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Witkoff advised Russia on how to pitch Ukraine plan to Trump

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U.S. presidential envoy Steve Witkoff, fresh from the triumph of the Gaza peace deal, held a phone call last month with a senior Kremlin official to suggest they work together on a similar plan for Ukraine — and that Vladimir Putin should raise it with Donald Trump.

In an Oct. 14 phone call that lasted a little over five minutes, Witkoff advised Yuri Ushakov, Putin’s top foreign policy aide, on how the Russian leader should broach the issue with Trump. His guidance included suggestions on setting up a Trump-Putin call before Volodymyr Zelenskiy’s White House visit later that week and using the Gaza agreement as a way in.

“We put a 20-point Trump plan together that was 20 points for peace and I’m thinking maybe we do the same thing with you,” Witkoff told Ushakov, according to a recording of the conversation reviewed and transcribed by Bloomberg.

To read the full transcript of the call, click here.

A White House spokesperson, Anna Kelly, acknowledged receipt of a request for comment and didn’t immediately respond. Kremlin spokesman Dmitry Peskov didn’t immediately respond to comment. 

The conversation for the first time offers direct insight into Witkoff’s recent tactics for negotiating with Russia and what appears to be the genesis of the 28-point peace proposal that emerged earlier this month – which the US has pushed Ukraine to accept as the basis of a deal.

Putin said this month he believed the US plan could be used as the basis for a peace settlement. He told senior officials at a meeting of the Russian Security Council that the 28-point plan had not been discussed in detail yet with the US, but that Moscow had received a copy of it.

At the time of the Witkoff-Ushakov call, Trump was basking in the success of his drive to end the war in Gaza. The day before, he’d become the first US president to address the Israeli Knesset since 2008 after securing the release of the final 20 living hostages held by Hamas. Play Video

Trump’s attitude toward Putin, however, appeared to be souring. As he prepared for his meeting with Zelenskiy on Oct. 17, he was considering providing Ukraine with longer-range Tomahawk missiles, discussing fresh sanctions on Russia and voicing his frustration with Putin.

“I don’t know why he continues with this war,” Trump said Oct. 14, the same day that Witkoff spoke with Ushakov. “He just doesn’t want to end that war. And I think it’s making him look very bad.”

During his call with Ushakov, Witkoff told his Russian counterpart that he had deep respect for Putin and that he had told Trump that it was his belief that Russia has always wanted a peace deal. The US envoy mentioned Zelenskiy’s upcoming visit and suggested that Putin could speak to Trump ahead of that meeting.

“Zelenskiy is coming to the White House on Friday,” Witkoff said. “I will go to that because they want me there, but I think if possible we have the call with your boss before that Friday meeting.” 

Ushakov asked Witkoff whether it would be “useful” for Putin to call Trump. Witkoff said it would.

He also recommended that Putin congratulate Trump for the Gaza peace deal, say that Russia had supported it and that he respects the president as a man of peace. “From that, it’s going to be a really good call,” Witkoff said.

“Here’s what I think would be amazing,” Witkoff then added. “Maybe he says to President Trump: you know, Steve and Yuri discussed a very similar 20-point plan to peace and that could be something that we think might move the needle a little bit, we’re open to those sorts of things.”

Ushakov appeared to take some of the advice on board. Putin “will congratulate” and will say “Mr Trump is a real peace man,” he said.

Trump and Putin held their call two days later, at Russia’s request, and the US president described the two-and-a-half-hour-long conversation as “very productive.” Afterward, he announced plans to meet with the Russian leader in Budapest, a summit that is yet to take place, and also mentioned that Putin had congratulated him on the Gaza deal.

Following up on that call, Witkoff met with Kirill Dmitriev, another senior Kremlin adviser, in Miami, according to an interview that Dmitriev gave to Axios. Dmitriev told Axios he spent three days in Miami from Oct. 24. A spokesperson for Dmitriev declined to comment.

On Oct. 29, Dmitriev and Ushakov spoke by phone in Russian and debated how strongly Moscow should push for its demands in any peace proposal, according to another recording reviewed by Bloomberg.

To read a transcript of this call, click here.

As the two Putin aides considered various options, Ushakov argued for asking for “the maximum” in their submissions to the White House. 

He said he was concerned the US might misinterpret any proposals and might take something out but then claim there was an agreement, and that would risk the end of the negotiations, he told his colleague.

Dmitriev, who also heads the Russian Direct Investment Fund, suggested sharing a paper informally and said he was confident that even if the US didn’t completely take Russia’s version they would at least do something very close to it.

He later assured Ushakov that he would stick to what he was told to say, and that Ushakov could also discuss the paper later with “Steve.”

Bloomberg has been unable to confirm exactly what proposals Russia shared with the US and the extent to which they shaped the final 28-point blueprint.

Since then, however, Ukraine has come under severe pressure to accept the proposal that Witkoff drafted with the help of his Kremlin counterparts. US officials had threatened to shut off critical intelligence support to the Ukrainian military if Zelenskiy refused to accept the proposal, although Kyiv has since won some concessions and persuaded the US to slow down following talks with Secretary of State Marco Rubio Sunday. 

Under the terms first proposed by the US earlier this month, Ukraine would have to withdraw troops from parts of the eastern Donbas region that Russia has failed to capture through military force. The area would become a neutral demilitarized buffer zone internationally recognized as Russian.

Moscow would also obtain de facto recognition of Russian claims to the regions of Crimea, Luhansk and Donetsk. Most of the remainder of the front line, including in Kherson and Zaporizhzhia, would be effectively frozen. Ukraine and its European allies have insisted that the war should cease along current lines.

Those are some of the conditions that Witkoff and Ushakov appear to preview during their call last month.

“Me to you, I know what it’s going to take to get a peace deal done,” Witkoff said. “Donetsk and maybe a land swap somewhere. But I’m saying instead of talking like that, let’s talk more hopefully because I think we’re going to get to a deal here.”

“The president will give me a lot of space and discretion to get to the deal,” he added. “So if we can create that opportunity that after this I talked to Yuri and we had a conversation I think that could lead to big stuff.”

“Ok,” Ushakov replied. “That sounds good.”



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Hotels allege predatory pricing, forced exclusivity in Trip.com antitrust probe

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China’s hotels are welcoming record numbers of travelers, yet room rates are sinking—a paradox many operators blame on Trip.com Group Ltd.

For Gary Huang, running a five-room homestay in the scenic Huzhou hills near Shanghai was supposed to secure his family’s financial future. Instead, he and other hoteliers in China’s southeastern Zhejiang province say nightly rates have fallen to levels last seen more than a decade ago, as Trip.com’s frequent discount campaigns force them to cut prices simply to remain visible on China’s dominant booking platform.

“The promotion campaigns now are almost a daily routine,” said Huang, who asked to use his self-given English name out of concern of speaking out against Trip.com. “We have to constantly cut prices at least 15% to attract travelers. We have no choice but to go along with the price cuts.”

Trip.com has been central to China’s post-pandemic travel rebound, connecting millions of travelers with small operators like Huang. But for many hotels, visibility—and sometimes survival—comes at the expense of profits.

That dynamic is now at the heart of Beijing’s antitrust probe. Regulators allege Trip.com is abusing its market position, with analysts citing deflation across the sector as the government’s main concern. Interviews with lodging operators, industry groups and travel consultants describe a system where constant price-cutting and opaque policies are eroding profitability, even as demand rebounds.

Trip.com has said it’s cooperating with the government’s investigation. The company’s stock dove more 16% since the probe was announced a week ago. 

Revenue per room—a key hotel metric—was flat across China in 2025, even as other Asian markets saw gains, according to Bloomberg Intelligence. Marriott International Inc.’s revenue per room in China fell 1% most of last year, while Hilton’s China room revenue trailed its regional peers.

The company controls about 56% of China’s online travel market, according to China Trading Desk, and has grown into the world’s largest booking site. Its dominance has helped fuel domestic tourism’s recovery—nearly 5 billion trips were logged in the first three quarters of 2025—but operators say the benefits are being offset by falling room yields.

“The market has developed unevenly and innovation is lacking due to monopolistic practices,” said He Shuangquan, head of the Yunnan Provincial Tourism Homestay Industry Association that represents some 7,000 operators. “The entire online travel agency sector is stagnating in a pool of dead water.”

‘Pick-one-of-two’

The broader challenge is oversupply and cautious consumer spending. In regions like Yunnan, hotel capacity has tripled since the pandemic, just as travelers tightened budgets. Consultants note that while people are traveling more, they’re spending less—leaving hotels slashing rates to fill empty beds and posting billions in losses.

For operators like Huang, the paradox is stark: the platform that delivers customers is also accelerating the race to the bottom. The complaints center around Trip.com’s “er xuan yi,” Mandarin for pick-one-of-two exclusivity arrangements—a practice that Chinese regulators have repeatedly vowed to stamp out.

Trip.com categorizes merchants into tiers with “Special Merchants” enjoying the most visibility and traffic, Yunnan Provincial Tourism’s He said. However, these top-tier merchants are typically prohibited from listing on rival platforms like Alibaba’s Fliggy, ByteDance’s Douyin or Meituan. Merchants who aren’t bound by these exclusive arrangements report being effectively compelled to offer the lowest prices on Trip.com’s online booking platform Ctrip, or risk facing a raft of measures like lowered search rankings.



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CEOs at Davos are buying into the agentic AI hype

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Good morning. The atmosphere here at the World Economic Forum in Davos is all about nervous excitement as the Trump administration descends on the normally quaint but currently chaotic ski town in the Alps.

President Donald Trump will be making remarks just a couple hours from now, and Fortune will be reporting live from USA House on the main promenade, with insights from government officials and chief executives during and immediately following the president’s conversation. Keep an eye on our livestream, here https://fortune.com/2026/01/21/ceos-davos-buy-into-the-agentic-ai-hype/.

Elsewhere around town, CEOs are setting their agendas for the year. Here’s what’s top of mind for a few of them:

This will actually be the year of agentic AI. The first time I heard the term “agentic AI” was at Davos last year. For all the hype around it, does the average CEO really know what it is or how to deploy it? And is AI good enough yet for agents to replace or even significantly assist human employees? The answer appears to be yes. Google Gemini head Demis Hassabis told me that Gemini 3 achieved some milestones that allow agentic AI to truly proliferate in terms of its capabilities. ServiceNow CEO Bill McDermott is also an emphatic “yes,” and says he is already using it to do things like automate his IT department (without doing layoffs, he stresses; he says he has repurposed employees instead). He thinks other CEOs are ready to do the same.

Get ready for Google glasses—for real, this time. A decade ago, Google launched its Google Glass eyewear to widespread mockery. Hassabis thinks the timing was just off; at the time there was no super app to go on the platform. AI has changed that, and Hassabis is bullish on Gemini glasses being the future form for consumer AI. Meta is betting the same thing, and OpenAI is also reportedly considering a super-device, but it doesn’t seem like either can match Gemini’s capabilities any time soon.

There’s artificial intelligence, and now there’s also “energy intelligence.” Schneider Electric CEO Olivier Blum says that nailing energy intelligence is his mission this year. By that he means he wants to capture data from various energy sources into a single “data cube,” filter it, and use agentic AI so customers can manage it all in one place to find opportunities to save power and money. “Our job is to make sure we go to the next level of energy technology to make energy more intelligent,” he told me yesterday. If he can achieve it, he sees a 7%-10% annual growth opportunity ahead.

Greenland: national panic or national security risk? I’ve heard various reactions to President Trump’s desire for a full U.S. takeover of the huge islandfrom outrage to vigorous support. If he does get his wish (which some here think is likely), could Europe retaliate by making life harder and more restrictive for big U.S. tech companies? That was one CEO’s consideration. Said another: “Clear-eyed people can agree that that is a national security concern. And having a national security concern is not just a U.S. concern, it’s also a NATO concern.” They were optimistic that the in-person meetings this week would help move the matter in a positive direction. You can follow all our Davos coverage—including Fortune live interviews today with Ray Dalio, Dara Khosrowshahi and more—right here.—Alyson Shontell

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

Top news

The crisis CEOs can’t ignore

The annual Edelman Trust Barometer, revealed at Davos every year, shows an “insular” mindset permeating the business world, with 70% of respondents not wanting to talk to, work for, or even be in the same space with anyone with a different world view. Richard Edelman says CEOs must adopt a sense of urgency in addressing the crisis; they need to sense that “time is running out.”

The Fortune 2026 World’s Most Admired Companies list

Fortune published the 2026 World’s Most Admired Companies this week, an annual ranking in collaboration with Korn Ferry that surveys executives, directors, and analysts across a range of industries. Apple made the top of the list among leaders in all industries for the 19th year in a row—read who else made the cut.

Netflix co-CEOs boost the case for the Warner Bros. deal

Netflix co-CEOs Ted Sarandos and Greg Peters praised the streaming company’s planned acquisition of Warner Bros. Discovery during its earnings call on Tuesday, selling the deal as a boost to its streaming business and a production boost for America. Investors, however, remain worried that the deal will push Netflix away from its core business, and the stock dropped almost 5% after hours.

The markets

S&P 500 futures are up 0.19% this morning. The last session closed down 2.06%. STOXX Europe 600 was down 0.41% in early trading. The U.K.’s FTSE 100 was down 0.02% in early trading. Japan’s Nikkei 225 was down 0.41%. China’s CSI 300 was up o.09%. The South Korea KOSPI was up 0.49%. India’s NIFTY 50 was down 0.3%%. Bitcoin was at $89K.

Around the watercooler

What Walmart’s CEO succession reveals about the smartest time to exit by Ruth Umoh

Americans are paying nearly all of the tariff burden as international exports die down, study finds by Jacqueline Munis

The 9 most disruptive deals of Trump’s first year back in the White House by Geoff Colvin

Gen Z’s nostalgia for ‘2016 vibes’ reveals something deeper: a protest against the world and economy they inherited by Nick Lichtenberg and Eva Roytburg

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



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Gates Foundation, OpenAI unveil $50 million ‘Horizon1000’ initiative to boost healthcare in Africa through AI

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In a major effort to close the global health equity gap, the Gates Foundation and OpenAI are partnering on “Horizon1000,” a collaborative initiative designed to integrate artificial intelligence into healthcare systems across Sub-Saharan Africa. Backed by a joint $50 million commitment in funding, technology, and technical support, the partnership aims to equip 1,000 primary healthcare clinics with AI tools by 2028, Bill Gates announced in a statement on his Gates Notes, where he detailed how he sees AI playing out as a “gamechanger” for expanding access to quality care.

The initiative will begin operations in Rwanda, working directly with African leaders to pioneer the deployment of AI in health settings. With a core principle of the Foundation being to ensure that people in developing regions do not have to wait decades for new technologies to reach them, the goal in this partnership is to reach 1,000 primary health care clinics and their surrounding communities by 2028.

“A few years ago, I wrote that the rise of artificial intelligence would mark a technological revolution as far-reaching for humanity as microprocessors, PCs, mobile phones, and the Internet,” Gates wrote. “Everything I’ve seen since then confirms my view that we are on the cusp of a breathtaking global transformation.”

Addressing a Critical Workforce Shortage

The impetus for Horizon1000, Gates said, is a desperate and persistent shortage of healthcare workers in poorer regions, a bottleneck that threatens to stall 25 years of progress in global health. While child mortality has been halved and diseases like polio and HIV are under better control, the lack of personnel remains a critical vulnerability.

Sub-Saharan Africa currently faces a shortfall of nearly 6 million healthcare workers, ” a gap so large that even the most aggressive hiring and training efforts can’t close it in the foreseeable future.” This deficit creates an untenable situation where overwhelmed staff must triage high volumes of patients without sufficient administrative support or modern clinical guidance. The consequences are severe: the World Health Organization (WHO) estimates that low-quality care is a contributing factor in 6 million to 8 million deaths annually in low- and middle-income countries.

Rwanda, the first beneficiary of the Horizon1000 initiative, illustrates the scale of the challenge. The nation currently has only one healthcare worker per 1,000 people, significantly below the WHO recommendation of four per 1,000. Gates noted that at the current pace of hiring and training, it would take 180 years to close that gap. “As part of the Horizon1000 initiative, we aim to accelerate the adoption of AI tools across primary care clinics, within communities, and in people’s homes,” Gates wrote. “These AI tools will support health workers, not replace them.”

AI as the ‘Third Major Discovery

Gates noted comments from Rwanda’s Minister of Health Dr. Sabin Nsanzimana, who recently announced the launch of an AI-powered Health Intelligence Center in Kigali. Nsanzimana described AI as the third major discovery to transform medicine, following vaccines and antibiotics, Gates noted, saying that he agrees with this view. “If you live in a wealthier country and have seen a doctor recently, you may have already seen how AI is making life easier for health care workers,” Gates wrote. “Instead of taking notes constantly, they can now spend more time talking directly to you about your health, while AI transcribes and summarizes the visit.”

In countries with severe infrastructure limitations, he wrote, these capabilities will foster systems that help solve “generational challenges” that were previously unaddressable.

As the initiative rolls out over the next few years, the Gates Foundation plans to collaborate closely with innovators and governments in Sub-Saharan Africa. Gates wrote that he himself plans to visit the region soon to see these AI solutions in action, maintaining a focus on how technology can meet the most urgent needs of billions in low- and middle-income countries.



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