The DBS Group board of directors told the CEO: “Even CEO jobs can be replaced with AI.”
good morning. “Even CEO jobs can be replaced with AI.”
It was a WhatsApp message that sent Tan Su Shan on the day the DBS Group board was appointed chief executive of Southeast Asia’s largest and most profitable bank. Tan shared the moment with me last week luck‘s Brainstorming AI Singapore Meeting – and her reaction landed like a challenge to other audiences: “If you can trade CEOs, you can do everything else too.”
The combination of excitement and existential threats led to two days of debate among over 70 leaders in nearly 20 countries.
Singapore’s Digital Minister Josephine Theo outlined her country’s AI strategy Carving the central path It explains how six million city-states form big data superpower policies between the US and China. In another panel, executives of three of Asia’s most sophisticated data center operators discussed the Malaysia data center boom and regional outlook. Meet energy needs. US policy analysts too We analyzed the rivalry between the US and China AI And Trump’s new AI action plan at the rally. And digital artist Refik Anadol surprised the room. AI generation workS looks like data and dreams.
Other panels are tackling difficult questions: Is AI wiping out entry-level jobs? Can it be adapted to the local language and culture? Do you narrow or expand global inequality? Leader from Google, Microsoft,Openai, Walmart, Accenturelacten, in fact, others were often dull in.
I am amazed Singapore at the speed of AI change. Tan’s own advice to DBS employees, and perhaps all the executives navigating the shift, came down to four Rs. Reinvent, stay relevant, be resilient and act responsibly.
Contact the CEO daily via Diane Brady diane.brady@fortune.com
Top News
Trump reaches deal with the EU
President Donald Trump I agree Terms of trade agreements with the European Union, including a 15% tariff rate for pharmaceuticals and non-metal EU products. The deal also includes a $600 billion investment in the US from the EU and a $700 billion purchase of US energy. European stocks I jumped to the news.
This deal doesn’t look good for Europe
Before the Trump administration, we That’s the customs It was 2.2% and the EU was 2.7%. It is not yet clear whether the 15% level will apply to Pharmaceuticals, one of the EU’s biggest exports. Trump previously threatened 200% of drug levels. “I am very surprised at how the European Union succumbed to Trump’s demands,” says Douglas Irwin, a professor at Dartmouth. I told NYT. “I thought the EU was the most likely to retaliate. And yet, they didn’t do that. They really succumbed to most of what Trump wanted.”
Not ideal for the US, Canada, or Mexico
EU trades create a vastly different tariff levels for automakers against the obvious benefits of European people. “How can we quadrase magistrates with a 15% tariff on cars from Europe and Japan, while manufacturers in the US, Canada and Mexico employ less than 25% tariffs?” Patrick Anderson saidCEO of Anderson Economic Group.
Trump’s tariff deadline for everyone else is Friday
The White House will not move its August 1 deadline, Commerce Secretary Howard Lutnick I said.
Intel CEO announces layoffs
Intel CEO Lip-Bu Tan I wrote it Last week, a memo to employees announced a layoff of about 15% of the company’s workforce and streamlining some of the company’s operations. “There are no more blank checks,” Tan wrote.
New trends for CEOs: proud of layoffs and exhaustion
Investors who like when CEOs cut costs and have a CEO Respond by reviving staff cuts. For example, Brian Moynihan of Bank of America reduced his workforce from 300,000 to 212,000. “We just had to keep knocking it down,” he said recently. Charlie Scharf of Wells Fargo said that exhaustion was his “friend.” Loomis, Union Pacific and Verizon are also advertising job offers.
Google’s earthquake warning system failed
According to a BBC survey, around 70% of Turkiye’s mobile phones are Android, but few people received an alarm in the 2023 earthquake that killed 50,000 people. There were 10 million people in the radius where the warning was supposed to be targeting. “We continue to improve our systems based on what we learned from each earthquake,” Google spokesman said. I said.
market
S&P 500 Futures The index rose 0.4% on Friday, a new all-time high of 6,388.64, then rose 0.31% this morning. Stoxx Europe 600 Early trading saw an increase of 0.67%. UK FTSE 100 Early trading increased by 0.14%. Japan Nikkei 225 It has decreased by 1.10%. China’s CSI 300 index An increase of 0.21%. South Korea Kospi An increase of 0.42%. India’s Nifty 50 A decrease of 0.6%. Bitcoin It was flat at just under $119K.
From an analyst
Go to the US EU trade agreement: “The announcement of the US-EU trade agreement has lifted stock futures on both sides of the Atlantic. Investors are now more concerned about the bubble than the recession,” says Chris Turner and the team.
Deutsche Bank on negotiations with China: “On the other hand, US-China negotiations are underway in Stockholm today and tomorrow. The August 12 deadline loom, but early reports – only from Chinese press headlines – suggest that a 90-day extension has been granted. Jim Reid et al.
Goldman Sachs at upcoming Federal Reserve Conference: “The most notable change since the FOMC meeting in June is that we and most predictors began to show clear signs of growth below the expected potential since activity data revealed a major tariff increase in the spring. Jan Hatzius et al.
Around the water cooler
In his 20s, the boss of the Fortune 500 company, which has 4,100 employees, tried to refuse promotion to CEO. The advice to new alumni is to remain humble. By Eleanor Pringle
CEO Daily has been edited and edited by Joey Abrams and Jim Edwards.