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Klaus Schwab stepping down from WEF

Klaus Schwab, the founder and executive chairman of the World Economic Forum (WEF), announced his intention to step back from his role running the global gathering since its inception in 1971. 

In an email to staff on Tuesday, and first reported by Semafor, Schwab revealed his plans to transition from executive chairman to a non-executive chairman position, pending approval by the Swiss government. The change is expected to be finalized before the WEF’s annual meeting in 2025.

You can read more on the matter here.

What’s going on?

• World Economic Forum Founder Klaus Schwab to Step Down (theDeepDive)

• Singapore Airlines flight hits severe turbulence, one passenger dead, seven critically injured (Reuters)

• Scarlett Johansson vs. OpenAI: The “Voice” Of Artificial Intelligence (theDeepDive)

• Inflation in Canada Slows to 2.7%, Boosting June Rate Cut Odds (Bloomberg)

• Serbia Leases Prime Belgrade Land to Trump’s Son-in-Law’s Company for 99 Years (theDeepDive)

• Britain’s inflation rate could be about to drop below the Bank of England’s 2% target (CNBC)

• Canada’s Housing Affordability Crisis Intensifies As Q1 2024 Immigration Jumps 47% (theDeepDive)

• Europe sets benchmark for rest of the world with landmark AI laws (Reuters)

• Return to Nuclear: Italy Considers SMRs as Key to Achieving 2030 Energy Goals (theDeepDive)

• Red Lobster’s Shrimp Debacle Spotlights $1.2 Billion Thai Family (Bloomberg)

• Trudeau’s Capital Gains Tax Proposal “Is Deeply Misleading” (theDeepDive)

What’s the latest?

• Inflation Check: Canada's annual rate of core inflation eased for the fourth consecutive month in April, slowing to an average yearly pace of 2.75% from 3.05% in March, according to Statistics Canada. While this bolsters the case for policymakers to begin an easing cycle, a slight increase in the monthly pace might prevent a June rate cut from being certain.

• Extreme Turbulence: A Singapore Airlines flight from London to Singapore encountered severe turbulence on Tuesday, leading to one passenger's death and 30 injuries. The turbulence struck while breakfast was being served, prompting an emergency landing in Bangkok. A 73-year-old British man likely died of a heart attack during the incident, and seven passengers sustained critical head injuries.

• Tesla Pay Package: A coalition of Tesla Inc. shareholders, including Amalgamated Bank and SOC Investment Group, is urging peers to reject Elon Musk's $56 billion pay package and vote against the reelection of directors Kimbal Musk and James Murdoch. They argue that Musk's multiple commitments, including his acquisition of Twitter and the founding of xAI, distract him from Tesla's interests.

• Apple Legal Battle: Apple Inc. is contesting a €1.8 billion (US$1.9 billion) fine imposed by the European Union for allegedly stifling competition from music-streaming services like Spotify. Apple has filed a lawsuit at the EU’s General Court in Luxembourg to overturn the decision, which also includes an order for Apple to allow music-streaming apps to inform users of cheaper deals outside the App Store.

• Driving Capital Away: Former Wattpad CEO Allen Lau warns that Canada's proposed capital gains tax hike is driving tech entrepreneurs out of the country. The federal government's plan to increase the inclusion rate on capital gains from one-half to two-thirds for gains above $250,000 is seen as a threat to the tech sector's productivity and ownership. Lau highlights the negative impact on Canadian startups, which are increasingly being acquired by foreign investors.

GameStop is Back!

The stock market and stuff

• NexGen Submits Final Responses For Rook I Project Environmental Assessment (theDeepDive)

• TotalEnergies, Partners Approve a $6 Billion Deepwater Oil Project in Angola (Bloomberg)

• Copper Prices Surge As China Stockpiles Amid Supply Concerns (theDeepDive)

• Silver Hits 11-Year High, Crosses $31 Mark (theDeepDive)

In the juniors

• Giant Mining Outlines 18 Hole Drill Program For 2024 (theDeepDive)

• Innergex says battery energy storage facility in northern Chile begins operations (BNN)

• Star shares fall as Hard Rock denies takeover interest (Reuters)

• Power Nickel Hits 13.27% Copper Over 5.05 Metres At Nisk (theDeepDive)

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