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<keyword id="22003705" type="General" weightage="20" keywordseo="Indian-traders" source="keywords">Indian traders</keyword> involved in <keyword id="22003703" type="General" weightage="20" keywordseo="border-trade" source="keywords">border trade</keyword> with China through the <keyword id="22003704" type="General" weightage="20" keywordseo="Lipulekh-pass" source="keywords">Lipulekh pass</keyword> in Pithoragarh district since 1992, have requested the central government to take up the issue of resumption of border trade through this route with Beijing. The trade route was closed rather suddenly after the outbreak of the Covid-19 pandemic in 2019, forcing Indian traders to return from the <keyword id="22003706" type="General" weightage="20" keywordseo="Taklakot-mart" source="keywords">Taklakot mart</keyword> in Tibet leaving behind their woollen products. Five years have passed but the route has not been opened, an organisation of border traders in Dharchula said. The traders who belong to the <keyword id="22005864" type="General" weightage="20" keywordseo="Bhotia-tribe" source="keywords">Bhotia tribe</keyword> started to raise their demand for reopening of the trade route through Lipulekh after China recently began the process of implementing a pact, in which it had agreed to open all 14 trade passes with Nepal. The implementation of the agreement inked by China and Nepal in December, 2022 began on May 25 this year, when China opened Piangi pass situated in Dolpa district of eastern Nepal, president of Bharat Tibetan Simant Vyapar Samiti, Dharchula Jeewan Singh Rongkali said. Three more passes along the Indo-Tibet border in the western region of Nepal that fall in the districts of Humla, Bajang and Darchula will be opened on June 20, 30 and 25 respectively, he said. "We have so far sent 22 applications to the government of India requesting it to take up with the Chinese authorities the reopening of the trade route through Lipulekh pass but have received no response so far," Rongkali said. According to Rongkali, Indian tribal traders from Dharchula alone have left trading items worth Rs 15 lakh in <keyword id="22005865" type="General" weightage="20" keywordseo="taklakot" source="keywords">Taklakot</keyword> Mart of Tibet at the time of closure of border trade in 2019, following the Covid-19 pandemic. "We have no information if our stored goods are safe or in a state of decay. They were stored in plywood covers at the time of closure of trade," Rongkali said. "We want trade with China to be resumed through Lipulekh pass but if for some reason it is not possible then the traders should be given 15 days' time to go to Taklakot to ring back their goods," he said. Goods of over 450 Indian tribal traders have been lying there for the last 5 years, he said. According to Rongkali, over 450 Indian traders used to supply essential goods to villagers of over 45 villages of western Tibet through this trade route since 1992. "Out of over 1.5 crore trade annually, we have paid lakhs of rupees towards customs duty and other taxes to the government of India," said Rongkali. China announced in the year 2022 that it will build trans Himalayan multi-dimensional connectivity with Nepal to restructure the road and communication network with that country, Rongkali said. "As China has not given permission to open our passes along the Indo-China border, we have an apprehension that the mart made for Indian traders in Gakkhu town of Taklakot could be handed over to Nepalese traders," said Rongkali.

Indian traders demand resumption of border trade with China through Lipulekh pass

<ul class="summary-list"><li>China's Xi Jinping negotiated a truce with India's leader, Narendra Modi.</li><li>They agreed to a patrolling arrangement on a disputed Himalayan border.</li></ul>At the <a target="_blank" class="" href="https://www.businessinsider.com/russia-hosts-brics-summit-defy-west-us-economy-china-dollar-2024-10">BRICS summit</a> in Russia this week, China's leader Xi Jinping and India's Prime Minister Narendra Modi shook hands for the first time in five years.The symbolic moment came after a deal was struck to resolve a long-standing feud between the Asian superpowers.In the lead-up to the summit, the countries announced they had reached a patrolling agreement that would reduce tensions along a disputed <a target="_blank" class="" href="https://www.businessinsider.com/india-china-buying-new-light-tanks-for-himalayan-mountain-warfare-2023-6">Himalayan border.</a>The dispute had led to deadly hand-to-hand combat in recent years, taking the lives of 20 Indian troops and at least four Chinese soldiers.After their meeting at the summit hosted by Russia's President Vladimir Putin, Xi and Modi said they would continue discussions on resolving the issue.<h2 id="997cee52-7fd6-4283-bf77-94e40a12b5cc">A setback for the US</h2>Some analysts believe it is a development that's unlikely to be welcomed in Washington, DC.The US has sought to recruit India to help it contain China's growing regional aggression alongside other members of the Quadrilateral Security Dialogue, a security pact that also includes Japan and Australia."So definitely, this is a setback for the United States of America's Indo-Pacific outlook, given the kind of rapprochement we are seeing in India-China relations, and particularly India, China and Russia coming together," Jagannath Panda, head of the Stockholm Center for South Asian and Indo-Pacific Affairs, told Business Insider."Putin, Xi, and Modi meeting definitely signals that there is a kind of understanding under the carpet that has happened, which is quite subtle," he said.It's an assessment echoed by Zhiqun Zhu, professor of political science and international affairs at Bucknell University."The thaw in India-China relations is a boon to both countries. This is particularly significant for China because India may now be less inclined to confront Beijing as part of Quad," Zhu told <a target="_blank" class="" href="https://www.voanews.com/a/india-china-deal-raises-questions-about-us-indo-pacific-strategy-/7838623.html">Voice of America. </a>"In this sense, the effectiveness of Quad would be diluted with a less enthusiastic India."<h2 id="baf534cf-4366-41b8-b9ef-d526ffe91fda">Competition between Asia's rival powers intensifies</h2>Tensions have been building between China and India for years.As the two biggest economies in Asia, the countries have long jostled for regional power, with the dispute over the Himalayan border a flashpoint that led to clashes in 2020, 2021, and 2022.Amid the stand-off, Chinese vessels have reportedly surveilled the Indian Ocean in <a target="_blank" class="" href="https://www.reuters.com/world/india/another-chinese-research-vessel-spotted-off-india-fuelling-unease-2024-03-11/">what experts told Reuters</a> was a likely intelligence-gathering operation, while India has strengthened its security ties with China's chief global rival, the US.In 2017 India played a key role in restarting the Quad, an alliance designed as a bulwark against growing Chinese influence and aggression in the Asia-Pacific region.But India has long sought to balance its relationship with rival superpowers the US and China, and does not at this point want to tie itself too closely to either side, say analysts.In addition to being a member of the Quad Alliance, it is a founding member of the BRICS, an <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-asia-countries-flaunt-russia-putin-diplomacy-relationship-brics-2024-9">association of non-Western economies </a>that China has sought to transform into an alternative global economic power base to the US.<div type="image" title="India-China border" height="683" width="1024" msid="114594056" hostid="261" sizebytes="158650"></div>"This explains why it remains part of multilateral groupings with contradictory goals," said Praveen Donthi, a South Asia analyst with the Eurasia Group in Washington, DC, pointing to both its membership of the US-aligned Quad and China-dominated BRIC group.The truce comes with China on the back foot diplomatically, said Panda, pointing to its damaged relations with Europe and the US after its support f<a target="_blank" class="" href="https://www.businessinsider.com/russia-and-china-anti-us-coalition-is-growing-more-threatening-2024-9">or Russia's invasion of Ukraine.</a>"One could draw a conclusion at this point that probably the Chinese are more interested to rebuild the ties with India than the other way round," said Panda.He said there's also the possibility that Xi has reached an agreement with Modi behind the scenes for India to remain silent if China acts on its longstanding ambition to seize back control of Taiwan.Such a move would likely draw in the US and its other regional allies, who have pledged to help defend<a target="_blank" class="" href="https://www.businessinsider.com/china-taiwan-drone-swarms-uav-us-playing-catch-up-production-2024-10"> Taiwan's independence.</a>"I think China's bigger ambition and target is the Taiwan issue, and therefore they would not really like to continue the kind of tensions they were engaged in with India for the last three to four years," he said."Therefore, they would like to rebuild, and they would like to ensure that India does not react to the Taiwan issue so sensitively."In any case, its a setback in US attempts to include India in a deeper security alliance, he said."For a long time, the US has tried to develop security and defense ties with India," said Panda.For the time being, a truce suits both Russian and Chinese interests, Rahul Bhatia, an analyst at the Eurasia Group, said. But, he added, tensions remain.He said that though both parties have opened discussions about the border dispute, the underlying problem remains unresolved, and future flare-ups are likely.Donthi said the progress between the leaders could also be derailed if tensions between the US and China increase."This comes as a relief after four years of eyeball-to-eyeball troop deployment in the Himalayas. However, it's only the beginning," he said.

Xi undercut the West by negotiating a truce in China's long feud with India

Tensions in Middle-East are rapidly inching closer to their zenith, with Iran firing about 200 ballistic missiles at Israel late yesterday night. In response today, the Indian markets witnessed their worst decline in two months, with Sensex dipping around 1,769 points, or 2.1% to close at 82,497.10. <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> followed suit and was also down by 2.1% to close the day at 25,250.10. As a result, about Rs 11 lakh crore were wiped off the market today. The decline was broad-based, with sectors like realty (dipped by over 4%) auto, and energy suffering the most. Broader indices also fell, losing nearly 2% each. The Hang Seng index, which had rallied over 14% during the last week, largely on the back of various stimulus measures announced by the central bank to stir consumption in the Chinese economy, also slumped around 1.47%. With the possibility of an all-out war between Iran and Israel looming on the horizon, threatening to happen sooner than later, markets are expected to remain volatile in near future. Even the India VIX, seen as a gauge of uncertainty and investor fear in the market, jumped over 9% during the day. The war could throw a huge spanner on India's crude oil import plans. As of August 2024, about 44.6% of India's crude oil imports came from <keyword id="19904316" type="General" weightage="20" keywordseo="middle-east" source="keywords">Middle East</keyword>. Israel has already promised significant retaliation, in response to Iran's attack in the days to come. And the strong possibility of a full-blown Israeli attack in Middle East, particularly major oil fields in Iran has sent the crude oil prices surging. Closer home, ONGC (Oil and Natural Gas Corporation) was amongst the biggest gainers on NSE today. <h2>Should Indian investors worry? </h2>But is the impending action in Middle-East the only reason behind today's drastic fall? Vishnu Kant Upadhyay, AVP, Research &amp; Advisory at Master Capital Services notes that while it plays a significant role, other factors are also at play. "Recent regulatory changes in the F&amp;O segment by SEBI is expected to impact trading volumes, as retail participation may decline due to the increased contract size and limits on weekly expiries. Meanwhile, strength in the Chinese market, following the People’s Bank of China (PBoC) stimulus package, has also diverted foreign investment to China, where valuations remain more attractive compared to India", he noted. But Upadhyay believes that the extension of losses in Indian markets wont last long. "From a technical perspective, as long as prices hold above the 25,250–25,100 zone, any decline could present an opportunity to build fresh long positions. A stock-specific approach is advisable, with sectors such as Oil, IT, PSU Banks, Metals, and Chemicals likely to outperform in the coming days", he adds. Shrikant Chouhan, Head Equity Research, Kotak Securities observes that as long as market is trading below 25,365/82,800, the weak sentiment is likely to continue. On the down side, it could slip till 25,150-25,025/82,200-82,000 as well. On the other side, one quick technical pullback is likely if the market succeeds to trade above 25,365/82,800. Above the same, it could bounce back till 25,475-25,500/83,100-83,300. The current market texture is volatile hence; level based trading would be the ideal strategy for the day traders. <h2><keyword id="20760178" type="General" weightage="20" keywordseo="mutual-fund-investors" source="keywords">Mutual fund investors</keyword>, stay put</h2>In the aftermath of a <keyword id="19968045" type="General" weightage="20" keywordseo="market-correction" source="keywords">market correction</keyword>, most mutual fund investors often face a critical decision- should they stop their SIPs (<keyword id="21047553" type="General" weightage="20" keywordseo="Systematic-Investment-Plans" source="keywords">Systematic Investment Plans</keyword>) or to view the downturn as a valuable opportunity to acquire more mutual fund units? By continuing SIPs during such downturns, investors can take advantage of 'rupee-cost averaging,' i.e. accumulating more units when prices are down. This approach not only lowers the average cost per unit, but also positions the portfolio for greater returns when the market eventually recovers, and softens the impact of short-term volatility. Swapnil Aggarwal, Director, VSRK Capital explains that alongside maintaining regular investments, revisiting your asset allocation is also essential in these turbulent times. A well-diversified portfolio, that balances equities with safer assets like bonds can withstand market fluctuations more effectively. You can consider shifting some investments into bond funds or other stable instruments, which can provide a cushion against further declines. <h2>What happens next? </h2>While the immediate impact of a market correction may lead to declines in the NAV (Net Asset Value) of mutual funds, disciplined investors can view this as a moment to reassess their strategies. Focusing on your <keyword id="20908416" type="General" weightage="20" keywordseo="long-term-financial-goals" source="keywords">long-term financial goals</keyword> will let you turn market volatility into opportunity! The market will remain keenly focused on the evolving situation in the Middle East. What will also be equally important are the US monthly jobs data due tomorrow, which could determine the size of Fed's next interest rate move in November.

Nifty, Sensex in freefall today as Iran mounts attack on Israel. Here's what experts think you should do

<ul class="summary-list"><li>US lithium production is set to spike with new projects advancing in Nevada and California.</li><li>The expansion aims to reduce reliance on China for critical minerals and electric-vehicle batteries.</li></ul>The US is on the cusp of a lithium boom after years of laying the groundwork for an electric-vehicle supply chain that doesn't rely on China.Within the past month, the Biden administration has approved the Rhyolite Ridge lithium-boron mine in Nevada and loaned $2.6 billion to the company developing Thacker Pass, another lithium mine in the state. A project in California's Salton Sea started construction earlier this year. The three sites, expected to come online between 2026 and 2028, would massively increase the US's lithium supply. Since the 1960s, only one site, Silver Peak, in Nevada, has operated in the country.The expansion is aimed at curbing China's control over the metals used in EV batteries and other renewable-energy technologies that countries need to decarbonize their economies. While most of the world's lithium is produced in Australia and South America, some two-thirds of it is processed in China, which also dominates EV-battery manufacturing. The US imports about 25% of its lithium supply from Chile and Argentina, but an analysis of federal data by the Atlantic Council found that it relied on China for about 70% of its lithium-ion batteries in 2023."If we're electrifying the transportation industry, you don't want to rely on any one country," Bernard Rowe, a managing director of Ioneer, which is developing Rhyolite Ridge, told Business Insider. "There was a recognition that there had to be domestic production."<div type="image" title="A customs officer holds powdery white lithium carbonate during an inspection at Shanghai İnternational Port on June 6, 2022." height="683" width="1024" msid="114817441" hostid="261" sizebytes="27062"></div>The Biden administration is encouraging US mining and manufacturing through a mix of loans, grants, tax breaks, and research and development programs — a lot of which was authorized under the Inflation Reduction Act. The incentives cover activities including extracting critical minerals like lithium; manufacturing solar, wind, and battery parts; buying EVs; and recycling components.Rowe argued that while the US alone can't meet the skyrocketing demand for lithium due to rising sales of EVs and battery storage, some of the supply has to be sourced domestically for national security reasons.Karl Friedhoff, a fellow for Asia studies at the Chicago Council on Global Affairs, agreed. He said there's no world in which the US and its partners can quickly compete with China on critical minerals; China already has so much capacity that it sets global prices."The question then is, can the US and other partner countries create a supply chain that meets their basic requirements," Friedhoff, who's part of a project exploring how the US, Japan, Australia, and India can cooperate to shift supply chains away from China. "Can we supply our own batteries? Can we build our own battery technologies? Do we have enough rare-earth elements for defense?"Based on estimates from Ioneer and other lithium project developers, the US could produce more than enough supply for the 1.4 million EVs sold in the country last year, which accounted for 7% of the auto market.The Biden administration wants EVs to account for at least 50% of car sales by 2030, and states like California and Texas are quickly deploying more battery storage to help balance stressed power grids. In September, the White House said US lithium production was on track to meet one-fifth of global demand outside of China this decade.<h2 id="c11b28df-2899-481e-8b55-b52898315793">Some environmentalists, Native tribes are alarmed</h2>The lithium projects haven't been without controversy, however. The Center for Biological Diversity <a target="_blank" href="https://biologicaldiversity.org/w/news/press-releases/blm-grants-final-approval-to-nevada-lithium-mine-threatening-biodiversity-cultural-landscapes-2024-10-24/?_gl=1*jmu4dt*_gcl_au*MTc3Mjg1OTA3Ni4xNzI5ODYzNzkz">has threatened to sue the Biden administration</a> over its permit for Rhyolite Ridge, arguing that the project could drive an endangered wildflower to extinction. The Western Shoshone Defense Project, which works to protect the Western Shoshone peoples' native homelands, says the mine threatens local water sources and culturally important sites.<div type="image" title="A Tiehm's buckwheat plant in Esmeralda County, Nevada, grows beside where the Rhyolite Ridge lithium-boron mine is planned." height="682" width="1024" msid="114817435" hostid="261" sizebytes="82450"></div>Thacker Pass faced similar opposition, but a federal judge last year dismissed a lawsuit from three Native tribes who argued that the mine's construction near a sacred site along Nevada's border with Oregon violated the law, <a target="_blank" href="https://apnews.com/article/lithium-mine-tribes-climate-energy-lawsuit-nevada-7a65eee7d78d93a1e44e3f8e10445143">the AP reported</a>.Rowe said Ioneer redesigned the Rhyolite Ridge mine to limit its footprint in the critical habitat of the endangered wildflower, Tiehm's buckwheat. He said Ioneer would also monitor the pollinator population and adopt dust-control strategies. The Biden administration, in issuing the permit for the mine, said it would not jeopardize the flower's survival.Some companies are working on <a target="_blank" href="https://www.businessinsider.com/lithium-mining-electric-vehicles-climate-crisis-2023-5">direct lithium extraction techniques</a> that don't involve open-pit mining or large evaporation ponds and therefore could require less land and water and produce less toxic chemical waste. Controlled Thermal Resources is developing such a project in the Salton Sea, where lithium-rich brine is already being used to power geothermal plants.Tapping the US's newly discovered lithium resources likely hinges on the new extraction techniques, which currently cost more than traditional methods and still haven't been used commercially. The US Geological Survey this month estimated that there's enough lithium underneath southwestern Arkansas to meet the projected global demand for car batteries in 2030 nine times over.Actually extracting that lithium, including from brines left over from oil and gas production in the region, depends on whether the direct extraction techniques are viable, USGS researchers said.

The US is on the cusp of a lithium boom to loosen China's grip on EVs

<ul class="summary-list"><li>The next US president faces a range of international challenges and potential crises.</li><li>War continues in Ukraine, tensions are rising across the Indo-Pacific region, and ongoing issues plague the Middle East.</li></ul>Just two months out from the 2024 US presidential election, former President Donald Trump and <a target="_blank" class="" href="https://www.businessinsider.com/joe-biden-dropping-out-what-happens-next-2024-7">Vice President Kamala Harris</a> are working to appeal to American voters on issues like the economy, culture, women's healthcare, and education, among other domestic matters.But there's a lot going on abroad right now, and many of these problems likely aren't going away anytime soon.Regardless of who is elected to the highest office this fall, the next president will potentially face a wide range of international challenges — and potential crises — that may draw their attention beyond the US borders. Issues range from <a target="_blank" class="" href="https://www.businessinsider.com/china-military-drills-near-taiwan-send-new-president-a-message-2024-5">China and Taiwan</a> to the Middle East to the <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-typhoon-military-unit-drone-operations-training-2024-9">Ukraine war</a>.Trump's first term, and his foreign policy in particular, were marked by an "America First" strategy that overhauled the US role on the global stage. On a second go around, it's unclear what that continued approach would look like, although he's recently expressed some controversial opinions on NATO, how he would have handled <a target="_blank" class="" href="https://www.businessinsider.com/israel-no-win-situation-gaza-after-months-war-crush-hamas-2024-1">Israel's war in Gaza</a>, and the Ukraine war.<div type="image" title="Israeli tanks move near Gaza border as Israeli army deploys military vehicles around the Gaza Strip, Israel on October 12, 2023." height="3648" width="5472" msid="113169548" hostid="261" sizebytes="1586574"></div>Harris, on the other hand, may find international issues to be something of a<a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-tim-walz-first-interview-cnn-takeaways-2024-8"> hurdle</a>. She has yet to release a platform on issues like Ukraine and Russia, China, and North Korea, and it's unclear how many, if any, of her policies will align with President Joe Biden's approach.But either Trump or Harris will likely find foreign policy at the forefront of their presidencies as the world changes — and with some conflicts on the brink or ongoing, these are some of the biggest problems that could be awaiting whoever sits in the Oval Office next.<h2 id="4a2e4a5e-66a8-4f3d-b799-b3bd2dd76299">Russia and the Ukraine war</h2><div type="image" title="Shells sit on the ground in front of an artillery unit actively firing against a blue sky, fire erupting from the barrel." height="5760" width="8640" msid="113169549" hostid="261" sizebytes="3142076"></div>Over two and a half years in, the war in Ukraine has no immediate end in sight. Casualties are abysmal, with recent Western intelligence estimates putting Russian deaths and injuries at <a target="_blank" class="" href="https://www.businessinsider.com/russia-suffered-hundreds-thousands-casualties-in-ukraine-western-intelligence-2024-9">over 600,000</a>. Ukrainian forces have likewise suffered high losses, though details are unclear. <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-kursk-invasion-russia-hasnt-eased-pressure-off-front-line-2024-9">Ukraine shockingly invaded the Kursk region in Russia</a>, but Russian forces in Ukraine continue advancing.And beyond the war itself, <a target="_blank" class="" href="https://www.businessinsider.com/most-worrying-military-tech-north-korea-could-get-from-russia-2024-6">North Korean support for Russia</a>, including ammunition, missiles, and other equipment, has created a concerning partnership between America's foes.US politics have often impacted how the country supports Ukraine, engages with its allies and partners on this issue, and how it confronts Russia over the conflict. These issues, like those of the war itself, continue to linger.The US has been impactful, backing Ukraine as its largest single-nation provider of security assistance, but divisions in Congress have made sending more support difficult at times. Additionally, US flip-flopping and repeated hesitation on weapons provisions and use have often been criticized for <a target="_blank" class="" href="https://www.businessinsider.com/congress-vote-could-make-break-ukraine-in-war-with-russia-2024-4">hindering Ukraine</a>.Trump and Harris have expressed polar opposite views of supporting Ukraine, which adds uncertainty to Kyiv's future.Trump has said, without reason or evidence, that he'd end the Ukraine war in 24 hours and has repeatedly threatened to undermine the NATO <a target="_blank" class="" href="https://www.businessinsider.com/trumps-nato-views-threaten-key-to-alliances-strength-article-5-2024-2">alliance's collective defense</a>. Harris has said she "will stand strong with Ukraine and our NATO allies," citing her efforts within the Biden administration to support Kyiv as evidence.<h2 id="4fd37882-1e09-4ef6-9434-96d0b7b9b3cd">An aggressive China</h2><div type="image" title="Three amphibious ferrying vehicles sit in the blue ocean with the cityscape and mountains of New Taipei, Taiwan, in the background." height="2666" width="4000" msid="113169556" hostid="261" sizebytes="808580"></div>Issues in the Indo-Pacific region, especially related to China, Taiwan, and the Philippines, as well as other regional US allies, are likely to be important matters facing the next president as well.The Pentagon has long identified this region as its primary focus, even as other conflicts around the world often <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-has-no-aircraft-carriers-pacific-focus-middle-east-2024-8">pull its attention away</a>, and all branches of the US military have <a target="_blank" class="" href="https://www.businessinsider.com/us-army-training-to-counter-aggressive-insidious-china-top-general-2024-2">stepped up training, exercises, and strategies</a> to deter the US' pacing challenge, China.The ongoing clashes between China and the Philippines in contested waters in the South China Sea are rooted in long-standing disputes and have the potential to escalate into conflict, which could draw the US in through its mutual defense pact.Recently, the commander of US Indo-Pacific Command even suggested it's possible the <a target="_blank" class="" href="https://www.businessinsider.com/us-warships-could-protect-pacific-allys-ships-from-china-admiral-2024-8">US could send ships to escort Philippine vessels</a> to protect them from <a target="_blank" class="" href="https://www.businessinsider.com/chinas-air-force-harassed-us-ally-aircraft-south-china-sea-2024-8">Chinese harassment</a>, essentially putting the US in the middle of this South China Sea standoff.Another potential flashpoint is a <a target="_blank" class="" href="https://www.businessinsider.com/red-flags-tell-us-when-chinas-ready-to-invade-taiwan-2024-4">possible Chinese invasion or blockade of Taiwan</a>, which Beijing claims as its own, relentlessly seeking unification. China has repeatedly stated that unification with the autonomous island nation is inevitable, even if it must be done by force. The US military has said that China aims to be ready for <a target="_blank" class="" href="https://www.businessinsider.com/us-missing-how-china-could-seize-taiwan-without-invading-experts-2024-5">such a fight</a> by 2027.Beijing's intimidation tactics, including <a target="_blank" class="" href="https://www.businessinsider.com/china-showed-how-easily-no-notice-it-can-surround-taiwan-2024-6">large military exercises</a> and <a target="_blank" class="" href="https://www.businessinsider.com/chinas-drills-a-test-as-well-as-show-of-force-2024-5">constant incursions in Taiwan's waters and airspace</a>, have raised concerns over how Beijing would use its military to force Taiwan into submission.Trump and Harris again differ on the US role in this region. Trump has shown less support for alliances, left ambiguity around US defense commitments to Taiwan, and said Taiwan should pay the US for its support. Harris has repeatedly called out China's aggressive behavior in the region and aligns with Biden on support for Taiwan.<h2 id="12869c13-0a07-4147-83b4-b9f50953cd03">The ongoing crises in the Middle East</h2><div type="image" title="An anti-missile system operates after Iran launched drones and missiles toward Israel." height="2899" width="4346" msid="113169554" hostid="261" sizebytes="610950"></div>Another major issue, like the war in Ukraine, is <a target="_blank" class="" href="https://www.businessinsider.com/israel-devastating-airstrikes-hamas-gaza-requesting-more-bombs-weapons-2023-10">Israel's ongoing war in Gaza</a>.Since Hamas carried out its vicious terrorist attack inside Israel on October 7, 2023, killing over 1,000 Israelis, mostly civilians, according to <a target="_blank" class="" href="https://www.hrw.org/news/2024/07/17/october-7-crimes-against-humanity-war-crimes-hamas-led-groups">Human Rights Watch</a>, the horrors that have unfolded in the region have presented various challenges for the Biden administration.Israel's war, which has involved bombing campaigns and ground operations, has killed over 40,000 Palestinians, mostly civilians, according to estimates from the Hamas-run Gaza Health Ministry. It has also sparked <a target="_blank" class="" href="https://www.businessinsider.com/israel-fed-up-massive-protest-strike-demanding-gaza-deal-hostages-2024-9">increased tensions</a> and, in some cases, outright conflicts with Iran and its proxies, often bringing the Middle East just to the brink of all-out war. There have been assassinations, missile barrages, firefights, and more.The Iranian-backed Houthis' <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-aircraft-carrier-eisenhower-planes-in-air-constantly-houthis-2024-2">attacks on commercial shipping lanes</a> in the Red Sea and Gulf of Oman began in response to the war but have evolved into something more over time. The US<a target="_blank" class="" href="https://www.businessinsider.com/us-navy-carrier-strike-groups-significant-combat-power-middle-east-2024-8"> has sent forces</a>, particularly aircraft carriers and destroyers, to the region to deter Iran and confront the Houthi rebels.Efforts to stop the Houthis have cost the US <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-warships-fired-munitions-substantial-cost-fighting-houthis-2024-8">over $1 billion in weapons</a>, including surface-to-air missiles, land-attack missiles, air-to-air missiles, and air-to-surface weapons. And that figure was just for one carrier strike group and a few extra destroyers.It's unclear when these conflicts will end.Harris' language on Israel and Gaza has mostly echoed Biden's: staunch support for Israel but with repeated calls for a ceasefire. But the White House's continued issues with pro-Palestinian protestors and disagreements with Israeli Prime Minister Benjamin Netanyahu are trickling into Harris' campaign.Trump showed unequivocal support for Israel in his first term and made repeated decisions that improved US-Israeli relations. He has said <a target="_blank" class="" href="https://www.businessinsider.com/trump-criticizes-israels-photos-of-bombings-in-gaza-2024-3">he supports Israel's war in Gaza</a> and would continue to give Israel the weapons and aid it wants; he also <a target="_blank" class="" href="https://www.washingtonpost.com/politics/2024/05/27/trump-israel-gaza-policy-donors/">told donors</a> he'd "crush" pro-Palestinian protestors.<h2 id="98b08573-8c71-486a-8dd8-7ccb85ded3e2">Tensions with North Korea</h2><div type="image" title="This undated picture released from North Korea's official Korean Central News Agency (KCNA) on September 16, 2017 shows North Korean leader Kim Jong-Un inspecting a launching drill of the medium-and-long range strategic ballistic rocket Hwasong-12 at an undisclosed location." height="1652" width="2500" msid="113169552" hostid="261" sizebytes="67288"></div>North Korea has bounced back from failed negotiations with the US and the isolation of COVID, establishing new, potentially fruitful connections with Russia through arms deals. Those ties have China engaging Pyongyang as well, leaving it, as one expert said earlier this year, <a target="_blank" class="" href="https://www.businessinsider.com/north-korea-sitting-pretty-as-russia-china-vie-for-attention-2024-1">"sitting pretty."</a>North Korea has been emboldened, setting in stone its nuclear status and continuing to advance its missile programs while notably strengthening its relationship with US rivals.Additionally, North Korean provocations persist amid growing concerns about <a target="_blank" class="" href="https://www.businessinsider.com/the-next-north-korea-crisis-could-come-this-year-2024-5">inter-Korean conflict</a>, which would, as it did in the 1950s, inevitably draw in the US in response.Trump and Harris may be more aligned on their North Korean policy than other issues, but US policy with regard to North Korea has traditionally been a pitfall, with displays of force and demands for it to denuclearize often failing. Negotiations have also been unsuccessful.In shaping US policy, the next president could also face challenges with South Korea's president Yoon Suk Yeol, a hawk who has taken a harsher stance on North Korea than the previous administration, requiring the delicate navigation of bilateral relations.<div type="image" title="Former President Donald Trump and Vice President Kamala Harris." height="1000" width="2000" msid="113169559" hostid="261" sizebytes="125244"></div>Both Trump and Harris find themselves running for president at a particular tense time in global politics. Amid a number of challenges at home, US attention is being pulled in a variety of directions.Whoever wins the 2024 presidential election this November will have to consider how to manage these issues along with the US position on the world stage. And their decisions could impact not just the US, but allies, partners, and adversaries as well.

This is the conflict-ridden, tension-filled world that the next US president may have to face

<ul class="summary-list"><li>India's Prime Minister Narendra Modi is in Russia to visit its president Vladimir Putin. </li><li>It's a visit that risks annoying India's ally the US. </li></ul>When India's prime minister arrived in Moscow on Tuesday, he greeted Russia's famously chilly president, Vladimir Putin, with an exuberant bear hug.It was a move likely <a target="_blank" href="https://www.businessinsider.com/modi-putin-russia-india-relationship-not-worried-us-biden-mad-2024-7">to rile the US, </a>India's most important geopolitical ally, which has placed pressure on New Delhi to loosen its ties with Russia over Putin's invasion of Ukraine.But Prime Minister Narendra Modi's fear of China — a key Russian ally — means that he's willing to risk American anger to keep Putin close."New Delhi sees Moscow as an important buffer in their relationship due to Moscow's strong ties with Beijing," Sarang Shidore, an analyst at the Quincy Institute, told Business Insider."It is not in Russia's interest to have China and India at loggerheads, so it could, to a degree, act as a restraining agent."<h2 id="0ad4840d-1eb0-4f3e-a27c-3953a5a682f0">India ignores US pressure to cut Russia ties</h2>During the Cold War, the Soviet Union was among India's most important allies, with the Kremlin providing military support during India's clashes with Pakistan.They've remained close ever since, but the relationship is being tested anew in the fallout from the Ukraine war.The US has attempted to persuade India to take part <a target="_blank" href="https://apnews.com/article/russia-ukraine-united-nations-general-assembly-biden-narendra-modi-india-82c9273cf3143cf16e9da23c3dd48170">in its campaign to isolate</a> Russia over the Ukraine invasion — but with little success."Russia is one of India's oldest strategic partners, and New Delhi wants to maintain this relationship regardless of Russia's diplomatic isolation following the war in Ukraine," Rahul Bhatia, an analyst at the Eurasia Group, told BI.India has increased its purchase of Russian goods, including oil and fertilizer, at reduced prices after the US imposed sanctions on Russia.It continues to buy Russian armaments, with around <a target="_blank" href="https://economictimes.indiatimes.com/news/defence/more-than-60-70-of-india-armed-forces-equipped-with-russian-origin-weapons-indian-envoy/articleshow/76903811.cms?from=mdr">70% of its weapons systems believed to be Russian</a>-made, and its military reliant on the Kremlin for spare parts and upgrades."Taking a hardline position against Russia could have both economic and security ramifications for India," said Richard Rossow, an analyst at the Center for Strategic and International Studies.<h2 id="a68bd311-605c-44db-97ac-44c2056c27c0">China's threat to India increases</h2>The threat from Chinese leader Xi Jinping is another key factor in Modi's determination to ignore US pressure and retain good ties with Putin.China's regional might is growing, and it's menacing India, Asia's other major economic power.In 2020, a long-simmering border dispute resulted in deadly clashes between Indian and Chinese troops. China ha<a target="_blank" href="https://www.businessinsider.com/china-produces-vast-undersea-maps-submarine-warfare-report-says-2024-1">s bolstered its presence in the Indian Ocean</a>, and the two are jostling for influence in countries in the region.China has built stronger ties with Russia in the wake of the Ukraine invasion, hoping a Russian victory<a target="_blank" href="https://www.businessinsider.com/xi-china-putin-russia-frenemies-limits-power-sphere-influence-2024-7"> will damage US power and enhance its own global</a> might. And it's this friendship Modi's seeking to drive a wedge between."There is a real chance of future conflicts, and India would prefer to avoid Russia exporting advanced military hardware to China," said Rossow.Some Indian analysts believe that China poses a greater threat to Russia than NATO in the long term and that India can exploit those differences."The Russia-China 'alliance' may be short-term in nature, and that historical conflicts between the two, such as over their long border and under-developed natural resources in Russia's east, will resurface and trigger renewed tensions," said Morrow.But for the time being, Russia's new "no limits"<a target="_blank" href="https://www.businessinsider.com/russia-economy-china-no-limits-partnership-yuan-bank-loans-sanctions-2024-2"> partnership has got Modi worried</a>, and he'll likely be hoping for a swift end to the Ukraine war. By maintaining good relations with Putin he's hoping he can contain the fallout."The war does not at all benefit its interests. The war also opens the door to legitimizing violations of territorial integrity, and endangers a principle that New Delhi has backed strongly," said Shidore.

Fear of China is behind India's exuberant display of friendship with Vladimir Putin 

Ah, <keyword id="18712" type="General" weightage="20" keywordseo="Gold" source="Orion">gold</keyword>! The shiny metal that's been making humans lose their minds since time immemorial. And yet, from King Midas to our neighbourhood aunty and even our moms (and secretly dads), everyone seems to have a super soft spot for the bullion. But here's the kicker: right now, gold prices are breaking all records on their upward trajectory! As of today, prices of 24k carat gold have passed the Rs 80,000 mark per 10 grams. And if experts are to be believed, this train isn't stopping anytime soon! So, as shiny as gold might look, adding even a bit of its glitter as we start decking up for the festive season might not be so easy on your pockets. But let's admit it—we love our gold and can't live without it. No wonder India is the second-largest consumer of the yellow metal in the world, only behind <keyword id="1334" type="General" weightage="20" keywordseo="China" source="Orion">China</keyword>. Such is our fondness for the metal that the <keyword id="20195223" type="General" weightage="20" keywordseo="world-gold-council" source="keywords">World Gold Council</keyword> had to up our 2024 annual demand forecast to 850 tonnes, up from the previously estimated 750 tonnes. However, our love for gold isn't just about looking fabulously embellished and blinding people with its bling. Indians also see gold as a long-term, trusty investment, supporting our other hard-earned assets, especially when high <keyword id="22195" type="General" weightage="20" keywordseo="Inflation" source="Orion">inflation</keyword> rates pull our returns down. After all, while inflationary pressures generally weaken the purchasing power of our regular paper money, gold is built differently. When the world is buckling to inflation, gold gains value during these times. This is also why it is considered a solid hedge against inflation. With Diwali and Dhanteras knocking at our doors, the inflation demon continued to bother India like a guest who refused to leave. Just last month, the Consumer Price Index (CPI) stood at 5.49%, much higher than the anticipated levels. Moreover, the diverging policy stances among central bankers worldwide, growing geopolitical tensions, tough job markets, and extreme weather events are only adding to the uncertainty. In such economically uncertain times, what should your gold strategy be this festive season? To buy or not to buy, that is the question. Well, let’s get to it. <h2><keyword id="20050894" type="General" weightage="100" keywordseo="gold-etfs" source="keywords">Gold ETFs</keyword> to the rescue</h2>See, buying physical gold jewellery is certainly a flex, but also a financial fuss. First, you pay a heavy amount to buy gold. Not to mention all those extra, hefty jewellery-making charges. And then you pay even more money to keep it safe in a bank locker, lest it get stolen. But what if we tell you that you can own pure <keyword id="3311599" type="General" weightage="20" keywordseo="24K-gold" source="Orion">24k gold</keyword>, minus all these frills? Welcome, Gold ETFs (Exchange Traded Funds). Simply put, gold ETFs are like the cool cousins of your traditional gold investments. Instead of stashing gold bars under your mattress like those maniac millionaires we see in Bollywood films, you can now invest and trade in gold through the stock market. It's basically buying units of an ETF on the stock exchange that directly mirror the ongoing domestic prices of gold. Generally, gold ETFs are equivalent to 99.5% pure physical gold bars, and each ETF unit denotes actual, one gram of gold. And let's face it, who would not want that golden glow in their lives? Gold ETFs have witnessed an over seven-fold surge in their AUM (assets under management) in just the last five years. From Rs 5,613.22 crore in September 2019 to Rs 39,823.50 crore in September 2024, gold ETFs seem to be in-thing. Inflows in gold ETFs have shot up by a whopping 2,695% over the last 5 years. In September 2019, gold ETFs had garnered a mere Rs 44.11 crore. Compare that to the inflows worth Rs 1,232.99 crore gold ETFs received last month. Talk about growing, or glowing popularity! In fact, in just 2024, inflows in gold ETFs have surged by nearly 88% since the beginning of this calendar year. From Rs 657.46 crore in January 2024 to Rs 1,232.99 crore in September 2024, good old gold is never out of season. <h2>So, how do these ETFs work? Should I invest in them now?</h2>All you need is a Demat account. Log into your account, choose the gold ETF scheme you want to invest in, and voila! You’re now a bullion-aire! All your gold ETF units will be stored in this account. Then, you can buy and sell gold ETFs just like you buy shares—in real-time. So, if gold prices inch upwards, which is where gold is currently going, the value of your ETF units will also rise in lockstep. Ashwini Kumar, Senior Vice President and Head of Market Data at ICRA Analytics, says that of late, gold ETFs have been increasingly gaining popularity among investors due to the liquidity, safety and transparency they offer. "With the escalating global geopolitical tensions boosting the ‘safe-haven’ appeal of the bullion, investors are preferring to park their funds in gold ETFs as compared to investing in physical gold, as there is no hassle of storing it. The heightened activity in gold ETFs is also driven by the prospects of an imminent further interest rate cut by the <keyword id="20078761" type="General" weightage="20" keywordseo="u-s-federal-reserve" source="keywords">U.S. Federal Reserve</keyword> in the coming months,” he added. “Investors with a short- to medium-term investment horizon may consider investment through gold ETFs. A buy-on-dips strategy here may help investors capitalise on a temporary correction in prices. Also, given the current market dynamics where equities are showing mixed trends, a modest, 5-10% allocation to gold may serve as a hedge against inflation and market volatility, which may help you balance risks in an optimum manner,” Kumar noted. <h2> Wait, there is no dearth of options</h2>But if ETFs make you go WTF, there’s always digital gold. You can invest in the yellow metal without actually physically holding it for as low as Rs 1. The best part? You can buy or sell this gold 24 X7 seamlessly via multiple apps without having to pay storage costs. On your behalf, your gold is stored in insured vaults by the seller. But remember, digital gold continues to remain unregulated territory in the country, where you venture at your own risk. In 2021, market watchdog SEBI had even asked its members to desist from selling digital gold. Then there are gold mutual funds and the Sarkari SGBs, or sovereign gold bonds. While gold mutual funds invest primarily in gold ETFs, SGBs are issued by the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> and are also a reliable substitute for holding physical gold. However, with the RBI currently putting brakes on issuing SGBs, investing in them is out of the question. Plus, you should only get your hands on SGBs if you're in for the long haul. Apart from a 2.5% p.a. interest, you don't have any yearly earnings from them. Moreover, no premature redemption is allowed before 5 years, and you'll have to wait a good 8 years to maximise your returns. <h2> Okay, tell me about returns</h2>In contrast, the seventeen gold ETF schemes currently present in the market offer an average one-year return of 29.12%. Stay with it a little longer, and you can end up with returns worth 16.93% and 13.59% over a 3 and 5-year period, respectively. If you look at it, these returns are comparable with the returns delivered by actual, physical gold. Data from Value Research indicates that gold, as a commodity, has delivered returns worth 27.24%, 16.53%, and 14.18% over a 1, 3, and 5-year period, respectively. So, worth investing, right? <h2>What are the risks?</h2>See, stock markets are as unpredictable as monsoons in Mumbai. One significant market correction can wash away your returns, and one sunny day or an upswing can leave you wallowing in wealth. Since your gold investments are directly linked to these markets, you should steel yourself up for some volatility. Plus, international gold prices are in dollars. So, if our rupee decides to take a nosedive, your returns might look a bit tarnished. Also, know that your ETF might not always perfectly mirror gold prices, which is also known as a tracking error. It's like expecting your Zomato-ordered food to look exactly like the picture on the menu—it's close, but not quite. Then there’s the taxation bit. The budget this year brought down the <keyword id="20552259" type="General" weightage="20" keywordseo="ltcg" source="keywords">LTCG</keyword> (long-term capital gains tax) on gold ETFs from the previous 20% to 12.5% (sans indexation). LTCG is what you pay if you sell your ETF units after 12 months. If you sell your gold ETF units within a year and make handsome returns, the tax you’ll have to pay will be equivalent to your income tax slab rate. <h2>Is gold just for old?</h2>A survey by fintech firm Moneyview thinks otherwise. Per their findings, over 85% of the 3,000 respondents it talked to considered gold to be a valuable asset for wealth preservation, with its intrinsic value and historical performance continuing to drive consumer confidence. Particularly, young investors in the age group of 25–40 years are also investing in gold via both physical and digital ways to build wealth for retirement and other long-term goals. So, young or old, everyone’s going for gold. So, this festive season, with gold prices going north, investing in gold can add that much-needed glitz to your financial attire. But remember, don't go overboard since gold isn't exactly a high-return-yielding asset. But whether you're a seasoned investor looking to diversify or a newbie trying to make their way in the markets, investing in gold offers you a glittering safety cushion. Just remember, while gold can make your portfolio shine, it's your smart investment decisions that truly make you golden. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified, and registered advisors for professional and personalised financial advice.

Can investing in gold this festive season add the much-touted Midas touch to your investments?

<keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">Gold prices</keyword> dropped by 2% last week, in what has been the first weekly drop in prices in six weeks. This week, after a marginal drop on Monday, the prices declined sharply again on Tuesday by Rs 555 to Rs 71,047 per 10 grams in futures trade that matures on June 5 as speculators reduced their positions. <cmsannotation type="cmsannotation" annotationid="Weak global cues" comment="subhead" text="Weak global cues">Weak global cues</cmsannotation> While a steady market marked three straight months of an upward trend, the drop since last week has mainly been attributed to weak global cues. As the drop revives enthusiasm among investors waiting to invest more in the yellow metal, the markets are cautiously awaiting the U.S. Federal Reserve policy decision before making further moves. “Gold futures witnessed the first weekly decline in six and plunged more than 2% during the previous week, as investors gauged ease in geopolitical tensions, mixed economic data from the US and hawkish comments from Fed officials ahead of the FOMC policy meeting this week. The US economy grew much less than expected in Q1 but inflationary pressures remained elevated,” explains Kaynat Chainwala, Senior Manager-Commodity Research at Kotak Securities. A report from Motilal Oswal Financial Services highlighted a sharp slowdown in U.S. GDP growth to 1.6% annually in the last quarter amid high-interest rates. The steady U.S. personal consumption expenditures (PCE) price index suggests a potential delay in Fed rate cuts at least until September. In contrast, China witnessed a nearly 6% surge in gold consumption in the first quarter. <cmsannotation type="cmsannotation" annotationid="Domestic outlook" comment="subhead" text="Domestic outlook">Domestic outlook</cmsannotation> Last week, physical gold dealers in India charged premiums for the first time in almost two months, attracting buyers with lower domestic prices. Domestically, gold is anticipated to trade within the range of Rs. 71-72k amid cautious <keyword id="21482860" type="General" weightage="20" keywordseo="market-sentiments" source="keywords">market sentiments</keyword> driven by evolving economic indicators. Indian gold consumption in the Jan-March quarter rose 8% to 136.6 tons, as investment demand jumped 19% and jewellery demand rose 4% in the quarter, the World Gold Council (WGC) said. But recent rallies in its prices could cut its total consumption in 2024 to the lowest in four years. Potential for higher returns due to soaring prices is boosting investment demand on one hand while suppressing consumption for use in jewellery on the other, say analysts. Historically, gold is considered a safe-haven asset that retains or appreciates its value during turbulent times. The gold price forecasts for this year remain high amid simmering geopolitical woes as investors flock to the safe-haven asset and spur record-beating prices further as central banks bolster their reserves. <cmsannotation type="cmsannotation" annotationid="Non-farm payroll data to play a role" comment="subhead" text="Non-farm payroll data to play a role"><keyword id="21482862" type="General" weightage="20" keywordseo="non-farm-payroll-data" source="keywords">Non-farm payroll data</keyword> to play a role</cmsannotation> On Monday a weaker dollar, U.S. gold futures remained steady at around $2,350 levels. The dollar decreased by 0.3% compared to other currencies, which increased the attractiveness of gold for holders of different currencies. Apart from the fed policy meeting, non-farm payroll data is also due later this week and could hold major implications for the <keyword id="20071327" type="General" weightage="20" keywordseo="interest-rate" source="keywords">interest rate</keyword> trend later this year. "Gold market participants are essentially waiting for this Friday's non-farm payrolls report. Markets are well priced for the notion that the Fed should be in no rush to cut rates, given signs of sticky inflation and resilient growth," Daniel Ghali, commodity strategist at TD Securities, said. The Federal Reserve's two-day policy meeting will begin on April 30. Market analysts have been attributing the recent correction in gold prices to the Federal Reserve's delay in interest rate cuts, which bolstered the dollar index and U.S. treasury yields. According to the CME FedWatch tool, it is anticipated that the Federal Reserve will maintain its benchmark interest rate at a range of 5.25% to 5.5% by the conclusion of the meeting on Wednesday. (With inputs from agencies)

Gold prices fluctuate as geopolitical tensions ease; US Fed meeting, payroll data to affect prices this week

<keyword id="19895063" type="General" weightage="100" keywordseo="India" source="keywords">India</keyword> is well positioned to be a driver of greater wealth, according to a <keyword id="22444977" type="General" weightage="20" keywordseo="global-wealth" source="keywords">global wealth</keyword> report by <keyword id="19896306" type="General" weightage="20" keywordseo="Boston-Consulting-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Boston Consulting Group" meta.hostid="153" meta.entityid="Boston Consulting Group">Boston Consulting Group</keyword> (BCG). In 2023, India generated roughly $590 billion in new <keyword id="22367734" type="General" weightage="20" keywordseo="financial-wealth" source="keywords">financial wealth</keyword>, marking its largest increase in the history. India will add about $730 billion annually to the overall growth of the region through 2028. The report says <keyword id="19894886" type="General" weightage="20" keywordseo="China" source="keywords">China</keyword> and India are positioned to drive global <keyword id="20231223" type="General" weightage="20" keywordseo="wealth-creation" source="keywords">wealth creation</keyword>, "Notably, China and India are positioned to drive wealth creation, having collectively generated $588 billion in financial wealth in 2023. India is expected to add about $730 billion annually to the overall growth by 2028," said Yashraj Erande, India Leader Financial Services, BCG. Financial wealth in the Asia-Pacific region grew by only 5.1% in 2023, predominantly due to a slowdown in wealth creation in China. However, the report anticipates a significant increase through 2028, with the Asian region likely to contribute nearly 30% of new financial wealth by 2028. The report also observed that global net wealth registered a growth of 4.3% in 2023, following a decline of 4% in 2022. Much of this growth was due to a rebound in the financial market, as financial wealth, a subset of global net wealth, rose by almost 7% after a 4% decline in 2022. Looking ahead, the report estimates that $92 trillion of financial wealth will be created over the next five years. It also noted that Generative AI (GenAI) will play a crucial role in the digital transformation of <keyword id="21006652" type="General" weightage="20" keywordseo="wealth-managers" source="keywords">wealth managers</keyword>, with use cases along the entire value chain. "The financial wealth market has seen an uptick in the last year since its slump in 2022. The trajectory has been fairly well but not as good as it was between 2014-2021. For the wealth creation market to go back to its previous era the condition should continue to be favourable" added Erande. The report also highlighted that financial wealth in North America and Western Europe bounced back in 2023. Supported by strong equity markets, North America was among the fastest-growing regions, accounting for over 50% of all new financial wealth in 2023. The recovery was not as strong in Western Europe, where financial wealth rose by 4.4%. "Wealth creation resumed in 2023--but even so, wealth managers cannot afford to stand still. To capitalize on growing global wealth, industry players, among others, will need to set a clear digital transformation strategy and leverage GenAI to manage costs and improve client experience," said Michael Kahlich, a managing director and partner at BCG and a co-author of the report. The report stated that the most remarkable growth dynamics emerged in the United Arab Emirates (UAE). The UAE is currently the world's seventh-largest booking centre and is expected to surpass the Channel Islands and the Isle of Man as the sixth-largest by 2028. Hong Kong's anticipated rise to become the top global financial hub was stalled by a temporary but significant slowdown in Chinese inflow. Singapore now appears to be in a position to challenge Hong Kong's rise over the long term. Switzerland remains the largest booking centre worldwide, growing in line with its historical average of 4.8% and gaining the most wealth in absolute dollar terms. However, Switzerland and other European cross-border booking centres, including the UK and Luxembourg, are growing at a slower pace than Singapore, the UAE, and the US. This shift is occurring mostly because of a stronger demand for geographic diversification, reflecting a continued surge in wealth generation in Middle Eastern and Asian markets.

India and China to drive new wealth creation globally, Asia to contribute 30% of new wealth, says BCG report

<ul class="summary-list"><li>President-elect Donald Trump claims he can split the alliance between Russia and China.</li><li>The authoritarian states formed a "no limits" partnership after Russia's Ukraine invasion.</li></ul>At an event just days before his <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">election triumph</a>, Donald Trump gave a clue as to how he plans to tackle two of the US' most powerful adversaries, <a target="_blank" class="" href="https://www.businessinsider.com/russia-and-china-anti-us-coalition-is-growing-more-threatening-2024-9">Russia and China.</a>Speaking to right-wing media personality <a target="_blank" class="" href="https://www.youtube.com/watch?v=46FFS37MCx0">Tucker Carlson in Glendale, Arizona, </a>Trump accused the Biden administration of allowing the authoritarian powers to draw closer together."The one thing you never want to happen is you never want Russia and China uniting," Trump said. "I'm going to have to un-unite them, and I think I can do that, too. I have to un-unite them."Trump has long boasted of his deal-making prowess and, during his term of office, claimed to have struck a rapport with strongmen leaders President Vladimir Putin of Russia and Xi Jinping of China.But analysts say that prising Russia and China's bromance could prove to be an insurmountable challenge.<h2 id="56ef374b-ed2f-43ea-9df5-ddc65e9c013c">An anti-US alliance</h2>Xi and Putin are determined to topple US global power and they see Trump's election as a chance to further that agenda."While there are differences between Moscow and Beijing, they both share a world view of America in terminal decline, now further accelerated by the upheaval expected from a second Trump term," Stefan Wolff, a professor on international security at the University of Birmingham in the UK, told BI. It's a relationship of increasing concern to leaders in the Pentagon, as both nations<a target="_blank" class="" href="https://www.businessinsider.com/russia-and-china-anti-us-coalition-is-growing-more-threatening-2024-9"> possess formidable nuclear arsenals </a>and sophisticated military technology.China has given Russia vital economic and diplomatic support to fuel its invasion of Ukraine, a US ally. <a target="_blank" rel="" class="" href="https://www.businessinsider.com/china-russia-trade-record-ukraine-war-xi-jinping-vladimir-putin-2024-1">Trade between China and Russia</a> surged to a record high of $240 billion in 2023,Meanwhile, Russia and China's militaries have taken part in joint military exercises as China menaces Taiwan with invasion. <h2 id="e9cf0f79-3ec7-4131-88ce-94d98aefec59">Tensions remain</h2>Despite the declarations of unity, there are serious underlying tensions in the alliance Trump could seek to exploit.The president-elect pointed to these in his remarks to Carlson, claiming that Russia and China are "natural enemies" because China covets Russian land in the Far East for its growing population.<div type="image" title="Chinese and Russian jet fighters" height="640" width="1024" msid="115059004" hostid="261" sizebytes="14522"></div>"There is a lot of resentment of China in Russia in both the public and policy circles," said Wolff.China has made audacious inroads in the<a target="_blank" class="" href="https://www.businessinsider.com/xi-china-putin-russia-frenemies-limits-power-sphere-influence-2024-7"> Central Asian republics that have long been seen</a> as part of Moscow's sphere of influence. And Russia is wary that China could seek to revive old border disputes to expand its territory, said Wolff.Russia, he continued, is "ultimately resentful of the fact that Moscow is now a junior partner to Beijing. These are potentially all things that Trump could use to drive a wedge between Russia and China."<h2 id="0f840bf6-189a-447f-89b2-5ba2081939b0">Exploiting chaos </h2>But achieving the goal will be incredibly difficult, say observers. To entice Putin away from his alliance with Xi, Trump would likely have to present him <a target="_blank" class="" href="https://www.businessinsider.com/putin-no-hurry-end-ukraine-war-no-matter-wins-election-2024-11">with a US-brokered Ukraine peace</a> deal that meets most of the demands the Russian president has set out, said Wolff. These include the annexation of swaths of Ukrainian territory and guarantees that sanctions would be lifted — terms Ukraine has flatly rejected, and that would enrage the US' European allies. But even if Putin were tempted by such a deal, China's current economic leverage over <a target="_blank" href="https://www.businessinsider.com/russia-economy-china-trade-moscow-beijing-imports-bank-transactions-payments-2024-10">Russia as its biggest trading partner </a>provides it with an effective veto to any prospective deal with Trump. "Russia is going to be dependent on China no matter what in coming years as it seeks to rebuild its armed force and economy after Ukraine, and it's a weakness that Beijing will certainly exploit even if it costs it more to do so," Paul Cormarie, a political analyst a the RAND Corporation told BI."Unless it's [the US] replacing China as Russia's main partner (which would be frankly absurd) there's nothing much that could realistically split the two at the moment," he said.Jonathan Ward, an analyst at the Hudson Institute, told BI that Trump could instead seek to exert pressure on China, imposing the same punishing sanctions on the Chinese economy as it applied to Russia to tear the allies apart.<div type="image" title="Donald Trump shakes hands with Vladimir Putin." height="1160" width="1880" msid="115059005" hostid="261" sizebytes="73122"></div>He said this would "set a long-term framework for the breaking of the Russia-China axis and eventual strategic victory over this group of adversary states."However, some analysts <a target="_blank" href="https://www.csis.org/analysis/sunk-costs-difficulty-using-sanctions-deter-china-taiwan-crisis">have </a>questioned the power of US sanctions to change China's decision-making and said they'd be tough to enforce given the size of China's economy.Another possibility is that Trump could seek to form smaller deals to create divisions between Russia and China, for instance, on security or sanctions. But they'd be unlikely to last."These deals would likely not impress serious thinkers in strategy and policy, but will be sellable as foreign policy wins," Robert Dover, a professor of International Security at Hull University in the UK, told BI.<h2 id="d89e07fd-2106-489f-9400-2915f0f79e26">The Trump effect</h2>Another factor likely to draw Russia and China closer together is Trump himself. Putin and Xi likely see the chance to exploit divisions caused by Trump's willingness to insult allies and foment domestic turmoil. Trump has long questioned the US commitment to the NATO alliance, and <a target="_blank" class="" href="https://rusi.org/explore-our-research/publications/commentary/possible-trump-effect-uk-national-security-and-what-do-about-it">Russia will likely be keen to probe </a>weaknesses caused by the possible withdrawal of its most powerful member.In East Asia, Trump has accused allies of freeloading off the US, a source of tension Beijing will likely seek to exploit."China can take a 'divide-and-conquer' strategy to dilute the effectiveness of Trump's foreign policy," Zhiqun Zhu, an expert on Chinese foreign policy at Bucknell University, <a target="_blank" class="" href="https://www.voanews.com/a/china-expects-bumpy-relations-with-the-us-under-trump-/7854808.html">told VOA this week. </a>For many observers, the economic and strategic ties that have formed between Russia and China in recent years are already so strong that breaking them apart is likely impossible.As Cormarie put it: "The Russia-China axis against the US is here to stay."

Trump said he will divide Russia from China. It's a tough bromance to break.

<ul class="summary-list"><li>Israel is one of the world's few countries armed with nukes and multiple means to deliver them.</li><li>An Israeli aerospace official recently broached these "doomsday weapons."</li></ul>The prospect of a full-scale war between Israel and the powerful <a target="_blank" href="https://www.businessinsider.com/hezbollah-has-the-weapons-to-carry-out-threat-against-cyprus-2024-6">Hezbollah militia</a> in Lebanon has sent tensions spiking and briefly highlighted the power of Israel's undeclared nuclear weapons.Israel is one of the world's few countries armed with nukes and multiple means to deliver them, a capability recently referenced by an Israeli official with a leading government-run aerospace manufacturer."If we understand that there is an existential danger here, and that Iran, Yemen, Syria, Iraq and all the countries of the Middle East decide that it is time to settle against us, I understand that we have the capabilities to use doomsday weapons," Yair Katz, chairman of the Israel Aerospace Industries Workers' Council, <a target="_blank" href="https://web.archive.org/web/20240630060555/https://www.jpost.com/israel-news/defense-news/article-808275">reportedly said</a> on Saturday.He was speaking a day after Iran's United Nations mission warned that <a target="_blank" href="https://www.reuters.com/world/middle-east/israel-fm-iran-regime-threatening-destruction-deserves-destruction-2024-06-29/">"an obliterating war will ensue"</a> if Israel commits "full-scale military aggression" against the Iran-backed Hezbollah in Lebanon. It also declared that in this scenario, "all options" are on the table, including "the full involvement of all resistance fronts," a clear reference to Iran's militia proxies in Iraq, Syria, and Yemen, the other countries Katz specifically mentioned.By invoking doomsday weapons, it was clear Katz was alluding to <a target="_blank" href="https://www.businessinsider.com/countries-with-nuclear-weapons-2017-11">Israel's nuclear weapons</a> arsenal — an arsenal over which neither he nor IAI have any command-and-control. But his use of the word "capabilities" is a reminder that Israel has ground, air, and sea-based delivery systems for its nuclear weapons. In other words, a complete nuclear triad.There are eight countries in the world with declared nuclear arsenals, four of which — the United States, China, India, and Russia — have a complete nuclear triad. Pakistan has a partial triad, making it a close fifth. Israel's triad has some notable distinctions and limitations compared to those of the other four."Israel's nuclear triad bears the hallmarks of a regional nuclear triad as seen in India and Pakistan, rather than seeking globe-spanning strike capability," Sebastien Roblin, a widely published military-aviation journalist, told Business Insider."<a target="_blank" href="https://www.businessinsider.com/us-nuclear-submarine-surfaces-off-norway-in-rare-flex-2024-6">Ballistic missile submarines</a> with submarine-launched ballistic missiles and heavy bombers are unnecessary, even though Israel does face some range and geography complications vis-a-vis Iran in particular," Roblin said. "So, like Pakistan, Israel can rely on fighters, conventionally powered submarines, and submarine-launched cruise missiles for what it's trying to do.""Israel's triad remains remarkably powerful for a country its size."Experts believe Israel has three main delivery systems for its nuclear warheads. Israel has ground-based <a target="_blank" href="https://missilethreat.csis.org/missile/jericho-3/">Jericho 3 intermediate-range ballistic missiles.</a> Built by Israel Aerospace Industries, these IRBMs are capable of hitting targets at least 3,000 miles away. Israel also has German-built Dolphin 2 diesel-electric submarines widely believed to carry nuclear-armed Popeye Turbo cruise missiles, which can strike targets up to 930 miles away and purportedly have <a target="_blank" href="https://nationalinterest.org/blog/reboot/not-secret-israel-has-submarines-armed-nuclear-missiles-171297">a 200-kiloton nuclear warhead</a>. That modest submarine fleet gives Israel a second-strike capability in case its ground-based Jerichos are destroyed in an enemy first strike. And its fighter jets can drop nuclear bombs.Ryan Bohl, a senior Middle East and North Africa analyst at the risk intelligence company RANE, noted that one primary way Israel's nuclear triad differs from its counterparts is its regional focus."Israel's nuclear deterrent is not designed to ward off great powers like Russia or China, but rather regional powers like Egypt and Iran," Bohl told BI. "Should it ever face a great power nuclear confrontation that would inevitably drag in the United States, which is certainly better equipped to handle such a thing.""Israel does have purported capabilities for intercontinental ballistic missiles that would allow limited strikes extra-regionally, but again, none of these would have the impact of a great power," Bohl said."From what is known about the Jericho systems, they are both silo and land-based, but the reality is that all such land-based systems are vulnerable to first strikes, which is a key reason why the Israelis keep the triad," Bohl said.<div type="image" title="The F-15I fighter jet firing flares" height="853" width="1280" msid="111487399" hostid="261" sizebytes="59392"></div>The Israeli Air Force's fighter jets also play a role in the triad."Most believe specific IAF F-16 and F-15I Ra'am units have been assigned nuclear roles, with the latter fighters with their greater range and payload taking on added importance in the event of a long-distance war with Iran," Roblin said.Israel also boasts a sizable fleet of fifth-generation F-35I stealth jets, which are more capable of penetrating enemy air defenses to destroy strategic targets. It's unclear if Israel's F-35s can currently carry nuclear payloads.Roblin noted the US Air Force only recently certified the F-35A for <a target="_blank" href="https://www.businessinsider.com/f35a-stealth-fighter-closer-to-carrying-nuclear-weapons-2021-10">nuclear missions</a>."Whether and how Israel has integrated nuclear arms into its customized F-35Is is another mystery box," Roblin said. "Though I assume they will eventually assume a nuclear role if they haven't already —--they are just so much more survivable for delivery of gravity or glide bombs."Israeli jets can also fire Popeye cruise missiles for standoff strikes. Israel has developed <a target="_blank" href="https://www.forbes.com/sites/pauliddon/2024/06/11/israel-could-become-a-leading-air-launched-ballistic-missile-exporter/">several air-launched ballistic missiles</a>, some of which it used in <a target="_blank" href="https://www.businessinsider.com/iran-may-upgrade-its-air-defenses-after-israeli-missile-strike-2024-4">a strike against central Iran</a> in April. However, it's unclear if Israel has air-launched ballistic missiles fitted with nuclear warheads."The main challenge for making these nuclear-capable is Israel's capacity to miniaturize nuclear warheads vis-a-vis how heavy a warhead a given missile can carry," Roblin said. "So, weapons that support bigger warheads are easier to convert."The IAF had nuclear gravity bombs as far back as 1973. Roblin pointed out that the US has "invested billions" in turning its B61 nuclear bombs into nuclear bunker busters. He suspects Israel could have undertaken a similar project."If Israel has more ambitious counterforce intentions for its air-based nukes, as in hoping they could be used to reliably destroy enemy nuclear missile silos and storage areas, then perhaps it has quietly developed its equivalent of the US's new B61s, say based around the SPICE glide bomb kit," Roblin said.While extensive for a state Israel's size, RANE's Bohl highlighted some limitations of the Israeli triad, noting that Israel's true strength lies in having Washington's back."Israel's limitations are in part its relatively limited arsenal and more constrained systems for deployment beyond the region," Bohl said. "But within the region, Israel is certainly unsurpassed in its nuclear capabilities.""Given that the United States would serve as a nuclear umbrella for Israel for extra-regional threats, these limitations are certainly nothing that constrains Israel's nuclear deterrent from its primary targets like Iran," Bohl added.The RANE analyst also noted that the US's own forces represent a much more dangerous retaliation threat than Israel's submarines for any country that considers striking Israel with nukes."The true second strike threat for Israel is the United States itself, which in a theoretical nuclear war scenario would almost certainly retaliate on Israel's behalf should it ever suffer a first strike from a nuclear rival," Bohl said. "This makes it so that a second strike capability is important in terms of deterrence for full-scale escalation from a power like Iran.""But from a strictly tactical perspective, it would be the United States that truly serves as Israel's most effective second strike system."

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