Davos day 3: WTO says food crisis could last two more years without Ukrainian safe corridors – as it happened

Rolling coverage of the day 3 of the World Economic Forum

Ukraine war weighs heavy as apocalyptic mood shrouds Davos

From a warning of third world war to global stagflation or depression, gathering is unsurprisingly sombre

Snap Inc’s shares fall nearly 40% in early trading as fears grow over global downturn

Some doubt the OECD-brokered agreement, which would levy more tax on the world’s largest firms, will ever be implemented

Jens Stoltenberg tells business leaders in Davos that values should matter more than profits

Said Gutseriev says he has no financial or commercial links to his father, who was sanctioned last year for ‘supporting’ dictator of Belarus

Hotline was expected to handle 3,000 calls a week, but took fewer than that in five months

Blinken calls on Moscow to end blockade of Ukraine ports as Medvedev says Russia is ready to allow the flow of food when sanctions lift

Economists fear Sri Lanka could be first of several, with IMF in talks with Egypt, Tunisia and Pakistan

Kristalina Georgieva cites Russia’s war in Ukraine and cost pressures caused by China’s zero-Covid policies

Move follows warning from head of UN World Food Programme about high prices leading to social unrest

Group warns of ‘cascade of export bans’ amid failure to ease grain bottlenecks fuelling shortages and inflation, MHP said

European Commission downgrades growth prospects from 4% to 2.7%, while economy slows rapidly in China

The south Asian country is the first to buckle under economic pressures compounded by Russia’s war on Ukraine, but it won’t be the last

FTSE 100 and S&P 500 among those to slide as investors worry that worldwide growth is weakening