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☆ Singapore enterprises enjoy healthy China interest, says business group head
▼ + stars: | 2024-11-06 | 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 EmailSingapore enterprises enjoy healthy China interest, says business group headKok Ping Soon, CEO of the Singapore Business Federation, says there continues to be strong demand for Singapore products and services in China despite signs of slowing activity in the world's second largest economy.

Persons: Kok Ping Organizations: Singapore, Singapore Business Federation Locations: China, Singapore

☆ The 3 things that will influence the stock market in the most consequential week of the year
▼ + stars: | 2024-11-03 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

The major stock benchmarks rallied Friday but were lower last week, with the Nasdaq leading the way lower after reaching new highs. Eight other Club names reported earnings last week, including Eli Lilly and Eaton. Despite indications from Big Tech that Nvidia's AI chips will remain in hot demand, the Club stock fell 4.3% for the week. The S & P 500 , which is less tech-weighted, fell nearly 1.4% for the week, making it back-to-back weekly losses for the broader market index. Earnings After analyzing earnings reports from 14 of our portfolio companies last week, there is only one Club name on the docket this week.

Persons: Eli Lilly, Eaton, Jim Cramer, financials Goldman Sachs, Kamala Harris, Donald Trump, Harris, Trump, That's, Jerome Powell, We're, we'll, Archer, Johnson, Jim Cramer's, Jim, Brendan McDermid Organizations: Nasdaq, Devices, Apple, Microsoft, Big Tech, Club, Nvidia, Dow, Intel, AMD, Dow Jones, Visa, American Express, JPMorgan, Bond, Federal Reserve, Boeing, Treasury, White, DuPont, Election, Protection, Electronics, Industrial, Constellation Energy, Marriott, Century Fox, Wynn Resorts, WYNN, Goodyear Tire, Cirrus, Diamondback Energy, Daniels, Midland, Apollo Global Management, Ferrari, Restaurant Brands, Emerson Electric, Devon Energy, Novo Nordisk, CVS Health, Howmet Aerospace, Teva Pharmaceutical Industries, Cedar Fair Entertainment, Toyota, American Electric Power Company, Johnson Controls, Dine Brands, Holdings, AMC Entertainment, Qualcomm, Coty, COTY, Energy, Barrick, Halliburton, HAL, Hershey, Air Products & Chemicals, Warner Bros ., Arista Networks, Rivian Automotive, Trade, Icahn Enterprises, Sony, SONY, Paramount, Jim Cramer's Charitable, CNBC, New York Stock Exchange Locations: BlackRock, Florida, China, Sluggishness, Cleveland, New York City, U.S

☆ How Elon Musk is reshaping American politics
▼ + stars: | 2024-11-02 | by ( Havovi Cooper | Erica Star Domena | ) www.businessinsider.com time to read: 1 min

Elon Musk isn't a politician by trade. But the business mogul and tech billionaire has become a growing force in the 2024 US elections, especially after endorsing Republican candidate Donald Trump. In a video podcast, reporters from Politico and Business Insider take a closer look at how he's shaping politics through his enterprises, from Starlink to X.

Persons: Elon, Donald Trump Organizations: Politico Locations: Starlink

☆ Russia's defense sector is running on overdrive — but firms are warning of bankruptcy
▼ + stars: | 2024-11-02 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +6 min

Defense firms are busy — but high inflation and interest rates past 20% have left them struggling. AdvertisementIn Russia's defense sector, demand is surging — but its companies are struggling all the same. Rising interest rates and export bans were eroding Russian defense companies' profits across the board, they said, making the Russian state the only guarantor of revenues. Sheremeta described the situation as a "death spiral," where war spending begets more inflation, which requires more war spending. "If some defense companies cannot fulfill their obligations, the Kremlin can simply nationalize them," Sheremeta said.

Persons: —, Sergei Chemezov, Roman Sheremeta, Sheremeta, Daniel Treisman, Korhonen, Julian Cooper, Konstantin Sonin, Sonin Organizations: Service, Rostec, Weatherhead School of Management, Case Western Reserve University, Bloomberg, University of California, National Bureau of Economic Research, Central Bank, Bank of Finland Institute, Emerging, Centre for Russian, East European Studies, University of Birmingham, University of Chicago Harris School of Public, Project Syndicate Locations: Russia, Ukraine, Russian, Los Angeles

☆ Amazon CEO pledges AI investments will pay off as capital expenditures surge 81%
▼ + stars: | 2024-10-31 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

"I think we've proven over time that we can drive enough operating income and free cash flow to make this a very successful return on invested capital business," Jassy said. "We expect the same thing will happen here with generative AI." The jump in spending is primarily being driven by generative AI investments, Jassy said. A day earlier, Alphabet CFO Anat Ashkenazi warned the company expects capital spending to grow in 2025. Amazon has said its cloud unit has picked up more business from companies that need infrastructure to deploy generative AI models.

Persons: Andy Jassy, Jassy, OpenAI, we're, Mark Zuckerberg, Anat Ashkenazi, It's, it's Organizations: Amazon Web Services, Meta, Microsoft, Amazon Locations: OpenAI

☆ The E.U. is imposing duties on electric vehicles from China after trade talks fail
▼ + stars: | 2024-10-30 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Ap-Live-Blog-Byline-Image.Png | The Associated Press | ) www.nbcnews.com time to read: +3 min

BRUSSELS, Belgium — The European Union is imposing duties on imports of electric vehicles from China starting Wednesday after talks between Brussels and Beijing failed to find an amicable solution to their trade dispute. According to the commission, which manages trade disputes on behalf of the 27 E.U. member countries, sales of Chinese-built electric cars jumped from 3.9% of the EV market in 2020 to 25% by September 2023, in part by unfairly undercutting E.U. Other EV manufacturers in China, including Western companies such as Volkswagen and BMW, would be subject to duties of 20.7%. The measures were published in the bloc’s legal Official Journal late Tuesday, meaning duties entered into force as of midnight, said E.U.

Persons: we’re, Valdis Dombrovskis, undercutting, ’, Hildegard Müller, VDA, ” Müller, E.U, Arianna Podesta Organizations: Trade Organization, SAIC, Geely, Volvo, Britain’s MG, EV, Volkswagen, BMW, China’s Commerce Locations: BRUSSELS, Belgium, China, Brussels, Beijing, Germany

☆ Meta's stock drop tells the wrong story on earnings — so, we're boosting our price target
▼ + stars: | 2024-10-30 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

Don't let the after-hours stock action fool you, Meta Platforms delivered one heck of a strong third quarter and a current quarter revenue guide above expectations. Ok, now that the "bad" is out of the way, let's look at what investors should really be focused on as they consider what to do with Meta stock. Meta Platforms Why we own it : We value Meta Platforms for its targeted advertising dominance. Notably, Meta AI, the company's version of a ChatGPT-type generative artificial intelligence search/answer engine, now has over 500 million monthly active users. Looking ahead to 2025, the team noted on the release, "We continue to expect significant capital expenditures growth in 2025.

Persons: biggie, that's, China's ByteDance, Mark Zuckerberg, Jensen Huang, Zuckerberg, we're, Meta, it's, haven't, Jim Cramer's, Jim Cramer, Jim, Andrej Sokolow Organizations: LSEG, Meta, People, Management, China's, Reality Labs, Nvidia, ., Facebook, CNBC, Getty Locations: Ray, capex

☆ Microsoft is still spending massively on AI
▼ + stars: | 2024-10-30 | by ( Tim Paradis | ) www.businessinsider.com time to read: +4 min

Investors have been focused on Big Tech AI spending and returns. That's a worry at Microsoft partly because feedback on the company's Copilot AI has been mixed. Others have been concerned that Big Tech spending on artificial intelligence is outpacing results. Goldman said Microsoft has been counting on its AI Copilot and other generative AI efforts at Windows, Edge, and Microsoft 365 to draw enterprise clients. AdvertisementMuch of Microsoft's spending has been going toward data centers, graphics processing units, and other AI projects.

Persons: —, Jeremy Goldman, Goldman, it's, Satya Nadella, Francine McKenna Organizations: Investors, Big Tech, Service, Microsoft, Apple, Windows, Bloomberg Locations: Redmond, Washington, OpenAI

☆ $2 billion marina development aims to turn Fort Lauderdale into 'mini Monaco'
▼ + stars: | 2024-10-30 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

Renderings of plans for a new development at the Bahia Mar marina in Fort Lauderdale, Florida. Courtesy: ArX CreativeA team of developers including Related Group is launching a $2 billion development at the largest marina in Fort Lauderdale, Florida, aiming to create a "mini Monaco," according to executives. Renderings of plans for a new development at the Bahia Mar marina in Fort Lauderdale, Florida. Renderings of plans for a new development at the Bahia Mar marina in Fort Lauderdale, Florida. Renderings of plans for a new development at the Bahia Mar marina in Fort Lauderdale, Florida.

Persons: —, Nick Perez, Jorge Perez, Jimmy Tate, Perez Organizations: Fort Lauderdale, Related, Miami, Tate Capital, Rok Enterprises, Fort, U.S, Enterprises Locations: Bahia Mar, Fort Lauderdale , Florida, Bahia, Fort, Fort Lauderdale —, South Florida, Monaco, Regis, Fort Lauderdale, Europe, Latin America

☆ Over 90% of AWS's biggest data center customers are now using its homegrown Graviton chips, executive says
▼ + stars: | 2024-10-29 | by ( Eugene Kim | ) www.businessinsider.com time to read: +4 min

AWS's Graviton CPU chips are used by over 90% of its 1,000 largest data center customers. AWS's custom silicon strategy includes AI chips like Inferentia and Trainium. AdvertisementIn 2018, Amazon Web Services launched Graviton, its own line of homegrown central processing unit chips for data center servers. Big enterprises, such as Epic Games, Databricks, and Pinterest, are all major Graviton customers, he said. "We will absolutely continue to drive innovation in custom silicon as we have been doing for the past 10-plus years."

Persons: —, Rahul Kulkarni, Kulkarni, Graviton, James Hamilton, Bernstein, AWS's Kulkarni, Jassy Organizations: Service, Amazon Web Services, Intel, AMD, Epic, Annapurna Labs, Bernstein Research, AWS Locations: Israel

☆ Scandals in China and Australia hit Big 4 giant PwC, but global revenues reached a record high
▼ + stars: | 2024-10-29 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

After two scandals this year, PwC's business in the Asia-Pacific region has fallen. While PwC faced these regional setbacks, it hit record-high revenues and hired 10,000 new employees. AdvertisementAfter scandals in Australia and China this year, PwC has lost business in the Asia-pacific region. AdvertisementDespite the regional impact on the business, PwC posted an overall growth of 3.7% to reach record-high gross revenues of $55.4 billion. Like other leading consultancies, PwC has been hit by falling demand for consulting services, and its growth rate has slowed.

Persons: PwC, —, Mohamed Kande, Uber, we've Organizations: Service, Big, PwC, Google, Australian Financial, EY, Deloitte Locations: Asia, China, Australia, India

☆ The end of American careerism
▼ + stars: | 2024-10-28 | by ( Aki Ito | ) www.businessinsider.com time to read: +13 min

AdvertisementClimbing the corporate ladder was once the cornerstone of the American dream. Maybe that's why earlier this year, a young New Yorker struck a chord on TikTok when he vowed to "descend the corporate ladder." Eventually, he got promoted into a corporate office role, and that opened up even more opportunities for advancement. "That was a betrayal from a company I had been incredibly dedicated to," Zack told me. Besides, the dream of climbing the corporate ladder was probably never as great as it seemed to be.

Persons: Zack, I'm, I've, Randstad, James Yates, Dell, careerism, Benjamin Franklin —, Shoshana Zuboff, James, he's, who's, Gen, Xers, Gen Zers, Michel Anteby, Aki Ito Organizations: New Yorker, Industrial, . Companies, Harvard Business School, BI, Professionals, Gallup, Boston University, Business Locations: United States, Italy, Spain, New Zealand, New, America

☆ How US enterprises drive digital sales with seamless and scalable payment solutions
▼ + stars: | 2024-10-28 | by ( ) www.businessinsider.com time to read: +5 min

Companies must consider customers' desire for local payment methods, frictionless transactions, and evolving government regulations. For both enterprises, a payment platform must do more than simply accept transactions: It must easily adapt to different markets, audiences, and regulatory environments. That's why they have chosen a single-source payment platform to help them innovate and grow. This included payment methods like Momo in Vietnam, Bank Transfer in Indonesia, Pix in Brazil, and UPI in India. Seamless payment processes drive businessEnterprises looking to grow need a payment partner that meets business requirements as well as consumer preferences.

Persons: Dave Wolf, Fubo, Erik Gerson, Adyen, Momo, we've, Wolf, tokenization, Gerson Organizations: Companies, Meta, Reality Labs, Fubo, UPI, tokenization, Insider Studios Locations: Vietnam, Indonesia, Pix, Brazil, India, Adyen

☆ Bret Taylor’s AI startup Sierra raises funding at $4.5 billion valuation
▼ + stars: | 2024-10-28 | by ( Kate Rooney | ) www.cnbc.com time to read: +2 min

Bret Taylor, co-CEO of Salesforce, speaks at the Viva Technology Conference in Paris on June 15, 2022. Artificial intelligence startup Sierra, co-founded by ex-Salesforce co-CEO Bret Taylor, is more than quadrupling its valuation to $4.5 billion in a fresh funding round. The San Francisco-based company, which was valued at $1 billion in January, raised $175 million in a funding round led by Greenoaks Capital. Sierra is focused on helping enterprises like home security company ADT , Sonos , Weight Watchers and Casper personalize and implement AI agents for customer service. Taylor describes Sierra as "conversational AI," and bristles at the word "chatbot," even banning the phrase in the company's downtown San Francisco office.

Persons: Bret Taylor, Sierra, Taylor, Marc Benioff, Elon Musk, Clay Bavor, Casper personalize, Bavor, ICONIQ, Josh Kushner’s Organizations: Salesforce, Viva Technology Conference, Greenoaks Capital, Twitter, Elon, Google, Sierra, Google Labs, CNBC Locations: Paris, San Francisco

☆ Earnings playbook: Busiest week of the season includes reports from megacaps Apple and Amazon
▼ + stars: | 2024-10-27 | by ( Fred Imbert | ) www.cnbc.com time to read: +7 min

Monday Ford Motor is set to report earnings after the bell, followed by a conference call at 5 p.m. What history shows: Bespoke Investment Group data shows Ford beats earnings expectations 68% of the time. What to watch: Meta is in a good spot heading into this week's report, according to Bernstein's Mark Shmulik. Microsoft is set to report earnings after the close, with a conference call on deck for 5:30 p.m. Amazon is set to report earnings after the market close, with a conference call at 5 p.m.

Persons: Edison Yu, Yu, BioNTech, Goldman Sachs, Toshiya Hari, Hari, LSEG, Bernstein's Mark Shmulik, Morgan Stanley's Keith Weiss, AAPL, KeyBanc, Justin Post Organizations: Apple, Ford Motor . Pharmaceutical, Pfizer, Corporate America, Monday Ford, LSEG, Ford, AMD, Cloud Service, Google, Microsoft, Windows, CNBC, Management, Amazon Web Services, Bank of America, Amazon Locations: Temu, .

☆ What investors are watching Friday: Emerging markets and a top AI stock
▼ + stars: | 2024-10-25 | by ( Frank Holland | In Frank-Holland | ) www.cnbc.com time to read: +3 min

(This is a wrap-up of the key money moving discussions on CNBC's "Worldwide Exchange" exclusive for PRO subscribers. Worldwide Exchange airs at 5 a.m. A bullish take on emerging markets and insight into an artificial intelligence company were also discussed. CEO Alan Trefler appeared on "Worldwide Exchange" to discuss outlook for the future of his business. Eyeing emerging markets for opportunity Alan McKnight of Regions Bank is bullish emerging markets, citing the outperformance since the Fed rate cut in September but said China is a key factor.

Persons: Katrina Dudley, Franklin Templeton, Dudley, Wells, Alan Trefler, Alan McKnight, McKnight, it's Organizations: PRO, Worldwide, Federal Reserve, Verizon, Mobile, Citi, Regions Bank Locations: China, India, Brazil

☆ 46 people hospitalized with food poisoning in Maryland after sharing meal prepared by coworker
▼ + stars: | 2024-10-24 | by ( Marlene Lenthang | Marlene Lenthang Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +2 min

Forty-six people were hospitalized in a "foodborne illness outbreak" after sharing a dish at their workplace in Maryland, officials said. The Howard County Health Department said it was working with the Maryland Department of Health to investigate the exact cause of the incident. “Preliminary indications are that the illness was related to outside food prepared by an employee and shared with others at the facility,” the department said. The Maryland Health Department reiterated on X it was “not currently aware of any risk of further illnesses connected to this incident.”The incident unfolded at NAFCO Wholesale Seafood Distributors, WBAL reported. Our headquarters and facilities are regularly inspected and monitored by the relevant health authorities to ensure compliance with all health and safety regulations,” the company said.

Persons: ”, “, WBAL, Stanley Pearlman, NAFCO Organizations: Fire, Rescue, NBC News, Health Department, Maryland Department of Health, Maryland Health Department, Wholesale Seafood Distributors, Stanley Pearlman Enterprises Locations: Maryland, Howard, Chesapeake Bay, Jessup, Baltimore

☆ Srini Venkatesan Is Using AI to Create PayPal Personalization Features
▼ + stars: | 2024-10-24 | by ( Eugene Kim | ) www.businessinsider.com time to read: 1 min

Venkatesan, the executive vice president and chief technology officer of PayPal, is in charge of the payment company's new AI-driven personalization products. In this role, Venkatesan uses PayPal's 200 petabytes of transaction data to help small businesses and large enterprises sell more products and to help save money for consumers. Before joining PayPal in June, Venkatesan was EVP of the Walmart US Omni Platforms and Tech organization, where he helped use AI to blur the lines between offline and online shopping. See Business Insider's full AI Power List

Persons: Venkatesan Organizations: PayPal, Walmart, Omni, Tech

Amid the flurry of partnerships announced on the occasion was a deal between Reliance and Nvidia to build AI infrastructure in India. Nvidia on Thursday announced a slew of partnerships with major Indian firms and launched a Hindi language model, as the American chip company looks to ramp up business in one of the world's biggest technology markets. Nvidia also announced Nemotron-4-Mini-Hindi 4B — a small language model in Hindi, the widest-spoken of India's multitude of languages. Companies running Nvidia hardware can deploy this language model, while Indian IT consultancy Tech Mahindra is using Nvidia's model to launch its own Hindi AI model, Project Indus 2.0. "India is very, very dear to the world's computer industry, central to the IT industry," Huang said.

Persons: Huang, Jensen Huang, Akshay Kumar, Mukesh Ambani, Narendra Modi, Modi, Neil Shah, Shah Organizations: Reliance, Nvidia, Yotta, Tata Communications, Reliance Industries, Companies, Indian, Tech Mahindra, Infosys, Wipro, TCS, Reliance Jio, Ambani's Reliance Industries, Counterpoint Research, CNBC Locations: India, Mumbai, American

☆ Microsoft to roll out new autonomous AI agents next month, fending off challenge from Salesforce
▼ + stars: | 2024-10-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Starting next month, they'll move into public preview, meaning more organizations can start building AI agents of their own. AI agents can act as virtual workers that can carry out a series of tasks without supervision. Microsoft demonstrated how its autonomous AI agents work. Competition is fierceMicrosoft is doubling down on AI agents at a time when competition is intensifying up in the red-hot artificial intelligence space. Microsoft 365 Copilot is a service offered by the tech giant that embeds generative AI into its suite of productivity apps.

Persons: Satya Nadella, Dimas Ardian, they'll, Jared Spataro, Salesforce, Zahra Bahrololoumi, —, Bahrololoumi, I'm, Marc Benioff Organizations: Bloomberg, Getty, Microsoft, Copilot, Dynamics, McKinsey, CNBC, Crown Commercial Service Locations: Jakarta, Indonesia, Salesforce, London, U.S, San Francisco, Ireland, Copilot

☆ Cisco strategy manager says combining 5G with established tech can help companies get ahead
▼ + stars: | 2024-10-18 | by ( Erica Sweeney | ) www.businessinsider.com time to read: +5 min

This article is part of "5G and Connectivity Playbook," a series exploring one of our time's most important tech innovations. But to get the most value out of it, organizations should focus on how it interacts with the complementary technologies surrounding it, Dan Crawford, a strategy manager at Cisco, said. BI spoke with Crawford about these challenges, the types of complementary technologies that can help companies boost connectivity, and how they could unlock 5G's full potential. What types of complementary technologies should companies focus on to enhance 5G's capabilities? How does breaking down siloes and focusing on complementary technology benefit businesses?

Persons: —, Dan Crawford, Crawford, We're Organizations: Service, Cisco, 5G

☆ Overseas UK territories are the ‘biggest enablers of corporate tax abuse,’ tax advocacy group says
▼ + stars: | 2024-10-17 | by ( Dylan Butts | ) www.cnbc.com time to read: +4 min

Advocacy group Tax Justice Network has ranked the British Virgin Islands, followed by the Cayman Islands and Bermuda as "most complicit" in helping corporations underpay corporate income tax. Traffic_analyzer | Digitalvision Vectors | Getty ImagesBritish overseas territories are the world's top enablers of corporate tax abuse, according to a ranking by tax advocacy group Tax Justice Network. The British Virgin Islands is the territory "most complicit" in helping multinational corporations underpay corporate income tax, followed by the Cayman Islands and Bermuda, according to the latest update to TJN's Corporate Tax Haven Index earlier this month. TJN estimates that the UK and its British tax havens cost other countries an estimated $84 billion in corporate taxes annually. Defending themselves against the charges made by the advocacy group, spokespersons from some of the governments said they were in full compliance with international tax standards set by the Organisation for Economic Co-operation and Development.

Persons: FCDO, Broad, TJN, pushback Organizations: Tax, Network, Getty Images, Tax Justice Network, Corporate, TJN, CNBC, Switzerland, Organisation for Economic Co, Development, British, Foreign, Commonwealth, Development Office, OECD, CRS, Crown Dependencies, Overseas, BVI Finance, British Virgin Islands, UK Government, United Nations, UN Locations: British Virgin Islands, Cayman Islands, Bermuda, British, Singapore , Hong Kong, Netherlands, United Kingdom, Jersey, Overseas Territories, British Virgin, U.S, Australia, Canada, Israel, Japan, New Zealand, South Korea

☆ Small caps just hit levels not seen in nearly three years
▼ + stars: | 2024-10-17 | by ( Fred Imbert | Kavitha Shastry | ) www.cnbc.com time to read: +2 min

Small-cap stocks are looking very good right now. Lower rates can boost smaller companies by allowing them to borrow money for cheaper and expand their businesses. Smaller companies are more vulnerable to economic cycles. Despite this recently strong performance, small caps are still lagging their large-cap counterparts for the year. To be sure, some on the Street are pointing to another driver for small caps: the potential of a Trump victory on Election Day.

Persons: Russell, IWM, JC O'Hara, Roth MKM, Eric Johnston, Cantor Fitzgerald, Donald Trump, Kamala Harris, Cantor, Howard Lutnick Organizations: Federal Reserve, Fed, Insight Enterprises, Trump Locations: China

☆ Tech execs from Salesforce and Qualcomm share their best practices for implementing AI in the workplace
▼ + stars: | 2024-10-15 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +5 min

Tech execs discussed AI's role in the workplace at the trade show MWC Las Vegas. "And where I'm seeing a little bit more hesitation and where people really need to invest in their red-teaming efforts, really need to invest in their evaluation frameworks, is those large external-facing use cases that are actually going to touch millions of customers," Williams added. AdvertisementOthers cautioned about companies getting swept up in the AI boom and implementing AI just for the sake of it. In her keynote, Salesforce's Goldman concluded with the importance of "making sure that we're leveraging AI in service of human strengths." "To make AI work for our businesses, we have to first make sure it works for the people our businesses serve and the people our businesses employ," she said.

Persons: —, We've, Durga Malladi, Shankar Arumugavelu, Arumugavelu, Paula Goldman, Salesforce's, Goldman, Julian Williams, Williams, Piers Sanders, Salesforce's Goldman Organizations: Tech, MWC, Vegas, Service, Mobile, Congress, Verizon, Qualcomm, Verizon Global Services, AI, VC, MWC Las Vegas, Sand Technologies Locations: Anthropic

☆ Macao's next leader wants to wean economy off gambling
▼ + stars: | 2024-10-14 | by ( Dylan Butts | ) www.cnbc.com time to read: +2 min

Slated to become the next leader of Macao, Sam Hou Fai wants to steer China's special administrative region further away from its heavy reliance on gaming and gambling. Formerly Macao's top judge, Sam was elected Macao's next leader in an uncontested vote on Sunday. In the lead-up to his selection, the 62-year-old identified the diversification of Macao as an urgent issue to address. He added he would consider creating public funds to promote the development of emerging industries outside gaming and gambling. However, that reliance backfired during the Covid-19 pandemic when the gambling and gaming industries took major hits from border closures and social distancing policies.

Persons: Sam Hou Fai, Sam, Macao's, Ho Iat Seng, wouldn't, Seng Organizations: Trade, Beijing Locations: China, Macao, Greater China, Beijing

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