Hours after President Trump said Sunday he had "second thoughts" about escalating the trade war with China, the White House sought to explain his remark because it was...Politicsread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
President Donald Trump said that he would have a major trade deal with U.K. after it leaves the European Union.Politicsread more
Despite Kudlow's expectations, China said on Saturday that it strongly opposes Trump's decision to levy additional tariffs on $550 billion worth of Chinese goods, and warned...Politicsread more
President Donald Trump said Sunday he was not happy after North Korea launched short-range ballistic missiles over the weekend.Politicsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Engaging in more sustainable solutions is a necessity — not just a corporate responsibility — if businesses want to continue operating in the future, says United Nations Development Program's administrator Achim Steiner.
"Businesses will like the view that 'once I pay my taxes I'm done with my duty.' That simply does not work anymore in our age," United Nations Development Programme's (UNDP) administrator Achim Steiner told CNBC at the Responsible Business Forum in Singapore Thursday.
Private companies are not just "spectators" but a "central player" for paving the way for more sustainable development — with three quarters of the economy in most countries driven by the private sector, he added.
Companies have "a very clear vested interest" to embrace sustainable development as a functioning economy and stable political system are important for the businesses, Steiner said.
In addition, "inequality as we are observing right now across the world is becoming a major destabilizer," he added.
Rapid climate changes could also disrupt existing market conditions often taken for granted by corporate leaders, he said.
A recent UN climate change report predicted that world temperatures are on track to rise by around 3 degrees Celsius — a number that is substantially above the target to limit the increase to 1.5 degrees Celsius.
"In the world of business you often have to rely on 'givens'. You can virtually throw away every scenario about your business and your future markets, your supply chains out of the window. Because by 2050, we will have a world in which many of the fundamental assumptions" may not hold, Steiner warned.
Sustainable Development Goals can provide a framework for businesses to better handle unpredictable market changes in the future, he said. SDGs refer to targets set by the UN to address global challenges such as climate change, poverty and environmental degradation by 2030.
By addressing some of the 17 goals, firms will have a framework to better understand the different business environments and markets they would have to adjust to in the future, Steiner said.
Companies are pushed toward becoming more conscious of their business practices and social impact as consumers have more access to such information, Steiner said.
"We today live in a market that is rapidly becoming so transparent that virtually every decision in your supply chain, in your production processes and your marketing becomes public knowledge," he said.
A company's business decisions would therefore affect the purchasing choices consumers make, he added.
"Companies by conviction or necessity are increasingly looking at their environmental footprint, their social impact and how their product can be an illustration of a social good," Steiner noted. "Simply put, people want companies to do the right thing."