2026

The End of Trust – Business in the Age of Power Politics

HELSINKI, 25 -27 June 

The 2026 Northern Light Summit, held in Helsinki under the theme End of Trust - Business in the Age of Power Politics. Once again, it brought together CEOs, Chairs and global experts to discuss a world where the foundations of international order, economic cooperation and trust are being tested more than at any time since the Cold War. 

Over two and a half days, the discussions covered geopolitics, technology, and business. The world in transition was the Summit’s underlying current. Europe must strengthen its defense by learning from Ukraine, deepen cooperation with the US on technology and AI, and deregulate to restore competitiveness. Caught between the pressures of the Global East and Global West, Europe must also cultivate partnerships with the Global South. Reforming the power structures of old institutions to reflect today’s realities was identified as urgent. Binary thinking about Europe’s relationships with the US, and also China, was called out as a strategic liability. More cooperation, not confrontation, is needed — but only if Europe is clear on what it stands for.

A sign of the times, AI dominated the discussions throughout the summit. Speakers agreed on a set of uncomfortable truths: AI will halt the traditional growth of white-collar employment. New jobs will eventually emerge, but the transition demands serious investment in labour retraining. And AI will not - at least not yet - replace what is distinctly human: the ability to set aspirations, exercise judgement, and build trust between people. For European companies, industrial AI and the governance of human-AI coexistence were identified as the defining opportunities of the coming years. 

And any good news? A productivity boost from AI is expected in the near future. 2026 was coined as the year of the IPO, with major technology corporations leading the way for growth and investment. On AI autonomy, the message was clear: Europe must reduce its vulnerabilities - not by retreating from alliances, but by building its own capabilities. Managing the growing backlash against AI among younger generations was also raised as a challenge companies cannot afford to ignore.

Is China winning? Views at the Summit varied. China was seen as a winner in AI implementation and in the tariff war, with a strengthening grip on emerging markets through bilateral trade deals and through cheaper and more accessible AI platforms. Yet the state-led model carries costs: overcapacity, inefficiency, and a need for structural reform. The conclusion was nuanced - despite its ambitions toward regional hegemony, China today appears a more stable actor than the United States. A remarkable reversal.

India offered a counterpoint of qualified optimism. With GDP growth expectations of 8–10% annually for the coming decades and ownership of over 20% of the world’s data, India is positioning itself as a sovereign AI power. Evidence from India also suggests that AI significantly improves the productivity of low-skilled workers. As one speaker noted, if data and talent will define the future of AI, India is exceptionally well placed. 

The Middle East was examined through the lens of a ceasefire in Iran that has not yet delivered stability. Speakers agreed that the war, paradoxically, has emboldened the regime in Iran, while the US position as a regional security guarantor has weakened. The Strait of Hormuz has become, in the words of one participant, a weapon of mass disruption. What is needed - and largely absent - is decisive political leadership from both regional actors and Washington.

On Ukraine and Russia, the picture was sobering but not without movement. Ukraine looks stronger than a year ago; Russia, weaker. Yet the road to peace remains long. A settlement without robust Western security guarantees is unacceptable to Ukraine - and even a future peace will not remove Russia as Europe’s primary security threat. A panel on European defense - Nukes or Drones: Can Europe Defend Itself? - made clear that Europe must learn from Ukraine, secure production capacity at scale, and build its own intelligence infrastructure for autonomous defense. But drones do not replace traditional weapon systems entirely.

The US midterm elections were addressed in the context of foreign policy trajectory. The prevailing view: a Democratic victory would not fundamentally alter current US foreign policy, but would signal the direction of travel toward the 2028 presidential election, and beyond.

The Summit concluded where it began: with trust. The key indicator, one speaker suggested, lies in the answer to a deceptively simple question - will our children be better off than us? Rebuilding trust requires a stronger societal role for CEOs and business leaders, greater transparency across institutions, and independent media with the credibility to be believed. In a world defined by emerging technologies and shifting power politics, these are not soft ambitions. They are the foundations on which everything else depends.

Speakers included e.g., President of Finland Alexander Stubb, Roland Busch (CEO, Siemens), N. Chandrasekaran (Chair, Tata Sons), Jon Gray (President and COO, Blackstone), Justin Hotard (CEO, Nokia), Lingling Wei (Chief China Correspondent, Wall Street Journal), , Sir Richard Moore (Former Chief of MI6), Bob Sternfels (Global Managing Partner, McKinsey), and Christina Lamb (Chief Foreign Correspondent, The Sunday Times).