Shift of power to Asia figures on Day 2 at Davos

Day two of the World Economic Forum in Davos and the issues being talked about in the hallways are truly global. The number one talking point remains the need for new regulation and the new definition of capitalism.

Bankers continue their fight against harsh new regulations – Bob Diamond (president of Barclays Plc) told CNN, ''I think it's really important that the US tries to integrate as closely as they can with the G-20 initiatives, particularly around capital, around leverage and around liquidity.''

John Mack of Morgan Stanley bemoaned the fact there wasn't a proper forum for government and banks to come together to sort out a solution.

But also the shift of power towards Asia is high on the agenda.

The prospective next Chinese prime minister is here – and I assure you every word he says is analysed, dissected and followed with much interest no doubt by the prime minister and finance minister of Greece. In true Davos fashion I have now been able to hobnob with some pretty big players.

The prime minister of Greece had a moment to chat about the financial crises hitting his country.

I interviewed the CEO of Pepsico, Indira Nooyi. Like other great thinkers she is determined that there needs to be a sea change in the way CEOs regard their companies and stakeholders (and in her case, she is also pushing hard for Pepsico to introduce more healthy chips, drinks and snacks.)

Ms. Nooyi did have one caution to offer – she reminded me that some of the issues had been on the Davos agenda over many years. It was time to deal with them and move on. Quite.