A topic that isn’t getting a lot of attention
Attendees at the World Economic Forum in Davos, Switzerland are speaking at length about artificial intelligence, the war in Ukraine, the US election, climate change and more.
But a topic much discussed among US business leaders and policymakers is largely missing from the official agenda: rising anti-Semitism following the Hamas-led attacks on Israel on October 7. Some officials are working to change this.
Only one panel is on the agenda to discuss the topic Among hundreds of stage productions.
panelist on Session This afternoon will include Doug Emhoff, husband of Vice President Kamala Harris; Michael Herzog, wife of the President of Israel; and Jonathan Greenblatt of the Anti-Defamation League. (Israeli President Isaac Herzog spoke this morning.)
“I’m disappointed that there isn’t more conversation about anti-Semitism here,” Leon Calvaria, chairman of Citigroup’s Institutional Clients Group and a longtime Davos attendee, told DealBook. “I hope this will be raised more as the weeks go on because leaders in both the private and public sectors have a real responsibility to make it clear not only that this type of intolerance is unacceptable, but also on the real impact of it Discuss worldwide.”
Other officials are raising the issue privately. On Tuesday, a private screening was held by the Israeli military of a 47-minute film of the October 7 attacks, which the military says was largely derived from footage shot by the attackers.
“Davos is normally a conference full of hope, but this horrific footage left the audience in shock,” Greenblatt told DealBook. “People quietly left the room, either crying or simply stunned.”
Palantir held an event on Wednesday that included relatives of Israelis held hostage since the October 7 attacks. The “off the record” session was hosted by Alex Karp, CEO of a data consulting company, but bloomberg And jewish insider Informed immediately on this. Executives reportedly attending included Amazon’s Andy Jassy; tech mogul Michael Dell; Martin Sorel, advertising executive; Ruth Porat, CFO of Alphabet; and Nicola Mendelsohn, head of Meta’s global business group.
“Anti-Semitism as a type of prejudice isn’t always working in a coal mine,” Karp told Andrew on CNBC.
Davos has a long history of avoiding sensitive topics, An attempt is being made to appease countries and businesses that do not want to get involved in political debates. An example of this are LGBTQ issues, which remained off the Forum’s agenda for years.
Personally the CEO is worried, According to Greenblatt. “I am hearing from the CEO on the spot. They want to talk about anti-Semitism,” he told DealBook.
He said some officials said that while other minority groups received a lot of support after the killing of George Floyd and anti-Asian American violence, calls from Jewish officials and colleagues were not answered. “And to be honest, they’re still not ringing,” he said.
What’s going on over here
Apple will remove a feature from its watches after losing a patent battle. The tech giant’s Apple Watch Series 9 and Watch Ultra 2 will be sold without a functioning blood-oxygen sensor from today. The decision comes after the International Trade Commission ruled that Apple infringed a patent held by Masimo, a medical technology company. A court rejected Apple’s bid to delay the sales ban until a decision is issued on its appeal of the Commission’s decision.
TSMC predicts sharp growth in 2024 due to rising demand for AI chips. The world’s largest contract chip maker said revenue will grow increase by 25 percent This year companies are spending heavily on Artificial Intelligence. The Taiwanese company also warned that it expects delays in is building its second production plant in Arizona And cast doubt on plans to produce its most advanced chips there.
Sheryl Sandberg is leaving Meta’s board. The longtime executive and close adviser to Meta founder Mark Zuckerberg is stepping down as COO in 2022 following controversies over the social media giant’s handling of disinformation and hate speech on its platforms. Sandberg said she would remain an advisor to the company.
Higher for how long?
Investors hoping for a bounce in Davos may be disappointed.
Stocks have been volatile in recent days and many Wall Street CEOs, as well as European Central Bank President Christine Lagarde, are sending a message to investors from the Swiss Alps: Don’t get off your skis and assume interest rates will rise. Cut is imminent.
Traders Are Hedging their bets on the Fed’s move. There is a possibility of interest rate cut in March 61 percentDown from the more confident 96 percent in early January. But the more tempered outlook is still very optimistic, said Ron O’Hanley, CEO of State Street. told Bloomberg, “The Fed was very clear in its dot plot,” he said, “and I don’t know why the markets decided to double it and then go to town on it.”
Markets rallied at the end of 2023 and the S&P 500 reached a record high. surge boosted Central bankers are expected to raise rates, and a new phase of low borrowing costs is just around the corner. But central bankers have been urging caution since Fed Chairman Jay Powell signaled last month that three rate cuts were likely in 2024.
Lagarde gave her latest warning in Davos on Wednesday, saying investors’ bullish bets were potentially damaging. “This is not helping our fight against inflation,” he said. Selling in stocks and bonds,
Mixed messages on the US economy are adding to the confusion. consumers are still spendingAnd that could hamper the Fed’s efforts to reduce inflation, according to the latest retail sales data. At the same time, the central bank’s labor market has started slowing down in some parts of the country. “Beige Book” survey, which was published on Wednesday, was shown. This may have an adverse effect on prices.
Some on Wall Street see inflation reaching a peak. Analysts at Morgan Stanley, UBS and Barclays expect core inflation, which strips out food and fuel, to fall further this year. This week, Barclays your call was taken For the first rate cut from June to March.
next: Lagarde is set to speak again today, as well as Atlanta Fed President Raphael Bostic. Bostic made headlines last month when he said inflation was still too high and he saw no “urgency” to lower borrowing costs, just days after Powell said he was considering the equivalent of three rate cuts this year. can be done.
Agencies brace for shock
Supreme Court justices heard arguments Wednesday in two cases involving commercial fishermen that could limit the way federal agencies regulate the trade. The result: The court’s conservative majority seemed sympathetic to the argument that Washington’s regulatory power structure needed change.
These cases represent a major test of so-called Chevron honor. The decades-old principle has become the basis of administrative law. It says agencies have to interpret the law within their areas of expertise, and courts have little power to challenge them. After all, “agencies know things that courts don’t know,” Justice Elena Kagan said, “that’s the basis of Chevron.”
Kagan said repealing the doctrine would be disruptive, as 70 Supreme Court decisions and thousands of lower court decisions rely on it.
Critics say Chevron gives too much power to agencies. Justice Neil Gorsuch argues that Chevron respect harms weak people“Citing immigrants, veterans seeking their benefits, Social Security disability applicants, who have no power to influence the agencies.”
That said, powerful conservative voices, including billionaire Charles Koch, want to see the theory destroyed. And The Chamber of Commerce argued An amicus brief said the doctrine has contributed to an explosion of agency overreach and regulations that imposes “astronomical costs” on business “reaching $1.9 trillion per year.”
“If he doesn’t get traction in New Hampshire, you don’t throw money down a rat hole.”
, ken langoneThe Home Depot co-founder and a major supporter of Nikki Haley on whether he will give more money to her campaign in next week’s Republican primary in New Hampshire.
Amazon bets on local sports
Amazon said Wednesday it will buy a minority stake in the country’s largest operator of regional sports networks, sparking broader competition by Big Tech to broadcast live games from some of the biggest professional leagues.
The tech giant will invest $115 million in Diamond Sports Group. which is bankrupt and broadcasts nearly a third of all Major League Baseball, NBA and NHL games in some of the nation’s largest media markets under the Bailey Sports banner. Amazon will acquire the rights to broadcast games of more than 40 teams.
Amazon moved into live sports in 2017, When it acquired the rights to the NFL’s Thursday night games. It has since expanded to football in Europe and North America. Apple, YouTube and Meta have also spent billions to stream sports including NFL games, soccer and tennis.
The sports media world was keeping a close eye on Diamond’s problems. Sinclair Broadcast Group acquired the company from Disney in 2019 for $10.6 billion. But the coronavirus pandemic and consumers’ widespread shift to streaming platforms hit regional sports networks.
The company filed for bankruptcy last March, burdened with a debt burden of $9 billion. This led some teams to attempt to move their games to free-to-air channels. Others, such as the Phoenix Suns and Utah Jazz, tried to become effectively broadcasters By streaming the game on your own platform.
Amazon’s entry into local markets may aim to expand beyond its niche demographicSome analysts say Amazon Prime is on the rise in danger of stopping, Even if the deals for regional sports teams reach only a relatively small number of consumers, the company can still consider it a win if it gets more people to sign up for Prime.
The deal will need to be approved by a bankruptcy judge as part of Diamond’s restructuring agreement.
That’s reportedly the goal of former Credit Suisse deal maker Bobby Jain Launch a New Hedge Fund With assets of $5 billion to $6 billion in July, which is short of their fund-raising target. (FT)
Citigroup’s former chief economist for China is among those who will do so reportedly leave the bank Thousands of jobs are expected to be cut amid widespread restructuring. (Bloomberg)
Amancio Ortega is the founder of Spanish fast-fashion retailer Zara. Planning to cash in on property downturn By expanding its commercial real estate holdings. (FT)
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