Rolling coverage of the final day of the World Economic Forum in Davos, including Donald Trump’s speech
1.5 hours to go until Trump speaks at #Davos people are already going in.
(That didn’t happen for any of the other speakers or world leaders) pic.twitter.com/8AQ8l7C7ky
Just in: Donald Trump has given an interview to CNBC.
The US president says he came to the World Economic Forum to encourage firms to invest in America:
So when I decided to come to Davos I didn’t think in terms of elitists or globalists. I think I thought in terms of lots of people that want to invest lots of money, and they’re all coming back to the United States, they’re coming back to America. And I thought of it much more in those terms. After I said that I was going there were massive stories about the elite, and the globalists, and the planes flying in, and everything else. It’s not about that. It’s about coming to America, investing your money, creating jobs, companies coming in.
I like bilateral because if you have a problem, you terminate. When you’re in with many countries, like with TPP— so you have 12 if we were in— you don’t have that same, you know, you don’t have that same option. But somebody asked me other day would I do TPP. Here’s my answer. I’ll give you a big story. I would do TPP if we made a much better deal than we had. We had a horrible deal. The deal was a horrible deal. NAFTA’s a horrible deal, we’re renegotiating it. I may terminate NAFTA, I may not. We’ll see what happens. But NAFTA was and I went around and I’d tell stadiums full of people, “I’ll terminate it or renegotiate it.”
“NAFTA’s a horrible deal, we’re renegotiating it. I may terminate NAFTA, I may not. We’ll see what happens.” – President @realDonaldTrump on NAFTA at #wef18 https://t.co/DJKhrpEg97 pic.twitter.com/zrA3jASiVe
The former PM’s remarks in Davos cheered the Brexit press, but they were no epiphany
Doesn’t he look well? Pink and chillaxed, David Cameron hanging out at Davos with the world’s leaders looks every bit as at ease as the day he said he wanted to become prime minister because “I think I’d be rather good at it”.
His six years in the job suggest he was catastrophically wrong. But how unburdened he looks by the millstone of a legacy he left us, a country stricken by austerity and riven by Brexit. Falling behind in wealth and global influence, we are up to our neck in a quagmire of negotiations to save us from the damage inflicted by his careless, fruitless referendum. But footloose and carefree, he and George Osborne are hosting their annual Davos fondue party.
Those who benefit from migration and globalisation should share the benefits with those bearing the brunt of its effects
The elites have learned their lesson this year, we’re told. “Ahead of Davos”, the Washington Post headlined a report this week, “even the 1% worry about inequality”. That statement is actually unfair. Davos is one of the places where the rise of inequality has been recognised most candidly over the past few years.
The thing is, worrying about inequality doesn’t stop people voting for Ukip, Trump or Brexit. Elites need to put their money where their mouth is and to go from being “committed to improving the state of the world” (the World Economic Forum’s tagline) to actually taking action to improve it. We need new ways to share the proceeds of globalisation more effectively with the people bearing the brunt of its negative effects. If we don’t, we might as well get used to the political ascent of people such as Donald Trump and Nigel Farage and the erosion of democracy they spearhead.
Salesforce chief Marc Benioff is latest tech insider to raise alarm over social media’s affect on society with comments at Davos
Facebook should be regulated like a cigarette company, because of the addictive and harmful properties of social media, according to Salesforce chief executive Marc Benioff.
Social networks would be regulated “exactly the same way that you regulated the cigarette industry”, Benioff told CNBC at the World Economic Forum in Davos. “Here’s a product – cigarettes – they’re addictive, they’re not good for you, maybe there’s all kinds of different forces trying to get you to do certain things. There’s a lot of parallels.
Democracies will fall under the spell of populists like Donald Trump if they fail to deal with the fallout of globalisation
The rich, as F Scott Fitzgerald noted, “are different from you and me”. Their wealth, he wrote, makes them “cynical where we are trustful” and their affluence makes them think they are “better than we are”. These words ring truest among the billionaires and corporate executives flocking to the Swiss ski resort of Davos this week. The highs recorded by stockmarkets, the tremendous monopoly power of tech titans and spikes in commodity prices reassure the rich cosmocratic class that they have weathered the storm of the financial crisis. The moguls can talk safely about inequality and poverty. But they will do little about it because they do not think their best interests are aligned with citizens. This is a mistake of historic proportions.
Since 2015, Oxfam calculates, the richest 1% have owned more wealth than the rest of the planet. The very wealthy think they no longer share a common fate with the poor. Whatever the warm words at Davos, no company bosses will put their hands up to the fact they play one country against another in order to avoid taxes; no firm will be honest about their attempts to stymie trade unions or about how they lobby against government regulation on labour, environment or privacy that tilts the balance of power away from them and towards the public. The largest western corporations and banks now roam the globe freely. As memories of the financial crisis recede, they are going back to the myth that they are no longer dependent on national publics or governments. Lobbyists for the corporate world claim that markets are on autopilot, that government is a nuisance best avoided.
Research into jobs finds men’s dominance in IT and biotech is reversing trend towards equality
The gulf between men and women at work – in both pay and status – is likely to widen unless action is taken to tackle inequality in high-growth sectors such as technology, say researchers at this week’s World Economic Forum summit in Davos.
A new WEF report on the future of jobs finds the dominance of men in industries such as information and biotechnology, coupled with the enduring failure of women to rise to the top even in the health and education sectors, is helping to reverse gender equality after years of improvements.
A conciliatory speech would alienate his base; a repudiation of Nafta would create shockwaves. Either way, this is a significant moment
The annual meeting of the World Economic Forum will come to a climax on Friday when Donald Trump becomes the first US president since Bill Clinton to address the Davos talkfest.
To say that Trump’s lunchtime speech is eagerly awaited is an understatement. Excitement has been building ever since the White House announced that the president would join Emmanuel Macron, Theresa May and Narendra Modi at this year’s event.
The World Economic Forum focuses on the ‘fractured world’ this year: but the biggest star at the gala will be Donald Trump
Donald Trump will loom large at the World Economic Forum (WEF) in Davos this week, as the self-styled anti-globalist joins the annual gathering of billionaires, business executives and politicians.
The meeting at the luxury ski resort in the Swiss Alps at the start of each year is set to be dominated by the US president, who is due to give a special address to the conference on Friday.
After cancelling UK visit, US president will discuss foreign policy at World Economic Forum
Theresa May will meet Donald Trump when they both attend the World Economic Forum in Davos next week.
Downing Street and the White House confirmed that the pair would hold a bilateral session, which is likely to focus on foreign policy issues such as Syria and North Korea.
The World Economic Forum is fabled for its notable speakers. Here are 10 of this year’s
The annual meeting of the World Economic Forum in Davos is attended by thousands of high-powered delegates from the worlds of politics, business and even entertainment. Here are 10 of the most high-profile figures appearing at the Swiss resort next month.
Davos is a Swiss ski resort now more famous for hosting the annual four-day conference for the World Economic Forum. For participants it is a festival of networking. Getting an invitation is a sign you have made it – and the elaborate system of badges reveals your place in the Davos hierarchy.