Global Citizen NOW summit to come to Detroit in July
The nonprofit organization announced Wednesday that its first-ever "Global Citizen NOW: Detroit" will be held July 8 through July 11 inside the new Hudson's Detroit development at 1240 Woodward.
The summit is expected to spotlight efforts that have been made in Detroit to invest in people, particularly young adults, as a model for urban revitalization, and how "strategic investments can drive social transformation," according to a news release.
Various leaders in government, philanthropy, business, entertainment and advocacy are to collaborate with local organizers, policymakers and students "on scalable solutions that invest in health-centered development and community-first innovation."
More: Top takeaways from Mayor Mike Duggan's final State of the City address
The summit also will be one of the first major events held in the new $1.4 billion Hudson's Detroit development.
Past Global Citizen NOW summits have been held in New York City, Paris, Rio de Janeiro and Melbourne, Australia. Later this year, the summit series will visit Spain and South Africa.
Dan Gilbert's Bedrock real estate firm is the presenting sponsor for the Detroit summit. The major partners include Verizon, Delta Air Lines, Cisco, PayPal and the Michigan Economic Development Corp.
This article originally appeared on Detroit Free Press: High-profile international summit to come to Detroit in July
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
14 minutes ago
- CNBC
Delta Air assures US lawmakers it will not personalize fares using AI
Delta Air Lines said on Friday it will not use artificial intelligence to set personalized ticket prices for passengers after facing sharp criticism from U.S. lawmakers and broad public concern. Last week, Democratic Senators Ruben Gallego, Mark Warner and Richard Blumenthal said they believed the Atlanta-based airline would use AI to set individual prices, which would "likely mean fare price increases up to each individual consumer's personal 'pain point.'" Delta said it has not used AI to set personalized prices but previously said it plans to deploy AI-based revenue management technology across 20% of its domestic network by the end of 2025 in partnership with Fetcherr, an AI pricing company. "There is no fare product Delta has ever used, is testing or plans to use that targets customers with individualized prices based on personal data," Delta told the senators in a letter on Friday, seen by Reuters. "Our ticket pricing never takes into account personal data." Senators praised Delta's commitment not to use AI for personal pricing but expressed many questions and want more details about what data Delta is collecting to set prices. "Delta is telling their investors one thing, and then turning around and telling the public another," Gallego said. "If Delta is in fact using aggregated instead of individualized data, that is welcome news." Delta declined comment on Gallego's statement. The senators cited a comment in December by Delta President Glen Hauenstein that the carrier's AI price-setting technology is capable of setting fares based on a prediction of "the amount people are willing to pay for the premium products related to the base fares." Last week, American Airlines CEO Robert Isom said using AI to set ticket prices could hurt consumer trust. "This is not about bait and switch. This is not about tricking," Isom said on an earnings call, adding "talk about using AI in that way, I don't think it's appropriate. And certainly from American, it's not something we will do." Democratic lawmakers Greg Casar and Rashida Tlaib last week introduced legislation to bar companies from using AI to set prices or wages based on Americans' personal data and would specifically ban airlines raising individual prices after seeing a search for a family obituary. They cited a Federal Trade Commission staff report in January that found "retailers frequently use people's personal information to set targeted, tailored prices for goods and services -- from a person's location and demographics, down to their mouse movements on a webpage." The FTC cited a hypothetical example of a consumer profiled as a new parent who could intentionally be shown higher-priced baby thermometers and collect behavioral details to forecast a customer's state of mind. Delta said airlines have used dynamic pricing for more than three decades, in which pricing fluctuates based on a variety of factors like overall customer demand, fuel prices and competition, but not a specific consumer's personal information. "Given the tens of millions of fares and hundreds of thousands of routes for sale at any given time, the use of new technology like AI promises to streamline the process by which we analyze existing data and the speed and scale at which we can respond to changing market dynamics," Delta's letter said.
NBC News
2 hours ago
- NBC News
Delta Air Lines assures U.S. lawmakers it will not personalize fares using AI
WASHINGTON - Delta Air Lines said on Friday it will not use artificial intelligence to set personalized ticket prices for passengers after facing sharp criticism from U.S. lawmakers and broad public concern. Last week, Democratic Senators Ruben Gallego, Mark Warner and Richard Blumenthal said they believed the Atlanta-based airline would use AI to set individual prices, which would 'likely mean fare price increases up to each individual consumer's personal 'pain point.'' Delta said it has not used AI to set personalized prices but previously said it plans to deploy AI-based revenue management technology across 20% of its domestic network by the end of 2025 in partnership with Fetcherr, an AI pricing company. 'There is no fare product Delta has ever used, is testing or plans to use that targets customers with individualized prices based on personal data,' Delta told the senators in a letter on Friday, seen by Reuters. 'Our ticket pricing never takes into account personal data.' Senators praised Delta's commitment not to use AI for personal pricing but expressed many questions and want more details about what data Delta is collecting to set prices. 'Delta is telling their investors one thing, and then turning around and telling the public another,' Gallego said. 'If Delta is in fact using aggregated instead of individualized data, that is welcome news.' Delta declined comment on Gallego's statement. The senators cited a comment in December by Delta President Glen Hauenstein that the carrier's AI price-setting technology is capable of setting fares based on a prediction of 'the amount people are willing to pay for the premium products related to the base fares.' Last week, American Airlines CEO Robert Isom said using AI to set ticket prices could hurt consumer trust. 'This is not about bait and switch. This is not about tricking,' Isom said on an earnings call, adding 'talk about using AI in that way, I don't think it's appropriate. And certainly from American, it's not something we will do.' Democratic lawmakers Greg Casar and Rashida Tlaib last week introduced legislation to bar companies from using AI to set prices or wages based on Americans' personal data and would specifically ban airlines raising individual prices after seeing a search for a family obituary. They cited a Federal Trade Commission staff report in January that found 'retailers frequently use people's personal information to set targeted, tailored prices for goods and services -- from a person's location and demographics, down to their mouse movements on a webpage.' The FTC cited a hypothetical example of a consumer profiled as a new parent who could intentionally be shown higher-priced baby thermometers and collect behavioral details to forecast a customer's state of mind. Delta said airlines have used dynamic pricing for more than three decades, in which pricing fluctuates based on a variety of factors like overall customer demand, fuel prices and competition, but not a specific consumer's personal information. 'Given the tens of millions of fares and hundreds of thousands of routes for sale at any given time, the use of new technology like AI promises to streamline the process by which we analyze existing data and the speed and scale at which we can respond to changing market dynamics,' Delta's letter said.
Yahoo
6 hours ago
- Yahoo
For US Companies, Europe Is Hard to Resist: Credit Weekly
(Bloomberg) -- Companies are increasingly looking to Europe to raise money cheaply, a shift that is turning out to be a near-term positive for US corporate debt. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival We Should All Be Biking Along the Beach Seeking Relief From Heat and Smog, Cities Follow the Wind San Francisco in Talks With Vanderbilt for Downtown Campus Verizon Communications Inc. this week sold €2 billion ($2.31 billion) of debt, its first deal in the European market since early 2024. Earlier in July, FedEx Corp. and PepsiCo Inc. both sold debt in the common currency, their first offerings there since 2021. US companies have sold €116.3 billion ($134 billion) of debt in Europe this year, known as reverse yankee issuance, just €4.4 billion shy of an annual record with about five months left in the year. Some corporations, like FedEx and PepsiCo, are just refinancing euro debt that's maturing, but the aggregate figure is higher with good reason: the European Central Bank is in active rate cutting mode amid muted inflation pressures, while the US hasn't cut rates since December. 'From an issuer's point of view, it's less expensive to borrow in euros,' said Gordon Shannon, a portfolio manager at TwentyFour Asset Management. The outlook for US rates in the coming months is getting hazier. A report on Friday said job growth slowed sharply over the past three months and the unemployment rate rose, signaling the labor market is shifting into a lower gear and giving the Federal Reserve more leeway to cut rates. US Treasury yields dropped, but to levels seen in early July. Even with Friday's market moves, borrowing in Europe remains cheaper. For borrowers that hedge, that dynamic may change in the coming days. Even so, over time the shift is probably toward more company bond sales in Europe, according to Hans Mikkelsen, US credit strategist at Toronto-Dominion Bank's TD Securities. As the US continues to impose more tariffs on other countries, including fresh levies announced on Thursday, foreign investors may have a 'natural tendency' to buy less US corporate bonds in favor of Euro-denominated corporate debt, Mikkelsen said in an interview. That decrease in demand will lead companies to seek out investors where they are. 'It's a bit of a long-term structural development where you'll see more US companies ease into those other markets,' Mikkelsen said in an interview. 'There will be less demand for US corporate bonds and more demand for non-US corporate bonds. US companies will have the same issuance needs. So they have to realize that they have to fund themselves more in other currencies.' In addition to US companies looking to borrow in euros, European companies are increasingly shying away from borrowing in dollars. In July, reverse yankee issuance was about $9 billion, compared with $3 billion on average for the month over the prior three years, according to Mikkelsen. European companies, on the other hand, borrowed a little more than $2 billion in dollars in July, compared with $13 billion a month on average for the prior three years. Those shifts toward European issuance go a long way toward explaining why US dollar bond sales fell short of Wall Street dealers' forecasts last month, Mikkelsen wrote. Dealers had forecast sales of around $100 billion for July, while actual sales were closer to about $81 billion, according to data compiled by Bloomberg News. In the near term, anything that reduces selling volume, known as a technical factor, could help keep spreads on US high-grade corporate bonds relatively tight. At the same time, demand, also a technical factor, remains strong globally, with cash gushing into credit funds. US company debt faces a series of pressures now, but valuations for much of the past week were at their strongest level of the year, with spreads at just 0.76 percentage point as of Thursday's close. 'If you take this overarching trend of net supply being down, banks issuing less because of regulatory reform expectations as was the case this past quarter and more US companies are issuing in Europe, all that does is further reinforce the positive technicals in the US market,' according to John Servidea, global co-head of investment-grade finance at JPMorgan Chase & Co. Week In Review US leveraged-loan issuance reached a fresh record in July, as junk-rated borrowers flocked to the market largely to reprice debt, saving companies millions in interest expenses. Deutsche Bank has seen its league table rankings drop in leveraged finance, to no. 8 from no. 1 in 2014. The bank has gotten tangled up in a series of difficult deals, and has faced internal and regulatory pressure to shrink the business, according to people familiar with the matter. Centerbridge Partners joined the ranks of many alternatives managers that see accessing 401(k) retirement funds as a logical next step for private credit firms. But while many are welcoming a future where 401(k) retirement vehicles have access to private investments, Sixth Street Partners' Co-Chief Investment Officer Josh Easterly is urging caution. Chinese developer Fantasia Holdings Group Co. plans to release a new restructuring plan in the coming weeks after previous attempts fizzled, underscoring the years-long struggle of builders to move past an unprecedented property crisis. In the US investment-grade bond market, Lazard Inc. sold $300 million of notes to refinance debt maturing in 2027, while Sherwin-Williams Co. sold $1.5 billion in three tranches. In Europe, UK utility Southern Water Ltd. sold the biggest sterling corporate bond in nearly 18 months as it seeks to shore up its finances, while General Motors Financial Co Inc. and Severn Trent sold impromptu euro debt offerings. Harley-Davidson Inc. said it plans to sell a nearly 10% stake in its finance unit along with more than $5 billion of retail loans to KKR & Co. and Pacific Investment Management Co. Bloomberg had previously reported that the firms were in advanced talks. Wall Street has a familiar gripe about the bots that now handle a growing share of trading in the corporate bond market: they are there to buy and sell your bonds, right up until you really need them. In periods of severe market stress, these computer-driven programs have historically struggled to keep up, forcing traders to turn them off. But in April, the algos showed signs of learning to stay online even when volatility spikes. A UK carpet firm that once supplied the British royal family has been scrambling for months to manage its looming debt maturities. It found a solution in an unlikely place: US distressed debt funds. EchoStar Corp., the broadband company that's missed debt payments, is being pushed by federal regulators to sell some of its airwaves to address concerns it has failed to put valuable slices of wireless spectrum to use. Legal software provider Dye & Durham Ltd. launched a review of strategic options, including a potential sale, in a bid to maximize shareholder value after reaching a truce with one of its largest investors. On the Move Oliver Thym, a partner at Thoma Bravo, is leaving the firm after more than five years as its most senior credit executive. Thym, who oversaw Thoma Bravo's credit funds and strategic debt investments, will transition out of his role by the end of this year as the firm adds Jeff Levin and Kunal Soni who previously worked at Morgan Stanley. Oaktree Capital Management hired two executives from Bain Capital and Intermediate Capital Group as it builds out its Europe direct lending business. Alessandro Nuti, who worked at Bain for over seven years, is joining as a managing director, while Kieran Thind is joining from Intermediate Capital as a senior vice president. CoBank recruited Aimee Evans as syndicate head of sales, capital markets. Evans previously worked at BMO Capital Markets as a managing director, and spent about a decade at Bank of the West before it was acquired by BMO. Sumitomo Mitsui Banking Corp.'s head of loan origination for East Asia, Hong Kong-based Wami Ha, is retiring after more than 30 years working in the banking sector. Separately, SMBC appointed former Morgan Stanley managing director Joy Kwek as head of capital markets and solutions for Asia Pacific — a newly created role based in Singapore. --With assistance from Tasos Vossos. How Podcast-Obsessed Tech Investors Made a New Media Industry Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Russia Builds a New Web Around Kremlin's Handpicked Super App Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts What's Really Behind Those Rosy GDP Numbers? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
