Davos 2019 day two: Merkel urges leaders to reject 'populist challenges' in keynote speech at WEF summit

Day two of the annual summit gets underway in Switzerland

What is the World Economic Forum in Davos?

Day two of the World Economic Forum summit in Davos saw German chancellor Angela Merkel and Japanese prime minister Shinzo Abe address delegates.

Bono was the first celebrity to appear onstage on Wednesday, speaking on a panel about sustainability.

Mental health featured heavily on the agenda, with Prince William, New Zealand’s leader Jacinda Ardern and HSBC boss John Flint, discussing the issue.

For all the latest news from Davos, follow our liveblog

Key Points

• Angela Merkel and Shinzo Abe give keynotes speeches
• UK international trade secretary Liam Fox arrives at the summit
• Bono speaks to finance experts about sustainability

[23 January 2019 13:18 · Caitlin.Morrison]

ICYMI - earlier today, Bono told Davos detractors that capitalism is not immoral.

“Capitalism is not immoral – it’s amoral. It requires our instruction,” he said. “Capitalism has taken more people out of poverty than any other ‘ism’. But it is a wild beast that, if not tamed, can chew up a lot of people along the way.

“We have to have some humility about what we can achieve in  the private sector but if we can unlock it it’s amazing what you can pull off.”

[23 January 2019 13:44 · Caitlin.Morrison]

Angela Merkel is speaking now, in defense of globalisation. She says leaders should remember their national interest but keep in mind that other people will have their own national interests.

She says the main challenges facing Germany at the moment are the energy transition, as they leave nuclear and coal power behind, speeding up the process of digitalisation, and demographic change due to increased immigration.

[23 January 2019 13:57 · Caitlin.Morrison]

On the subject of Brexit, Merkel says she is working towards a continued good trading relationship with the UK.

“All of my efforts are going into making sure this is happening in a well ordered manner,” she says.

Perhaps Liam Fox should make a conversation with Merkel a priority.

Merkel also says she will defend the current international system against populist challenges.

“We have to stand up against them,” she says.

“I will come out strongly in favour of a multilateral order, not ending with the EU, but one that gives good answers to challenges of tomorrow.”

[23 January 2019 14:38 · Caitlin.Morrison]

Coming up this afternoon there are panel discussions on mental health, the economic outlook for Europe and what lies in Japan’s future.

Al Gore will also be speaking about tapping into the ‘ocean economy’ while protecting the oceans from environmental damage, which is a subject close to his heart.

Ahead of the WEF summit, Gore said it was fortunate that “the solutions to the climate crisis can simultaneously provide solutions to a number of other major challenges we face both globally and locally”.

[23 January 2019 15:01 · Caitlin.Morrison]

China’s vice president Wang Qishan has extended an olive branch to the US, saying that “confrontation harms the interests of both sides”.

There will be little further chance to reconcile the two nations, as the US delegation cancelled its trip to Davos over the ongoing shutdown.

[23 January 2019 15:39 · Caitlin.Morrison]

The panel on mental health is underway, discussing the economic as well as the human cost of mental illness.

Prince William says it was difficult to find celebrities to support the Heads Together campaign he launched with his wife, the Duchess of Cambridge, in the early stages, due to the stigma around mental illness.

[23 January 2019 17:13 · ben.chapman]

Thanks for following The Independent's coverage from Davos.