- Read Arrowhead CEO’s epic response when a console fanboy tries to drag Xbox and Halo fans over Helldivers 2 Windows Central
- Helldivers 2 director says there’s no need to “compare” it with Halo – “just let gamers enjoy both” Eurogamer.net
- How To Reload Support Weapons With Teammates In Helldivers 2 TheGamer
- You’re waking up to bad Galactic War news in Helldivers 2 because the bugs and bots don’t sleep, says developer Arrowhead’s CEO: ‘It’s a push and pull’ PC Gamer
- Helldivers 2 CEO acknowledges the meta in the best way: “Give the new player the shield backpack and the railgun. You can do without it if you are a true Helldiver” Gamesradar
Tag Archives: CEOs
Gen Z remote workers are ‘probably not going to become CEOs’ and will likely fall behind their in-office peers, says NYU business professor – Fortune
- Gen Z remote workers are ‘probably not going to become CEOs’ and will likely fall behind their in-office peers, says NYU business professor Fortune
- Woman Perfectly Explains Why Working From Home Is More Productive Than Being In An Office, No Matter What CEOs Say YourTango
- Young people who work remotely are unlikely to become CEOs: Suzy Welch Business Insider
- Opinion | Work From Home Isn’t Always Good The New York Times
- Young people who work remotely are ‘probably not going to become CEOs’ and make tons of money, an NYU business professor says Yahoo News
- View Full Coverage on Google News
Woman Perfectly Explains Why Working From Home Is More Productive Than Being In An Office, No Matter What CEOs Say – YourTango
- Woman Perfectly Explains Why Working From Home Is More Productive Than Being In An Office, No Matter What CEOs Say YourTango
- Young people who work remotely are unlikely to become CEOs: Suzy Welch Business Insider
- Gen Z remote workers are ‘probably not going to become CEOs’ and will likely fall behind, says NYU business professor Fortune
- Opinion | Work From Home Isn’t Always Good The New York Times
- Young people who work remotely are ‘probably not going to become CEOs’ and make tons of money, an NYU business professor says Yahoo News
- View Full Coverage on Google News
Ted Sarandos Is All “Spin,” Other CEOs “Irresponsible” For Abandoning Talks To End Strike, SAG-AFTRA’s Duncan Crabtree-Ireland Says – Deadline
- Ted Sarandos Is All “Spin,” Other CEOs “Irresponsible” For Abandoning Talks To End Strike, SAG-AFTRA’s Duncan Crabtree-Ireland Says Deadline
- Netflix Plans “Substantial Changes” to Executive Pay After Shareholders Rejected CEO Pay Packages Hollywood Reporter
- Ted Sarandos Addresses SAG-AFTRA Strike, Data Transparency Vulture
- Ted Sarandos Blames SAG-AFTRA For Breaking “Momentum” & Contract Talks Ending; “We Want …To Get Everyone Back To Work” Deadline
- Netflix Promises ‘Substantial Changes’ to Executive Pay Model After Shareholder Pushback TheWrap
- View Full Coverage on Google News
CEOs Of Chip Companies Call On US To Assess Impact Of China Restrictions And Exercise Caution – NVIDIA (N – Benzinga
- CEOs Of Chip Companies Call On US To Assess Impact Of China Restrictions And Exercise Caution – NVIDIA (N Benzinga
- Chip CEOs urge US to mull effects of curbs on China 台北時報
- Chip CEOs urge US government to study impact of China curbs, take pause before further regulations Economic Times
- US-China chip war intensifies amid calls for `small yard, high fence` approach to contain Beijing WION
- CEO says Intel may build ‘less factories’ if US expands China chip curbs South China Morning Post
- View Full Coverage on Google News
‘Bitcoin is an international asset’ — BlackRock CEO’s bullish remarks – Cointelegraph
- ‘Bitcoin is an international asset’ — BlackRock CEO’s bullish remarks Cointelegraph
- BlackRock’s Larry Fink on why he won’t mention ESG anymore: ‘It’s been weaponized by left and right’ Fox Business
- BlackRock CEO Larry Fink Says Bitcoin Could ‘Revolutionize Finance’ CoinDesk
- BlackRock CEO Says Bitcoin Is ‘An International Asset’: A ‘Fink Pump’ Incoming? – BlackRock (NYSE:BLK) Benzinga
- BlackRock’s Bitcoin spot ETF will ‘democratize’ crypto: CEO Larry Fink Fox Business
- View Full Coverage on Google News
CenterPoint Energy’s David Lesar among most overpaid CEOs – mySA
- CenterPoint Energy’s David Lesar among most overpaid CEOs mySA
- Apple’s Cook and Amazon’s Jassy are among the most overpaid CEOs, study finds, but a media boss bested them with $232 million in ‘excess’ pay Yahoo Finance
- ‘Most Overpaid CEOs’ Fall Behind on Delivering Returns Investopedia
- WBD’s David Zaslav, Amazon’s Andy Jassy, Apple’s Tim Cook Among Most Overpaid CEOs In New Study As SEC Disclosure Rules Set For Shakeup Deadline
- Some of these ‘overpaid’ CEOs are taking pay cuts. Will it matter? MarketWatch
- View Full Coverage on Google News
CEOs act with caution at this year’s global gathering
This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe
Tuesday, January 24, 2023
Today’s newsletter is by Julie Hyman, anchor and correspondent at Yahoo Finance. Follow Julie on Twitter @juleshyman. Read this and more market news on the go with the Yahoo Finance App.
One of the regular charges leveled at participants of the World Economic Forum in Davos is they talk a big game on climate change… then fly to Zurich on private jets.
The WEF has said it offsets all of that travel by buying carbon credits. Some CEOs have responded by flying commercial, which has a lower carbon footprint.
But the executives and world leaders we spoke to last week did seem increasingly aware of how they’re perceived outside of their bubble in the Swiss Alps, and are making some attempts to address those perceptions.
As my colleague Brian Sozzi wrote in yesterday’s Morning Brief, those attending the World Economic Forum didn’t pay Elon Musk much mind, even though Musk again took shots at the annual gathering.
Ignoring the antagonistic billionaire, however, doesn’t mean the proceedings in Davos haven’t taken on a new air of self-awareness about this annual gathering of the global elite.
“It’s something that people are very conscious of now and becoming more so,” S&P Global CEO Doug Peterson told us in Davos. Peterson said he flies commercial for international travel. The Yahoo Finance team shared a commercial flight with another top U.S. CEO on the way back to the States this weekend.
But it’s not just internet trolls or climate activists like Greta Thunberg whose voices have risen to the altitude where CEOs reside. Executives told Yahoo Finance are hearing from their home communities and employees they expect corporations to be good partners.
“We live in a world today where our employees want to know us as humans,” Cisco CEO Chuck Robbins said. “Our employees really care about culture. They care about your purpose. In fact, if you look at some of the latest surveys, employees will tell you that salary’s not number one anymore.”
Tech executives, in particular, are acutely aware of the optics of throwing lavish Davos parties while cutting spending at home. Cloudflare CEO Matthew Prince decided to tone it down this year, opting not to hold the company’s typical hot-ticket party. (Cloudflare did still sponsor a popular piano bar.)
“It just didn’t seem like the right year to be celebrating,” Prince said. “When we see a lot of companies laying people off, when we see people in the tech industry really struggling, the idea of flying in a big performer, spending a ton of money on a lavish party, didn’t make a bunch of sense.”
Prince seemed to be throwing shade at Microsoft, which reportedly hosted Sting and 50 attendees at a party early in the week before news broke the company was laying off 10,000 people.
Salesforce also held a party whose coveted invites were hard to come by, and which featured a performance by The Pretenders’ frontwoman Chrissie Hynde.
But this party was sandwiched between layoff news earlier this month and the revelation Monday that activists Elliott Management and Jeff Ubben’s Inclusive Capital had taken stakes in the software giant. Investors, too, have noticed the disconnect. And perhaps sense an opening.
These sorts of parties — some of them with putative themes like sustainability — are designed to illustrate that Davos is not a sinister meeting of a dark cabal of global executives, political leaders, and non-governmental organizations, but is a chance for high-flyers to get a lot of facetime with their counterparts in a concentrated period.
This year’s conference also showed, to sometimes awkward effect, that CEOs are trying to straddle a tricky line between business and philanthropy, one challenge of so-called stakeholder capitalism.
BlackRock CEO Larry Fink, who has pushed his enormous money management firm further into ESG investing, has been attacked by activists on both sides for going too far and not going far enough.
“The attacks are now personal,” Fink said during a panel last week.
What does all this Davos self-awareness and sensitivity mean for investors?
Likely more caution and guardedness from companies and their leaders.
With the global economy slowing — and there was lively debate among Davos execs about just how much — expect a bit more tact from Corporate America 2023. And not just on their balance sheets, but managing their public images, too.
What to Watch Today
Economy
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8:30 a.m. ET: Philadelphia Fed Non-Manufacturing Activity, January (-17 during prior month, revised to -12.8)
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9:45 a.m. ET: S&P Global U.S. Manufacturing PMI, January Preliminary (46.0 expected, 46.2 during prior month)
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9:45 a.m. ET: S&P Global U.S. Services PMI, January Preliminary (45.3 expected, 44.7 during prior month)
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9:45 a.m. ET: S&P Global U.S. Composite PMI, January Preliminary (46.4 expected, 45.0 during prior month)
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10:00 a.m. ET: Richmond Fed Manufacturing Index, January (-5 expected, 1 during prior month)
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10:00 a.m. ET: Richmond Fed Business Conditions, January (-14 during prior month)
Earnings
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Microsoft Corporation (MSFT), 3M (MMM), Johnson & Johnson (JNJ), Hasbro (HAS), Halliburton (HAL), Lockheed Martin (LMT), Verizon Communications (VZ), Lockheed Martin (LMT), General Electric (GE), The Travelers Companies (TRV), Capital One Financial (COF), Texas Instruments (TXN)
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Is crypto better or worse since its collapse? Here’s what CEOs at Davos said
While business leaders showed cautious optimism at this year’s World Economic Forum (WEF) in Davos, Switzerland, the same sentiment wasn’t felt for crypto.
Compared to before, the once buzzy area of finance had a much smaller presence.
As our Jennifer Schonberger put it, “gone were the crypto houses every ten feet, bitcoin-themed pizza stalls and advertising from previous years.”
“I think regulated transparent infrastructure like ours is well-suited for this environment,” Jeremy Allaire, Circle co-founder and CEO which issues the stablecoin USDC told Yahoo Finance.
Circle, one of the few crypto firms present for the week, did offer some optimism. Though not regulated as a bank and having shuttered plans to go public via SPAC last year, it is still aiming to be a public company at some point in the future, Allaire said.
In the meantime, it represents 31% of crypto’s $136 billion stablecoin market, which many consider being essential to the industry’s less speculative future.
As Allaire told us, Circle carries a money transmitter license in almost every state. Its stablecoin “has actually grown since the FTX collapse,” by $2 billion since the beginning of November according to DeFillama.
Yet critics were not scarce at Davos.
For them, and more than 9 million retail and institutional investors waiting to get back their funds in bankruptcy, FTX’s collapse still looms as a shadow over the space.
“FTX and SBF are not an exception — they’re a rule,” Nouriel Roubini, the NYU professor known as “Dr. Doom” for his dire views on global trends, said on Yahoo Finance Live.
“Literally 99% of crypto is a scam. A criminal activity. A total real-bubble Ponzi scheme that is going bust,” Roubini added. The Economist went on to underline the reputational damage industry firms are facing as a general loss of trust.
In November, Bitcoin hit a low not seen for two years of $15,682 as FTX careened towards chapter 11. Two weeks later BlockFi followed.
The next month, Sam Bankman-Fried, a figure many believed to be one of the industry’s biggest stars, was extradited from a Bahamas prison to New York to face 8 charges of fraud.
While its total market cap has recovered above $1 trillion dollars as of last week, industry trading venues are far from regaining trust.
Instead, those companies have had to let go of thousands of workers. With Genesis’ long-awaited bankruptcy filing Friday, there are at minimum 10 million people who’ve lost their crypto for trusting a crypto firm with their funds.
Meanwhile, others in attendance such as IBM Vice Chairman Gary Cohn would not trash crypto but also refrained from commenting on digital assets themselves.
“I’m bullish on blockchain, and crypto, I really don’t have a view,” Cohn told our on-the-ground team, echoing a popular middle-ground view.
Of course, even when major companies separate cryptocurrencies in favor of investing in their own private blockchain platforms, the end product hasn’t always worked.
In late November, IBM, which has bet on blockchain since 2016, discontinued its global blockchain-enabled platform, TradeLens, launched with Maersk two years prior.
The technology platform, which digitized and secured shipping container tracking across the world was “viable” Maresk said.
But it didn’t achieve “the level of commercial viability necessary to continue work and meet the financial expectations as an independent business,” the company added.
“All of these three things, web3, blockchain, and the metaverse, are all going to happen,” Microsoft (MSFT) CEO Satya Nadella said offering a partial vote of confidence broadly of crypto to WEF attendees.
“But you need to have the killer apps, what is the use case that gets broad adoption, what is the ChatGPT moment for blockchain?”
Nadella was referring to the AI tool launched in November that has quickly racked up users and become the most interesting thing in tech. The executive told news outlet Semafor Tuesday it was in talks to invest as much as $10 billion into ChatGPT owner, OpenAI.
Is the crypto market’s collapse through last year holding the industry back from finding its coveted ChatGPT moment? Absolutely and not as much as it might seem.
An annual report from venture capital firm Electric Capital, shows despite crypto’s seemingly rough 2022, it has more monthly active developers than it did during its bull market.
Based on multiple years of data, Electric Capital finds every cycle crypto software developer activity tends to be less susceptible to market fluctuations, making their engagement levels a more important barometer than the industry’s Davos attendance for where things might be headed.
It found that in the fourteen years since Bitcoin’s creator Satoshi Nakamoto — who essentially spun up the industry working without pay — the industry’s open source full-time developers has risen from 1 to 23,343 and activity has expanded well beyond Bitcoin and Ethereum (28% of the total).
We’ll have to wait and see where those thousands of developers plan to take crypto next. In the meantime, their activity in addition to crypto’s less exciting price charts and its shrinking advertisements at Davos, the Bahamas’ Baha Mar resort, or any other place might be exactly what the industry needs to move beyond such a difficult moment.
“You can’t get rich fast in crypto right now. And that’s actually good,” Chainalysis’ Michael Gronager told us, decked in an overcoat before the snowy Swiss Alps.
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Nearly every CEO bracing for recession over next 12-18 months: survey
CEO confidence has plunged to its lowest levels since the Great Recession as central banks scramble to tame decades-high inflation, according to the results of a key survey.
A whopping 98% of US-based CEOs say they are preparing for an economic recession over the next 12 to 18 months, according to the quarterly survey of business leaders conducted by the Conference Board released Thursday. The number rose even higher, to 99%, for CEOs based in Europe.
“CEOs are now preparing for near-inevitable recessions in both the US and Europe,” said Roger W. Ferguson Jr., a Conference Board trustee and former Fed vice chair. “While the vast majority still expect the US recession to be short and shallow, nearly 7 in 10 believe the EU will enter a deep recession with serious global spillovers.”
Corporate bosses received more bad news this week after the latest Consumer Price Index showed inflation running higher than expected at 8.2% in September. The reading affirmed a view that the Federal Reserve will continue sharply tightening monetary policy despite fears that its actions will trigger a lengthy recession.
Of the CEOs polled, just 5% felt economic conditions will improve over the next six months. Meanwhile, 81% said the economic outlook is worse for the fourth quarter than it was in the previous quarter.
Some 85% of CEOs expect the US recession to be brief and shallow, while 13% expect a deeper downturn with a “material global spillover.”
When asked to name the biggest global challenge their businesses currently face, 34% of CEOs pointed to political and government instability, while 17% cited energy access and security and 15% said the ongoing Russia-Ukraine war.
Even before the latest inflation data surfaced, JPMorgan Chase CEO Jamie Dimon warned the global economy faced a series of headwinds that would spark a recession next year, including higher interest rates and inflation.
“These are very, very serious things which I think are likely to push the US and the world — I mean, Europe is already in recession — and they’re likely to put the US in some kind of recession six to nine months from now,” Dimon told CNBC.
Last month, FedEx CEO Raj Subramaniam triggered a market selloff when he signaled a worldwide recession was already underway.
Executives and investors will gain a better sense of the Fed’s policy path when officials conduct their next two-day meeting on Nov. 1-2. The Fed is widely expected to hike its benchmark rate by three-quarters of a percentage point for the fourth straight meeting.