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☆ Andreessen Horowitz is not at all 'techno-optimistic' about this particular AI scenario
▼ + stars: | 2023-11-07 | by ( Kali Hays | ) www.businessinsider.com time to read: +4 min

The famed VC firm is fighting alongside Big Tech against potential copyright rules on AI. a16z sees any requirement to pay for copyrighted AI training data as detrimental to its investments. Using copyrighted data for free is the basis of "enormous investment" in AI, the VC firm said. National security"Those expectations have been a critical factor in the enormous investment of private capital into US-based AI companies," a16z said. Instead of spending time on making new laws that would explicitly address AI, the VC firm said the USCO should "embrace it wholeheartedly."

Persons: a16z, —, Andreessen Horowitz, A16z, Marc Andreessen Organizations: Big Tech, Service, US Locations: United States, LLMs

☆ Firms like Meta and A16z admit having to pay billions for training data would ruin their generative-AI plans as they fight new copyright rules
▼ + stars: | 2023-11-03 | by ( Kali Hays | ) www.businessinsider.com time to read: +4 min

"Generative AI models need not only a massive quantity of content, but also a large diversity of content," Meta wrote in its comment. But those kinds of deals would provide AI developers with the rights to only a minuscule fraction of the data they need to train their models. And it would be impossible for AI developers to license the rights to other critical categories of works." None of the companies denied using copyrighted material without authorization from rights holders. Instead, they generally argued that putting copyrighted material on the internet makes it "publicly available" and therefore fair game for use.

Persons: Andreessen Horowitz, Google's Bard, OpenAI's, Meta, OpenAI, Bard, A16z, Vince Gilligan, doesn't, Kali Hays Organizations: US, Meta, Microsoft, Google, Apple, News Corp, Getty Locations: khays@insider.com

Global fundraising for alternative investments, which include private equity, dropped 21% to $972 billion in the year to Nov. 1 from the same period a year earlier, according to research firm Preqin. As their money becomes more vital, Gulf funds are encouraging private equity firms to invest locally in plans for a post-oil future. "Building a partnership based on reciprocity is nowadays necessary to succeed in the Gulf," said Francois Aissa-Touazi, co-global head of investor relations at private equity fund Ardian. Private equity funds are getting the message. In turn private equity funds can use these pools of capital to fund large private debt or equity transactions, according to Tikehau Capital's Deputy CEO, Frédéric Giovansili.

Persons: Amr Alfiky, Francois Aissa, Ardian, Touazi, Brookfield, Bruce Flatt, thronged, Flatt, Mohammed Al Jadaan, Anthony Diamandakis, Rishi Kapoor, Investcorp, Tikehau, Frédéric Organizations: United, United Arab Emirates, REUTERS, Rights, Global, Investment Initiative, Public Investment Fund, Brookfield, Tikehau, CVC, Reuters, Thomson Locations: Abu Dhabi, United Arab, Rights RIYADH, LONDON, Davos, Saudi, Saudi Arabia, Riyadh, Dubai, Brookfield, Bahrain

Summer Science Program, a nonprofit with an annual budget of about $2 million, sent about 200 high school juniors to six-week intensive research courses at universities this year. Summer Science Program learned last year that one of its alumni, Franklin Antonio, a co-founder of chipmaker Qualcomm, had granted the organization 20% of his estate, said CEO Frank Steslow. The program intends to double the number of students enrolled next summer to more than 400 and increased its annual budget to over $7 million. Summer Science Program has already received a first payment of $65 million, and the funds are unrestricted. But he added, “it seems unusual at first until you realize that the organization itself is almost like a gift restriction, because they’re very specific in what they do,” referring to Summer Science Program.

Persons: Franklin Antonio, Frank Steslow, ” Steslow, Antonio, Steslow, MacKenzie Scott, Jeff Bezos, Scott, Gabrielle Fitzgerald, Fitzgerald, Russell James, ” James, James, Joan B Organizations: Science, Science Program, Qualcomm, Indiana University ,, Indiana University , Bloomington , New Mexico State University, Las, University of Colorado, Panorama, Global's, Texas Tech University, Salvation Army, National Public, Lilly Endowment Inc, AP Locations: Indiana University , Bloomington , New, Las Cruces, University of Colorado Boulder

☆ South Korea economic growth to exceed potential rate in 2024, Yoon says
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

President of South Korea Yoon Suk-Yeol speaks at the opening session of Saudi Arabia's Future Investment Initiative conference in Riyadh, Saudi Arabia, October 24, 2023. South Korea's potential growth rate - the maximum economic growth that can be achieved without triggering inflationary pressure - is estimated to be around 2%, policymakers have said. In a Reuters survey conducted early this month, economic growth was forecast to slow to 1.2% in 2023 from 2.6% in 2022, followed by a recovery to 2.1% in 2024. The government in August unveiled its 2024 budget plan that included the smallest increase in two decades amid weakening tax revenue due to slower economic growth. He also pledged South Korea would maintain mutually beneficial cooperation with China, South Korea's largest trading partner.

Persons: South Korea Yoon Suk, Yoon Suk Yeol, Yoon, 1,348.7800, Jihoon Lee, Ed Davies Organizations: South, Saudi, Future Investment Initiative, Saudi Press Agency, Handout, REUTERS Acquire, Rights, Gross, Bank of, Thomson Locations: South Korea, Riyadh, Saudi Arabia, Rights SEOUL, United States, Bank of Korea, Washington, China, South

☆ Why the Fed could be wrong — again — on its latest interest rate call
▼ + stars: | 2023-10-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

"The Fed has never kept the target fed funds rate at peak levels for longer than nine months after a tightening cycle," Arone said. Nine months from now, at least based on history, the target fed funds rate is likely to be lower, not higher." He also sees lower rates ahead and pointed out the history of what happens with tight monetary policy. "The market is eager for lower rates or rate cuts. If the Fed has to rate cuts, it's likely because we're in recession or something in the capital markets is broken," he said.

Persons: Jerome Powell, aren't, Michael Arone, Powell, JPMorgan Chase, Jamie Dimon, Arone, Barry Sternlicht, —, I'm, They've, Thomas Ryan, Nick Elfner, Elfner, Breckinridge, Street's Arone Organizations: Federal, U.S, SPDR, State Street Global Advisors, Fed, JPMorgan, Starwood Capital, Future Investment Initiative, Capital Economics, Breckinridge Capital Advisors Locations: United States, Saudi Arabia, U.S, Breckinridge

☆ Saudi Arabia is serious about its Jan. 1 deadline for companies to move regional headquarters to Riyadh — or lose out on government contracts
▼ + stars: | 2023-10-27 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

The Saudi National Bank headquarters and other buildings in Riyadh. Bloomberg | Bloomberg | Getty ImagesRIYADH — Saudi Arabia is holding on to its ultimatum that foreign companies will need to base their regional headquarters in the kingdom or be barred from lucrative government contracts. In a bold surprise move back in February 2021, the Saudi government announced that it would, by 2024, cease doing business with any international companies whose regional headquarters were not based within the country. The news stunned investors and expat workers, many of whom saw the move as a shot at Dubai, the United Arab Emirates commercial capital that is home to the highest concentration of Middle East regional headquarters. Faisal Al Ibrahim, Saudi minister of economy and planning, told CNBC that the plan is still going ahead and discussed how the kingdom aims to support foreign companies with the change.

Persons: Faisal Al Ibrahim, CNBC's Dan Murphy, Al Ibrahim, that's, Prince Mohammed bin Salman, Saudi Arabia — Organizations: Saudi National Bank, Riyadh . Bloomberg, Bloomberg, Getty, United Arab Emirates, East, CNBC, Future Investment Initiative, Saudi Arabia's Public Investment Fund Locations: Riyadh ., RIYADH, Saudi Arabia, Saudi, Dubai, Riyadh

Not every AI company is hot right now. While European and US tech investors are throwing funding at startups that look like the next Nvidia or ChatGPT, they're less optimistic about one big player: British AI chip company Graphcore. The UK tech industry is small, and Insider granted anonymity to these people to avoid jeopardizing their professional relationships. One founder operating in the same space as the AI chip firm speculated that Arm could be a leading contender to acquire Graphcore. In September, Toon pitched Graphcore in an interview with Insider as a viable rival to Nvidia, which holds around 70% of the AI chip market, per Omdia analysis.

Persons: Graphcore, Baillie Gifford, it's, Nigel Toon's, Toon, we'll, Rishi Sunak Organizations: Nvidia, Graphcore, Insider, Sequoia Capital, Bloomberg, UK, China Locations: British, Europe

☆ Watch CNBC’s full interview with Saudi Finance Minister Mohammed al-Jadaan
▼ + stars: | 2023-10-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Saudi Finance Minister Mohammed al-JadaanWatch CNBC’s full interview with Saudi Arabia’s Finance Minister Mohammed al-Jadaan. Speaking to CNBC’s Dan Murphy at the Future Investment Initiative, al-Jadaan called for de-escalation in the region as the death toll mounts from the war between Israel and Hamas.

Persons: Mohammed al, CNBC’s Dan Murphy Organizations: Saudi Finance, Saudi Arabia’s Finance, Future Investment Initiative Locations: Israel

☆ Employees ‘didn’t work as hard’ when remote during Covid, billionaire CEO says
▼ + stars: | 2023-10-26 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —Private-equity billionaire Stephen Schwarzman doesn’t think office workers worked hard enough during Covid-19. “It was actually more profitable for them to stay home because one, they didn’t work as hard, regardless of what they told you. For example, about 58% of Manhattan office workers were at their workplace on an average weekday in late August and September, according to a survey from the Partnership for New York City. Just 12% of Manhattan office workers are in the office full time, according to that survey. Schwarzman, the Blackstone CEO, estimated that 20% of US office buildings are vacant and another 20% are leased but empty.

Persons: Stephen Schwarzman doesn’t, they, Slack, Blackstone, ” Schwarzman, Jamie Dimon, ” DImon, ” Dimon, “ Organizations: New, New York CNN —, Blackstone, “ Davos, Commonwealth Fund, Future Investment, JPMorgan, Partnership Locations: New York, Saudi Arabia, Manhattan, New York City

For the international bankers, executives and officials who had gathered in the Saudi capital, Riyadh, to make deals, the war raging in Gaza and Israel felt like a distant backdrop. Instead, when speakers took the stage, they praised Prince Mohammed bin Salman’s plan to remake Saudi Arabia and focused on the future: artificial intelligence, longevity science, renewable energy. Israel has laid siege to the Gaza Strip and unleashed a fierce bombardment. That has prompted protests across the region, reinvigorating vocal Arab support for the Palestinian cause — including among many Saudi citizens. Yet Saudi officials have made it clear that they are determined to prevent all of that from casting a pall over Prince Mohammed’s plans for the kingdom, which include reshaping the economy to reduce dependence on oil and turning the country into a global hub for business and tourism.

Persons: —, Prince Mohammed bin Salman’s, ”, Yasir al, Prince Mohammed’s Organizations: Future Investment, Hamas, Gaza, Saudi Locations: Saudi, Riyadh, Gaza, Israel, Saudi Arabia, East

☆ Wall Street heavyweights weigh in on what the Israel-Hamas war means for markets
▼ + stars: | 2023-10-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWall Street heavyweights weigh in on what the Israel-Hamas war means for marketsThe mood at the Future Investment Initiative conference is one of cautious optimism and uncertainty, CNBC's Dan Murphy reports.

Persons: CNBC's Dan Murphy Organizations: Future Investment Initiative Locations: Israel

☆ 'Incredible alpha opportunities' in the year ahead despite headwinds, says Carlyle Group CEO Harvey Schwartz
▼ + stars: | 2023-10-25 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

When asked about the risk outlook, Carlyle Group CEO Harvey Schwartz, former president of Goldman Sachs, advised caution but remained positive about alpha opportunities. "But I think the year ahead will certainly present incredible alpha opportunities. It doesn't mean there won't be great alpha opportunities." Schwartz also highlighted the need to stay liquid in times of war to be best prepared for uncertainty. "I think certain geopolitical risk, particularly war — again the tragedy of war and the loss of life — I think those are very difficult to price in the near term.

Persons: Harvey Schwartz, Goldman Sachs, Schwartz, — Organizations: Investment, Bankers, Carlyle Group, Carlyle, International Monetary Fund Locations: Riyadh, Saudi Arabia

☆ Blackstone's Stephen Schwarzman says remote workers 'don't work as hard' and profit from working from home
▼ + stars: | 2023-10-25 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Stephen Schwarzman said remote workers "don't work as hard regardless of what they tell you." Schwarzman added that remote workers profit because they save on commuting and meals. AdvertisementAdvertisementBillionaire Stephen Schwarzman said on Tuesday that people benefited from remote work because they can save on commuting and meals while not having to work as hard. During Tuesday's panel discussion, Schwarzman said the prevalence of remote working could result in more vacant office buildings. AdvertisementAdvertisementSchwarzman, whose remarks were first reported by Bloomberg on Tuesday, isn't the only business executive who's criticized remote work.

Persons: Stephen Schwarzman, Schwarzman, —, Blackstone, who's, Jamie Dimon, Elon Musk, Musk Organizations: Blackstone, Saudi Arabia's Future Investment Initiative, Service, Bloomberg, JPMorgan, KPMG

☆ Peace talks in the Middle East will take time to resume, World Bank chief says
▼ + stars: | 2023-10-25 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

MARRAKESH, MOROCCO - OCTOBER 13: Ajay Banga, President of the World Bank Group, speaks during the International Monetary Fund (IMF) meeting in Marrakesh, Morocco on October 13, 2023. Ajay Banga told CNBC that the onset of the Israel-Hamas war has thrown nascent normalization talks off course, making regional cooperation much more difficult. The president of the World Bank on Tuesday said that it will be some time before progress toward a more peaceful Middle East can resume in earnest. Banga was speaking at the Future Investment Initiative Institute conference in Riyadh, where business leaders are gathered to discuss economic and investment prospects of the Middle East region. The World Bank chief said that the conflict could have ramifications not only for the region, but also for the wider global economy — most notably for energy markets.

Persons: Ajay Banga, Abu Adem Muhammed, Banga, CNBC's Dan Murphy, I'm, Kristalina Georgieva Organizations: World Bank Group, International Monetary Fund, Anadolu, Getty, CNBC, World Bank, Future Investment Initiative Institute, Palestinian, Israel Locations: MARRAKESH, MOROCCO, Marrakesh, Morocco, Israel, Riyadh, East, Gaza, Saudi Arabia, Banga, Russia, Ukraine

☆ Fmr WeWork CEO Adam Neumann on latest venture 'Flow': The need for community has never been greater
▼ + stars: | 2023-10-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr WeWork CEO Adam Neumann on latest venture 'Flow': The need for community has never been greaterAdam Neumann, WeWork co-founder and former CEO and Flow founder, joins 'Squawk Box' to discuss the Israel-Hamas war, his decision to attend Saudi Arabia's Future Investment Initiative conference in light of the conflict, the state of his latest venture 'Flow', and more.

Persons: Adam Neumann, WeWork Organizations: Saudi, Future Investment Initiative Locations: Israel

☆ Jamie Dimon is right: Economic forecasts have been wrong lately, but that's really nothing new
▼ + stars: | 2023-10-25 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Win Mcnamee | ReutersForecasters have been really wrong on the economy recently, but it's nothing new: They've always been wrong. — that the economic forecasts of the major Wall Street banks had been "100 percent dead wrong" in the last 18 months. It's true that Covid and the Russian invasion of Ukraine threw off forecasts, but that's beside the point: Wrong forecasts are the norm, not the exception. The Federal Reserve's own research staff studied the Federal Reserve's economic forecasts from 1997 to 2008 and found that the Fed's predictions for economic activity one year out were no better than average benchmark predictions. The Times story notes other factors that threw off recent economic forecasts: the Russian invasion of Ukraine: being too pessimistic on growth prospects, lack of good data on real-time consumer savings.

Persons: Win Mcnamee, Jamie Dimon, —, Dimon, He's, Torsten Slok, Russia hadn't, It's, Philip Tetlock, Covid Organizations: U.S . Federal, Washington , D.C, Reuters, JPMorgan Chase, Future Investment, New York Times, Apollo Global Management, Federal Reserve, New York Stock Exchange, Federal, University of Pennsylvania, Fed Locations: Washington ,, Riyadh, Saudi Arabia, Russia, Ukraine, U.S

☆ Wall Street warning: Ray Dalio, Jamie Dimon, Larry Fink issue grim outlooks for the global economy
▼ + stars: | 2023-10-25 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Ray Dalio, Jamie Dimon, David Solomon, Larry Fink, and Steve Schwarzman all shared their views. They tackled topics such as inflation, recession, the Israel-Hamas war, and commercial real estate. JPMorgan CEO Jamie Dimon, BlackRock CEO Larry Fink, Goldman Sachs CEO David Solomon, Blackstone CEO Steve Schwarzman, and Bridgewater Associates founder Ray Dalio all shared their views. They touched on everything from the Israel-Hamas conflict and pressures on commercial real estate to inflation, interest rates, fiscal and monetary policies, and the risk of recession. David SolomonThe Goldman Sachs chief recalled the boom in mergers and acquisitions coming out of the pandemic, as massive amounts of fiscal stimulus and rock-bottom interest rates fueled "extreme confidence."

Persons: Ray Dalio, Jamie Dimon, David Solomon, Larry Fink, Steve Schwarzman, —, Goldman Sachs, Blackstone, Dalio, Dimon, Fayez Nureldine, David Solomon The Goldman Sachs, that's, Solomon, Fink, aren't, he's, we'll, Schwarzman Organizations: Service, Future Investment Initiative, Tuesday, JPMorgan, BlackRock, Bridgewater Associates, Getty Locations: Saudi Arabia, Israel, Russia, Ukraine, Riyadh, AFP

☆ IMF: Neighboring economies likely hit by Israel-Hamas war
▼ + stars: | 2023-10-25 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —The Israel-Hamas war is likely to hurt other economies in the Middle East, including Egypt, Lebanon and Jordan, International Monetary Fund (IMF) managing director Kristalina Georgieva said Wednesday. Tourism will likely take a hit, and the cost of insuring the movement of goods will go up. The IMF sees an “incredibly resilient world economy, but jittery and more so,” as a consequence of the war, Georgieva said. Her comments highlight that the economic fallout from the war is only likely to grow, even as financial markets remain relatively sanguine about the consequences for now. Make sure that you understand [higher] interest rates are here to stay for longer,” she said, pointing to the fact that inflation was not falling fast enough.

Persons: Kristalina Georgieva, CNN’s Richard Quest, Georgieva, “, ” Richard Kozul, Wright, ”, ” — Winston Lo Organizations: London CNN, International Monetary Fund, Future Investment Initiative, “, IMF, United Nations Conference, Trade, Development, West Bank, Gross, UNCTAD, Saudi Locations: Israel, Egypt, Lebanon, Jordan, “ Davos, Saudi Arabia, Tourism, Russia, Gaza, East Jerusalem, Ukraine

Saudi Minister of Finance Mohammed al-Jadaan gestures during an interview with Reuters at the Ministry of Finance in Riyadh, Saudi Arabia, December 12, 2021. REUTERS/Ahmed Yosri/File Photo Acquire Licensing RightsRIYADH, Oct 25 (Reuters) - Saudi Arabia will implement its January 2024 deadline requiring international firms that wish to secure government contracts in the kingdom to locate their regional headquarters to Riyadh, the finance minister said on Wednesday. "The deadline is not new, and yes it will be implemented," Mohammed Al Jadaan told Reuters when asked whether the January deadline remained on track. Foreign firms have for years used neighbouring United Arab Emirates as a springboard for their regional operations, including for Saudi Arabia. While the government has given cash injections to the PIF in the past, Jadaan said cash transfers were "very limited" and were disbursed from surplus.

Persons: Mohammed, Ahmed Yosri, Jan, Mohammed Al Jadaan, Jadaan, Pesha Magid, Angus MacSwan, Josie Kao Organizations: Reuters, Ministry of Finance, REUTERS, Rights, United, Future Investment Initiative, Public Investment Fund, Saudi, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, United Arab Emirates, Brazil, Russia, India, China, South Africa

☆ IMF chief says Israel-Hamas war is a new cloud on the world's economic horizon
▼ + stars: | 2023-10-25 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Kristalina Georgieva, managing director of the International Monetary Fund, at a press conference at the IMF Headquarters on April 14, 2023. Georgieva said that the economic fallout from the war, now in its third week, would be "terrible" for the sides involved, as well as have significant repercussions for the region. The head of the International Monetary Fund on Wednesday dubbed the worsening Israel-Hamas conflict as another cloud on the horizon of an already gloomy economic outlook. "It is terrible in terms of economic prospects for the epicenter for the war," she said. Dubbed "Davos in the desert," the event typically focuses on economic and investment prospects around the Middle East region.

Persons: Kristalina Georgieva, Georgieva, CNBC's Dan Murphy, Jordan Organizations: International Monetary Fund, IMF, Future Investment Initiative Institute, Palestinian, Israel Locations: Riyadh, Israel, Egypt, Lebanon, Davos, East, Gaza, Saudi Arabia

☆ Despite Israel-Hamas War, It’s (Nearly) Business as Usual at Saudi Investment Forum
▼ + stars: | 2023-10-24 | by ( Stephen Kalin | Eliot Brown | ) www.wsj.com time to read: 1 min

Deals worth billion dollars are expected to be signed over the next three days at the Future Investment Initiative conference in Riyadh, Saudi Arabia. Photo: fayez nureldine/Agence France-Presse/Getty ImagesRIYADH, Saudi Arabia—The titans of Wall Street chatted under crystal chandeliers. With the Israel-Hamas war intensifying 900 miles away, the gathering made for an awkward split screen. The world’s business elite had come together for the Future Investment Initiative—nicknamed “Davos in the Desert”—where topics of discussion included artificial intelligence, futuristic planned cities and the growing perils of higher interest rates and rising debt loads.

Persons: fayez Organizations: Future Investment Initiative, Agence France, Getty Images, Saudi Arabia —, titans, Future Investment, “ Locations: Riyadh, Saudi Arabia, Getty Images RIYADH, Israel, “ Davos

☆ World Bank's Banga says geopolitics pose biggest, but not the only, risk to world economy
▼ + stars: | 2023-10-24 | by ( Jorgelina Do Rosario | Thomson Reuters | Jorgelina Do Rosario Is Emerging Markets Correspondent At Reuters Based In London | ) www.reuters.com time to read: +1 min

LONDON, Oct 24 (Reuters) - Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy right now but other risks are also at play, World Bank President Ajay Banga said on Tuesday. So yes, that is right there lurking in the shadows," Banga said, referring to a rise in the benchmark for borrowing costs around the world which further threaten an economic slowdown. Banga said that while everything in the developed world looks better than had been expected some time ago, "I think that we're at a very dangerous juncture." He said private sector investment is needed in developing economies but political risks in some of these countries remain a barrier. There is not enough money in government coffers or even in the multilateral development banks, we need to involve the private sector with their capital," he said.

Persons: Ajay Banga, Banga, Jorgelina, Karin Strohecker, Mike Harrison, Susan Fenton Organizations: World, Treasury, Future Investment Initiative, Thomson Locations: Riyadh, Israel, Gaza, Rosario

☆ Some of Wall Street's biggest leaders gather in Saudi Arabia
▼ + stars: | 2023-10-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSome of Wall Street's biggest leaders gather in Saudi ArabiaThey're in Riyadh for the Future Investment Initiative summit. CNBC's Dan Murphy reports.

Persons: Dan Murphy Organizations: Future Investment Locations: Saudi Arabia, Riyadh

☆ Jamie Dimon rips central banks for being ‘100% dead wrong’ on economic forecasts
▼ + stars: | 2023-10-24 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

JPMorgan Chase CEO Jamie Dimon on Tuesday warned about the dangers of locking in an outlook about the economy, particularly considering the poor recent track record of central banks like the Federal Reserve. "I want to point out the central banks 18 months ago were 100% dead wrong," he added. Dimon criticized "this omnipotent feeling that central banks and governments can manage through all this stuff. In other recent warnings, Dimon warned of a potential scenario in which the fed funds rate could eclipse 7%. "Whether the whole curve goes up 100 basis points, I would be prepared for it," he added.

Persons: Jamie Dimon, I've, Dimon Organizations: JPMorgan, Federal Reserve, Future Investment Locations: U.S, Riyadh, Saudi Arabia

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