Leaders are increasingly worried about an economic downturn, inflation, and an asset bubble bust

When asked to rank the impact of global risks over the next decade, though, the physical environment came first, with extreme weather events, biodiversity loss and a “critical change to Earth systems” topping the list. The specter of adverse outcomes from AI technologies is seen as a longer-term threat. You can read the full report here.

Why does it matter? For one thing, this is not a public opinion poll but rather a survey of global elites: the political leaders, CEOs, and experts charged with shaping policy in their countries and setting strategy for their companies. Their job is to identify, prioritize, and deal with the risks of today and tomorrow. It’s also a global survey, which illustrates how perceived risks like climate change are playing out in different parts of the world.

WEF’s main value, in my view, is in creating a place for leaders with diverse backgrounds and points of view to learn from each other, to talk about the big problems and partner on the big opportunities. It can also be a place of more talking than listening, with too little focus on those who can’t afford to gather at a Swiss ski resort. But I’ve found it’s a place where leaders are often more reflective, relaxed and ready to debate. 

This year, Fortune will create even more opportunities to foster those discussions through expanded programming and coverage. I’ll be joined on the ground by a team that includes editor in chief Alyson Shontell, AI editor Jeremy Kahn, and Kamal Ahmed, executive editorial director for the U.K. and Europe. We’ll bring you dispatches and insights in CEO Daily all week, along with videos, vodcasts and articles. In addition to C-suite lunches, partner events and annual gatherings like Fortune’s Most Powerful Women reception and the Global Leadership dinner, we’re creating Fortune @USA House, a special afternoon program of newsmaker conversations and analysis at USA House, followed by a VIP reception on Jan. 21, when President Trump is expected to speak in Davos. 

Curious to know what global risks are on your radar and what you’d like to ask the leaders we meet next week.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

Top news

Saks Global files for bankruptcy 

The parent company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman has filed for bankruptcy roughly a year after an ill-fated merger put the high-end department stores under one roof. Saks Global executive chairman Richard Baker, who briefly served as its CEO, orchestrated the deal, which flopped due to the company’s debt load and slumping luxury sales. Former Neiman CEO Geoffroy van Raemdonck will lead Saks through its bankruptcy. 

China’s record trade surplus

China recorded the largest trade surplus ever in 2025—$1.19 trillion, up 20% from the year prior—as it flooded the world with goods and services, despite U.S. tariffs intended to stifle China’s exporting power. (China’s trade surplus with the U.S. shrank 22%.) Another big driver of the surplus is China’s relatively low imports as Beijing pushes for an economy that’s self-reliant. 

Dimon v. Trump

President Donald Trump said JPMorgan CEO Jamie Dimon was “wrong” to criticize the DOJ’s crimination investigation of Fed Chair Jerome Powell. “I think it’s fine what I’m doing,” Trump said. “We have a bad Fed person.” Dimon has expressed concern that the probe “chips away” at Fed independence. 

Delta’s K-shaped earnings

Delta Airlines reported earnings on Tuesday, posting $58.3 billion in full-year revenue on the back of strong demand for its premium offerings. On the earnings call, CEO Ed Bastian said demand for more price-sensitive offerings is “struggling greatly,” with the airline only logging gains among more affluent customers.

What Apple and Google’s partnership means

Earlier this week, Apple announced a partnership with Google to integrate the latter’s AI technology into the iPhone, including an upgrade to the Siri digital assistant. The deal is a significant endorsement of Google’s AI capabilities, and likely spells bad news for competitor OpenAI.

McKinsey’s new AI test for job candidates

McKinsey is asking graduate candidates to use its in-house AI assistant to complete tests that are part of its notoriously tough screening process. The pilot is intended to replicate how the top-tier consulting firm expects its new hires to get work done. 

Meta’s new performance review platform

Meta is joining the likes of Amazon and X in debuting a new performance review platform that values employee output over effort, according to internal documents obtained by Business Insider. “While our employees have always been held to a high-performance, impact-based culture, this new direction allows for more frequent feedback and recognition in a more efficient way,” a Meta spokesperson told Fortune.

The markets

S&P 500 futures were down 0.44% this morning. The last session closed down 0.19%. STOXX Europe 600 was up 0.27% in early trading. The U.K.’s FTSE 100 was up o.3% in early trading. Japan’s Nikkei 225 was up 1.48%. China’s CSI 300 was down o.4%. The South Korea KOSPI was up 0.65%. India’s NIFTY 50 was down 0.26%. Bitcoin was at $95K.

Around the watercooler

Watercooler

U.S. workers just took home their smallest share of capital since 1947, at least by Sasha Rogelberg

Why the $38 trillion national debt doomed Fed independence regardless of the Trump/Powell drama, top economist says by Eva Roytburg

Carhartt CEO says they always focused on blue-collar workers—but hipsters came anyway: ‘We welcome anyone … that wants to celebrate hard work’ by Nick Lichtenberg

Gen X CEO uses AI versions of Steve Jobs and Warren Buffett as a ‘fantasy board of directors’ to help him prepare for meetings and performance reviews by Preston Fore

CEO Daily is compiled and edited by Joey Abrams, Claire Zillman and Lee Clifford.