Author: Fortune
The Fortune CEO Initiative is dedicated to helping business leaders find ways to promote social progress as part of their core strategies. This opinion piece is based on a discussion among CEO members during this year’s CEO Initiative Annual Meeting, held Oct. 3, 2023, in Washington, D.C. The authors are CEOI members and were co-chairs of this year’s annual meeting. CEOs across the country are discerning what to do today to build a roadmap for the artificial intelligence leaders of tomorrow. AI offers endless possibilities, but there are also challenges to adopting this technology in organizations. We offer these considerations for CEOs as they…
When Donald Trump tried to buy the Buffalo Bills in 2014, investment bankers doubted the NFL would allow it but encouraged him to stay in the running, according to internal emails aired Tuesday at the former president’s civil fraud trial. “Trump has little chance of being approved by the NFL,” given that he had owned casinos and had a role in the rival USFL’s 1980s antitrust suit against the NFL, then-Morgan Stanley executive K. Don Cornwell wrote to colleagues in April 2014. “That being said, his strong show of support doesn’t hurt the process.” “He probably does have the dough” and claimed he’d been…
Russia’s richest man, Vladimir Potanin, took the dispute with his ex-wife to the UK’s top court in a bid to avoid facing one of the world’s largest divorce claims, as he warned against the “generosity” of the English courts. Lawyers for the sanctioned billionaire asked Supreme Court judges on Tuesday to overturn a previous ruling that cleared the way for Natalia Potanina to renew her multilbillion dollar claim in London. Potanin has a net worth of $29.3 billion, according to the Bloomberg Billionaires Index. The case is set to test UK laws that have led to London being dubbed the world’s divorce…
While warnings about holiday travel being crowded seem to come out every year, 2023 could be a standout. Nearly half the country plans to travel between Thanksgiving and the middle of January, according to the 2023 Deloitte Holiday Travel Survey. They’ll be traveling less frequently, though, meaning the concentration of people taking a trip around Thanksgiving and the week between Christmas and New Year’s Day is going to be higher. More than one-third of travelers (37%) will take a flight at least once this holiday seasons. Roads, though, might be a bit less congested, as 53% of American travelers are…
Britain’s market for small and medium sized stocks is shrinking rapidly, challenging London’s status as a international financial center, according to UK investment bank Peel Hunt. A lack of initial public offerings, along with a flurry of takeovers by overseas and private equity firms, mean there are more companies leaving the UK market than joining it. The trend is particularly pronounced for the FTSE Small Cap Index, which Peel Hunt says has lost 10% of its members and 20% of its market capitalization this year. “We are currently in a doom loop, where valuations are low, liquidity is reducing, investors…
WASHINGTON — The second person to receive a transplanted heart from a pig has died, nearly six weeks after the highly experimental surgery, his Maryland doctors announced Tuesday. Lawrence Faucette, 58, was dying from heart failure and ineligible for a traditional heart transplant when he received the genetically modified pig heart on Sept. 20. According to the University of Maryland School of Medicine, the heart had seemed healthy for the first month but began showing signs of rejection in recent days. Faucette died Monday. In a statement released by the hospital, Faucette’s wife, Ann, said her husband “knew his time with us…
From generous pay and benefits to stronger job security, the United Auto Workers union won significant concessions in tentative settlements that have ended their strikes against Detroit’s three automakers. Now, General Motors, Ford and Stellantis are facing sharply higher labor costs, estimated by some analysts at exceeding $1 billion per year, per company. The automakers will try to absorb those cost increases through expense reductions and efficiencies while still aiming to post strong enough profits to please Wall Street. In addition, analysts say, the companies will likely try to offset their cost increases by raising vehicle prices for consumers. How…
The housing market has gotten so unaffordable and difficult to navigate, you’d be forgiven for thinking there was some kind of conspiracy. A Missouri jury just decided there actually was. Around 2pm ET in a federal courtroom, a jury found the National Association of Realtors, and the largest national real-estate broker franchisors, including Berkshire Hathaway’s HomeServices, had conspired to artificially inflate the home-sale commissions paid to real estate agents. The jury ordered NAR and others to pay nearly $1.8 billion in damages to a class of more than 250,000 home sellers. Under antitrust law, that figure can be tripled to…
A pilot has been indicted for allegedly threatening to shoot the plane’s captain if the captain diverted the flight because of a passenger who needed medical attention. A grand jury in Utah issued the indictment against Jonathan J. Dunn on Oct. 18 over an incident that happened in August 2022, charging him with interference with a flight crew, according to federal court records. The Transportation Department’s inspector general’s office said in an email sent Tuesday that Dunn was the first officer, or co-pilot, on the flight and was authorized to carry a gun under a program run by the Transportation…
WeWork plans to file for bankruptcy as early as next week, the Wall Street Journal reported Tuesday. The company had one of the most dramatic trajectories of the last startup boom — reaching a valuation of $47 billion before a disastrous attempt at an initial public offering and challenges to its co-working model during the pandemic. In a filing Tuesday, the company said it has been holding discussions with creditors about “improving its balance sheet” and taking steps to “rationalize its real estate footprint.” On Monday, the company entered into a forbearance agreement with its creditors that will end in seven days. …