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How companies innovate in an economic downturn

Betty Liu, Executive Vice Chairman for NYSE Group, explains:

What kind of unicorns could come out of this economic downturn?

So, that's an interesting question, because inevitably in any crisis, they're going to be new ideas to solve problems. Those new ideas will likely lead to new companies and those new companies will likely become unicorns, the next generation of unicorns. So, if you think about it, Uber was born during the last recession. If you go back a few more decades, Hewlett Packard was born during the Great Depression. General Motors was founded during a recession in 1908. There was one study that was very interesting, it found that back in 2009, more than half of the Fortune 500 companies were founded during a recession or a bear market.

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Historic EU COVID recovery fund deal; Turkey and Greece Aegean dispute

Ian Bremmer shares his insights on this week's World In (More Than) 60 Seconds:

How will the EU coronavirus recovery fund work and are there winners and losers?

How it's going to work? Hundreds of billions of euros being distributed between, its collective redistribution from wealthy countries to poor countries. And that money has been now unanimous agreement between all 27 members of the European Union. Not 28, the Brits are no longer a part of the table. And it's historic. It's by far the biggest political success that we've seen anywhere around the world in providing real multilateral leadership to help make it easier for those countries that are suffering the most. In the case of Europe, that means the poorer countries that don't have the ability to bail out their devastated economies. Again, you are seeing double digit contractions across Europe economically this year. Now you're seeing hundreds of billions of euros, half of that will be grants, don't need to pay back, half will be loans. That was a big part of the of the debate, of the controversy.

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What is going on between the WHO, the US and China?

What is going on between the WHO, the US and China?

We need someone to blame for this virus crisis, right? Trump will be elected or not in November on the back of well over 100,000 deaths, horrible economic performance and unemployment. No real bounce seen before November. Probably a second wave just before elections, given the seasonality of the virus. Which means you've got to blame China, the World Health Organization. And that means the Americans threatening to pull out of the organization as a whole, saying that they're doing lifting for China and also demanding investigation, as are other countries, of China for how they handled the initial outbreak of the disease. I am much more sympathetic to calls about Chinese responsibility because it's clear they did mishandle and did cover up the early days of this virus. The Chinese are saying they're only prepared to accept an investigation after the crisis is over. The WHO is saying that's three to five years from now. I agree on the time frame. Don't agree that that would be an appropriate way to handling it. A lot of countries around the world, particularly allies of the United States, are increasingly putting pressure on China. Big trade dust-up between the Chinese and the Australians as a consequence. Not directed by the United States, which is interesting. Australia did that all by themselves.

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Technological Revolution & Surveillance in the COVID-19 Era

Are we in the middle of a technological revolution?

Yes? I feel like a technological revolution should feel more empowering and exciting. It should feel like something good as opposed to something catastrophic. But if you define it as a moment when there's a lot of technological change that will last for years or decades, yes. Think about the way that health, education, working from home are going to change. There are lots of inventions right now because of coronavirus that will stick with us.

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Ian Bremmer: US response to COVID-19 is mediocre

I continue to see incredible polarization: the United States is a hot mess, a disaster, vs no, best response ever, depending on what side of the political agenda you're on. I think that the US response so far, continues to be mediocre.

The big story: people dying. Trump should not have been a cheerleader. He said less than 100,000 would be great. Now, even the most conservative model the US government is using is now expecting 147,000 deaths by August. Well over 150,000 by election day. Trump will say, if I had done nothing, we would have 2.2 million deaths, framing for advertising. But it's hard to sell that.

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