Davos: ECB’s Lagarde plays down fears of ‘rupture’ in world order, as IMF’s Georgieva warns of AI ‘tsunami’ hitting jobs market – as it happened

Good morning from Davos, where the final day of the World Economic Forum is underway.After a week dominated by issues such as the world order, geopolitical tensions, tariffs and artificial intelligence, the health of the global economy will be in focus today.ECB president Christine Lagarde, IMF head Kristalina Georgieva and WTO director-general Ngozi Okonjo-Iweala will give their views on the Global Economic Outlook.It’s an outlook that has darkened this week, with warnings from the leaders of Germany and Canada about the rise of great powers, and anxiety over whether AI will create an unemployment crisis.Speaking here earlier this week, Lagarde warned that President Trump’s escalating threats have undermined trust

Poundland shuts 149 stores, cuts 2,200 jobs and focuses on £1 items

Poundland has shut 149 stores with the loss of 2,200 jobs under a rescue shake-up launched after challenging trading conditions and unpopular clothing ranges sent it into the red.The company, which was itself bought for £1 from Pepco Group by the US restructuring specialist Gordon Brothers in June last year, said it had refocused on £1 items, with 60% of its stock now at that price.It is also relaunching its Pep & Co clothing brand after a switch to ranges supplied by its former parent group hit sales. Adult clothing will be in stores by the end of this month, with children’s and baby wear arriving in February.Poundland said underlying profits had more than doubled to £17

Campaigner launches £1.5bn legal action in UK against Apple over wallet’s ‘hidden fees’

The financial campaigner James Daley has launched a £1.5bn class action lawsuit against Apple over its mobile phone wallet, claiming the US tech company blocked competition and charged hidden fees that ultimately harmed 50 million UK consumers.The lawsuit takes aim at Apple Pay, which they say has been the only contactless payment service available for iPhone users in Britain over the past decade.Daley, who is the founder of the advocacy group Fairer Finance, claims this situation amounted to anti-competitive behaviour and allowed Apple to charge hidden fees, ultimately pushing up costs for banks that passed charges on to consumers, regardless of whether they owned an iPhone.It is the first UK legal challenge to the company’s conduct in relation to Apple Pay, and takes place months after regulators like the Competition and Markets Authority and the Payments Systems Regulator began scrutinising the tech industry’s digital wallet services

Former FTX crypto executive Caroline Ellison released from federal custody

The Disgraced former cryptocurrency executive Caroline Ellison has been released from federal custody after serving about 14 months for her involvement in the multibillion-dollar FTX fraud scandal. Ellison was previously head of FTX’s associated trading arm and the on-again, off-again romantic partner of the crypto exchange’s founder, Sam Bankman-Fried.Ellison, 31, was sentenced to 24 months in prison in 2024 after pleading guilty to seven charges, including wire fraud and money laundering. She featured prominently as a witness for the prosecution of Bankman-Fried, testifying that her former paramour directed her to commit crimes. Bankman-Fried was sentenced to 25 years in prison

UFC fighter Cameron Smotherman collapses after weigh-in in harrowing scene

UFC bantamweight Cameron Smotherman was taken for medical evaluation after collapsing moments after making weight ahead of Saturday’s UFC 324 card in Las Vegas, prompting the cancellation of his scheduled bout.Smotherman, 28, appeared visibly unstable as he completed his weigh-in Friday morning at T-Mobile Arena. After stepping on the scale and registering at 135.5lb, the American fighter walked off the platform before losing consciousness and falling forward onto the stage floor.UFC staff and medical personnel quickly intervened, attending to Smotherman within seconds of the incident

Australian Open’s scenic riverside path symbolises sport’s long walk to equality | Emma John

The riverside walk to the Australian Open courts is a scenic joy for the sporting pilgrim. Rowing crews train up and down the water, framed by the city’s sun-flecked skyline. The Melbourne Cricket Ground floodlights signal distantly ahead. Beneath the feet of the crowds hurrying to ticket barriers, the concrete path transforms into an artwork: a twisting confluence of eels honouring their Yarra River migration, which once provided abundant food for the Wurundjeri people.On Wednesday the celebration of country continued inside the precinct