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In today's big story, China isn't proving to be the economic promised land US companies once hoped for . US-China relations have been on shaky ground for a while, to put it mildly. But despite the growing animosity, US corporations' push to sell things to Chinese consumers has been a middle ground everyone can agree on. AdvertisementTaiwan Semiconductor Manufacturing Company makes vital hardware components for most the world's chip companies, including industry giant Nvidia. Nvidia CEO Jensen Huang recently said his company has a backup plan if things were to kick off in Taiwan .
Persons: , Jamie Dimon, Tyler Le, Insider's Linette Lopez, It's, that's, Kiran Ridley, Stringer, Getty, Jensen Huang, Huang, Alyssa Powell, Trump, Harris, isn't, Howard Marks, Marks, Rebecca Noble, Vance, Tom Brady, Jeff Bezos, it's, Ryan Routh, Donald Trump, Dan DeFrancesco, Jordan Parker Erb, Jack Sommers, Amanda Yen, Grace Lett, Milan Sehmbi Organizations: Service, Business, China Xinhua News Agency, Getty, Apple, Nike, Huawei, Taiwan Semiconductor Manufacturing Company, Nvidia, Billionaire, Economic Forum Locations: Washington ,, China, China . US, Washington, Beijing, Taiwan, USA, Florida, New York, London, Chicago
Franklin Templeton's Yi Ping Liao describes the South Asian country as "a fertile hunting ground to identify stocks." And if this continues, you can potentially see lower equity risk premiums for the market," the assistant portfolio manager told CNBC Pro on Sept. 12. She likes that the Indian market offers the "opportunity to identify good stocks," following an improvement in its breadth. Among the names Liao is betting on is automaker Tata Motors . Elsewhere, in the tourism and hospitality industry, the portfolio manager likes hotel chain Indian Hotels — the company behind premium brands like Taj, Vivanta and Ginger.
Persons: Franklin Templeton's Yi Ping Liao, Liao, Franklin, Morgan Stanley, China's, Vivanta, Ginger, India's financialization Organizations: CNBC Pro, Templeton, Growth, IMI, Bombay Stock Exchange, World Economic, Bain & Company, Tata Motors, Tata, Apollo, Max Healthcare Institute, Insurance, Taj, HDFC Bank, ICICI Bank, Kotak Mahindra Bank Locations: India, Asia, China, U.S
Dalio made his remarks Wednesday ahead of the U.S. Federal Reserve's interest rate decision. Debt, money and the economic cycleWith uncertainty still circling around what the Fed will do at its meeting this week, Dalio raised concerns about how the country's debt will be managed. 'Acts of nature'Dalio then said "acts of nature" have historically posed a bigger threat to humanity and society than war. "Acts of nature, droughts, floods and pandemics have killed more people and been responsible for more domestic orders and international orders changing," Dalio noted. According to the World Economic Forum, the climate crisis results in a 12% loss in global GDP for each 1°C increase in temperature.
Persons: Ray Dalio, Dalio, Kamala Harris, Donald Trump Organizations: Bridgewater Associates, Milken Institute Asia Summit, Bloomberg, Getty, SINGAPORE, Milken, Summit, U.S, CNBC Fed, Economic, Technology Locations: Singapore, U.S, U.S . Federal, China, The U.S, South China
Sam Altman, CEO of OpenAI, during a panel session at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024. He may not have known it at the time, but in 2005 Sam Altman took a risk that changed the trajectory of his career. It "seemed like a really fun thing to try," Altman, 39, told students during an interview at his alma mater, the St. Louis-area John Burroughs School. On the other hand, a one-way door risk is harder to undo. The risky thing is to not go try the things that might really work out.
Persons: Sam Altman, That's, Altman, OpenAI Altman, Jeff Bezos, Lex, Bezos Organizations: Economic, John Burroughs School Locations: Davos, Switzerland, Stanford, Louis
WalletHub released its ranking of the best and worst states for gender equality in 2024. Utah is the worst state for gender equality. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIn June 2024, the World Economic Forum released its "Global Gender Gap Report 2024," which documented the state of gender equality using economic participation and opportunity, educational attainment, health and survival, and political empowerment as its dimensions.
Persons: WalletHub, Organizations: Utah, Service, Economic, US, Business
Check out the companies making headlines in midday trading: Palantir Technologies , Dell Technologies — Palantir and Dell jumped 14% and nearly 4%, respectively, following the announcement after the bell Friday that both stocks would join the S & P 500 before the open on Sept. 23. Palantir is set to take American Airlines' spot, while Dell is going to replace Etsy. JetBlue Airways — The airline stock popped around 7% after Bank of America analyst Andrew Didora upgraded the firm to neutral from underperform. Cannabis stocks — Cannabis stocks moved higher after former President Donald Trump said in a Truth Social post that he will support legalizing adult marijuana use in Florida. A logo outside the Palantir Technologies pavilion ahead of the World Economic Forum in Davos, Switzerland, on Jan. 15, 2024.
Persons: Dell, Merck's, Andrew Didora, Didora, Arm's, Donald Trump, , Alex Harring, Hakyung Kim, Yun Li, Jesse Pound, Michelle Fox, Stefan Wermuth Organizations: Palantir Technologies, Dell Technologies, American Airlines, Etsy, Therapeutics, Merck, JetBlue Airways —, Bank of America, JetBlue, Boeing, Citi, Federal Reserve, Arm Holdings, Financial, Apple, Monday, United States Steel, JPMorgan, Nippon Steel, Tilray Brands, Cannabis ETF, Economic, Bloomberg, Getty Locations: Florida, Davos, Switzerland
Mustafa Suleyman, co-founder and chief executive officer of Inflection AI UK Ltd., speaks at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024. In March, Microsoft announced the hiring of Suleyman from Inflection, along with a number of other key employees at the firm. Suleyman was appointed Microsoft's executive vice president and CEO of Microsoft AI. The CMA had not previously spelled out exactly how the hiring of Inflection AI employees could undermine competition. The Inflection arrangement isn't the only pact with a Big Tech company and AI startup that regulators in the U.K. are assessing.
Persons: Mustafa Suleyman, DeepMind, Suleyman, Karen Simonyan, Simonyan Organizations: Ltd, Economic, LONDON, U.K, Markets Authority, Microsoft, Windows, DeepMind, Google, CMA, CNBC Wednesday, Reuters, Street Journal, Big Tech, Amazon, Federal Trade Commission Locations: Davos, Switzerland, U.S, Britain, Redmond, Washington
AdvertisementMissy Scalise has begun using AI to cut down on the amount of work she has to do after hours. In 2023, the World Economic Forum reported that employers expected 44% of workers' skills to be "disrupted" within five years. Another challenge with inserting AI into an organization is that it's often difficult to tell which skills workers possess and where they might need training. Charlotte Relyea, a senior partner at McKinsey & Co., believes that leaders need to plan now so they can better forecast the abilities workers will need. Leaders need to think about this as a transformation — what she described as "painting the picture of the future."
Persons: Missy Scalise, Ascension Saint, Suki, Scalise, Chesley Summar, Ravin, Mercer, Jesuthasan, It's, Jon Lester, Lester, it's, Julia Grace Samoylenko, Samoylenko, Gallup, Johnson, Elise Smith, Smith, They're, haven't, you've, Nathalie Scardino, Scardino, Charlotte Relyea, Relyea, she's Organizations: Ascension, International Monetary Fund, Economic, IBM, Johnson, Praxis Labs, Labs, McKinsey & Co, McKinsey Locations: Nashville, upskilling
Thomas is among what retirement experts are calling "silver squatters" — adults in their mid-50s who are even more woefully unprepared than some boomers, despite being about a decade away from retirement. This group of Gen Xers — the generation of Americans aged 43 to 59 — largely expects to postpone or work past their retirement. AdvertisementA majority also don't expect to receive any inheritance, despite their boomer predecessors holding onto trillions in wealth. The gap in retirement readiness could be due to the "unique" challenges of Gen Xers, according to Dylan Tyson, the head of retirement strategies at Prudential. Around half of Gen Xers are saving without a general plan for retirement, Prudential found.
Persons: Jim Thomas, he's, Thomas, He's, Pete Welch, Gen Xers, they'll, René, We're, Xers, Dylan Tyson, Inspira's Welch, there's, Welch, Tyson, expectancies, undersaved — Organizations: Service, Business, Social Security, Prudential Financial, Inspira, Prudential Locations: Austin , Texas
Subscription revenue growth grew 17%. With respect to guidance, Workday is now looking for an adjusted operating margin of 25.25% in the 2025 fiscal year, compared with the 25% forecast it provided in May. In September 2023, Workday said it was targeting a 25% adjusted operating margin for fiscal year 2027 and subscription revenue growth between 17% and 19%. Deutsche Bank analysts led by Brad Zelnick increased their 12-month price target on Workday stock to $275 from $265. "The increased 30% operating margin target was the big upside surprise as it is now committed both sooner and greater than most were expecting," the analysts wrote.
Persons: Carl Eschenbach, Zane Rowe, Rowe, We're, Brad Zelnick, Piper Sandler, Jerome Powell, Carl Eschenbach didn't, Julie Biel Organizations: Deutsche Bank, Citi, Evercore ISI, Computing Fund Locations: Davos, Switzerland
Cisco CEO Chuck Robbins participates in a Bloomberg Television interview at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2023. Cisco shares jumped about 7% on Thursday for their best day since November 2020, after the computer networking company said it's cutting 7% of its workforce and reported quarterly results that beat analyst estimates. Cisco reported $13.64 billion in revenue for the quarter, ahead of Wall Street estimates of $13.54 billion. Revenue fell 10% from the year-ago quarter, marking the third straight quarter of sales declines. WATCH: Cisco CEO Chuck Robbins on Q4 results
Persons: Chuck Robbins, Morgan Stanley, CNBC's, Robbins, — CNBC's Michael Bloom, Ari Levy Organizations: Cisco, Bloomberg, Economic, Revenue, Bank of America Locations: Davos, Switzerland
For the third quarter, Uber expects bookings of $40.25 billion to $41.75 billion. Uber's "monthly active platform consumers" (MAPCs) reached 156 million in the second quarter with 2.77 billion trips via the Uber platform. This compares to 137 million MAPCs and 2.28 billion trips during the same period a year ago. Uber also reported $1.02 billion in net income for the quarter, which included a $333 million pre-tax benefit from "revaluations of Uber's equity investments." The companies also plan "to collaborate on future BYD autonomous-capable vehicles to be deployed on the Uber platform," Uber said on Tuesday.
Persons: Dara Khosrowshahi, Uber, Gross, Instacart, Tesla Organizations: Uber, LSEG Revenue, Bank of America Locations: Davos, Switzerland, Europe, Latin America, U.S
I went on a go-kart tour through the streets of Tokyo last year for $125. The driving tour lasted one hour and took us to some of the main attractions in Tokyo. Go to newsletter preferences Thanks for signing up! In a city filled with options, I've found one of the most thrilling, unique ways to explore it is with a go-kart tour. Last year, I booked a one-hour go-kart tour through Monkey Kart, which offers several options and routes.
Persons: , I've, Mario Kart Organizations: Service, Economic, Monkey Kart, Nintendo, Business Locations: Tokyo, Japan
A light rain fell at the Zurich airport one Sunday morning in January 2023 as Sarah Kate Ellis made her way from a seat in Delta’s most exclusive cabin to a waiting Mercedes. It was there to chauffeur her to the Swiss Alps, where she and her colleagues would stay at the Tivoli Lodge, a seven-bedroom chalet that cost nearly half a million dollars to rent for the week. Ms. Ellis, who was en route to the World Economic Forum in Davos, doesn’t run a Wall Street bank or a high-flying tech start-up. She is the chief executive of the nonprofit organization GLAAD, one of the country’s leading L.G.B.T.Q. The trip was part of a pattern of lavish spending at GLAAD, much of it by Ms. Ellis, that may have violated the organization’s own policies as well as Internal Revenue Service rules.
Persons: Sarah Kate Ellis, Mercedes, Ellis, doesn’t Organizations: Economic, GLAAD, The New York Times, Revenue Service Locations: Zurich, Delta’s, Swiss, Davos
Cohere, the artificial intelligence startup founded by ex-Google AI researchers and backed by Nvidia , cut about 20 roles on Tuesday, CNBC confirmed. Despite the cuts, Cohere is hiring in areas such as customer operations, partnerships, revenue, sales, product design and modeling, according to its website. In June 2023, Cohere raised $270 million at a $2.2 billion valuation, with Salesforce and Oracle participating in the funding round. Many customers include businesses in banking, financial services and insurance, Kon told CNBC in the past. In November, Cohere told CNBC it saw an uptick in customer interest after OpenAI's sudden and temporary ouster of CEO Sam Altman.
Persons: Aidan Gomez, OpenAI, Cohere, Fortune, It's, Anthropic, Claude chatbot, Martin Kon, Kon, Sam Altman Organizations: Cohere Inc, Economic, Cohere, Google, Nvidia, CNBC, AMD, Oracle, Salesforce, Company, White, Enterprise Locations: Davos, Switzerland, Cohere, Cohere's
Africa is doubling down on its space ambitions
  + stars: | 2024-07-17 | by ( Amy Gunia | ) edition.cnn.com   time to read: +8 min
“It was really giving me a hard time in my mind.”Now Ouattara is helping to lead Africa into space. Early this year, Ouattara became the first president of the African Space Council, which oversees the newly inaugurated African Space Agency (AfSA). VCG/Getty ImagesAfrica’s space industry could be worth $22.6 billion by 2026, up from $19.5 billion in 2021, according to the consultancy Space in Africa. Better data from Earth observation could unlock more than $2 billion in value for Africa, according to a 2021 report by the World Economic Forum. More than 20 countries now have national space programs, and African nations budgeted more than $400 million for the sector in 2024, according to Space in Africa.
Persons: Tidiane Ouattara, , , Ouattara, Temidayo Oniosun, Aloyce, Deche, Andrew Nyawade, Simon Maina, that’s, “ It’s, Oniosun, ” Oniosun, ” Ouattara Organizations: CNN, Moon, African Union Commission, African Space Council, Space Agency, , World Economic, World Bank Group, Kenya Space Agency, University of Nairobi, Getty, African Development Bank, European Space Agency Locations: Ivory Coast , West Africa, stargaze, Canada, Africa, Ivory Coast, Inner Mongolia Autonomous Region, China, Egypt, Cairo, ” Africa, South Africa, Ghana, Kenya, Bulgaria, AFP,
Mustafa Suleyman, co-founder and chief executive officer of Inflection AI UK Ltd., speaks at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024. If it finds reason to investigate further, the CMA can refer the case for an in-depth investigation, known as a "Phase 2" probe. The CMA said it would announce a decision on whether to refer the case for a Phase 2 investigation by Sept. 11. Microsoft announced in March it had hired Suleyman from Inflection, along with a number of other key employees at the firm. Both Suleyman and Simonyan were former employees of DeepMind, the Google-owned AI lab.
Persons: Mustafa Suleyman, Inflection's, Suleyman, Karen Simonyan, Simonyan Organizations: Ltd, Economic, Britain's, Markets Authority, CMA, Microsoft, DeepMind, Google Locations: Davos, Switzerland, Washington
Three of our Club rate plays — solar panel company Nextracker , Stanley Black & Decker , and Ford — were our top-performing stocks for the week. Friday also ushered in the start of the second quarter earnings season. Earnings Club name Morgan Stanley reports second-quarter earnings before Tuesday's opening bell. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Nextracker, Stanley Black, Decker, Ford —, Wells Fargo, Morgan Stanley, Abbott, Goldman Sachs, Charles Schwab, JB Hunt, Johnson, Ally, Kinder Morgan, Horton, Huntington, Jim Cramer's, Jim Cramer, Jim, Ted Pick, Adam Galici Organizations: Dow Jones, Nasdaq, Big Tech, PPI, Abbott Laboratories, Libre Rio, Bank of America, PNC Financial, PNC, Pinnacle Financial, Housing, U.S . Bancorp, Northern Trust Corporation, Citizens, United Airlines, Alcoa, Steel Dynamics, Green Realty, Taiwan Semiconductor, Nokia, Infosys Technologies, McLennan Companies, T Bank Corp, Forestar, Novartis, Textron, Netflix, PPG Industries, AAR, American Express, Fifth Third Bancorp, Halliburton, HAL, Comerica, CMA, Financial, Jim Cramer's Charitable, CNBC Locations: Wells, BlackRock, BLK, U.S, Marsh, Davos, Switzerland
AdvertisementBusiness Insider spoke with two members of the Roadmap Generation and several of the HR professionals and executives who hire and oversee them. Many members of the Roadmap Generation are trying to set themselves up for future financial success by starting and stoking their portfolios early. Ambitious young professionals are prioritizing skills development early in their careers in the hopes of finding future success. Tom WernerFor all of their clear-eyed assuredness, however, the Roadmap Generation is also open-minded and curious, older bosses said. Dhunjisha agreed and suggested there's a simple way for a company to keep its Gen Z employees long-term.
Persons: , Javi Galarce, Galarce, Z, Astad Dhunjisha, Dhunjisha, Gen Z's, Gen Z, Gen, Cassie Fields, Fields, Dia Dipasupil, Austin Curtis, Curtis, We're, Mark Pierce, Pierce, Tom Werner, Zers, Jon Hill Organizations: Service, University of Iowa, Business, Deloitte, University of Oklahoma, Wyoming Trust Locations: Texas
“Today, I would like to announce that a settlement has been reached in the civil trial with the three perpetrators who were found guilty in the criminal trial,” Gonoi said. Authorities initially seemed unwilling to believe her but Gonoi’s refusal to be silenced eventually prompted prosecutors to reopen investigations in a sweeping probe into sexual harassment across the JSDF. The broad investigation led by Japan’s defense ministry found that Gonoi had suffered physical and verbal sexual harassment daily between late 2020 and August 2021. Not backing downAs a child, Gonoi said she saw JSDF members as heroes. The defense ministry eventually launched a broad investigation into sexual harassment across the JSDF that found Gonoi had suffered physical and verbal sexual harassment daily between late 2020 and August 2021.
Persons: Hong Kong CNN —, Rina Gonoi, ” Gonoi, Gonoi, , Yoshiaki Saito, Japan’s, Kazuhiro Nogi, Fumio Kishida, Boram Jang, “ Rina Gonoi, ” Jang Organizations: Hong Kong CNN, , Japan Self, Defense Force, NHK, CNN, Japan’s Ministry of Defense, Authorities, Getty, Japanese, Gonoi, Amnesty Locations: Tokyo, Hong Kong, Japan, Higashi, Japan’s, Miyagi, Fukushima, AFP, East Asia
A former employee of the World Economic Forum, the nonprofit organization behind the glittery annual gathering of business and political leaders in Davos, Switzerland, sued the group and its founder, Klaus Schwab, on Monday, accusing them of workplace discrimination. In a lawsuit filed in U.S. District Court in Manhattan, Topaz Smith, who is Black, said the organization embraced a “scofflaw approach to anti-discrimination laws” and oversaw a hostile atmosphere toward women and Black workers. She added that it denied her and other Black employees opportunities to advance professionally. The accusations are the latest black eye for the nonprofit, whose conferences — particularly the one in Davos in January — have become destinations for the global elite to meet and network under the auspices of saving the world. (The theme of this year’s forum in Davos was “Rebuilding Trust,” while last year’s was “Cooperation in a Fragmented World.”)An article in The Wall Street Journal last month, citing internal complaints and interviews with current and former employees, said workers had accused the organization of sexual harassment and racism.
Persons: Klaus Schwab, Topaz Smith, Organizations: Economic, Cooperation Locations: Davos, Switzerland, U.S, Manhattan
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA former employee at the World Economic Forum — the organizer of the illustrious Davos summit in the Swiss Alps — has accused the NGO and its founder, Klaus Schwab, in a lawsuit of pregnancy and race discrimination. Additionally, Smith said that after she announced her pregnancy in 2023, her position at the Forum "began deteriorating," according to the lawsuit. Others said they experienced sexual harassment by senior managers at the Forum as well as Davos VIP attendees, according to the Journal. In May, 86-year-old Schwab told staff in a memo he was stepping aside as the Forum's executive chairman as part of a planned transition.
Persons: , Klaus Schwab, Topaz Smith, Smith, Smith didn't, Sam Altman, Bill Gates, Schwab Organizations: Service, Davos, Business, World Economic Forum, Journal, Forum, . Locations: Davos, Swiss
Silkworm satay? Singapore approves insects as food
  + stars: | 2024-07-09 | by ( Heather Chen | ) edition.cnn.com   time to read: +2 min
Singapore’s state food agency (SFA) has approved 16 species of edible insects for sale and consumption in the country, according to a July 8 public circular addressed to food traders. Insects approved by the SFA include locusts, grasshoppers, mealworms and several species of beetle. “Insects are an overlooked source of protein and a way to battle climate change,” according to a 2022 report by the World Economic Forum. Live insects are commonly sold in Singapore as food for pets like songbirds and reptiles, but they could be a new and exciting option for human diners. “As the insect industry is nascent and insects are a new food item here, SFA has developed an insect regulatory framework which puts in place guidelines for insects to be approved as food,” SFA said.
Persons: nasi lemak, , Grasshopper tacos Organizations: CNN, SFA, ” SFA, World Economic, Grasshopper Locations: Singapore, Mexico, Thailand, Cambodia
Two World Economic Forum managers used the N-word in recent years, employees told The Wall Street Journal. AdvertisementTwo managers at the World Economic Forum used a racist word in front of employees in recent years, The Wall Street Journal reported on Saturday. According to the Journal, which interviewed more than 80 current and former employees, employees faced gender discrimination and racism, among other issues, at the Switzerland-based nonprofit. Best known for its annual conference in Davos, Switzerland, the nonprofit brings together top voices in government, business, and research. Staffed by about a thousand employees, the Forum brought in more than $400 million in 2022-2023, per its annual report.
Persons: Organizations: Economic, Wall Street, Service, Street, Business Locations: Switzerland, Davos
Read previewYou may have heard a version of the phrase, "AI won't take your job, it's somebody using AI that will take your job." Should you be more worried about losing your job to a human using AI or to the AI itself? He said software engineers who didn't experiment with AI tools usually didn't get the job. He asks all new hires what AI tools they use. "I think that the same is true of some of these basic, AI tools," he added.
Persons: , Richard Baldwin, Baldwin, it's, Jasmine Escalera, LiveCareer, Matt Betts, Morgan Stanley, Klarna, Mira Murati, Carl Benedikt Frey, Goldman Sachs, Escalera, Steve Kaufer, Logan Bartlett, Kaufer, Miller Organizations: Service, Growth, Business, Bain & Company, RHR, MIT, Stanford, IBM, Oxford University, Empire Entertainment
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