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Climate concerns boil overTensions are rising on Monday over contentious comments by Sultan Ahmed al Jaber, the oil executive and Emirati politician presiding over the COP28 climate summit. His skepticism about the world’s ability to halt a rise in global temperatures by reducing the use of hydrocarbons is casting fresh doubts over the U.A.E.’s commitment to addressing the climate crisis. “There is no science out there, or no scenario out there, that says that the phaseout of fossil fuel is what’s going to achieve 1.5 C,” he said at an event before the summit. The controversy revived concerns about his role as leader of COP28, given that he is also the chairman of the Abu Dhabi National Oil Company. Al Jaber has long contended that fossil fuel companies should play a prominent role in the world’s energy transition to bring down global temperatures.

Persons: Sultan Ahmed al Jaber, Al Jaber, ”, COP28 Organizations: Abu Dhabi National Oil Company Locations: Abu Dhabi

☆ The Cybersecurity Lawsuit That Boards Are Talking About
▼ + stars: | 2023-11-18 | by ( Sarah Kessler | More About Sarah Kessler | ) www.nytimes.com time to read: +2 min

Most experts agree that, regardless of the lawsuit’s outcome, it could affect how companies handle cybersecurity risks. In July, the agency adopted new cybersecurity disclosure requirements set to take effect in December. They require companies to report material attacks within four days and to make yearly disclosures about their cybersecurity risk management, strategy and governance. In a June speech, the S.E.C.’s enforcement director, Gurbir Grewal, said it had “zero tolerance for gamesmanship” around cybersecurity disclosures. No CISO can now risk basically painting an unrealistically positive picture of cybersecurity.”

Persons: Gurbir Grewal, ” Wolff, ‘, Ramakrishna, it’ll, ”, Jake Williams, CISOs Organizations: cybersecurity

Good news for global marketsYesterday’s impressive rally in U.S. stocks and bonds has gone worldwide this morning, as investors see central banks making gains in their fight against inflation. Adding to the good news was a breakthrough in the House last night that could avert a government shutdown. The question now is whether this represents a false dawn on inflation, or the start of a durable decline in rising costs — and interest rates. President Biden, whose poll ratings have been hurt by inflation, also cheered the numbers. And consumer spending and industrial output in China rebounded last month, a hopeful sign for the world’s No.

Persons: Biden Locations: Britain, China

The summit won’t end the standoff between the world’s biggest economies. But it’s a sign that Biden and Xi want to maintain ties, despite trade tensions, tit-for-tat sanctions and questions about the future of Taiwan — and business leaders will be hoping for some sign of a thaw. Officials have been at pains to emphasize that the U.S. and China are competitors rather than zero-sum rivals. “We have a $700 billion trading relationship with China. The vast majority — 99 percent of that — has nothing to do with export controls,” Gina Raimondo, the commerce secretary, told CNN this weekend.

Persons: Biden, Xi Jinping, Xi, —, ” Gina Raimondo, Jake Sullivan, Janet Yellen, ” Xi, ” Organizations: CNN Locations: China, Washington, Beijing, San Francisco, Taiwan

☆ Is Remote Work the Answer to Women’s Prayers, or a New ‘Mommy Track’?
▼ + stars: | 2023-11-12 | by ( Sarah Kessler | More About Sarah Kessler | ) www.nytimes.com time to read: +2 min

And when work and caregiving conflict, women are more likely to take a step back. Most post-pandemic debate around remote work has focused on whether it’s here to stay. Some version of it seems likely: About 70 percent of workers who can do their jobs off-site still work remotely either all or some days. But if old attitudes about more flexible work resurge — outspoken executives have recently described it as “lazy,” not for leaders and a perk for those who don’t “work as hard”— then it may not matter if hybrid options are widespread. This is especially true for highly skilled jobs, because women hold the majority of college degrees.

Persons: Claudia Goldin —, —, Williams, ”, Betsey Stevenson Organizations: Board, University of Michigan

In reaching a tentative contract with the U.A.W., Ford has moved to make peace with restive employees, one of the most costly problems it has faced in recent years. With that in mind, investors are weighing how much this week’s preliminary deal might weigh on the automaker as it deals with a different major issue: slower-than-expected demand for electric vehicles. The new contract could cost Ford up to $2 billion annually over four years, according to Barclays analysts, or about 1 percent of sales. Employees were jubilant about the preliminary deal, which includes a 25 percent pay increase over the life of the contract and improvements on job security, pensions and more. “This is the best contract I have seen in my 30 years with Ford,” one worker, Robert Carter, told The Times.

Persons: Ford, Robert Carter Organizations: Ford, Barclays, Employees, Times

Wall Street’s real-life “Succession” has endedOne of Wall Street’s most closely watched succession races is over as Ted Pick prepares to become Morgan Stanley’s next chief executive. The path laid out by Gorman has made Morgan Stanley the envy of the financial world and helped it outpace its longtime rival, Goldman Sachs. Morgan Stanley’s board selected him over Andy Saperstein, who leads wealth management, and Dan Simkowitz, who oversees asset management. But Pick, a Morgan Stanley lifer who oversees investment banking and trading, is familiar with the most complex parts of the firm, making him in some ways the safest option. (Morgan Stanley is seeking to keep Saperstein and Simkowitz, making both co-presidents and giving them expanded portfolios.)

Persons: ”, Ted Pick, Morgan Stanley’s, James Gorman, Gorman, Morgan Stanley, Goldman Sachs, Pick, Andy Saperstein, Dan Simkowitz, Morgan Stanley lifer Organizations: HBO

A cloudy forecast for Big Tech and A.I. The verdict so far, based on quarterly earnings reports released on Tuesday: Only one of them is showing early progress. The company reported $56.3 billion in sales, largely on the strength of its Azure cloud business. Satya Nadella, Microsoft’s C.E.O., told analysts that more than 18,000 organizations were using Azure OpenAI, including new customers. (The Information reported on Tuesday that some early OpenAI customers were switching to cheaper alternatives … including Microsoft.)

Persons: Satya Nadella, Microsoft’s Organizations: Big Tech, Microsoft

Big donors to universities have long expected special treatment, like preference for their children’s applications. Universities helped create the expectation that donations come with influence. Like most nonprofits, U.S. universities foster relationships with some donors by offering them seats on the board of the trustees. The job comes with real power: Trustees vote on decisions like tenure and the selection of the university president. The question is how far the influence of individual donors should extend.

Persons: don’t, ” Edward Rock, “, Yale, ” Organizations: Universities, New York University

Worries are growing about how much the turmoil could cost the global economy. Brent crude, the global oil benchmark, hit a three-week high this on Fridayfears that a military escalation could disrupt already tight supplies. In a speech largely focused on inflation, interest rates and economic growth, Jay Powell, the central bank’s chair, warned on Thursday that “geopolitical tensions are highly elevated and pose important risks to global economic activity.”The Middle East is becoming a wild card for the global economy. That would probably sap growth but might also slow the economy enough to negate the need for an additional interest-rate increase. The measures were announced days after the U.S. imposed tighter restrictions on sales of more advanced semiconductors to China.

Persons: Biden, —, Brent, Jay Powell, Powell, ” Powell, Kamala Harris, Jay Monahan, David Zaslav, Jim Jordan, Patrick McHenry, Jordan, there’s, Fran Drescher, George Clooney, ” Drescher, Sidney Powell, Donald Trump’s Organizations: Gaza, Israel, U.S . Navy, Intel, Siemens, European Commission, Digital Services, PGA, Warner Bros, Hollywood, SAG, Trump Locations: Mideast, Israel, Ukraine, Lebanon, U.S, Iran, Yemen, Syria, Iraq, Lisbon, Ohio, Trump . China, Beijing, China

Biden’s diplomatic task gets harderPresident Biden landed in Israel on Wednesday for a high-wire diplomatic mission that is facing new challenges by the minute. All that threatens to become what investors have feared: a rapid escalation of violence that could roil markets, upsetting a fragile global economy. Before departing for Israel, Biden said he was “outraged and deeply saddened” by the blast at Ahli Arab Hospital. Palestinians blamed an Israeli airstrike, and Israelis cited an errant rocket fired by an armed Palestinian faction. Israeli forces are clashing with Iranian-backed Hezbollah forces based in southern Lebanon.

Persons: Biden, Jordan, Benjamin Netanyahu, ” Organizations: of Islamic Cooperation, Israel, Arab Hospital Locations: Israel, Gaza, Iran, Palestinian, Lebanon

Biden and Trump bid for blue collar votesIn an extraordinary show of support, President Biden plans to join striking autoworkers on the picket line in Michigan on Tuesday. It comes a day before Donald Trump is expected to speak to union members in Detroit instead of participating in the second Republican primary debate. The competing visits come as the two home in on battleground states ahead of next year’s election. But their appearances also reveal a political battle to become the voice of blue collar workers at a time when both candidates are struggling to win over mainstream voters and even some within their own parties. is somewhat troublesome for him: It includes incentives for automakers to make more electric vehicles, which labor leaders say will depend on non-union jobs and require fewer workers.

Persons: Biden, Trump, Donald Trump Organizations: Republican Locations: Michigan, Detroit

The work stoppage isn’t officially over yet, and actors remain on strike. attained suggest that as organized labor enjoys a surge in popularity across a variety of industries, its muscle-flexing is achieving results. “We can say, with great pride, that this deal is exceptional,” the W.G.A. News reports suggest the deal includes provisions for residual payments from streaming, minimum staffing of shows and limits on the use of artificial intelligence. Until then, writers are still on strike, though they’re not actively picketing.

Persons: isn’t, they’re Organizations: Guild of America, Hollywood

But these solutions may be missing something fundamental, according to Partha Dasgupta, an economist at the University of Cambridge. DealBook spoke with Dasgupta about updating economics to account for nature. “Asset management is a very well understood phenomenon,” Dasgupta said. The services of nature are interconnected, and “they can be brought down like a house of cards,” he said. Policymakers often assume that a few tweaks and some human ingenuity will allow for infinite goods and growth; Dasgupta does not.

Persons: Partha Dasgupta, Dasgupta, DealBook, ” Dasgupta, Biden, ”, “ Organizations: University of Cambridge Locations: British

But it was justified in Musk’s mind because of his conviction that Twitter’s management had misled him. At 4:12 p.m. Pacific time, once they had confirmation that the money had transferred, Musk pulled the trigger to close the deal. But when his Twitter email was cut off, it took him a few minutes to get the document into a Gmail message. Hybrid work is winningChief executives aren’t letting up on their push to get workers back to the office. And even Zoom, a symbol of remote work, has ordered some of its employees to work in the office.

Persons: Twitter Elon Musk’s, Wall, Walter Isaacson, Isaacson, “, ”, Musk, Agrawal, Andy Jassy, Amazon’s, “ It’s, Organizations: Elon, Twitter Elon, Twitter, Wall Street, Mr, Meta, Labor Locations: ”

A stormy forecast for insuranceHurricane Idalia, strengthened to a Category 3 storm on Wednesday morning, packing soaking rains and destructive winds of up to 125 miles per hour, as it lumbers toward the Florida coastline. Such disasters are becoming more common — and more costly — each year, sending insurance costs soaring for homeowners and businesses. Some firms doubt they can continue to cope with such superstorms, while others have limited their business in the state. One of their big complaints: State regulations prevent them from raising prices for customers, they say, forcing them to say no to new policies. Florida’s woes reflect a nationwide problem, one that is expected to intensify as climate change unleashes more extreme weather events.

Persons: Hurricane, Ian Organizations: Carolinas, Insurance, Insurance Information Institute Locations: Florida, Coast, Georgia

C.E.O.s urge Washington to help with asylum seekersAs New York City’s migrant crisis continues to escalate, with more than 100,000 arrivals from the southern U.S. border straining shelters, some of the city’s top business leaders are intervening in a fight over who’s responsible. But recent communications by the Biden administration suggest that such calls won’t be heeded. The letter underscores the increasing urgency of the crisis, which has pitted Mayor Eric Adams against Gov. Adams has said the crisis could cost the city $12 billion over three years, while Hochul has spent $1.5 billion and deployed nearly 2,000 National Guard members so far. The migrant crisis is a business issue.

Persons: Jamie Dimon, JPMorgan Chase, Larry Fink, BlackRock, Jane Fraser, Citigroup —, Biden, won’t, Eric Adams, Kathy Hochul —, Adams, Hochul Organizations: JPMorgan, Citigroup, Gov, Biden, National Guard Locations: Washington, York, U.S, New

Her visit, which will include meetings with business leaders and government officials, including her Chinese counterpart, Wang Wentao, will be closely watched as she looks for common ground on trade, even as she seeks to curtail it. Here is what Ms. Raimondo expects to focus on during her trip, according to The Times’s Ana Swanson, Alan Rappeport and Keith Bradsher. Ms. Raimondo is likely to defend the escalating tech war, which she will argue is meant to protect U.S. national security. (Ms. Raimondo said on Monday that she would neither compromise nor negotiate on that point.) The White House this month announced plans to bar private equity and venture capital firms from making investments in China in quantum computing and advanced semiconductors.

Persons: Raimondo, Gina Raimondo, Wang Wentao, Ana Swanson, Alan Rappeport, Keith Bradsher, Ms Organizations: China, Biden administration’s, U.S Locations: Beijing, China

Just a month ago, Wall Street was hailing the so-called “magnificent seven” for driving the gains this year in the S&P 500. As MarketWatch notes, four of the seven (Apple, Nvidia, Meta, and Microsoft) have fallen at least 10 percent from their highs in July. Tesla, the worst of the bunch, has tumbled more than 25 percent in that period, putting it in bear territory. On Thursday, alarm bells sounded on both sides of the Atlantic as investors sold government bonds en masse, sending yields to multiyear highs. Adding to the jitters, the renminbi hit a 16-year low against the dollar on Friday, prompting emergency moves to prop up the currency.

Persons: Tesla Organizations: Nvidia, Meta, Microsoft, SpaceX, Elon Musk’s, Nomura Locations: Hong Kong, United States, China

He tried to goad the artificial intelligence model, which he knew as Zinc, into producing code that would choose a job candidate based on race. Could the chatbot rank potential hires based on that discriminatory metric? Instead, he was a casual participant in a competition last weekend at the annual Defcon hackers conference in Las Vegas, where 2,200 people filed into an off-Strip conference room over three days to draw out the dark side of artificial intelligence. The hackers tried to break through the safeguards of various A.I. Each competitor had 50 minutes to tackle up to 21 challenges — getting an A.I.

Persons: Avijit Ghosh, Ghosh, — Locations: India, Las Vegas

Shares in Hong Kong and Shanghai closed lower again, but, unlike on Monday, the damage didn’t spread across Asia. China’s economy, the world’s second biggest, is in a prolonged slump. That poses a challenge for global growth. has previously forecast that China would account for 35 percent of global growth this year, but that’s looking less likely. The slowdown is hitting everything from commodities to construction, and some big U.S. companies that operate in China don’t expect a rapid turnaround.

Locations: China, Beijing, Hong Kong, Shanghai, Asia

But that bullish prediction is doing little to restore investors’ optimism, as concerns mount about consumer confidence and the health of global economy. Now, concerns are growing about China’s domestic property market after Country Garden, one of the country’s biggest developers, missed debt payments. Those ructions have sent the prices of global commodities, including Brent crude, tumbling on Monday. The group’s woes have sparked contagion fears for China’s shadow banking sector, and hit U.S. business. Despite better-than-expected corporate earnings and signs that inflation is cooling, investors have dumped stocks and bonds this month.

Persons: Goldman Sachs, Brent, Bonds Organizations: Deutsche Bank, Silicon Valley Bank, Treasury Locations: U.S, Stocks, Asia, Hong Kong, Silicon Valley

Charles Kohnen, co-founder of the submersible manufacturer SEAmagine Hydrospace, estimates that there are 200 manned vessels worldwide. Some are used by scientific institutions, others for tourism. But a growing number belong to a select group of yacht owners. “It’s not like a fancy car,” Kohnen said. “It’s more like a $5 million spacecraft.”Just as having a helicopter and launchpad on a yacht was hot in the 1980s, Kohnen said, getting a personable submersible is increasingly a thing for the wealthy.

Persons: Charles Kohnen, “ It’s, ” Kohnen, “, Kohnen

American luxury-goods companies have long wanted to build a multibrand rival to take on the European giants that dominate the industry. Tapestry and Capri said the deal could lower their costs by $200 million over the next three years. Tapestry is taking on a lot of debt via an $8 billion bridge loan — the largest M.&A. And Capri depends heavily on Michael Kors, which generates 70 percent of its revenue. By comparison, Versace, Capri’s only real luxury brand, accounts for just a fifth of sales.

Persons: Kate Spade, Michael Kors, Versace, Tapestry, Salvatore Ferragamo, They’ve, Capri, Capri’s Organizations: Burberry, Street

Disney’s next moveEven if Bob Iger, Disney’s C.E.O., didn’t have much to reveal about big-ticket M.&A. Streaming is Disney’s future, Mr. Iger said, but the era of pursuing breakneck growth in the business is over. The strategy now is to extract more money from subscribers via hefty price increases for Disney+, and hoping that those efforts don’t drive them away. While the latest figure was less than analysts had expected, that performance is still untenable in the long term, leading Mr. Iger to follow Netflix’s example and raise prices for Disney+ and Hulu. “We grew this business really fast, really before we even understood what our pricing strategy should be or could be,” he told analysts.

Persons: Disney’s, Bob Iger, Iger, don’t, ” Organizations: Disney

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