Klaus Schwab, founder of the World Economic Forum, whose annual gathering of business and political leaders in the Swiss mountain resort of Davos became a symbol of globalisation, has resigned as chair of its trustees.

Klaus Schwab, founder of the World Economic Forum (WEF) in Davos, is stepping down as chairman of the forum’s Board of Trustees according to a statement issued on Monday. "Following my recent announcement and at the start of my 88th year,