Tag: leaders

UK Business Leaders Face Investment Challenges as Everyone Claims to Be an Expert

by  on  in Business Investment News

U.K. business leaders feel pressured to accelerate investments in generative artificial intelligence despite an abundance of potentially dud advice clouding decision-making, research from Ernst & Young suggests.

Meanwhile, a survey of 150 U.K. CEOs by KPMG finds that 71% see generative AI as a top investment priority, despite ongoing economic uncertainty and a lack of regulatory or ethical AI frameworks.

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How U.K. leaders are reacting to generative AI

EY quizzed 100 U.K. chief executives as part of its October 2023 CEO Outlook Pulse survey and found that 74% feel the need to act decisively on generative AI to stop their competitors from gaining the upper hand.

EY found that most U.K. business leaders are “taking tangible steps” to embed artificial intelligence into their organizations, whether by hiring talent with applicable AI skill sets (54%) or launching AI pilots and partnerships with other companies (42%).

SEE: Tech leaders identify AI, 5G, cybersecurity, big data and metaverse as top investments in EY survey.

Overall, 99% of U.K. CEOs have made or are planning to make “significant capital investments” in generative AI in the next 12 months, with 51% reallocating capital from other parts of the company to fund these investments (Figure A).

Figure A

Infographic showing more than half of UK CEOs are reallocating budgets to invest in AI initiatives.
More than half of UK CEOs are reallocating budgets to invest in AI initiatives. Image: EY

The struggle to separate hype from reality

However, businesses face challenges capitalizing on generative AI as they wait for the reality to catch up with the hype. EY found that 68% of business leaders in the U.K. say uncertainty around generative AI is creating challenges for adoption, with EY noting that “a surge in companies claiming AI expertise” is making it difficult for leaders to cut through the noise and implement AI strategies.

Business leaders acknowledge that the

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U.S. business leaders meet with Chinese President Xi Jinping

by  on  in American Business News

American business leaders are expected to host Chinese President Xi Jinping at a dinner in San Francisco Wednesday after his meeting with President Biden at an international economic conference. 

The dinner, hosted by the U.S. China Business Council and the National Committee on U.S. China Relations, will take place during the Asia Pacific Economic Cooperation Summit — an annual meeting of 21 Pacific nations that account for about half of all global trade. It comes at a consequential time for the U.S. and China, which represent the first and second largest economies in the world, respectively, and are strongly linked by trade. 

Hundreds of executives from varying sectors including banking and technology are expected to attend, and Xi is also expected to speak at the dinner. 

The forum offers an opportunity for U.S. business leaders to directly engage with Xi, who has courted foreign investment to help boost China’s slowing economy. Just this year, a parade of U.S. business leaders including Bill Gates, who met with Xi, have visited China. Elon Musk and JP Morgan Chase CEO Jamie Dimon have also traveled to China. 

US-CHINA-DIPLOMACY-APEC-SUMMIT
Chinese President Xi Jinping speaks during a meeting with US President Joe Biden, not pictured, during the Asia-Pacific Economic Cooperation (APEC) Leaders’ week in Woodside, California on November 15, 2023. 

BRENDAN SMIALOWSKI/AFP via Getty Images


The Chinese Embassy in Washington did not comment on the dinner. 

But American firms, which for decades poured cash into China and fueled its growth, are increasingly skeptical of contributing to expanded state control. Many fear that geopolitics — especially the economic competition between the U.S. and China — may make extensive investments in China too risky. 

This summer, Chinese police raided the Shanghai offices of U.S. firm Capvision, Bain & Company and Mintz Group. Other American consulting firms — have

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Xi Jinping To Address American Business Leaders Amid US-China Tensions

by  on  in American Business News
Xi Jinping

Chinese President Xi Jinping is expected to have dinner with American business leaders on Wednesday. (File Image)

Photo : AFP

Chinese President Xi Jinping is expected to have dinner with American business leaders on Wednesday in San Francisco. This is part of his efforts to court American companies and counter his nation’s recent struggles to attract foreign investment.

The dinner on the margins of the Asia-Pacific Economic Cooperation (APEC) forum will follow a day of talks between Xi and US President Joe Biden, intended to calm tense relations between the two biggest economies in the world.

American businesses will have the opportunity to speak with China’s leader directly, as they look for strategies to deal with China’s economic slowdown, the US push to de-risk some American supply chains away from China, and the uncertainty brought on by growing Chinese security regulations. “The purpose of the dinner is to foster better communication,” one source close to the organisers told Reuters. Declining to say who would speak while confirming representatives from both the Chinese and U.S. governments would share the podium.

But the event is yet to be formally announced by hosts US-China Business Council (USCBC) and the National Committee on US-China Relations (NCUSCR), also presents uneasy optics. According to event notifications seen by Reuters, some US firms will pay tens of thousands of dollars to hear a Chinese state leader from a government that Washington has accused of genocide against Muslim Uyghurs.

The US-China Business Council and the National Committee on US-China Relations both declined to comment on the planned dinner. China’s embassy in Washington also did not respond to a request for comment. For years, business and trade has been at the centre of US-China relations, helping to fuel China’s economic resurgence and offering what Beijing has often described as

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Xi Jinping to Address U.S. Business Leaders Amid Rising Skepticism of China Ties

by  on  in American Business News

The Chinese leader Xi Jinping, who is set to meet with President Biden in San Francisco next week, is expected to speak to top American business executives at a dinner following that bilateral meeting.

Mr. Xi, who is traveling to the United States for an international conference, will address business leaders at a challenging moment in U.S.-China relations. The United States has expressed growing concern about China’s military ambitions and has sought to cut off Beijing’s access to technology that could be used against the United States. China’s treatment of Western companies, which are facing tougher restrictions in how they do business, have also prompted firms to question the wisdom of investing in China.

Still, Chinese and American leaders have expressed interest in bolstering ties between their economies, the world’s two largest, which remain inextricably linked through trade. The Biden administration has sent several top officials to China this year to try to make clear that while the United States wants to protect national security, it does not seek to sever economic ties with Beijing.

It is unclear whether Mr. Xi’s visit will do much to alleviate the skepticism of foreign businesses, many of which are deterred both by China’s slowing economic growth and the tighter grip of the Chinese Communist Party on business activity under Mr. Xi.

Tickets to the dinner and reception, hosted by the National Committee on U.S.-China Relations and the U.S.-China Business Council, cost $2,000 each, according to an invitation circulating online. For $40,000, companies can purchase eight seats at a table plus one seat at Mr. Xi’s table, a person familiar with the event said.

Engagements between Chinese officials and the U.S. business sector will try to send the signal that China remains an attractive place to do business, “as evidenced by these companies flocking

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Study: LSD Use On the Rise Among American Business Leaders

by  on  in American Business News

A recent analysis of psychedelic drug use among American adults has indicated that business leaders and managers seem to be dropping more acid than their subordinates. 

The study, published last Wednesday in the peer-reviewed journal Substance Use and Misuse, analyzed data from the National Survey on Drug Use and Health and looked at trends related to use of lysergic acid diethylamide, commonly known as “LSD,” or “acid.”

The study looked at data from over 168,000 adults over the course of the years 2006-2014 and found that people who identified themselves as managers in their field had experienced a notable increase in LSD use in the last year of the study, significantly more so than other full-time employees who did not identify as managers. 

“The results suggest that the prevalence of past year LSD use increased over time at a greater rate among business managers than non-managers and that this difference cannot be accounted for by changes in business managers’ perceived risk of LSD use or general substance use relative to non-managers,” the study said. 

NSDUH survey responders self-reported their own drug use which included information on psychedelics including LSD. Researchers used this information to form correlations and they found that business managers and leaders experienced a .07% increase in LSD use over the last year of the study whereas other full time employees who were not in a leadership position only increased by .02%.

Author of the study and postdoctoral researcher at Germany’s University of Bamberg, Benjamin Korman, told PsyPost that he wanted to embark on this study in order to apply science and logic to a recent resurgence in popularity with regard to classical psychedelic use among American adults.

“The number of anecdotal media reports on psychedelic drug use among employees and business leaders have increased dramatically in

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Pakistan’s foreign minister invites American business leaders to explore investment opportunities

by  on  in American Business News

200 Pakistani Taliban militants arrested by Afghan authorities, foreign minister confirms

ISLAMABAD: Pakistan’s caretaker Foreign Minister Jalil Abbas Jilani on Thursday confirmed that 200 members of the banned Tehreek-e-Taliban Pakistan (TTP) had been arrested by Afghan authorities, saying Pakistan would ask for them to be extradited if they were not Afghan citizens.

Pakistan says the Pakistani Taliban, or TTP, have become emboldened since the Afghan Taliban seized power in Afghanistan in August 2021 as US and NATO troops were in the final stages of their pullout from the country after 20 years of war. Authorities say the insurgents, who are allied but separate from the Afghan Taliban, have found sanctuaries and have even been living openly in Afghanistan since the Taliban takeover.

The TTP has stepped up its attacks on Pakistan since November last year when it unilaterally called off a tenuous peace deal that had been brokered by Kabul.

The Afghan government says it does not permit its soil to be used by armed groups against other nations.

“During our last meeting, they [Afghan Taliban] have told us about it [arrests] and we expect these [TTP] people will be kept behind bars and dealt with according to the law,” Jilani told reporters, adding that Islamabad would ask for them to be extradited if they were not Afghans.

A spokesperson for the Afghan Taliban did not respond to request for comment on the arrests.

Taliban security personnel stand guard at the Pakistan-Afghanistan border in Torkham on September 15, 2023. (AFP/File)

Jilani said Pakistan’s position on Palestine had not changed, amid US-sponsored efforts to normalize Israeli relations with Muslim states, including Saudi Arabia.

Israel has moved closer to the United Arab Emirates, Bahrain, Sudan and Morocco following a US-driven diplomatic initiative in 2020 which pushed for normalization of relations. Expectations that

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76% of corporate leaders say Japan’s economy is ‘expanding’

by  on  in Business Breaking News

Business confidence has dramatically improved after COVID-19 was downgraded to the equivalent of seasonal flu.

An Asahi Shimbun survey of business sentiment among 100 major companies nationwide found that 76 viewed the domestic economy as “expanding” or “gradually expanding.”

The finding represents an increase of 30 companies from the previous survey last November.

Many corporate leaders are optimistic that economic activity and personal consumption are on the rise now that the novel coronavirus has lost its “scare” factor.

However, concerns remain about labor shortages and a slowdown in overseas economies that could impact Japan.

The Asahi Shimbun conducted the survey from July 3 to 14.

Seventy-five companies responded that the domestic economy is “gradually expanding.” One company said it is “expanding.”

Twenty-two companies viewed the economy as “at a standstill.” The figure was half that of the previous survey late last year.

When asked to choose up to two reasons for their assessment, most companies, 71, cited “personal consumption.”

Asked about the prospects for personal consumption over the next three months, 74 companies expected a “gradual recovery,” up from 44 in the previous survey.

“The mindset of consumers toward spending has improved,” said Taro Fujie, president of Ajinomoto Co. “We are at the beginning of a cycle where wage increases are linked to appropriate price hikes.”

Chiharu Fujioka, managing officer of Mitsui Fudosan Co., noted that hotel occupancy rates exceeded 80 percent, and that “the average daily rate is higher than in 2019 before the pandemic.”

In addition to the easing of pandemic-related restrictions on social activities, the influx of foreign visitors following the lifting of entry curbs is a positive factor.

Tatsuya Yoshimoto, president of J. Front Retailing Co., said that along with an increase in domestic travelers and foreign tourists, “customer numbers and sales at department

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Yorkshire leaders optimistic on Investment Zones – Grant Thornton

by  on  in Business Investment News

Yorkshire are positive about the government's proposed enterprise zones (Image credit: Pixabay)
Yorkshire are positive about the government’s proposed enterprise zones (Image credit: Pixabay)

Mid-market business leaders in Yorkshire are encouraged by the potential impact on Investment Zones, according to research from Grant Thornton.

In the firm’s latest Business Outlook Tracker survey, more than three quarters of business leaders in Yorkshire (76 per cent) said that the introduction of Investment Zones would help towards the government’s Levelling Up agenda, in comparison to the national average of 68 per cent.

A significant number of respondents cited that being located within one of the zones would help to support the local region, with factors such as job creation and skills development (80 per cent) and being beneficial to local businesses (80 per cent) cited.

More than three quarters (80 per cent) of Yorkshire business leaders believe that incentives, such as Stamp Duty Land Tax relief and 100 per cent Business Rates relief, have been focused on the right areas to encourage business investment. In addition, almost three quarters (71 per cent) also believe that being located within an Investment Zone would encourage businesses to stay within the local area.

The first Investment Zone was announced for South Yorkshire last week (14 July 2023), and West Yorkshire has also been shortlisted. In total, 12 Investment Zones are set to be established across the UK.

However, the survey also revealed that business leaders in Yorkshire believe that the 12 proposed locations are not completely adequate, with 74 per cent of business leaders believing that there should be more Investment Zones located in other areas in the UK.  

Andy Wood, managing partner at Grant Thornton UK LLP in Yorkshire, said: “It’s clear business leaders in Yorkshire can envisage the benefits the extra funding will have on the region, which will hopefully help drive long-term economic growth and

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WATCH: Biden, Modi hold meeting with U.S. and Indian business leaders

by  on  in American Business News

WASHINGTON (AP) — President Joe Biden and Prime Minister Narendra Modi on Friday joined top American and Indian executives in talks to increase cooperation between the two countries on artificial intelligence, semiconductor production and space.

On the final day of Modi’s four-day state visit, the leaders put a spotlight on the “Innovation Handshake,” a new initiative aimed at addressing regulatory hurdles that stand in the way of partnership between the two countries.

WATCH: White House holds news briefing as state visit by Indian Prime Minister Modi concludes

“Our countries are taking innovation and cooperation to new levels,” Biden told the group, which included Apple CEO Tim Cook, Google CEO Sundar Pichai and Microsoft CEO Satya Nadella. “We’re going to see more technological change … in the next 10 years than we’ve seen in the last 50 years.”

White House officials say India’s deep talent pool will be crucial in building more resilient supply chains and developing technology to address climate change. All this comes as the administration has sought to put the U.S.-India relationship on a higher plane in the face of an ascendant China in the Indo-Pacific.

Modi commended Biden for seeing “the possibility that India represents.”

As part of Modi’s state’s visit — the first by an Indian leader since Manmohan Singh in 2009 — the two leaders announced several major investments by U.S.-based companies in India.

Micron Technology has agreed to build a $2.75 billion semiconductor assembly and test facility in India, with Micron spending more than $800 million and India financing the rest. U.S.-based Applied Materials will launch a new semiconductor center for commercialization and innovation in India, and Lam Research, another semiconductor manufacturing equipment company, will start a training program for 60,000 Indian engineers.

On the space front, India signed on to the Artemis Accords,

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Aviva Canada reveals top five risks concerning Canadian business leaders

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Aviva Canada reveals top five risks concerning Canadian business leaders | Insurance Business Canada















Aviva Canada heard from 1,500 Canadian businesses

Aviva Canada reveals top five risks concerning Canadian business leaders

Insurance News

By
Roxanne Libatique

Aviva Canada, one of the largest property & casualty (P&C) insurance groups in Canada, has released its latest Risk Insights Report, shedding light on the top five risks that Canadian business leaders believe they are facing.

The report, which was based on a survey conducted with 1,500 Canadian business leaders, examined the perceived risks impacting businesses in Canada. It found that 70% of businesses in the country aim to increase their risk management activities after recognising the significance of robust risk management planning.

However, many businesses are still unequipped to handle emerging challenges, with less than one in three carrying out the necessary critical assessments needed to protect their operations.

Aviva Canada reveals top five business risks for 2023

The following, according to Aviva Canada, are the top five current business risks in Canada that Canadian business leaders are most concerned about:

  • Economic outlook (56% of the respondents said they were somewhat concerned about this risk);

  • Business interruption, including cyber security and environmental risks (however, 8% of companies did not have business continuity plans, up from 5% in 2021, and only 29% contacted their insurance company or broker for help);

  • Public health (52% of companies allocated more resources to their people’s health and wellbeing, including implementing hybrid work environments);

  • Skill shortages (23% of Canadian businesses said they are understaffed); and

  • Cyberattack risks (29% still feel exposed).

Additionally, two-in-three Canadian business leaders (66%) said climate change and ESG have become a main concern, up from 58% in 2022. The result reflects the cost of insured damage for

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