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☆ Analysis: Wage catch-up to prolong Europe's inflation battle
▼ + stars: | 2023-03-10 | by ( Balazs Koranyi | ) www.reuters.com time to read: +6 min

"Part of the wage increase is understandable," said Jens Ulbrich, chief economist at Germany's Bundesbank. Yet the rapid wage growth underway now will hamper the European Central Bank's efforts to get inflation back to its 2% target, and possibly force it to keep interest rates high for longer. "We are taking a first step, but much more is needed to reverse the years of lopsided wage growth," Kager added. "The inflation trend, food and especially energy prices are tearing deep holes in our workers' budgets," ver.di Chairman Frank Werneke said. "The high levels of wage growth projected for 2023 and 2024 can be expected to make wages an increasingly dominant driver of underlying inflation in the euro area," Lane says.

☆ We spoke with more than 50 CEOs, billionaires, execs, and government officials in Davos. Here are our 4 biggest takeaways.
▼ + stars: | 2023-01-25 | by ( Matt Turner | Cadie Thompson | ) www.businessinsider.com time to read: +10 min

Insider's Matt Turner and Cadie Thompson share their biggest takeaways from the World Economic Forum. More than 1,500 business leaders descended on Davos in the Swiss Alps last week for the World Economic Forum's annual meeting. The week of Davos, Alphabet published an explainer on its approach to AI signed by execs including CEO Sundar Pichai. "With every technology, there is good and then there's bad," Rima Qureshi, Verizon's chief strategy officer, told Insider. Several of those who spoke with Insider highlighted the need for much-greater collaboration among companies — and a willingness to experiment.

☆ Many office buildings are 'obsolete' and need to be converted or die, CEOs of some of real estate's biggest players told world leaders
▼ + stars: | 2023-01-18 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +4 min

It's time to face a harsher reality, real estate executives told financial and world leaders at the World Economic Forum's annual meeting in Davos, Switzerland, on Wednesday. The results of flexible work programs have hit the values of older office buildings in cities across the world as office tenants downsize. Sajwani, Palladitcheff, Ulbrich and Cantor Fitzgerald CEO Howard Lutnick all agreed that many office buildings will need to be repurposed or torn down. It's those less attractive places that face multiple challenges of crime and homelessness where the value of office buildings will deteriorate "quite quickly." Office buildings "will become eyesores and they will need to be fixed," Lutnick said.

But this could present an opportunity to address shortages of homes, property bosses said. "Office buildings need to be converted to residential," said Howard Lutnick, chairman and CEO of New York-based investment firm Cantor Fitzgerald, during a panel discussion. Offices are emptier than official data suggests as most buildings are still generating income for landlords. However, as these rental contracts expire, cities like New York will have a significant number of obsolete buildings, said Christian Ulbrich, CEO of global property consultancy JLL Inc. (JLL.N). Millions of workers were forced to work from home during lockdowns aimed at stalling the spread of COVID-19 in 2020.

☆ Real estate industry relies on predictability, says JLL CEO
▼ + stars: | 2023-01-18 | 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 EmailReal estate industry relies on predictability, says JLL CEOChristian Ulbrich, CEO at JLL, discusses how current macro economic pressures and uncertainty are impacting the real estate market.

☆ Davos: No recession after all? Business leaders more hopeful as China reopens
▼ + stars: | 2023-01-17 | by ( Julia Horowitz | ) edition.cnn.com time to read: +4 min

Davos, Switzerland CNN —Bullishness about the global economy has been in short supply among business leaders in recent months, with fears of recession clouding the outlook and restraining investment. That’s thanks in large part to China, whose sudden removal of strict coronavirus restrictions late last year is expected to unleash a wave of spending that may offset economic weakness in the United States and Europe. Near term, China is in the grip of its worst coronavirus outbreak, keeping many people indoors and emptying shops and restaurants in recent weeks. “I’m expecting a solid growth number for China in 2023,” said Kevin Rudd, president of the Asia Society and a former prime minister of Australia. “Maybe we will be surprised also in the first half of the year.”Averting a global recession is not a done deal, however.

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