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India could see a shift in foreign direct investment (FDI) trends in the second term of Donald Trump (Trump 2.0) as President of the United States, says a research report by the State Bank of India. The report highlighted that under his first term, Trump 1.0, the Trump administration made sweeping regulatory changes aimed at attracting investments back to the U.S., which impacted FDI inflows globally, including India. It added that if similar policies are reintroduced in Trump 2.0 also, it could create challenges for emerging markets like India, which rely on FDI as a significant driver of economic growth. Notably, a recent Kotak report highlighted that a complete Republican control over all arms of the US government would mean increased US earnings via corporate tax cuts, higher tariffs on imports into the US and greater US fiscal deficits. The first two could spell doom for emerging markets like India and China, since foreign investors will make a beeline for investing more money in the US markets, which will come at the cost of intense selloff in emerging markets. However, higher fiscal deficits will eventually lead to the dollar weakening after the initial euphoria dies down. "India may see shifts in foreign direct investments (FDIs) during Trump 2.0. The Trump 1.0 administration saw significant regulatory changes aimed at attracting investments back to the US," the SBI report stated. However, given that India has been gradually diversifying its sources of FDI (foreign direct investments), this trend could serve as a buffer against any potential decline. Moreover, domestic institutional investors have been stepping up big time, maintaining some balance to the massive exodus of FIIs over the past month. So far in November 2024, FIIs have withdrawn Rs 19,849 crores from the cash segment in Indian markets, while DIIs have poured in Rs 14,014.18 crores as of November 10th, 2024. "India is no longer dependent on the traditional sources of FDI inflows... unlike the recent past, FDI is now coming in many new sectors," noted the SBI report. Unlike a decade ago, when most FDI inflows came from a limited number of traditional sectors, India is now attracting investment in a wide array of industries, including renewable energy, sea transport, medical devices, and surgical appliances. Data suggests over the last 24 years, i.e., between April 2000 and June 2024, FDIs have poured in $1,013.4 billion in the Indian economy. Out of this, 67%, i.e., $689.88 billion, has come in just the last 10 years. The report added there are up to 12 emerging sectors showing strong FDI interest, which could help offset any loss of inflows in conventional sectors if there is a shift in global investment patterns under another Trump administration. In the last financial year, the top 5 sectors that have received the highest quantum of FDI inflow include the services sector (finance, banking, insurance, and business) which makes up about 16% of the inflows. This is followed computer software &amp; hardware, which constitute around 15% of total FDI flows. Trading and telecommunications follows with a share of 6% each, and Automobile Industry comes next with a 5% share. In the short term, the potential for increased U.S. tariffs, more restrictive H-1B visa policies, and a stronger dollar could bring some volatility to India's trade and investment landscape. However, in the long term, these challenges might also encourage India to expand its manufacturing capabilities, diversify export markets, and focus on becoming economically more self-reliant. Notably, India has maintained a merchandise trade surplus with the U.S. despite tariffs imposed during Trump's first term. This indicates that Indian exports have remained resilient, and there is potential to strengthen this trade relationship further by capitalizing on emerging sectors and reducing dependency on traditional industries. Suman Chowdhury, Executive Director &amp; Chief Economist, Acuité Ratings &amp; Research Limited cautions that in the medium to long term, the trade relationship with the US may see a structural improvement. "Higher tariff and trade restrictions in the US with China should translate into better opportunities for exports of manufactured goods from India", he adds.

FDIs may shift to US under Trump 2.0 but it is unlikely to severely impact FDIs inflow to India, says SBI Report

<ul class="summary-list"><li>Tesla stock surged as much as 8% after a report said President-elect Donald Trump plans to ease self-driving car regulations.</li><li>The incoming Trump administration is aiming to prioritize a federal framework for autonomous vehicles.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> stock surged as much as 8% on Monday after a <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-11-17/trump-team-said-to-want-to-ease-us-rules-for-self-driving-cars?srnd=homepage-americas">Bloomberg</a> report said the incoming Trump administration is seeking to relax autonomous driving regulations.That would be a boon for Tesla, which has staked its future on launching fully autonomous electric vehicles in the coming years.According to the report, President-elect Donald Trump's transition team told advisors that they plan to make implementing a federal framework for fully self-driving vehicles a top priority for the Department of Transportation.The current federal rules are strict about car manufacturers selling large quantities of vehicles without steering wheels or foot pedals.For reference, Tesla CEO and Trump ally Elon Musk recently <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-cybercab-robotaxi-details-production-earnings-call-2024-10">unveiled an autonomous vehicle</a> named the Cybercab with no steering wheel or foot pedals.Tesla said it plans to begin selling the Cybercab in 2026.The National Highway Traffic Safety Administration allows manufacturers to deploy only 2,500 self-driving vehicles annually. Legislative efforts to increase the self-driving restriction to 100,000 vehicles per manufacturer a year have repeatedly failed.A request for comment from the Trump transition team was not immediately returned.According to Wedbush analyst Dan Ives, if restrictions on fully self-driving vehicles are eased, Tesla will be the main beneficiary, calling it a "significant tailwind for Tesla's autonomous and AI vision heading into 2025.""Musk's significant influence in the Trump White House is already having a major influence and ultimately the golden path for Tesla around Cybercabs and autonomous is now within reach with an emboldened Trump/Musk strategic alliance playing out in real time and very in line with our thesis," Ives said in a note on Sunday.Ives estimates autonomous vehicles are a $1 trillion opportunity for Tesla, and if realized, could catapult Tesla to a $2 trillion valuation over the next 12 to 18 months, representing potential upside of 76% from current levels.Tesla stock has surged 37% since Donald Trump's election win earlier this month.

Tesla stock jumps 8% on Trump administration plan to relax self-driving car rules

Prabhakar, part of Business Insider's 2024 AI Power List, has headed the White House Office of Science and Technology Policy since 2022. In her role, she advises President Joe Biden on science and technology with a particular focus on AI's risks and benefits. Previously, she was the director of the Defense Advanced Research Projects Agency and was the first woman to lead the National Institute of Standards and Technology. She has also worked as an executive for companies such as Raychem and Interval Research and as a venture capitalist for US Venture Partners, focusing on semiconductor and cleantech startups. She also founded the nonprofit Actuate, which manages research to solve societal challenges.See Business Insider's full <a target="_blank" class="" href="https://businessinsider.com/ai-power-list-2024">AI Power List</a>

OSTP director Arati Prabhakar shapes AI policy in Biden administration

<ul class="summary-list"><li>Donald Trump wants the next GOP senate leader to give him greater power to staff vacancies.</li><li>Trump wants to use the president's recess appointment power in a major way.</li></ul>President-elect <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11">Donald Trump</a> will return to the White House with Republicans in complete control of Washington.For Trump, Tesla CEO <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-net-worth-wealth-tesla-stock-trump-election-ev-2024-11">Elon Musk</a>, and other influential conservatives, this simply is not good enough. The early reactions to Trump's nominations of former Rep. Matt Gaetz of Florida as attorney general and Robert F. Kennedy Jr. as Health and Human Services secretary illustrate that even a GOP trifecta might not give Trump everything he wants.Trump wants Republicans to help him use a special procedure called recess appointments that would allow him to install Cabinet appointees and even a Supreme Court justice without a single vote. In theory, Trump's push for broad recess appointment power could allow him to disregard the process entirely — meaning that any more than 1,200 positions requiring Senate confirmation could be filled without even an FBI background check or a confirmation hearing."It's just been made so explicit and used as a strategy in and of itself that even though former presidents made recess appointments, they didn't say this part, and there wasn't widespread fear about what it means and why they are using it now," Casey Burgat, the director of the Legislative Affairs Program at George Washington University's Graduate School of Political Management told Business Insider.Like Trump, Musk is a big believer in flexing the recess appointment power.The world's richest man recently wrote on X that without them, it would be "impossible to enact the change demanded by the American people, which is utterly unacceptable."Sen. John Thune of South Dakota, who won the race to replace Sen. Mitch McConnell of Kentucky, has said "all options are on the table, including recess appointments. On Thursday, Thune stressed that Trump may still encounter obstacles if he goes that route."You have to have all Republicans vote to recess as well," Thune told Fox News host Bret Baier. "The same Republicans that you mentioned that might have a problem voting for somebody under regular order might be the same Republicans that have a problem voting to put the Senate into recess."<h2 id="9fdd85ec-762d-4f4e-9d55-9d0cd426582d">Why Trump wants this power.</h2>Trump could get his choices confirmed with just 50 votes, thanks to Vice President-elect JD Vance's tie-breaking power. With Republicans projected to hold 53 seats, Democrats can't stop a nomination on their own. But they can force Republicans to grind it out.In his push for recess appointment power, Trump argued it was about ensuring he could staff up in a timely manner.According to the Center for Presidential Transition, it took President Trump twice as long on average to get his nominees approved during his first three years in office (115 days) than it did Ronald Reagan's presidency (56.4) days. Through late November 2023, it took President Biden roughly 109.6 days on average. The center also found that while the Senate filibuster is part of the reason for delays, even complete control of Congress hasn't sped things up.Not everyone is convinced that time is Trump's sole motivation, particularly when many of his early selections illustrate how much he will elevate controversial choices like Gaetz and Kennedy."From the president's perspective, I suppose he would see this as a shortcut to take his favorite list of appointees and put them in for temporary appointments," Sarah Binder, a senior fellow at Brookings, told Business Insider.<h2 id="745efdee-399a-4d58-9336-c1b7209a287e">Trump can't flex this power by himself.</h2>As Thune said, the Senate would need to vote on adjournment. The Constitution also requires the House to approve the Senate breaking for over three days. A 2014 Supreme Court decision held that the Senate would need to recess for at least 10 days.There's even a way for Trump to avoid the House's need to sign off on a lengthy break. Under Article II of the Constitution, Trump has the power to force an adjournment if the House and Senate are divided on what to do.Time is the only true limit on recess appointments.Officials installed via recess appointment can only serve until Congress' next session. If Trump uses this power immediately upon taking office, officials or judges could only stay through the next Senate session, in January 2027.Otherwise, there is virtually nothing Senate Democrats could do to stop the process. Adjournment votes can't be meaningfully filibustered.<h2 id="b23bbc27-f0ff-4ab9-95b7-d757a9914d9d">Recess appointments were created for a bygone-era. </h2>Before World War II, presidents needed recess appointment power because the US Senate was out of session more often than lawmakers were in the nation's capital. Presidents sometimes used their power to game the system, rushing nominees through who might have failed to get confirmed. In 2005, President George W. Bush bypassed the senate to appoint John Bolton as Ambassador to the United Nations over criticism from Senate Democrats.In recent years, senators, including Republicans, have tried to thwart presidents from using their recess appointment power by holding "pro-forma" sessions where even just one senator can briefly convene and conclude business within minutes.<h2 id="c5b5cf7b-d42b-4d24-931f-6e4885ad0309">Not everyone is convinced this power grab is wise.</h2>Trump's biggest defender thus far is former White House counsel Don McGahn. In a Wall Street Journal op-ed on Tuesday, McGahn said that Trump needs the power because the Senate is too slow."Returning to the longstanding tradition of recess appointments would ensure that every elected president is able to staff the government with senior officials who share his policy vision," McGahn wrote.Some conservatives are skeptical. Ed Whelan, president of the Ethics and Public Policy Center, a conservative think tank, strongly opposes the idea."If you want to show that you're fundamentally hostile to the constitutional separation of powers, trying to do a blanket bypass of Senate's core advice-and-consent authority is a good way," Whelan wrote on X.The National Review wrote in a Wednesday editorial that Trump's request is "wholly inappropriate within the American system of government and ought to be rejected with prejudice."Trump may only be in power for four years, but the reality of Washington is that if he follows Musk's encouragement, he will set a standard Republicans will one day regret."The Senate works on precedent, and so whatever happened last is going to be the default for how it should happen going forward," Burgat said, "and so if we know anything about politics and power grabs they are really hard to claw back and the next guy is gonna use it."

Why Trump and Elon Musk want key administration officials to be confirmed without a floor vote

<ul class="summary-list"><li>Allies of Donald Trump who backed him during his trial have been tapped for his administration.</li><li>Those supporters include JD Vance, Matt Gaetz, Vivek Ramaswamy, and Mike Waltz.</li></ul>When <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-criminal-cases-presidency-2024-11">Donald Trump</a> stood trial in his historic criminal <a target="_blank" class="" href="https://www.businessinsider.com/trump-wins-stay-criminal-hush-money-case-2024-11">hush-money case</a> earlier this year, a <a target="_blank" class="" href="https://www.businessinsider.com/which-republicans-attended-trump-hush-money-trial-2024-5#two-dozen-other-house-republicans-have-also-shown-up-8">bevy of GOP elites</a> flocked to a Manhattan courthouse in support of the former and now future president.<a target="_blank" class="" href="https://www.businessinsider.com/trump-hush-money-trial-verdict-2024-5">Trump was eventually found guilty</a> of all 34 felony counts of falsifying business records.Four of the Trump loyalists who rallied behind him during the trial have already been tapped for roles in the <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11">president-elect's incoming administration</a>.Those Trump allies include:<div type="image" title="JD Vance in the background at Donald Trump's hush-money trial." height="4672" width="7008" msid="115315207" hostid="261" sizebytes="4054798"></div><h2 id="78a21a90-c648-45bc-be7c-1c5ab4427922">JD Vance</h2>Ohio Sen. <a target="_blank" class="" href="https://www.businessinsider.com/trump-vice-president-jd-vance-career-facts-2024-7">JD Vance</a> will become vice president in Trump's upcoming second administration.Back in May, toward the end of Trump's first criminal trial, Vance was among a <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-melania-hush-money-trial-gop-support-court-2024-5">slew of Republican politicians</a> to mobilize around Trump as <a target="_blank" class="" href="https://www.businessinsider.com/trump-hush-money-trial-charges-explained-narrative-as-jury-deliberates-2024-5">he routinely defended himself</a> to reporters in the hallway outside the 15th-floor downtown Manhattan courtroom where the trial was held.Vance was also the first vice presidential contender to show up at court for Trump."Does any reasonable, sensible person believe anything that Michael Cohen says? I don't think that they should," Vance told reporters on May 13 outside the courthouse after Cohen, Trump's ex-personal attorney-turned-nemesis, first took the witness stand.<div type="image" title="Matt Gaetz in the background at Donald Trump's hush-money trial." height="2666" width="4000" msid="115315198" hostid="261" sizebytes="2368954"></div><h2 id="ab7fe0d6-ce6e-4631-91d1-9142b7291b0f">Matt Gaetz</h2>Trump sent <a target="_blank" class="" href="https://www.businessinsider.com/matt-gaetz-trump-nomination-history-controversy-moments-mccarthy-2024-11">shockwaves</a> through Washington after he named Florida Rep. <a target="_blank" class="" href="https://www.businessinsider.com/trump-nominates-matt-gaetz-attorney-general-2024-11">Matt Gaetz</a> as his pick for attorney general.Gaetz was among an entourage of rank-and-file House Republicans who showed up at Trump's hush-money trial in support of the then-presidential hopeful."We're here of our own volition because there are things we can say that President Trump is unjustly not allowed to say," Gaetz said during a May 16 press conference outside the courthouse.The right-wing firebrand continued, "This is a corrupt judge. These are corrupted witnesses. This is a corrupt prosecution that belies any sense of the facts or the law. And so, we're going to keep speaking out against this."<div type="image" title="Vivek Ramaswamy in the background at Donald Trump's hush-money trial." height="2000" width="3000" msid="115315206" hostid="261" sizebytes="411208"></div><h2 id="25a82047-6a69-4ee6-904a-068de0af0d4f">Vivek Ramaswamy</h2>Ex-GOP presidential candidate <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-vivek-ramaswamy-doge-government-efficiency-what-us-spends-2024-11">Vivek Ramaswamy</a> is set to co-lead a new "Department of Government Efficiency" alongside fellow billionaire <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-doge-hiring-staff-how-to-apply-2024-11">Elon Musk</a>.When Ramaswamy, the tech entrepreneur, showed up to Trump's hush-money trial on May 14, he was considered as a vice presidential contender."This is a politicized persecution that is nakedly apparent," Ramaswamy told reporters at the time outside the courthouse.<div type="image" title="GOP politicians supported Trump outside of his hush-money trial." height="4000" width="6000" msid="115315204" hostid="261" sizebytes="803588"></div><h2 id="ba9ccba4-01b3-447e-91b2-90b201af4fdf">Mike Waltz</h2>Trump has tapped Florida Rep. <a target="_blank" class="" href="https://www.businessinsider.com/trump-cabinet-picks-so-far-loyalty-resumes-11">Mike Waltz</a> to serve as his next national security advisor.The congressman supported Trump in court during the hush-money trial on May 16."It's a shame our country has fallen to a place where NY Democrats have weaponized the courts to interfere with our election," Waltz said in a <a target="_blank" class="" href="https://x.com/michaelgwaltz/status/1791089100323278982">post</a> on X at the time. "President Trump will beat this and we will send him back to the White House this November!"

These Trump loyalists named to roles in the new administration once flocked to a courtroom for his criminal trial

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! CEOs love talking about their wins, but what about their losses? The head of a failed supersonic plane startup detailed what went wrong, <a target="_blank" href="https://www.businessinsider.com/exosonic-ceo-explains-why-his-strategy-supersonic-airliner-failed-2024-11">and how other companies might find success</a>.In today's big story, President-elect Donald Trump is nominating the people <a target="_blank" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11">who will play a key role in his administration</a> and impact the business world.What's on deck:<ul><li>Markets: Elon Musk wants to gamify "dumb" government spending, and <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-leaderboard-government-spending-marketing-genius-doge-donald-trump-2024-11">experts say it's a savvy marketing strategy</a>.</li><li>Tech: A healthcare startup raised $100 million on a bet it could build an AI doc-in-a-box. <a target="_blank" href="https://www.businessinsider.com/healthcare-startup-forward-shutdown-carepod-adrian-aoun-2024-11">Now it's shutting down</a>.</li><li>Business: Internal documents viewed by BI show plans for Amazon's AI chatbot <a target="_blank" rel="noopener" href="https://www.businessinsider.com/amazon-ai-chatbot-q-coming-to-microsoft-office-365-2024-11">launching in an unlikely spot</a>.</li></ul>But first, the nominations are rolling in.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Trump's new team</h2><div type="image" title="Trump pointing" height="667" width="1000" msid="115302524" hostid="261" sizebytes="47760"></div>President-elect Donald Trump is quickly fleshing out his cabinet, giving a sense of what his second administration will look like.Trump's slew of picks announced in recent days share a common theme: <a target="_blank" href="https://www.businessinsider.com/trump-cabinet-picks-so-far-loyalty-resumes-11">loyalty</a>. (You can find the running list of Trump administration staffers <a target="_blank" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11">here</a>)With <a target="_blank" href="https://www.businessinsider.com/republicans-house-representatives-election-win-majority-2024-11">Republicans maintaining control of the House</a> and winning the Senate, the president-elect will enter the White House this January with incredible power to shape the country to his vision.Let's break down some of Trump's recent appointments and the impact they could have on the business world:<a target="_blank" href="https://www.businessinsider.com/trump-nominates-matt-gaetz-attorney-general-2024-11">US Attorney General — Matt Gaetz</a>: A surprising pick, to say the least, the representative from Florida caused havoc within his own party when he led the push to oust Kevin McCarthy from the speakership last year.Gaetz was also the subject of sex-trafficking allegations that led to an investigation by the very agency he's being nominated to lead. (The Department of Justice declined to pursue charges, but he'd been facing a probe from the House Ethics Committee.) House Speaker Mike Johnson told reporters on Wednesday that Gaetz had resigned from Congress.He's also <a target="_blank" rel="noopener" href="https://www.businessinsider.com/matt-gaetz-criticism-big-tech-trump-attorney-general-antitrust-2024-11">clashed with the tech industry</a>, suggesting Americans have an "obligation to use" their Second Amendment right when it comes to <a target="_blank" href="https://www.businessinsider.com/matt-gaetz-says-american-obligation-take-up-arms-big-tech-2021-5">Silicon Valley companies censoring conservatives</a>. Gaetz's appointment requires confirmation from the Senate, which is far from a shoo-in.<a target="_blank" href="https://www.businessinsider.com/what-trumps-secretary-state-pick-marco-rubio-means-for-china-2024-11">Secretary of State — Marco Rubio:</a> The Florida senator is an outspoken critic of China and a supporter of Taiwan. In fact, China sanctioned him twice, and his ability to travel to the country is somewhat in question.The appointment adds another wrinkle to the heightening tension between the US and China. Trump has said he wants aggressive tariffs against Chinese imports, and Rubio has raised the alarm on what he views as China's plan to harm the US economy.<div type="image" title="Fox News host Pete Hegseth at a network event in 2019" height="2555" width="3600" msid="115302517" hostid="261" sizebytes="483180"></div><a target="_blank" href="https://www.businessinsider.com/trump-pentagon-chief-pete-hegseth-world-views-ukraine-china-2024-11">Secretary of Defense — Pete Hegseth:</a> The Army veteran and Fox News host has been outspoken about the US involvement in geopolitical conflicts. Hegseth is among the growing number of Republicans questioning the US support of Ukraine. He also said he <a target="_blank" href="https://www.businessinsider.com/trump-pentagon-pick-pete-hegseth-criticized-us-involvement-ukraine-aid-2024-11">doubted Russia would invade Poland</a> if it successfully took over Ukraine.When it comes to Israel, Hegseth has been a staunch supporter. He's also pushed back against calls for a cease-fire and criticized pro-Palestinian protesters.Hegseth's takes aren't limited to international affairs. He's been critical of women serving in combat roles and diversity and equity policies in the US military.Treasury secretary — TBD: Trump's pick for his top economic advisor is being closely watched considering the key role the economy played in the election. The two front runners appear to be Scott Bessent, a hedge fund executive, and Howard Lutnick, <a target="_blank" href="https://www.businessinsider.com/wall-street-advisor-trump-lutnick-schwarzman-warsh-federal-reserve-2024-11">the co-chair of Trump's transition</a> team and the CEO of Cantor Fitzgerald.Bessent was initially viewed as the favorite, but Lutnick is <a target="_blank" href="https://www.wsj.com/politics/policy/trump-transition-co-chair-makes-late-play-for-treasury-secretary-f1b50c60">reportedly making a last-ditch effort</a> to be considered for the job.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Silicon Valley investors Marc Andreessen and Ben Horowitz <a target="_blank" rel="noopener" href="https://www.businessinsider.com/marc-andreessen-ben-horowitz-react-trump-win-crypto-founders-2024-11">celebrate Trump's win as 'a boot off the throat</a>.'</li><li>Why SoftBank bet $500 million on OpenAI. SoftBank's Vision Funds CFO <a target="_blank" href="https://www.businessinsider.com/softbank-openai-investment-explained-vision-fund-cfo-2024-11">told BI why it went all-in on the startup</a>.</li><li>Amazon is shuttering Freevee and some insiders fear <a target="_blank" href="https://www.businessinsider.com/amazon-shuttering-freevee-some-insiders-speculate-potential-entertainment-layoffs-2024-11">layoffs could be coming in the tech giant's entertainment arm</a>.</li><li>Mark Zuckerberg just released his own NSFW version of <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-t-pain-get-low-rap-song-2024-11">'Get Low' in a tribute to his wife</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="A photo illustration comprising a black-and-white photo of Elon Musk's profile over a leaderboard with dollar signs that decrease down the board." height="1500" width="2000" msid="115302527" hostid="261" sizebytes="121084"></div><ol><li>Loving the leaderboard: Elon Musk wants to gamify "dumb" government spending. Donald Trump tapped Musk and Vivek Ramaswamy to co-lead the Department of Government Efficiency, a commission aimed at slimming government waste. Musk has <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-leaderboard-government-spending-marketing-genius-doge-donald-trump-2024-11">teased a public leaderboard to track government spending</a>, which, if implemented, could keep the public engaged. <a target="_blank" href="https://www.businessinsider.com/elon-musk-vivek-ramaswamy-doge-government-efficiency-what-us-spends-2024-11">BI took a look at what the US actually spends money on</a>.</li><li>Inflation stays in line with expectations. October's consumer price index <a target="_blank" href="https://www.businessinsider.com/inflation-october-cpi-consumer-price-index-federal-reserve-interest-rates-2024-11">rose 2.6% compared to the same time last year</a>, representing a slight uptick from September's 2.4% report. Despite inflation heating up, the probability of the Fed making a 25-basis-point cut next month increased to about 80% after the report's release.</li><li>Polymarket's CEO was the subject of an FBI raid. Shayne Coplan, the 26-year-old boss of the betting market platform that successfully predicted Trump's win, reportedly had his phone and electronic devices <a target="_blank" href="https://www.businessinsider.com/fbi-raid-polymarket-ceo-shayne-coplan-nyc-2024-election-2024-11">confiscated by federal agents Wednesday morning</a>. Bloomberg reported the raid was tied to an investigation into the company accepting trades from users in the US, which is not permitted. A Polymarket spokesperson said it was an act of "political retribution" by the Biden administration.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Forwards CEO Adrian Aoun with the Carepod" height="1500" width="2000" msid="115302521" hostid="261" sizebytes="394842"></div><ol><li>Inside Forward's failed attempt to revolutionize the doctor's office. The healthcare startup Forward went all-in on its AI doc-in-a-box: "If Elon has the self-driving car, well, this is the autonomous doctor's office," its CEO said in 2023. <a target="_blank" href="https://www.businessinsider.com/healthcare-startup-forward-shutdown-carepod-adrian-aoun-2024-11">But after raising $650 million in funding, it's going dark</a>.</li><li>What some Tesla employees think about Musk's new government job. Some are celebrating stock gains, with the company's share price soaring nearly 33% year to date, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-trump-stock-gains-internal-reaction-2024-11">while others worry Musk will lose focus</a>. "There's this feeling that no one fully knows where anyone else stands," one manager told BI.</li><li>A new stage in the US-China tech cold war. The focus of the AI race is moving from chip dominance to rare earths, the raw materials they're made of. Right now, China has the upper hand; <a target="_blank" href="https://www.businessinsider.com/rare-earths-tech-war-explainer-chips-ai-china-us-2024-11">here's how it's tried to outmaneuver the US</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="The O's of the Hollywood sign walking away with film equipment" height="1457" width="1943" msid="115302520" hostid="261" sizebytes="350770"></div><ol><li>Hollywood's leaving. The film industry is ditching Los Angeles for up-and-coming entertainment hubs like Atlanta and smaller cities alike. Some have been preparing for an LA exodus for years, but the pandemic ushering in remote work <a target="_blank" href="https://www.businessinsider.com/hollywood-leaving-los-angeles-remote-work-tv-movies-money-streaming-2024-11">helped provide the final push</a>.</li><li>Too many videos, not enough mentors. Nobody knows how to do their jobs anymore because their companies aren't teaching them. Training is an easy place for companies to cut costs, but it comes back to hurt them in the long run. <a target="_blank" href="https://www.businessinsider.com/job-training-broken-gen-z-mentorship-companies-employees-managers-2024-11">Those who do invest often put their money toward the wrong fixes</a>.</li><li>Exclusive: Amazon's chatbot Q enters enemy territory. Internal documents obtained by BI show the cloud giant is looking to launch a Q add-in for a rival suite: Microsoft Office 365. Amazon hopes the integration could expand Q's user base by <a target="_blank" href="https://www.businessinsider.com/amazon-ai-chatbot-q-coming-to-microsoft-office-365-2024-11">piggybacking on Office's popularity</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Disney, Brookfield and other companies report earnings.</li><li>EU reveals Q3 GDP growth figures.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Some of Trump's key cabinet picks provide clues to how his administration will approach the business world

Who will be in Trump's administration? A breakdown of the people who will shape key policies over the next 4 years 

<ul class="summary-list"><li>Goldman Sachs CEO David Solomon on Wednesday commented on Donald Trump's election victory</li><li>In a memo to staff, he said that the bank looks forward to working with Trump on "sound policies."</li></ul>Goldman Sachs CEO David Solomon spoke out Wednesday on <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">the election of Donald Trump</a> as the 47th president of the United States.In a memo to the firm's workforce, Solomon congratulated Trump, who defeated Vice President Kamala Harris in a decisive victory. He said the firm was looking "forward to working with the new administration in support of sound policies that enhance economic growth and financial stability." Solomon said that the new administration's policy positions could be "potentially important to our business and clients." Indeed, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/bank-stocks-donald-trump-victory-reelection-wall-street-outlook-regulation-2024-11">bank stocks soared on Wednesday</a> on expectations that Trump's policies will boost the sector. Wells Fargo stock analyst Mike Mayo called Trump's victory a "regulatory game changer" for the industry. Mayo also expects a Trump administration to boost dealmaking, including M&amp;A and IPOs — potentially to record levels. "More free markets imply that investment banking revenues have a chance at exceeding 2021 levels over the next few years," Mayo said in a Wednesday research note. He added: "The idea of a capital markets super-cycle seems possible." The biggest beneficiary of a dealmaking boom, Mayo said, would be Goldman Sachs. Read Solomon's full memo to employees on Wednesday following Trump's win.November 6, 2024Message on US ElectionThe 2024 Presidential election in the United States has been decided. I know that people on both sides have strong opinions and emotions about the outcome. I strongly believe we should respect – and seek to understand – our differences. It's important to remind ourselves that "united" is the first word of the United States. Our shared commitment to the ideals of freedom and opportunity will always be more powerful than what divides us.Closer to Goldman Sachs, it's clear that a new administration will bring policy changes potentially important to our business and clients. This year has also seen a number of elections around the world, with changes in administrations or policy focus across several countries. Globally, we are deeply committed to our strategy, where we continue to make progress in growing our leading Global Banking &amp; Markets and Asset &amp; Wealth Management franchises.Our job remains the same: to continue to be laser focused on serving our clients with excellence, remaining vigilant and managing risk effectively, and protecting our unique culture. That focus and professionalism is not affected by political winds.I congratulate President Trump and we look forward to working with the new administration in support of sound policies that enhance economic growth and financial stability.DavidThis post is breaking and will be updated with additional details.Are you a Wall Street insider? How is your firm reacting to the election of Donald Trump? Get in touch with this reporter. Reed Alexander can be reached via email at ralexander@businessinsider.com, or SMS/the encrypted app Signal at (561) 247-5758.

Goldman CEO Solomon reacts to Trump's win, vows to work with the new administration 'in support of sound policies'

<ul class="summary-list"><li><keyword id="19947945" type="General" weightage="20" keywordseo="JPMorgan-Chase" source="keywords" meta.keywordsubtype="org" meta.entityname="JPMorgan Chase" meta.hostid="261" meta.entityid="JPMorgan Chase">JPMorgan Chase</keyword>'s <keyword id="19940300" type="General" weightage="20" keywordseo="CEO" source="keywords">CEO</keyword> said Friday that he doesn't plan to join the next <keyword id="23582911" type="General" weightage="20" keywordseo="presidential-administration" source="keywords">presidential administration</keyword>.</li><li><keyword id="20214240" type="General" weightage="20" keywordseo="Jamie-Dimon" source="keywords">Jamie Dimon</keyword> said he expects to stay at JPMorgan "for a long period" rather than join the government.</li></ul>Jamie Dimon on Friday shed new light on how long he might remain in <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-jp-morgan-ceo-first-republic-bank-rescue-2023-3">the top job at JPMorgan Chase</a>, suggesting he would likely reject an opportunity to join a presidential administration and that he intends to stick with America's biggest bank "for a long period of time." "I think the chance of that is almost nil, and probably I'm not going to do it," Dimon said in response to a question from a Wells Fargo stock analyst about whether he'd say yes <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-denies-donald-trump-claim-endorse-2024-10">if offered a job</a> with the next US president. "I intend to be doing what I'm doing — I almost guarantee I'll be doing this — for a long period of time, or at least until the board kicks me out," he said. In May, Dimon made headlines when he said <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-career">his time as JPMorgan's CEO</a> was coming to a close. "The timetable is not five years anymore," he told investors, a reference to a running joke about how every other time he was asked how long he might remain at the helm, he often said five years. So what gives? Is Dimon staying or going? The statements are not necessarily contradictory. One way he could stay on is as the bank's chairman of the board, a role he holds now in addition to CEO. (The firm has previously said it intends to separate the CEO and chairman roles after Dimon steps down.) Chairmen oversee companies' boards of directors, giving them an important platform from which to steer the organization and ensure that it's serving shareholders. But the chairman isn't the chief executive, meaning that he would be removed from running the company day-to-day and making most operational decisions. Indeed, when the question was put to a JPMorgan spokesperson, we got this response: "His timeline has not changed since his Investor Day comments, and ultimately it's up the board," the spokesperson said, adding: "We have said he could become Chairman after stepping down as CEO." Other bank CEOs who have extended their relationships with firms through chairman roles include Lloyd Blankfein, who was named a senior chairman of Goldman Sachs in 2018, when David Solomon took the top job. Of course, Dimon also didn't rule out the possibility that he might leave Wall Street for a career in public service. When asked whether he would consider a <keyword id="19927357" type="General" weightage="20" keywordseo="government-job" source="keywords">government job</keyword> under the right circumstances, he demurred. "I've always been an American patriot. My country is more important to me than my company," he said, explaining why he's so involved in guiding public policy. After saying he wouldn't likely accept a government job, he added: "But I've always reserved the right. I don't make promises to people. I don't have to." <h2>Political prognostications</h2>Dimon made the comments during the company's third-quarter earnings call to <a target="_blank" href="https://www.businessinsider.com/jpmorgan-earnings-q3-jamie-dimon-economy-geopolitics-banking-wall-street-2024-10">review its most recent performance</a>. JPMorgan reported net income of nearly $13 billion, with revenue from consumer and community banking topping $17 billion and investment-banking revenue reaching $2.4 billion, a nearly 30% increase from the same time last year. Asset and wealth management revenue was up nearly 10% over the same period, exceeding $5 billion. Goldman Sachs, Citi, and Bank of America will report earnings on Tuesday. Dimon on Friday opened his press release with a statement that included his thoughts on the current geopolitical environment, which he called "treacherous." "We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse," Dimon wrote. "There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history." He also warned that "critical issues remain," like fiscal deficits, infrastructural concerns, and the "remilitarization of the world." His pontifications about global affairs have become more pessimistic in tone in recent months as he's weighed in on <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-likes-musks-department-of-government-efficiency-idea-2024-9">a range of international issues</a>. The Wells Fargo analyst on Friday suggested Dimon has been commenting on government pontifications in the past year more than at any other time in his career, raising questions about his political aspirations. On Friday's call, Dimon also suggested that he's taking a conservative view of JPMorgan's spending as a result of the turbulent geopolitical environment. When asked how the bank might spend its excess cash, whether to buy back stock or invest in the business he suggested that now is the time to save. "Cash is a very valuable asset sometimes in a turbulent world," Dimon said. "You see my friend Warren Buffett stockpiling cash right now. I mean, people should be a little more thoughtful about how we're trying to navigate in this world." Correction: October 11, 2024 — An earlier version of this story misspelled Lloyd Blankfein's name.

Jamie Dimon suggests he will remain at JPMorgan for a very long time

<keyword id="19894886" type="General" weightage="20" keywordseo="china" source="keywords">China</keyword>'s top drug regulator has cleared a mpox vaccine developed by local drug firm Sinopharm for clinical trials which could be the country's first experimental dose to battle the deadly disease. The domestic vaccine candidate, created by the Shanghai Institute of Biological Products and administered by Sinopharm, is expected to play an important role in preventing and controlling mpox infections, the company said in a statement released on Monday afternoon. There is currently no approved mpox vaccine in China. Globally, a few vaccines have been approved in the United States, Canada, the European Union, Japan and Russia. In China, a vaccine candidate typically goes through three phases of clinical trials before gaining market approval. The process can take years, even decades. However, the National Medical Products Administration, China's top drug regulator, has launched a number of accelerated or streamlined channels to facilitate applications of novel drugs and vaccines or those in urgent need, state-run China Daily reported on Tuesday. According to the company, the new vaccine is a replication-deficient vaccine based on a strain called MVA. The description is the same as <keyword id="22925756" type="General" weightage="20" keywordseo="jynneos" source="keywords">Jynneos</keyword>, the world's first mpox vaccine approved by the <keyword id="20256595" type="General" weightage="20" keywordseo="food-and-drug-administration" source="keywords">Food and Drug Administration</keyword> in the United States in 2019. The <keyword id="19902256" type="General" weightage="20" keywordseo="world-health-organisation" source="keywords">World Health Organisation</keyword> said on August 14 that the mpox outbreak in <keyword id="19924003" type="General" weightage="20" keywordseo="africa" source="keywords">Africa</keyword> constitutes a public health emergency of international concern - its highest form of alert. Previously, in July 2022, the WHO declared a global emergency but then lifted it in May last year because of a sustained decline in international cases. So far, more than 120 countries and regions across the world have reported more than 100,000 confirmed infections and 226 related deaths. China reported its first imported case in September 2022 and the first domestic case in June last year. By the end of July, the nation had reported 2,567 confirmed cases, according to the China Daily report. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ather-energy-looks-to-raise-3100-crore-files-ipo-papers-with-sebi/articleshow/113214971.cms">Ather Energy looks to raise ₹3,100 crore, files IPO papers with SEBI</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-iphone-16-pro-max-india-price-specifications/articleshow/113204340.cms">iPhone 16 Pro and iPhone 16 Pro Max with bigger displays, A18 Pro chipset launched starting at ₹1,19,900</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-iphone-16-plus-price-specs/articleshow/113203568.cms">iPhone 16, iPhone 16 Plus with A18 chipset launched starting at ₹79,900</a>

China's drug regulator clears mpox vaccine; to undergo clinical trial

<keyword id="19930802" type="General" weightage="100" keywordseo="Jay-Shah" source="keywords">Jay Shah</keyword>, the current Secretary of the Board of Control for Cricket in India (BCCI), has been elected unopposed as the new <keyword id="19901179" type="General" weightage="20" keywordseo="International-Cricket-Council" source="keywords">International Cricket Council</keyword> (ICC) Chairman. Shah, who will officially take up the role on December 1, 2024, is set to make history as the youngest individual to ever lead the global governing body for cricket. "I am humbled by the nomination as the Chair of the International Cricket Council. I am committed to working closely with the ICC team and our member nations to further globalise cricket," Shah stated in a release issued by the ICC. In his statement, Jay Shah highlighted the goals he has planned to set for his tenure. “We stand at a critical juncture where it is increasingly important to balance the coexistence of multiple formats, promote the adoption of advanced technologies, and introduce our marquee events to new global markets. Our goal is to make cricket more inclusive and popular than ever before," he said. Jay Shah’s involvement in <keyword id="22941138" type="General" weightage="20" keywordseo="cricket-administration" source="keywords">cricket administration</keyword> spans over ten years. He previously served as joint secretary of the Gujarat Cricket Association before being elected unopposed as <keyword id="20593546" type="General" weightage="20" keywordseo="BCCI-Secretary" source="keywords">BCCI Secretary</keyword> in October 2019. Since 2021, he has also held the position of Chairperson of the Asian Cricket Council. The appointment of Shah as the <keyword id="22895734" type="General" weightage="20" keywordseo="ICC-chairman" source="keywords">ICC chairman</keyword> has sparked controversy due to his connections. His father, <keyword id="19899491" type="General" weightage="20" keywordseo="Amit-Shah" source="keywords">Amit Shah</keyword>, is India’s Home Minister and a close associate of Prime Minister Narendra Modi. Critics argue that this raises concerns about nepotism and the merging of cricket with politics in India. Shah's own rise within cricket administration in Gujarat, where his father previously held the role of president of the Gujarat Cricket Association, further fuels these concerns. It will be interesting to see how, under the chairmanship of Jay Shah, cricket grows on a higher level on the global pedestal.

Jay Shah elected unopposed as the new ICC chairman

In an effort to give a further boost to partnership, India, and the US signed a landmark Memorandum of Understanding (<keyword id="19914814" type="General" weightage="20" keywordseo="MoU" source="keywords">MoU</keyword>), which will enable the Micro, Small and medium enterprises (<keyword id="19910977" type="General" weightage="100" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) of the two countries to participate in <keyword id="19908188" type="General" weightage="20" keywordseo="global-markets" source="keywords">global markets</keyword> and foster trade. "<keyword id="20233690" type="General" weightage="20" keywordseo="India-US" source="keywords">India-US</keyword> joining hands to promote cooperation in MSMEs," the official spokesperson of the Ministry of External Affairs, Randhir Jaiswal, wrote on X. "Today, India-US signed a landmark MoU that enables MSMEs of the two countries to participate in global markets, drive innovation, foster trade, and support <keyword id="19930409" type="General" weightage="20" keywordseo="women-entrepreneurs" source="keywords">women entrepreneurs</keyword>," he added. S. C. L. Das, Secretary, Ministry of Micro, Small and Medium Enterprises, and Isabel Casillas Guzman, Administrator, <keyword id="21149255" type="General" weightage="20" keywordseo="small-business-administration" source="keywords">Small Business Administration</keyword> (SBA), United States of America, signed the MoU here in New Delhi. The MoU provides a framework for both sides to discuss issues concerning micro, small and medium enterprises (MSMEs) and explore possibilities for cooperation. It envisages the exchange of expertise between the two sides on issues related to improving MSME participation in the global marketplace through mutual visits as well as webinars and workshops on topics including access to trade and export finance, technology and digital trade; green economy, and trade facilitation. The MoU also provides for the joint conduct of programmes for women entrepreneurs to empower them and facilitate trade partnerships between women-owned small businesses in the two countries. Recognising the crucial role that MSMEs play in advancing <keyword id="20421749" type="General" weightage="20" keywordseo="inclusive-growth" source="keywords">inclusive growth</keyword>, expanding exports, and boosting employment, the two sides also agreed to explore the development of a "Business Matching Digital Platform" to boost <keyword id="20035864" type="General" weightage="20" keywordseo="business-opportunities" source="keywords">business opportunities</keyword>.

You Searched For "Administrator" and got 12 results

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