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<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back to our Sunday edition. It seems everyone has <a target="_blank" href="https://www.businessinsider.com/bryan-cranston-and-aaron-paul-mezcal-dos-hombres-profile-2023-12">their own brand of tequila or mezcal</a>. The latest to get in on the act: Tesla, which is <a target="_blank" href="https://www.businessinsider.com/tesla-mezcal-bottle-for-sale-2024-6">selling a $450 bottle of mezcal on its website</a>.On the agenda:<ul><li>Inside the spectacular rise, and fall, <a target="_blank" href="https://www.businessinsider.com/conflicts-of-interest-deepen-southern-district-of-texas-bankruptcy-court-2024-5">of a Texas bankruptcy court</a>.</li><li>Welcome to the <a target="_blank" href="https://www.businessinsider.com/golden-age-rich-renters-not-buying-home-price-new-apartment-2024-6">golden age for rich renters</a>.</li><li>Goldman's star bankers reveal <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-investment-bank-leaders-lay-out-winning-strategy-2024-6">their plan to keep winning in M&amp;A</a>.</li><li>Brave startups are trying to <a target="_blank" href="https://www.businessinsider.com/insane-startups-trying-to-usurp-nvidia-ai-throne-2024-6">usurp Nvidia's AI throne</a>.</li></ul>But first: Shock election results in India will shake up the world's fifth-largest economy.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today-sunday-edition">sign up here</a>. Download Insider's app <a target="_blank" href="https://www.insider.com/app">here.</a><div type="image" title="Narendra Modi sitting at a table with flowers on it." height="683" width="1024" msid="110841760" hostid="261" sizebytes="58772"></div><h2 id="d97b5dce-e69d-489f-9b45-829a14c50408">This week's dispatch</h2>Modi missesIndian Prime Minister Narendra Modi claimed <a target="_blank" href="https://www.businessinsider.com/india-election-results-narendra-modi-bjp-congress-2024-6">a third term this week</a>, but his Bharatiya Janata Party failed to secure an overall majority. He'll now have to <a target="_blank" href="https://www.businessinsider.com/narendra-modi-won-already-seeing-cost-him-allies-cabinet-funding-2024-6">rely on allies</a> to form a government.The election result was a blow to Modi, who has governed India for a decade with an increasingly firm grip. The rebuke arrived despite Modi's record of lifting hundreds of millions of Indians out of poverty, which won praise from business titans like <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-support-narendra-modi-india-elections-2024-6">Jamie Dimon</a>. Indian stock indexes <a target="_blank" href="https://markets.businessinsider.com/news/stocks/india-stock-market-news-narendra-modi-election-nse-nifty-50-2024-6">fell sharply</a> on the election results before recovering.India watchers expect the country's new government to move slower on some issues following the surprise election result. But experts believe Modi will be largely undeterred in his economic and foreign policy efforts.One pain point is India's rising unemployment rate. That could see Modi supercharge his efforts to turn India into the new factory of the world. <a target="_blank" href="https://www.businessinsider.com/apple-tim-cook-indonesia-production-india-china-iphone-2024-4">Apple</a> is among those investing in manufacturing in the country.He has also positioned India as a leader of the <a target="_blank" href="https://www.businessinsider.com/narendra-modi-redouble-global-power-mission-despite-election-setback-india-2024-6">Global South</a>, strengthening diplomatic ties with the US and pushing for a permanent position on the UN Security Council.That puts India in <a target="_blank" href="https://www.businessinsider.com/india-election-results-complicates-plans-unseat-china-modi-bjp-2024-6">direct competition</a> with China, with Modi wasting no time in <a target="_blank" href="https://www.businessinsider.com/modi-straight-from-reelection-anger-china-taiwan-india-2024-6">needling his rival</a> shortly after claiming victory.<div type="image" title="An illustration of Elizabeth Freeman, Judge Marvin Isgur, and Judge David Jones" height="1500" width="2000" msid="110841758" hostid="261" sizebytes="208832"></div><h2 id="638f3bbc-eca5-4cd5-a743-625b126bcb84">The fall of a bankruptcy juggernaut</h2>New details have emerged about the tight-knit circle of attorneys and judges within one of the country's most powerful courts: the Southern District of Texas bankruptcy court.Rampant conflicts of interest fueled the court's meteoric rise — and its spectacular fall.<a target="_blank" href="https://www.businessinsider.com/conflicts-of-interest-deepen-southern-district-of-texas-bankruptcy-court-2024-5">Inside the court where conflicts of interest ran deep</a>.<div type="image" title="Gold apartment buildings with 'For Rent' signs and a sign reading '2 Months Free' with money falling" height="900" width="1200" msid="110841765" hostid="261" sizebytes="176086"></div><h2 id="5aae9749-51ac-4feb-a0f5-3cd0cd83c026">Rich and still renting</h2>A wave of apartment construction has flooded metros like Salt Lake City, Nashville, and Atlanta with new studios and two-bedroom apartments. To lure tenants, landlords are hawking deals left and right, from comped parking to discounted rent.The apartments are still expensive. But compared to the price of a down payment, they can feel like a bargain. And with amenities like pools and gyms, they are keeping wealthy Americans renting.<a target="_blank" href="https://www.businessinsider.com/golden-age-rich-renters-not-buying-home-price-new-apartment-2024-6">Why some Americans are sticking to renting</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/multimillionaire-chooses-to-rent-not-buy-home-2024-6">I'm a multimillionaire who chooses to rent rather than buy a house. I'm glad I'm not wasting money on a mortgage</a>.</li></ul><div type="image" title="Alison Mass, Timothy Ingrassia, Stephan Feldgoise, Kim Posnett" height="1000" width="2000" msid="110841756" hostid="261" sizebytes="156132"></div><h2 id="cc1a3b53-8e8a-4598-8830-00560f6dd3a0">Inside the Goldman deal machine</h2>Goldman Sachs recently celebrated 25 years since it went public, and the bank's future has been a hot topic on Wall Street. Goldman's latest moves show its core business of advising companies and the ultrawealthy has retaken center stage.A dozen Goldman insiders and bank watchers spoke to BI about how the bank is positioning itself to succeed in the long run and how it'll ultimately withstand recent top-partner departures.<a target="_blank" href="https://www.businessinsider.com/goldman-sachs-investment-bank-leaders-lay-out-winning-strategy-2024-6">How Goldman plans to keep winning</a>.<div type="image" title="Jensons throne is being usurped?" height="900" width="1200" msid="110841763" hostid="261" sizebytes="98386"></div><h2 id="d403c417-2516-4e96-8e90-fac21fb49b60">Climbing Mt. Nvidia</h2>Going up against Nvidia is generally considered a pretty bad idea for startups in Silicon Valley. "Betting against Nvidia is viewed as a very stupid investment," one VC said.But Silicon Valley often thrives when true technologists keep hacking away at something they believe in, even if everyone else thinks it's dumb.<a target="_blank" href="https://www.businessinsider.com/insane-startups-trying-to-usurp-nvidia-ai-throne-2024-6">See the startups coming for Nvidia</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/nvidia-ai-3-trillion-club-apple-microsoft-jensen-huang-2024-6">AI just catapulted Nvidia into the $3 trillion club at lightning pace</a></li></ul>This week's quote:"You just leave it alone, and you look up 40 years later, and it's a really nice number."A 65-year-old retiree <a target="_blank" href="https://www.businessinsider.com/retiree-saved-2-million-using-401k-low-cost-of-living-2024-6">who saved $2 million for retirement</a>.<h2 id="a4a20687-c2b5-4eca-b5f4-c89728a89254">More of this week's top reads:</h2><ul><li>Jack Dorsey gave $10 million to an <a target="_blank" href="https://www.businessinsider.com/jack-dorsey-fiatjaf-nostr-donation-2024-6">anonymous founder with a deep devotion to a fascist "guru."</a></li><li>Six tips from Satya Nadella on <a target="_blank" href="https://www.businessinsider.com/satya-nadella-microsoft-management-leadership-advice-how-to-run-business-2024-6">how to run a company and manage your team</a>.</li><li>Why big musical acts <a target="_blank" href="https://www.businessinsider.com/jennifer-lopez-cancels-tour-slow-ticket-sales-concerts-prices-ticketmaster-2024-6">can't sell out concerts anymore</a>.</li><li>An unchecked AI could usher in <a target="_blank" href="https://www.businessinsider.com/ai-new-dark-age-risks-regulations-2024-5">a new dark age</a>.</li><li>HR exec: If you get put on a PIP, <a target="_blank" href="https://www.businessinsider.com/pip-what-to-do-hr-exec-apply-job-2024-6">find a new job as fast as possible</a>.</li><li>Microsoft is laying off hundreds <a target="_blank" href="https://www.businessinsider.com/microsoft-cuts-azure-jobs-cloud-2024-6">in its Azure cloud business</a>.</li><li>Apple alerted Amazon about a potential cloud security risk, <a target="_blank" href="https://www.businessinsider.com/apple-alerted-amazon-potential-cloud-security-risk-aws-2024-6">prompting a change in AWS's data-deletion process</a>.The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/matt-turner">Matt Turner</a>, deputy editor-in-chief, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.</li></ul>

Insider Today: Asia's superpower clash

New Delhi [India], June 13 (ANI): Mumbai and New Delhi are among cities in India that recorded a sharp annual increase in their <keyword id="6354553" type="General" weightage="100" keywordseo="real-estate" source="Orion">real estate</keyword> prices in the first quarter of 2024, according to a report by London-headquartered global property consultancy firm <keyword id="6363605" type="General" weightage="20" keywordseo="Knight-Frank" source="Orion">Knight Frank</keyword>. In case of Bengaluru, the average real estate prices witnessed a modest 4.8 per cent rise in prime residential or luxury homes during the January-March quarter of 2024. According to the report by the property consultant, titled '<keyword id="22041946" type="General" weightage="20" keywordseo="Prime-Global-Cities-Index-Q1-2024" source="Orion">Prime Global Cities Index Q1 2024</keyword>', Mumbai's significant rise on the international index was largely due to the rise in demand in the city. While the demand has been strong for all segments, there has been a rise in the sale of higher value products. Mumbai recorded the third highest year-on-year growth in prime residential prices in Q1-2024, pushing it up the ranking table by three places to 3rd position from its 6th position in Q1-2023. Delhi NCR rose from 17th rank in Q1-2023 to 5th in Q1-2024 with a growth of 10.5 per cent on a yearly basis. However, Bengaluru observed a slight decline in ranking from 16th place in Q1-2024 to 17th rank in Q1-2024, even while it recorded a 4.8 per cent yearly growth in residential prices. India's main cities, notably New Delhi and Mumbai, have witnessed a surge in house prices driven by robust economic growth, with annual GDP growth exceeding 8 per cent in the just concluded financial year 2023-24. Manila, the capital city of Philippines, claimed the top spot in the ranking with a 26.2 per cent annual rise in prices. The growth, as per the Knight Frank report, can be attributed to two key factors: purchasing power, and substantial infrastructure investments within and around the city. Tokyo in Japan jumped 17 places up with 12.5 per cent yearly price growth and ranked 2nd in the index. Despite Japan's overall population decline, Tokyo sustains a net population growth owing to migration from other regions within the country. Shishir Baijal, Chairman and Managing Director at Knight Frank India said, "The strong demand trend for residential properties has been a global phenomenon, led by gateway markets of Asia- Pacific and EMEA (Europe, Middle East, and Africa)." "Like its peers in these regions, the improved rankings of Mumbai and New Delhi on the Prime Global Cities Index was underscored by the resilience in sales growth volume. We expect the momentum of sales to remain stable over the next few quarters as the economic conditions are likely to remain broadly unchanged." The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 44 cities worldwide. The index tracks nominal prices in local currency.

Mumbai, Delhi record real estate price appreciation in double digits; Ranked 3rd and 5th globally

<ul class="summary-list"><li>The US reversed its decline in power in <keyword id="11902482" type="UNKNOWN" weightage="60" keywordseo="asia" source="Orion">Asia</keyword> this year, while <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword>'s rise appeared to falter.</li><li>The US was an exception, as other countries struggled to respond to COVID-19, according to Australia's Lowy Institute.</li></ul>The US reversed its decline in power in Asia this year, while China's rise appeared to falter, but neither course is assured, and both face domestic issues that may hinder their influence, according to the Lowy Institute's 2021 <a href="https://power.lowyinstitute.org/" target="_blank" rel="noopener">Asia Power Index</a>.The index, published annually by the Australian think tank since 2018, <a href="https://www.businessinsider.com/balance-of-power-shifting-in-asia-china-gaining-on-us-2020-10" target="_blank" rel="noopener">tracks the distribution of power in Asia</a> by assessing countries on eight thematic measures that account for resources and influence. It <a href="https://power.lowyinstitute.org/downloads/lowy-institute-2021-asia-power-index-key-findings-report.pdf" target="_blank" rel="noopener">shows</a> the comprehensive power of almost all Asian countries shrinking in 2021.The US defied that trend, registering an overall increase for the first time — though its 0.6-point gain comes after a three-point loss in 2020. In contrast, China's comprehensive power declined for the first time.Those shifts show that China's primacy in the region isn't assured and that the US isn't locked into steady decline, according to Hervé Lemahieu, director of research at the Lowy Institute and the index's lead researcher.The <a href="https://www.axios.com/pandemic-timeline-two-year-anniversary-216f74e0-0512-4d4f-8227-717614775dbb.html" target="_blank" rel="noopener">ongoing pandemic</a> looms over the region, but it isn't the sole reason for those changes. "It's a combination of political and structural factors," Lemahieu told Insider after the index's release this month.<div type="image" title="China covid vaccine" height="2667" width="4000" msid="88266097" hostid="261"></div>The US has had a stronger-than-expected economic recovery, resulting from its response to the pandemic's worst effects and its infrastructure spending. Its improved economic prospects through the end of the decade would be noteworthy "with or without the pandemic," Lemahieu said.The US now tops six of the index's eight measures, an improvement attributed to President Joe Biden's pandemic response, economic initiatives, and regional engagement, especially through vaccine diplomacy. Earlier this year, experts judged Biden the region's most effective leader, and that standing was not significantly tarnished by the <a href="https://www.businessinsider.com/us-air-force-planes-crews-recovering-after-afghanistan-evacuation-2021-10" target="_blank" rel="noopener">Afghanistan withdrawal</a> or <a href="https://www.businessinsider.com/australia-aukus-nuclear-powered-subs-in-pacific-amid-china-tensions-2021-11" target="_blank" rel="noopener">AUKUS backlash</a>.China and the US remain the only superpowers in the region, and the gap between them and the nearest middle powers widened this year, according to the index, even as China slipped in four of the index's measures of power.China's economy rebounded this year but other issues will affect its trajectory, including a workforce set to contract by 20% over the next 30 years, a pivot to domestic consumption as the driver of growth, and a corporate <a href="https://www.bbc.com/news/business-58182658" target="_blank" rel="noopener">crackdown</a>.A broader inward turn also undercut China's relative advantages. Strict border controls affected China's cultural influence, and leader Xi Jinping's failure to leave the country in the past two years eroded its diplomatic influence.Those issues, as well as increasing authoritarianism, will affect China's future growth and influence abroad, Lemahieu said."All these things basically combined to slow China's economic growth rate," Lemahieu said, adding that China's 8% annual growth rates a decade ago will likely settle to 4% by the end of this decade."China still is likely to overtake the US by the end of this decade at market exchange rates. It's just that the speed at which it's growing is starting to level out a bit," Lemahieu said.<h2>'What you can't predict'</h2><div type="image" title="Chinese Y-20 airlifter engines" height="1156" width="2000" msid="88266099" hostid="261"></div>The US and China are moving in opposite directions in terms of military power.Beijing's growing military strength is driven by defense spending that is now 50% larger than that of India, Japan, Taiwan, and all 10 ASEAN countries combined. China's military <a href="https://www.businessinsider.com/chinese-flights-around-taiwan-effort-to-improve-asw-capability-2021-4" target="_blank" rel="noopener">is increasingly active</a> on <a href="https://www.businessinsider.com/us-indian-soldiers-yudh-abhyas-exercise-alaska-amid-china-tension-2021-12" target="_blank" rel="noopener">its periphery</a> and has added advanced weaponry and expanded nuclear forces.The US remains far ahead in terms of military capability, but its military primacy in the region is in steady relative decline. It has leveraged its regional networks to partially offset that decline, as shown by AUKUS and the security elements of the Quad partnership.A similar approach to economic engagement could help arrest <a href="https://www.businessinsider.com/despite-china-tensions-countries-dont-see-better-offer-from-us-2021-9" target="_blank" rel="noopener">the US's decline in that field</a>, Lemahieu said. China is roughly even with the US in terms of economic capability but far ahead in its regional economic relationships, whereas the index <a href="https://power.lowyinstitute.org/downloads/lowy-institute-2021-asia-power-index-key-findings-report.pdf" target="_blank" rel="noopener">finds</a> the US facing "growing irrelevance in the political economy of Asia.""If America plays its cards right, it has the potential to remain the dominant superpower well into this century," Lemahieu told Insider. "The extent to which it remains influential in Asia will largely depend on whether it can arrest that decline in its economic influence."The Biden administration has yet to lay out its economic approach to the region. Officials have promised "<a href="https://www.lowyinstitute.org/publications/conversation-white-house-indo-pacific-coordinator-kurt-campbell" target="_blank" rel="noopener">quick action</a>" on that issue, but some in the region expect that effort to be hampered by anti-trade sentiment in the US.<div type="image" title="Trump ASEAN line" height="1312" width="1950" msid="88266100" hostid="261"></div>A domestic issue of greater concern may be the health of US democracy."You ask most US allies and partners, and they will tell you that [they are] very reassured by the Biden administration but also very aware that none of these issues surrounding US domestic polarization has really been effectively quelled," Lemahieu said.Former President <keyword id="11914386" type="UNKNOWN" weightage="60" keywordseo="donald-trump" source="Orion">Donald Trump</keyword>'s baseless claims about the 2020 election, attempts to disrupt the transfer of power, and Republicans' <a href="https://www.politico.com/news/2020/11/09/republicans-free-fair-elections-435488" target="_blank" rel="noopener">embrace</a> of those falsehoods have prompted increasing concern about the <a href="https://www.nytimes.com/2021/12/11/us/politics/trust-in-elections-trump-democracy.html" target="_blank" rel="noopener">integrity</a> of future elections.Trump's <a href="https://www.businessinsider.com/caught-between-trump-and-china-australia-is-reevaluating-its-position-2020-6" target="_blank" rel="noopener">disregard for alliances and partnerships</a> alienated many in Asia, and his possible return to power, or the victory of another candidate who shares his views, worries countries in the region."What you can't predict is the extent to which US democratic institutions become destabilized [or] the extent to which the US can no longer really be a reliable or constant foreign-policy actor," Lemahieu said. "Allies and partners will take what they can get, and they won't mention it out loud, but it's something they're thinking about."

The US reversed its declining power in Asia in 2021, but a stronger China isn't its only problem

India remains to be ranked as the fourth most powerful country as per Asia Power Index 2021

<ul class="summary-list"><li>The gap in Chinese and US national power has narrowed, driven by external factors and domestic political decisions, according to the latest <keyword id="7578595" type="UNKNOWN" weightage="60" keywordseo="asia-power-index">Asia Power Index</keyword> by Australia's Lowy Institute.</li><li>Neither is likely to dominate the region going forward, meaning the choices and interests of middle powers will be more consequential.</li></ul>The gap between Chinese and US influence in Asia has narrowed, a reflection of an ongoing rebalance in the region and of political decisions in both countries.The US still tops this year's <a href="https://power.lowyinstitute.org/" target="_blank" rel="noopener">Asia Power Index</a>, compiled by the Lowy Institute, an Australian think tank. First released in 2018, the index now draws on three years of data based on military, economic, diplomatic, and resource indicators.But US's standing has waned by <a href="https://power.lowyinstitute.org/downloads/lowy-institute-2020-asia-power-index-key-findings-report.pdf" target="_blank" rel="noopener">almost all of those measures</a>. Its 10-point lead over <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword> in 2018 has been halved.The spread of COVID-19 has caused tumult recently, but deterioration of the regional order, China's rise, and President Donald Trump's often alienating approach are trends visible in 2018 and that have "accelerated through the course of the three iterations," lead researcher Hervé Lemahieu told Insider in an interview.While Asia rise as a center of global power will continue, the pandemic will affect its course, undercutting the economic transformation driving that shift, Lemahieu said.The pandemic has "highlighted the fact that whilst countries in the region are growing economically ... they still remain quite weak when it comes to some of these more basic development challenges, and that will impact their ability to project power externally," Lemahieu added.<h2>Political rather than structural</h2><div type="image" title="trump china" height="1333" width="2000" msid="78818963" hostid="261"></div>Neither China's rise nor a US decline are inevitable, Lemahieu said, attributing waning US influence to "political choice more than structural decline.""Where we've seen the US lose the most power in the region has been in terms of ... its ability to exercise regional leadership," Lemahieu added.The index includes a "power gap" based on an assessment of a country's use of its resources and influence. The US's -2.4 score makes it an underperformer.Trump's unilateral approach to trade and hardline on defense burden-sharing has frustrated partners and allies. Some welcome a more assertive stance on China, but Trump's "us or them" approach doesn't work for many in the region."I do think the political choices made in the last four years have been detrimental to US standing in Asia, and it wouldn't be this bad without those choices," Lemahieu said, noting that because they're political rather than structural, these changes could be reversed.But those decisions don't mean Beijing has been making friends. China's neighbors, not all of them US allies, view Beijing with "wariness" and "consider China to be a more immediate threat," Lemahieu said. That raises the chance China could use force to secure concessions but also raises the costs of doing so.Beijing is also focused on asserting power internally, limiting its projection outward. "It has to deal with a whole range of consequences of having an authoritarian, one-party state, and it's also a rapidly aging society," Lemahieu added.China will likely draw even with the US in terms of power, but limits on its resources and influence are a handicap."I think this idea that somehow a unipolar US-led order becomes a unipolar China-led order is going to be very hard to accomplish for Beijing," Lemahieu said.<h2>'The US falls short'</h2><div type="image" title="Trump Asia ASEAN handshake" height="1505" width="2500" msid="78818964" hostid="261"></div>Even as Trump's policies have frustrated others, US officials have emphasized the value of good relationships in countering China."America's network of allies and partners provides us an asymmetric advantage our adversaries cannot match," Defense Secretary Mark Esper said in speech this week <a href="https://www.atlanticcouncil.org/event/a-conversation-with-mark-esper/" target="_blank" rel="noopener">focused on those ties</a>.Those statements haven't been reassuring in the face of other US policies, or lack thereof. "I think we're concerned that the US doesn't have an endgame," Lemahieu said. "There's a so-called China strategy, but what is the objective?"The US has embraced the Quadrilateral Security Dialogue, a multilateral grouping with India, Japan, and Australia. While that's a good development, those countries still have very different approaches to China, Lemahieu said.Leaders <a href="https://www.chinafile.com/document-9-chinafile-translation" target="_blank" rel="noopener">in China</a> and <a href="https://uk.reuters.com/article/us-usa-trump-china/trump-again-raises-idea-of-decoupling-economy-from-china-idUSKBN25Y1V9" target="_blank" rel="noopener">the US</a> have broached "decoupling," but that simply isn't feasible for most of the region."It's just an existential reality that we have to deal on some level with China economically, and I don't think the US fully understands that," Lemahieu added.Similarly, the US focus on military strength and presence isn't seen as a comprehensive alternative to a Chinese-led order. Countries in the region are working on multilateral projects, mainly trade-focused, but US engagement is wanting."As important as it is to balance China militarily, you also have to come up with a means of trying to balance China economically," Lemahieu said. "That's where the US falls short as an alternative."<h2>For China and the world</h2><div type="image" title="Xi Jinping" height="1231" width="2000" msid="78818965" hostid="261"></div>In the US, the direction of national leadership remains in doubt. Four more years of Trump would prompt a "profound reevaluation" in Australia in particular, which <a href="https://www.businessinsider.com/caught-between-trump-and-china-australia-is-reevaluating-its-position-2020-6" target="_blank" rel="noopener">has tolerated the instability he's created</a>, Lemahieu said.Trump's ouster would still leave uncertainty about the trends that propelled him to office, which predate his political arrival. "Another great unknown, I would say, is what happens to Trumpism after Trump," Lemahieu added.In China, Communist Party leader Xi Jinping is installed for life, but the potential for an alternative to emerge, albeit small, remains."I think there are alternative visions for China's rise within the Communist Party, and that would have a huge impact both on the nature of US-China competition but also maybe in the way that China is perceived in the region," Lemahieu said.China doesn't necessarily need new leadership to change direction.Xi has closed the scope of internal party debate, giving rise to bad policy, including poor handling of tensions with the US, according to Steve Tsang, director of the China Institute at SOAS London University.A lack of debate and its effect on what policymakers are told are obstacles to the "accurate and timely information" they "need to avoid making major policy mistakes," Tsang told <a href="https://www.ft.com/content/aaab6872-54b7-4725-aea9-8b1ba509d778" target="_blank" rel="noopener">The Financial Times</a>. "This is not a good thing for China or for the world."

The balance of power is shifting in Asia, and China is gaining on the US

<ul class="summary-list"><li><keyword id="12173789" type="UNKNOWN" weightage="60" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>'s wealth exceeded $100 billion for the first time on April 1, 2022, according to <keyword id="12259015" type="UNKNOWN" weightage="60" keywordseo="bloomberg" source="Orion">Bloomberg</keyword>'s <keyword id="11940268" type="UNKNOWN" weightage="60" keywordseo="billionaires" source="Orion">Billionaires</keyword> Index.</li><li>Adani founded Adani Group, which works across sectors including energy, mining, and port management.</li></ul>Indian industrialist <a href="https://www.businessinsider.com/asias-richest-gautam-adani-kidnapping-mumbai-terrorist-college-dropout-2021-11?r=US&amp;IR=T">Gautam Adani</a>'s wealth has just soared to $122 billion, pushing him past other centibillionaires including Warren Buffett and Larry Page.He's now the fifth richest person in the world.Adani was worth around $10 billion in June 2020, after which his wealth began to soar, data from the <a href="https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/?sref=lAVQtUwz">Bloomberg Billionaires Index</a> shows. He's already added $28 billion so far in 2022, and breached the $100 billion threshold in early April, per Bloomberg's index.Adani is founder and chairman of the Adani Group, a multinational conglomerate with <a href="https://www.adani.com/businesses">businesses</a> spanning energy, mining, port management, and airport operations. Among other things, Adani Group owns <a href="https://www.adaniports.com/Ports-and-Terminals/Mundra-Port">India's largest commercial port</a> and has a <a href="https://timesofindia.indiatimes.com/business/india-business/adani-group-takes-over-mumbai-airport/articleshow/84380085.cms">74% stake in Mumbai's international airport</a>.Bloomberg did not provide an underlying explanation for the increase in Adani's wealth but many of the group's businesses have seen their share prices soar since mid-March. According to <a href="https://www.bloomberg.com/news/articles/2022-04-01/adani-joins-musk-bezos-in-exclusive-100-billion-club?sref=lAVQtUwz">Bloomberg</a>, Adani has focused on areas that are key to meeting Indian Prime Minister Narendra Modi's economic goals.<h2>From diamond sorter to owner of a multinational conglomerate</h2>Adani was born in Ahmedabad, in the Indian state of Gujarat, in 1962. He dropped out of Gujarat University after his second year studying commerce, according to <a href="https://www.siliconindia.com/news/success-stories/gautam-adani-from-a-college-dropout-to-billionaire-industrialist-nid-210122-cid-80.html">Silicon India</a>. He then turned to the diamond industry, first as a sorter and then as a trader in Mumbai, the publication reported.After his brother purchased a plastic company, Adani joined him in the management of the business and started importing PVC, <a href="https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/?sref=lAVQtUwz">per Bloomberg</a>. In <a href="https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/?sref=lAVQtUwz">1988</a>, Adani set up Adani Enterprises.Adani said he and a companion were kidnapped in 1998 after a group of men held them at gunpoint. A police report said the kidnappers demanded a $2 million ransom and released the pair after the ransom was paid, per <a href="https://indianexpress.com/article/cities/ahmedabad/two-accused-of-abducting-gautam-adani-20-years-ago-acquitted-5473592/">The Indian Express</a>. Eight people accused of the kidnapping were ultimately acquitted, <a href="https://www.timesnownews.com/business-economy/companies/article/throwback-when-indias-fifth-richest-man-survived-a-kidnapping-and-terrorist-attack/606122">Times Now India</a> reported.Adani was dining at the Taj Mahal Hotel during the <a href="https://www.bbc.com/news/world-asia-india-46314555">2008 Mumbai terrorist attacks</a>. He told <a href="https://www.indiatoday.in/latest-headlines/story/gautam-adani-mallika-sarabhai-escape-after-close-encounter-with-death-34159-2008-11-28">India Today </a>that from his table, he could see militants entering the hotel. He said he hid in the hotel's basement before moving to a hallway high up in the building.The Adani Group is made up of six publicly-traded companies. It <a href="https://www.adani.com/About-us">says</a> it has a market capitalization of $222 billion and over 23,000 staff.Adani is an executive director of <a href="https://www.bseindia.com/bseplus/AnnualReport/512599/68600512599.pdf">Adani Enterprises</a> and <a href="https://www.bseindia.com/bseplus/AnnualReport/532921/68598532921.pdf">Adani Port and Special Economic Zone</a>, and a non-executive director of Adani Power, Adani Transmissions, Adani Total Gas, and Adani Green Energy.Most of Adani's wealth is derived from the big shareholdings he has in his companies. According to <a href="https://www.bloomberg.com/news/articles/2022-04-01/adani-joins-musk-bezos-in-exclusive-100-billion-club?srnd=wealth&amp;sref=lAVQtUwz">Bloomberg</a>, he holds 75% stakes in each of Adani Enterprises, Adani Power, and Adani Transmissions. Adani Enterprises' <a href="https://www.google.com/finance/quote/ADANIENT:NSE?window=1Y">share price</a> has almost doubled in the last year while Adani Power's has <a href="https://www.google.com/finance/quote/ADANIPOWER:NSE?window=1Y">tripled</a>.The only people richer than Adani are Tesla and SpaceX CEO Elon Musk, Amazon founder Jeff Bezos, LVMH CEO Bernard Arnault, and Microsoft cofounder Bill Gates, according to Bloomberg's index. Musk is worth $253 billion, per Bloomberg – making him nearly $100 billion richer than Bezos, who's in second place.Adani is the richest Indian on the list, ahead of Mukesh Ambani, whose wealth Bloomberg put at around $103 billion. Ambani is the largest shareholder of Reliance Industries, a multinational conglomerate.

Indian industrialist Gautam Adani is now richer than Warren Buffett and Larry Page

<ul class="summary-list"><li>Consulting firm Henley &amp; Partners released the 2024 ranking of the world's most powerful passports.</li><li>Two Asian and four European countries were tied for having the world's most powerful passport.</li></ul>Six countries now have the world's most powerful passport, <a target="_blank" href="https://www.henleyglobal.com/passport-index/ranking">according to the 2024 Henley Passport Index</a> — but the US isn't one of them.UK-based consulting firm Henley &amp; Partners first published the index in 2006. Passports are ranked based on the number of destinations they can access without a visa or e-visa, relying on data from the International Air Transport Authority (IATA). The index includes 199 passports and considers the ease of access to 227 destinations.Four countries in Europe and two in Asia were tied for having the most powerful passports — the first time in the index's history, according to a Henley &amp; Partners press release.For Asia, it was <a target="_blank" href="https://www.businessinsider.com/singapore-travel-food-hotel-budget-tips-price-cost-expensive-cheap-2024-1">Singapore</a> and <a target="_blank" href="https://www.businessinsider.com/dad-living-in-tokyo-shares-differences-in-school-culture-2023-12">Japan</a>, both <a target="_blank" href="https://www.businessinsider.com/the-most-powerful-passports-in-the-world-in-2022-ranked-2022-7">retaining the top spot from last year's index</a>. <a target="_blank" href="https://www.businessinsider.com/how-to-pass-for-paris-local-cafes-shops-public-transit-2023">France</a>, Germany, Italy, and Spain — all part of the European Union — were added. All six have visa-free entry to 194 destinations.The US ranked seventh — tying with Hungary and Canada — in this year's index, <a target="_blank" href="https://www.henleyglobal.com/passport-index">with visa-free entry to 188 destinations</a>. Countries that require visas for US passport holders include <a target="_blank" href="https://www.businessinsider.com/tourism-still-declining-in-china-2023-9">China</a>, Brazil, and <a target="_blank" href="https://www.businessinsider.com/michelin-guide-hanoi-vietnam-missing-best-street-food-pho-2023-12">Vietnam</a>. Twenty-five countries ranked higher than the US on the index.Over 67 million US citizens traveled overseas last year, <a target="_blank" href="https://www.trade.gov/data-visualization/apisi-92-monitor">according to data by the International Trade Administration.</a> Some popular destinations Americans travel to — including <a target="_blank" href="https://www.businessinsider.com/mexico-city-cdmx-best-places-to-eat-restaurants-tacos-2023-2">Mexico</a>, Canada, and Italy — are visa-free.The strength of the US passport has declined in the past decade, peaking in 2006 and 2014 and ranking first on the index, data from the Henley Passport Index show. The US has ranked seventh since 2020 — the lowest it's been ranked in the index's history.<a target="_blank" href="https://www.businessinsider.com/taliban-mannequin-women-afghanistan-covered-face-mask-hood-2023-1">Afghanistan</a> took last place on the index, with visa-free entry to 28 countries. Syria, Iraq, Pakistan, and Yemen are the bottom five countries, with 29, 31, 34, and 35 visa-free destinations, respectively.<div type="image" title="Mount Fuji Tokyo" height="800" width="1200" msid="106751085" hostid="261" sizebytes="91508"></div><h2>These are the 10 most powerful passports for 2024, and how many countries they each grant visa-free access to:</h2><ol><li>France, Germany, Italy, Japan, Singapore, and Spain 194 destinations</li><li>Finland, South Korea, and Sweden 193 destinations</li><li>Austria, Denmark, Ireland, and the Netherlands 192 destinations</li><li>Belgium, Luxembourg, Norway, Portugal, and the UK 191 destinations</li><li>Greece, Malta, and Switzerland 190 destinations</li><li>Australia, Czech Republic, New Zealand, and Poland 189 destinations</li><li>Canada, Hungary, and the US 188 destinations</li><li>Estonia and Lithuania 187 destinations</li><li>Latvia, Slovakia, and Slovenia 186 destinations</li><li>Iceland 185 destinations</li></ol>

6 countries have tied for the world's most powerful passport — and the US isn't one of them

<ul class="summary-list"><li>Shares of companies with big overseas sales are trailing domestic-focused firms, according to Goldman Sachs. </li><li>A basket of stocks of domestic focused companies was outperforming firms with overseas tilt by nine percentage points. </li></ul>Stocks across Wall Street have been hammered into a bear market this year, but those of companies that derive the bulk of their sales outside of the US have trailed those of companies that are domestically oriented, Goldman Sachs said this week. The slump in the <a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">S&amp;P 500</a> and the <a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Nasdaq Composite</a> has pushed the major indexes down by more than 20% in 2022, with the tech-rich Nasdaq sitting on a loss of 26%. Analysis from Goldman Sachs published Friday showed the pain of stock losses has been particularly sharp for companies with a heavy amount of international sales. The investment bank said a basket of stocks it tracks with high domestic sales exposure has outperformed a basket of multinational stocks by nine percentage points this year. That leaves the international basket down by 24%, wider than the 15% decline in the domestic bunch. Goldman's international sales and domestic sales baskets each hold 50 S&amp;P 500 stocks with the greatest share of non-US and domestic revenues.Foreign sales in 2021 accounted for 29% of the $14 trillion of aggregate S&amp;P 500 revenues, compared with 28% in 2020.What's helped provide upside support for US-focused companies is the climb in the trade-weighted US <keyword id="11931694" type="UNKNOWN" weightage="60" keywordseo="dollar" source="Orion">dollar</keyword>'s value, Goldman said. The <a href="https://markets.businessinsider.com/indices/us-dollar-index">US Dollar Index</a>, which measures the greenback's performance against six other <keyword id="11931696" type="UNKNOWN" weightage="60" keywordseo="currencies" source="Orion">currencies</keyword>, this year has soared to fresh 20-year highs above the 105 level. But dollar strength can hurt multinational companies in part as it makes their products more expensive for holders of other currencies to purchase. What's also put pressure on the multinationals basket is the Information Technology sector as it rakes in 59% of its revenue from overseas. Tech stocks have plunged as the climb in interest rates can lead to chipped prospects for future profit. The materials sector is the only other one that makes most of its revenue from overseas, at 50%. The largest region of non-US exposure was Asia Pacific at 9%, or $1 trillion, followed by Europe at 6%, or $846 billion. But only 3%, or $370 billion, of S&amp;P 500 revenues were explicitly from Greater <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword>, said Goldman, which conducted its analysis on recent 10-K annual corporate filings. On a regional basis, it said Monolithic Power, Qualcomm and Las Vegas Sands were the companies with the largest revenue exposure to Greater China. In Greater Europe, the list was topped by travel services company Bookings and gold miner Newmont. APA, the parent firm of oil and gas company Apache, and American Tower, a REIT, has the greatest exposure to sales in Africa and the Middle East.

Shares of companies that do more business overseas are significantly underperforming domestic firms as the US dollar surges to 20-year highs, Goldman Sachs says

<ul><li><keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Enterprises on Friday said it will raise Rs 20,000 crore in equity to fund the massive expansion of the business empire that now spans from ports to energy to cement. </li><li>Shares of Adani Enterprises Ltd (<keyword id="236769" type="General" weightage="80" keywordseo="ael" source="Orion">AEL</keyword>) have more than doubled in the last year, giving it a market value of Rs 4.46 lakh crore.</li><li>The group has a significant presence in ports, airports, roads, power, renewable energy, electricity transmission, gas distribution, real estate, FMCG, cement and financial services. </li></ul> Billionaire <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>'s conglomerate on Friday said it will raise Rs 20,000 crore in equity to fund the massive expansion of his sprawling business empire that now spans from ports to energy to cement. Adani Enterprises Ltd, the flagship firm of <keyword id="21718" type="General" weightage="50" keywordseo="asia" source="Orion">Asia</keyword>'s richest person, will raise funds through the issue of fresh equity shares, it said in a stock exchange filing. The public offering will help Adani Enterprises Ltd (AEL), which is the business incubator for the group and currently houses businesses from civil aviation to data centres, diversify the shareholder base and build its credibility and acceptance among investors. Promoters currently hold 72.63 per cent shares of AEL. Of the remaining 27.37 per cent, almost 20 per cent is held by insurance companies and foreign portfolio investors. Shares of AEL have more than doubled in the last year, giving it a market value of Rs 4.46 lakh crore. Benchmark S&amp;P BSE Sensex index has risen just 5.4 per cent over the same period. In the stock exchange filing, AEL said its board of directors met on Friday and approved the "raising of funds by way of a further public offering through a fresh issue of equity shares by the company aggregating up to Rs 20,000 crore." The company will seek shareholder approval for the offering through a postal ballot. The Adani group has previously stated that it is working on plans to increase the free float. Adani started AEL in 1988 with the commodity trading business and used it as an incubator of new businesses before spinning them off into separately listed firms. The group now has a significant presence in ports, airports, roads, power, renewable energy, electricity transmission, gas distribution, real estate, FMCG, cement and financial services. Recently, the group also entered the media business. Ports, power, transmission, green energy, gas and edible oil businesses are separately listed companies. The group has made forays into a diverse array of businesses with dealmaking in recent months. It recently acquired Holcim Ltd's India cement units for USD 10.5 billion, India's second-biggest deal of the year. It is also making a bid to take over New Delhi Television Ltd (<keyword id="6420486" type="General" weightage="50" keywordseo="ndtv" source="Orion">NDTV</keyword>). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/uks-asian-rich-list-hinduja-family-retain-top-spot-uk-pm-sunak-his-wife-make-debut/articleshow/95761539.cms">UK's Asian Rich list: Hinduja family retain top spot, UK PM Sunak, his wife make debut</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/construction-cost-of-greenfield-infra-projects-increased-by-5-7-q32022-cbre/articleshow/95762330.cms">Construction cost of greenfield infra projects increased by 5-7% Q32022: CBRE</a>

Adani Enterprises to raise ₹20,000 crore via a follow-on public offer

<ul><li><keyword id="10875" type="General" weightage="100" keywordseo="ibm" source="Orion">IBM</keyword>’s survey shows a strong correlation between hybrid cloud adoption and progress in digital transformation. </li><li>In <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, 85% of respondents have adopted a hybrid cloud approach, which can help drive digital transformation. </li><li>66% of respondents in India say their team lacks the skills needed to be proficient in data management. </li></ul>A study conducted by IBM has found that 85% of respondents in India have adopted the hybrid cloud, which can help drive digital transformation, yet a majority of them are struggling with the complexity to make all their cloud environments work together. The <keyword id="15107722" type="General" weightage="50" keywordseo="ibm-transformation" source="Orion">IBM Transformation</keyword> Index: State of Cloud survey revealed that when it comes to managing their cloud applications, 37% of respondents in India cite security as the top barrier for integrated workloads. Compliance hurdles and lack of available talent are other challenges that continue to hamper cloud strategy or documentation centres in India. Only 30% of Indian respondents manage their hybrid cloud environments holistically, the survey found. “Indian organisations must quickly take stock of where they are on their cloud journey and focus on bridging the gaps related to skills, security, compliance, among others. A pragmatic holistic approach to hybrid cloud can drive immense business value by accelerating innovation, improving cost efficiency and increasing productivity,” said <keyword id="2218197" type="General" weightage="50" keywordseo="viswanath-ramaswamy" source="Orion">Viswanath Ramaswamy</keyword>, vice president, technology, <keyword id="12063662" type="General" weightage="50" keywordseo="ibm-technology-sales" source="Orion">IBM Technology Sales</keyword>, IBM India/ <keyword id="52011" type="General" weightage="50" keywordseo="south-asia" source="Orion">South Asia</keyword>. Respondents to the survey say cybersecurity (50%) and data governance (49%) are the top challenges to fully integrating their business ecosystems into the cloud. Furthermore, skills and talent shortages are also impeding their business’s cloud objectives. About 66% of respondents in India say their team lacks the skills needed to be proficient. This is also preventing organisations from leveraging the power of partnerships – about 39% of respondents say a lack of technical skills is holding them back from integrating ecosystem partners into cloud environments. “While our research found the lack of cloud skills as a major challenge, it is encouraging to note that 81% of the Indian respondents said they are creating new positions and teams to fulfil the need for more cloud skills,” Ramaswamy added. With regulations on the rise, so too are compliance challenges. About 57% of respondents believe that ensuring compliance in the cloud is currently too difficult and 33% cite regulatory compliance issues as a key barrier for integrating workloads across private and public IT environments. These challenges span the globe and are especially prevalent in countries such as <keyword id="6356662" type="General" weightage="20" keywordseo="singapore" source="Orion">Singapore</keyword>, <keyword id="1334" type="General" weightage="20" keywordseo="china" source="Orion">China</keyword>, India and Japan. The survey also pointed to a strong correlation between hybrid cloud adoption and progress in digital transformation. In fact, 76% of respondents think it’s difficult to realise the full potential of a digital transformation without having a solid hybrid cloud strategy in place. However, only 39% of Indian respondents said they have proven the benefits of cloud and are now focused on using it more fully. The IBM survey was conducted online in 12 countries, including India, among 3,014 IT and business professionals. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/intel-unveils-13th-gen-raptor-lake-processors-with-up-to-24-cores/articleshow/94501663.cms">Intel unveils 13th gen Raptor Lake processors with up to 24 cores</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/samsung-smartphone-batteries-are-reportedly-swelling-up/articleshow/94498157.cms">Samsung’s batteries are reportedly swelling up – here’s everything you need to know</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/private-equity/news/fm-urges-i-t-officials-to-expedite-returns-refund-process-and-grievance-redressal/articleshow/94495614.cms">FM urges I-T officials to expedite returns, refund process and grievance redressal</a>

Hybrid cloud adoption is on the rise among Indian businesses but security, compliance and skills gap are impeding progress says IBM

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters/Maxim ShemetovRussian servicemen parade with tanks during the 72nd anniversary of the end of World War II, in Red Square in Moscow.</div></div></div>The arms trade is booming: The volume of international transfers of major weapons between 2013 and 2017 was 10% higher than between 2008 and 2012.Countries in Asia have been <a href="https://www.sipri.org/sites/default/files/2018-03/fssipri_at2017_0.pdf" target="_blank" rel="noopener">major players</a> in that trade. The continent was home to three of the top 10 arms exporters between 2013 and 2017 - and eight of the 10 top arms importers.Arms sales indicate who is beefing up their armed forces, but head-to-head military comparisons are more complex. Global Firepower's <a href="https://www.globalfirepower.com/countries-listing.asp" target="_blank" rel="noopener">2017 Military Strength Ranking</a> takes up that task by drawing on more than 50 factors to assign a Power Index score to 133 countries.The ranking assesses weapons held by each country and pays close attention to their manpower. The geography, logistical capacity, available natural resources, and the status of local industry are also taken into account.Thirteen Asian countries are among <a href="http://www.businessinsider.com/most-powerful-militaries-in-the-world-ranked-2018-2" target="_blank" rel="noopener">the world's 25 most powerful militaries</a>, according to the Global Firepower ranking. Below, you can see the 10 strongest armed forces in the region:

These are the most powerful militaries in Asia

<ul class="summary-list"><li>Famed economist Stephen Roach told CNBC on Sunday a <keyword id="12547469" type="UNKNOWN" weightage="60" keywordseo="russian" source="Orion">Russian</keyword> debt default would reverberate across emerging <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>.</li><li>Roach also said China would not be immune if <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s first major sovereign default in over 100 years happened.</li></ul>Economist Stephen Roach said a Russian <keyword id="13328327" type="UNKNOWN" weightage="60" keywordseo="sovereign-debt" source="Orion">sovereign debt</keyword> default would not be an isolated financial-markets incident, and instead, it had the capacity to spill over into emerging markets and even affect China."If Russia does default on its debt...there will be broad spillover effects to sovereign debt in emerging markets around the world and China will not be unscathed from that," he told <a href="https://www.cnbc.com/2022/03/07/stephen-roach-says-russian-default-would-hit-emerging-markets-and-china.html">"Squawk Box Asia"</a> on Sunday. Roach, who was chief economist at Morgan Stanley for <keyword id="11902482" type="UNKNOWN" weightage="60" keywordseo="asia" source="Orion">Asia</keyword> before becoming a senior lecturer at Yale University, was speaking as the West ramped up an array of sanctions on Russia as a result of its invasion of Ukraine, including freezing the central bank's foreign currency holdings, suspending trading in key Russian <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword> and cutting Russia from the world's biggest international payments system.On Sunday Moody's downgraded Russia's credit rating to CA – one notch above "default" – after it downgraded it to junk status <a href="https://markets.businessinsider.com/news/stocks/russia-ukraine-war-invasion-moodys-fitch-credit-rating-markets-economy-2022-3">on Thursday last week</a>. <a href="https://www.reuters.com/markets/rates-bonds/russia-says-sovereign-bond-payments-will-depend-sanctions-2022-03-06/">Reuters reported</a> on Sunday that Russia had said sovereign bond payments would depend on Western sanctions and some dollar bond payments could be made in rubles, raising the prospect of the country's first major foreign bond default in over 100 years. Roach went on to say that China couldn't afford to remain close to Russia as it continues to bombard Ukraine."China cannot afford to stay in close alignment with Russia as it mounts this truly God-awful campaign against innocent Ukraine right now," Roach said. "The sooner China breaks with Russia, the better — and we'll have to wait and see and watch that very closely," he added.<a href="https://markets.businessinsider.com/news/stocks/stock-markets-today-shares-dive-on-possible-russia-energy-ban-2022-3">Global stocks </a>tumbled on Monday, after <a href="https://markets.businessinsider.com/news/commodities/oil-surges-130-dollars-a-barrel-russia-crude-ban-fears-2022-3">oil soared above $130 a barrel</a>, as Western powers raised the possibility of banning Russian energy exports. <a href="https://markets.businessinsider.com/news/stocks/russia-ukraine-invasion-companies-abandon-ties-sanctions-bp-exxon-disney-2022-3?utm_medium=ingest&amp;utm_source=markets">Major companies continue to leave the country </a>and continued uncertainty is driving investors into safe havens like <a href="https://markets.businessinsider.com/news/commodities/gold-price-2000-ounce-russia-ukraine-safe-haven-investing-analysis-2022-3">gold</a>.US Secretary of State Antony Blinken told NBC's on Sunday that the US and its European allies were in discussions over a ban of Russian oil exports. Elsewhere the global index providers MSCI and FTSE Russell cut Russian stocks from their indexes <a href="https://www.businessinsider.in/stock-market/news/russian-stocks-are-uninvestable-following-the-invasion-of-ukraine-and-will-be-removed-from-indexes-at-msci-and-ftse-russell/articleshow/89975797.cms">last week</a>, with MSCI saying that the country's stocks are "uninvestable". Read more: <a href="https://www.businessinsider.com/investing-outlook-time-to-add-stocks-to-your-portfolio-blackrock-2022-3" target="_blank" rel="noopener noreferrer">BlackRock's global chief strategist reveals why the world's biggest investment firm has changed its outlook on US stocks — and lays out the biggest risks for investors right now</a>

You Searched For "Asia Power Index" and got 12 results

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6 countries have tied for the world's most powerful passport — and the US isn't one of them

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