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Tag: conferences and conventions

  • Web Summit CEO Paddy Cosgrave resigns after backlash to Israel-Hamas war comments | CNN Business

    Web Summit CEO Paddy Cosgrave resigns after backlash to Israel-Hamas war comments | CNN Business



    CNN
     — 

    Paddy Cosgrave, the chief executive of Web Summit, stepped down Saturday after several Big Tech companies withdrew from the company’s upcoming annual technology conference over his comments on the Israel-Hamas war.

    “Unfortunately, my personal comments have become a distraction from the event, and our team, our sponsors, our start-ups and the people who attend,” Cosgrave said in a statement to CNN. “I sincerely apologise again for any hurt I have caused.”

    His resignation comes a little more than a week after comments posted on X, formerly Twitter, condemning Israel’s war in Gaza. On October 13, he wrote, in part: “War crimes are war crimes even when committed by allies, and should be called out for what they are.”

    Cosgrave also denounced the October 7 attacks by Hamas militants that killed an estimated 1,400 people in Israel, according to authorities.

    In the two weeks since the attacks, Israeli forces have bombarded Gaza with relentless airstrikes, killing at least 4,385 people, according to the Ministry of Health in the Hamas-controlled coastal enclave, and tipping the enclave into a humanitarian crisis.

    A day before Cosgrave’s post on X, human rights group Amnesty International said the “collective punishment” of civilians in Gaza for Hamas’ terrorist atrocities amounts to a war crime. The Israeli military says it does not target civilians and has warned residents to evacuate parts of Gaza.

    On Tuesday, Cosgrave posted a nearly 600-word statement on Web Summit’s blog to apologize and clarify his stance.

    “I unreservedly condemn Hamas’ evil, disgusting and monstrous October 7 attack. I also call for the unconditional release of all hostages,” he wrote. “I unequivocally support Israel’s right to exist and to defend itself. I unequivocally support a two-state solution. … I also believe that, in defending itself, Israel should adhere to international law and the Geneva Conventions – ie, not commit war crimes.”

    But his initial comments had been met with swift backlash from tech giants including Google parent company Alphabet, Meta, Siemens and Amazon, all of which pulled out of the conference. This year’s conference was scheduled for November 13-16 in Lisbon.

    CNN has reached out to these companies but has not received a response.

    A spokesperson for Web Summit told CNN that the company will appoint a new CEO as soon as possible. “Web Summit 2023 in Lisbon will go ahead as planned,” the spokesperson added.

    Cosgrave, 41, co-founded Web Summit in 2009 with David Kelly and Daire Hickey.

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  • What we learned at Davos: The economy is a mess, but there’s still hope | CNN Business

    What we learned at Davos: The economy is a mess, but there’s still hope | CNN Business

    A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.


    New York
    CNN
     — 

    Friday marks the end of the annual World Economic Forum meeting in Davos, Switzerland, an elite gathering of some of the wealthiest people and world leaders.

    The glitzy retreat into the Swiss Alps looks increasingly out of date as the biggest war in Europe since 1945 deepens splits in the world economy. But that doesn’t mean it’s not important.

    The meetings between CEOs, politicians, and global figures at Davos can help set the tone for the year ahead. Here are some of the key talking points from this week.

    It’s a mess: The big stories coming out of Davos this year are full of phrases like “fragmenting global economy,” “economic uncertainty” and “the year of inflation.”

    While many executives and economists are now striking a more optimistic tone, global leaders are still fretting about the economic outlook. That’s not surprising since they’re contending with worrisome uncertainties — Russia’s war in Ukraine is still raging, inflation and interest rates remain elevated, there are looming energy and food crises, supply chain kinks and the debt limit standoff in the United States, not to mention the threat of global recession.

    The meeting began with a new report by the WEF that dubbed this decade the “turbulent 20s” and the “age of the polycrisis.” Business executives, politicians and academics, the report said, are bracing for a gloomy world battered by intersecting crises, as rising volatility and depleted resilience boost the odds of painful simultaneous shocks.

    Gita Gopinath, the number two official at the International Monetary Fund, said in an interview with the Wall Street Journal that the IMF is worried globalization is in retreat. “We’re very concerned about geoeconomic fragmentation,” she said. The issue had come up a lot in meetings with member countries at the conference, she added.

    CEOs and political officials are also worried about the United States hitting its borrowing cap on Thursday, forcing the Treasury Department to start taking “extraordinary measures” to keep the government open.

    If an agreement isn’t reached, markets could plunge (like they did the last time this happened in 2011) and the United States risks having its credit rating downgraded again. The situation is a “mess,” said Peter Orszag, CEO of financial advisory at Lazard.

    JP Morgan CEO Jamie Dimon told CNBC from Davos on Thursday that the reputation of the United States as creditworthy is “sacrosanct.” To even question it, he said, is the wrong thing to do. “That is just a part of the financial structure of the world. This is not something you should be playing games with at all.”

    But it may not be that bad: Many leaders’ economic forecasts actually struck a semi-positive tone, even as they factored in strong headwinds.

    So far, energy supplies have held up in Europe, and the US and China are engaging in diplomatic relations — Treasury Secretary Janet Yellen and Chinese Vice Premier Liu He met in Zurich on Wednesday.

    China’s removal of strict coronavirus restrictions late last year is also expected to unleash a wave of spending that may offset economic weakness in the United States and Europe.

    Climate change was a hot topic: The rich and powerful do love to flock to Davos in their carbon-emitting private jets to discuss climate change. But this year, severe warnings were issued to global leaders.

    The UN Secretary General accused fossil fuel producers and their financial backers of “racing to expand production, knowing full well that their business model is inconsistent with human survival.”

    Speaking at Davos on Wednesday, António Guterres said the commitment to limit global warming to 1.5 degrees above pre-industrial levels is “going up in smoke.”

    “We are flirting with climate disaster. Every week brings a new climate horror story,” he said.

    Swedish activist Greta Thunberg also made her way to Switzerland and delivered a “cease and desist letter” to fossil fuel CEOs — signed by more than 800,000 people.

    The AI revolution is here: Some CEOs at Davos admitted that they’re using the revolutionary new AI bot, ChatGPT, to do their work for them, reports my colleague Julia Horowitz.

    Jeff Maggioncalda, the CEO of online learning provider Coursera, said that he uses the tool to bang out emails.

    “I use it as a writing assistant and as a thought partner,” Maggioncalda told CNN from Davos.

    Christian Lanng, CEO of digital supply chain platform Tradeshift, said he uses the ChatGPT to write emails and claims no one has noticed the difference. He even had it perform some accounting work, a service for which Tradeshift currently employs an expensive professional services firm.

    “I see these technologies acting as a copilot, helping people do more with less,” Microsoft CEO Satya Nadella told an audience in Davos this week.

    There’s a saying on Wall Street that bad news for the economy is actually good news for the stock market and vice versa, reports my colleague Paul R. La Monica.

    That’s because investors often bet that dismal headlines will eventually prompt the Federal Reserve and other central banks to cut interest rates and provide more stimulus that can help boost corporate profits…and stock prices.

    But the debt ceiling debate in Washington is changing all of that.

    Wednesday’s big market sell-off and the continued slide Thursday might represent a turning point for market sentiment. Still, after a promising start to the year, stocks have seemingly taken a turn for the worse. Bad news actually might be bad news.

    “We’ve been snuggled up in expectations of a soft landing for the US economy,” said Kit Juckes, chief global foreign exchange strategist at Societe Generale, in a report Thursday. “Take away the blanket and it feels chilly.”

    Netflix announced Thursday that its founder Reed Hastings is stepping down as co-CEO at the company and will serve as executive chairman. Hastings will be replaced by co-CEOs Ted Sarandos and Greg Peters, reports my colleague Clare Duffy.

    Under Hastings’ leadership, Netflix disrupted legacy movie rental companies like Blockbuster and helped shake up Hollywood by kicking off an arms race investing in original content.

    Last year, however, Netflix saw its stock and reputation take a hit after losing subscribers amid heightened competition from rival streaming services. In response, Netflix introduced a lower-priced, ad-supported tier for the first time in its history.

    Those changes may be paying off. In its earnings report on Thursday, the streamer said it added more than 7.6 million subscribers during the final three months of last year, well above the 4.5 million additions it had projected, for a total of more than 230 million paying subscribers worldwide.

    “Reed Hastings stepping down from his current role raises a lot of questions about Netflix’s future strategy,” Jamie Lumbley, analyst at investment firm Third Bridge, said in a statement. “While the subscriber growth numbers are encouraging, revenue growth is sluggish with the backdrop of a potential recession looming on everyone’s mind.”

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  • CEOs at Davos are using ChatGPT to write work emails | CNN Business

    CEOs at Davos are using ChatGPT to write work emails | CNN Business


    Davos, Switzerland
    CNN
     — 

    Jeff Maggioncalda, the CEO of online learning provider Coursera, said that when he first tried ChatGPT, he was “dumbstruck.” Now, it’s part of his daily routine.

    He uses the powerful new AI chatbot tool to bang out emails. He uses it to craft speeches “in a friendly, upbeat, authoritative tone with mixed cadence.” He even uses it to help break down big strategic questions — such as how Coursera should approach incorporating artificial intelligence tools like ChatGPT into its platform.

    “I use it as a writing assistant and as a thought partner,” Maggioncalda told CNN.

    Maggioncalda is one of thousands of business leaders, politicians and academics gathered in Davos, Switzerland this week for the World Economic Forum. On the agenda is an array of pressing issues weighing on the global economy, from the energy crisis to the war in Ukraine and the transformation of trade. But what many can’t stop talking about is ChatGPT.

    The tool, which artificial intelligence research company OpenAI made available to the general public late last year, has sparked conversations about how “generative AI” services — which can turn prompts into original essays, stories, songs and images after training on massive online datasets — could radically transform how we live and work.

    Some claim it will put artists, tutors, coders, and writers (yes, even journalists) out of a job. Others are more optimistic, postulating that it will allow employees to tackle to-do lists with greater efficiency or focus on higher-level tasks.

    It’s a debate that’s captivated many C-suite leaders, often after they tested the tool themselves.

    Christian Lanng, CEO of digital supply chain platform Tradeshift, said he was blown away by the capabilities displayed by ChatGPT, even after years of exposure to Silicon Valley hype.

    He’s also used the platform to write emails and claims no one has noticed the difference. He even had it perform some accounting work, a service for which Tradeshift currently employs an expensive professional services firm.

    To date, ChatGPT has mostly been treated as a curiosity and a harbinger of what’s to come. It relies on OpenAI’s GPT-3.5 language model, which is already out of date; the more advanced GPT-4 version is in the works and could be released this year.

    Critics — of which there are many — are quick to point out that it makes mistakes, is painfully neutral and displays a clear lack of human empathy. One tech news publication, for example, was forced to issue several significant corrections for an article written by ChatGPT. And New York City public schools have banned students and teachers from using it.

    Yet the software, or similar programs from competitors, could soon take the business world by storm.

    Microsoft

    (MSFT)
    , an investor in OpenAI, announced this week that the company’s tools — including GPT-3.5, programming assistant Codex and image generator DALL-E 2 — are now generally available to business clients in a package called Azure OpenAI Service. ChatGPT is being added soon.

    “I see these technologies acting as a copilot, helping people do more with less,” Microsoft CEO Satya Nadella told an audience in Davos this week.

    Maggioncalda has a similar perspective. He wants to integrate generative AI into Coursera’s offering this year, seeing an opportunity to make learning more interactive for students who don’t have access to in-person classroom instruction or one-on-one time with subject matter experts.

    He acknowledges challenges such as preventing cheating and ensuring accuracy need to be addressed. And he’s worried that increasing use of generative AI may not be wholly good for society — people may become less agile thinkers, for example, since the act of writing can be helpful to process complex ideas and hone takeaways.

    Still, he sees the need to move quickly.

    “Anybody who doesn’t use this will shortly be at a severe disadvantage. Like, shortly. Like, very soon,” Maggioncalda said. “I’m just thinking about my cognitive ability with this tool. Versus before, it’s a lot higher, and my efficiency and productivity is way higher.”

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  • Davos conspiracy theories used to live on fringe corners of the internet. Now they’ve gone mainstream | CNN Business

    Davos conspiracy theories used to live on fringe corners of the internet. Now they’ve gone mainstream | CNN Business


    New York
    CNN
     — 

    The World Economic Forum’s annual meeting at Davos has long been a lightning rod for conspiracy theories. Extremist figures such as Infowars host Alex Jones have reliably used the event to drive up fear and paranoia about sinister schemes the “globalists” are supposedly plotting.

    In the past, however, these farcical conspiracy theories have largely been confined to the fringe corners of the internet — places like Infowars. But in recent years, that has changed. The radical ideas promoted by the likes of Jones have gone mainstream, having been popularized by some of the most influential personalities in right-wing media.

    Take Glenn Beck for example. The right-wing media personality, who wrote a conspiratorial book called “The Great Reset” playing off the WEF’s 2020 Covid theme, mocked the idea on Tuesday that conspiracy theories circulate around the event, while simultaneously giving oxygen to some of those very theories when he interviewed a guest who claimed, unchallenged, that the gathered world leaders “want you to eat insects rather than meat.”

    A version of this article first appeared in the “Reliable Sources” newsletter. Sign up for the daily digest chronicling the evolving media landscape here.

    It’s not just Beck who is using the event to push this fringe rhetoric. New Twitter owner Elon Musk, who responded on Sunday to a conspiratorial thread about the gathering at Davos, said the “S in ESG,” which stands for WEF’s “environmental, social, and governance” criteria, “stands for Satanic.” (Musk also claimed he was invited to the gathering, but organizers said he was not on the guest list.)

    Alex Friedfeld, associate director with the ADL Center on Extremism, told me Tuesday that the use of extreme rhetoric and the endorsement of conspiracy theories from leading voices on the right has resulted in the outlandish claims reaching far more people than they once did.

    “The fact is that these conspiracies have bounced around in more fringe parts of the internet,” Friedfeld said. “But when you have folks like Tucker Carlson or Glenn Beck — they start to normalize these conspiracies, they expose millions of more people to these ideas.”

    In particular, Friedfeld pointed to “The Great Reset” conspiracy theories, noting that the term has “largely been divorced” at this point from its 2020 Covid origins and become “a broad brand for conspiracies” about how global elites are plotting to use the masses for their own benefits. Friedfeld said that, in particular, the use of the term “The Great Reset” by mainstream figures is cause for alarm because it can send people down a rabbit hole.

    “You go searching for whatever version they’re talking about on Fox News and all of a sudden you’re exposed to all these other conspiracies that fall under the same umbrella,” Friedfeld explained.

    The Associated Press’ Sophia Tulp reported this week that use of “The Great Reset” has been on a steady rise at Fox News. Tulp said the term was mentioned on the right-wing talk channel 60 times in 2022, up from 30 mentions in 2021, and 20 in 2020. Tulp added it was most mentioned on Carlson’s show and Laura Ingraham’s.

    The danger of conspiracy theories has not been lost on attendees at Davos. On a Tuesday panel moderated by Brian Stelter, A.G. Sulzberger, publisher of The New York Times, described disinformation as one of the most pressing problems facing society.

    “I think if you look at this question of disinformation, I think it maps basically to every other major challenge that we are grappling with as a society, and particularly the most existential among them,” Sulzberger said. “So, disinformation and in the broader set of misinformation, conspiracy, propaganda, clickbait … the broader mix of bad information that’s corrupting the information ecosystem, what it attacks is trust.”

    “And once you see trust decline, what you then see is a society start to fracture, and so you see people fracture along tribal lines and, you know, that immediately undermines pluralism,” Sulzberger added. “And the undermining of pluralism is probably the most dangerous thing that can happen to a democracy. So I really think if you’re spending this week thinking about the health of democracies and democratic erosion, I think it’s really import to work your way back up to where this starts.”

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  • The rich should pay higher fares to clean up aviation, says Heathrow boss | CNN Business

    The rich should pay higher fares to clean up aviation, says Heathrow boss | CNN Business


    London
    CNN
     — 

    Rich travelers will have to pay more to fly if the aviation industry is to transition to greener fuels, the boss of one of the world’s biggest airports said Tuesday.

    Speaking on a panel at the World Economic Forum in Davos hosted by CNN’s Richard Quest, Heathrow CEO John Holland-Kaye said that wealthy individuals and companies should pay extra to fly with sustainable aviation fuel (SAF) in order to bring the costs down for everyone else, particularly people in developing countries.

    He said that financiers and energy suppliers should invest in SAF production, including in emerging markets.

    “But as individuals and companies we need to be paying the premium for sustainable aviation fuels so that we can get the cost of it down so that the mass market and developing countries don’t have to pay for the energy transition. The wealthy people in this room and wealthy nations should be funding the energy transition in aviation to help support developing countries,” he added.

    Holland-Kaye said the solution to sustainable aviation was not to fly less, which was not necessarily an option outside Northern Europe, but to use cleaner sources of energy to travel.

    SAF is viewed as critical to reducing aviation’s carbon emissions but its green credentials come at a hefty price. Some airlines allow passengers to offset their CO2 emissions by paying more for their tickets to cover the extra cost of using SAF, but very few travelers currently make use of this option.

    Holland-Kaye said that companies can play a major role accelerating the adoption of SAF because business travel accounts for about 30% of fuel used in aviation. He cited the example of Microsoft

    (MSFT)
    , which has an internal carbon tax for travel that requires each business unit to pay a fee based on its carbon emissions.

    Produced mainly from recycled food and agricultural waste, such as used cooking oil, SAF is a type of biofuel that cuts greenhouse gas emissions by 80% compared to conventional jet fuel.

    It also costs between two and eight times more than its fossil-fuel based alternative, which is why in 2019 it accounted for just 0.1% of jet fuel used in commercial aviation, according to a report by the World Economic Forum and McKinsey.

    In 2021, the industry pledged to replaced 10% of global jet fuel supply with SAF by 2030. This year, Virgin Atlantic plans to fly a Boeing 787 from London to New York powered solely by SAF in what has been billed as the world’s first net-zero transatlantic flight.

    Clean energy investments need a major boost if the world is to meet its climate goals, according to Fatih Birol, executive director of the International Energy Agency. Russia’s invasion of Ukraine has prompted a surge in investment in renewables as countries race to secure alternative energy supplies, but much more needs to be done, he said.

    Speaking on another Davos panel hosted by CNN’s Julia Chatterley earlier on Tuesday, Birol said that for every dollar invested in fossil fuels, the world is now investing $1.50 in clean energy. That needs to increase to $9 to keep global warming below 1.5 degrees Celsius, he added.

    — Anna Cooban contributed reporting.

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  • The top 1% captured nearly twice as much new wealth as the rest of the world over last two years | CNN Business

    The top 1% captured nearly twice as much new wealth as the rest of the world over last two years | CNN Business


    New York
    CNN
     — 

    The world’s wealthiest residents have been getting far richer, far faster than everyone else over the past two years.

    The top 1% have captured nearly twice as much new wealth as the rest of the world during that period, according to Oxfam’s annual inequality report, released Sunday. Their fortune soared by $26 trillion, while the bottom 99% only saw their net worth rise by $16 trillion.

    And the wealth accumulation of the super-rich accelerated during the pandemic. Looking over the past decade, they netted just half of all the new wealth created, compared to two-thirds during the last few years.

    The report, which draws on data compiled by Forbes, is timed to coincide with the kickoff of the annual World Economic Forum meeting in Davos, Switzerland, an elite gathering of some of the wealthiest people and world leaders.

    Meanwhile, many of the less fortunate are struggling. Some 1.7 billion workers live in countries where inflation is outpacing wages. And poverty reduction likely stalled last year after the number of global poor skyrocketed in 2020.

    “While ordinary people are making daily sacrifices on essentials like food, the super-rich have outdone even their wildest dreams,” said Gabriela Bucher, executive director of Oxfam International. “Just two years in, this decade is shaping up to be the best yet for billionaires — a roaring ’20s boom for the world’s richest.”

    Though their riches have slipped somewhat over the past year, global billionaires are still far wealthier than they were at the start of the pandemic.

    Their net worth totals $11.9 trillion, according to Oxfam. While that’s down nearly $2 trillion from late 2021, it’s still well above the $8.6 trillion billionaires had in March 2020.

    The wealthy are benefiting from three trends, said Nabil Ahmed, Oxfam America’s director of economic justice.

    At the start of the pandemic, global governments, particularly wealthier countries, poured trillions of dollars into their economies to prevent a collapse. That prompted stocks and other assets to soar in value.

    “So much of that fresh cash ended up with the ultra-wealthy, who were able to ride this stock market surge, this asset boom,” Ahmed said. “And the guardrails of fair taxation weren’t in place.”

    Also, many corporations have done well in recent years. Some 95 food and energy companies have more than doubled their profits in 2022, Oxfam said, as inflation sent prices soaring. Much of this money was paid out to shareholders.

    In addition, the longer term trends of the unwinding of workers’ rights and greater market concentration is heightening inequality.

    By contrast, global poverty increased greatly early in the pandemic. Though some progress in poverty reduction has been made since then, it is expected to have stalled in 2022, in part because of the war in Ukraine, which exacerbated high food and energy prices, according to World Bank data cited by Oxfam.

    It’s the first time that extreme wealth and extreme poverty have increased simultaneously in 25 years, said Oxfam.

    To counter this growing inequality, Oxfam is calling on governments to raise taxes on their wealthiest residents.

    It proposes introducing one-time wealth tax and windfall taxes to end profiteering off global crises, as well as permanently increasing taxes on the richest 1% of residents to at least 60% of their income from labor and capital.

    Oxfam believes the rates on the top 1% should be high enough to significantly reduce their numbers and wealth. The funds should then be redistributed.

    “We do face an extreme crisis of wealth concentration,” Ahmed said. “And it’s important before all, I think, to recognize that it’s not inevitable. A strategic precondition to reining in extreme inequality is taxing the ultra-wealthy.”

    The group, however, faces an uphill battle. Some 11 countries cut taxes on the rich during the pandemic. And efforts to hike levies on the wealthy fell apart in the US Congress in 2021, even though Democrats controlled both chambers and the White House.

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  • Davos draws record crowds, but its relevance is fading | CNN Business

    Davos draws record crowds, but its relevance is fading | CNN Business


    London
    CNN
     — 

    For decades, business leaders, billionaires and politicians have gathered in Davos, Switzerland under the banner of forging ties that can help solve global problems.

    It’s a glitzy exercise often criticized as out of touch. It also looks increasingly out of date as the biggest war in Europe since 1945 turbocharges splits in the world economy.

    This year’s World Economic Forum, hosted in the Alpine ski town since the early 1970s, kicks off Monday. It’s expected to draw a record 2,700 attendees, including German Chancellor Olaf Scholz, European Commission President Ursula von der Leyen, Chinese Vice Premier Liu He, South Korean President Yoon Suk-yeol and US climate envoy John Kerry.

    Yet the WEF’s first winter meeting in Davos since 2020 comes as economic heavyweights are playing by different rules, with companies moving supply chains closer to home, strategic stockpiling picking up pace and corporate executives who once extolled free trade appearing increasingly wary of rising geopolitical risks.

    “I think Davos is totally irrelevant,” said Rana Foroohar, a Financial Times columnist, whose book “Homecoming” argues that a new shift toward localization is displacing the forces of globalization that have been dominant over the past half century.

    WEF makes the case that its conference allows decision makers to zoom out and collaborate, a challenge as they battle concurrent, compounding crises such as the pandemic, the soaring cost of living, climate change, food insecurity and war.

    “Only personal interaction creates the necessary level of trust, which we need so much in our fractured world,” WEF Chair Klaus Schwab, the founder of the event, said at a press conference last week. This year’s theme is “Cooperation in a Fragmented World.”

    Schwab’s vision for a progressively interconnected global economy that also spreads democracy around the world has been under threat at least since the 2008 financial crisis. Data from the World Bank shows that global trade of goods and services as a percentage of total economic output peaked that year. Outflows of cross-border investment hit a high in 2007.

    But damage to the Davos mission has accelerated over the past 12 months.

    Russia’s invasion of Ukraine squashed what columnist Thomas Friedman once termed the “Golden Arches Theory of Conflict Prevention,” which argued that no two countries with McDonald’s restaurants would go to war with each other. Since the invasion, more than 1,000 Western companies have curtailed operations in Russia, and Europe swiftly cut ties with what was once its top energy supplier despite the high costs. WEF itself had to freeze relations with Russia after hosting its politicians and oligarchs for years.

    Tensions between the world’s two biggest economies, the United States and China, now loom even larger, especially as Beijing ramps up military exercises aimed at menacing Taiwan. China’s strong-arm approach to containing Covid-19 also spooked companies and investors. Many remain wary even as restrictions are rolled back rapidly.

    That’s pushing businesses and governments to rethink supply chains for key products, as reducing vulnerabilities and protecting national interests takes precedence over maximizing cost savings.

    Where former US President Donald Trump used to champion “America First” trade policies, US Treasury Secretary Janet Yellen has been emphasizing “friendshoring,” or strengthening trade ties with countries like India, a fellow democracy. Apple

    (AAPL)
    is looking to move more of its production outside China, whose labor market once served as an engine of its success. The European Union is reportedly drawing up plans to hoard scarce drugs so it can avoid future shortages.

    At the same time, the United States is pushing ahead with a robust industrial strategy aimed at boosting its prowess in manufacturing everything from computer chips to electric vehicle parts. That’s triggered a dispute with Europe, which worries new subsidies will put its companies at a disadvantage.

    “This really is a paradigmatic shift in this moment,” said Jeffrey Sonnenfeld, a Yale management professor who speaks regularly with many well-known executives. He said they’ve increasingly been talking about cutting deals and making investments using this new playbook.

    Meanwhile, nationalism and populism — which can encourage leaders to criticize tenets of a globalized economy such as porous borders and lower barriers to trade — remain muscular forces. Just look to Italy’s new prime minister, Giorgia Meloni, who was installed in October. Her party’s agenda is rooted in skepticism of the European Union and anti-immigration policies.

    The consequences of this transition are still playing out. While the trend towards deglobalization is expected to have some negative consequences, such as adding to inflation, Foroohar sees an opportunity to reinvigorate communities that lost out on jobs during the free-trade bonanza, reduce the carbon footprints of supply chains and ease crippling global inequality.

    During the past two years, the richest 1% scooped up nearly twice as much new wealth as the rest of the world, according to an Oxfam report published ahead of Davos.

    “Economic pendulums shift throughout history,” said Foroohar, who is also a CNN analyst. “Every time the pendulum shifts too far, which it clearly has, it starts to shift back a bit.”

    Some core elements of globalization remain intact. The digital transformation of economies makes it easier for money and ideas to move across borders. The same, unfortunately, goes for viruses and other diseases. International cooperation is essential to solve food shortages and keep high-stakes climate goals within reach.

    “It’s basically too simple to say it’s an era of globalization or an era of deglobalization,” said Markus Kornprobst, a professor of international relations at the Vienna School of International Studies. “It’s an in-between era.”

    But even Davos organizers seem aware of the changing tides. Panels on the agenda include sessions titled “De-Globalization or Re-Globalization?” and “Keeping the Lights on amid Geopolitical Fracture.”

    The forum will still draw big names. Top CEOs such as JPMorgan Chase’s

    (JPM)
    Jamie Dimon, Microsoft’s

    (MSFT)
    Satya Nadella, Uber’s

    (UBER)
    Dara Khosrowshahi and BP’s

    (BP)
    Bernard Looney are on the list of attendees; Scholz, von der Leyen and Spanish Prime Minister Pedro Sánchez will give speeches from the main stage.

    Yet there will also be notable absences. Those skipping the gathering this year include US President Joe Biden, China’s Xi Jinping, Indian Prime Minister Narendra Modi, French President Emmanuel Macron and UK Prime Minister Rishi Sunak. That raises questions about whether Davos can hang on to its reputation an essential event for the rich and powerful.

    — Hanna Ziady contributed reporting.

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  • From color-changing cars to self-driving strollers, here’s some of the coolest tech from CES 2023 | CNN Business

    From color-changing cars to self-driving strollers, here’s some of the coolest tech from CES 2023 | CNN Business



    CNN
     — 

    A long list of companies once again showed off an assortment of cutting edge technology and oddball gadgets at the Consumer Electronics Show in Las Vegas last week.

    There were new twists on foldable devices, cars that changed colors and smart ovens that live streamed dinners. There was a self-driving stroller, a pillow that pulsates to reduce anxiety and a locker from LG that claims to deodorize smelly sneakers in less than 40 minutes. At the event, some people gathered in groups, sitting in silence, to test out the latest virtual reality products.

    While some of these devices may never find their way into households, the products on display offer a glimpse at some of the biggest tech trends companies are anticipating this year and in the years ahead.

    Here’s a look at some of the buzziest products announced last week:

    BMW unveiled a wild color-changing concept car with 260 e-panels that can change up to 32 colors. During a demo, different parts of the car, including the wheel covers, flashed in varying hues and swirls of colors. The technology, which relies on panels that receive electrical impulses, isn’t ready for production. (Breaks between panels and what looked like wiring could be seen on the outside of the car.) But just imagine being able to drive a sporty red car on the weekends and then a conservative gray model when you go to work.

    If you think snapping photos of your meal for Instagram is overdone, now you can livestream your dinner as it cooks in real time and post it to your social feeds. Samsung’s new AI Wall oven features an internal camera that can capture footage of your baking food or allow you to keep tabs on it without ever leaving the couch. The oven, which uses an algorithm to recognize dishes and suggest cooking times and temperatures, also pushes notifications to your phone to prevent you from burning meals. The oven will launch in North America later this year; a price has not yet been announced.

    The self-driving stroller allows for hands-free strolling but only when a child is not inside

    Canadian-based baby gear startup Gluxkind was showed off its Ella AI Powered Smart Stroller. It offers much of the same tech seen in autonomous cars and delivery robots, including a dual-motor system for uphill walks and automatic downhill brake assist. It’s meant to serve as an “extra pairs of eyes and an extra set of hands,” according to the company’s website – not a replacement for a caregiver. The Ella stroller is able to drive itself for hands-free strolling – but only when a child is not inside.

    The Shiftall Mutalk mouthpiece puts a Bluetooth microphone over the mouth to quiet a user's voice

    No gadget at CES this year was as striking as the Mutalk mouthpiece from startup Shiftall. The device, which looks like a muzzle, features a soundproof Bluetooth microphone that makes it difficult for others in the room to hear your voice when you’re on calls. The company thinks the $200 gadget will come in handy for everything from voice chats and playing online games to shouting in VR when you don’t want to disturb anyone else nearby. Instead of hearing you, they will simply see your new mouthpiece; you can decide which is worse.

    If you ever wanted to hit 15 miles per hour on roller skates, this electric pair from French startup AtmosGear promises to help get you there. With a battery pack that holds an hour charge and the ability to travel over 12 miles, the skates can clip onto any existing roller skates, turning them into motor-propelled footwear. The skates are currently available for pre-order for $525.

    JBL Tour 2 Pro earbuds and case with smartphone-like abilities

    You’ve probably heard of smartphones that come with headphones, but what about headphones that come with a screen? The JBL Tour Pro 2 earbuds adds a touchscreen to the case to bring smartwatch-like capabilities by allowing users to control its settings, answer calls, set alarms, manage music and check battery life. No launch date has been announced, but the new buds will cost $250 when they eventually go on sale.

    Samsung's Flex Hybrid Display concept folds and slides

    Some companies offered a new twist on the foldable phone concept. For example, Samsung Display’s Flex Hybrid prototype features a foldable and slidable display (the right side slides to offer more screen space). Meanwhile, the Asus $3500 Zenbook 17 Fold OLED – the world’s first foldable 17-inch laptop – picked up significant buzz on the show floor, acting almost like a large tablet that can be folded in half when on the go.

    Dubbed “the world’s first awareable,” the $500 Nowatch is a watch… with no clock. The Amsterdam-based startup of the same name launched the device to help users monitor stress, body temperature, heart rate, movement and sleep. But unlike other smartwatches, there’s no watchface – instead, a gemstone sits where the touchscreen display typically goes. “We’ve replaced the traditional watch face with ancient stones, celebrating the belief that time is NOW,” the company said on its website.

    Representative Director, Chairman and CEO of Sony Honda Mobility Yasuhide Mizuno in front of a Afeela concept vehicle during a press event at CES 2023 at the Mandalay Bay Convention Center on January 04, 2023 in Las Vegas, Nevada.

    Honda and Sony have joined forces to create tech-filled electric cars that, they say, will be both fun to drive and filled with the latest entertainment innovation. According to the CEO of Sony Honda Mobility, its cars will recognize your moods and be highly communicative and sensitive to your needs. The car will have screens on the outside so it can “express itself” and share information and will be able to “detect and understand people and society by utilizing sensing and [artificial intelligence] technologies,” according to the company. That’s why the company named its first joint car brand Afeela, in that it just has to “feel” right. But it’s unclear if we’re afeeling that name.

    Withings U-Scan attaches to the toilet to collect data from urine

    While it typically requires a blood panel and a visit to the doctor’s office to learn more about vitamin deficiencies, Withins says its new $500 U-Scan device can tell you similar information right from the comfort of your own toilet. The device attaches to existing toilets and collects data from your urine stream to detect vitamin deficiencies, check hydration and monitor metabolism, according to the company. An additional device called the U-Scan Cycle Sync tracks periods and ovulation cycles.

    Schlage’s new smart lock is one of the first to work with Apple’s Home Key functionality, which allows users to upload their keys to their Apple Wallet and unlock their deadbolted front door directly from their phone or Apple Watch. The lock also works with Amazon Alexa and Google Assistant for voice controlled, hands-free locking. Available in two finishes, the deadbolt can manage access codes, view lock history and handle multiple locks at once. The lock, which will cost $300, will be available for purchase late this spring, according to a company press release.

    – CNN’s Peter Valdes-Depena contributed to this report

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  • A $3,300 self-driving stroller is at this year’s CES. Are parents ready? | CNN Business

    A $3,300 self-driving stroller is at this year’s CES. Are parents ready? | CNN Business


    New York
    CNN
     — 

    Hang onto your baby bonnets: Self-driving technology is coming to strollers.

    Canadian-based baby gear startup Gluxkind was showing off its Ella AI Powered Smart Stroller at this year’s CES, the consumer electronics show in Las Vegas that offers some of the most cutting edge – and out-there – new technologies.

    The smart stroller offers much of the same tech seen in autonomous cars and delivery robots, including a dual-motor system for uphill walks and automatic downhill brake assist. Like a Tesla with “Autopilot,” the Gluxkind’s stroller’s onboard technolgy has sensors that detect objects around it – but it’s meant to serve as an “extra pairs of eyes and an extra set of hands,” according to the company’s website – not a replacement for a caregiver.

    The Ella stroller is able to drive itself for hands-free strolling – but only when a child is not inside. It uses cameras to monitor surroundings and navigate the sidewalks.

    For parents who are probably and understandably nervous about putting their baby in a stroller with a mind of its own, Gluxkind provided a YouTube video with some use cases. A parent walking a stroller down hill rushes to save a child’s dropped toy that is rolling away. The stroller brakes on its own.

    In another demo, a child is tired of sitting in the stroller and wants to be carried. The Ella strolls itself while the parent carries the child.

    Still self-driving technology isn’t totally proven and certainly not ready for prime time. Although companies that have implemented the technology in cars say they add an element of safety when used properly and the driver is paying attention, putting children in the care of AI may not be for everyone.

    Gluxkind, founded in 2020, also put additional stroller-specific features into the Ella including “Automatic Rock-My-Baby” and a built-in white noise machine to soothe sleeping toddlers. The entire system is outfitted with a car seat, infant bassinet and toddler seat.

    “The development has been driven by our own experience as new parents.,” Anne Hunger, Gluxkind CPO and co-founder, wrote in a November press release. “We’ve put a lot of hard work into this product and are excited to get it into more customers’ hands in 2023.”

    For $3,300, parents can join the pre-order list for the 30-pound Ella, one of the consumer tech products named as an Innovation Awards Honoree at the 2023 CES show. Deliveries of the stroller are expected to begin in April 2023, according to the company website.

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  • UK government greenlights first new coal mine in three decades | CNN

    UK government greenlights first new coal mine in three decades | CNN



    CNN
     — 

    The UK has greenlit a controversial plan to open the country’s first new coal mine in three decades, a little more than a year after the nation tried to convince the world to ditch coal at the COP26 climate talks in Glasgow.

    Michael Gove, the UK housing and communities secretary, on Wednesday approved the plan to open the Whitehaven coal mine in Cumbria, a county in northwestern England that is home to the World Heritage-listed Lake District.

    The controversial mine is expected to create more than 500 jobs. But the environmental trade-off is steep: The UK Climate Change Committee (CCC), an independent group that advises the government, has estimated the mine and the coal it will produce will emit around 9 million tons of planet-warming emissions every year.

    Supporters of the mine argue the project will create jobs and secure the fossil fuel for British steelmaking; however, 85% of the coal mined is due to be exported.

    The CCC has criticized the decision. Committee chairman Lord Deben said in a statement: “Phasing out coal use is the clearest requirement of the global effort towards Net Zero. We condemn, therefore, the Secretary of State’s decision to consent to a new deep coal mine in Cumbria, contrary to our previous advice. This decision grows global emissions and undermines UK efforts to achieve Net Zero.”

    The mine’s approval was also met with fierce criticism from scientists and environmentalists.

    “A new coal mine in Cumbria makes no sense environmentally or economically,” said Paul Ekins, Professor of Resources and Environmental Policy at the UCL Institute for Sustainable Resources, in a statement. “It will add to global CO2 emissions, as the new supply will not replace other coal but divert it elsewhere, and it will become stranded in the 2030s as the steel industry globally moves away from coal.”

    Ekins also said that the mine’s approval “trashes the UK’s reputation as a global leader on climate action and opens it up to well justified charges of hypocrisy – telling other countries to ditch coal while not doing so itself.”

    The government initially approved the project, but then put it on hold after a wave of protests, including a 10-day hunger strike by two teenage activists.

    It came under intense pressure to reject the plan in 2021, the year it hosted the COP26 talks in Glasgow.

    Alok Sharma, the COP26 President and a lawmaker for the governing Conservative Party, campaigned against the mine.

    “Opening a new coal mine will not only be a backward step for UK climate action but also damage the UK’s hard-won international reputation, through our COP26 Presidency, as a leader in the global fight against climate change,” he said ahead of the announcement on Wednesday.

    The decision comes a little more than a year after the conference, and after lengthy discussions between the UK government, local authorities and the public.

    The Cumbria County Council had also approved the plan three times, but it backtracked its decision last February and called for a planning inquiry, effectively shifting the decision to the national government.

    The Whitehaven mine, also known as the Woodhouse Colliery, is scheduled to operate until 2049, which is just a year before the UK’s self-imposed deadline to slash greenhouse gas emissions to net zero (emitting as little greenhouse gas as possible, and offsetting any emissions that cannot be avoided).

    According to the International Energy Agency, investment into new fossil fuels infrastructure must stop immediately if the world wants any chance of achieving net zero by 2050. The latest climate science shows that achieving net zero by mid-century is necessary to keep temperatures from rising well above 1.5 degrees Celsius, compared with pre-industrial times. Beyond that threshold, the world will face climate crisis impacts that could take millennia to correct, or could be irreversible altogether.

    Climate activists have protested against the project, while West Cumbria Mining, which is developing the mine, said the project would bring hundreds of new jobs into a struggling region. Its opponents argue these jobs may not be secure, given the huge momentum in Europe to phase out coal.

    “Opening a coal mine in Cumbria is investing in 1850s technology and does not look forward to the 2030s low carbon local energy future,” Stuart Haszeldine, a professor at the School of GeoSciences at the University of Edinburgh, said in a statement.

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  • World leaders met all week to address global issues. Putin appears to no longer have a seat at the table | CNN

    World leaders met all week to address global issues. Putin appears to no longer have a seat at the table | CNN


    Bangkok, Thailand
    CNN
     — 

    The three major summits of world leaders that took place across Asia in the past week have made one thing clear: Vladimir Putin is now sidelined on the world stage.

    Putin, whose attack on Ukraine over the past nine months has devastated the European country and roiled the global economy, declined to attend any of the diplomatic gatherings – and instead found himself subject to significant censure as international opposition to his war appeared to harden.

    A meeting of the Asia-Pacific Economic Cooperation (APEC) leaders in Bangkok closed on Saturday with a declaration that references nations’ stances expressed in other forums, including in a UN resolution deploring “in the strongest terms” Russian aggression against Ukraine, while noting differing views.

    It echoes verbatim a declaration from the Group of 20 (G20) leaders summit in Bali earlier this week.

    ‘Beyond logic’: Retired general baffled by Russia’s military move

    “Most members strongly condemned the war in Ukraine and stressed it is causing immense human suffering and exacerbating existing fragilities in the global economy,” the document said, adding that there were differing “assessments” on the situation within the group.

    Discussions within the summits aside, the week has also shown Putin – who it is believed launched his invasion in a bid to restore Russia’s supposed former glory – as increasingly isolated, with the Russian leader hunkered down in Moscow and unwilling even to face counterparts at major global meetings.

    A fear of potential political maneuvers against him should he leave the capital, an obsession with personal security and a desire to avoid scenes of confrontation at the summits – especially as Russia faces heavy losses in the battlefield – were all likely calculations that went into Putin’s decision, according to Alexander Gabuev, a senior fellow at the Carnegie Endowment for International Peace.

    Meanwhile, he may not want to turn unwanted attention on the handful of nations that have remained friendly to Russia, for example India and China, whose leaders Putin saw in a regional summit in Uzbekistan in September.

    “He doesn’t want to be this toxic guy,” Gabuev said.

    But even among countries who have not taken a hardline against Russia, there are signs of lost patience, if not with Russia itself, than against the knock-on effects of its aggression. Strained energy, issues of food security and spiraling global inflation are now squeezing economies the world over.

    Indonesia, which hosted the G20, has not explicitly condemned Russia for the invasion, but its President Joko Widodo told world leaders on Tuesday “we must end the war.”

    India, which has been a key purchaser of Russia’s energy even as the West shunned Russian fuel in recent months, also reiterated its call to “find a way to return to the path of ceasefire” at the G20. The summit’s final declaration includes a sentence saying, “Today’s era must not be of war” – language that echoes what Modi told Putin in September, when they met on the sidelines of the summit in Uzbekistan.

    It’s less clear if China, whose strategic partnership with Russia is bolstered by a close rapport between leader Xi Jinping and Putin, has come to any shift in stance. Beijing has long refused to condemn the invasion, or even refer to it as such. It’s instead decried Western sanctions and amplified Kremlin talking points blaming the US and NATO for the conflict, although this rhetoric has appeared to be somewhat dialed back on its state-controlled domestic media in recent months.

    Ukrainian President Volodymir Zelensky addresses G20 leaders via video link from his office in Kyiv.

    In sidelines meetings with Western leaders this past week, however, Xi reiterated China’s call for a ceasefire through dialogue, and, according to readouts from his interlocutors, agreed to oppose the use of nuclear weapons in Ukraine – although those remarks were not included in China’s account of the talks.

    But observers of China’s foreign policy say its desire to maintain strong ties with Russia likely remains unshaken.

    “While these statements are an indirect criticism of Vladimir Putin, I don’t think they are aimed at distancing China from Russia,” said Brian Hart, a fellow with the China Power Project at the Center for Strategic and International Studies in Washington. “Xi is saying these things to an audience that wants to hear them.”

    Russian isolation, however, appears even more stark against the backdrop of Xi’s diplomatic tour in Bali and Bangkok this week.

    Though US President Joe Biden’s administration has named Beijing – not Moscow – the “most serious long-term challenge” to the global order, Xi was treated as a valuable global partner by Western leaders, many of whom met with the Chinese leader for talks aimed at increasing communication and cooperation.

    Xi had an exchange with US Vice President Kamala Harris, who is representing the US at the APEC summit in Bangkok, at the event on Saturday. Harris said in a Tweet after she noted a “key message” from Biden’s G20 meeting with Xi – the importance of maintaining open lines of communication “to responsibly manage the competition between our countries.”

    And in an impassioned call for peace delivered to a meeting of business leaders alongside the APEC summit on Friday, French President Emmanuel Macron appeared to draw a distinction between Russia’s actions and tensions with China.

    While referencing US-China competition and increasing confrontation in Asia’s regional waters, Macron said: “What makes this war different is that it is an aggression against international rules. All countries … have stability because of international rules,” before calling for Russia to come back “to the table” and “respect international order.”

    US Vice President Kamala Harris meets with US allies at APEC following North Korea's ballistic missile launch on Friday.

    The urgency of that sentiment was heightened after a Russian-made missile landed in Poland, killing two people on Tuesday, during the G20 summit. As a NATO member, a threat to Polish security could trigger a response from the whole bloc.

    The situation defused after initial investigation suggested the missile came from the Ukrainian side in an accident during missile defense – but highlighted the potential for a miscalculation to spark a world war.

    A day after that situation, US Secretary of State Antony Blinken pointed to what he called a “split-screen.”

    Kaja Kallas Amanpour

    NATO must keep ‘cool head’ over missile incident in Poland, says Estonian PM


    07:40

    – Source:
    CNN

    “As the world works to help the most vulnerable people, Russia targets them; as leaders worldwide reaffirmed our commitment to the UN Charter and international rules that benefit all our people, President Putin continues to try to shred those same principles,” Blinken told reporters Thursday night in Bangkok.

    Coming into the week of international meetings, the US and its allies were ready to project that message to their international peers. And while strong messages have been made, gathering consensus around that view has not been easy – and differences remain.

    The G20 and APEC declarations both acknowledge divisions between how members voted in the UN to support its resolution “deploring” Russian aggression, and say that while most members “strongly condemned” the war, “there were other views and different assessments of the situation and sanctions.”

    Even making such an expression with caveats was an arduous process at both summits, according to officials. Indonesia’s Jokowi said G20 leaders were up until “midnight” discussing the paragraph on Ukraine.

    Thai Prime Minister Prayut Chan-o-cha and Chinese leader Xi Jinping meet at APEC on November 18, 2022 in Bangkok, Thailand.

    “There was a lot of pressure that came after the G20 reached consensus on their communique,” Matt Murray, the US senior official for APEC said in an interview with CNN after the summit’s close, adding the US had been consistent during lower-level meetings “all year long” on the need to address the war in the forum, given its impact on trade and food security.

    “In each and every instance where we didn’t get consensus earlier, it was because Russia blocked the statement,” he said. Meanwhile, “economies in the middle” were concerned about the invasion, but not sure it should be part of the agenda, according to Murray, who said statements released this week at APEC were the result of more than 100 hours of talks, in person and online.

    Nations in the groupings have various geo-strategic and economic relationships with Russia, which impact their stances. But another concern some Asian nations may have is whether measures to censure Russia are part of an American push to weaken Moscow, according former Thai Foreign Minister Kantathi Suphamongkhon, speaking to CNN in the days ahead of the summit.

    Boris Bondarev Putin split

    Ex-Russian official who turned on Putin predicts his next moves

    “Countries are saying we don’t want to just be a pawn in this game to be used to weaken another power,” said Suphamongkhon, an advisory board member of the RAND Corporation Center for Asia Pacific Policy. Instead framing censure of Russia around its “violation of international law and war crimes that may have been committed” would hit on aspects of the situation that “everyone rejects here,” he said.

    Rejection of Russia along those lines may also send a message to China, which itself has flouted an international ruling refuting its territorial claims in the South China Sea and has vowed to “reunify” with the self-governing democracy of Taiwan, which it’s never controlled, by force if necessary.

    While efforts this week may have upped pressure on Putin, the Russian leader has experience with such dynamics: prior to Putin’s expulsion over his annexation of Ukraine’s Crimea in 2014, the Group of Seven (G7) bloc was the Group of Eight – and it remains to be seen whether the international expressions will have an impact.

    But without Putin in the fold, leaders stressed this week, suffering will go on – and there will be a hole in the international system.

    This story has been updated with new information.

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  • Asia must not become arena for ‘big power contest,’ says China’s Xi as APEC summit gets underway | CNN

    Asia must not become arena for ‘big power contest,’ says China’s Xi as APEC summit gets underway | CNN


    Bangkok, Thailand
    CNN
     — 

    Chinese leader Xi Jinping has stressed the need to reject confrontation in Asia, warning against the risk of cold war tensions, as leaders gather for the last of three world summits hosted in the region this month.

    Xi began the Asia-Pacific Economic Cooperation (APEC) leaders’ summit in Bangkok by staking out his wish for China to be viewed as a driver of regional unity in a written speech released ahead of Friday’s opening day – which also appeared to make veiled jabs at the United States.

    The Asia-Pacific region is “no one’s backyard” and should not become “an arena for big power contest,” Xi said in the statement, in which he also decried “any attempt to politicize and weaponize economic and trade relations.”

    “No attempt to wage a new cold war will ever be allowed by the people or by our times,” he added in the remarks, which were addressed to business leaders meeting alongside the summit and did not name the US.

    Xi struck a milder tone in a separate address to APEC leaders on Friday morning as the main event got underway, calling for stability, peace and the development of a “more just world order.”

    Leaders and representatives from 21 economies on both sides of the Pacific meeting in the Thai capital for the two-day summit will grapple with that question of how best to promote stability, in a region sitting on the fault lines of growing US-China competition and grappling with regional tensions and the economic fallout of Russia’s war in Ukraine.

    Those challenges were palpable Friday morning, as North Korea launched an intercontinental ballistic missile (ICBM), the second weapons test by Kim Jong Un’s regime in two days amid increased provocation from Pyongyang.

    US Vice President Kamala Harris gathered on the sidelines of the summit with leaders from Japan, South Korea, Australia, New Zealand and Canada to condemn the launch in an unscheduled media briefing.

    In a speech Friday to business leaders, Harris said the US had a “profound stake” in the region, and described America as a “strong partner” to its economies and a “major engine of global growth.”

    Without mentioning China in her address, she also promoted American initiatives to counter Beijing’s regional influence, including the Indo-Pacific Economic Framework, launched by Washington earlier this year, and the Partnership for Global Infrastructure and Investment.

    “The US is here to stay,” said the vice president, who is representing the US at the summit after US President Joe Biden returned home for a family event after attending meetings around the Association of Southeast Asian Nations (ASEAN) summit in Phnom Penh, Cambodia and the G20 summit in Bali in recent days.

    Despite the US-China rivalry, the three summits have also brought opportunities to defuse rising tensions and strained communication between the world’s top two powers.

    US-China relations have deteriorated sharply in recent years, with the two sides clashing over Taiwan, the war in Ukraine, North Korea, and the transfer of technology among other issues.

    In August, following a visit by US House Speaker Nancy Pelosi to Taiwan, China fired multiple missiles into waters around the self-governing island and ramped up naval and warplane exercises in the surrounding area. Beijing claims the democratic island as its territory, despite never having controlled it, and suspended a number of dialogues with the US over the visit.

    A landmark meeting between Xi and Biden on the sidelines of the G20 in Bali on Monday – the leaders’ first since Biden took office – ended with the two sides agreeing to bolster communication and collaborate on issues like climate and food security.

    After landing in Bangkok Thursday, Chinese leader Xi sat down with Japanese Prime Minister Fumio Kishida, in the first meeting between leaders of the two Asian countries in nearly three years. Both sides called for more cooperation following a breakdown in communication over points of contention from Taiwan to disputed islands.

    At stake in the broader meeting, however, is whether leaders can find consensus on how to treat Russia’s aggression in a concluding document, or whether differences in views between the broad grouping of nations will stymie such a result, despite months of discussion between APEC nations’ lower-level officials.

    In an address to business leaders alongside the summit Friday morning, French President Emmanuel Macron, who was invited by host country Thailand, called for consensus and unity against Moscow’s aggression.

    “Help us to convey the same message to Russia: stop the war, respect the international order and come back to the table,” he said.

    Macron also called out the US-China rivalry, warning of the risk to peace if countries are forced to choose between the two great powers.

    “We need a single global order,” Macron said to applause from business leaders.

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