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JPMorgan CEO Says US Economy Threatened by 'Enemy Within'

Newsweek

2 days ago

Business
Newsweek

JPMorgan CEO Says US Economy Threatened by 'Enemy Within'

Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The CEO of JPMorgan Chase Jamie Dimon has characterized the real threats to the long-term health of the U.S. economy as internal, rather than those posed by any foreign nation. Speaking at the Reagan National Economic Forum in California on Friday, Dimon said that the "tectonic plates" of geopolitics and the global economy were shifting, and that the biggest issue underlying this was "the enemy within." "I'm not as worried about China. China is a potential adversary—they're doing a lot of things well, they have a lot of problems," he said. "But what I really worry about is us. Can we get our own act together—our own values, our own capability, our own management." Why It Matters Dimon's comments come as the U.S. grapples with the threat of a recession, and a broader deterioration of its economic outlook. In addition to weak consumer confidence and fears over inflation, the trade policies of the U.S. administration have resulted in significant market volatility and raised concerns the economy could be approaching a major downturn. Despite the 90-day tariff pause agreed between the two nations on May 12, negotiations between the two countries have not resulted in substantive progress, with recent accusations of violations further and aggressive posturing from the administration threatening to derail any potential breakthrough. What To Know Dimon defined the "enemy from within" as a broad combination of state-level economic mismanagement, regulatory gridlock, deficiencies in the schooling and health care systems, while mentioning several other difficulties, including the persistent risk of the U.S. economy slipping into a recession. While he agreed with outgoing Berkshire Hathaway CEO Warren Buffet's assessment that the U.S. and its economy remain "resilient," Dimon added: "This time is different. This time we have to get our act together and we have to do it very quickly." JPMorgan Chase CEO Jamie Dimon delivers a speech during the Global Markets Conference, ahead of the Choose France summit, in Paris, on May 15, 2025. JPMorgan Chase CEO Jamie Dimon delivers a speech during the Global Markets Conference, ahead of the Choose France summit, in Paris, on May 15, 2025. Michel Euler/POOL/AFP via Getty Images In addition to geopolitics, and the proxy activity and nuclear proliferation of countries such as North Korea, he said another "tectonic shift" taking place was in the global economy, and America's continued ability to engage and maintain amicable economic relations with its trading partners. He said that the priority over the coming weeks and months—during the pause on reciprocal tariffs and the temporary reduction in China's rates—should be to reach in-principle agreements with "15 important" partners, without specifying the nations in question. "I would engage with China," he added. "I just got back from China last week. They're not scared, folks. This notion they're gonna come bow to America — I wouldn't count on that." Despite the truce agreed last month, negotiations between the world's two largest economies are "a bit stalled," according to Treasury Secretary Scott Bessent. In addition, President Trump on Friday accused Beijing of "totally" violating the terms of the 90-day pause, signaling a potential reescalation of the trade conflict. What People Are Saying JPMorgan CEO Jamie Dimon on Friday said: "Right now we're not a team anymore, and we don't collaborate, we don't talk that much to each other. Deal with our policy—and this is the enemy within—we've got to fix our permitting, our regulations, our immigration, our taxation." "But the most important is maintain those military alliances. Spend whatever you've got to spend to have the strongest military in the world," he added. "And I'm hoping the goal of the Trump administration is this: Keep the Western military alliances together." President Trump, via Truth Social on Friday, said: "Because of this deal, everything quickly stabilized and China got back to business as usual. Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!" What Happens Next? Trump's 90-day suspension of reciprocal tariffs is set to expire on July 8, while the China tariff pause will end in August—though both remain subject to a potential cancellation.

G42 and Mistral AI unite to build next-gen AI platforms and infrastructures

Korea Herald

23-05-2025

Business
Korea Herald

G42 and Mistral AI unite to build next-gen AI platforms and infrastructures

PARIS, May 22, 2025 /PRNewswire/ -- In a significant moment for global AI, G42, the Abu Dhabi-based global technology group, and Mistral AI, the leading AI company headquartered in Paris, today announced a strategic partnership to co-develop next-generation AI platforms and infrastructure. The announcement, held on the margins of Choose France, aligns with the broader AI cooperation agreements supported by the UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the French President Emmanuel Macron in February 2025, and underscores the growing momentum between the two nations in shaping a future where artificial intelligence is open and accessible to all. Rooted in long-standing economic and cultural ties that have defined UAE–France relations for nearly half a century, this alliance reflects a new chapter in cross-regional AI cooperation. The collaboration will bring together G42's operational scale and AI capabilities, via its various operating companies, including Core42 on AI Infrastructure and Inception on AI Platform and Solutions development, with Mistral AI's frontier research, solutions and products in open-weight large language models. " This partnership exemplifies a new model of AI development: one that balances sovereignty with interoperability, and ambition with accountability," said Peng Xiao, Group CEO of G42. " Together with Mistral AI, we're not just building technology, we're laying the groundwork for a digitally interdependent future where trust and transparency are non-negotiable." The partnership spans the AI value chain from AI models training, AI agents and infrastructure development to industry-specific applications across Europe, the Middle East, and the Global South. Integration of Mistral AI's platform with G42's AI stack will be developed with technical autonomy and IP governance designed to protect innovation while enabling scalable deployment. The companies will also explore opportunities to promote each other's offerings in both respective existing and new international markets. Arthur Mensch, Co-founder and CEO, Mistral AI, added: "G42 is a partner who shares our commitment to making powerful, open artificial intelligence accessible to all. This alliance not only accelerates our journey but also ensures that the benefits of AI extend beyond traditional tech hubs." As part of the agreement, Mistral AI will also explore collaboration opportunities with the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), the world's first AI university based in Abu Dhabi, across advanced research and development in frontier foundation models, talent development, and the translation of cutting-edge research into real-world AI solutions, as part of the collective efforts in supporting the next-generation AI platforms and infrastructure "We look forward to working with Mistral AI and G42 to advance AI technology in the areas of next-generation foundational models, energy-efficiency and safety," said Eric Xing, President and University Professor, MBZUAI. "Our shared values around driving innovation, collaboration, accessibility and inclusion make us ideally suited to drive research advancements in the field of AI to the benefit of all." The agreement is part of a broader commitment by both parties to foster AI innovation, openness, economic opportunity, and inclusive growth, particularly in regions historically underserved by technology infrastructure. Today's announcement positions the G42–Mistral AI partnership as a flagship of bilateral cooperation and a demonstration of a new accessible and open direction for artificial intelligence. About G42 G42 is a global technology group creating visionary artificial intelligence for a better tomorrow. Headquartered in Abu Dhabi and operating worldwide, G42 champions AI as a force for good across healthcare, energy, transportation, and beyond. Its portfolio includes Core42, Inception, Space42, Presight, and more. To know more, visit About Mistral Mistral AI is a pioneer company in generative artificial intelligence, empowering the world with the tools to build and benefit from the most transformative technology of our time. The company democratizes AI through high-performance, optimized, and cutting-edge open-source models, products and solutions. Headquartered in France and independent, Mistral AI defends a decentralized and transparent approach to technology, with a strong global presence in the United States, United Kingdom, and know more, visit MBZUAI is a research-focused university in Abu Dhabi, and the first university dedicated entirely to the advancement of science through AI. The university empowers the next generation of AI leaders, driving innovation and impactful applications of AI through world-class education and interdisciplinary research. In 2025, MBZUAI launched its first ever undergraduate program, a Bachelor of Science in AI, with two distinct streams: Business and Engineering. For more information, please visit

Local France

22-05-2025

Business
Local France

Paris takes the 'tech city' crown from London

The British-born internet bank Revolut announced that it will set up its new European headquarters in Paris - a €1 billion investment which it says will create 200 jobs. The move was announce at this year's Choose France summit, hosted by Emmanuel Macron, and was just one of many multi-nationals announcing investment in France totalling €37 billion . It comes just days after a ranking of tech capitals placed Paris above London for the first time, citing a five-fold increase in the total enterprise value of Paris tech firms between 2017 and 2024, compared to 4.2 times in London. Advertisement London still outpaces Paris on raising venture capital, but French tech start-ups such as Mistral AI (which has produced a French version of ChatGPT know as Chat) Poolside, and Electra were instrumental in raising Paris up the rankings. The project has been a pet aim of French president Emmanuel Macron, who declared that he wants France to be 'the start-up nation', throwing his support behind the country's industry and infrastructure, including Station F - Europe's largest start-up campus, which is housed in a former railway station. Station F's Roxanne Varza, commenting on the 2025 Dealroom Global Tech Ecosystem Index , said: "Paris's ecosystem has really accelerated over the last 12-24 months, largely due to the AI talent and new wave of repeat founders. "The AI Action Summit in the beginning of 2025 also put France's ecosystem front and centre on a global level. The current geopolitical climate could also sway more talent towards France. "The funding environment is good and we continue to see more international funds building stronger teams to cover the French market. And the pro-business and pro-innovation government is attentive to what entrepreneurs need."

PIF's Al-Rumayyan, France's Macron Open Paris Office

Leaders

21-05-2025

Business
Leaders

PIF's Al-Rumayyan, France's Macron Open Paris Office

The Governor of the Saudi Public Investment Fund (PIF), Yasir Al-Rumayyan, and the President of France, Emmanuel Macron, opened PIF's subsidiary company office in Paris. On Wednesday, Al-Rumayyan and Macron attended the opening ceremony, alongside high dignitaries and business officials from Saudi Arabia and France. The opening ceremony coincided with the annual 'Choose France' event hosted in Paris. By opening a new subsidiary company office in Paris, the PIF expands its global footprint and strengthens ties with France, a major international market. The move also underscores the PIF's commitment to enhancing engagement with local partners, key businesses and institutional investors. Importantly, the new subsidiary company office will foster the PIF's partnerships across Europe. The PIF invested $84.7 billion in Europe, between 2017 and 2024, injecting $52 billion to the continent's GDP and generating more than 254,000 direct and indirect jobs across Europe. France's share of these investments amounted to $8.6 billion, adding $4.8 billion to the country's GDP and creating 29,000 direct and indirect jobs for the French economy. Furthermore, the new office in Paris aligns with the PIF's strategy to propel global economic growth and spearhead Saudi Arabia's economic transformation. The Paris office adds to the PIF's subsidiary company offices in New York, London, Hong Kong and Beijing. The PIF also has around 220 portfolio companies, which contributed to creating more than 1.1 million jobs across the Kingdom and worldwide. Short link :

Bonnell: France Is a 'Good Deal' to Do Investment

Yahoo