meetings behind the scenes
Thousands of global leaders have once again descended on snowy Davos, Switzerland for the annual meeting of the World Economic Forum. The theme of this year’s event: “Rebuilding Trust.”
But there are public meetings, and then there are Real They’re the ones behind closed doors that attendees are talking about the most. These include discussions on US-China tensions, the war in Gaza, artificial intelligence and the future of Ukraine.
There’s a Kind of Game Some CEOs Play With each other: How many public panels have you been to, or how many times have you been to the Congress Center, which is the main hub for big stage productions? If the answer is zero, you win.
Top US officials are set to appear on the main stage, Which includes Secretary of State Antony Blinken and National Security Advisor Jake Sullivan. But speculations are rife about who they are seeing behind the curtain.
A question: Will their meetings include any of these Large delegation from China, led by the country’s Prime Minister Li Qiang? US-China tensions have escalated after Lai Ching-te, a staunch defender of Taiwan’s sovereignty despised by Beijing, was elected president of the self-ruled island on Saturday.
Lee has already met with CEOs of IBM, Intel, Walmart and others over lunch. (He also addressed the conference on Tuesday and revealed that China’s economy grew about 5.2 percent last year, a day before the release of official data.)
Many eyes are also on Middle East officials. Israel’s president, Isaac Herzog, is expected to take the stage on Thursday as his country’s war with Hamas threatens to escalate into a wider regional conflict. Some attendees wondered whether he would meet with Qatar’s prime minister, Mohammed bin Abdulrahman al-Thani, whose country is playing a key role in negotiations over hostages and humanitarian aid in Gaza.
A Saudi Arabian delegation led by Foreign Minister Prince Faisal bin Farhan is also present, as the kingdom showcases its growing economic and diplomatic power.
Another attendee: Jared Kushner, Donald Trump’s son-in-law who helped lead the Abraham Accords and now leads a private equity firm whose backers include Saudi Arabia’s sovereign wealth fund.
Volodymyr Zelensky is the keynote speaker, Andrew will be leading the charge this afternoon, giving a public speech and taking part in a Q&A. And Ukraine’s president has met with top bankers, including JPMorgan Chase’s Jamie Dimon and Bank of America’s Brian Moynihan, as well as Bridgewater’s Ray Dalio.
Artificial Intelligence is the talk of the town. There were more conversations about generic AI in DealBook than any other topic at Davos. (There are more than two dozen events on the schedule that directly reference AI in their titles.) So it’s not surprising that among the most sought-after participants are executives like Sam Altman, CEO of OpenAI; Google DeepMind co-founder Mustafa Suleiman, who now leads Inflection AI; Leela Ibrahim, COO of DeepMind; Aidan Gomez, CEO of Cohere; and Florian Bressand of France’s Mistral AI.
Penny Pritzker’s Dilemma: He is officially in his role as the State Department’s Special Representative for Ukraine’s Economic Recovery. In most years, his other role, as head of Harvard’s governing board, made him a hot ticket for the crowd of alumni in attendance.
But with the controversy over Claudine Gay’s profanity during her tenure as Harvard president amid plagiarism allegations and anti-Semitism concerns on campus, is she more likely to be sharply questioned by concerned donors?
What’s going on over here
Goldman Sachs tops fourth quarter profit estimates. Shares of the Wall Street giant rose nearly 2 percent in premarket trading after the bank’s report. surge in revenue, But its annual profits sank lowest level in four yearsHurt by losses associated with a retreat from consumer banking and a downturn in investment banking.
Houthi militants in Yemen attack more ships in the Red Sea. The Iran-backed group launched a missile attack on a US-owned commercial ship on Monday, days after US and British forces launched attacks on Houthi targets in Yemen. Traffic through important shipping routes has declined In recent weeks. QatarEnergy, a large exporter of liquefied natural gas, is the latest company Order Its ships will avoid this area.
Apple redesigned its smartwatch to avoid import restrictions. the company is Removing the blood-oxygen sensor The Apple Watch is at the center of a patent dispute with Masimo, a technology company that accused Apple of infringing its intellectual property rights. According to Massimo, the U.S. Customs and Border Protection agency approved the changes.
Boeing will add more inspection requirements for the 737 Max and a major supplier. aircraft manufacturer will increase investigation And sent a team to investigate the work of Spirit AeroSystems after a panel made by that company burst in the skies over Oregon, grounding hundreds of its 737 Max 9 jets. The company also plans to open your factory For customers to observe the processes.
Trump moves forward
Donald Trump scored a record victory in the Republican Iowa caucuses last night, crushing his opponents and demonstrating his dominance over the party as he seeks a rematch against President Biden.
cold temperature cool down on voting, But even after most of the votes were counted, Trump managed to win all but one county and was expected Clear almost every voter demographic: men, women, young people, college graduates, evangelicals, political moderates and conservatives.
biden called trump “Clear Front Runner” for the Republicans, and used his predecessor’s victory a fundraising pitch, (The president’s re-election campaign says it’s a war chest is approximately $117 million That’s after more than $97 million was withdrawn last quarter.) And world leaders are already warning about Trump’s possible return to power. “This is clearly a danger,” European Central Bank President Christine Lagarde said. Last week,
Iowa was about as good as Trump could hope for. Florida Governor Ron DeSantis came in second place despite huge investments in the state. His campaign is now short of cash, but he tried to swing the result to give it some momentum.
Nikki Haley, who is surging and winning in national polls big name donorsAs of press time it was in third place with about 95 percent of the votes counted.
Both spent big on advertising, part of a record spending total of more than $123 million by all candidates, and still lost to Trump by a wide margin.
The race has slowed down. Vivek Ramaswamy, the wealthy entrepreneur who ran a largely self-funded campaign, finished fourth, dropped out of the race and endorsed Trump. Ramaswamy frequently clashed with Haley and DeSantis during the campaign, and was a vocal defender of the former president, vowing to support him in the face of myriad legal challenges.
The next match is on January 23 in New Hampshire, where Haley has focused much of her efforts and is doing better in the polls. The state is home to more moderate Republican and independent voters than Iowa, and there is a large anti-Trump voting bloc. Nevertheless, former President maintaining double digit lead There in the voting.
Europe’s big bet on batteries
Northvolt, one of Europe’s largest green start-ups, has received $3.4 billion from the European Union and a consortium of banks including JPMorgan Chase to expand battery production locally and support the continent’s emerging electric vehicle sector. Raising loans.
The financing and subsidy arrangement is a gambit by Europe to keep battery production closer to home and limit the march of Chinese and American players dominating the market. Wall Street Journal report,
The funding is one of the largest transactions for a clean-energy company in recent years. It’s fueling a billion-dollar push by investors and policymakers to build batteries that can power electric cars and store energy when the wind isn’t blowing and the sun isn’t shining, so that The pace of moving away from fossil fuels can be accelerated.
China controls large parts of the battery supply chain, from metal processing to cell assembly, which is a concern for Western countries that are throwing billions of dollars in tax credits, loans and grants at companies to start up their supply chains. Are. The US climate law of 2022 has prompted other countries to increase their subsidies to attract clean-energy investment.
“This is an existential threat to the food industry and certainly an existential threat to the processed food industry.”
, Marion NestleAn emeritus professor of nutrition, food studies and public health at New York University, How popular weight loss drugs like Ozempic could affect the marketing of snack foods in America.
A series of earnings, economic data and speeches from central bankers will be released this week, after markets are closed on Monday for Martin Luther King’s birthday. Here’s what to see.
Wednesday: China will officially release fourth-quarter GDP data and population data, with questions swirling about the health of the world’s second-largest economy and the scale of its demographic crisis.
The United States will publish retail sales data for December, and the Fed will release its latest “Beige Book” report, detailing economic activity across 12 sectors.
In earnings, Charles Schwab, Alcoa and Citizens Financial report results.
Thursday: Central bankers are in the headlines with European Central Bank President Christine Lagarde and Atlanta Fed chief Raphael Bostic due to speak at separate events. Expect a lot of questions about extremely high inflation and the timing of the first round of interest rate cuts.
Taiwanese chip giant TSMC reports fourth-quarter earnings.
Friday: State Street, Comerica and Burberry report results, and the University of Michigan have published their latest consumer sentiment reports.
Elon Musk threatened that he would do this Remove a company from Tesla If the carmaker’s board doesn’t give it more voting control and bigger performance rewards then focus on AI and robotics. (Bloomberg)
thomson reuters In conversation To license its news and data in deals with generic AI companies that could be modeled on OpenAI’s arrangement with Axel Springer. (Bloomberg)
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