SAN FRANCISCO — Onthe first day of the Asia-Pacific Economic Cooperation (APEC) CEO Summit this week, two dozen global business leaders and heads of state urged unity and collaboration from the stage.
Why it matters: In anyother year, the message might have bordered on platitudinal. But it was delivered to an audience distracted by phones, laptops, calls, meetings, coffee and selfies.
UAW-represented workers at Ford and Stellantis have ratified their respective settlements with the Detroit Three automakers.
Why it matters: The deals, which ended a historic six-week strike, include a 25% pay increase over the 4.5 years of the contract, wage hikes for temporary workers, the elimination of a two-tiered wage system and the right to strike over plant closures.
The year's top venture capital story has been The Next Great Platform Shift, as every tech startup is either incorporating, or trying not to get run over by, artificial intelligence.
But, but, but There's also been a second sea change building in 2023: The rise of GLP-1 weight loss drugs, like Ozempic and Wegovy, which could revolutionize a health care sector that receives around one-quarter of all VC dollars.
The groundbreaking AI provisions in the Hollywood actors' union contract are a sign of the big changes coming across all kinds of jobs, thanks to the fast rise of AI technologies.
Why it matters: The AI issue is urgent in the entertainment industry, which has created digital replicas of actors. But with the tech moving so fast, all of us will likely face disruptions soon enough, economists said at a Brookings panel this week.
IBM announced Thursday that it's halting its advertising from Elon Musk's X following a report that its ads appeared next to pro-Nazi posts.
The big picture: The move comes as Musk faced backlash for endorsing an antisemitic post and as 164 Jewish rabbis and activists upped their call to Apple, Google, Amazon and Disney to stop advertising on X, and for Apple and Google to remove it from their platforms following his action.
A Utah man who claimed he was acting as a citizen journalist when he joined Jan. 6 rioters and filmed scenes inside the U.S. Capitol, including the fatal shooting of Ashli Babbitt, was convicted Thursday.
The big picture: John Earle Sullivan, who prosecutors said earned more than $90,000 from selling his video footage of the Capitol breach, was convicted of all charges, including felony obstruction of an official proceeding and civil disorder, per a Justice Department statement Thursday.
Former venture capitalist Mike Rothenberg was found guilty by an Oakland jury Thursday on all charges that he lied to investors and Silicon Valley Bank over how his firm was spending investment capital.
Why it matters: This is the latest fraud conviction in a slow trickle of venture-fueled FOMO (fear of missing out), where investors skirted usual due diligence in the chase of the next big thing.
Strong grocery sales continued to power Walmart in the third quarter, but the retailer sounded a cautionary note on consumers, Nathan writes.
Driving the news: There was "potential weakness or wobbling among the consumer" in the second half of October, CFO John Rainey said today on an earnings call.
Walmart's stock closed down 8.1% late Thursday after reaching an all-time high a day earlier.
The impact: The downbeat comment overshadowed an otherwise strong report.
Chuck E. Cheese's animatronic band that entertained — or weirded out — parents while their kids played games is exiting stage left, Nathan writes.
What's happening: The chain recently announced that Munch's Make Believe Band will no longer appear at its nearly 600 locations — with one exception.
The band will hold a permanent "residency" — not unlike real-life Las Vegas shows featuring Adele, Celine Dion and Britney Spears — at its location in Northridge, California.
That'll be the only place you'll be able to hear the groovy tunes by Mr. Munch on keyboard, Jasper T. Jowls on guitar, Helen Henny on vocals and Pasqually on drums.
💭 Nathan's thought bubble: Whatever will we do without being able to eat greasy pizza while watching a rat play music?
Elon Musk on Wednesday wrote "You have said the actual truth," in response to an X post that claimed Jewish communities support "dialectical hatred against whites."
The big picture: No investment firms that backed Musk's takeover of X, nor those that have backed his other ventures, made public statements of opposition or condemnation. Instead, they cowered.
More than half of the finalists for North America's best car, truck and SUV run on electricity, not gasoline — a strong indication of where the industry is headed.
Why it matters: Electric vehicles (EVs) feature some of the industry's most innovative technology — and they're also the most fun to drive.
The decline of local newspapers accelerated so rapidly in 2023 that analysts now believe the U.S. will have lost one-third of the newspapers it had as of 2005 by the end of next year — rather than in 2025, as originally predicted.
Why it matters: Most communities that lose a local newspaper in America usually do not get a replacement, even online.
No single founder has stacked up more losses for venture investors than Sam Bankman-Fried, according to PitchBook.
Why it matters: SBF, as he's known, was the worst thing to ever happen to the digital asset industry, and he's maybe the worst thing to happen to investors.
The fight over capital standards for the biggest banks has gotten more interesting, as displayed the last few days on Capitol Hill.
Driving the news: As the Fed and other regulators push to tighten the screws on the largest banks — requiring they hold more capital in hopes of creating a more stable financial system — there is now pushback from at least a few Democrats, who worry about the knock-on effects for their priorities.
Margaret Richardson joined GoFundMe as chief corporate affairs officer to help explain the crowdfunding platform's purpose and impact.
Why it matters: Richardson is the company's first corporate affairs hire, and she was brought on to amplify the stories, causes and people found across GoFundMe, while also advancing the corporate narrative.
