Davos 2011: Day 4 as it happened

1640: And that's it for another year folks. We hope you've enjoyed our live Davos coverage. Thanks for visiting. See you again next year!

1628: Newsweek's Raina Kelley tweets: Is #Davos just a billionaire circle jerk? Seems silly or worse to spend millions talking about poor people + their problems over cocktails. Read Raina Kelley's tweets.

1611: Don't forget, for all the latest in-depth news from the World Economic Forum and for anything you might have missed over the last few days, visit our Davos 2011 special report page.

1606: Ok, we'll tell you. It stands for "Ma! He's looking at me funny!". Mr Krugman thinks it is now at the core of the financial sector's complaints. "The world's top bankers feel that after bringing on a gigantic crisis that has left millions unemployed, being bailed out, and receiving huge paychecks all the while, they now have the right to demand that people stop saying critical things about them," he writes in his New York Times blog.

1602: Economics guru Paul Krugman marks the appearance of MHLAMF at Davos.

1545: Japan's PM said nothing about it in his speech, but his trade minister has been reacting to this week's surprise downgrade of its credit rating. It was "good timing", says Banri Kaieda. "Japan's fiscal situation is very difficult and... the tax and national debt balance need to change. That will be a step forward."

1541: World Trade Organization head Pascal Lamy says Russia could finally be admitted to the trade body this year after 17 years of asking. With Medvedev kicking off proceedings on Wednesday and a host of deals announced, it has been Russia's biggest year yet at Davos.

A group of demonstrators gathered, holding flags

1540: The violence took place some distance away from the conference centre and the WEF programme was not affected, according to the Reuters report.

1530: Reuters is reporting that about 100 anti-capitalist protesters have clashed with police, hurling bottles at them during a march. Riot police responded by firing three water cannons at the protesters, it says.

1522: Anked from Berlin tweets: Things i learned at #WEF: canada significantly increased teachers salaries in 1975, result: more talent attracted, better education.

1510: Matthew Bishop from The Economist tweets: Wonder how many of the authoritarian leaders at Davos are wondering if next year's #WEF will celebrate those who will have overthrown them? Read Matthew Bishop's tweets.

1501: The press conference wraps up but not before the Tunisian team make it clear that they are keen to reassure foreign investors and tourists. The central bank governor is critical of agencies who downgraded Tunisia's credit rating after the unrest. Mr Nabli calls it a "weird reaction" to changes that would improve the business environment and root out cronyism.

1450: Normally the #davos congress centre would be slowly getting empty by now, but it's still packed. lots of good sessions this pm, tweets Tim Weber.

1449: Tunisia's brand new minister for infrastructure and transport is also in Davos after only 24 hours in the job. He said the challenge was so important and so large that he jumped at the job. "We don't have people from the old regime. We need to prove efficiency," says Yassine Brahim, a former software executive.

1443: Tunisia's central bank governor Mustapha Kamel Nabli says his country is "back in business", after the uprisings and political upheaval of the last few weeks. "We do not have a crisis situation," he says. He also says the changes have improved the climate for foreign investors. They would be doing business in an environment "where there will be no people trying to extort".

1441: Geopolitical risk shakes confidence at the World Economic Forum #Davos #Egypt, tweets lawyer and BusinessWeek columnist Frank Aquila.

1436: Tunisia's central bank governor is speaking now at a press conference on the North Africa situation.

1433: Luisa Kroll writes: "Women comprised just 16% of the conference's 2500 delegates. Perhaps the hassle of changing in and out of boots and dress shoes was just too much." Read Luisa Kroll's blog for Forbes.

1413: Re bank bailout: Mr Big Hitter says we shouldn't celebrate its success, as that would be like celebrating a successful ransom payment, Tim Weber tweets.

1411: One final prediction from Lord Malloch-Brown. He says he has no doubt about the long-term growth of Asia but sounds a note of caution about the consequences of growth over the next ten years - possible environmental problems, inequalities, and an ageing population in China.

1403: Back at the India session, the panel agrees that tackling corruption is key to growth and equality. But a young woman in the audience accuses leaders of tip-toeing around the issue. It is "an abiding, chronic cancer in our society", she says. Good to see panellists put on the spot.

1402: We're starting to see the limit of US power to shape events, says the Washington Post's David Ignatius, when asked about "the new reality".

1356: Kishore Mahbubani echoes David Li's positivity. "The good times are coming," he predicts.

1353: More positive news about those marathon Doha trade negotiations from a working lunch attended by trade chiefs. "Everybody agreed that we are in the endgame, that we should get a deal in July," says European trade commissioner Karel De Gucht. He met US trade representative Ron Kirk and Chinese Commerce Minister Chen Deming, according to AFP.

1350: With only about 10 minutes of the session (which was meant to be about predictions for the year ahead) to go, the discussion finally turns from Egypt to forecasting. And there is this positive prediction from Chinese economist David Daokui Li: 2011 should be a year for good hope for the world economy. The major pillars are positioned well to grow very fast, he says, citing the US, Chinese and German economies.

1346: "What is happening is profound but this suggestion that you flip aside the authoritarian state and put in place the utopian democracy is a very flippant point, " says the UN's former deputy secretary general, Lord Malloch-Brown.

1343: Kishore Mahbubani, dean of the Lee Kuan Yew School of Public Policy, says: "Let's imagine if you're in Israel today, the biggest geo-political nightmare for Israel is to have the most populous Arab country at your doorstep [fall into] political instability. It changes the whole balance in the Middle East."

1336: Attending an impromptu Davos session on Tunisia/Egypt, tweets economics guru Nouriel Roubini.

1332: The FT's Martin Wolf says that as an economist, he has been very embarrassed by his "profession" over the last few years.

1330: Over in the Pundits, Professors and Predictions session, which is running at the same time as the India one, David Ignatius, associate editor of the Washington Post, says Egypt's problems are in part because it couldn't cope with its fast-growing population.

1320: Time Magazine's Michael Elliot says India can learn from China, where they made an early commitment to educating girls. That meant growth was always going to be more inclusive, he says.

1315: Tackling inflation in India is key, the minister says. If this isn't brought under control, the danger is that as the economy grows, more people will be hit by inflation and may even dip below the poverty line.

1307: The next big session is kicking off. How India can continue to grow without widening the gap between rich and poor. India's Minister of Home Affairs Palaniappian Chidambaram is on the panel.

1235: At Forbes magazine, Luisa Kroll writes "I caught up with Swiss billionaire Ernesto Bertarelli, one of the wealthiest men at Davos this week, worth $10 billion." These days he is best known as the only European to win the America's Cup but now he is looking to move on.

1225: Just met an American participant who says he's a socialist. "i'm a fish out of water here," he says, gasping ... tweets Tim Weber.

1223: The chairman of the US Senate Foreign Relations Committee, John Kerry, says Egypt's President Hosni Mubarak has to avoid violence. He tells the BBC's Nik Gowing in Davos that Mr Mubarak has to respond better than he had in his speech last night.

1211: If you like your alliteration, then the session coming up at 1300 GMT is the one for you: Pundits, Professors and Predictions. Also one for those who like gazing into crystal balls.

1157: Norwegian bagpipe music in the #davos congress centre... Norway is sponsoring today's lunch buffet, tweets the BBC's Tim Weber. Check out that traditional dress here.

1143: Meanwhile, the head of the OECD fears the economic impact of the instability in Egypt: "Anything that threatens development is a concern for us," Angel Gurria tells AP.

1142: More on Egypt. The protests there should be a "wake-up call" for those in Davos, says Amnesty International secretary general Salil Shetty. "It is time the rhetoric on human rights and reform delivered here is matched with genuine steps to uphold the rights of people."

1139: WEF founder Klaus Schwab tells us how unusual Mr Kan is for a Japanese prime minister: he one of the few whose father was not also a PM. And he was also a lawyer, which is rare for Japanese leaders, apparently. Mr Kan says his time as a patent attorney exposed him to technology, which has been helpful. We'd like to know which gadgets he uses, then.

1135: No surprise that in the corridors of Davos, events in Egypt have overtaken issues on the official agenda. "Everyone at #Davos was talking about #Egypt, except at the panel sessions," tweets tech entrepreneur Bill Gross.

1126: Momentous times for Japan. Prime Minister Kan says the country is about to embark on its third economic opening up. (The previous two occasions being the Meiji Restoration of the mid-19th century and post-World War II.)

1123: Did you know that mobile phones now outnumber toothbrushes two-to-one? The world today isn't just connected, we're now hyper-connected. So what? asks the BBC's Tim Weber. He's been speaking to technology and business leaders at Davos about the potential impact of all this.

1116: Which giant of global banking ill-advisedly said in a private #Davos meeting - and with great relish - THE BOOM IS BACK?!!!!! Yikes, BBC business editor Robert Peston tweets.

1114: We hear that trade ministers from a dozen countries are meeting over lunch to discuss finishing the Doha round of negotiations on free trade. There was a lot of support yesterday for bringing the ten-year long round of negotiations to a close by the end of the year.

1108: Moving on as he lays out his vision for Japan, Mr Kan says Japan and China must work together on economic and regional stability issues.

1106: Nobody can ignore the unrest going on in Egypt at the moment. Japan's Prime Minister Naoto Kan says he hopes the Egyptian government will start a dialogue with the people and initiate reforms to restore stability.

1052: Cautious optimism seems to be the message that comes out of the session, which has just drawn to a close, with a lot of talk about moving on from the economic crisis. But it'll be a long road ahead for Mr Osborne for one - figures earlier in the week showed the UK economy contracted at the end of last year.

1035: Kind words from Bob Diamond aren't enough for Christine Lagarde. She tells the Barclays man that a better way of thanking regulators would be to have good financing and sensible compensation.

1032: In the main session, Montek Singh has an interesting point about regulation. Tighter rules should be good for developing countries, he says. Cracking down on those now-discredited financial products - that were sold as safe but shown to be incredibly high risk - should redirect flows of money to developing economies.

1024: Apparently Bono is not the only music star at this year's event. "Indian music director and arranger Ranjit Barot is going to perform at the World Economic Forum," according to Real Bollywood blog . Barot said that he will have an eight-minute symphony on Saturday, followed by a five-minute interlude, which will have Indian "classical music roots". Indian music to mark the rise of India on the world stage?

1021: It is not often you hear a banker pay tribute to regulators. We should thank them, Bob Diamond says. The G20 came together and that was very beneficial for the banking sector. But he also warns against introducing less helpful new rules now that the crisis is over.

1014: Christine Lagarde is not happy with Bob Diamond - she accuses him of talking down Europe and the euro by saying the situation has gone from acute to chronic. "We have turned the corner," she counters.

1010: Back in the economic outlook session, Mr Osborne says he has got a big selling job to do to try to get UK companies to dig in to their reserves. "The challenge to me is that UK corporates are sitting on cash on their balance sheets equivalent to about 5% of GDP. What I've got to do in the next few months is to persuade them to start spending that money."

1008: Fresh from the morning's first discussion on this century's leadership challenge, European Council President Herman Van Rompuy is off to meet some high-profile Davos attendees. "Meeting Bono of U2 &Mr.Soros on Transparency in Extractive Industries #WEF #davos," he tweets.

1001: Mr Yongding also says that China should let the renminbi appreciate. It would benefit both China and the US, he says. Interesting from a former member of China's monetary policy committee.

0958: At the big economic outlook session, Chinese academic and former senior financial policymaker Yu Yongding talks about China's difficult position on the massive US deficit. As an exporter, we hope the US can get a very high growth rate so we can export more, he says. The trouble is we are also a creditor, so if there is something wrong, we worry about its ability to pay us back.

0955: India's Montek Singh says: we don't want hot money flows.... Basically says qe2 is having "collateral damage" on developing countries #WEF, tweets Faisal Islam from Channel 4 News.

0950: Barclays' Bob Diamond is talking about the impact of government deficit-cutting. "Time to shift the mantle of growth from the public to the private sector," he declares.

0947: Although recovery is well under way, (session chairman Martin) Wolf reminds that GDP figures in 6 largest advanced economies are still below 2008 levels, the WEF tweets.

0945: Bankers' bonuses has been a big point of contention in the UK. Sunday Telegraph business editor Kamal Ahmed tweets: "George Osborne sitting next to Bob Diamond on global growth panel. Carefully not looking at each other. #Davos #WEF." Read Kamal Ahmed's tweets.

0944: Montek Singh Ahluwalia says India is hoping to reach 9% growth next year. The key will be promoting investment at home and from abroad. He is confident they will do it, as long as there are no unforeseen events.

0937: "I sit on this panel as finance minister from the country with the largest deficit in the G20," Mr Osborne says.

0933: Wolfgang Schauble, German Finance Minster, says tackling his country's deficit has been a precondition for growth.

0932: We will restore the confidence that is needed for growth, Christine Lagarde says.

0931: Estelle Metayer, who says she tracks company blindspots, has been to a session on redesigning the board. "Governance: the shareholders who had your shares for over 20 years should be listened to more than the others," she tweets.

0926: Next up, a big-hitting panel will discuss the global economic outlook. UK Chancellor George Osborne, French Finance Minister Christine Lagarde, Barclays chief Bob Diamond and the World Bank's Bob Zoellick will all be airing their views. Good to see Mr Zoellick made it today - he missed a session earlier in the week after being delayed en route to Davos.

0914: Is Davos a boondoggle (a waste of time and money)? No, says Robert Scoble. "Lots of interesting things happen. I've seen multi-million-dollar deals happen at just my table, which is very weird, even for me living in Silicon Valley and hanging out with lots of the same folks." What do you think?

0907: Back in the opening session, Carlos Ghosn says he wants to see the standardisation of plugs around the world, for the good of consumers and business. That gets my thumbs up - I always forget my travel adaptor when I go on holiday.

0905: "Among the Davos movers and shakers, Britain's rapid approach to cutting its borrowing stands out as a bold experiment," the BBC's Stephanie Flanders says in her latest blog. We'll be watching Chancellor George Osborne's appearance this morning with interest.

0901: Some Davos mythbusting from Moises Naim from NGO, the Carnegie Endowment for Peace. Davos is no longer just for the bosses of the world's top companies. "Over the years they've been joined by religious leaders, scientists, politicians, artists, academics, social activists, journalists and heads of nongovernmental organizations from across the globe... You're just as likely to run into Umberto Eco, Bono or Nadine Gordimer as Bill Gates, George Soros or PepsiCo chief executive Indra Nooyi," Mr Naim says.

0856: The European Union is becoming "more and more closed" and in danger of becoming solely a "Christian club", says Ali Babacan, Deputy Prime Minister of Turkey, who wants to join the EU but has so far been blocked from doing so.

0850: Session on cyber attacks at #davos: "the problems are enormously expensive and much worse than most people recognise", tweets the BBC's Tim Weber.

0840: Herman Van Rompuy, President of the European Council, says we have never before faced problems of the scale seen in the recent global crisis.

0839: Davos congress centre quiet this morning. world's most powerful ppl hung over, tweets The Observer's Andrew Clark.

0836: Delegates watch a video presentation from Dr Muhammad Yunus, founder of microcredit finance and winner of the 2006 Nobel Peace Prize. He sas he hopes to see a move towards "social business" ideas and away from individual, or self-centred, economic aims.

0835: Carlos Ghosn, chief executive and president of Renault-Nissan Alliance, says it used to be rare for non-citizens to be in charge of national flagship companies, but that this is no longer the case. He also says the role of women at the top of major business corporations is increasing.

0830: Chinese economist lists Chinese provinces little known in the West, and how much larger each is than various Western economies, tweets the BBC's Tim Weber , who has been to a breakfast briefing on China's economy.

0828: 45% of participants think China might face relevant financial crisis within the next 5 years. I see myself as part of the other 55%, tweets businessman and entrepreneur Andy Freire from Davos. Later this morning there'll be a session on China's Image Abroad.

0826: Sharan Burrow, general secretary of the International Trade Union Confederation, tells Davos delegates that the concerns of the 20th century - to offer people a stable living wage - have been lost, and that this is part of the reason for the recent troubles in Tunisia.

0821: The first session of the day on The Century's Leadership Challenge has just kicked off. Speakers include European Council President Herman Van Rompuy and Nissan chief Carlos Ghosn.

0814: Good morning and welcome back to our live coverage of the last full day of the World Economic Forum at the Swiss mountain resort of Davos. We will be updating this page throughout the day, bringing you insights from BBC correspondents, some of your emails, tweets (hashtag: #davos), and the best of the blogs. As ever, we would love to hear what you make of developments at this year's summit. If you missed yesterday's coverage, you can catch up here.