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☆ Chinese Premier Makes Surprise Economic Growth Disclosure
▼ + stars: | 2024-01-16 | by ( Jason Douglas | ) www.wsj.com time to read: 1 min

Country Garden, once seen as one of China’s most stable property developers, is now struggling financially, leaving the future of unfinished megadevelopments like Malaysia’s Forest City in doubt. Here’s how overbuilding, and a streak of bad luck, have left China’s real-estate developers in the red. Photo: Adam AdadaChinese Premier Li Qiang gave global business elites a big hint on highly anticipated growth figures, as he sought to reassure them that investing in China is an opportunity—not a risk. Li delivered the message in an address at the World Economic Forum in Davos, Switzerland, as Chinese leaders seek to stem an exodus of foreign investment with growth slowing and relations deteriorating with the U.S.-led West.

Persons: Adam Adada, Li Qiang, —, Li Organizations: Malaysia’s Forest City, Economic, U.S Locations: Malaysia’s Forest, China, Davos, Switzerland

☆ Centeno says ECB remains data dependent, inflation moving in right direction
▼ + stars: | 2024-01-16 | 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 EmailCenteno says ECB remains data dependent, inflation moving in right directionBank of Portugal Governor Mário Centeno discusses the economic and inflationary outlook at the World Economic Forum 2024.

Persons: Centeno, Mário Centeno Organizations: Bank of Portugal

☆ China's premier tells Davos that innovation shouldn't be used to restrict other nations
▼ + stars: | 2024-01-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Li Qiang, China's premier, delivers a special address on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 16, 2024. Bloomberg | Bloomberg | Getty ImagesChinese Premier Li Qiang said that tech innovations should not be used as a way to restrict or contain other countries. "Scientific and technological fruits should benefit humanity as a whole, instead of becoming a means to restrict or contain the development of other countries," Li added, calling for "more open measures." watch nowFollowing his speech, Li spoke about the risks and opportunities of generative AI, such as ChatGPT, in a brief question-and-answer session with World Economic Forum Founder Klaus Schwab. Li met with Swiss President Viola Amherd ahead of the Davos conference and is set to visit Ireland later in the week.

Persons: Li Qiang, Li, Klaus Schwab, ChatGPT, ”, multilateralism, Viola Amherd Organizations: Economic, Bloomberg, Getty Images, Baidu, Swiss, Davos, Ireland, Monday Locations: Davos, Switzerland, Beijing, Washington, U.S, China, Swiss

☆ Microsoft CEO Satya Nadella says global consensus on AI is emerging
▼ + stars: | 2024-01-16 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Executive Chairman and CEO of Microsoft Corporation Satya Nadella attends a session during the 54th annual meeting of the World Economic Forum in Davos, Switzerland, January 16, 2024. Microsoft CEO Satya Nadella said Tuesday he sees global consensus emerging when it comes to artificial intelligence, and that, even though regulatory approaches to the tech may differ from one jurisdiction to another, countries are talking about AI in a similar way. Speaking at the World Economic Forum in Davos, Switzerland, Nadella said he feels there is a need for global coordination on AI and agreeing on a set of standards and appropriate guardrails for the technology. "I think [a global regulatory approach to AI is] very desirable, because I think we're now at this point where these are global challenges that require global norms and global standards," Nadella said, speaking in conversation with WEF Chair Klaus Schwab. The Redmond, Washington-based tech giant has put billions of dollars into OpenAI, the firm behind the popular AI chatbot ChatGPT.

Persons: Microsoft Corporation Satya Nadella, Satya Nadella, Nadella, WEF, Klaus Schwab Organizations: Microsoft Corporation, Economic, Microsoft Locations: Davos, Switzerland, Redmond, Washington

A pedestrian walks past the TATA pop up store with a poster reading 'The Future is AI' ahead of the World Economic Forum (WEF) in Davos, Switzerland, on Sunday, Jan. 14, 2024. Some of the world's biggest companies are pushing their AI products and services with one declaring: "The future is AI." Companies from U.S. semiconductor firm Intel to Salesforce had AI slogans on the properties they took over. The "AI House" was one of the biggest displays on the Davos Promenade. Arjun Kharpal | CNBCU.S. semiconductor firm Intel took over one of the properties on the Davos Promenade with its AI agenda front and center.

Persons: Salesforce, Arjun Kharpal Organizations: Economic, Bloomberg, Getty, Global, Companies, Intel, CNBC U.S, CNBC Locations: Davos, Switzerland, DAVOS, Swiss

With fighting still raging in Ukraine, and a front line that has barely shifted in more than a year, the country’s president, Volodymyr Zelensky, headed on Tuesday to the World Economic Forum in Davos, Switzerland, amid a swirl of diplomatic discussions about possible peace talks. In his speech, he promoted a Ukrainian peace plan and called for stiffer sanctions on Russia. But in a contrast with his comments to the forum last year, Mr. Zelensky made no direct appeals for weaponry for new offensives on the battlefield. “We need you in Ukraine to build, to reconstruct, to restore our lives,” he told the audience of investors. “Each of you can be even more successful with Ukraine.”

Persons: Volodymyr Zelensky, Zelensky, ” Organizations: Economic Locations: Ukraine, Davos, Switzerland, Ukrainian, Russia

The steps will apply specifically to OpenAI, only one player in an expanding universe of companies developing advanced generative AI tools. Starting “early this year,” OpenAI said, it will digitally watermark AI images created using its DALL-E image generator. “Will there be items that slip through the cracks?”OpenAI's ChatGPT and DALL-E are some of the most powerful generative AI tools to date. But there are many companies with similarly sophisticated technology that don't have as many election misinformation safeguards in place. OpenAI CEO Sam Altman said that even with all of his company’s safeguards in place, his mind is not at ease.

Persons: —, OpenAI, ” OpenAI, Mekela Panditharatne, “, ChatGPT, ”, Darrell West, Sam Altman, “ We’re Organizations: San, National Association of, State, Brennan Center for Justice, YouTube, Meta, Center for Technology Innovation, Bloomberg, Economic, Associated Press, AP Locations: San Francisco, U.S, Davos, Switzerland

The meetings behind the meetingThousands of global leaders have once again descended on snowy Davos, Switzerland, for the World Economic Forum’s annual meeting. The theme of this year’s event: “rebuilding trust.”But there are the public meetings, and then there are the real ones behind closed doors that the attendees are talking about most. These include discussions touching on U.S.-China tensions, the war in Gaza, artificial intelligence and the future of Ukraine. If the answer is zero, you’ve won. Top U.S. officials are set to appear on the main stage, including Secretary of State Antony Blinken and Jake Sullivan, the national security adviser.

Persons: you’ve, Antony Blinken, Jake Sullivan Organizations: Center, U.S Locations: Davos, Switzerland, China, Gaza, Ukraine

☆ China's Premier Li to Address Davos as Its Economy Struggles
▼ + stars: | 2024-01-16 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +3 min

By Antoni SlodkowskiDAVOS, Switzerland (Reuters) - Chinese Premier Li Qiang is set to address global investors and politicians in Davos on Tuesday, as Beijing grapples with a sluggish post-pandemic recovery and a real estate slump. Li, who leads a large government delegation at this week's World Economic Forum, is the most senior Chinese official to rub shoulders with global business and political elites at the Swiss ski resort of Davos since President Xi Jinping in 2017. He would "promote global cooperation, address various risks, bridge the development divide, and seek peaceful coexistence and win-win outcomes", Chinese state news agency Xinhua reported. "China is generating a steady stream of growth momentum and potential for its economy," Xinhua's report added. Li, a career bureaucrat, was revealed as the pick for China's No.2 role last October when Xi unveiled a leadership line-up stacked with loyalists.

Persons: Antoni Slodkowski, Li Qiang, Li, Xi Jinping, Xi, Antony Blinken, Wang Yi, Volodymyr Zelenskiy's, Zelenskiy, Alexander Smith Organizations: Economic, Xinhua, China's, U.S Locations: Antoni Slodkowski DAVOS, Switzerland, Davos, Beijing, China, Swiss, consultancies, Gaza

☆ CNBC Daily Open: A look across the Atlantic
▼ + stars: | 2024-01-16 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. ECB could defy marketsEuropean Central Bank policymaker and hawk Robert Holzmann said the ECB may not deliver any interest rate cuts this year. Holzmann told CNBC at the World Economic Forum in Davos, Switzerland, that he sees a possibility of zero rate cuts this year, defying market expectations. Georgieva told CNBC on the sidelines of Davos that the world's second-largest economy is facing both short-term and long-term challenges.

Persons: Martin Luther King, Robert Holzmann, Holzmann, Georgieva Organizations: CNBC, Economic, Martin Luther King Day, Central Bank, ECB, International Monetary Fund, Federal Reserve Locations: Davos, Switzerland, Germany, China

☆ OpenAI quietly removes ban on military use of its AI tools
▼ + stars: | 2024-01-16 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

Sam Altman, CEO of OpenAI, during an interview at Bloomberg House on the opening day of the World Economic Forum in Davos, Switzerland, on Jan. 16, 2024. OpenAI has quietly walked back a ban on the military use of ChatGPT and its other artificial intelligence tools. The shift comes as OpenAI begins to work with the U.S. Department of Defense on AI tools, including open-source cybersecurity tools, Anna Makanju, OpenAI's VP of global affairs, said Tuesday in a Bloomberg House interview at the World Economic Forum alongside CEO Sam Altman. The news comes after years of controversy about tech companies developing technology for military use, highlighted by the public concerns of tech workers — especially those working on AI. Workers at virtually every tech giant involved with military contracts have voiced concerns after thousands of Google employees protested Project Maven, a Pentagon project that would use Google AI to analyze drone surveillance footage.

Persons: Sam Altman, OpenAI, Anna Makanju, OpenAI's, Makanju, Maven Organizations: Bloomberg House, Economic, U.S . Department of Defense, Bloomberg, Workers, Google, Pentagon, Microsoft, CNBC PRO Locations: Davos, Switzerland

☆ 2024's wave of elections predicted to derail food security progress
▼ + stars: | 2024-01-16 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

DAVOS, SWITZERLAND — The slew of upcoming global elections could derail international efforts to secure long-term food supplies, according to the International Fund for Agricultural Development (IFAD). Almost half of the governments in the world are going to go through elections," Lario said Monday at the World Economic Forum in Davos. Those include actions which enable more local food production, greater integration of regional markets and further crop diversification. "We thought after the Ukraine shock that [tackling the root causes] was going to be a given, and there was a lot of momentum. It is estimated that around one in 10 people globally suffer from food insecurity or reliable access to nutritious food, according to UNICEF.

Persons: Alvaro Lario, Lario, —, It's Organizations: International Fund for Agricultural Development, CNBC, Economic, UNICEF Locations: DAVOS, SWITZERLAND, Davos, Europe, Ukraine

☆ European markets head for lower open while Davos steps up a gear
▼ + stars: | 2024-01-16 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

The annual forum steps up a gear Tuesday with special addresses by Chinese Premier Li Qiang, European Commission President Ursula von der Leyen, U.S. National Security Advisor Jake Sullivan and Ukrainian President Volodymyr Zelenskyy. European stocks are heading for a lower open Tuesday as markets continue to focus on news and comments from the World Economic Forum in Davos, Switzerland. A general view shows the congress centre, the venue of the World Economic Forum (WEF) in Davos, Switzerland January 13, 2020. Asia-Pacific markets fell overnight, with Japanese stocks also halting their record-breaking rally since the start of the year. U.S. stock futures were also lower Monday night as Wall Street awaits December retail sales data due Wednesday and bank earnings that will provide a better picture of the state of the American consumer.

Persons: Premier Li Qiang, Ursula von der Leyen, Jake Sullivan, Volodymyr Zelenskyy Organizations: Premier, U.S . National, Economic Locations: U.S, Davos, Switzerland, Swiss, Asia, Pacific

☆ Divide between political elites and the working class is a major risk, Allianz CEO says
▼ + stars: | 2024-01-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Oliver Bäte, chief executive of German insurance group Allianz. Nurphoto | Nurphoto | Getty ImagesA growing detachment between political leaders and populations presents the biggest risk in a busy election year, according to Allianz CEO Oliver Bäte. The Allianz Risk Barometer published this month noted that political risk was already at a five-year high in 2023, with some 100 countries considered at high or extreme risk of civil unrest. This is expected to deepen in 2024, amid continued economic hardship, particularly in "debt-crisis countries." "We have an increasing detachment of the political elite from the working class and the people that actually go to work every day, and that, I see as the number one risk for our societies," Bäte said.

Persons: Oliver Bäte, you've, Emmanuel Macron's, Nahel, Viktor Orbán, Bäte Organizations: Allianz, Nurphoto, Economic, Sweden Democrats Locations: Ukraine, Davos, Switzerland, Netherlands, France, Slovakia, Italy, Hungary, Sweden

☆ US carries out additional strikes against Houthis in Yemen
▼ + stars: | 2024-01-16 | by ( Natasha Bertrand | Oren Liebermann | ) edition.cnn.com time to read: +3 min

CNN —The US military launched new strikes against Houthi targets inside Yemen on Tuesday, targeting anti-ship ballistic missiles controlled by the Iran-backed rebel group, a two US defense officials told CNN on Tuesday. A few hours later, however, the Houthis launched an anti-ship ballistic missile into international shipping lanes in the Southern Red Sea, hitting the M/V Zografia, a Maltese flagged bulk carrier, the officials said. That operation only destroyed less than a third of the Houthis’ weapons capabilities, however, a US official told CNN on Monday. The Houthis have launched dozens of drone and missile attacks on commercial shipping in the Red Sea over a period of weeks. ““But we did not say when we launched our attacks, they’re going to end once and for all, the Houthis will be fully deterred,” Sullivan said.

Persons: Joe Biden, “, Jake Sullivan, ” Sullivan Organizations: CNN, Navy, US, Economic, National Locations: Yemen, Iran, Maltese, Houthi, Red, Davos Switzerland

☆ Private company valuations 'going nuts again' amid AI boom, Cisco CEO says
▼ + stars: | 2024-01-16 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The valuations of some private companies are "going nuts again," returning to highs not seen since the Covid-19 pandemic, according to Cisco's chief executive. Chuck Robbins told CNBC Tuesday that businesses focused on new technologies like artificial intelligence were garnering price tags akin to those seen during the era of low interest rates. "When you get into gen [generative] AI and some of these other things, we are seeing some of the private valuations are going nuts again," he said during a CNBC-moderated panel event at the World Economic Forum in Davos, Switzerland. Robbins said that it was "ironic" that the cycle had recurred so soon after higher interest rates had put an end to the era of easy money and seemingly corrected sometimes overinflated valuations. "It is ironic to me that we're so quickly doing this after what we experienced 48 months ago.

Persons: Chuck Robbins, Robbins Organizations: CNBC, Economic Locations: Davos, Switzerland

☆ Davos live updates: Global leaders discuss the impact of high interest rates and the new normal
▼ + stars: | 2024-01-16 | by ( Lucy Handley | ) www.cnbc.com time to read: 1 min

French central bank chief François Villeroy de Galhau stressed that it was not possible to say in which season the European Central Bank may cut interest rates this year. But...we are not calendar driven, we are data-driven," he said during a CNBC-moderated panel event at the World Economic Forum in Davos, Switzerland. On the path of inflation, he added: "It's too early to declare victory … the job is not yet done. That said, interest rate tightening has been quite successful so far, more successful than we thought even at Davos one year ago." "What we can see on both sides of the Atlantic is something like a soft landing so far."

Persons: François Villeroy, Galhau, — Jenni Reid Organizations: European Central Bank, CNBC, Economic Locations: Davos, Switzerland

☆ Ikea says it's going to cut prices this year, and the company's comments on deflation should be setting competitors on edge
▼ + stars: | 2024-01-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Read previewCompanies across the board have been hiking prices massively in the last few years, citing relentless supply chain disruptions from the COVID-19 pandemic, geopolitical tensions, and Russia's war in Ukraine. Speaking to Reuters at the World Economic Forum in Davos, Switzerland, Broden acknowledged "quite significant deflation" upstream in its supply chain. AdvertisementIkea also has enough inventory to offset price hikes from any supply chain shocks, Brodin told the news agency. To be sure, Ikea hiked prices in 2022, citing supply chain bottlenecks and higher raw material costs, but the furniture giant started cutting price late last year, citing easing price pressures. US grocery giant Walmart signaled deflation in November as well — but that was before the Red Sea Houthi attacks dragged into the new year.

Persons: —, Jesper Brodin, Broden, Brodin, It's Organizations: Service, Business, Ingka, Ikea, Reuters, Red, Economic, Energy Locations: Ukraine, Davos, Switzerland, London, Russia

☆ Microsoft CEO Satya Nadella talks AI at Davos
▼ + stars: | 2024-01-16 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +2 min

CNN —Microsoft CEO Satya Nadella said during the World Economic Forum in Switzerland on Tuesday he was “hopeful” and “optimistic” about the future of artificial intelligence. In a conversation with Klaus Schwab, chairperson of the World Economic Forum, Nadella discussed where he believes the AI industry is headed and the safety guardrails needed in place. “As a digital technology industry, the biggest lesson learned perhaps for us is that we have to take the unintended consequences of any new technology along with all the benefits,” Nadella said. At the same time, AI companies and lawmakers continue to call for sweeping regulations of the technology. Nadella said this is a fundamental change seen the industry over the last 10 years.

Persons: Satya Nadella, Klaus Schwab, Nadella, ” Nadella, it’s, CNN’s Fareed Zakaria, Bill Gates, ”, “ Organizations: CNN, Economic, “, Microsoft Locations: Switzerland, Silicon

☆ Watch CNBC's full interview wiith Michelle Yeoh
▼ + stars: | 2024-01-16 | by ( Tania Bryer | ) 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 wiith Michelle YeohSpeaking exclusively to CNBC's Tania Bryer, actress, producer and UNDP Goodwill Ambassador, Michelle Yeoh, reveals what it means to be awarded a Crystal Award at the 2024 World Economic Forum, how she chooses the charitable causes that matter to her, and how her historic Academy Award win for Best Actress changed her life.

Persons: wiith Michelle Yeoh, CNBC's Tania Bryer, Michelle Yeoh Organizations: UNDP Goodwill, Academy

Sam Altman, chief executive officer of OpenAI, at the Hope Global Forums annual meeting in Atlanta, Georgia, US, on Monday, Dec. 11, 2023. OpenAI CEO Sam Altman says concerns that artificial intelligence will one day become so powerful that it will dramatically reshape and disrupt the world are overblown. "It will change the world much less than we all think and it will change jobs much less than we all think," Altman said at a conversation organized by Bloomberg at the World Economic Forum in Davos, Switzerland. "Yes, for sure, I think that's something to think about," Altman said. WATCH: OpenAI, Microsoft and NYT will likely reach a settlement

Persons: Sam Altman, Altman, OpenAI's, StrictlyVC, Donald Trump's Organizations: Hope, Bloomberg, Economic, Microsoft, Iowa Republican Locations: Atlanta , Georgia, Davos, Switzerland, Iowa, OpenAI

☆ Chinese Leader Gives Early Estimate of Economic Growth
▼ + stars: | 2024-01-16 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

China’s second-highest leader said Tuesday that his country’s economy had grown “around 5.2 percent” last year, providing an unusual early glimpse of important economic data a day before its official release. Speaking at the World Economic Forum in Davos, Switzerland, Premier Li Qiang, the second-highest official in China after Xi Jinping, said that China had beat its target last year of economic growth of about 5 percent. He also insisted that China had managed to expand the economy without using risky or short-term measures, like large spending or credit programs. “In the course of economic development, we have held to avoiding major stimulus, and have not sought short-term growth at the price of accumulating long-term risks,” he said. Mr. Li’s comments were consistent with publicly available estimates of economic growth for last year.

Persons: China’s, Premier Li Qiang, Xi Jinping, ”, Li’s Organizations: Economic, “ Locations: Davos, Switzerland, Premier, China, Beijing

HONG KONG (AP) — China’s economy for the October-December quarter grew at a quicker rate, allowing the Chinese government to hit its target of about 5% annual growth for 2023 even though trade data and the economic recovery remain uneven. Official data released Wednesday showed that the Chinese economy grew 5.2% for 2023, surpassing the target of ‘about 5%’ that the government had set. The growth for 2023 is likely helped by 2022’s GDP of just 3% as China’s economy slowed due to COVID-19 and nationwide lockdowns during the pandemic. For the fourth quarter, China’s gross domestic product also grew at 5.2% compared to the same time last year. Fixed-asset investment — spending on factory equipment, construction and other infrastructure projects to drive growth — grew 3% year on year in 2023.

Persons: ”, Li Qiang Organizations: China’s National Bureau of Statistics, Communist Party Locations: HONG KONG, China

☆ China’s economy grew by about 5.2% in 2023, Premier Li tells Davos meeting
▼ + stars: | 2024-01-16 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s economy grew by about 5.2% in 2023, slightly better than the official target Beijing had set, Premier Li Qiang said Tuesday at the World Economic Forum’s annual meeting in Davos, Switzerland. “In the past year of 2023, China’s economy has generally rebounded and improved,” the country’s second highest official told the meeting of global business and political leaders. While this expansion would mark a significant pick-up over 2022, when China’s economy grew by just 3%, it is still one of the country’s economic worst performances in over three decades. “Even if there are twists and turns in China’s economic operation, its overall long-term positive trend will not change,” said Li. The premier is the most senior Chinese leader to attend the Davos forum in person since President Xi Jinping in 2017.

Persons: Li Qiang, Hong, Seng, ”, Li, Xi Jinping, Viola Amherd, Joe Biden, BRENDAN SMIALOWSKI, Xi Organizations: Hong Kong CNN, Beijing, Swiss, Economic Cooperation, APEC, Getty Locations: Hong Kong, Davos, Switzerland, “, China, Beijing, Asia, Woodside , California, AFP, United States

☆ Red Sea risk to oil 'very real,' prices could change rapidly if supply disrupted, Chevron CEO says
▼ + stars: | 2024-01-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The Chevron CEO said he was surprised that U.S. crude oil was trading below $73 a barrel because the "risks are very real." Shell suspends Red Sea shipmentsThe British oil major Shell has suspended shipments through the Red Sea, people familiar with the matter told The Wall Street Journal Tuesday. Shell's decision to halt shipments through the crucial trade chokepoint comes about a month after BP paused transits through the Red Sea. Several major tanker companies, which transport petroleum products such as gasoline as well as crude oil, halted traffic toward the Red Sea on Friday. The militants on Tuesday launched an antiship ballistic missile that struck a Maltese-flagged bulk carrier in the Red Sea, according to U.S. Central Command.

Persons: Michael Wirth, " Wirth, Wirth, Shell, Houthi, CENTCOM, Sullivan Organizations: Chevron, CNBC, Economic, U.S, Navy's, Shell, Red, Wall, BP, Tuesday, U.S . Central Command Locations: East, Davos, Switzerland, Yemen, Iran, Red, Gaza, The U.S, Britain, Maltese, U.S

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