Update:
In developing news, US President Donald Trump has stepped back on his threats of tariffs on Europe as he attempts to take Greenland. He had now reached a “framework of a future deal” regarding the island, Bloomberg reported.
“Based upon a very productive meeting that I have had with the Secretary General of Nato, Mark Rutte, we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region,” Trump posted on social media.
“Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st.”
Earlier:
We start again today with US President Donald Trump and a recap of his speech to the World Economic Forum in Switzerland. Trump said he wanted "immediate" negotiations on the US acquiring Greenland, although he also said, "I won't use force [to capture Greenland]”, which eased fears of any military action.
At one point during his speech, Trump appeared to speak directly to European leaders opposing a US takeover, the ABC reported. "You can say yes, and we will be very appreciative, or you can say no, and we will remember," he said.
European leaders are due to meet on Thursday evening local time, to discuss their options. Earlier, Trump's trip to Davos was delayed after Air Force One was forced to turn around because of a minor electrical issue, the BBC reported.
Wall Street made some gains shortly after the opening bell, while Treasury yields fell. “Markets rallied because the immediate fear of military escalation seems to have eased,” said deVere chief executive Nigel Green.
“Trump repeatedly praised tariffs, defended their effectiveness, and presented them as a proven way to achieve national objectives. Investors should focus on what he consistently endorsed, not simply on what he ruled out.”
US President Donald Trump.
Dutch Prime Minister Dick Schoof advocated for finding a diplomatic solution to resolve a dispute over Trump’s threat of additional tariffs on Europe, Bloomberg reported.
The US already has a military base in Greenland and could work together with European countries to expand defence capabilities in the region, Schoof said.
“We share a common interest on the security of the Arctic. We should work it out in Nato and make sure that the security necessary for the United States and Europe will benefit from it.”
Importantly, as Trump spoke at the World Economic Forum, the European Parliament suspended the approval of a key US trade deal agreed in July in protest at Trump's demand to take over Greenland, the BBC reported.
The deal would have still required approval from the European Parliament to become official.
Meanwhile, the European Parliament also voted to refer the EU’s free trade agreement with four South American countries to the bloc’s top court to determine whether the deal was compatible with the bloc’s policy, Al Jazeera reported.
The EU signed its largest-ever trade pact on Saturday local time, after 25 years of negotiations. It removes tariffs on more than 90% of bilateral trade. Supporters, including Germany and Spain, said the deal was essential to offset business lost to US tariffs and to reduce reliance on China.
Opposers, including France and Poland, said the agreement would increase imports of cheaper beef, sugar and poultry, undercutting domestic farmers.
Meanwhile, gold prices climbed to a fresh record above US$4800 per ounce, extending a sharp rally as investors sought safety, CNBC reported.
Following a record-breaking 2025, gold has entered 2026 with momentum amid geopolitical tensions and lower interest rates. Analysts surveyed by the London Bullion Market Association expect prices to rise above US$5000 this year.
Meanwhile, nearly 400 millionaires and billionaires from 24 countries called on global leaders to increase taxes on the world’s super-rich, amid growing concern that the wealthiest in society were buying political influence, the Guardian reported.
An open letter, released to coincide with the World Economic Forum, said extreme wealth was polluting politics.
“A handful of global oligarchs with extreme wealth have bought up our democracies; taken over our governments; gagged the freedom of our media; placed a stranglehold on technology and innovation; deepened poverty and social exclusion; and accelerated the breakdown of our planet,” the letter said.
“What we treasure, rich and poor alike, is being eaten away by those intent on growing the gulf between their vast power and everyone else. We all know this. When even millionaires, like us, recognise that extreme wealth has cost everyone else everything else, there can be no doubt that society is dangerously teetering off the edge of a precipice.”
In economic news, higher tobacco prices and airfares pushed UK inflation higher for the first time in five months, the BBC said. The rise to 3.4% in the year ended December was higher than expected, but economists don’t believe it marks the start of a longer upward trend.
Finally, popular hockey television series Heated Rivalry has proved to be a big money maker for the actual sport. Ticket resellers said interest in National Hockey League games had surged thanks to the series.
SeatGeek said weekly hockey ticket sales jumped more than 20% after the show’s first episodes, while revenue rose more than 30%, Bloomberg reported. “Heated Rivalry has certainly piqued interest in hockey and the NHL,” SeatGeek’s director of marketing, Chris Leyden, said.
The platform had experienced “a pretty notable increase in single-ticket buyers as more people check out a game, often for the first time ever”. The series has quickly become one of the biggest streaming hits globally. Filming for a second season of the show will begin later this year.
