Get all your news in one place.
100’s of premium titles.
One app.
Start reading
The Guardian - UK
The Guardian - UK
Business
Graeme Wearden in Davos and Angela Monaghan in London

Davos 2019: Prince William says mental health stigma must end - live

Prince William and Jacinda Ardern at Davos mental health discussion.
Prince William and Jacinda Ardern at Davos mental health discussion. Photograph: Markus Schreiber/AP

Surprise: Billionaires don’t like the sound of a 70% tax bracket for the rich.

I’m sure Alexandria Ocasio-Cortez won’t be deterred by the likes of Dell, though.

Updated

The Davos mental health panel is getting a good reception. Here’s some early reaction:

Elsewhere in Davos, international trade secretary Liam Fox has held constructive talks with his Israeli counterpart - and not a champagne glass in sight.

William: War generation repressed its feelings,

Davos 2019: Prince William on the battle for mental health campaign.
Davos 2019: Prince William on the battle for mental health campaign. Photograph: Guardian video

Fascinatingly, Prince William now suggests that Britain’s wartime generation have been hurting themselves bottling up their feelings - rather than breaking down the stigma of mental health.

British people are particularly bad at expressing emotions, the Duke jokes.

He suggests it goes back to the war (he doesn’t specify if he means world war 1 or 2).

When people lost so many loved ones, and dealt with such devastation, they concluded that talking wouldn’t fix the issue, William says.

A whole generation decided this was the best way to deal with it, and then by accident they passed it onto their children, he explains.

They learned the lesson that:

This is how you deal with problems - you don’t talk about them.

Now, though, William believes a new generation has realised that this is not how to deal with the situation.

Then, with his voice cracking briefly, he explains that there was ‘one particular job’ that really challenged his mental health.

Updated

The packed hall at Davos sits, engrossed, in silence as Prince William explains his own mental health issues.

He says he began feeling issues when he worked as an air ambulance, dealing with a lot of trauma every day.

This has given him empathy and solidarity with the medical profession.

They say it’s a job, but my goodness they do a very hard job every day.

It’s normal to feel these emotions, William continues, adding:

If you don’t feel anything, you should get checked out for that.

William: We've got to remove mental health stigma

Prince William is now talking about the importance of removing the stigma around mental health.

Since launching the Heads Together campaign, the Duke says, he regularly has people around the world thanking him -- because either they’ve been affected, or they know someone who has.

They’re just grateful that someone has made it easier to discuss these issues, he says, adding:

Ten years ago I knew nothing about mental health. I read about it, and became immersed in it, because it was a key social problem, globally, and someone had to burst the bubble.

The Prince now warns that the scale of the mental health problem is enormous.

We’ve got to start tackling it now, because there are still so many people who are suffering in silence.

There is still this stigma attached to mental health that we’ve got to completely obliterate before we can move to the next stage.

On the corporate side, HSBC CEO John Flint is discussing his efforts to make staff feel safe and secure in the workforce.

There’s a spectrum on mental health, and everyone is on it, he says.

Flint then pays tribute to those within HSBC’s workforce of 238,000 people who have been through mental illness, and come out the other side..

Those who have recovered often possess a resilience and a resourcefulness and an interest in human nature and an empathy and an EQ that the rest of us often don’t possess.

They are an absolute asset, and a community we should celebrate, he adds.

Dr Dixon Chibanda, Director of the African Mental Health Research Initiative, is describing an important project called the ‘Friendship Bench’ , that aims to improve mental health.

It’s based on the idea of a physical bench where people in need can sit down and talk to someone.

More details here.

There’s a friendship bench here at Davos:

Ardern: I've lost friends to suicide

Now Jacinda Ardern explains that her government is prioritising mental health, because it affects everyone.

One of the sad facts for New Zealand is that everyone knows someone who has taken their own life.

We’re a small country, of less than 5 million people, but last year more than 600 people committed suicide, she adds.

Arden explains how she has been affected personally:

I have lost friends, and I wouldn’t have to look far in my cabinet to find other people who have too.

Prince William: Celebrities wouldn't support mental health at first

The Duke of Cambridge is talking about how his charity work turned him into a committed, and pioneering, campaigner on mental health issues.

Prince William says he has realised there is an “elephant in the room” in all the charities he worked with - from addiction and homelessness to veterans’ welfare and young disadvanted people. That was mental health.

No-one was talking about it. No-one wanted to talk about it.

So he, and the Duchess of Cambridge, created their Heads Together campaign to ‘lance the boil’ and let people speak and express themselves.

But it wasn’t easy.

William reveals that not a single celebrity wanted to help his campaign, when he did a big ring round to drum up support.

He says:

No-one was interested in being part of Heads Together, because it was about mental health.

But once the ball was rolling, and people saw how committed he and Catherine were, some “very brave” people and celebrities came forward to speak out.

Q: So have people who turned you down before now asked to be involved?

It’s much easier to get people involved now, he replies diplomatically.

Updated

Becky Quick of CNBC is moderating the panel, and starts by warning that mental health isn’t getting the attention it deserves.

Poor mental health costs 2.5 trillion dollars in lost productivity and is a “leading cause of disability worldwide.”

90% of people with depression in low and middle-income get no help to all, Quick adds.

The session begins with a video showing the scale of the mental health crisis, and some of the details are extremely serious.

Suicide rates have spiked, it warns, with one person taking their own life every 40 seconds.

Everyone, everywhere, must have someone to turn to in time of need.

The world of business, government and education must come together to address this problem, with the time and money needed to make a difference.

Mental Health Session

Now it’s time for the WEF session on mental health.

Prince William and Jacinda Ardern, PM of New Zealand, are appearing on a panel, alongside HSBC chief executive John Flint, and Bernard J. Tyson of Kaiser Permanente.

The panel will discuss how the global community can promote mental health - a vital issue, given that one in four of us will experience mental illness in our lifetime.

As well as the human cost, there’s an economic cost too (hey, this is the World Economic Forum). Mental illness is expected to cost the global economy an estimated $6 trillion by 2030.

The session is packed, as Davos delegates squeeze in to hear what the panel have to say.

Updated

Boom! Chinese vice-president Wang Qishan has offered a hand of friendship to America.

He says neither side wins from confrontation, and they should focus on creating a win-win situation instead.

Unfortunately, with the US delegation back home, there’s no-one to grasp it, as the clock ticks towards the end-of-February deadline for a trade war deal.

Protesters arrested at WEF

Three protesters were arrested on the sidelines of the WEF this afternoon.

Leo Hyde from the Public Services International Trade Union, who was among those arrested, said they were dressed as “corporate wolves” to protest against investor state dispute settlement, which allows multinationals to sue governments in secretive international courts.

They set up just outside of the main security barriers leading to the congress centre and released around an hour ago.

He said they were arrested after just 30 seconds. “Davos isn’t a friendly place for protests,” Hyde, who hails from France, said.

“We were arrested and brought to an underground garage where the police took all our belongings, searched through our bags etc.

“We were held there for around an hour and not allowed to speak to each other. They then made me delete some of the footage/photos off my SD card. We are not sure if we will be charged with anything or not.”

Protests at Davos
Protests at Davos today Photograph: Leo Hyde

Government defends UK ministers' Davos trip

Back in London, Jeremy Corbyn challenged Theresa May at their weekly prime minister’s questions session about why six cabinet ministers were going to Davos.

Speaking afterwards, her official spokesman told journalists that ministers were there on business:

“I think you can see from the issues which they’re due to be discussing, it’s an important event, it’s an opportunity to discuss investment opportunities in the UK, and it’s an opportunity to discuss some really important technological issues which will help people’s lives, such as AI”

Confirming that Philip Hammond (chancellor), Liam Fox (international trade secretary), Greg Clark (business secretary), Penny Mordaunt (international development) Jeremy Wright (culture, media and sport) and Matt Hancock (health), will all be there, he insisted,

“If you look across the policy briefs of those ministers - the fact that Matt Hancock’s there and Jeremy Wright’s there - that does reflect the role technology’s going to play going forward, the importance of government’s industrial strategy. They will be focused on developing technologies in a way that can make a difference to people back home.”

Wang concludes with an absolutely classic piece of Davos-speak:

In this changing world, making advance is like climbing a mountain. It is commitment, conviction and confidence that drive us forward. In this era of unfolding economic globalization, all of us mankind share a common stake. As a Swiss proverb goes, “Torches light up each other.”

Let us illuminate the path ahead, progress together, ascend to the summit and jointly create a great future for all mankind.

China’s vice-president Wang Qishan has fired a couple of barbs at the west.

On technology (a hot topic given the concerns over China’s Huawei), Wang says:

It is imperative to respect national sovereignty and refrain from seeking technological hegemony, interfering in other countries’ domestic affairs, and conducting, shielding or protecting technology-enabled activities that undermine other countries’ national security.

We need to respect the independent choices of model of technology management and of public policies made by countries, and their right to participating in the global technological governance system as equals.

And on globalisation, Wang says inequality should be addressed - without stopping the global ‘economic pie’ growing.

He calls for a targeted approach to address the problems created by globalization”.

What we need to do is make the pie bigger while looking for ways to share it in a more equitable way. The last thing we should do is to stop making the pie and just engage in a futile debate on how to divide it. Shifting blame for one’s own problems onto others will not resolve the problems.

Now Wang Qishan, Vice President of China, is addressing Davos.

He starts by saying 2019 is the 40th anniversary of China’s involvement in WEF (which is 49 this year), and the 70th anniversary of the creation of the People’s Republic of China.

Those seven decades have seen “remarkable achievements”, talking of a historical transformation in social productivity and national strength.

This has deliver prosperity to its people who were once struggling to meet their basic living needs, Wang continues (breezily ignoring the tens of millions who died in the Great Leap Forwards).

Wang claims China is becoming “an important force for upholding world peace and promoting common development”.

He gives Davos a history lesson, taking about how China fell behind because its emperors closed their doors to the world, when the west was industrialising and exploring the oceans. That was reversed by the Communist Party of China, as it began to create a New China 70 years ago.

German chancellor Angela Merkel delivering her speech during the World Economic Forum (WEF) .
German chancellor Angela Merkel delivering her speech during the World Economic Forum (WEF) . Photograph: Fabrice Coffrini/AFP/Getty Images

Taking questions, Angela Merkel speaks of how emotional it felt to sign the Aachen treaty with France’s Emmanuel Macron on Tuesday [it will deepen ties between the two countries, but doesn’t go as far as some had hoped].

She touches on the role of inequality in populism; if a businessman can make more money from selling a business than a craftsman can earn in a lifetime, people will wonder what is their work worth today?

We cannot afford a split in society between those who want progress [and benefit from it], and those who carry the burden, she adds.

Merkel also declines to say whether she’d come back to Davos once she’s stepped down as chancellor.

You have me today, so you should be grateful for what you have, she jokes before leaving the stage.

Angela Merkel summed up her defence of the current world order:

“We have populist challenges, we have to stand up against them.

I will come out strongly in favour of a multilateral order, not ending with the EU, but one that gives good answers to challenges of tomorrow

Having rattled through her speech at her usual rapid pace, Merkel ends by telling the (now-packed) Davos congress hall that she will continue to defend the world order from attack.

The existing world order must not be ruined, she concludes, returning to her earlier defence of globalisation and the institutions that underpin it.

Merkel: I'm working for a well-ordered Brexit

Onto Brexit! Where Merkel says “we must deal with the shock” that Britain wants to leave the EU.

All my efforts are devoted to making Brexit happen in as “well-ordered” a manner as possible, she adds.

We want to have a good future partnership with the UK she continues, saying that in key areas such as defence Germany is “absolutely dependent” on its partnership with Britain.

And on the issue of HOW Britain leaves, Merkel says that the less complicated relations with Britain are, the better.

[But she doesn’t offer any suggestion of new flexibility over the withdrawal deal or future relationship]

Merkel shifts to the migration crisis that gripped Europe a couple of years ago.

Germany’s demographic changes mean we now have a policy of immigration for skilled labour, says Merkel (one of the big decisions by her new coalition government - and a change from the earlier open door approach Merkel pioneered).

We need to manage migration better, but over recent years we have made great strides.

She also urges Davos delegates to see Africa as a continent of hope, and of opportunity

Merkel unwilling to drop coal

On climate change, Angela Merkel says it’s a crucial problem, world leaders have a responsibility to solve it.

BUT in almost the next breath, she hits out at calls for Germany to end its use of coal.

Merkel points out that Berlin is also planning to end its nuclear power industry by 2020.

The only energy source that can generate energy all the time is brown coal (cheaper and polluting) and hard coal, Merkel says.

A commission is working its final conclusions, but Merkel seems to have pre-empted it, saying that Germany needs coal.

We will continue to receive Russian natural gas, and other sources.

If we leave coal, if we leave nuclear, we will need more natural gas - and energy needs to be affordable, she says.

This will disappoint environmental groups, who have hoped that Merkel could play a decisive role in ending the era of coal.

Updated

This is the key message from Angela Merkel’s speech:

Merkel now turns to artificial intelligence, saying we need agreements for ‘ethical guidelines’, both for AI and bioethics.

Merkel says leaders should remember their national interest - but also remember that other people have national interest.

Factor them in, and you can have a “win-win situation.”

[a more globalist approach than Donald Trump’s MAGA strategy]

The German chancellor then launches a defence of the global world order - as it comes under attack from populists and nationalists.

Merkel says the world order is under pressure, but it’s important to remember that key decisions underpinning its institutions were made 74 years go, after the second world war.

After the horrors of the second world war, the people in charge had certain instincts, Merkel says firmly.

We shouldn’t cast their decisions aside, and treat it lightly, as they took them against a wealth of experience, she insists.

But.. Merkel also chides international organisations are slow at reforming.

If a system doesn’t react quickly enough, some will create new institutions who will throw their weight around.

And in a nod to emerging economies, Merkel says such institutions should be reformed so that “that the balance of power is realistically represented”

A decade after the financial crisis, you can still see the impact of the crash on the banks, Merkel.

But she also sees reasons for optimism. One is the fall in extreme poverty. She’s pleased that the sustainable development goals have been adopted, and confident that we will be able to eliminate extreme policy.

She also cites agreements on migration.

Merkel: it's rather gloomy

There’s a buzz in the congress hall again, as German chancellor Angela Merkel arrives to give her special address.

She starts by talking about the stable coalition government in Germany - after a rather rocky start, we’re all working together well, she smiles.

Merkel cites two concerns - the threat of cyber-espionage, and disquiet in the international system as a whole, which leads to the IMF lowering its growth projections.

On the whole, the picture is rather gloomy.

But many people are prepared to strengthen the global order, she insists.

Little hope of trade breakthrough at Davos

Business leaders don’t seem to be holding out any hope they’ll get clarification around Brexit from UK ministers who on the ground in Davos, including Chancellor Philip Hammond and Trade Secretary Liam Fox (writes Kalyeena Makortoff).

There are also very low expectations that the UK team will come back with any trade pacts.

One British industry chairman, who spoke to me on condition of anonymity, said: “We’re not expecting the UK to come back with any deals (from Davos)” but “Fox will pretend” he was successful.

The chancellor is set to give a speech at the annual British business lunch on Thursday afternoon, but the chairman said he’s “not expecting any more clarity from Hammond, though he may repeat what he said on the call”, referring to a conference call with business leaders following the parliamentary vote on May’s exit deal earlier this month.

But few guests will be keen to air their views or push back hard on the Chancellor.

“The politics of Brexit is so toxic, no business leader will be expressing a big view,” he said, explaining that with the risk is too high. “With 140 people attending, nothing will stay private.”

European markets have erased earlier losses, boosted by a rise in Wall Street futures.

The FTSE 100 is the exception, still in the red, as the rise in the pound bites.

Here are the latest scores:

  • FTSE 100: -0.2% at 6,889
  • Germany’s DAX: +0.3% at 11,121
  • France’s CAC: +0.4% at 4,867
  • Italy’s FTSE MIB: +0.5% at 19,538
  • Spain’s IBEX: +1.2% at 9,144
  • Europe’s STOXX 600: +0.4% at 356

AM

Updated

Bono has changed his tune on the IMF.

He once saw it as a ‘great Satan’, due to its emphasis on structural reforms and “bullying of junior economies.

Now, though, Bono says the development community “really values” the tough-mindedness shown by Christine Lagarde.

Updated

During her time at Davos, Carolyn Fairbairn, the CBI’s director general, has detected worries that Brexit is weighing on the world economy.

She tells us:

At my meetings at Davos, there is a recognition that the causes of the vulnerability of the global economy now include Brexit.

It is everyone’s interest that Britain leaves the EU in a way that works for the British economy, the European economy and indeed the global economy.”

Fairbairn added:

“The most critical thing is to avoid a no-deal Brexit. Business wants no deal ruled out for March 29 as soon as possible. The boost to confidence and investment would be immediate. Without that happening, there will be a continuing drain on jobs and investment across the country.”

[Apologies, our earlier entry contained errors so has been deleted. My mistake. GW]

Updated

Pound hits 10-week high on Brexit expectations

Brexit has been one of the key topics on the sidelines of Davos so far and rising expectations that the EU divorce date will be delayed are pushing up the pound.

Sterling is above the $1.30 mark for the first time in 10 weeks, and is currently up 0.5% at $1.3026.

The pound is also at a 10-week high against the euro, up 0.5% at €1.1462.

Lukman Otunuga, analyst at currency firm FXTM, says that the boost to the pound could be short-lived:

Sterling bulls were instilled with a renewed sense of confidence today with the GBPUSD breaking above 1.30 as fears over a ‘no deal’ Brexit continued to ease.

Growing speculation over the government extending article 50 to avoid a nightmare no-deal outcome is likely to continue supporting sterling in the near term.

However, the pound’s medium- to longer-term outlook remains shrouded by Brexit’s endless uncertainty. Sterling volatility and sensitivity to Brexit headlines are likely to increase ahead of the parliamentary debate on January 29th. One must always expect the unexpected when dealing with Brexit.

Culture secretary: We're telling Davos there's more to UK than Brexit

Jeremy Wright, Secretary of State for Digital, Culture, Media and Sport, says he’s attending the World Economic Forum to discuss artificial intelligence, arguing the UK can be a world leader regardless of Brexit.

Speaking as he arrived at WEF, Wright explained that he’s holding “a number of meetings”, and will attend the Global Council on AI on Thursday morning.

Wright said he expects Brexit will come up during his meetings, but insists that’s not why he’s at Davos.

He says:

“Actually, what we’re trying to get across is there’s more to the UK than Brexit.

“When you talk about artificial intelligence, the fundamentals of why we can do well in artificial intelligence are going to remain strong regardless of the Brexit outcome.”

Those fundamentals include the UK’s world class universities, and “very highly-skilled technical companies” who choose to locate in the UK because of the regulatory and tax background.

But what about concerns that you’re in Davos drinking champagne with the elite?

Wright denied that he was in Davos to drink champagne, insisting he certainly hadn’t had any yet -

Q: Will you be having any champagne?

“I very much doubt it”, Wright insisted. “I very much doubt it.”

Shinzo Abe: Hope is the most important driver of growth

Shinzo Abe struck a note of defiance and optimism in his speech. Here is quick summary.

He started by outlining Japan’s progress since he became prime minister for a second time in 2012 - in getting more women into work, increasing the numbers of over 65s in work, and with a record number (98%) of college graduates finding work.

Abe said child poverty has fallen during his administration, and that Japanese GDP has grown by 10.9%, or $490bn.

Hope is the most important factor for growth.

He then looked forward to the G20 summit which will be held in Osaka, Japan, in June, and focused on a couple of key areas that he hopes to discuss:

  • The free flow of data. Abe said that while personal data, intellectual property and national security intelligence should be protected, medical, industrial, traffic and other non-personal data should flow freely, without borders.
  • The need for new innovations to tackle climate change. He said Japan is already doing its bit to meet the aims for 2050 set out by the IPCC.
SWITZERLAND-DAVOS-POLITICS-ECONOMY-DIPLOMACYJapanese Prime Minister Shinzo Abe delivers a speech during the World Economic Forum (WEF) annual meeting, on January 23, 2019 in Davos, eastern Switzerland. (Photo by Fabrice COFFRINI / AFP)FABRICE COFFRINI/AFP/Getty Images

AM

Updated

Shinzo Abe finishes with his hopes for Japan as one of the most open countries in the world, drivers of peace and growth:

Hope, is about looking forward to tomorrow, next year, the year after next, and 10 or 20 years down the road. Fortune has embraced my country. Events we are hosting over the next decade begin with this year’s G20 and rugby world cup and extend to Tokyo 2020 for the Olympics and Paralympics and to World Expo 2025, OsakaKansai.

Most importantly, this year, for the first time in as long as 200 years, His Majesty the Emperor of Japan will abdicate and a new Emperor will take the throne. It is the dawn of a new era. Japan, now reinvigorated and revitalized, with your embrace, will continue to be one of the foremost open, democratic, and law-abiding contributors to peace and growth in the world.

That’s the end of the speech.

Abe says he will make a third and final point:

My third and last point is about Japan’s commitment. Japan is determined to preserve and committed to enhancing the free, open, and rules-based international order.

I am so very much pleased and proud to tell you that on December 30, 2018, we finally brought TPP11 [the trans-pacific trade agreement] into effect.

Now, I must say, I am just as pleased and just as proud to make another announcement. Effective the first of February, which is just around the corner, the EU-Japan Economic Partnership Agreement will enter into force.

I call on all of us to rebuild trust toward the system for international trade. That should be a system that is fair, transparent, and effective in protecting IP and also in such areas as e-commerce and government procurement.

Japan’s Prime Minister moves to his second point: the importance of innovation in tackling climate change.

We need disruptions to remind us that the IPCC’s recent 1.5 degrees report tells us that [net carbon pollution] will have to come down to zero by 2050. We must have more disruptive innovations before it’s too late.

It’s time now to think about CCU - carbon capture and utilisation. My government is aiming to reduce the cost of hydrogen by at least 90% by the year 2050 to make it cheaper than natural gas. We will be inviting to Japan top experts in science and technology from G20 member countries to combine forces in accelerating innovations.

Spending money for a green earth and a blue ocean, once deemed costly, is now a growth generator. Decarbonisation and profit making can happen in tandem. We policymakers must be held responsible to make it happen, as I will be stressing [at the G20] in Osaka this year.

Shinzo Abe: growth depends on free data flow

Japanese Prime Minister Shinzo Abe speaks at the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 23, 2019.
Japanese Prime Minister Shinzo Abe speaks at the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 23, 2019.

He says to applause:

May I now solemnly declare that defeatism about Japan is now defeated.

He moves on to the G20 summit to be hosted in Japan later this year:

Let there be hope and optimism for the future, providing reassurance that it is possible to achieve a hope-driven economy. As always, at that summit we’re going to discuss a range of issues.

But today I’ll focus on two big issues - only two. First off: data governance. It will be data driving our economy forward. We had better act now. A delay of one year will be light years behind.

We must on the one hand be able to out our personal data and intellectual property, national security and so on under careful protection.

On the other hand we must enable the free flow of medical, industrial traffic and other useful non-personal data to see no borders. Repeat: no borders. The regime we need is data free flow with trust.

Abe says industry 4.0 (the next industrial revolution) will being about society 5.0 in Japan.

Data must be the great gap buster. It will bring about a new reality for humanity. Our cities will be made much more liveable for all sorts of people, from all walks of life.

The engine for growth will be fuelled more and more by digital data, not gasoline.

AM

Updated

Out of every 100 college graduates looking to work, 98 find employment - a record number, Abe says. Wages have risen 2% year on year.

As a result, during my six years in office, GDP has grown by 10.9%, adding $490bn.

In order to make growth long lasting, we are encouraging investment which will enhance productivity. We are inviting skilled workers to Japan from abroad.

How about the gap between the rich and the less affluent?

During my administration, the child relative poverty rate, which had never before gone down, did go down for the first time, and did so significantly.

He says the number of children from single parent homes attending college has risen from 24% to 42% during his time as PM.

It will go up further as we are going to expand our free education from October this year. We are not widening the gap, we are narrowing it.

Despair was wiped out by hope. Hope, ladies and gentlemen is the most important thing for growth.

Updated

Breaking away from Shinzo Abe briefly, Liam Fox has also warned UK businesses that MPs won’t be able to block a no-deal Brexit.

He’s be arguing at Davos that delaying Britain’s departure would be even worse than crashing out without a deal (something many business groups would dispute)

Shinzo Abe gives special address at Davos

Shinzo Abe takes to the stage to address delegates.

He says it was five years since he was last at Davos.

I’m very glad to be back.

Abe says that back in 2012 (when he became PM for a second time), a lot of people thought “Japan is doomed”, with an ageing population.

Japan could not grow, or so the argument went. It was a wall of despair and pessimism. Since that time our working population has dropped by about 4.5m people. We have responded by encouraging more women to work. As a result we now have 2 million more - I repeat - 2 million more women working.

Updated

WEF’s founder Klaus Schwab is introducing Shinzo Abe, Japan’s Prime Minister.

Fox: Does it look like I'm here to drink champagne?

Dr Liam Fox has rejected claims that UK government ministers are in Davos for a jolly, as he races through the congress centre.

Asked whether he was simply at the World Economic Forum to quaff champagne with the global elite, the secretary of state for international trade snaps back:

“Does it look like it.”

...before vanishing into a secure area at WEF for a meeting.

Yesterday, Labour leader Jeremy Corbyn declared:

“Having botched Brexit and created a deadlock in Parliament, it’s shocking that a third of the Cabinet have the audacity to run off to sip champagne with the world’s elite.”

Fox’s department says he is holding 18 bilateral meetings while at Davos, including trade ministers from South Korea, Hong Kong, Canada, Colombia and Israel.

He’ll be working to ensure “continuity of trade for UK businesses trading with nations covered by existing EU trade agreements” after Brexit.

Updated

Shinzo Abe, Prime Minister of Japan, will be giving a special address in Davos at 10.15am UK time. We’ll be blogging the speech here.

IKEA boss Jesper Brodin has joined wildlife and environmental campaigners in using Davos as a platform to talk about climate.

He tells CNBC:

The biggest concern we have is that the clock is ticking when it comes to climate and resource scarcity. We need to find new business models, we need to find new equations for material in order to be able to serve the many people. That’s why we’re in a hurry. Big corporates need to take the role of responsibility. Being a big corporate we assume the responsibility.

AM

Updated

EU's Moscovici: a delay to Brexit is possible

Pierre Moscovici, the EU commissioner for economics affairs has been speaking in Davos about Brexit.

He says it’s now up to the UK to tell the EU where they want to go, adding that a delay to Brexit is possible:

Of course, we are ready to discuss. You ask me about a delay ... this is a possible scenario, but for that there are two things that are required. First, we need to have unanimity on that - I’m not so worried about that because until now the 27 EU states are really united and I don’t see why this would change. Second we need a reason to extend. We need to know why to extend, what for, what’s the plan. The ball is clearly in the British side.

AM

Back in the sustainable development session, Lagarde also warns that it’s simply impossible poor countries to mobilise enough resources domestically to meet basic development goals for sectors such as health education roads and water.

To meet UN sustainable development goals by 2030 will mean investment worth 15% of GDP for low income countries.

Lagarde says:

“That’s monumental. No way can that be done by domestic resource mobilisation. Business has to be part of it.”

Updated

Marco Lambertino
Marco Lambertino

Marco Lambertino, director general of WWF International says humans are becoming detached from nature and have a moral responsibility to reverse this trend.

Speaking on a Davos panel about the decline in wildlife populations, he also spoke of his own, lifelong passion for nature.

I was born crazy about nature and wildlife. When I was 12 I joined WWF and I started raising funds to save the last 20 wolves in my country. Now in Italy there are 3,000 wolves, in my country. There are a lot of success stories and it’s all about co-existence and understanding that the web of life that is made of wolves and bees and so many other things, are the foundation of the functioning of the planet.

Only recently we became detached from nature, we are in cities and the majority of the population is beginning to create a barrier between us and nature. We should be sad about the loss of nature and we should be very worried.

Nature is providing to us every day for free fundamental services. The air we breathe, the water we drink, the water we use for agriculture and industries.. all this stuff we take for granted and we shouldn’t. The loss of nature is something we should fight against for the moral responsibility of species and our own self interest.

AM

Bono, U2 singer and co-founder of the One campaign, speaks during the World Economic Forum (WEF) annual meeting in Davos today.
Bono, U2 singer and co-founder of the One campaign, speaks during the World Economic Forum (WEF) annual meeting in Davos today. Photograph: Arnd Wiegmann/Reuters

At the Sustainable Development panel, Bono says capitalism has lifted people more out of poverty than “any other ism”, but warns:

“It is a wild beast. If it is not tamed it can chew up a lot of people along the way.”

Populism is the result of people being chewed up, he adds.

IMF chief Christine Lagarde is also warning emerging market world leaders that corruption will put off investors from investing.

Updated

Hammond drops off Davos panel

Just in: UK chancellor Philip Hammond has dropped off a Davos panel scheduled for Friday morning, on the state of the global economy, we hear.

He’s no longer listed as a speaker for the “Global Economy in Transition: Shaping a New Architecture” session, alongside the World Bank’s Kristalina Georgieva, South African central bank governor Lesetja Kganyago, economics professor Mariana Mazzucato, IMF chief Christine Lagarde and Haruhiko Kuroda of the Bank of Japan.

However, we think Hammond is still visiting Davos (he’s due to speak to business leaders on Thursday)

That Economic outlook panel is traditionally the final set-piece event of Davos, with top politicians and central bankers giving their views.

More as we get it....

Guardian commentator Aditya Chakrabortty sums up the problem with the ‘global elite’ at Davos this week:

They care about other people’s problems – so long as they get to define them, and it’s never acknowledged that they are a large part of the problem. Which they are. If they want capitalism to carry on, the rich will need to give up their winnings and cede some ground. That point evades them.

Welcoming Donald Trump last year, Klaus Schwab, Davos’s majordomo, praised the bigot-in-chief’s tax cuts for the rich and said, “I’m aware that your strong leadership is open to misconceptions and biased interpretations.” The super-rich don’t hate all populists – just those who refuse to make them richer.

World leaders, rightly, get heavily criticised for preaching sustainability and equality at Davos before nipping off to a exclusive dinner date.

So after an underwhelming, pro-business speech yesterday, Brazil’s new president Jair Bolsonaro will have wanted to strike a different tone.

Perhaps that’s why the Brazilian government has released a photo, showing Bolsonaro apparently serving himself a self-service supermarket restaurant. No frills here!....

Handout picture released by the Brazilian presidency showing Brazilian President Jair Bolsonaro serving his lunch at a Migros supermarket restaurant in Davos, Switzerland, after speaking at the World Economic Forum on January 22, 2019.
Handout picture released by the Brazilian presidency showing Brazilian President Jair Bolsonaro serving his lunch at a Migros supermarket restaurant in Davos, Switzerland, after speaking at the World Economic Forum on January 22, 2019. Photograph: Alan Santos/AFP/Getty Images

Except, Bolsonaro has also been spotted at a very exclusive dinner last night, with some top-level tech CEOs at one of Davos’s luxury hotels. Not quite so man of the people....

Global gloom weighs on markets

As Davos day two gets underway, investors are finding little to cheer about in what has been a gloomy week so far for markets.

Global growth fears, Brexit uncertainty and fading hopes of a speedy resolution to China’s trade spat with the US are all weighing on sentiment.

Trading is underway in Europe, and markets have followed Wall Street and Asia lower:

  • FTSE 100: -0.5% at 6,870
  • Germany’s DAX: -0.5% at 11,032
  • France’s CAC: -0.4% at 4,829
  • Italy’s FTSE MIB: -0.8% at 19,288
  • Spain’s IBEX: -0.3% at 9,011
  • STOXX 600: -0.5% at 353

AM

Anti-WEF protests in Davos

Not everyone is Davos is keen on the World Economic Forum.

Within view of the main security cordon, local residents have hung protest signs accusing WEF chief executive Klaus Schwab of ruining the Swiss mountain town of Davos and blaming his “friends” (assumedly, Davos attendees) of destroying the world.

“Klaus Schwab fucked up our town,” one reads. “His friends fuck up the world,” another says, in big block letters.

“Wipe out WEF” and “Climate change kills” signs are also hung across the homes.

Protests in Davos, January 23 2019

The Guardian’s Kalyeena Makortoff went to investigate....

I took a quick trek up the hill to see whether we could speak to the residents. One of the upstairs neighbours came in with his daughter, clad in ski gear. He directed me to the downstairs tenants. A middle aged woman opened the door but didn’t want to speak. I’m sure the WEF badge didn’t help....

Updated

Introduction: Abe, Merkel, Qishan, mental health...

Good morning from Davos.

Heavy-hitting world leaders are in town today, as the second day of the World Economic Forum kicks off.

Germany chancellor Angela Merkel, Japanese PM Shinzo Abe and China’s vice-president Wang Qishan will all address the global elite. Trade war concerns, and anxiety over the slowing global economy, should be on the agenda.

Mental health is also getting some well-deserved attention. Prince William and New Zealand PM Jacinda Ardern will examine an issue that will affect one in four people.

Pop star activist Bono is in town too, pushing for more money for sustainable development.

And Sir Tim Berners-Lee, creator of the Web, is talking about how to create safe online environments - another key issue in the era of social media abuse and trolling (not what Sir Tim had in mind for his creation)

UK government ministers are also in town and likely to be buttonholed by anxious business chiefs -- as several push the Brexit panic button.

Here’s what’s on the agenda

  • 8.15am GMT/9.15 Davos time: Bono and Christine Lagarde on sustainable development
  • 9am GMT/10am Davos: Press conference on mental health, with Wellcome Trust’s Jeremy Farrer, Elisha London of United Global Mental Health, and Paul Stoffels of Johnson & Johnson
  • 10.15am GMT/11.15am Davos: Japanese PM Shinzo Abe’s special address
  • 1.15pm GMT/2.15pm Davos: German chancellor Angela Merkel’s special address
  • 2pm GMT/3pm Davos: Chinese vice-president Wang Qishan’s special address
  • 3pm GMT/4pm Davos: Panel on mental health matters including the Duke of Cambridge, Jacinda Ardern, and HSBC’s John Flint
  • 4pm GMT/5pm Davos: Panel on ‘speaking out under stress’, including Sir Tim Berners-Lee

Updated

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
All Vapes Are Flavored Vapes, Some Just Have Cigarette Flavors
A plea for more accurate descriptions of non-combustible nicotine products.
Reason
Reason
Lil Nas X rushed to hospital after ‘losing control’ of his face
‘I can’t even laugh right now,’ rapper said
The Independent UK
The Independent UK
Lady Gaga insists Harlequin is 'one of her proudest pieces' despite Coachella snub
Lady Gaga didn't perform any songs from 2024's 'Harlequin' album at Coachella on Friday (11.04.25), but she has insisted she will never forget the record.
BANG Premier
BANG Premier
Weezer are making a movie
Weezer confirmed at Coachella that they are making a movie.
BANG Premier
BANG Premier
The great Easter basket question — to Peep or not Peep
Love them or hate them, marshmallow Peeps are inescapable around the Easter holiday
The Independent UK
The Independent UK
White Lotus star Aimee Lou Wood condemns SNL’s ‘mean and unfunny’ sketch
Actor uses Instagram story to address skit in which SNL cast member Sarah Sherman mocked her appearance
The Guardian - UK
The Guardian - UK
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play