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<ul class="summary-list"><li><keyword id="20348245" type="General" weightage="20" keywordseo="zach" source="keywords">Zach</keyword> and Annie moved their family from <keyword id="19916114" type="General" weightage="20" keywordseo="california" source="keywords">California</keyword> to <keyword id="20109210" type="General" weightage="20" keywordseo="scotland" source="keywords">Scotland</keyword> for a simpler life.</li><li>The couple, who have three young kids, loved California but felt that it was too fast-paced.</li></ul>Zach, 38, and Annie, 37, packed up their lives and moved their family from the US to <a target="_blank" class="" href="https://www.businessinsider.com/tiny-home-renovation-old-abandoned-cottage-scotland-before-after-photos-2022-7">Scotland</a> earlier this year. They had been living in <a target="_blank" class="" href="https://www.businessinsider.com/people-stunned-price-of-palo-alto-california-home-for-sale-2024-5">California</a>, where Zach — who was originally from Scotland — was working with the highway patrol. Because of his job, the couple and their three kids had to move frequently throughout the state. Although they had a chance to live in places such as Sonoma County and around <keyword id="19915272" type="General" weightage="20" keywordseo="silicon-valley" source="keywords">Silicon Valley</keyword>, life always felt "<a target="_blank" class="" href="https://www.businessinsider.com/reasons-i-left-silicon-valley-california-after-two-years-2023-12">extremely fast-paced</a>," Annie, who works in healthcare, told Business Insider. "Life just seemed to be work — or school for the kids — a little break and then repeat. It seemed hard to fit in a lot of quality family time or fun little adventures," Zach told BI. <div type="image" title="A man and a woman posing for a selfie." height="1600" width="1185" msid="113889827" hostid="261"></div>The couple, whose children — two sons and one daughter — are below 10, asked to be identified by only their first names to protect their privacy. They wanted to live a simpler life with their kids, away from the rat race and the pressure to constantly <a target="_blank" class="" href="https://www.businessinsider.com/millionaire-investing-saving-spending-financial-independence-retire-early-fire-2024-9">keep up with the Joneses.</a> Annie had always wanted to live in Scotland, and late last year — after a decade of living in California — it finally seemed like the right time for their family to seriously consider taking the plunge. <h2>Preparing for the move</h2>In a way, the move felt like it had been 10 years in the making. "Ever since I met Zach, I've wanted to live in Scotland. It's just been me slowly wearing him down and trying to get him to come back," Annie said. The timing for their move was right, in part because their kids were still young. "We knew if we were ever going to make the move, we had to move before our kids established true friend groups and got too far in their academics to where that transition would be difficult," Annie said. The couple knew they wanted to be in the East Lothian area just outside Edinburgh because it was near where Zach grew up. It was also a place that their kids were familiar with. "We made an effort pretty much every year, apart from during COVID-19, to travel back to Scotland," Zach said. Familiarity aside, their kids were also excited by the move because they'd made plenty of good memories on their past visits. <div type="image" title="A wooden front door of a cottage." height="4284" width="5712" msid="113889818" hostid="261"></div>"They love <a target="_blank" class="" href="https://www.businessinsider.com/how-i-bought-my-first-house-22-2024-3">Scotland</a> because they've been here so many times, and every time they come over they think it's magic because their grandparents spoil them and take them to all of the best places," Annie said. "So when we said that we were moving to Scotland, they were all for it for the most part." While Zach and their kids had UK passports, Annie had to apply for a spousal visa, which she said took about two months to be approved. Then came the exciting part: looking for a <keyword id="7173" type="General" weightage="20" keywordseo="house" source="Orion">house</keyword>. Thankfully, the process wasn't too hard, even though they were still living in California at the time. <div type="image" title="Zach and Annie moved from California to Scotland with their three young kids." height="4284" width="5712" msid="113889826" hostid="261"></div>"Annie's hobby is looking at houses all around the world, she's constantly browsing for fun," Zach said. When the listing for a cozy three-bedroom house came up, the couple jumped on the opportunity. "When it popped up, I thought it was ridiculously underpriced," Annie said. "It was actually the only house that Zach's parents went and toured for us." At Zach's parents' encouragement, the couple decided to put in an offer for the house and ended up getting it. <div type="image" title="A cabinet in the corner of a living room." height="5712" width="4284" msid="113889825" hostid="261"></div>They preferred to keep the exact amount private but said they paid about 15% more than the original asking price of about £200,000, or about $265,000. "Budget-wise, our goal was always to try to not have this huge mortgage hanging over our head. It was something we felt we had in the States, especially in California, where house prices are crazy," Zach said. <h2>Getting settled into their home</h2>Zack and Annie are part of a wave of California residents who are choosing to leave the state. Between 2021 and 2022, 817,669 people left California — making it the <a target="_blank" class="" href="https://www.businessinsider.com/top-states-americans-are-moving-to-florida-texas-california-2023-10">US state with the most people moving out</a>. Several former residents that BI previously spoke to said rising crime rates and the high cost of living were factors in their decision to <a target="_blank" class="" href="https://www.businessinsider.com/reasons-why-californians-are-leaving-the-state">leave California</a>. <div type="image" title="The dining area and kitchen." height="4284" width="5712" msid="113889828" hostid="261"></div>Zack and Annie closed on the house in February, but only arrived in Scotland with their kids in May. Since the couple bought their house without viewing it in person, they were a little concerned that it would feel too small for their family of five. "We just moved from a pretty large four-bedroom house that's at least 2,000 square feet in the States to about 950 square feet in Scotland," Annie said. "That's a big change. But when we walked in, the rooms were all really nicely sized, and they just felt right." They spent about two months renovating the place while living with Zach's parents. It wasn't until late July that they finally moved into their new house. <div type="image" title="The dining area." height="1562" width="1179" msid="113889823" hostid="261"></div>"The kids never saw the house unfinished. The moment they stepped in the door, their room was decorated and they had their beds set up with all their toys on it," Annie said. "They walk in and they think everything's beautiful when we actually shed blood, sweat, and tears trying to make it a home, but it was definitely worth it." It's also really easy for the family to get around their neighborhood on foot. The main street of their town — where there are cafés, shops, and a grocery store — is only a 10-minute walk away, Annie said. "We have trails just outside our doorstep where the kids can go explore. There are beaches not too far away," she said, adding that there's no need for a car unless they're driving the kids to their grandparents' place. <div type="image" title="The bathroom." height="4032" width="3024" msid="113889821" hostid="261"></div>"It's a process to get every child loaded up in a car, so we wanted to reduce that as much as possible. And now we just walk to everything we do, and I feel we're healthier for it," she said. If they're ever feeling up for a small adventure, they can easily drive 20 minutes to the various small towns around them, Zach said. "Whereas in the States, if we wanted to go do something different or outside our little area, it's probably a 45-minute drive and then it becomes more of a day trip," he said. <h2>A simple life</h2>The couple says that life in Scotland is simpler — which is exactly what they were looking for. Even though they've only been here for a few months, the couple says they feel more content with life in Scotland — so much so that they even started a <a target="_blank" class="" href="https://www.youtube.com/@SimpleScottishLiving">YouTube channel</a> documenting their adventures in the country. <div type="image" title="A man and a woman gaze lovingly at each other in front of a stone building." height="632" width="843" msid="113889829" hostid="261"></div>Although the couple enjoyed living in the US, life in Scotland reminded them of their own childhoods. "Seeing what the children could get by being over here was sort of nostalgic. It brought us back to the '90s childhood we had," Annie said. "You go out and play until the streetlights turn on, and we just felt this sense of peace and safety in Scotland." Have you recently built or renovated your dream home? If you've got a story to share, get in touch with me at <a target="_blank" href="mailto:agoh@businessinsider.com">agoh@businessinsider.com</a>. Correction: An earlier version of this story misstated the converted dollar amount of the home's asking price. It was about $265,000, not $340,000.

A California family of 5 found a house in Scotland listed for under $270,000. The catch: It was half the size of their old place.

<ul class="summary-list"><li>President Joe Biden tested positive for COVID-19, the White House said.</li><li>Biden was set to speak at the UnidosUS conference in Las Vegas on Wednesday.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/biden-virtual-roll-vote-explainer-democratic-nomination-drop-out-election-2024-7">President Joe Biden</a> tested positive for COVID-19 on Wednesday, according to the White House."Earlier today following his first event in Las Vegas, President Biden tested positive for COVID-19. He is vaccinated and boosted and he is experiencing mild symptoms. He will be returning to Delaware where he will self-isolate and will continue to carry out all of his duties fully during that time," Press Secretary Karine Jean-Pierre said in a statement provided to Business Insider. "The White House will provide regular updates on the President's status as he continues to carry out the full duties of the office while in isolation."The White House also provided a note from Biden's doctor that said the president tested after having a runny nose, cough, and general malaise. The note said Biden was experiencing mild symptoms and that his respiratory rate, temperature, and blood oxygen levels were normal. It also said he had received a first dose of Paxlovid.Biden, 81, has been in Nevada since Monday night and was set to speak at a conference for UnidosUS in Las Vegas on Wednesday.Janet Murguía, CEO of UnidosUS, told conference attendees that Biden tested positive for COVID-19 after the president was an hour and a half late to his planned speaking event, according to <a target="_blank" class="" href="https://www.cnn.com/2024/07/17/politics/joe-biden-tests-positive-covid-19/index.html">CNN</a>."I was just on the phone with President Biden. And he shared his deep disappointment at not being able to join us this afternoon. The president has been at many events, as we all know, and he just tested positive for COVID," Murguía said at the conference.Biden departed Nevada, a key battleground state for the election in November, on Air Force One on Wednesday, telling reporters at the scene, "I feel good," according to the <a target="_blank" class="" href="https://apnews.com/article/biden-covid-las-vegas-ff29bb071f18b993d20dedccbe2c8fbf">Associated Press</a>.

Biden tests positive for COVID-19

<keyword id="19895045" type="General" weightage="20" keywordseo="Singapore" source="keywords">Singapore</keyword> is seeing a new <keyword id="21710881" type="General" weightage="20" keywordseo="Covid-19-wave" source="keywords">COVID-19 wave</keyword> as the authorities recorded more than 25,900 cases from May 5 to 11 even as <keyword id="19962428" type="General" weightage="20" keywordseo="Health-Minister" source="keywords">Health Minister</keyword> <keyword id="19895083" type="General" weightage="20" keywordseo="Ong-Ye-Kung" source="keywords">Ong Ye Kung</keyword> on Saturday advised the wearing of masks again. "We are at the beginning part of the wave where it is steadily rising," said Ong. "So, I would say the wave should peak in the next two to four weeks, which means between mid- and end of June," The Straits Times newspaper quoted the minister as saying. The Ministry of Health (MOH) said the estimated number of COVID-19 cases in the week of May 5 to 11 rose to 25,900 cases, compared with 13,700 cases in the previous week. The average daily COVID-19 hospitalisations rose to about 250 from 181 the week before. The average daily intensive care unit (ICU) cases remained low at three cases, compared with two cases in the previous week. The MOH said that to protect hospital bed capacity, public hospitals have been asked to reduce their non-urgent elective surgery cases and move suitable patients to transitional care facilities or back home through Mobile Inpatient Care@Home, an alternative inpatient care delivery model that offers clinically suitable patients the option of being hospitalised in their own homes instead of a hospital ward. Ong urged those who are at greatest risk of severe disease, including individuals aged 60 years and above, medically vulnerable individuals and residents of aged care facilities, to receive an additional dose of the COVID-19 vaccine if they have not done so in the last 12 months. Ong said that if the number of COVID-19 cases doubles one time, Singapore will have 500 patients in its healthcare system, which is what Singapore can handle. However, if the number of cases doubles a second time, there will be 1,000 patients, and "that will be a considerable burden on the hospital system", he pointed out. "One thousand beds is equivalent to one regional hospital," Ong said. "So, I think the healthcare system has to brace ourselves for what is to come." There are no plans for any form of social restrictions or any other mandatory kind of measures for now, as COVID-19 is treated as an endemic disease in Singapore, he said, adding that imposing additional measures would be a last resort. Ong said that with Singapore being a transport and communications hub, it will be one of the cities to get a wave of COVID-19 earlier than others. "So, COVID-19 is just something that we have to live with. Every year, we should expect one or two waves," he said. Globally, the predominant COVID-19 variants are still JN.1 and its sub-lineages, including KP.1 and KP.2. Currently, KP.1 and KP.2 account for over two-thirds of cases in Singapore. As of May 3, the World Health Organisation has classified KP.2 as a variant under monitoring. There are currently no indications, globally or locally, that KP.1 and KP.2 are more transmissible or cause more severe disease than other circulating variants, the MOH said. However, members of the public are urged to stay updated with vaccinations to protect themselves against current and emerging virus strains. The MOH said that to date, about 80 per cent of the local population have completed their initial or additional dose, but have not received a dose within the last year. The ministry added that since COVID-19 vaccination started in 2020 to 2021, the vaccines have consistently been proven to be safe and effective in protecting individuals from severe illness. Billions of doses have been administered globally, and safety monitoring internationally has shown that the vaccine is safe, it said. There have also been no long-term safety concerns with COVID-19 vaccination, and adverse effects from vaccines, including the mRNA vaccines, have all been observed to occur shortly after vaccination, the ministry added. 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Singapore seeing new COVID-19 wave, minister advises wearing of masks

The pharmaceutical giant <keyword id="19910149" type="General" weightage="20" keywordseo="AstraZeneca" source="keywords" meta.keywordsubtype="org" meta.entityname="AstraZeneca" meta.hostid="261" meta.entityid="AstraZeneca">AstraZeneca</keyword>'s <keyword id="20040659" type="General" weightage="20" keywordseo="COVID-19-vaccine" source="keywords">COVID-19 vaccine</keyword> is being withdrawn worldwide after the company acknowledged for the first time in court documents that it can cause a rare and dangerous side effect, according to a report in the British Newspaper 'The Telegraph'. AstraZeneca has announced that the <keyword id="19959412" type="General" weightage="20" keywordseo="vaccine" source="keywords">vaccine</keyword> was being removed from markets for commercial reasons. It further said that the vaccine was no longer being made or supplied, having been superseded by updated vaccines that fight new variants. The application to withdraw the vaccine was made on March 5 and came into effect on May 7. The vaccine can be no longer used in the European Union following the company's decision to withdraw its "marketing authorisation." Similar applications will be submitted in the UK and other nations in the coming months that have given a go-ahead to the vaccine, known as Vaxzevria. In recent months, Vaxzevria has come under scrutiny over a very rare side effect, which causes blood clots and low blood platelet counts. In court documents, AstraZeneca in the High Court in February admitted that the vaccine "can, in very rare cases, cause <keyword id="20218859" type="General" weightage="20" keywordseo="TTS" source="keywords">TTS</keyword>". TTS which stands for <keyword id="21475609" type="General" weightage="20" keywordseo="Thrombosis-with-Thrombocytopenia-Syndrome" source="keywords">Thrombosis with Thrombocytopenia Syndrome</keyword> has been associated with at least 81 deaths in the UK and hundreds of serious injuries. More than 50 alleged victims and grieving relatives have filed a lawsuit against AstraZeneca in a High Court case. AstraZeneca has insisted that the decision to withdraw the vaccine is not related to the case or admission that it can cause TTS and termed the timing a pure coincidence, according to The Telegraph report. "We are incredibly proud of the role Vaxzevria played in ending the global pandemic. According to independent estimates, over 6.5 million lives were saved in the first year of use alone and over three billion doses were supplied globally. Our efforts have been recognised by governments around the world and are widely regarded as being a critical component of ending the global pandemic," The Telegraph quoted AstraZeneca as saying. In a statement, the pharmaceutical giant said, "As multiple, variant Covid-19 vaccines have since been developed, there is a surplus of available updated vaccines", adding that it has led to a decline in demand for Vaxzevria, which is no longer being manufactured or supplied, The Telegraph reported. It further announced its decision to initiate the withdrawal of the marketing authorisations for Vaxzevria within Europe. The company said, "We will now work with regulators and our partners to align on a clear path forward to conclude this chapter and significant contribution to the Covid-19 pandemic." Last week, AstraZeneca reiterated its commitment to patient safety while emphasising the vaccine's overall safety profile. An AstraZeneca spokesperson had stated, "Our sympathy goes out to anyone who has lost loved ones or reported health problems. Patient safety is our highest priority, and regulatory authorities have clear and stringent standards to ensure the safe use of all medicines, including vaccines." This comes in the wake of a recent admission by AstraZeneca, the pharmaceutical company, that its <keyword id="19896627" type="General" weightage="20" keywordseo="covid" source="keywords">Covid</keyword> vaccine Covishield and Vaxzevria "can, in very rare cases, cause Thrombosis Thrombocytopenia Syndrome (TTS)." Despite these rare occurrences, the pharmaceutical company maintained that extensive clinical trial data and real-world evidence consistently support the vaccine's safety and efficacy. Regulatory agencies worldwide continue to assert that the benefits of vaccination outweigh the risks of such extremely rare side effects. 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AstraZeneca withdraws COVID-19 vaccine worldwide, cites commercial reasons

<ul class="summary-list"><li>Forget friendship bracelets — some Swifties are calling Covid-19 their new concert souvenirs.</li><li>Some fans who got COVID-10 after attending her Eras Tour are calling it a "gift" from "Mother."</li></ul>It's been years since the pandemic times of COVID-19 lockdowns and the era of mandated masking. But while the virus is still circulating, some Swifties have become wildly optimistic about what it means to catch an infection at one of their idol's concerts. So much so that some Swifties on social media are playfully dubbing the COVID-19 infection they think they got from her concerts a "souvenir" and a "gift" from "Mother."A post on X from a Spanish Taylor Swift fan account asked followers: "Did you go to <a target="_blank" class="css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1loqt21" href="https://x.com/hashtag/MadridTStheErasTour?src=hashtag_click">#MadridTStheErasTour</a> and take COVID, a virus, or a cold with you as a souvenir? I open a survey."Of the nearly 10,800 votes, 35% voted yes. People in the poll's comments section described their symptoms and showed their positive COVID-19 tests — but also raved about how they thought it was worth it. The poll has been viewed nearly 144,000 times at press time.One X user <a target="_blank" href="https://x.com/RaquellvsRhett/status/1797947023641247766">commented</a>: "Going to Taylor's concert has meant losing my voice, losing my mental health and, well, my health in general, I'm more dead than alive (but I would go to the concert a thousand more times)."Earlier in February, an Australian concertgoer posted a TikTok of herself dressed up in her concert outfit and glam makeup. The video then cut straight to her holding up a positive COVID-19 test kit in bed. She captioned the post: "The Eras Tour souvenir no ones talking about. if youre heading to the sydney shows this weekend, wash your hands regularly!"However, other X users have voiced their disbelief at Swifties calling the virus a souvenir.One X user <a target="_blank" href="https://x.com/pot8um/status/1799513266265166174?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1799513266265166174%7Ctwgr%5E823e04af52763fad2f3a84db8d34b05f9516778a%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fmuse.insider.com%2Fstory%2F666a622b074e87bb00f6cf0e">wrote:</a> "Taylor Swift's concert attendees are calling their Covid infections 'souvenirs' and 'gifts' from 'Mother,' and I'm supposed to NOT wanna launch myself into the sun???"Concerts have gained notoriety as COVID-19 superspreader events. In 2021, <a target="_blank" href="https://www.newsweek.com/over-2200-people-catch-covid-after-spain-music-festivals-catalonia-1616207">over 2,200 people caught the virus</a> after going to music festivals in northeast Spain.And while the virus is treated more like the common flu now, <a target="_blank" href="https://www.businessinsider.com/august-flu-vs-covid-infection-rate-2023-8">COVID-19 is still circulating</a> — and people are getting infected across the US.Virus-spreading or not, Swift's Eras Tour has been widely successful, propelling the <a target="_blank" href="https://www.businessinsider.com/tortured-poets-department-taylor-swift-new-album-earnings-eras-tour-2024-4">singer-songwriter to billionaire status</a>. Swift is now in the UK for her next leg of the tour. Swift's representative didn't immediately respond to a request for comment from Business Insider.

The COVID-19 infection you caught at a Taylor Swift concert is not a gift from 'Mother'

<ul class="summary-list"><li>Dogs could be our best friends when it comes to flagging COVID-19 infections.</li><li>New research finds they can diagnose COVID quickly, even at levels too low for tests. </li></ul>If you're tired of sticking swabs up your nose to test for <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.insider.com/august-flu-vs-covid-infection-rate-2023-8">COVID-19</a>, rest assured that a much friendlier (and furrier) option may be on the horizon.New research suggests COVID-sniffing dogs are as effective or even better at detecting infections compared to currently-available tests in at-home kits and clinics — so much so they could replace <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/coronavirus-test-rapid-antigen-test-lateral-flow-pcr-explained-2021-1">PCR tests as the "gold standard" for diagnosis</a>, according to researchers from the University of California Santa Barbara.Scientists already know that dogs can probably <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.medicalnewstoday.com/articles/323620">sniff out various types of cancer</a> — colon, prostate, breast skin — and may be able to <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.insider.com/guides/pets/can-dogs-sense-pregnancy">sense pregnancy</a>. At first, there was little research on whether they could detect COVID, too, but a new research review has found a large body of evidence suggesting how helpful dogs can be in diagnosing the infectious illness. The authors of the new review, published last month in the <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.degruyter.com/document/doi/10.1515/jom-2023-0104/html">Journal of Osteopathic Medicine</a>, looked at 29 studies — including more than 30,000 samples across 31 countries. They said they found extensive evidence that trained dogs can accurately identify positive cases of COVID-19 through smell, which could be a less-invasive and more environmentally-friendly testing strategy than relying on plastic kits and disposable swabs. In some cases, dogs were able to identify COVID-19 infections in patients who had a viral load too low for other tests to work, the review found.The specially-trained canines could also diagnose quicker than other testing methods, after just a quick sniff of a person, and could also flag the virus in sweat samples in a process that takes only minutes. Dogs have incredibly sensitive noses that make them uniquely suited to sniffing out disease, according to Tommy Dickey, co-author of the paper, professor emeritus at UC Santa Barbara, and a certified <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.insider.com/guides/health/mental-health/emotional-support-animal">therapy dog</a> handler."They can detect the equivalent of one drop of an odorous substance in 10.5 Olympic-sized swimming pools," Dickey said in a press release. "For perspective, this is about three orders of magnitude better than with scientific instrumentation."And when it comes to snooting out COVID, all dogs are good dogs, according to the review. While scent dogs like hounds would be ideal, studies found that weeks of training could turn dogs of different ages, breeds, and backgrounds into virus-detecting pros. Diagnostics could even be a career option for rehabilitating troubled pups, as one study found a so-called "problem" pit bull from an abusive home got a fresh start as a COVID detector. Still, there are some logistical challenges to training and deploying the dogs on a large scale before we can toss out our test kits in favor of <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.insider.com/guides/health/mental-health/benefits-of-having-a-dog">four-legged friends</a>, according to the researchers."There's quite a bit of research, but it's still considered by many as a kind of a curiosity," Dickey said.

Dogs can smell COVID-19 — and may be better at diagnosing it than a COVID test

<ul class="summary-list"><li>Consumer spending in China is down, and luxury brands are feeling the hit.</li><li>Brands like Balenciaga, Burberry, and Marc Jacobs have offered big discounts to reel customers back in.</li></ul>Luxury brands like Marc Jacobs, Burberry, and Balenciaga have been offering big discounts in China to try to reel in customers following a drop in sales figures.This week, Hugo Boss, Burberry, Richemont, and Swatch Group all <a target="_blank" class="" href="https://www.businessinsider.com/china-luxury-retail-sales-slowdown-brands-fashion-2024-7">reported slumping sales in China</a>.Hugo Boss said in its <a target="_blank" rel=" nofollow" class="" href="https://group.hugoboss.com/en/investors/publications/financial-releases/publication/hugo-boss-announces-preliminary-second-quarter-results-and-updates-its-full-year-2024-outlook">preliminary Q2 financial results</a> on Monday that the Chinese market was "particularly challenging. While British fashion house Burberry's sales in mainland China fell 21% year-over-year in the most recent quarter.The slumping demand has led some brands to offer hard discounts in China to shift excess stock.The <a target="_blank" class="" href="https://www.ft.com/content/d304beae-9a75-432c-b3b6-006a70a64b93">FT</a> reported that in early July, Marc Jacobs was offering discounts of more than 50% on Alibaba's upscale e-commerce platform, Tmall Luxury Pavilion. <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-06-13/luxury-labels-slash-prices-50-to-lure-wary-chinese-shoppers">Bloomberg </a>reported that <a target="_blank" class="" href="https://www.businessinsider.com/balenciaga-trolls-wealthy-with-925-towel-skirt-2023-11">Balenciaga</a> — owned by luxury conglomerate Kering — averaged a 40% discount on sale items in three of the first four months of 2024. And that Burberry was also slashing prices in China. Business Insider contacted Burberry, Balenciaga, and Marc Jacobs for comment but didn't immediately hear back.These brands are dropping prices in the face of a softer market in China, Bernstein luxury goods analyst Luca Solca told Business Insider.<h2 id="fc9095ea-a710-46be-b606-6d371fee78d5">Consumer spending is lagging in China</h2>China is a key market for luxury brands. Between 2017 and 2021, China's luxury market tripled in size, Bain &amp; Company <a target="_blank" rel=" nofollow" class="" href="https://www.bain.com/insights/2023-china-luxury-goods-market/">said</a> in a report earlier this year. However, COVID-19 restrictions led to a sharp decline in the market in 2022.Once restrictions were lifted in 2023, there was a "significant" rebound, the report said."After the pandemic, we saw an incredible amount of revenge spending, leading to spectacular success rates in China," Daniel Langer, a professor of luxury at Pepperdine University and CEO of the luxury strategy firm Équité, told BI.He continued: "This was, in part, fueled by people not traveling, freeing additional budgets for products like watches and leather goods."However, that effect has since worn off.<a target="_blank" class="" href="https://www.businessinsider.com/china-economy-second-quarter-gdp-growth-weak-demand-consumption-exports-2024-7">Consumer spending is down in China</a> as the country faces <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-weak-domestic-demand-factory-activity-amid-strong-export-2024-7">a series of economic challenges</a>, from a <a target="_blank" class="" href="https://www.businessinsider.com/china-outlook-home-prices-slumped-beijing-property-crisis-real-estate-2024-4">real-estate crisis</a> to geopolitical headwinds and stock-market volatility.This economic uncertainty is likely putting consumers off buying discretionary goods.<h2 id="fc1ab113-845e-41dc-b01b-b401f6063de3">Discounting risks lowering luxury brands' desirability</h2>Brands produced more during the boom to keep up with demand, but once demand dropped, they were left with unsold products."Almost in a myopic way, brands did not realize that this was a temporary phenomenon, and consequently, we saw a slowdown of demand, which was absolutely to be expected," Langer said.Brands may have also taken a hit in China as <a target="_blank" class="" href="https://www.businessinsider.com/rich-chinese-flock-to-japan-in-search-of-luxury-bargains-2024-7">local luxury consumers travel to Japan</a> to take advantage of the lower prices of luxury goods due to the particularly weak yen.But <a target="_blank" class="" href="https://www.businessinsider.com/inflation-dynamic-pricing-surge-cost-fatigue-2024-7">discounting</a> might not be the best response."Discounting is the fastest and most secure way to brand equity destruction," Langer said; lower prices undermine the long-term value of the brand's products.But not all brands are responding to slowing consumer spending in China in the same way.Hard luxury brands like <a target="_blank" class="" href="https://www.businessinsider.com/hermes-became-ultimate-status-symbol-2024-2">Hermès</a>, Dior, and <a target="_blank" class="" href="https://www.businessinsider.com/lvmh-creating-neighborhoods-around-its-brands-2024-4">Louis Vuitton</a> don't drop their prices — and that's by choice.By not discounting, "these hard luxury brands are growing at a slower rate and declining faster," Solca told BI.But for a hard luxury brand, that's better than discounting, he said, adding that "these brands are defending their long-term brand equity."

Luxury brands are slashing prices in China

<ul class="summary-list"><li>Nvidia stock surged over 3% to near-record highs on Monday as excitement builds for its Blackwell GPU.</li><li>The Blackwell GPU's pricing of about $500,000 has eased concerns about Nvidia's margins.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> stock jumped more than 3% on Monday to near-record highs as investor excitement around the chipmaker's upcoming Blackwell GPU product cycle grows.Shares of Nvidia hit an intra-day high of $139.41, less than 1% below the all-time high price of $140.76, which was reached in mid-June.The stock is trading at a forward price-to-earnings multiple of about 35x, which is below its three-year and five-year averages, suggesting that the stock isn't grossly overvalued, according to Citi.Monday's gain came amid a wave of Wall Street research reports on Nvidia, along with pricing details for Nvidia's next-generation GPU chip.The <a target="_blank" class="" href="https://wccftech.com/nvidia-blackwell-dgx-b200-price-half-a-million-dollars-top-of-the-line-ai-hardware/#:~:text=NVIDIA's%20DGX%20B200%20%22Blackwell%22%20AI,a%20rather%20astonishing%20price%20tag.">initial list prices</a> for Nvidia's Blackwell GPU chip were around $500,000, which <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/wfc-stock">Wells Fargo</a> called an "incremental positive" in a note on Monday."We do think the 40%+ higher pricing of the DGX B200 vs DGX H100 systems could be considered higher than expectations," Wells Fargo analyst Aaron Rakers said, adding that the pricing should ease investor concerns about Nvidia's gross margin dynamics.The release of Nvidia's next-generation AI-enabling GPU chip comes at a time when cloud hyperscalers, including <a target="_blank" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a>, <a target="_blank" href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, and <a target="_blank" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a>, are in an "AI arms race," according to Bank of America."Capex estimates continued to rise: since March, for every $1 of upward revision in 2024 sales estimates for hyperscalers, there was $19 of upward revision in capex estimates," <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/bac-stock">Bank of America</a> said in a Monday note.In a note on Friday, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/gs-stock">Goldman Sachs</a> increased its Nvidia price target to $150 from $135, arguing that the company's competitive moat is only getting stronger.Nvidia's competitive moat is centered on its large installed base, "which, in turn, fuels the virtuous positive cycle that entails more developers," Goldman Sachs said.Additionally, Nvidia's "ability to innovate not just at the chip level but at the data center level" is a competitive advantage for the company, along with its "robust and growing software offerings," Goldman Sachs said.And as for the potential looming competition from custom silicon chips being developed internally by Nvidia's largest customers, known as ASICS, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/c-stock">Citi</a> isn't too worried about them."Nvidia still king," Citi said in its note on Monday."Due to the limitations in the hardware use cases, building custom silicon may be only suited for large hyperscalers. That nevertheless does not take away from the need for GPUs in both training and inference as GPUs remain at the forefront of performance benchmarks and offer the ability to grow one's AI infrastructure at scale," Citi said.Investors will be closely watching Nvidia's upcoming third-quarter earnings release in late November for clues about the progress of its Blackwell chip launch.

Nvidia stock tests record highs as Wall Street defends chipmaker's valuation amid 'AI arms race'

The <keyword id="8858345" type="General" weightage="60" keywordseo="sars-cov-2" source="Orion">SARS-CoV-2</keyword> virus is found in the lungs of certain individuals for up to 18 months after the infection, according to a study. One to two weeks after contracting COVID, the SARS-CoV-2 virus generally becomes undetectable in the upper respiratory tract. A team from the Institut Pasteur in collaboration with a French public research institute, the Alternative Energies and Atomic Energy Commission (CEA), conducted the study on lung cells in an animal model. The results, published in the journal Nature Immunology, show not only that SARS-CoV-2 is found in the lungs of certain individuals for up to 18 months after infection, but also that its persistence appears to be linked to a failure of innate immunity, the first line of defense against pathogens. Some viruses persist in the body in a discreet and undetectable manner after causing an infection. They remain in what are known as 'viral reservoirs', the researchers said. This is the case for HIV, which remains latent in certain immune cells and can reactivate at any time. It could also be the case for the SARS-CoV-2 virus which causes <keyword id="8763838" type="General" weightage="90" keywordseo="covid-19" source="Orion">COVID-19</keyword>, they said. "We observed that inflammation persisted for long periods in primates that had been infected by SARS-CoV-2. We therefore suspected that it could be due to the presence of the virus in the body," said Michaela Muller-Trutwin, Head of the Institut Pasteur's HIV, Inflammation and Persistence Unit. The study analysed biological samples from animal models that had been infected by the virus. Initial results from the study indicate that viruses were found in the lungs of some individuals six to 18 months after infection, even though the virus was undetectable in the upper respiratory tract or blood. The researchers also found that the amount of persistent virus in the lungs was lower for the Omicron strain than for the original SARS-CoV-2 strain. "We were really surprised to find viruses in certain immune cells - alveolar macrophages - after such a long period and when regular PCR tests were negative," said Nicolas Huot, first author of the study and researcher in the Institut Pasteur's HIV, Inflammation and Persistence Unit. "What's more, we cultured these viruses and were able to observe, using the tools we developed to study HIV, that they were still capable of replicating," Huot said. To understand the role of innate immunity in controlling these viral reservoirs, the scientists then turned their attention to NK (natural killer) cells. "The cellular response of innate immunity, which is the body's first line of defense, has been little studied in SARS-CoV-2 infections until now," said Muller-Trutwin. "Yet it has long been known that NK cells play an important role in controlling viral infections," the researcher said. The study shows that in some animals, macrophages infected with SARS-CoV-2 become resistant to destruction by NK cells, while in others, NK cells are able to adapt to infection (known as adaptive NK cells) and destroy resistant cells, in this case macrophages. The study sheds light on a mechanism that may explain the presence of viral reservoirs. While individuals with little or no long-term virus had adaptive NK cell production, individuals with higher levels of virus had not only an absence of adaptive NK cells, but also a reduction in NK cell activity, the researchers added.

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