4 minutes ago
“We need to be much faster”: European Commission Vice President for Business Support
European Commission Vice President Maros Sefcovic said the organization must “adjust how we support our business in Europe” by facilitating the permit process, among other measures.
In response to a question about how Europe responds to competition from the United States and China — The United States has invested billions of dollars in climate change technology and infrastructure, while Chinese company BYD has become the world’s largest electric car maker. — Sefcovic said the Commission was “ready to fight” for European companies.
“We want you to prosper in Europe, because we have a lot to offer, we just have to be much faster, we have to be better at expanding. And of course we have to do everything we can to make sure of sustainability, which we have to do,” he told CNBC at the World Economic Forum in Davos, Switzerland. “A trademark of European economies, and it will have a future here in Europe.”
Sefcovic added that the European and national governments should provide a “one-stop-shop” to support companies financially.
-Lucy Handley
44 minutes ago
“Europe is lagging behind” in innovation, says Merck KGaA CEO
Innovation is key to economic growth and prosperity and at this time “I think Europe is lagging behind,” says Belén Garrigou, CEO of multinational science and technology company Merck KGaA.
52 minutes ago
The professor says that competition between great powers could derail the energy transition
Jason Bordoff, founding director of the Center on Global Energy Policy at Columbia University, discusses how elections around the world in 2024 could affect climate policy and what needs to be done to accelerate the energy transition.
one hour ago
Barclays CEO: I am very optimistic about the UK
Barclays CEO CS Venkatakrishnan said he was “very optimistic” about the outlook for the UK economy, speaking to CNBC at the World Economic Forum in Davos, Switzerland.
“I think the UK consumer is in a very good position… these pent-up savings are being eroded. On the other hand, it’s a variable rate mortgage market, and there’s been a lot of mortgage adjustments, because the average term is fixed for three years,” he said. “Almost years and we’ve seen about three years of rising interest rates.”
The typical products offered to UK consumers are two-year and five-year mortgages.
“Energy prices have calmed down. So the two things that had big gains are coming down, and I will say I’m very optimistic about the UK,” he added.
-Lucy Handley
one hour ago
‘There’s a lot to go wrong’: CEOs discuss generative AI
The Promenade, the main thoroughfare in Davos, has been dominated by companies promoting artificial intelligence products. In past years at the World Economic Forum’s annual meeting, cryptocurrency companies have been the highlight of the park. But AI fever has taken hold in 2024.
Arjun Kharpal | CNBC
The rise of generative artificial intelligence (AI) dominated public and private discussions at the World Economic Forum in Davos, Switzerland.
Accuracy was a key topic for technology leaders, with Intel CEO Patrick Gelsinger telling CNBC: “How do you prove that a big language model is actually correct? There are a lot of errors today. So you still need to, you know, basically, ‘” “I’m improving the productivity of knowledge workers. But at the end of the day, I need knowledge workers to say, ‘Is this true?'”
The best way to improve accuracy is through experimentation and joint beta testing to drive adoption, said Clara Shih, CEO of Salesforce AI.
“You can ask the AI to be conservative about higher risks until the human co-pilot switches it to autopilot,” Shih said.
Read the full story here.
-Lucy Handley
one hour ago
Emmanuel Macron: We must be “more clear” as Europeans during a “pivotal year”
French President Emmanuel Macron delivers a speech during the 54th annual meeting of the World Economic Forum in Davos, Switzerland on January 17, 2024.
Dennis Balibus | Reuters
Europe must be more assertive on the global stage, according to French President Emmanuel Macron, who spoke at the World Economic Forum in Davos, Switzerland, on Wednesday.
“2024 will be a pivotal year for the Europeans,” he said at the event, according to a translation. “We must prove that we are capable of being more clear and making more efforts, whatever happens in the United States.”
Macron also expressed concern about what the outcome of the presidential elections at the end of the year might mean for existing tensions between the United States and China.
He added: “The biggest danger for the Europeans is that they will end up following the wrong agenda.”
Read the full story here.
-Lucy Handley
18 hours ago
Dutch Prime Minister says centrist parties need to articulate key issues better
Dutch Prime Minister Mark Rutte told CNBC that centrist political parties need to better clarify their position on key issues.
“I think center parties, like my party, the centre-right, should be more successful — I am myself, my party — “To make it clear that we are there for the economy, we are there for collective safety,” he said at the World Economic Forum in Davos, Switzerland.
This means, he added, “that we need strong nation-states but also strong multilateral organizations, and the more right-wing parties are successfully challenging the multilateral global order in particular.”
Mark Rutte has been Prime Minister of the Netherlands since 2010. However, general elections in November saw Geert Wilders’ far-right Freedom Party win, with talks underway to form a new coalition government.
– Vicki McIver
2 hours ago