January 26

Relations between China and Japan are so sensitive that jokes tend not to be the best form of bilateral diplomacy, but one academic risked all during a Davos lunch on easing tension in east Asia.

The plucky humorist suggested that the eternally complex, often vexed relations between Beijing and Tokyo were much like those between two elephants: when the elephants fought, the grass got trampled; and when the elephants made love, the grass got trampled.

There is no doubt that, Bono aside, the real rock stars in Davos are the private equity maestros who can`t believe to what degree their status has been transformed since the days when some suspected that LBO stood for Louse Buy Out. They have more money than they can invest, social ranking that is in the stratosphere for mere men of money and more testosterone than a rugby changing room.

One puckish executive joked that he would extend his influence even further by offering directorships to the US Congressmen who gave their names to the Sarbanes-Oxley legislation that overhauled corporate governance.

Senator Paul Sarbanes and Congressman Michael Oxley are both about to leave Congress and the exec thought they would better appreciate what havoc they have caused if they worked at actual companies. And, it went without saying, that the politicians` reputations would be enhanced no end if they entered the private equity pantheon and rubbed shoulders with the gods.

We hear that the mere mention of Sharon Stone caused a mini stampede at a queue outside the Forum’s welcome reception when it was rumoured that the Hollywood star was swapping her moon boots for Manolos just a little further down the security line.

Camera men abandoned their posts, CEOs lost their cool. Even the Swiss guard in charge of checking participants’ badges was momentarily distracted. Sadly, says our man in the snow, it turned out to be a false alert.

We have confirmation. That's right. Brad Pitt has been seen in Davos. He flew in this morning . Our spy in the airport security line says Mr Pitt was given a "thorough pat down" by the chap guarding Switzerland.

"It's true," says our swooning source. "He's even prettier than Angelina."

We hear several Davos delegates appear to be ain a state of "deep consternation" at the prospect of Blackberry being forced to close down its mobile e-mail service. The maker of the handheld gadgets could be forced to shut down if it loses a crucial patent battle currently running in the US courts. Earlier this week, the US Supreme Court refused to hear an appeal from Research in Motion, the company that runs the Blackberry service, which means the case grinds on.