Here is an edited excerpt from this week’s CxO newsletter. To get this to your inbox, sign up here.
We start this midsummer roundup with some good news: The global economy is unlikely to tip into a global recession this year, according to the latest projections from the International Monetary Fund. In its July forecast, the IMF credits the recent resolution of the US debt ceiling standoff and “strong action by authorities” earlier this year to contain turbulence in U.S. and Swiss banking. While its projected 3% growth rate for 2023 is weak by historical standards, it’s better than the 2.8% growth projections in April.
Then again, estimates have a way of being derailed by black swan events and geopolitical issues. One that came to a head this week: The troubling overhaul of Israel’s judicial system, which has prompted Morgan Stanley cut Israel’s sovereign credit to a “dislike stance” and Moody’s to issue a warning could lead to a downgrade.
I spoke with David Makovsky of the Washington Institute for Near East Policy about why protests are rocking Israel, the Parliament’s judicial reforms, the U.S. response, and what might come next. Israeli entrepreneurs like Gong.io CEO Amit Bendov were already concerned about the actions of Prime Minister Benjamin Netanyahu — and warns that the actions of his coalition are bad for business.
Swiftie Justice
Remember the chaos when Taylor Swift tickets first went on sale? All that seems to be forgotten as Swift now breaks attendance and sales records on her Eras Tour. Along with increasing her own net worth, which stood at $740 million as of June 1st, by our calculations, Swift could give a $4.6 billion boost to the communities where her concerts are held. And don’t forget Beyonce’s Renaissance Tour, which could outearn Eras by $500 million.
My wishlist concert ticket this year is U2: UV Achtung Baby Live at the Sphere in Las Vegas. Judging by the prices on resale sites, I may have missed the boat on that one. I will console myself with the Foo Fighters and Boygenius instead—and the many free concerts in New York.
Also on the record-smashing front:
Microsoft Reports Best Sales Quarter Ever: As it approaches the half-century mark, the tech behemoth is finding that AI is putting more pep in its step.
Phoenix Has Logged 25 Straight Days Above 110 Degrees: Here’s where other records have fallen. For more perspective on the risks, here’s my interview with Jeff Goodell, author of ‘The Heat Will Kill You First.’
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