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☆ There is one year worth of demand sitting in Chinese savings: McKinsey China
▼ + stars: | 2024-06-25 | 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 EmailThere is one year worth of demand sitting in Chinese savings: McKinsey ChinaJoe Ngai, Greater China Chairman for McKinsey discusses Chinese Premier Li's speech to the World Economic Forum in Dalian, saying the world needs to get used to slower growth in China.

Persons: McKinsey China Joe Ngai Organizations: McKinsey China, McKinsey, Economic Locations: China, Dalian

☆ HKEX CEO aims for more large-scale IPOs this year
▼ + stars: | 2024-06-25 | 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 EmailHKEX CEO aims for more large-scale IPOs this yearBonnie Chan, the new CEO of Hong Kong Exchanges and Clearing Limited, discusses her first 100 days and outlook at the World Economic Forum's Annual Meeting of the New Champions in Dalian, China.

Persons: Bonnie Chan Organizations: Hong Kong Exchanges, New Locations: Dalian, China

☆ Saudi Arabia may be forced to reassess megaprojects like Neom
▼ + stars: | 2024-06-25 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

The Kingdom's Vision 2030 plans feature several massive construction projects, including the futuristic megacity Neom and an entertainment project on the outskirts of Riyadh. Amine Mati, an assistant director at the IMF and its mission chief for Saudi Arabia, told The FT that Saudi authorities were "recalibrating" to assess whether some spending should be delayed. In public, Saudi has largely been keen to insist that the megaprojects, especially Neom, are on track. Experts previously told BI that Saudi Arabia was struggling to attract the foreign investment needed for the development. Representatives for Neom did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

Persons: —, Mohammed Al, Jadaan, Prince Mohammed bin Salman, Neom Organizations: Service, Business, BBC, Saudi, IMF, FT, Public Investment Fund, CNBC Locations: Saudi Arabia, Riyadh

☆ The fertility crisis is here and it will permanently alter the economy
▼ + stars: | 2024-06-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

In the 1960s, there were six people of working age for every retired person, according to the World Economic Forum. “What you’re seeing is increased spending on programs like Medicare and Social Security as the baby boomers are aging into those programs. And then of course, fewer workers relative to the number of people who are receiving Social Security and Medicare benefits,” said Dahl. Social Security payments still provide about 90% of income for more than a quarter of older adults in the United States, according to Social Security Agency surveys. But without intervention, the Social Security trust fund will be depleted by the mid-2030s, meaning that only a portion of retirees’ expected benefits will be paid out.

Persons: it’s, Louis, Simona Paravani, ”, Elon Musk, Kimberly, Clark, Mark Schneider, he’s, Emmanuel Macron, Donald Trump, Molly Dahl, Dahl, Eric Schmidt, ” Schmidt, Goldman Sachs, Stefano Scarpetta, Li Qiang, Juliana Liu, Joyce Jiang, Li, China’s, Xi Jinping, Biden, Max Prosecutors, haven’t, Max, Read Organizations: London CNN, Organisation for Economic Co, Development, Economic, Federal Reserve Bank of St, BlackRock, Disease Control, Congressional Budget Office, CBO, Social Security, Social, Social Security Agency, Google, Summit, Federal Reserve Bank of Richmond, OECD, ” Companies, West Chinese, CNN, EV, Prosecutors, Boeing, Max, US Justice Department, Alaska Air, Justice Department, Federal Aviation Administration Locations: Chad, Niger, Somalia, Samoa, Tonga, Tajikistan, United States, London, China, Beijing, Dalian, Canada, Beijing’s “

☆ World Economic Forum: Slow progress in the global energy transition
▼ + stars: | 2024-06-20 | 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 EmailWorld Economic Forum: Slow progress in the global energy transitionEspen Mehlum, head of energy transition intelligence at the World Economic Forum, discusses the key findings from its latest global energy transition report.

Persons: Espen Mehlum Organizations: Economic

☆ More than half of banking jobs could be automated by AI — but banks will be slow to adopt, Citi report says
▼ + stars: | 2024-06-19 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +3 min

But, according to a new report from Citigroup researchers, "finance will be at the forefront of the changes." That means "banking jobs" (which the report didn't narrowly define) have the highest potential for AI-led job displacement. Citi's AI in FInance report. AdvertisementIn an interview featured in the report, Shameek Kundu, the head of financial services and chief strategy officer at TruEra, weighed in on the same point. "I would describe traditional AI adoption in financial services as: widespread, shallow, and inconsequential," said Kundu.

Persons: —, Shameek Kundu, Kundu Organizations: Service, Citigroup, Business, Accenture Research, Economic, Citi, FInance, of England

☆ Putin vows trade and security tie-ups with North Korea beyond the West's reach
▼ + stars: | 2024-06-18 | by ( ) www.cnbc.com time to read: +3 min

Anton Vaganov | ReutersVladimir Putin promised to build trade and security systems with North Korea that are not controlled by the West and pledged his unwavering support in a letter published by North Korean state media on Tuesday ahead of his planned visit to the country. The article was published a day after the two countries announced that Putin would visit North Korea for the first time in 24 years for two days starting on Tuesday. Putin's foreign policy adviser Yuri Ushakov said Russia and North Korea may sign a partnership agreement during the visit that would include security issues. Ahead of the visit North Korea appears to have been making preparations for a possible military parade in downtown Pyongyang, commercial satellite imagery showed. He said the United States had seen Putin "get incredibly desperate over the past few months" and look to Iran and North Korea to make up for equipment lost on the battlefield.

Persons: Vladimir Putin, Anton Vaganov, Reuters Vladimir Putin, Sinmun, Putin, Yuri Ushakov, Andrei Belousov, Sergei Lavrov, Alexander Novak, Matthew Miller, Victor Cha Organizations: St ., Economic, Reuters, West, North, Workers, Party, Russia, Russian, Interfax, U.S . State Department, Center for Strategic, International Studies Locations: St, St . Petersburg, Saint Petersburg, Russia, North Korea, North Korean, North Korea's, Eurasia, Ukraine, Pyongyang, Korea, United States, Iran, Moscow, U.S

☆ Psychology student did a daily act of kindness for 108 days: ‘My life was better in just about every way’
▼ + stars: | 2024-06-18 | by ( Kasley Killam | In Kasleykillam | ) www.cnbc.com time to read: +8 min

The question was a precursor to my graduate work, and the next decade of my career, promoting community, belonging, and social health in society. In the experiment, acts of kindness would be my daily beads and mantra, reminding me to set out each morning with the intention of connecting. After 108 days of prioritizing connection, my life was better in just about every way you can imagine. Kasley Killam, MPH, is a leading expert in social health and author of "The Art and Science of Connection: Why Social Health is the Missing Key to Living Longer, Healthier, and Happier." She's a graduate of the Harvard School of Public Health, sought-after advisor and keynote speaker, and founder of Social Health Labs.

Persons: I'd, Kasley, Harvard —, I'm, League baseballs, Penelope, Homer's, he'd, She's Organizations: Queen's University, Harvard, League, Health, Harvard School of Public Health, Social Health Labs, Google, U.S . Department of Health, Human Services, Economic Locations: Canada, Nepal, laundromats, Vancouver, Toronto

☆ Global gender gap could take 134 years to close — but 2024 elections offer hope, WEF says
▼ + stars: | 2024-06-11 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

The 2024 bumper election year presents a unique opportunity to make progress in closing the global gender gap, according to the World Economic Forum. It is now estimated to take 134 years — or five generations — to close the global gender gap, up from 131 years in 2023, WEF said. This year's sweeping election cycle could narrow that gap, however, by boosting women's representation in the political sphere, the non-governmental organization said. WEF's Global Gender Gap Report, now in its 18th year, is an annual index designed to measure gender equality. "With over 60 national elections in 2024 and the largest global population in history set to vote, women's political representation and the overall gender gap could be set to improve," the report said.

Persons: WEF, Saadia Zahidi, Claudia Sheinbaum, Halla Tomasdottir Organizations: Economic Locations: Saroi, Bhadohi, India's Uttar Pradesh, Mexico, Iceland

☆ A key Russian CEO just highlighted the clash between stabilizing the economy and growing business in wartime
▼ + stars: | 2024-06-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Russia's economy is facing challenges despite resilience and high liquidity, says Rosneft's CEO. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But doing business is hard, according to the boss of a Russian oil giant. This story is available exclusively to Business Insider subscribers.

Persons: —, Igor Sechin, Rosneft Organizations: Russia's, Service, St ., Economic, Business Locations: Ukraine, Russian, St, St . Petersburg

☆ Putin’s daughters make rare appearance at St. Petersburg economic forum
▼ + stars: | 2024-06-08 | by ( Radina Gigova | ) edition.cnn.com time to read: +3 min

CNN —The daughters of Russian President Vladimir Putin rarely make public appearances, but this week they took part in panels at the St. Petersburg International Economic Forum. Putin has said his daughters work in science and education and that he has grandchildren, but he has never confirmed their names. Katerina Tikhonova, Putin's daughter and the head of Innopraktika development initiative, virtually attended the Saint Petersburg International Economic Forum in Saint Petersburg, Russia, on Thursday. Olga Maltseva/AFP/Getty ImagesBoth of them have attended the annual St. Petersburg forum in the past, but only the younger daughter, Tikhonova, has been a speaker, according to the Russian independent outlet Novaya Gazeta Europe. Tikhonova, who is a tech executive, made a video appearance on Thursday at a forum about ensuring the “technological sovereignty” of the military-industrial complex.

Persons: Vladimir Putin, Maria Vorontsova, Katerina Tikhonova, Lyudmila, Putin, Olga Maltseva, Tikhonova, Vladimir Soloviev, Alexey Navalny, Vorontsova, Kirill Shamalov Organizations: CNN, St ., Economic, Saint Petersburg, Getty, Novaya Gazeta Europe, National Intellectual Development Foundation, US, Russian Association for, Science, Analysts Locations: St, St . Petersburg, Saint Petersburg, Russia, AFP, Petersburg, Russian, Ukraine, Dutch, Netherlands, Biarritz, France

☆ This start-up is making artificial hair from bananas
▼ + stars: | 2024-06-07 | by ( Leah Collins | ) edition.cnn.com time to read: +8 min

Some people complain that synthetic hair can irritate their scalp and a study of synthetic hair in Nigeria found the presence of potentially harmful heavy metals and chemicals. We want to empower women to make informed decisions about what hair they use and what’s best for them.”Tumusiime says that, unlike synthetic hair, her product is biodegradable, durable and can be easily styled, treated and colored. Since it’s made from discarded banana stems, she adds, it’s also a way to help curb that waste. In the US, St.Louis-based Rebundle also sells hair extensions made from banana fibers, while Nourie Hair offers a hair alternative for braiding made from Ginseng root extract and rosemary. But synthetic hair can be bought for as little as $1 for a bundle.

Persons: Juliet Tumusiime, Tumusiime, Cheveux, ” Tumusiime, it’s, Spiro, Clement Di Roma, Simon Maina, Prince William’s, James Oatway, there's, Edwin Maina, Cheveux Brown, Juliet, Cheveux Organique, “, I’m, ” Organizations: CNN, USAID, Research, Getty, Reeddi Technologies, The Royal Academy of Engineering, Kenyan, Economic Locations: Africa, Uganda, Nigeria, Benin, Kenya, AFP, China, Cameroon, Rwanda, France

☆ War, what war? Putin looks to woo new business partners willing to overlook its invasion of Ukraine
▼ + stars: | 2024-06-07 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +5 min

Russian President Vladimir Putin is seen while visiting the Lakhta Center on June 5, 2024, in Saint Petersburg, Russia. Vladimir Putin visited a newly built Lakhta Center, a skyscraper of Gazprom, prior to his meetings at the Saint Petersburg International Economic Forum SPIEF 2024. Contributor | Getty Images News | Getty ImagesRussia's annual economic forum in St. Petersburg used to be known as the country's "Davos" in a nod to the World Economic Forum that's held in Switzerland every year. A view of the stand of the Russian private bank Alfa-Bank during the 27th St. Petersburg International Economic Forum in St. Petersburg, Russia on June 05, 2024. Guests from foreign countries seen during the first day of the St. Petersburg International Economic Forum 2024.

Persons: Vladimir Putin, SPIEF, Max Hess, Peter Szijjarto, There's, Vladimir Putin's, Yuri Ushakov, Putin, anders Pettersson Organizations: Lakhta Center, Saint Petersburg, Economic, Getty, St ., Economic Forum, Foreign Policy Research Institute, CNBC, Hungarian Foreign, Alfa, Bank, Anadolu, West, International Monetary Fund, U.S, Brics Locations: Saint Petersburg, Russia, Gazprom, St . Petersburg, Davos, Switzerland, Ukraine, Asia, Latin America, Africa, Eastern Europe, Slovakia, Hungary, Hungarian, St, Moscow, Russian, Germany, France, India, China, Johannesburg, South Africa

☆ Cut off from the West, Putin says almost 40% of Russian trade turnover is now in rubles
▼ + stars: | 2024-06-07 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Russia's President Vladimir Putin gestures as he delivers a speech during the Saint Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 7, 2024. Russian President Vladimir Putin said Friday that nearly 40% of the country's trade turnover is now in rubles as the share conducted in dollars, euros and other "non-friendly" Western currencies has fallen away. Putin said payments for Russian exports in "so-called 'toxic' currencies of non-friendly states" had halved over the last year. "With that, the share of the ruble in import and export operations is increasing, now standing at almost 40%," Putin said, according to a translation. The West has sought to cut off Russia's $2 trillion economy in response to Moscow's full-scale invasion of Ukraine in February 2022.

Persons: Vladimir Putin, Putin Organizations: Saint Petersburg, Economic, St ., Kremlin, International Monetary Fund, U.S Locations: Saint Petersburg, St, St . Petersburg, Russia, Brazil, India, China, South Africa, Asia, Latin America, Africa, Ukraine, Germany, France, Moscow

☆ Biden says Putin is ‘not a decent man – he’s a dictator’ in blistering critique
▼ + stars: | 2024-06-06 | by ( Donald Judd | ) edition.cnn.com time to read: +2 min

CNN —President Joe Biden on Thursday issued a fierce critique of Russian President Vladimir Putin while defending his decision give Ukraine permission to carry out limited strikes within Russia using US weapons. “I’ve known [Putin] for over 40 years -– he’s concerned me for 40 years,” Biden told ABC News’ David Muir. “He’s not a decent man -– he’s a dictator, and he’s struggling to make sure he holds his country together while still keeping this assault going. On Wednesday, Putin warned Western countries they’re taking a “very serious and dangerous step” by supplying weapons to Ukraine, which could result in Moscow arming their enemies. “Supplying weapons to a conflict zone is always a bad thing,” Putin told editors from international news agencies on the sidelines of the annual economic forum in St. Petersburg on Wednesday.

Persons: Joe Biden, Vladimir Putin, “, Putin, – he’s, ” Biden, David Muir, “ He’s, he’s, “ We’re, –, ” Putin, “ They’re, We’re, we’re, Biden Organizations: CNN, ABC News, Kharkiv, NATO Locations: Ukraine, Russia, Moscow, East Germany, Russian, Kharkiv, St . Petersburg

☆ Putin and his Kremlin clique are rolling out their own kids at the 'Russian Davos'
▼ + stars: | 2024-06-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Read previewIt's the time of the year for the St. Petersburg International Economic Forum — or the "Russian Davos," as it's sometimes called. This year, the biggest names attending the event include Bolivian President Luis Arce and Zimbabwean President Emmerson Mnangagwa. Related VideoBut the four-day economic forum, which started on Wednesday, now also features the children of the Kremlin's top echelons, Bloomberg reported on Wednesday. Advertisement"Now that this opportunity has become harder, the way to protect themselves is to appoint their children as bosses," Schulmann told Bloomberg. Putin is scheduled to address the economic forum on Friday.

Persons: —, Vladimir Putin's, Emmanuel Macron, Xi Jinping, Narendra Modi, Angela Merkel, Luis Arce, Emmerson Mnangagwa, Maria Vorontsova, Katerina Tikhonova, Anton Vaino's, Alexander, Ekaterina Schulmann, Schulmann, Putin Organizations: Service, St ., Economic, Indian, Business, Bolivian, Bloomberg, Russian Association for, Kremlin, Carnegie Russia Eurasia Center Locations: St, St . Petersburg, Russian Davos, Russian, Russia, Ukraine, Berlin

☆ Putin says it's 'obvious' that Trump's conviction is the result of 'an internal political struggle' in the US
▼ + stars: | 2024-06-06 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Read previewFormer President Donald Trump's conviction in his Manhattan hush money criminal trial was due to his rivals' political machinations, Russian leader Vladimir Putin said on Wednesday. "They are burning themselves from the inside, their state, their political system," he said. On the contrary, they believe that these decisions were made for political reasons," Putin said on Wednesday, referencing the surge in donations to Trump's campaign, per the state-run Russian news agency TASS. AdvertisementIn February, Putin told Russian state media that Biden was his preferred candidate because he's "more experienced, more predictable." He wants Biden because he's going to be given everything he wants, including Ukraine," Trump said at a rally in South Carolina in February.

Persons: —, Donald Trump's, Vladimir Putin, Trump, Putin, Stormy Daniels, Trump's, Putin's, Crooked Joe Biden —, Biden, he's, stridently, There's Organizations: Service, St ., Economic, Reuters, Business, Biden Locations: Manhattan, St, St . Petersburg, United States, America, Russian, Ukraine, South Carolina

☆ Alphabet's new CFO was in the middle of the GLP-1 boom. Now she's onto generative AI
▼ + stars: | 2024-06-06 | by ( Jennifer Elias | ) www.cnbc.com time to read: +10 min

Alphabet announced on Wednesday that Eli Lilly Chief Financial Officer Anat Ashkenazi will be its new CFO after an almost year-long search. Shares of Eli Lilly have soared 90% in the past year and are trading at a record. When she joined Eli Lilly in 2001, she came in through the company's new venture capital division, which was co-founded by her then-spouse Ron Laufer. Fastest growth in decadesFounded in 1876, Eli Lilly has long been one of the major U.S. pharmaceutical companies. But the last couple years have marked a period of historic growth for Eli Lilly due to the exploding popularity of GLP-1s.

Persons: Anat Ashkenazi, Eli Lilly Eli Lilly Alphabet's, Ruth Porat, Eli Lilly, Ashkenazi, it's, Eli Lilly's, David Ricks, Morgan Stanley, Sundar Pichai, Hollie Adams, Ron Laufer, John Smiley, Eli, It's, Trump, Eli Lilly's Covid, we're, Askhenazi, OpenAI's, Larry Page, Sergey Brin, CNBC's Eric Rosenbaum, Toby Lyles Organizations: San, San Francisco Bay Area, Google, Economic, Bloomberg, Getty, CNBC, Tel Aviv University, Hebrew University, U.S . Food, Drug, U.S . Department of Justice, FDA, Reuters, Employees, NBC Locations: U.S, Indiana, San Francisco Bay, Davos, Switzerland, Israel, biopharma, North Carolina, Germany, New Jersey

☆ Putin says America is 'burning from the inside' and U.S. courts are being used by Trump's rivals
▼ + stars: | 2024-06-06 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +2 min

Russian President Vladimir Putin lambasted the U.S. judicial system, saying it was being used by former U.S. leader Donald Trump's political enemies to pursue the Republican presidential nominee. "They [the U.S.] are burning themselves from the inside, their state, their political system," Putin told media editors at the St Petersburg International Economic Forum on Wednesday. Trump denied all the charges and slammed the court proceedings as a "rigged, disgraceful trial." Back in February, Putin said he preferred Biden to be the next U.S. president, describing him as a more experienced and more predictable" politician. On Wednesday, he told journalists that Biden was "an old-school politician" while playing down his support for Trump's campaign.

Persons: Vladimir Putin, Donald Trump's, Putin, Trump, Joe Biden, Biden, Mr Trump Organizations: U.S, Republican, St Petersburg, Economic, Reuters, CNBC, U.S . Department of Justice, New Locations: U.S, New York, Moscow, Russia

☆ Putin warns Russia could arm enemies of Western nations supplying weapons to Ukraine
▼ + stars: | 2024-06-05 | by ( Radina Gigova | James Legge | ) edition.cnn.com time to read: +4 min

CNN —Russian President Vladimir Putin has warned Western countries they’re taking a “very serious and dangerous step” by supplying weapons to Ukraine, which could result in Moscow arming their enemies. Ukraine has relied heavily on arms supplied by Western allies to beat back Russian forces since Putin’s full-scale invasion began more than two years ago. The appearance of German tanks in Ukraine had resulted in an “ethical shock” in Russia, where the attitude toward Germany had previously been “very good,” Putin said. Russian President Vladimir Putin takes the oath of office during a ceremony at the Kremlin in Moscow on May 7, 2024. Instead, Ukraine can only use shorter-range missiles known as GMLRS, which have a range of around 70 kilometers (around 40 miles).

Persons: Vladimir Putin, Joe Biden, ” Putin, ”, “, Yehor Cherniev, Putin, Alexander Kazakov, Emmanuel Macron, Olaf Scholz, ” Scholz Organizations: CNN, Russian Federation, Parliament, Ukrainian, National Security, Defense, Intelligence, Kremlin, Getty Locations: Ukraine, Moscow, St . Petersburg, Russia, Kharkiv, Russian, Berlin, France, Germany, AFP, United States, Washington

☆ Khosla Ventures backs weather balloon startup that uses AI to upend forecasts
▼ + stars: | 2024-06-03 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Windborne uses a new type of weather balloon, for example. Windborne's balloons can fly for weeks, as opposed to today's government-launched weather balloons which stay aloft for just a few hours and can't reach remote locations. The world currently lacks weather data for 85% of the atmosphere, according to the World Meteorological Organization (WMO). Windborne just closed a $15 million round with lead investor Khosla Ventures. In addition to Khosla Ventures, Windborne is backed by Footwork VC, Pear VC, Convective Capital, Ubiquity Ventures and Susa Ventures.

Persons: John Dean, Dean, Sven Strohband, Windborne Organizations: National Oceanic, Atmospheric Administration, Investors, Google, World Meteorological Organization, Khosla Ventures, Weather Company, Economic, Windborne, Susa Ventures Locations: California, Susa

☆ Software stocks got pummeled this week after a cluster of troubling earnings reports
▼ + stars: | 2024-06-01 | by ( Jordan Novet | ) www.cnbc.com time to read: +4 min

And Veeva's CEO said on his company's earnings call that generative artificial intelligence has been "a competing priority" for customers. Add it all up and it was a brutal week for software and enterprise tech. "Every enterprise software company kind of has adjusted" since after the pandemic, Benioff said on his company's earnings call. "Macroeconomic headwinds are still out there," Okta finance chief Brett Tighe said on the company's earnings call. Veeva CEO Peter Gassner cited "disruption in large enterprises as they work through their plans for AI."

Persons: Marc Benioff, Dell, Salesforce, Benioff, Brett Tighe, Daniel Dines, Dines, Rob Enslin, Tomer Weingarten, Peter Gassner, Gassner, Zscaler, Jay Chaudhry, — CNBC's Ari Levy, FBB, Mike Bailey Organizations: Salesforce, Economic, Computing Fund, Dell, Barclays, CNBC Locations: Davos, Switzerland, Paycom, U.S, UiPath, reprioritize

☆ A top secret meeting is kicking off in Madrid with the CEOs of Google DeepMind, Anthropic and Microsoft AI in attendance
▼ + stars: | 2024-05-30 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Google DeepMind co-founder and Chief Executive Officer Demis Hassabis gives a conference during the Mobile World Congress (MWC), the telecom industry's biggest annual gathering, in Barcelona on February 26, 2024. The CEOs of artificial intelligence heavyweights Google DeepMind, Microsoft AI, Anthropic and Mistral AI are among the elite list of business and political leaders attending a secretive meeting kicking off in Madrid, Spain, on Thursday. AI will once again dominate discussions at the annual Bilderberg Meeting after catapulting onto the agenda last year following the meteoric rise of the burgeoning technology. U.S. Deputy Treasury Secretary Wally Adeyemo, Ukrainian Foreign Minister Dmytro Kuleba and NATO Secretary General Jens Stoltenberg are also among the political figures who will attend for geopolitical discussions including on China and Russia. According to its organizers, the closed nature of the event aims to foster "informal discussions about major issues."

Persons: Demis Hassabis, Jane Fraser, Eric Schmidt, Albert Bourla, Wael Sawan, Peter Thiel, Wally Adeyemo, Dmytro Kuleba, Jens Stoltenberg Organizations: Google, Mobile World Congress, MWC, Microsoft, Mistral, Citigroup, Pfizer, NATO, Chatham House, Economic Locations: Barcelona, Madrid, Spain, Ukrainian, China, Russia, Spanish, Chatham, Davos, Switzerland

☆ Salesforce shares plunge 16% on first revenue miss since 2006
▼ + stars: | 2024-05-29 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Analysts surveyed by LSEG had expected $2.40 in adjusted earnings per share on $9.37 billion in revenue. It's the first time since 2006 that Salesforce fell short on revenue, according to LSEG data. The company now expects adjusted earnings of $9.86 to $9.94 per share, compared with $9.68 to $9.76 three months ago. Analysts polled by LSEG were looking for $9.76 in adjusted earnings per share and $38.08 billion in revenue. During the quarter, Salesforce started selling its Einstein Copilot assistant sales and customer service reps.

Persons: Marc Benioff, LSEG, Salesforce, Einstein, Slack, Robert Hum Organizations: Economic, Revenue, Professional Services Locations: Davos, Switzerland

☆ History shows how a UK election can impact the country's stock market
▼ + stars: | 2024-05-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

Labour leader Tony Blair arriving in Downing Street after his election victory with crowds waving flags in the background, 2nd May 1997. The more domestically-oriented FTSE 250 has tended to outperform the FTSE 100 following elections, with stronger outperformance following Labour victories, it said. Leon Neal | Getty Images News | Getty ImagesAccording to Capital Economics, the U.K. stock market has faltered on five occasions under past Labour governments. Higgins also observed that the relative performance of U.K. stocks has "generally been underwhelming since 2010," when the Conservatives took office. Three could be attributed to the "unsustainability of fixed exchange rate regimes" between the 1930s and 1970s, one to the Great Financial Crisis, and the fifth to the 1976 Debt Crisis, he said.

Persons: Tony Blair, Jeff, Rishi Sunak, Rachel Reeves, Sir Keir Starmer, Angela Rayner, Leon Neal, John Higgins, Higgins, Labour's, Keir Starmer, Reeves, Venkatakrishnan, Liz Truss, Sunak Organizations: BBC News, Current Affairs, Labour Party, Labour, Conservative Party, Citi, Conservative, Centre, Getty, Capital Economics, Conservatives, Shadow, Economic, Barclays, C.S, CNBC Locations: Downing, Purfleet, United Kingdom, Davos

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