Also: SEC vs crypto, clean-tech jobs, and Microsoft and OpenAI.
Good morning.
I’m in Abu Dhabi this morning, where we just announced that the 2023 Fortune Global Forum will be held here later this year, bringing together the CEOs of the largest companies in the world, as well as many of the most exciting startups, to share their thoughts and plans on the New Era for Business that lies ahead. November 27-29. Mark your calendars. This one shouldn’t be missed.
Why Abu Dhabi? CEOs are wrestling with three great transformations that will shape business and society in the decades ahead. This city is a propitious location for exploring all three.
—First, a reimagination of globalization. Companies are rethinking their supply chains and global footprints to increase resiliency and reduce exposure to geopolitical risk. The Emirates is a natural bridge between East and West, North and South. It has well-developed business and transportation infrastructure. And it is moving toward increased tolerance and openness, putting it high on the list for potential investment.
—Second, a retooling of the economy to meet the climate challenge. While the Emirates were built on petro dollars, leaders here have taken a long-term view toward investing in reducing emissions and increasing renewables. As a sign of that, Dubai will be hosting COP28 this year, beginning the same day that the Fortune Global Forum closes.
—Third, a technology revolution. Abu Dhabi has made significant investments in this area, opening the first university solely dedicated to the development of A.I.: the Mohammed bin Zayed University of Artificial Intelligence. And importantly, the UAE’s signing of the historic Abraham Accords means Fortune will be able to draw on the vibrant tech community in nearby Israel when assembling its audience and program.
Fortune has been hosting the Global Forum in great cities around the world since 1995, including Singapore, Beijing, Shanghai, Rome, Paris and many others. We do it in the belief that business can and should be a force for positive change in society. If you are interested in joining that effort, you can find more information here.
Separately, CEO Daily reported yesterday that Ken Griffin’s Citadel had a blow-out 2023, earning a $16 billion profit for its clients, the most successful hedge fund year on record. Two weeks ago, I interviewed Griffin and New York Mayor Eric Adams at a meeting of the Partnership for New York City about his decision to increase his office footprint in New York, even as he is pulling out of Chicago. At that meeting, Griffin gave what he said was an important reason for his 2023 success: His employees were all back in the office full-time.
A lot of the other financial CEOs in the room nodded their heads in agreement as he said those words. If you are part of the New York financial community and haven’t gotten your return-to-office notice yet—stay tuned!
Other news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
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SEC vs crypto
Pushback from the Securities and Exchange Commission stymied the flotations of several cryptocurrency-focused companies in the past year, according to a Journal report. The firms include Circle Internet Financial, eToro Group, and Bullish Global. SEC Chair Gary Gensler reckons many crypto outfits do not comply with investor-protection rules. Wall Street Journal
Clean-tech jobs
Officials from U.S. states such as Ohio, Michigan and Georgia are trying to get European clean energy businesses to move over to their turf. The carrot: the fat tax breaks in the Inflation Reduction Act. The EU is already annoyed about the way that law incentivizes people in the U.S. to “buy American” when it comes to green technology; this will no doubt cause further outrage, while also pressuring the EU to adopt similar measures. Financial Times
Microsoft and OpenAI
Microsoft has invested yet again in OpenAI, the company behind the super-buzzy ChatGPT chatbot. This time it’s a whopping $10 billion, reportedly over multiple years; Microsoft’s Azure cloud will continue to exclusively power ChatGPT. Some are touting ChatGPT as a potential threat to Google Search, perhaps including Google itself, which has reportedly drafted co-founders Sergey Brin and Larry Page to help figure out some next moves. Fortune
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Sustainability Disclosure and Preparedness As ESG considerations continue to transform today’s financial landscape, companies are moving from commitment to action, according to Deloitte’s 2022 Sustainability Action Report. How are executives making proactive strides to hold themselves accountable among evolving expectations? Explore the findings here. |
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