Latest news with #2025WorldEconomySummit
Yahoo
02-05-2025
- Business
- Yahoo
Trump administration fast tracks approval process for oil and gas projects
WASHINGTON (NEXSTAR) – The Trump administration is working to speed up the approval process for oil and gas projects. Interior Secretary Doug Burgum is leading the effort. He praised the president during his cabinet meeting this week. 'Your first day in office, you wisely declared a national energy emergency,' Burgum said. That declaration, Secretary Burgum says, has let his department fast-track oil, gas and mining projects on public lands. Reviews that could take up to two years are now expected to take a matter of weeks. 'We're treating our natural resources like the American balance sheet they are,' Burgum said. The expedited approvals don't apply to energy sources like solar or wind projects. Burgum says the tax credits connected to them incentivize less reliable energy. '…which have created a dangerous situation for our national power grid,' Burgum said last week at Semafor's 2025 World Economy Summit. Congressman Jared Huffman (D-Calif.) pushed back on the plan. 'This is outrageous. I mean, my God, the climate crisis is not going away,' Huffman said. 'This is a naked giveaway to fossil fuel. And it's all done under the guise of an energy emergency, which is fake.' Burgum says the emergency is not having enough power to compete with adversaries. 'We need more of it immediately. We need more electricity to win the AI arms race against China,' Burgum said. Burgum says he views America's energy resources as assets that could ultimately pay down the national debt. 'That saves everybody that's listening and their children and their children's children,' Burgum said. Huffman says future generations need a clean planet. 'These folks are playing with the livability of our planet for our kids and our grandkids,' Huffman said. He expects the plan won't hold up in court. 'They will be sued, and they will lose,' Huffman said. Burgum says he thinks it will hold up, 'We're very confident.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
25-04-2025
- Business
- Yahoo
Mastercard CEO says consumers' fears about the economy haven't affected their spending yet: 'They still want to make that trip'
Consumer confidence levels may be dropping, but consumer spending doesn't reflect it. That's according to Mastercard CEO Michael Miebach, speaking at Semafor's World Economy Summit. "The consumer today is an empowered consumer that will still stick to what they want to do," he said. Consumer confidence has taken a hit amid economic uncertainty, but you wouldn't know it based on current consumer spending figures at one major credit card. Mastercard CEO Michael Miebach said spending hasn't noticeably changed yet in spite of growing anxieties about shifting tariffs, a possible recession, and the weakening dollar. "The consumer today is an empowered consumer that will still stick to what they want to do," Miebach said at Semafor's 2025 World Economy Summit on Wednesday. "They still want to make that trip." Miebach said that while "soft data" like headlines and consumer confidence studies would suggest a pullback in consumer spending, there is currently no evidence of that in the real-time spending information that Mastercard monitors. "The hard data is not reflecting yet where the consumer is," he said. In March, for example, Miebach noted there'd been a 1.4% increase in consumer spending, which he said was "nothing out of the ordinary." "It's the most asked question that I get and then when I say what I just said. People say there must be something more," he said. "But right now there is not." Consumer confidence registered at 92.9 in March, dropping to its lowest level since 2021, according to the Conference Board's latest survey. Wall Street is keeping a watchful eye on consumer sentiment, as a weaker outlook on spending could put a dent in corporate earnings and impact the stock market. Read the original article on Business Insider Sign in to access your portfolio
Business Insider
24-04-2025
- Business
- Business Insider
Mastercard CEO says consumers' fears about the economy haven't affected their spending yet: 'They still want to make that trip'
Consumer confidence levels may be dropping, but consumer spending doesn't reflect it. That's according to Mastercard CEO Michael Miebach, speaking at Semafor's World Economy Summit. "The consumer today is an empowered consumer that will still stick to what they want to do," he said. Mastercard CEO Michael Miebach said spending hasn't noticeably changed yet in spite of growing anxieties about shifting tariffs, a possible recession, and the weakening dollar. "The consumer today is an empowered consumer that will still stick to what they want to do," Miebach said at Semafor's 2025 World Economy Summit on Wednesday. "They still want to make that trip." Miebach said that while "soft data" like headlines and consumer confidence studies would suggest a pullback in consumer spending, there is currently no evidence of that in the real-time spending information that Mastercard monitors. "The hard data is not reflecting yet where the consumer is," he said. In March, for example, he pointed out a 1.4% increase in consumer spending, which he said was "nothing out of the ordinary." "It's the most asked question that I get and then when I say what I just said. People say there must be something more," Miebach said about consumer spending. "But right now there is not."
Business Insider
24-04-2025
- Business
- Business Insider
Mastercard CEO says consumers' fears about the economy haven't affected their spending yet: 'They still want to make that trip'
Consumer confidence levels may be dropping, but consumer spending doesn't reflect it. That's according to Mastercard CEO Michael Miebach, speaking at Semafor's World Economy Summit. "The consumer today is an empowered consumer that will still stick to what they want to do," he said. Consumer confidence has taken a hit amid economic uncertainty, but you wouldn't know it based on current consumer spending figures at one major credit card. Mastercard CEO Michael Miebach said spending hasn't noticeably changed yet in spite of growing anxieties about shifting tariffs, a possible recession, and the weakening dollar. "The consumer today is an empowered consumer that will still stick to what they want to do," Miebach said at Semafor's 2025 World Economy Summit on Wednesday. "They still want to make that trip." Miebach said that while "soft data" like headlines and consumer confidence studies would suggest a pullback in consumer spending, there is currently no evidence of that in the real-time spending information that Mastercard monitors. "The hard data is not reflecting yet where the consumer is," he said. In March, for example, he pointed out a 1.4% increase in consumer spending, which he said was "nothing out of the ordinary." "It's the most asked question that I get and then when I say what I just said. People say there must be something more," Miebach said about consumer spending. "But right now there is not." Consumer confidence registered at 92.9 in March, dropping to its lowest level since 2021, according to the Conference Board's latest survey. Wall Street is keeping a watchful eye on consumer sentiment, as a weaker outlook on spending could put a dent in corporate earnings and impact the stock market.
Yahoo
23-04-2025
- Business
- Yahoo
Semafor releases 'The Semafor View,' an annual provocation on the state of the global economy
Semafor today announces the release of The Semafor View, a 40-page report on the state of the global economy at a moment of unprecedented turmoil. Published online and in print, the report debuts alongside Semafor's 2025 World Economy Summit — the largest gathering of Fortune 500 leaders in the U.S. — held this week in Washington during the IMF and World Bank Spring Meetings. The summit brings together public and private sector leaders — including U.S. Cabinet officials, congressional leadership, global finance ministers, and central bankers — to advance dialogues that catalyze global growth and fortify resilience amidst uncertain, shifting global dynamics. Crafted as a concise, fact-rich, and thought-provoking guide for time-strapped CEOs, serves as an authoritative forward-looking text in a moment of tough decisions. The report, released in collaboration with Infosys, a global leader in next-generation digital services and consulting, builds on the success of Semafor Business, the World Economy Summit, and The CEO Signal, Semafor's exclusive invite-only multiplatform membership for chief executives of the world's largest companies, underscoring Semafor's dedication to providing independent, transparent, and global insights to a decision-maker audience through its journalism. is edited by former WIRED editor-in-chief Gideon Lichfield and Semafor business editor Liz Hoffman. Contributors include , 2024 Nobel Laureate in Economics, who discusses how an AI bust could trigger the next financial crisis; , founder of Exponential View, who examines how AI threatens the 'moats' of big corporations; Infosys Knowledge Institute on the metamorphosis of AI from orchestration to innovation; , author of Sinocism, who provides insight into China's tightrope walk between economic liberalization and state control; , CEO of Palantir, who addresses why Silicon Valley needs to shed its qualms about defense tech;, chair of Saïd Business School at the University of Oxford, who discusses how the CEO is now the Chief Diplomatic Officer; , 2001 Nobel Laureate in Economics, who outlines Europe's opportunity to thrive in this crisis; and , vice chairman of S&P Global, who covers the new balance between renewable energy and fossil fuels. features essays, industry projections, and insights across seven areas dominating the global agenda: Energy: The new balance of power Finance: The search for safe havens Europe: Pull together or fall behind China: The cautious superpower Defense: Multipolar muscle Leadership: The changing role of the CEO Artificial Intelligence: Boom versus bubble. The report will be available in print at Semafor's World Economy Summit, which will be the largest gathering of Fortune 500 leaders in the U.S. The speaker lineup includes leaders from the G20 including: Rachel Reeves, the U.K.'s top finance official; Jörg Kukies, the German finance minister; Éric Lombard, who runs France's finances; Carlos Cuerpo, Spain's economy minister; and Valdis Dombrovskis, the EU's top economic commissioner. They will appear alongside over 200 of the world's top CEOs. The powerhouse lineup of global business leaders features Mary Barra, Chair and CEO of General Motors; Ted Sarandos, Co-CEO of Netflix; Evan Spiegel, CEO of Snap; Dara Khosrowshahi, CEO of Uber; Brian Moynihan, Chair and CEO of Bank of America; Kathy Warden, Chair, CEO, and President of Northrop Grumman; Scott Kirby, CEO of United Airlines; and Adena Friedman, Chair and CEO of Nasdaq. The three day summit is co-chaired by titans of finance and business, David Rubenstein, Henry Kravis, Ken Griffin, and Penny Pritzker.
