5 must reads for the weekend

We keep our ear to the ground for the interesting stats, insights and discussion points you need to feel in the know.?

1. Euro trip

There’s a decline in European foreign direct investment (FDI) and jobs aren’t being created as they used to either. The 2024 EY European Attractiveness Survey finds that the number of FDI projects announced in 2023 was down 4% in 2022 and 11% below 2019. Meanwhile the number of jobs created by FDI declined 7% annually. This leaves European policymakers scratching their heads, trying to figure out how to restore the continent’s attractiveness to foreign investors. Now, there’s no magic solution, but the buzz among 500 executives surveyed is that they must consider improving the environment for high-tech industries while leading with innovation. To get back on track, Europe needs to balance regulation with innovation, support tech clusters, encourage government agencies to go digital, simplify mergers in key industries, and create a welcoming environment for AI development. The goal is to make Europe an attractive place for foreign investors again, and it's going to take some smart policymaking and a strong commitment to change...?

?A tech-led strategy to reboot foreign direct investment in Europe?

2. Tech tremors?

It was just a typical summer Friday in July when a colossal IT outage threw 8.5 million devices into chaos. It has never been clearer: we're all in this digital ecosystem together. From banks to supermarkets, airlines to ports, this was a wake-up call for every industry. This wasn't a cyberattack, but the sheer scale of disruption — echoing the chaos of WannaCry in 2017 — has businesses questioning their digital trust. It's a stark reminder of our digital dependency and the domino effect of tech troubles. With the world's IT resting in the hands of a few giants, a blip in their systems can spell widespread disruption. The recent glitch has thrown a spotlight on the need for tighter quality control before software updates hit the market. Diversification of providers is one strategy, but the real game changer lies in embedding resilience into business DNA. With regulations like NIS2 and DORA in the mix, it's clear: knowing how to bounce back isn't just about cybersecurity — it's about staying ahead in the relentless pace of the digital race. Here's how businesses can stay ahead…?

How businesses can prepare for widespread IT outages?

3. Paging GenAI?

GenAI could add a staggering $64 billion to India's GDP by 2030. In India, GenAI is set to transform the way patients receive care by personalizing treatment and improving outcomes by crunching loads of data to come up with custom treatment plans and even simulate clinical trials. GenAI in healthcare could be a game-changer, handling everything from admin tasks to complex diagnostics. The Ayushman Bharat Digital Mission is laying the groundwork for this tech to thrive, aiming for a healthcare system that's coordinated and patient centric. But it's not without its challenges. Privacy, ethical use, and setting up the right tech infrastructure are big hurdles. Still, healthcare CIOs are excited, with many planning to bring GenAI into their hospitals soon. If they can navigate these challenges with a solid governance model and a team effort, GenAI could revolutionize Indian healthcare, making it more efficient and accessible for all.??

Transforming healthcare in India with Generative AI?

4. Battling fake news?

Social media can turn anyone into a potential news publisher and distinguishing between real and fake news has become a Herculean task. The rise of misinformation is eroding public trust in media at an alarming rate, with only 51% trusting owned media and even less for social media. ANSA, Italy's leading news agency since 1945, is combating this with EY blockchain technology. The creation of ANSAcheck guarantees that when stories are published, it's the truth, plain and simple. Readers can trace the origin of news stories, ensuring the content they consume is not just timely but trustworthy. By making each story's journey transparent, ANSA reassures readers of its content's integrity, a move that's not just about keeping up but setting a new standard in the fight against misinformation. As fake news continues to challenge the legitimacy of the press, ANSA's commitment to accuracy and transparency sets a new benchmark for the industry, proving that in the fight for truth, innovation is our most powerful ally.??

How an Italian news agency blocked fake news?

5. Behind the green curtain?

There's a seismic shift underway in corporate reporting, courtesy of the EU's Corporate Sustainability Reporting Directive (CSRD). This directive is compelling a staggering 49,000 companies to unveil intricate details of their operations, many for the first time. As the 2025 reporting deadline looms, this isn't merely a compliance hurdle; it's a strategic opportunity. The EY Sustainable Value Study reveals that companies proactive in climate action are seeing financial benefits 1.8 times greater than their counterparts. Sustainability reporting isn't just a regulatory requirement but a catalyst for innovation, risk mitigation, and enhanced investor relations. This moment calls for boards to leverage transparency as a strategic asset, transforming the way they operate and communicate value. As businesses navigate this new terrain, the directive emerges not as a hurdle, but as a gateway to strategic excellence and sustainable growth...?

How European boards can steer sustainability reporting?

If you do one thing:?

Tell us your favorite summer memory.

Don’t miss a must read, find all the issues of the weekly must reads newsletter by EY on LinkedIn here.?