In this issue

Confronting an age of austerity

Confronting an age of austerity

An analysis on the hopes and concerns that beset world leaders as they gather in Davos

Europe: Survival tops list of priorities for currency union

Tony Barber says this year will need political willpower

Looking for reasons to be cheerful?

The list is longer than you might think, writes Chris Giles

The US: The paradox of 2012 a defensive, short-term America

A nation looking at itself with unease

London skyline

Finance: Banks face a perfect storm that is getting worse

Patrick Jenkins explains why the new reality means permanently smaller profit

Anwar al-Awlaki

Terror: Al-Qaeda threat is smaller but jihadism remains

James Blitz examines the fears that keep security officials awake

Middle East: Tumultuous Arab states take centre stage

The region at the top of agendas far beyond its own borders

Latin America: A more self-confident continent faces the world

But John Paul Rathbone says there are likely to be political pitfalls

China: Increasing wealth may lead inevitably to democracy

Jamil Anderlini explains why this could be a crucial year for the nation

Politics and uncertainty return to Moscow

Charles Clover says a Putin presidency is likely to be different from last time

India: Chastened administration goes for liberalisation

James Lamont sees the country facing uncertain reforms

The UK: United Kingdom’s year of sport, royalty and disunity

George Parker explains why the country needs some cheering up

Supply chain: Tsunami, floods and storms move logistics up the agenda

Robert Wright says distance means low cost but also brings problems

Game goes beyond the boundary of business dreams

Roger Blitz finds the sport popular but off-balance

Yet another year of living dangerously

What can we see in the world economy in 2012? Risks galore

Arts: Culture will remain at the heart of work and play

Why rich and poor alike take pleasure in beauty