Good morning. The World Economic Forum published its 2026 Global Risks Report this morning, ahead of its annual meeting in Davos, Switzerland next week. This annual survey of more than 1,300 global leaders and experts shows a fascinating divide in perceptions of short-term and longer-term risks. Most are anxious about physical conflict in the short term, ranking ‘geoeconomic confrontation’ as the most pressing global risk over the next two years. Misinformation and disinformation came second, with societal polarization coming third. Collectively, economic risks showed the largest jump, with more concerns about an economic downturn, inflation and an asset bubble burst
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 [email protected]
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
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.
