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From tangible projects and collaborations to historic initiatives and breakthroughs. Unsplash By Sarita Nayyar, Managing Director, World Economic Forum Following the global upheaval of COVID-19, the continuing far-reaching effects of the war in Ukraine, and mounting climate-change related problems, the coming 12 months will be marked by unpredictability, further elevating the need for agile decision-making and responses. Business leaders not only have to manage the day-to-day challenges and risks to operations in their industry, but also navigate the fall-out from several on-going crises – cost-of-living crunch, global economic slowdown, soaring energy prices and climate disasters. And these are just the headline challenges. Shifting business models post-pandemic, as well as changing customer preferences and expectations add to the strategic demands. At the Forum, our work is, as it has been throughout our 53-year history, about impact. We strive to effect change to help improve the state of the world through all that we do. This has involved thousands of tangible projects and collaborations; breakthroughs that brought into being the likes of GAVI, the vaccine alliance; and many historic initiatives, including the Davos Declaration signed in 1988 by Greece and Turkey, which brought the two countries back from the brink of […]

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The massive increase in cyberattacks and the rapid evolution of advanced criminal techniques requires every single business in any sector to take protective measures to strengthen its cyber perimeter and minimize risk. To deal with this peril, businesses must incorporate security measures and comply with security standards and regulations to improve their cybersecurity defenses for their assets, revenue, and reputation. These are all proactive steps that a business must take as part of the initial lineup in the cybersecurity arena. Along with these protective measures, part of any sound cybersecurity practice must include crisis planning. Crisis Management Fundamentals A company is considered resilient if it can manage crises. To ensure resilience, effective crisis management must be understood, developed, deployed, and validated in the context of a range of disciplines, including business continuity and security management. This requires a forward-thinking, methodical strategy that builds structures, teaches people to operate within them, and is continuously, purposefully, and rigorously assessed and modified. The development of a crisis management capability must be a regular and continuous effort, proportional to the size and capabilities of an organization. Crisis management in cybersecurity must not be confused with risk management . Risk management is the defensive […]

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Photo Illustration: Jonathan Hurtarte/Bloomberg Tax; Photos: Getty Images Proposal calls on public companies to reveal segment expenses Limited plan doesn’t tackle complaints about dearth of segments It’s billed as the most significant change to segment reporting in financial statements since 1997, but to the investors and analysts waiting years for improvements to the way companies report their major business lines, it falls far short. The Financial Accounting Standards Board’s proposal calls on companies to break out new details about significant expenses in their operating segments—but it tinkers with existing rules rather than overhauling them. It also injects extra flexibility into an already judgment-laden set of rules, analysts and investors are telling the US accounting rulemaker. “It’s not something that I think is a game changer or something investors are going to be excited about in its current structure,” said David Gonzales, senior accounting analyst at Moody’s Investors Service. “We can’t say it will provide better information to investors.” The October proposal calls on public companies to break out the significant expenses in their operating segments—units within a company that earn money and incur expenses. The proposal does not define what “significant” means, another area of heartburn for analysts, as […]

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Before we discuss the sustainability trends shaping the business agenda in 2023, we wanted to reflect and take stock on the events of the past year. Every year has its defining events, but the last 12 months seemed to produce moments and issues of decadal if not generational consequence. Foremost among these, Russia’s invasion of Ukraine transformed geopolitics, economics, and sustainability, with the implications still playing out. In many ways, global societal interconnections and dependencies like social media and supply chains amplified the impacts of the invasion, particularly those relating to energy, food security, and migration inside Ukraine and beyond. Economic disruptions wrought by the war coupled with the highest inflation levels in decades further challenged government and business leaders. As 2023 begins, recession threatens, and societies are bracing for financial hardship after years of strong growth and low unemployment in many regions. Global and local corporations have been deeply affected by the war in Ukraine, its market impacts, and wider economic headwinds. This has forced the private sector to decide whether to fall back on fundamentals and lessen corporate sustainability efforts or whether ESG efforts should be maintained. While some companies have reduced sustainability activity and investment, more […]

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“She is an undisputed and widely recognized leader in the industry’s autonomous and advanced driver assistance space,” says CEO Igal Raichelgauz AI mobility company Autobrains has announced that it has appointed Hilla Tavor as its new Chief Business Officer. Before joining the company, she served as Vice President of ADAS business development at Mobilieye where she led the advanced Development Department and was responsible for both biz dev and sales with global automakers. “Today’s solutions are mostly black-box and bound to a specific set of hardware. OEMs and Tier-1s are looking for more flexibility and adaptability with their ADAS partners, and that’s what Autobrains offers: adaptable technologies with a modular, hardware-agnostic setup that can be implemented into an automaker or supplier’s existing system architecture and is tailored to their needs,” said Tavor. “Autobrains’ hardware-agnostic solutions offer a smarter, more cost-effective, and more efficient pathway to bringing safety and convenience technologies to the mass market. I look forward to expanding our global presence by helping automakers and ultimately drivers and their passengers. This is a pivotal time for both Autobrains as a company and AD and ADAS technology in the automotive industry.” Hilla Tavor At Autobrains Tavor will be responsible […]

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Correspondent WARSAW – He’s a banker. He’s also an entrepreneur, and the son of entrepreneurs. “Growing up,” recalled Adam Fischer, “I always figured I’d be some sort of business owner because I grew up in a family of business owners. My father’s side of the family owns Fischer Funeral Home, and my mother has owned her hair salon since 1990. Our family never really had 9 to 5 jobs and that’s all I ever knew. “I’m a financial adviser for JP Morgan and the senior vice president at the Coshocton Chase Bank,” he added. “I’ve been in financial services for 15 years and I love what I do every day. But during the pandemic, our bank was shut down. I was looking to start an essential business and that’s when I realized dumpster rentals was an underserved market in the area.” Today, Fischer owns Ohio Dumpster Rentals. “I started Ohio Dumpster Rentals in June of 2020,” he said, “after the realization that our area needed a local dumpster rental company. There aren’t any local dumpster rental companies, so it was hard to get a dumpster to our area. I knew I could rent dumpsters locally and more competitively.” Fischer, […]

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TNT Crust in Green Bay.(WBAY) GREEN BAY, Wis. (WBAY) – Three people were taken to a hospital during an ammonia leak at a business in Green Bay. At about 1:15 a.m., the Green Bay Metro Fire Department was called to TNT Crust at 508 Elizabeth Street. Crews found a “substantial leak” in the ammonia coolant system, according to the department. Employees were evacuated. Three people were taken to emergency departments with respiratory issues. Three others were treated and released at the scene. The Brown County Hazardous Materials Team responded to help with the investigation and air quality monitoring. The leak was contained and the building was ventilated. The scene was handed back to TNT Crust for repairs. The Green Bay Metro Fire Department received help from Green Bay Police, the Department of Public Works, and Brown County Hazmat. TNT Crust produces pizza crust for regional frozen pizza manufacturers, chains, and food service distributors. Copyright 2023 WBAY. All rights reserved.

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Jan 18 (Reuters) – New York excavation contractor Brian Dietz does not view higher air fares as a deal-breaker for flying and airlines are seeing more small and medium size companies like his feeding a 2023 rebound in business travel. The joint owner of family-run Bob Dietz & Sons is not thrilled about higher fares but plans to fly for meetings and to a March trade show despite rising costs, economic uncertainty and a recent wave of flight cancellations. When it comes to evaluating heavy machinery, nothing compares to in-person. "You want to touch it, you want to sit in it, you want to operate it," Dietz said. "You can’t do that on Zoom." Global airlines are expected to return to profitability this year for the first time since 2019, fueled by demand for leisure trips, according to trade group IATA. Also helping is expected demand from financial services companies and small and medium sized enterprises (SMEs) like Dietz’s, according to industry officials and various surveys. Latest Updates Booking activity by SMEs hit 80% of 2019 levels during the third quarter of 2022, 19 percentage points above multinational corporations, according to American Express Global Business Travel (Amex GBT). Although […]

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Empathy is vital for the forming, strengthening and maintenance of long-term, highly effective … [+] Getty Images When it comes to the traits that help solidify business partnerships, attributes like trust and a willingness to collaborate to find win-win solutions can play a key role in building a strong, mutually beneficial relationship. But how do you get to that foundation of trust and collaboration in the first place? Quite often, it comes down to empathy — or the ability to detect and understand the feelings of others. Empathy is often confused with sympathy, but it goes so much deeper than that. Sympathy is essentially a sense of pity when someone else is distressed. Empathy, on the other hand, is seeking to truly understand what another person feels, and demonstrate the compassion and understanding they need to feel valued and appreciated. When leaders better understand what empathy is and how it can make a difference in their business relationships, they can position themselves to participate in more meaningful and successful partnerships. 1. Empathy Considers How Different Factors Affect the Partnership While empathy is often described as “walking in someone else’s shoes,” true empathy — especially in the business world — […]

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getty It’s not often that $260 billion industries go largely unnoticed. But when it comes to business process outsourcing (BPO), this is very much the case. This is in part due to the nature of their “below-the-line” operations. But, as I will argue, this $260 billion sleeper industry may just hold the key to future business success, resilience and continuity. I believe that much like what cloud kitchens did for the hospitality industry—stripped out inefficiencies, increased margins and decreased operation complexity—BPOs can do for information-based businesses. Defining A BPO Electronic Data Systems’ Morton H. Meyerson (a man destined to be a CEO with a name like that) proposed outsourcing as a business model in 1967 . However, the practice only became a formal business strategy in 1989 . The rise of the Information Age has ushered in a new evolution of outsourcing: BPOs. Where outsourcing in the past meant handing off non-core processes on an ad hoc basis, business process outsourcing involves outsourcing entire business functions perpetually. With today’s vast BPO infrastructure, just about every business function can be outsourced: customer service, data analysis, marketing, software development, IT management and more. This wide availability of skills for hire and […]

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