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

Harry Redknapp targets second tilt at Cheltenham glory with Taurus Bay

The first meeting between Sir Gino and The New Lion, the top two in the Champion Hurdle betting, is among the highlights of Trials Day at Cheltenham on Saturday but every contest on the eight-race card will offer pointers towards the festival and owner-of-the-moment Harry Redknapp will hope to see another big-race contender emerge in his colours in the concluding race.Redknapp’s attempt to win the Cheltenham Gold Cup, the blue riband of chasing, with The Jukebox Man, his recent King George VI Chase winner, already looks sure to be the biggest story at this year’s festival. It never hurts to have strength in depth at Cheltenham in March, however, and a win for Taurus Bay in the Grade Two AIS Novice Hurdle would see him shoot towards the market leaders for the Turners Novice Hurdle.Ben Pauling, who trains both The Jukebox Man and Taurus Bay, has made no secret of the regard in which he holds the five-year-old, a £155,000 purchase at Cheltenham’s February sale in 2025.“I think Taurus Bay is very smart,” Pauling said, “but we are going from two miles to two and a half miles on what will be very testing ground and hopefully he will stay

Lewis Hamilton warns new F1 season will present biggest challenge of his career

Lewis Hamilton has emphasised the scale of the challenge facing drivers and teams as Formula One enters a new season with a regulation reset that the British driver described as the biggest of his career, as his Ferrari team look to a new start after a disappointing 2025.The Scuderia launched their new car, the SF-26, with Hamilton driving it at the team’s test track at Fiorano for the first time on Friday. He was optimistic, having been involved in the development of a Ferrari for the first time but acknowledged that a huge task lay ahead.“The 2026 season represents a huge challenge for everyone, probably the biggest regulation change I have experienced in my career,” he said. “Being involved from the very start in the development of such a ­different car has been a particularly fascinating challenge, working closely with the engineers to help define a clear direction for it