Business News

At Davos, conflict, climate change and AI get top billing as leaders converge for elite meeting

DAVOS, Switzerland (AP) — Climate, conflict and the rise of artificial intelligence round out a to-do list of global priorities at this year’s edition of the World Economic Forum gabfest of business, political and other elites. Over 60 heads of state and government, including Israeli President Isaac Herzog and Ukrainian President Volodymyr Zelenskyy will be heading to Davos, Switzerland, this week to hold both public appearances and closed-door talks. They’ll be among more than 2,800 attendees, including academics, artists and international organization leaders. The gathering is mostly high-minded ambition and a venue for decision-makers in an array of fields and industries to connect. It’s also regularly panned by critics as an emblem of the yawning gap between rich and poor.

The world could get its first trillionaire within 10 years, anti-poverty group Oxfam says

DAVOS, Switzerland (AP) — The anti-poverty organization Oxfam International says the world could have its first trillionaire within a decade. The group on Monday released an annual assessment of global inequalities timed to the World Economic Forum’s gathering of political and business elites at the Swiss ski resort of Davos. Oxfam says the fortunes of the five richest men have spiked by 114% in real terms since 2020, when the world was reeling from the coronavirus pandemic. They are Tesla CEO Elon Musk, Bernard Arnault and his family of luxury company LVMH, Amazon founder Jeff Bezos, Oracle founder Larry Ellison and investment guru Warren Buffett. By contrast, Oxfam says nearly 5 billion people have been made poorer since the pandemic.

More CEOs fear their companies won’t survive 10 years as AI and climate challenges grow, survey says

LONDON (AP) — More executives are feeling better about the global economy. But a growing number don’t think their companies will survive the coming decade without a major overhaul because of pressure from climate change and technology like artificial intelligence. That’s according to a survey of more than 4,700 CEOs released Monday by one of the world’s largest consulting firms, PwC, as business elites, political leaders and activists descended on the World Economic Forum’s annual meeting in Davos, Switzerland. Of the executives, 38% were optimistic about the strength of the economy, up from 18% last year. But 45% of the respondents were worried that their businesses wouldn’t be viable in 10 years without reinvention, up from 39% last year.

Stock market today: Shares fall in Europe after gains in Asia. US markets are closed for a holiday

HONG KONG (AP) — European markets have opened lower while Asian markets were mostly higher as the week got off to a mixed start. U.S. markets will be closed for Martin Luther King Day, a holiday. China’s central bank kept its one-year policy loan interest rate unchanged on Monday, while Japan’s benchmark extended its New Year rally. On Friday, Wall Street drifted to a mixed finish, closing out its 10th winning week of the last 11. The S&P 500 ended last Friday up 0.1% and remains within 0.3% of its record. The Dow fell 0.3% and the Nasdaq was little changed.

Europe’s biggest economy shrank last year as Germany struggles with multiple crises

FRANKFURT, Germany (AP) — Germany’s economy shrank 0.3% last year as Europe’s former powerhouse struggled with more expensive energy, higher interest rates, a lack of skilled labor and a homegrown budget crisis. Europe’s largest economy has been mired in stagnation since the last months of 2022 amid those multiple challenges. The International Monetary Fund expected Germany to be the worst-performing major developed economy last year, a major turnaround from its place as a model for how to expand when other nations were struggling. The Federal Statistical Office said Monday in an initial rough estimate that the economy likely also shrank 0.3% in the fourth quarter after stagnating in the third quarter.

Africa’s biggest oil refinery begins production in Nigeria with the aim of reducing need for imports

ABUJA, Nigeria (AP) — Africa’s biggest oil refinery has begun production in Nigeria after a yearslong wait. The $19 billion Dangote Petroleum Refinery facility has a capacity to produce 650,000 barrels a day and has started to produce diesel and aviation fuel, the company reported Saturday. Nigeria is one of Africa’s top oil producers but imports refined petroleum products for its own use. Most of its state-run refineries operate far below capacity because of the poor maintenance. Analysts said Monday that the privately owned refinery could boost capacity in a region heavily reliant on imported petroleum products.

Tech firm Baidu denies report that its Ernie AI chatbot is linked to Chinese military research

HONG KONG (AP) — The technology company Baidu is refuting a newspaper report that said its artificial intelligence chatbot Ernie was linked to Chinese military research. Hong Kong newspaper South China Morning Post on Friday cited an academic paper from a university affiliated with the People’s Liberation Army cyberwarfare division. The paper stated that the division had tested its artificial intelligence system on Baidu’s Ernie and on artificial intelligence firm iFlyTek’s Spark. After its Hong Kong-listed stock plunged more than 11.5% on Monday, Baidu said it hadn’t engaged in a business collaboration with the paper’s authors or their affiliated institutions. “Ernie Bot is available to and used by the general public,” the Chinese company said in its statement.

Boeing to increase quality inspections on 737-Max following Alaska Airlines blow out

NEW YORK (AP) — Boeing told employees Monday that it plans to increase quality inspections of its 737 Max 9 aircraft, following the failure of emergency exit door panel on an Alaska Airlines flight last week. The inspections come after Federal regulators grounded the 737 Max, and that Boeing has said that after the Alaska Airlines flight and customer complaints, it is “clear that we are not where we need to be” on quality assurance and controls.

Romanian truck drivers and farmers protest as talks with the government fail to reach an agreement

BUCHAREST, Romania (AP) — Romanian truck drivers and farmers are protesting again across the country again as negotiations with the coalition government over lower taxes, higher subsidies and other demands failed to reach any agreements. Long convoys of trucks and tractors disrupted traffic on Monday on the outskirts of Bucharest and other cities throughout the European Union nation. It was the sixth straight day of demonstrations. Farmers are demanding faster subsidy payments, compensation for losses caused by imports from neighboring Ukraine and more state aid for fuel costs among other demands. Truck drivers are calling for lower tax and insurance rates and have complained about lengthy waiting times at the borders.

Following review, Business Insider stands by reports on wife of ex-Harvard president’s critic

NEW YORK (AP) — Business Insider says it is satisfied with the fairness and accuracy of stories that made plagiarism accusations against the wife of a hedge fund billionaire who was active in the ousting of Harvard President Claudine Gay. A spokesman for Axel Springer, the German media company that owns the publication, said Sunday that executives are standing by the coverage. The company had said it would look into the stories about former M.I.T. professor Neri Oxman following complaints by her husband, Bill Ackman, CEO of the Pershing Square investment firm. He publicly campaigned against Gay, who resigned earlier this month following charges that her academic writing contained examples of improperly credited work.