Organizers demand ICE leave state and agency be investigated for constitutional violationsTens of thousands of Minnesotans marched in Minneapolis and otherwise participated in an economic blackout on Friday to protest against the Immigration and Customs Enforcement (ICE) surge in the state.About 100 clergy members were arrested by police during the action, video footage showed. Continue reading...

Megan Greene says apparent end to the decline in wage growth could hinder fight against inflationThe Bank of England may not be able to lower interest rates as much as expected this year, due to strong UK pay growth and expected rate cuts in the US, one of its top policymakers has said.Megan Greene, a member of the Bank's monetary policy committee (MPC), which sets interest rates in the UK, said she was concerned that wages appeared to be growing strongly again this year and this could stop inflation from easing. Continue reading...

Well, maybe not all of us...

Sales volume rise of 0.4% in December confounds forecasts as new survey shows sharp rebound in consumer confidence

In today's newsletter: As global tensions rise, this year's Davos gathering reveals a world struggling to adapt to shifting power dynamics and the erosion of old certaintiesGood morning. The annual gathering of political and business leaders in Davos opened against a backdrop of war, trade threats and a rapidly fraying global order - with the World Economic Forum once again struggling to reconcile its talk of cooperation with the realities of great-power confrontation.Above all, one figure has dominated the week more than any theme or panel discussion - Donald Trump. He appears to have been determined to use the Alpine summit as a stage for his own vision of how the world should work.Davos | Volodymyr Zelenskyy has taken aim at Europe in a fiery speech at Davos, accusing leaders of being in Greenland mode" as they waited for leadership from Donald Trump on Ukraine and other geopolitical crises rather than taking action themselves. The day ended with news of trilateral talks to start on Friday in Abu Dhabi between the US, Russia and Ukraine.UK news | The UK government borrowed less than expected in December, official figures show, after record-breaking receipts, giving a boost to the chancellor.Daily Mail | Elizabeth Hurley has accused the publisher of the Daily Mail of bugging her windowsill as well as using information obtained from tapping her landline as she gave emotional evidence at the high court.Climate crisis | Human-caused global heating made the intense heatwave that affected much of Australia in early January five times more likely, new analysis suggests.Immigration | Prosecutors were stunned to learn that federal immigration authorities allowed a suspect in a $100m jewellery heist, believed to be the largest in US history, to self-deport to South America. Continue reading...

Rolling coverage of the World Economic Forum in Davos

Official figures better than expected after record-breaking receipts for the month of December

Tracking data from a chaotic year, from ICE detention and job growth to inflation and the president's popularityThe Trump administration has had an unprecedented first year. The Guardian has been hard at work tracking the social and political ramifications of Donald Trump's second term through words and pictures. But sometimes the story is best told through charts and graphs. Here are some of the vital data points that the Guardian has been tracking on immigration, the economy and public opinion.*** Continue reading...

This live blog is now closed. For the latest on Davos, read our coverage:

US president tells business and political leaders in Davos his country needs ownership to defend unsecured island'

As Mark Carney, Emmanuel Macron and Ursula von der Leyen decide to live in truth', what will it take for Starmer to call out Trump?Donald Trump has told the Davos economic forum without us, most countries would not even work", but for the first time in decades, many western leaders have come to the opposite conclusion: they will function better without the US.Individually and collectively, they have decided to live in truth" - the phrase used by the Czech dissident Vaclav Havel and referenced by the Canadian prime minister, Mark Carney, in his widely praised speech at Davos on Tuesday. They will no longer pretend the US is a reliable ally, or even that the old western alliance exists. Continue reading...

The global economic system doesn't even benefit its US and European creators any more - let alone indebted nations or emerging giantsDonald Trump represents everything that the Davos crowd hates - and it is unlikely they are any more well-disposed towards him after being forced to listen to more than an hour of the president's rambling speech today. He is a protectionist, not a free trader. He thinks the climate crisis is a hoax and is suspicious of multilateral organisations. He prefers power plays to dialogue and he doesn't have any time for the woke" capitalism that Davos has been keen to promote, with its focus on gender equality and ethical investment. The shindig's organisers, the World Economic Forum (WEF), had to agree to sideline those issues in order to secure Trump's appearance.For decades, anti-globalisation protesters have sought to shut down the WEF. Thanks to Trump's threat to take over Greenland, their prayers may soon be answered. In today's world, Davos is an irrelevance and it seems fitting that Trump should be on hand this week to deliver the coup de grace to the liberal international rules-based order that the WEF prides itself on upholding. Continue reading...

Their latest report makes no mention of Greenland, Venezuela, or even Trump. This is just a pretence that normality continues

Those born between 1965 and 1980 own an average of $1.455m in housing and land, KPMG report finds

Trump expected to face tough reception from European leaders in Davos over threat to seize Greenland

Bigger than forecast rise probably temporary but analysts rule out Bank of England interest rate cut in FebruaryInflation in the UK rose for the first time in five months to 3.4% in December, pushed up by higher air fares and tobacco prices.The Office for National Statistics (ONS) said the annual inflation rate increased from 3.2% in November after falling in October and flatlining in the previous three months. The figure overshot City economists's forecasts of a modest rise to 3.3%. Continue reading...

Sell-off hits US stocks in first trading day since president threatened tariffs against eight countriesStock markets fell on both sides of the Atlantic on Tuesday, with Wall Street suffering its worst day since October, as investor concerns persisted over the fallout from Donald Trump's push for US control of Greenland.The sell-off hit US stocks on the first day of trading in New York since Trump threatened new tariffs on eight European countries, after the market was closed for a public holiday on Monday. The S&P 500 closed down 2.1% while the Dow Jones finished down 1.8%. Continue reading...

Leaders of EU, France and Canada stake out positions on Greenland ahead of US president's speech to World Economic ForumThere's no diplomacy with Donald Trump: he's a T rex. You mate with him or he devours you." Debate at the World Economic Forum annual meetings high in the Swiss Alps is usually scrupulously polite, but as this year's gathering got under way in Davos on Tuesday, California's Democratic governor, Gavin Newsom, had this blunt advice for handling the week's star speaker.The US president was yet to arrive but throughout the blond wood congress centre the hottest topic among the global elite of business and politics - on and off conference stages - was Trump's intemperate attack on European allies, threatening punitive tariffs if they fail to let him annex Greenland. Continue reading...

As climate and geopolitics shocks bite, countries are rebuilding food buffers. The UK clings to neoliberal ideas while households pay the priceFood policy across much of the world is changing. But not in Britain. That may be a costly mistake as the prices of essentials rise because of the climate emergency, geopolitical tensions and the fragility of just-in-time supply chains. Many capitals are now reviving their strategic food reserves. European nations such as Sweden, Finland, Norway and Germany are rebuilding stocks dismantled after the cold war. Climate shocks have led to Egypt and Bangladesh boosting similar programmes. Countries such as Brazil and Indonesia - sensitive to the food needs of their vast populations - are also expanding their reserves.The UK, by contrast, has no substantial public food reserves. Its strategy rests almost entirely on global markets and private intentions - an approach shaped by decades of liberalised trade. Even in the event of war, the official advice focuses on households stockpiling essentials. In Britain's view, food security isabout prices, not scarcity of supply.Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here. Continue reading...

Unions, faith groups and local leaders urge residents not to work, shop or go to school after killing of Renee GoodLabor unions, community leaders and faith groups are calling for an economic blackout in Minnesota on Friday in protest against the surge of federal immigration agents in the state and to mourn Renee Good.Organizers are urging Minnesotans not to work, shop or go to school. The Trump administration has dispatched about 3,000 federal agents to the state, in what it claims amounts to its largest enforcement operation thus far, amid a broader crackdown on immigration. Continue reading...

US treasury secretary says at WEF in Davos that countries and companies should pause and let things play out'

Shops, restaurants and hotels particularly hit by slowdown in hiring, as unemployment remains at 5.1%

Traders have learned to live with the US president's rhetoric, but the EU's measures could go beyond tariffs and into capital marketsThat's how the chancellor's luck runs these days. You arrange to open the day's trading on the stock exchange to hail a new golden age" for the City and bask in the sight of the FTSE 100 index above 10,000, and what happens? You have to skip off to the prime minister's statement on Greenland.In the event, Rachel Reeves needn't have worried about the poor optics of overseeing a terrible day for share prices. Donald Trump's weekend threat of tariffs on eight European countries, including the UK, did not cause an explosion in the London stock market. The Footsie closed down 0.4%, which doesn't register on the doomsday radar, although European stocks did worse. There was even a 7.7bn bid for the insurer Beazley at a fat premium. Continue reading...

European carmakers among hardest hit with US president's talk of Greenland-linked trade levies also pushing down the dollar

Fund warns rising geopolitical tensions could have material impact' on global growth and investment

Economy weathered a fraught geopolitical landscape to reach 5% goal but domestic structural challenges not going away', say experts

Governments opting for oligarchy while brutally repressing protests over austerity and lack of jobs, charity report saysThe world saw a record number of billionaires created last year, with a collective wealth of $18.3tn (13.7tn), while global efforts stalled in the fight against poverty and hunger.Oxfam's annual survey of global inequality has revealed that the number of billionaires surpassed 3,000 for the first time during 2025. Since 2020, their collective wealth grew by 81%, or $8.2tn, which the charity claims would be enough to eradicate global poverty 26 times over. Continue reading...

Losses on stocks likely with precious metals forecast to spike even higher after move to impose 25% levies on European allies

The spectre of rising inflation, slowing global trade and jittery markets has re-emerged as US economic policy divorces itself from any logic

The chancellor has been cosseting City lenders to fuel economic growth but studies show UK plc would be better served by trying to keep them in checkBack-slapping bankers will be thick on the ground in the Swiss ski resort of Davos this week as Rachel Reeves flies in to mix with the global elite. But she might be wise to treat the finance bros with a certain froideur.That has not been Labour's approach thus far: Reeves spared the banks from a windfall tax in her 26 November budget, and the UK's regulators have just loosened capital rules for the first time since the financial crisis. Continue reading...

Donald Trump will lead the largest US delegation ever at the World Economic Forum, as others plan a fightback against his policies including his latest tariff threatsA Spirit of Dialogue": the theme for this year's World Economic Forum, the gathering of the global elite in the sparkling Alpine air of Davos, seems a heroic stretch, when star guest Donald Trump has spent the past year smashing up the world order.The president will touch down alongside the snowcapped Swiss mountains with the largest US delegation ever seen at the WEF, including the secretary of state, Marco Rubio, the treasury secretary, Scott Bessent, the commerce secretary, Howard Lutnick, and the special envoy Steve Witkoff. Continue reading...

Parts suppliers put production on hold' amid mounting confusion as China restricts purchase of the chips and US puts 25% roundabout tariff on their saleSuppliers of parts for Nvidia's H200 have paused production after Chinese customs officials blocked shipments of the newly approved artificial intelligence processors from entering China, according to a report.Reuters could not immediately verify the report, which appeared in the Financial Times citing two people with knowledge of the matter. Nvidia did not immediately respond to a Reuters request for comment made outside regular business hours. Continue reading...

Kevin Hassett, a top contender to replace Jerome Powell, suggests he believes Powell told truth about Fed renovationDonald Trump's top economic adviser, Kevin Hassett, said he expected there was nothing to see here" as the US Department of Justice pursues its criminal investigation of Jerome Powell, the Federal Reserve chair.The Trump administration has faced a chorus of criticism in recent days after it emerged that the justice department had served the Fed with grand jury subpoenas, in a significant escalation of its extraordinary attack on the US central bank's independence. Continue reading...

Experts say central banks are increasingly stuffing their vaults as an insurance policy in a volatile worldFifteen minutes after takeoff, the call came for Serbia's central bank governor: millions of dollars' worth of gold bars, destined for a high-security Belgrade vault, had been left on the runway of a Swiss airport.In air freight - despite the extraordinary value of bullion - fresh flowers, food and other perishables still take priority. We learned this the hard way," Jorgovanka Tabakovi told a conference late last year. Continue reading...

Andrew Bailey says he and heads of other institutions have responsibility to challenge back' populist narratives

Mark Carney holds talks with Xi Jinping on rare Beijing trip as Canada seeks to diversify trade links away from US

Institute for Public Policy Research thinktank report calls on chancellor to pursue policy of securonomics'Tens of thousands of jobs could be lost if the UK's clean energy supply chains were to suffer a shock as a result of an over-reliance on China, a left-leaning thinktank has warned.A year-long disruption to the supply of essential battery components used to manufacture electric vehicles could wipe out production of more than 580,000 electric cars and endanger 90,000 jobs, according to the Institute for Public Policy Research. Continue reading...

US to lower tariffs on Taiwanese goods to 15% as chip and tech businesses pledge $250bn spending in US operationsThe US said on Thursday that it had signed a deal with Taiwan to reduce tariffs on goods from the democratic island, while increasing Taiwanese semiconductor and tech companies' investments in America.The agreement, the US commerce department said, will drive a massive reshoring of America's semiconductor sector". Continue reading...

UK economy returns to growth despite pre-Budget jitters, after car production resumed at JLR after cyber attackToday's GDP report shows a pick-up at consumer-facing services businesses in the September-November quarter.That was driven by the travel agency and tour operator sector, by retail, and by sports activities and amusement and recreation activities.The UK economy returned to growth in November despite pre-Budget jitters leading to some inertia among businesses and consumers. Growth was driven by manufacturing during the month with the restart of operations at the Jaguar Land Rover factory feeding through.Beyond manufacturing, the economy was also boosted by a bounce back in consumer spending around the Black Friday sales. With Black Friday seemingly starting earlier and earlier each year, and more retailers participating, the high street rose to the occasion and was able to capture consumer demand in their busiest period of the year. On the flip side, the property market has been subdued since the summer with new home instructions at their lowest level since 2022 and agreed sales also falling. This inaction wasn't limited to the property market with businesses and consumers putting off decisions until they had clarity on what tax and spend changes would be made in the Budget at the end of November.Today's data is welcome news for the UK economy, with GDP growing modestly in November despite the uncertainty in the run-up to the Budget.Given today's figure, we now project that the economy grew 1.4 per cent in 2025 - a rise in the growth rate compared to the year before. Continue reading...

It may well be safer, easier and cheaper for US companies to procure whatever oil the US economy needs at homeThere are a few reasons that Donald Trump - now self-anointed acting president of Venezuela, as well as the United States - might be so excited about appropriating Venezuela's oil.Trump may be counting on some boost from cheap oil to the US economy: he is obsessed with the price of gas. As the midterm elections approach, he has become concerned about unemployment. Deeply imprinted memories of scarcity during the oil crises of the 1970s may prime his belief that cheap oil cures it all. Continue reading...

While better-than-expected data for November offers hope for UK economy, clouds remain on the horizon UK economy grew by better-than-expected despite budget uncertainty

Jaguar Land Rover's recovery from cyber-attack appears to have contributed to GDP growth Growth figures give boost to Reeves - but it's too early to get carried away

Whether it's the financial crash, the climate emergency or the breakdown of the international order, historian Adam Tooze has become the go-to guide to the radical new world we've enteredIn late January 2025, 10 days after Donald Trump was sworn in for a second time as president of the United States, an economic conference in Brussels brought together several officials from the recently deposed Biden administration for a discussion about the global economy. In Washington, Trump and his wrecking crew were already busy razing every last brick of Joe Biden's legacy, but in Brussels, the Democratic exiles put on a brave face. They summoned the comforting ghosts of white papers past, intoning old spells like worker-centered trade policy" and middle-out bottom-up economics". They touted their late-term achievements. They even quoted poetry: We did not go gently into that good night," Katherine Tai, who served as Biden's US trade representative, said from the stage. Tai proudly told the audience that before leaving office she and her team had worked hard to complete a set of supply-chain-resiliency papers, a set of model negotiating texts, and a shipbuilding investigation".It was not until 70 minutes into the conversation that a discordant note was sounded, when Adam Tooze joined the panel remotely. Born in London, raised in West Germany, and living now in New York, where he teaches at Columbia, Tooze was for many years a successful but largely unknown academic. A decade ago he was recognised, when he was recognised at all, as an economic historian of Europe. Since 2018, however, when he published Crashed, his contemporary history" of the 2008 financial crisis and its aftermath, Tooze has become, in the words of Jonathan Derbyshire, his editor at the Financial Times, a sort of platonic ideal of the universal intellectual". Continue reading...

Greater scope for interest rate cuts and reduced fears about government finances prompt bond yields to fallUK borrowing costs have dropped to their lowest level in more than a year, as investors were encouraged by more stable government finances and the prospect of further interest rate cuts.The yield, or interest rate, on 10-year UK government bonds fell to 4.34%, down from 4.41%, to the lowest level since December 2024, with the prospect of the UK public finances being put on a firmer footing lowering the risk of holding UK debt. Continue reading...

Debt-riddled retail giant's demise has cast uncertainty over the future of US luxury fashionBeleaguered high-end department store conglomerate Saks Global filed for bankruptcy protection on Tuesday, a month after missing the deadline on a $100m interest payment, in one of the largest retail collapses since the pandemic.Barely a year after a deal brought the chains Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus together, Saks Global said it had filed for chapter 11 bankruptcy to facilitate its ongoing transformation". Continue reading...

Extreme weather events and biodiversity loss identified as the biggest global threats over a 10-year timeframeEconomic conflicts between major powers are the greatest risk facing the world over the next two years, according to experts polled ahead of next week's Davos summit.Among 1,300 business leaders, academics and civil society figures surveyed by the World Economic Forum (WEF), geoeconomic confrontation" was identified as the most pressing threat. Continue reading...

Ban on private equity firms buying single-family homes in US raises concerns institutions could deepen housing crisis on BritainLeading US investors and private equity firms could step up their foray into UK new-build housing after Donald Trump's move to ban institutional companies from buying single-family homes in the US, raising concerns that investors could cut corners and increase rents".The US president said last week that he would ask Congress to codify the measure as he tries to address concerns that families are struggling to buy or rent a home. The median property sale price was $410,800 (305,000) last year, according to the US Census Bureau. Continue reading...

Jamie Dimon says pressure on chair Jerome Powell could ultimately increase interest rates

In speech, president delivers triumph assessment, claiming US prices are down despite official data showing otherwiseDonald Trump claimed victory on the economy after 12 months back in office on Tuesday, declaring it to be the greatest first year in history" as many Americans express alarm over the cost of living.In a stream-of-consciousness speech at the Detroit Economic Club, the US president delivered his gold-tinted view of how the economy has fared on his watch. Prices were down, he claimed, despite official data showing otherwise, and productivity was smashing expectations". Continue reading...

Central bankers from across the world say they stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell"