear what companies they think will be winners and which will be losers in President Joe Biden's economy on Wednesday, selling out of gun makers, pot purveyors, private prison operators and payday lenders, and buying up gambling, gaming, beer stocks and Big Tech.

What happened: Private prison operator CoreCivic and private prison REIT Geo fell by 7.8% and 4.1%, respectively, while marijuana ETF MJ dropped 2% and payday lenders World Acceptance and EZCorp each fell by more than 1%.

Mike Allen, author of AM
58 mins ago - Politics & Policy

Biden-Harris, Day 1: What mattered most

President Joe Biden and first lady Dr. Jill Biden arrive at the North Portico of the White House. Photo: Alex Brandon-Pool/Getty Images

The Axios experts help you sort significance from symbolism. Here are the six Day 1 actions by President Biden that matter most.

Driving the news: Today, on his first full day, Biden translates his promise of a stronger federal response to the pandemic into action — starting with 10 executive orders and other directives, Caitlin Owens writes.