China’s President Xi Jinping praised the tech-hub city of Shenzhen in a landmark speech on Wednesday, leaving some puzzling over the future of nearby Hong Kong, as China’s traditional global foothold.

Xi said Shenzhen, often dubbed China’s Silicon Valley and home to tech giants Huawei and Tencent, was making “historic leaps” and “achieving miracles.”

He also announced that the area would be given more leeway to pursue opening-up reforms and become a “model city for a strong socialist country.”

Once a small fishing village adjacent to Hong Kong, Shenzhen is now home to about 13 million and was transformed in 1980 by veteran Chinese leader Deng Xiaoping, after he designated it a “Special Economic Zone,” carving out capitalist privileges in the staunchly communist country.

Retracing Deng’s footprints 40 years later during his own southern tour this week, Xi announced Shenzhen would again become a testing ground for foreign investment and

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MIAMI –– The COVID-19 economy has been tough for small business owners, a reality weighing strongly on them ahead of this year’s presidential election.

“There are a lot of people that are torn about opening faster and what’s a longer term, sustainable economic solution,” said Adam Gersten, the owner of Gramps, a signature restaurant in Miami. “I think if we look short-term, everyone wants to be open, especially the restaurant and bar industry. We’ve been close for so long and haven’t received relief.”

Gersten voted for Democratic presidential nominee Hillary Clinton in 2016, but said the tough economic circumstances wrought by the coronavirus pandemic have him undecided in next month’s presidential election.

“When you see the sort of Trump camp pushing that [opening], you say, ‘Well, gee, that kind of makes sense.’ We’ve been closed for so long, and what other choice do we have? That being said,

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Klaus Schwab wearing a suit and tie: Klaus Schwab, founder and president of the World Economic Forum, WEF, championed the Big Four's new ESG framework. Salvatore Di Nolfi/Keystone via AP

© Salvatore Di Nolfi/Keystone via AP
Klaus Schwab, founder and president of the World Economic Forum, WEF, championed the Big Four’s new ESG framework. Salvatore Di Nolfi/Keystone via AP

  • On a Wednesday video conference call, Klaus Schwab, founder of the World Economic Forum, joined Bank of America CEO Brian Moynihan, and EY CEO Carmine Di Sibio to talk about the future of environmental, social, and governance standards (ESGs). 
  • Schwab said ESG standards are not a fad, and Monynihan and Di Sibio expressed hopes that more companies would adopt the newly created ESG framework. 
  • The ESG standards may become mandatory in the future, Moynihan and Di Sibio said. 
  • Visit Business Insider’s homepage for more stories.

On a video conference call Wednesday, Klaus Schwab, founder of the World Economic Forum said environmental, social, and governance standards (ESGs) will be the next step in driving stakeholder capitalism: the notion that a company is

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The ballot measure, known as Proposition 22, would establish drivers as an independent class of workers with access to limited job benefits, along with wage and worker protections they’ve so far lacked under the gig economy model. Labor groups and many of driver advocates say the companies’ efforts, however, do not go far enough to protect workers and are merely an attempt, cloaked in friendly marketing materials, to quash a new law that would guarantee drivers access to the minimum wage, employer-provided health care and bargaining rights.

Drawing on a more than $186 million campaign war chest that Uber, Lyft, food delivery app DoorDash and other tech companies have raised, they are seeking to convince California voters that the ballot initiative reflects the will of drivers. They’ve cited limited survey data saying the vast majority of drivers want to remain contractors.

But critics see the measure as a last-ditch effort

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By Julie Gordon and David Ljunggren

OTTAWA, Oct 8 (Reuters)Bold policy actions taken in response to the coronavirus pandemic were needed but will make Canada’s economy and financial system more vulnerable to economic shocks down the road, the governor of the Bank of Canada said on Thursday.

Tiff Macklem, speaking by video conference to a financial risk management group, said Canada came into the pandemic with a number of vulnerabilities and that it “seems certain” the country would exit with higher levels of government debt.

“As much as a bold policy response was needed, it will inevitably make the economy and financial system more vulnerable to economic shocks down the road,” Macklem said.

“Without the fiscal and monetary policy actions, the economic devastation of the pandemic could have been much, much worse,” he added.

Macklem reiterated that a full recovery from the COVID-19 crisis would take

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For decades very few companies saw supporting their workers’ health and well-being as a business priority. They did what was necessary by law to create a safe and healthy work environment. But exercising, good nutrition, and engaging in self-care to boost physical, mental and emotional health — these were pursuits for employees to worry about and manage on their own time.

However, that attitude eventually evolved as it became harder for employers to ignore the connection between unhealthy behaviors — such as sitting hunched over a desk and staring at a computer for hours on end — and lower employee productivity, decreased morale and higher absenteeism. These, in addition to rising healthcare costs, prompted employers to start promoting workers’ overall wellness.

Many businesses have expanded their efforts in recent years as they have sought to position themselves as an

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TORONTO, Oct. 7, 2020 /CNW/ – Canadian small business owners impacted by the COVID-19 pandemic remain cautiously optimistic about their future, according to Scotiabank’s recent New Path to Impact Report.  Two-thirds of businesses report being in a worse situation now, compared to before the COVID-19 pandemic. Despite the strong headwinds businesses are facing during the pandemic, the report revealed 40% of small business owners are ‘very’ or ‘extremely’ optimistic about the future of their business.

While the future effects of COVID-19 are uncertain, the report uncovered that most businesses are feeling more prepared, with 69% stating their business is better equipped to survive a second wave of the pandemic.

“The resiliency of Canadian business owners throughout the pandemic has been commendable. Whether they’ve pivoted to rely more on digital channels, taken advantage of relief programs or adjusted their business model to serve today’s market, they’ve had to get creative

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DETROIT (Reuters) – Electric vehicle startup Faraday Future aims to close a deal soon to go public through a reverse merger with a special-purchase acquisition company (SPAC), its chief executive said on Monday.

“We are working on such a deal … and will be able to announce something hopefully quite soon,” Carsten Breitfeld said of the possibility of a SPAC deal.

Breitfeld declined to say who Faraday is negotiating with or when a deal would close.

A SPAC is a shell company that raises money through an initial public offering to buy an operating entity, typically within two years.

SPACs have emerged as a quick route to the stock market for companies, particularly auto technology startups, and have proven popular with investors seeking to echo Tesla Inc’s

high stock valuation.

Breitfeld, who joined the Los Angeles-based company as CEO last year, also said the company would deliver its first electric

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Microsoft is hiring physicians, healthcare executives, and engineers, as well as directing Microsoft vets with decades of experience, to focus on the business of medicine.

Its projects are wide-ranging. One huge effort of late is the $1.57 trillion company’s first cloud kit that’s specific to the needs of a single industry, “Microsoft Cloud for Healthcare.”

Another product, Microsoft Teams, is quickly becoming a go-to telehealth provider for tens of millions of physicians each month, CEO Satya Nadella said in a recent earnings call. 

Read more: Microsoft’s healthcare strategy is all about the cloud. 2 executives lay out how it’s taking on Google and Amazon as tech giants push deeper into the $3.6 trillion healthcare industry.

Microsoft’s top people for healthcare business don’t work on an official, singular team. Many of them work in the research division, sales, or various industry and product groups that are catering tech to specific kinds

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The challenge facing every retail executive was mirrored in the talk Michelle Gass, CEO of Kohl’s, gave recently when she spoke to Matt Shay, CEO of the National Retail Federation. She imparted wisdom valuable for all of us.

Ms. Gass said that when the COVID-19 pandemic hit, she, like all other retailers, had no playbook which would give her guidelines on how to act. As she looks back over the last six months, she feels that she has gone through three leadership phases – rescue – review – reimagine – her company.

Because of the strength of her company, which included strong sales stores and a culture where associates pulled together, it was not surprising to see collaboration

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