Davos 2018: Justin Trudeau blasts gender inequality; Modi warns against protectionism; Blanchett on refugees - Day 1 as it happened
Rolling coverage of the opening day of the World Economic Forum in Davos, including speeches by Indian PM Narendra Modi and Canada's Justin Trudeau
- Latest: Trudeau tells WEF gender inequality must end
- Companies are avoiding taxes and boasting record profits
- Oxfam's Byanyima hails MeToo campaign
- Narendra Modi warns Davos against rising protectionism
- Anne Richards: Technology could trigger next financial crisis
6.27pm GMT
Time for a quick recap of the main events from the first day of Davos:
6.12pm GMT
A positive start following news that the US government shutdown had been resolved, for the moment at least, soon faded, leaving European markets a mixed bag by the close.
Sterling rose above $1.40 to a new post-Brexit vote high, partly due to hopes that a successful trade deal can be negotiated, but also thanks to continuing weakness in the dollar. The US currency has been under pressure on worries that the Trump tax cuts would increase the already hefty US national debt. And the dollar has become less attractive as other central banks begin edging up interest rates and gradually removing their long standing stimulus programmes.
Renewed dollar weakness is the revival of yet another familiar friend from 2017. Post-shutdown euphoria has been replaced by a weary acceptance that we will probably have to do this all over again in just over two weeks. Why buy the greenback, when so many other economies can show solid growth without the government disruption so prevalent in the US at the moment?
6.03pm GMT
Here's a video clip of Justin Trudeau laying down the law on sexual harassment:
"Sexual harassment in business and in government is a systemic problem and it is unacceptable."
Canadian PM @JustinTrudeau says the Me Too and Time's Up movements "tell us that we need to have a critical discussion on women's rights, equality and the power dynamic of gender". pic.twitter.com/3bnkuz3p3n
5.48pm GMT
Justin Trudeau's speech has caused quite a stir, with its trenchant criticism of greedy, uncaring businesses and gender inequality.
Adam Parsons of the BBC thinks it was a punchy speech:
Puncy from Justin Trudeau: "Too many corporations have single-mindedly put the pursuit of profit ahead of the well-being of workers"#Davos2018
#Davos Man, meet Davos Feminist. Trudeau has made gender his signature issue on the world stage. #WEF18 pic.twitter.com/hPFCRDyKzW
Economic gender parity could add $1.75tn to the US's GDP and $2.5tn to China's GDP (which would be bigger than the entire Canadian economy).
Hiring, promoting & retaining women isn't just the right or nice thing to do - it's the smart thing to do. @JustinTrudeau #Davos18
PM Justin Trudeau to Davos- "Companies avoid taxes while cutting benefits. That approach won't cut it anymore".."companies must give back more." How?
5.38pm GMT
Justin Trudeau also made an important point about trade.
He tells Davos that Canada is trying to convince U.S. President Donald Trump that the NAFTA trade agreement was in the interest of the United States as well as other countries.
"We're working very hard to make sure that our neighbour to the south recognizes how good NAFTA is and that it has benefited not just our economy but his economy and the world economy,"
Trudeau, asked in Davos whether he sees the U.S. rejoining TPP, pivots to NAFTA. "We're working very hard to make sure [the U.S.] recognizes how good NAFTA is," he says to great applause, "and that it has benefited not just our economy but his economy and the world's economy."
5.08pm GMT
Justin Trudeau moves onto another vital issue - campaigns such as #MeToo and Time's Up.
The Canadian PM declares:
These movements show us we must have a critical discussion on women's rights, equality and the power dynamics of gender.
Sexual harassment in business and in government is a systemic problem and it is unacceptable.
Invoking #MeToo and the Women's March, Canadian PM Trudeau asserts in Davos: "Sexual harassment is a systemic problem and is unacceptable." #WEF2018 pic.twitter.com/xmSl26LWW0
5.01pm GMT
Justin Trudeau now urges business chiefs at Davos to help fight inequality by hiring, promoting and retaining more women.
Getting more women into the workforce isn't just the right thing to do, or the nice thing to do, it's the smart thing to do, he tells the World Economic Forum, Studies show it can provide a significant economic boost.
Women do more part-time work, and more unpaid work than men.
4.54pm GMT
Justin Trudeau has warned that businesses and politicians are failing to help their workers and citizens in today's "rapidly changing world".
People have been taken advantage of, losing their jobs, the Canadian PM warns:
Governments and corporations, we haven't done enough to address this.
Too many corporations have single-mindedly put the pursuit of profit ahead of the well-being of workers.
All the while, companies avoid taxes and boast record profits with one hand while slashing benefits with the other.
4.47pm GMT
Canadian prime minister Justin Trudeau is now speaking to Davos. He begins by thanking the seven all-female co-chairs for organising this year's WEF.
He then makes an important announcement: The 10 remaining members of the Trans-Pacific Partnership have concluded a new agreement that will maintain their alliance.
Just in: Canadian PM Trudeau says discussions just finalized between Canada and 10 Asian countries on new #TPP (trans pacific partnership) without the US
"Today is a great day for Canada but it is also a great day for progressive trade around the world"https://t.co/K9YEhvwhdx pic.twitter.com/fAyPT5tEvX
Canada's Justin Trudeau @wef announces that the 10 countries of the TPP (original 11 minus the US) have just concluded the new TPP agreement. Bravo! pic.twitter.com/yR3HE8nCwA
3.36pm GMT
In an hour's time, Canadian prime minister Justin Trudeau will give a special address to the World Economic Forum.
As a liberal, feminist leader, Trudeau is a Davos favourite. But that shouldn't mean he gets a free pass.
"It's so exasperating that prime minister Justin Trudeau will make another great speech today while the facts point in a shocking direction.
Smart aid rates under Trudeau are lower than under his conservative predecessor Stephen Harper, the money he loudly promised would be new to fight aids, TB and malaria was in fact not new, and his feminist foreign policy is not backed by new funds.
This week in Davos he must be asked when and by specifically how much he will increase funding for girls education and women's economic empowerment; and please, he must do it this year.
If we want him be a great leader on these issues, we must withhold praise until we see the quality of his action not just his delightful adverbs.
3.28pm GMT
The Greek prime minister Alexis Tsipras is among the world leaders who have lined up to get to Davos, reports Helena Smith from Athens:
Tsipras, who arrived only hours after Athens wrapped up a third bailout compliance review - edging ever closer to ending dependence on international bailout loans when the programme expires this summer - is meeting investors also gathered in Davos.
The leftist-led government, in an about-turn of its previous antagonism, is now keen to attract foreign capital as it prepares the country's return to capital markets. This afternoon's meeting is much in the vein of luring investors to fund projects in Greece with an eye to slashing unemployment - at 21% still the highest in the EU and by far the nation's biggest social ill.
3.25pm GMT
After the better than expected German consumer confidence figures, there is more positive news from Europe.
Eurozone consumer confidence rose from 0.5 points in December to 1.3 points in January, according to the European Commission. This was well above forecasts of a figure of 0.6.
With inflation still low, job growth surprising on the upside, house prices increasing and growth forecasts adjusted upwards, there is a lot to like for consumers and that's evident. The current mood among consumers is nothing short of ecstatic and current levels of confidence are generally associated with further acceleration in household consumption growth. Uncertainty about possible Eurozone reform, Italian elections and the success of the German coalition negotiations clearly take a backseat to improved economic factors.
Over the past few months, consumer confidence improved most notably because of a much more positive view on the general economic situation, modest improvements in assessments of the financial situation and increased amounts of current and expected major purchases. This indicates that optimism and stronger consumption are going hand in hand, spurring the household consumption component of GDP growth. While unemployment expectations have become slightly less favourable over the last months of 2017, this is actually at odds with businesses indicating that hiring expectations remain very high.
3.15pm GMT
Dacher Keltner, Professor of Psychology from the University of California, is also on the sexual harassment panel alongside Winnie Byanyima.
He says:
Men tend to take more risks, they tend to be a lot more aggressive, and they tend to sexualise thing.
So if you give a man power, those default tendencies will be expressed.
You teach your son how to hit a baseball, how to hit a jump shot, how to hit the net. But we should really be talking to them about who not to hit, and why.
3.06pm GMT
Winnie Byanyima, the executive director of Oxfam International, is speaking powerfully about sexual exploitation against women around the globe.
All the women in the world should be grateful to American women for taking a stand, and saying "Me Too", Byanyima says, referring to the campaign that spread around the globe after the Harvey Weinstein scandal.
It has brought new attention to a problem that is deep.
All of them told us that they had faced sexual harassment or knew someone who had faced sexual harassment. It goes on with impunity.
It is not an accident that women are abused sexually at work or at home. It's due to the social norms that are there to justify their economic exploitation.
2.44pm GMT
In the wake of the resolution to the US government shutdown, the Dow Jones Industrial Average was initially expected to open higher.
But when trading began the Dow dipped 27 points or 0.1%, with investors moving on to worry about the impact of Donald Trump's move to impose steep import tariffs, including possible retaliation. South Korea and China both protested at the duties on washing machines and solar panels.
2.39pm GMT
David Autor, Ford Professor of Economics at MIT, has predicted that today's giant tech companies - such as Facebook - will suffer the face of previous dominant companies.
He's on a panel asking 'can we live with monopolies'.
I would guess that Facebook will be almost non-existent 20 years from now.
A bold prediction from David Autor, economic s prof at MIT, at #Davos2018 on digital monopolies: "I would guess Facebook would be almost non existent 20 yrs from now". Let's hope so
2.26pm GMT
Elsewhere in Davos, the head of the Red Cross has warned that fresh humanitarian crises could break out this year.
Peter Maurer, president of the International Committee of the Red Cross, says there are a lot of fragile situations that could develop into "full-fledged" conflicts (as we saw with the Rohingya crisis in 2017).
In 2018 we face a big gap between the needs of people and the capacity of the international system as a whole to respond.
The gap can only be bridged by more and better finance.
1.59pm GMT
Ultimately, Blanchett says, we must remember we are all citizens, and stand up for what we believe in.
The only way to find sustainable solutions is to open up your worldview and to listen to other people's opinions, says Cate Blanchett #wef18 @refugees
1.38pm GMT
Cate Blanchett is close to tears, as she talks about one refugee family she met in Jordan. They had fled conflict with five of their children, being shot at by all sides.
Eventually, the father had to choose between carrying his suitcases and carrying his children (he chose the children). No-one should be put in that position, she says.
1.27pm GMT
Cate Blanchett on #refugees: 66 m #displaced, 22 m refugees, 50% of that women and girls. Only 1% have resettled in developed countries. The developing world is shouldering the burden! #Davos #WEF18 pic.twitter.com/Y4TDIovQTj
1.26pm GMT
Q: Aren't politicians taking a hard line on refugees because they are reacting to the concerns of their populations?
Cate Blanchett argues that they're actually reacting to populist media and the news cycle.
We try to teach our children to be compassionate, to be tolerant, to accept diversity, to share. But all the structures that are around them are not doing the same, so it's quite a schizophrenic world they're living in.
1.15pm GMT
Australian actor Cate Blanchett is talking about the refugee crisis now (yesterday she was handed a WEF award for her work on this issue).
I was very distressed that Australia was reverting back to practices that made us a fortress again.
I think it's shameful. There's so much misinformation about refugees.
They are forced to flee, and then they are vilified in the media.
It's the developing world that is shouldering the deep burden of refugees.
People are told this narrative that these people, who have so much to offer, are going to be a burden on us or become a terrorist threat.
These are not terrorists. These are innocent people, who want to return home.
12.59pm GMT
The problem with all this optimism at Davos is that business leaders, economists and politicians have a nasty habit of missing impending disaster.
WEF veterans point out that the mood is often particularly upbeat shortly before a crisis.
Generally, when people are happy and confident, something wrong happens.
12.33pm GMT
Back with the UK public finances, and a Treasury spokesperson said:
We have made great progress in reducing the deficit by three quarters since 2010, but government debt is still far too high. Our balanced approach to government spending is getting debt falling, while investing in key public services and keeping taxes low.
It appears that the underlying improvement in borrowing so far this year is a little faster than would be consistent with our November forecast.
12.28pm GMT
Christoph Franz, the chairman of Roche, agrees that spirits are high at Davos this year - and with good reason.
Speaking to CNBC, Frans argues that 'healthy' economic growth is boosting optimism among top execs.
Basically, I have been here for more than ten years, I share your perspective, there's a very positive mood right now among business leaders here in Davos, and I think the reason is, we see a growth perspective in, not only some specific countries, but on a global scale, and the growth is achieving numbers which we have seen only before 2007.
So, the economy is taking up, and for the time being, it is growth which has been created by a lot of investment.
11.46am GMT
Britain's manufacturers continue to be optimistic about business prospects and exports, but are increasingly worried about skills shortages.
The CBI's latest industrial trends survey for the three months to January showed 27% of firms were more optimistic about the general business situation that three months ago, while 14% were less optimistic. The balance of +13% is up from -11% in the previous quarter.
It's good to see manufacturing going from strength-to-strength with growth up and the buoyant global economy boosting export orders. But the past depreciation in Sterling continues to leave its mark on firms' costs and margins. With expectations for factory gate price inflation at their highest in 30 years, the pressure on consumer prices looks set to persist.
Capacity pressures are ramping up and skill shortages are a big concern, underlining the importance of establishing a future immigration system that provides companies with access to talent and labour. The building blocks of a new system that meets economic needs and public concerns must start with scrapping the net migration target, which has never been fit-for-purpose.
Manufacturing output growth picked up in the three months to January. #CBI_ITS https://t.co/PKKGSxe3CI pic.twitter.com/DcHDOsGE8f
11.23am GMT
Yup.
He may be new to Davos but he's certainly fluent in Davos-speak. #Modi
11.21am GMT
Modi wraps up his speech by identifying three priorities:
11.20am GMT
On climate change, Modi says India is making big progress towards hitting its goals for renewable energy.
India's Prime Minister @narendramodi has announced new plans to fight climate change at #wef18 https://t.co/D08enN5sPG pic.twitter.com/3To73a8o8d
11.11am GMT
Modi says India will achieve strong growth over the next few years.
Modi pledges to make India a $5 trillion economy by 2025 - roughly double. How he does that in an America First, Choose France etc world is hard to conceive.
11.09am GMT
Kenneth Roth of Human Rights Watch suggests Modi isn't living up to the glowing ideals he's preaching today:
India PM Modi in Davos talks about economic inclusion, saying all should partake together. But why tolerate the opposite message from the Hindu nationalists? #WEF2018 pic.twitter.com/zdhT25rW4j
11.06am GMT
Modi is now encouraging businesses to invest in India, citing the hundreds of laws and regulations which have been stripped out to make te economy more competitive.
Instead of red tape, we offer you a red carpet, he jokes.
Modi on inward investment to India: "we are removing red tape and laying the red carpet"#Davos18
11.04am GMT
Democracy isn't just a political system, says Modi - it is a life view and a lifestyle.
He cites India's proud democracy and diversity, declaring:
For a society with diverse religions, cultures, languages, attires and cuisines, democracy is not just a political system but a way of living:
10.59am GMT
Thirdly, the world is threatened by the rising attacks on globalisation, says Modi.
Forces of protectionism are raising their heads against globalisation. They want to reverse its flow.
10.54am GMT
The second major threat is terrorism, Modi continues.
He says there is an artificial distinction between 'good and bad' terrorism, and a worrying radicalism of young people.
10.51am GMT
The world has moved from needs-based to greed-based consumption, says Modi seriously.
This does not live up to the ideals of Gandhi, or the teaching of Buddha.
Modi name-checks the Upanishads, Lord Buddha and Gandhi to argue against "greed-based exploitation" in favor of the fight against climate change.
Modi condemns consumerism and advocates yoga. CEOs nod earnestly
10.48am GMT
Modi cites climate change as a major threat.
Glaciers are melting, islands are disappearing under the sea, and in Davos we have the worst snow in 20 years, he says.
Everyone talks about reducing climate emissions, but there are very few countries who back their words with their resources to help developing countries to adopt appropriate technology.
Very few of them come forward to help.
10.44am GMT
Here's some instant reaction to Modi's call for co-operation to build a better future, rather than descending into isolationism.
Prime minister Modi @wef : protectionism, populism and isolationism still treatening the poorest pic.twitter.com/JXPjLDJUHC
Very powerful talk by @narendramodi on #development #poverty & what kind of world we will leave our children; power of India to link people and not divide them #WEF2018
India PM Modi speaks in Davos of a "shared future." Waiting for him to stand up to the Hindu nationalists and mention India's Muslim community as a part of that future. Or the present. #WEF2018 pic.twitter.com/18DvsY1y7I
10.43am GMT
Narendra Modi now turns to the "fractures" in the global economy, citing unemployment, inequality, lack of opportunities.
Some important questions come to mind, which require answers, he says.
What paths can we follow, to eliminate rifts and differences.
How can we realise the dream of a beautiful shared future.
10.38am GMT
Modi is speaking in Hindi, incidentally, so the audience are getting a realtime translation.
10.37am GMT
Today, data is the world's biggest asset, Modi declares.
We are accumulating mountains and mountains of data, he continues. There is now a race to control data, because it is believes that whoever is able to control the data can dominate the world.
10.35am GMT
Narendra Modi takes the stage, to another round of applause.
He begins with a history lesson.
Today, it is not just a networked society. We are living in the world of big data, artificial intelligence and robots.
Very few people had heard of Osama Bin Laden, and Harry Potter was also an unknown name.
10.27am GMT
Suspense builds for Narendra Modi's speech. Al Gore, Madame Lagarde in the packed house @wef
Waiting for Modi to speak at Davos #wef18, standing ovation is quite a triumph for a man who was shunned by Western nations for years pic.twitter.com/6UxAdv10KC
10.26am GMT
Davos's founder, Klaus Schwab, is introducing Narendra Modi now.
Globally we are moving to a multipolar, and multi-conceptual world, says Schwab.
10.24am GMT
There's a buzz on the floor of the World Economic Forum as India's prime minister Narendra Modi prepares to give the opening speech.
Modi is a big draw - the main hall is filling up fast with delegates keen to hear his words.
10.16am GMT
Nariman Behravesh, chief economist at IHS Markit says the mood at Davos is very different this year than in 2017.
He tells us:
"It is a lot more optimistic and the optimism is broad based. Last year the Americans were upbeat but the Europeans were gloomy. A year ago the feeling was that politics was going to overwhelm economics but the opposite has happened. An improving economy may make populism less compelling"
"Business finally got a president it thought was business friendly and the reduction in regulation has been received well."
"The US and global economy may be running too hot. We think unemployment in the US will go as low as 3.5%, which is well below estimates of full employment. The question is how soon wage inflation and price inflation picks up.
If inflation surprises on the upside we could see the Federal Reserve and other central banks step on the brakes a lot harder. The stock market could take a hit and that would be bad."
"But I think China is going to come under a lot of pressure from the US this year. The US is very unhappy about the China's unwillingness to toe the line on intellectual property."
10.11am GMT
Over in Germany, consumer confidence remains strong.
The ZEW institute economic sentiment index came in at 20.4 points in January, up from 17.4 the previous month and better than the forecasts of a reading of 17.8.
The latest survey results reveal an optimistic outlook for the German economy in the first six months of 2018. With 95.2 out of 100 points, this is the most positive assessment of the current economic situation since the introduction of the survey in December 1991. Private consumption, which was the most important driver of economic growth in 2017, is likely to continue to stimulate growth in the coming six months according to the survey participants. The assessment of the global economic environment in Europe and the USA is also much more favourable than it was at the end of 2017.
10.01am GMT
Despite the warnings from Davos, investors are pushing markets higher again this morning.
There is renewed confidence following the IMF raising its growth forecasts on Monday (albeit not for the UK), as well as relief that the US government shutdown has been resolved, at least for another couple of weeks.
It's taken a while for the DAX to join in with the all-time high hitting performances of the FTSE and the Dow Jones seen in 2018. However, with German coalition talks steadily moving along, a stop-gap deal to end the US government shutdown, and a subsequent pullback from the euro against the dollar, the bourse seems ready to bulge, shooting up by 130 points to tease a 13600 record peak.
The FTSE bounced on the open this morning, following a record session in the US overnight. The Dow surged over 140 points, whilst the S&P and the Nasdaq tagged on 0.8% and 1% respectively, all hitting unchartered territory. The rally took place after the Democrats and the Republicans passed the funding bill to end the US government shut down, 72 hours after it started.
9.46am GMT
Britain's budget deficit came in much better than expected, giving a boost to chancellor Philip Hammond.
Thanks to an unusually large credit from the European Union and the strongest VAT receipts on record, public sector net borrowing fell from 8.25bn in November to 2.6bn last month. This was well below analyst forecasts of a figure of around 5bn.
9.42am GMT
More highlights from the Davos talk about financial risks:
David Rubenstein: I worry about unanticipated events, so-called black swans, such as conflicts or a global illness. but the lesson of last recession was buy your own debt back as a low cost. Great fortunes were made. #wef18 #financialcrisis
Michael Corbat: You have to think where we are today. The US government closed at the weekend and the markets went higher. The markets are up and if you sell, you buy back higher. #wef18 #financialcrisis
9.41am GMT
Anne Richards, chief executive of M&G Investments, fears that a devastating IT crash could cause the next financial crisis.
We all have businesses that are absolutely reliant on a very small number of people who provide the pipes that we put our business though.
There's a technology thing out there that we're all somewhat blind to. It would be interesting to think how markets would react if none of us could trade for one, or two or three days"
8.47am GMT
This year's World Economic Forum is being led by an all-female group of co-chairs. They're giving a press conference now:
We need to see who is taking money, who is bribing others, and show that this is unacceptable in all our societies.
The barriers to women's participation [in the labour market] is still large in many societies - it doesn't make sense economically or politically.
8.37am GMT
Can Emmanuel Macron really succeed where his predecessors failed, and reform the French economy?
Tidjane Thiam, the boss of Credit Suisse, says the answer is a resounding yes.
Macron only got elected because the French public, the French nation, decided to change. That's how it works in a democracy.
CS Thiam: "I was for a long time a France bear. I am now a France bull."
A lot of love for Macron here.#DavosFT
8.21am GMT
Political scientist Ian Bremmer agrees that market sentiment and political reality have got out of whack....
Markets at all time high. Geopolitical risk too. Something's gotta give (and will). #Davos18
Eurasia Group analysis shows geopolitical risk tends to catch up with markets in one fell swoop. #Davos18
8.15am GMT
The usual high security measures are in place in Davos this morning.
Armed guards prevent any non-delegates getting into WEF; even if you're accredited, you have to negotiate airport-style security before you're actually allowed in.
#WEF18 Protests put on ice at #Davos because of heavy snowfall.
Apparently there is enough space in and around Davos for 4377 troops,
but not for a few protesters. https://t.co/lXer2gk0tw
Davos Ban Protesters, @SwainITV in Davos #GMB pic.twitter.com/d8mKTTN8TH
8.02am GMT
UBS's chairman, Axel Weber, has warned that sentiment in the market is "too buoyant".
Speaking on CNBC this morning, Weber said there was a worrying gap between investor optimism and the actual state of the economy.
Investors are taking risks, but I don't think they're getting adequate compensation for those risks.
At some time, if it's got to stop it's got to stop.
7.52am GMT
Justin Trudeau says he'll be batting for middle-class Canadians in Davos this week.
We're heading to Davos, Switzerland this morning for #wef18. Busy week ahead meeting with our @g7 partners & business leaders to talk about creating more jobs & opportunities for middle class Canadians.
7.50am GMT
Davos regular Jamie Drummond says he may not come back, unless this year's meeting makes real progress towards tackling inequality.
Drummond is the executive director of the development group One, which he co-founded with the rock star Bono.
"A feminist activist, and someone I deeply respect, recently commented that I was at risk of becoming that awful thing: 'a Davos Man'.
Definitions vary but this phrase generally refers to a male who goes to places like Davos and inhabits an elite, unaccountable bubble while determining the fates of those without access to it.
7.44am GMT
Philip Jennings, head of the global union UNI, has been one of the strongest voices for labour at Davos for many a year but 2018 will be his last meeting before retiring in the summer.
Speaking to the Guardian, Jennings said the current business model built on the principle of shareholder value was "not fit for purpose" and that the opportunity provided by the financial crisis of a decade ago to build a more inclusive economy has been squandered.
"He is exhibit A of the fractured world".
"But the big three has such market influence and power that the world has to wake up and start thinking about the need for anti-trust action. One of the fractures in the global economy is the power of the new monopolies and the danger it represents".
7.40am GMT
The huge snowfalls in Davos recently mean the ski resort is now facing a Level 5 avalanche risk - the highest rating.
Some homes have reportedly been evacuated, due to fears that the snow is too unstable.
Related: Snow falling on leaders: 'exceptional' winter weather delays VIP arrivals to Davos
7.32am GMT
Davos has had an early wake-up call.
PR chief Richard Edelman's annual trust index shows that Americans have become much less trusting of politicians, business chiefs and the media over the last year.
No country saw steeper declines than the United States, with a 37-point aggregate drop in trust across all institutions. At the opposite end of the spectrum, China experienced a 27-point gain, more than any other country.
Journalists have risen 12 points, and CEOs recorded a seven-percentage point gain, since 2017.
"China is now the most-trusted country" - Richard Edelman at Davos. Trust in US government, meanwhile, has imploded.
At Edelman Trust Barometer #Davos2018 event. Richard Edelman: media is now last retaining wall of trust for the Clinton voter.
The whole world is now extremely worried about #FakeNews as a weapon.. This graph is from the #Edelman Trust Barometer in #Davos #WEF18 this morning. pic.twitter.com/5Xba1bKFQU
7.12am GMT
Good morning from Davos!
"New actors are emerging, as well as new economic competition and regional trade agreements.
Even the most recent technologies are transforming economic models and the globalized world itself, which, conditioned by private interests and an ambition for profit at all costs, seem to favour further fragmentation and individualism, rather than to facilitate approaches that are more inclusive,"
Sir Elton John tells Davos that the inequality in this world is "disgraceful", as he collects award for leadership in the fight against HIV/AIDS https://t.co/NTHkE8iZV5 pic.twitter.com/yCLebUw3jk
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