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A guide to Little Tokyo in L.A.: Best things to do, see and eat

On weekends, 1st and 2nd streets between Alameda and Los Angeles swell with crowds of families, anime fans, sneakerheads and tourists and locals alike in search of ramen or sushi, manga and magazines, matcha, toys, Japanese crafts, groceries, traditional sweets, records, Shohei paraphernalia and vintage fashion.

This is Little Tokyo, one of the most walkable, vibrant neighborhoods in Los Angeles — a historic small town within a big city that has thrived, even if sometimes precariously, through waves of urban development.

Get to know Los Angeles through the places that bring it to life. From restaurants to shops to outdoor spaces, here’s what to discover now.

The 300 block of 1st Street is known as the Little Tokyo Historic District, a nationally registered designation that’s the heart of the neighborhood. Here more than a dozen buildings preserve the pre-World War II streetscape and represent the social and cultural history of Japanese Americans in L.A.

The block is also an emblematic crossroads, where sweeping changes and cultural preservation converge.

“People want places like Little Tokyo,” says Kristin Fukushima, executive director of Little Tokyo Community Council, a nonprofit focusing on sustainable development for more than 5,000 residents and 400 businesses. “People identify with the culture and character of the neighborhood.”

In 1884 a cook named Hamanosuke “Charles Hama” Shigeta opened L.A.’s first Japanese-owned business, Kame, a 1st Street restaurant that stood where gift shop Bunkado is today. It was the seed of what’s now the largest Japanese American neighborhood in the U.S.

In the spring of 1942, Little Tokyo was emptied almost overnight, its residents forced from their homes and sent to incarceration camps. The businesses and institutions that survived and rose after the war remain part of its foundation, including confectionery shop Fugetsu-Do, Anzen Hardware and Far East Cafe, along with Buddhist temples such as Koyasan and Higashi Honganji.

Echoes of displacement resounded last summer when masked federal agents arrived in Little Tokyo and armored vehicles flanked the Japanese American National Museum — a memorial of historic trauma turned into a backdrop for immigration enforcement sweeps.

Meanwhile, generations of activists have helped save the neighborhood from being erased by eminent domain and real estate development. Every major monument and community space exists because of negotiation between activists, city government and corporate interests. “Asian American civil rights are a critical piece of the history here,” Fukushima says, referring to a movement that fought urban displacement, created services and allied with Black, Latino and anti-war groups for social justice.

The latest chapter of endurance is taking shape at the 1st Street North Residences, a mixed-use development with 100% affordable housing that used to be a city-owned parking lot. But before the 1950s the same land was a neighborhood of Japanese American businesses and homes for a growing Black community. Those buildings were demolished following evictions via eminent domain to make way for police headquarters. Now the project represents a reclamation.

Iconic Little Tokyo restaurant Suehiro and mochi maker Fugetsu-Do are expected to move into ground-floor retail spaces surrounding a cherry tree courtyard and the Go For Broke Monument, a black granite memorial honoring the more than 16,000 Japanese American men and women who served in the U.S. Army during World War II.

Philip Hirose is a third-generation owner of Anzen Hardware, an institution that disappeared from Little Tokyo in 2023 but returned to its original location on 1st Street earlier this year. He also operates Azay, a restaurant his mother and late father founded. “Being in Little Tokyo where families have known each other for generations, there’s a lot of interconnectedness,” Hirose says. “You get a kind of gem.”

When asked what it’s like to be part of this neighborhood, one that’s rooted in a century of resilience and renewal, he says, “It feels like everything.”

What’s included in this guide

Anyone who’s lived in a major metropolis can tell you that neighborhoods are a tricky thing. They’re eternally malleable and evoke sociological questions around how we place our homes, our neighbors and our communities within a wider tapestry. In the name of neighborly generosity, we may include gems that linger outside of technical parameters. Instead of leaning into stark definitions, we hope to celebrate all of the places that make us love where we live.

Our journalists independently visited every spot recommended in this guide. We do not accept free meals or experiences. What L.A. neighborhood should we check out next? Send ideas to guides@latimes.com.

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Tackling AI’s Labor Paradox | Global Finance Magazine

This time, the tech revolution is different as AI threatens to automate its own labor.

The artificial intelligence revolution is hitting the global economy much as Ernest Hemingway described bankruptcy: gradually, then suddenly. The rapid acceleration has left central bankers, CEOs, and international financial institutions concerned.

AI technology is not new, said Jack Clark, cofounder and head of policy at Anthropic, during a panel discussion at the annual International Monetary Fund and World Bank meeting in Bangkok. “By some measures, it’s about 60 or 70 years old. The world is full of computer vision systems that do very useful work today and help us make robots smarter using small-scale language models.” 

Nonetheless, the accelerating pace of technological change has affected global equity, credit, and sovereign debt markets, prompting people to ask what the ultimate benefit to society is.

“Productivity is the fundamental source of rising living standards for all our citizens,” said panelist Tiff Macklem, Governor of the Bank of Canada. “We want to see adoption. We want to see diffusion, but we need to manage the risks, or we won’t reap the benefit.”

Where Are the Jobs?

Every wave of new technology has created more jobs than it has destroyed, Macklem said. “I’m not saying there hasn’t been creative destruction, a simple economic term for something getting destroyed. As other things get created, resources have to transfer from one place to another.”

Just as the 18th-century spinning jenny displaced many textile workers, AI will replace jobs involving repetitive tasks and should create demand for new positions.

Unlike previous technologies, AI is the only one that could automate away the new jobs it creates, he said. “So far, the data show it happening to certain professions in most countries, but you cannot see it at an aggregate level.”

A recent labor-market study by the IMF found that demand for higher-paying skilled jobs that didn’t exist before is rising, with about 10% of jobs falling into this category. In turn, these new jobs typically increase spending on services, which in turn generates more service-based jobs.

“The problem is that service jobs do not pay a lot,” said fellow panelist Kristalina Georgieva, IMF’s Managing Director. “You get young people who normally would have gone into professional routine jobs serving coffee at Starbucks.”]

It’s easy to see which jobs are being destroyed, said Macklem. “It’s not easy to identify which new jobs will be created.”

Preparing the Post-AI Workforce

Policymakers will need to be proactive in determining what these new jobs will be, where they will be, and what they will require, since only a handful of economies benefit most from the AI value chain, said Georgieva. “In Africa, 50% of the people do not have Internet access, and there is a tremendous problem with just access to electricity.”

Singapore has already begun providing subsidized skills training, said panelist Ayesha Kahnna, co-founder and CEO of Addo AI. “They’re giving hundreds of millions of dollars to businesses to transform so they can absorb these newly skilled workers.”

Inside Anthropic, the company has hired experienced workers because it needs managers, Clark added. “You want to hire people with experience in management to manage these virtual workers.”

Rob Daly covers the economy and fintech. He can be reached at rdaly@gfmag.com

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Reining in AI Agents | Global Finance Magazine

Verifying AI agents’ identities may separate the rogues from the reliable.

Reported incidents of rogue artificial intelligence agents gaining unauthorized access to customer bank accounts have raised questions about their use in corporate payments.

Banking giants, JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., and Morgan Stanley & Co. have either restricted access of third-party AI agents or blocked their access completely, citing the difficulty in knowing whether they have difficulty detecting which activity is authorized by the customer or a result of a rogue AI agent.

Without verifiable digital credentials to identify AI agents and their mandates, limiting or eliminating their access to bank systems is the right call, said Andrew Shikiar, CEO of the authentication standards organization FIDO Alliance.

“It’s going to be tough to address these issues that have already played out in ecommerce and fintech around trust, liability, and authorization,” he said. “With humans, it’s hard. With agents, it’s even harder.”

Digital Identities

Verifiable digital identities have been in operation for several years, but their implementation is fragmented. Sweden and Norway issue BankIDs, which provide digital credentials for banking and access to social services. Separately, the European Union has mandated that all member states issue citizens an EU Digital Identity Wallet by the year’s end, with acceptance by banks and other large platform providers by 2027. The EU Commission, however, has reported doubts that every member will meet the deadlines.

Meanwhile, in the Asia-Pacific region, Singapore offers its Singpass, which lets residents access online government and business services using biometric or two-factor authentication.

For the U.S., the federal government has left digital identity regulation to the states. Arizona, California, Colorado, Georgia, Maryland and Utah offer mobile digital licenses that can be stored on a person’s cellphone.

“Most people don’t know what to do with them,” said Shikiar. “It is not super well-coordinated.”

The FIDO Alliance has been working with the International Standards Organization, the OpenID Foundation and the World Wide Web Consortium to create a trusted and interoperable identity ecosystem that will let individuals store, manage, and share digital versions of their credentials like a driver’s license or passport.

“Once I have that, my agent can point to this signed, highly verifiable individual that authorized the agent to do X, Y, and Z with certain parameters and be audited, tracked, and verified,” said Shikiar.

Agent Control

Maintaining up-to-date controls around AI agents is of critical importance to the corporate treasury, and the company in general.

“Control testing examines individual steps, such as transaction approval, user access, or checks that a payment matches an authorization,” said Chris Dimitriadis, global strategy officer at ISACA, a professional association focused on IT governance, cybersecurity, risk management and auditing. “With AI agents, auditors must also test the integrity of the end-to-end sequence, the agent’s authority, and the transition between actions. The key difference is testing the full execution path, including the unexpected paths.”

Any time a company updates an AI model, deploys a new tool connection, changes an AI prompt, or gives an AI agent a broader mandate, it should reassess its control functions, he added. “I would establish a risk-based AI-agent change trigger rather than treating every update equally. Additionally, I would also establish an AI maturity and capability assessment framework like CMMI AIM to gain more confidence and reduce uncertainty.”

For now, Wall Street’s decision to halt agentic access to client accounts is a temporary, effective response until agent management catches up with the technology.

Rob Daly covers the economy and fintech. He can be reached at rdaly@gfmag.com

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Whatever Happened to Romania? | Global Finance Magazine

Romania has great tech and is the region’s top energy producer, yet it’s mired in an economic slump.

This article appears in the November issue of Global Finance Magazine.

For investors, southeastern Europe’s largest and most diversified country remains a mystery. 

Renowned for its potential, Romania boasts a thriving information, communications, and technology sector; unicorn start-ups such as automation software company UiPath; and regional stars like OMV Petrom, the region’s largest energy producer; renewables producer Hidroelectrica; and Automobile Dacia. But development has gone badly off track, making Romania an outlier to the region’s upbeat picture.

Romania recorded negative growth of 0.8% in the first half of 2026, down from just 0.7% for all of last year, according to the latest Regional Economics Survey from the European Bank for Reconstruction and Development. The fiscal deficit, the current account deficit, and inflation remain either the highest or among the highest in the EU. 

A dramatic drop in foreign direct investment inflows, from €3.4 billion ($3.82 billion) in the first half of 2025 to just €527 million in the first half of this year, suggests difficulty in covering a predicted 2026 current deficit of €14.2 billion, leaving Romania heavily dependent on EU fund inflows, which have increased 32.5% year-over-year to €5.16 billion. 

What Went Wrong?

Romanians are being hit by steep hikes in energy and food prices and persistently high inflation. But much of the blame for the country’s failure to address these problems lies with its fractured, ineffectual political class, which has blocked attempts by successive coalition governments to control spending and carry out structural reforms. 

Romania has been without a government since May 5, when one of Prime Minister Ilie Bolojan’s coalition partners, the Social Democrats, sided with the far-right Alliance for the Union of Romanians to block a package of spending cuts intended to address a rising budget deficit. Since then, Bolojan has been unable to pass a budget or form a new government, causing the Romanian leu to depreciate and dramatically boosting inflation and borrowing costs. 

“Romania’s political class is doing what Italy’s did in the late 20th century, ramping up spending and debt to unsustainable levels,” said Charles Robertson, head of Macro Strategy at consultancy FIM Partners. “Bond markets now price Romania as a junk bond country, although the rating agencies have it just inside investment grade, all with a negative outlook.” 

In its last review, on July 31, Fitch Ratings affirmed Romania at BBB- Negative, citing “deteriorating public finances due to large, albeit declining, fiscal deficits and rising government debt/GDP.” 

Malgorzata Krzywicka, director on Fitch Ratings’ Emerging Europe Sovereign team, expects Romania’s economy to contract by 0.6% this year, bringing average real GDP growth to just 0.3% in 2024-26, compared with 4.7% in 2015-19. Potential growth has fallen from about 3.5% before the pandemic to closer to 2%. 

“The key challenge,” she said, “is whether private investment and recent structural reforms can offset these trends as EU funding gradually normalizes from recent peaks and public investment becomes a less powerful growth driver.”

Can Confidence Be Restored? 

Yes, but Romania’s political class must get its act together, said Radu Cracan, regional, policy & strategy economist at the EBRD.

“We strongly advocate for better and more reliable governance, more targeted and private sector-facing economic policymaking, more innovation, and better skills and human capital,” he said. “Ensuring a predictable regulatory and fiscal environment will be critical for foreign investor confidence.”

That’s a tall order for a country that has long puzzled investors by failing to make progress on these fronts. 

Nic Wirtz is a contributing writer based in Guatemala.

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Michael Gray dead: ‘Shazam!’ star, teen idol was 75

Michael Gray, who played the teenager who could turn into a superhero in the 1970s live-action Saturday morning children’s TV series “Shazam!,” has died. He was 75.

Gray died Oct. 16 from natural causes in Palm Desert, a representative for the actor announced Thursday. No other details were provided.

Based on the comic book superhero Captain Marvel, who first appeared in an issue of Whiz Comics in 1939, “Shazam!” aired for three seasons on CBS from 1974 to 1976. Gray starred as Billy Batson, a teenager who could transform into a grown-up superhero by saying the magic word “Shazam!” In his enhanced form, Captain Marvel possesses powers such as superhuman strength and speed, heightened intelligence and the ability to wield lightning. The character has since been renamed to Shazam.

“It was a lot of fun,” Gray said of the role in a 2012 interview with Fanboy Planet. “I didn’t know how much I would like it until years later when I found out how much of an influence my character was, and the show was, in people’s lives.

“There were such good moral values to the show,” he added. “I meet people 1792821573 who say, ‘You have no idea what you did for me as a child. You helped me get through life.’ … I didn’t know the show had that much strength and power back then.”

Born Sept. 2, 1951, in Chicago, Gray grew up in Miami Beach before making his way out west to pursue a career in Hollywood. He would frequently grace the covers of teen pop magazines, including Tiger Beat, thanks at least in part to his manager Charles Laufer, the magazine’s publisher.

“The teen idol angle was orchestrated to some degree,” Gray said during a Q&A event in 2012, according to Comic Book Resources. “I was interviewing for ‘The Brian Keith Show’ with Warner Brothers, and they also owned a news company that produced a lot of magazines. They wanted me to be the next David Cassidy. I was on the front cover of ‘Tiger Beat’ and it worked.”

Among Gray’s earliest screen credits were appearances on shows such as “Room 222” (1969), “The Flying Nun” (1970) and “Marcus Welby, M.D.” (1970). His first recurring role was on “The Little People,” also known as “The Brian Keith Show,” where he played a student doctor named Ronnie Collins. Gray also appeared in an episode of “The Brady Bunch” as Marcia’s boyfriend, Jeff.

Gray left acting not long after his run on “Shazam!” after feeling typecast in the roles that were offered to him. His later pursuits included work in children’s theater education and men’s fashion and owning a West Hollywood flower shop.

More recently, Gray’s legacy from “Shazam!” pulled him back into Hollywood. He voiced a version of himself as Sterling Archer’s childhood hero in four episodes of FX’s adult animated series “Archer” from 2015 to 2019. He also appeared in a cameo in the 2023 film “Shazam! Fury of the Gods” where he interacted with the latest incarnation of the superhero played by Zachary Levi.

Gray is survived by his wife, Stacy Benon Gray; his stepchildren Ryan Cooper and Laurel Cooper; and son-in-law Lee Barker.

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Anna Holmes reflects on Jezebel’s legacy, moving to L.A., her new book

On the Shelf

The Power of No: A Celebration

By Anna Holmes
Knopf: 160 pages, $24

If you buy books linked on our site, The Times may earn a commission from Bookshop.org, whose fees support independent bookstores.

On a blazing hot Silver Lake morning, ushering in yet another heatwave day, Anna Holmes and I say “no” to a steamy sidewalk table at Millie’s Cafe, opting instead for an indoor, air-conditioned spot. Our server reads our order back to us, shaking his head in theatrical disbelief. “Pancakes. French toast. Biscuit. Waffle with whipped cream.” He glances from one of us to the other. “No protein?” he asks. “Just the carbs?”

“I guess I’ll have some egg whites, too,” I cave. Not so my brunch companion who confirms, “Just the carbs.” Holmes grins, “I’m not a fan of fad diets that make women hate ourselves.”

In fact, Holmes has built a career of saying “no” to woman-hating of all kinds — starting in 2007, when she founded the boundary-pushing feminist website Jezebel, the sister site of the notoriously provocative Gawker. “I decided that NO would be our mantra of sorts,” she writes in her new book, “The Power of No: A Celebration.” “‘No’ to diet tips, ‘no’ to sexist gossip, ‘no’ to conspicuous consumption. We drove the point home again and again … creating new definitions and examples of what it means to be female.”

Raised in a biracial, working-class family in Davis, Calif., Holmes escaped to New York at 18, chasing her writer’s dream. “Davis was a safe, homogenous little town,” she tells me, spearing one of the sliced strawberries fanned prettily across her waffle. “Being Black, I wasn’t one of the homogenies. I couldn’t wait to get out.”

"The Power of No: A Celebration" by Anna Holmes

“The Power of No: A Celebration” by Anna Holmes

(Crown)

Accepted by several top universities, Holmes said ‘yes’ to New York University. “They gave me money,” she explains. “And they had a journalism school.” After graduating, Holmes grabbed a rung on the media ladder and started climbing: writing and editing for Glamour, InStyle and Entertainment Weekly. Holmes published her first book, “Hell Hath No Fury: Women’s Letters from the End of the Affair,” featuring a collection of breakup letters from the likes of Anaïs Nin, Charlotte Brontë and Sylvia Plath, in 2002.

“So, you’ve always been a slacker,” I say.

Holmes laughs. “I come by my drive honestly. It stems from my fear of failure. And growing up lower-middle class, without the kinds of connections the wealthier kids had.”

Next came the breakthrough media success of Jezebel. Her project quickly reached 10 million monthly views, exceeding Gawker’s. But the bold irreverence that drew droves of devoted readers to Jezebel brought contention, too. In June 2010, Jezebel reported that women’s exclusion from senior positions at “The Daily Show” — which the article called a “boys’ club” — was “frustrating and alienating” for women. The story earned an on-air mention by Jon Stewart, who announced “Jezebel thinks I’m a sexist prick” — and an open letter signed by more than 30 female “Daily Show” employees, refuting Jezebel’s allegations.

Author Anna Holmes.

Author Anna Holmes.

(Annie Noelker / For The Times)

Weeks later, under the header “How feminist blogs like Jezebel gin up page views by exploiting women’s worst tendencies,” former Gawker employee Emily Gould wrote in Slate, “When Jezebel was founded, it proposed itself as an explicit alternative to traditional women’s magazines … but the easiest way for Jezebel writers to be provocative is to stoke readers’ insecurities — just in a different way.”

Holmes says some Jezebel haters were anti-feminist or far-right. “Others were politically aligned with Jezebel, but felt we were too pop-culture-focused. Some accused us of being snarky to other women,” she adds.

After three years, Holmes resigned. “I’d done what I went to Jezebel to do,” she says. “Also, the 14-hour workdays were threatening my marriage, my sanity and my health. I was smoking too much. Drinking too much. Gaining weight.”

Holmes said a final goodbye to her creation in 2013 by publishing “The Book of Jezebel: An Illustrated Encyclopedia of Lady Things.” Despite — and because of — having founded one of the internet’s most provocative publications, she helped lift up journalists, and journalism, in her wake.

“I would follow Anna off of a cliff, professionally and personally,” says Reyhan Harmanci, Wired’s editorial director, who reported to Holmes at Topic magazine a decade ago. “She channels her curiosity in a way that opens the world to readers.”

Former Gawker editor A.J. Daulerio also lights up at the mention of Holmes’ name. “If you look back at Anna’s history of finding and developing talent, you can see her impact. Writers who’ve worked with and for her can be found on podcasts, on mastheads at major publications and on bestseller lists.” Meanwhile, New York magazine’s Emily Gould, who wrote the biting Slate critique of Jezebel in 2010, has come to admire Holmes. “Nobody’s right 100% of the time,” Gould says, “especially when publishing around the clock and reacting to news as it unfolds. My current sense of Anna is that she’s genuinely brave, clear-sighted and wise. I’m eager to read her new book.”

Post-Jezebel, Holmes wrote the “Bookends” column for the New York Times Book Review. Her byline grew a few picas when she replaced Roxane Gay as editor of the Times’ popular “Work Friend” column. Having “made it there,” Holmes decided to leave New York.

“I never considered myself a New Yorker,” she says, stirring a foam flower into her latte. “When people asked, I’d say, ‘I’m from California but I live in New York.’”

While deliberating about where to go next, Holmes says, “I got a job offer with the Obamas’ production company in L.A.”

“The Obamas?” I blurt. Holmes nods. “I was tired of New York. And wanting to be closer to my elderly mom.” In the first week of the COVID shutdown, Holmes packed her two hissing black cats, donned an N95 mask and flew to LAX. Six years later, after several moves around town, she shares the upper half of a sun-splashed 1920s duplex with Ewok and Harriet.

“I didn’t have a writing community in New York and I don’t have one here,” Holmes says about her L.A. move. “I had a media community in New York. If that exists here, I’m not invited to those parties.” She cocks her head. “Every once in a while, I wonder, ‘Does Susan Orlean have regular salons? And if so, can I please go?’”

Holmes continues to settle into a slower, more domestic groove. “I’m 53 now,” she says. “I don’t want to go out all the time. I like going to bed early. All the cliches are true of me: moving from NYC to L.A. and ending up in Silver Lake — with a Volvo, no less. In my defense, I dress like a tomboy, I don’t have tattoos and I’ve never been to Bar Stella.”

Since her big move, Holmes has written “The Power of No” and is finishing up her fourth book, a sexual memoir. Her articles on wildly divergent topics continue to appear in the New York Times, the New Yorker, the Atlantic and L.A. Material.

“The Power of No” is a slim but impactful guide to the human dance between yes and no; vulnerability and ambition. The book consists of readily digestible yet smart, sophisticated bits, including quotes from luminaries, research findings, anecdotes from Holmes’ own life and others, practical tips, and lists like “Ways to Say No” (which is especially helpful to have on hand during the upcoming holiday season).

“No,” Holmes writes on Page 1: “As uttered by a woman, a provocation. Has there ever been a more fraught relationship between women and word?” By way of example, she cites what she calls “my biggest NO, my strongest rejection of what was expected of me as a woman: founding Jezebel.”

“Has writing about ‘no’ made you better at saying it?” I ask Holmes.

“I don’t purport to be good at it,” she answers. “But I’m more cognizant now of wanting to say it, at least.”

Maran, author of “The New Old Me” and other books, lives in Silver Lake.

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CFOs Sing the Blues | Global Finance Magazine

European CFOs face mounting economic uncertainty, shifting priorities toward cost discipline and resilience.

A Deloitte CFO survey conducted in April showed that 48% of respondents are less optimistic about their companies’ prospects than they were six months earlier. Their pessimism in autumn 2025 was limited to 25%.

Economic uncertainties explain that state of mind: 76% of respondents put energy shocks, inflation, the conflict in the Middle East, and disruption of the supply chain at the top of their risk list.

“CFOs across Europe are entering the second half of 2026 with a noticeably more cautious outlook,” said Richard Muschamp, Deloitte EMEA CFO program leader, attributing their pessimism to “a more challenging operating environment.” EY’s CEO Outlook found similar concerns, with 60% of these respondents citing geopolitical tensions as a near-term risk.

“The real question is, What are you doing about it?” said Myles Corson, EY global finance leader. “CFOs need to build resilience into their organization.” In the short term, that means localizing the supply chain, with a focus on energy security and energy pricing. “Leaders are increasingly prioritizing resilience, productivity and cost discipline over expansion and risk-taking” he said.

According to the Deloitte survey, only 26% of CFOs expect to increase capital expenditures over the next 12 months, and 36% anticipate workforce reduction. Consumer goods sectors, impacted by the slowdown of demand, are at the forefront of the workforce adjustment. Unilever PLC declared a hiring freeze that would last at least three months. In Germany, luxury car maker Porsche AG announced one in five job cuts by 2035, and Deutsche Lufthansa AG said it will eliminate 4,000 white-collar roles by 2030.

In France, executives at the industrial engineering firm Fives Group see no immediate need to downsize. Defense and aeronautic clients, warehouses in need of automatization, industries looking for decarbonization, keep Fives busy. Still “10% of our activities have been impacted,” said Suresh Abye, the finance director. “We are very vigilant about our costs structure. In that sector we stopped recruiting and transferred some employees to different activities.”

Fives has clients in a dozen countries, including France, Germany, Italy, China, Japan, and America. “Compared to America and Asia, Europe is the most impacted by inflation, unemployment, and tepid demand,” added Abye. “The regulatory framework is too laborious and there is no policy favoring local producers.”

Nevertheless, Europe also has a few tricks up its sleeve. Corson highlighted the “quality of its talent pool, the diversity of the market, and its focus on sustainability.”

To take full advantage of these strengths, the EY finance leader suggested maintaining investments in artificial intelligence. “Companies will be able to identify where opportunities are, they will adjust quicker and be able to repurpose their people” said Corson, an eager advocate of cost optimization.

Caroline Crosdale is a contributing writer to Global Finance.  

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