<ul class="summary-list"><li>Equities in the euro area have risen more than their US peers for months. "We don't see the outperformance lasting," BlackRock Investment Institute says. </li><li>The market is shifting focus on sticky inflation and the ECB's fight against it. </li></ul>European monetary policymakers look ready to extend their fight against what their leader calls "monster" inflation, and BlackRock Investment Institute says such action will eventually shut down the outperformance of European stocks over those in the US. Equities in the euro area have outperformed their US peers by about 14% in local currency terms since the end of September, the research group said in a note published Monday, citing MSCI index data. Europe's ability to <a href="https://markets.businessinsider.com/news/commodities/europe-natural-gas-stockpile-warm-mild-winter-energy-crisis-russia-2023-2">withstand an energy crisis</a> stemming from Russia's war against Ukraine has been a key upside driver for the region's stocks. Also playing a role is the reopening of China's economy which bodes well for sectors centered on European exports. "We don't see the outperformance lasting: The market's focus is shifting to sticky inflation due to firms upping wages to hire and retain staff. Good news on the economy means the European Central Bank (ECB) needs to hike rates more to cool inflation," wrote Wei Li, global chief investment strategist at BlackRock Investment Institute. Euro area annual inflation was tracking at 8.5 % in February year over year, slower than 8.6% in January. This year in Frankfurt, the<a href="https://markets.businessinsider.com/index/dax"> DAX equity index</a> has gained nearly 13%, and the <a href="https://markets.businessinsider.com/index/cac_40">CAC 40</a> in Paris has spiked up 14%. Meanwhile, the <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> has picked up more than 5%. European companies have been increasing what it pays new workers, and the number of public sector employees has been climbing. That labor market tightness is set to persist, said the research arm of the world's largest asset manager. "The ECB faces a stark trade-off between pushing up unemployment or living with persistent inflation," wrote Li. "We expect the ECB to raise rates through midyear and not cut them until the second half of 2024." Market pricing indicates rates will peak around 3.9% compared with expectations of 3.2% in February, with fewer rate cuts expected next year. The ECB has already confirmed it will raise its deposit rate <a href="https://www.ecb.europa.eu/press/key/date/2023/html/ecb.sp230216_1~f8cf2cd689.en.html" target="_blank" rel="noopener">by 50 basis points on March 16</a>, pushing it up to 3%, and signaled more increases are likely. Inflation "is a monster that we need to knock on the head and keep at 2%," <a href="https://www.ecb.europa.eu/press/inter/date/2023/html/ecb.in230305~77055ddd44.en.html" target="_blank" rel="noopener">ECB President Christine Lagarde said earlier this month</a>. The ECB in July issued its first rate hike in 11 years with a larger-than-expected increase of 50 basis points for the deposit rate from 0%. BlackRock said it still expects a recession as higher rates kick in. "We prefer income from credit and short-term government bonds. We're underweight European stocks but like the financial, energy, healthcare and consumer discretionary sectors," said Li.<div type="image" title="A chart of ECB rate-policy expectations from 2022 to 2023" height="514" width="960" msid="98484059" hostid="261" sizebytes="26864"></div>

US stocks will soon beat European peers again as hotter inflation means the region is heading into more aggressive rate hikes, BlackRock says

<ul class="summary-list"><li>Adidas split with Ye, formerly known as Kanye West, in October after he made antisemitic comments. </li><li>On Wednesday, the company said it hasn't decided what to do with its remaining Yeezy inventory.</li></ul>Adidas on Wednesday said the company still hasn't decided what to do with the remaining Yeezy merchandise it has in inventory.The German sportswear company <a href="https://www.businessinsider.com/kanye-wests-turbulent-9-year-history-with-adidas-2022-11" target="_blank" rel="noopener noreferrer">cut ties with Ye</a>, formerly known as Kanye West, in October because of his repeated antisemitic comments.The company immediately halted sales of products from the artist's Yeezy line when it announced the split, but it's yet to decide whether it'll unload its remaining Yeezy merchandise or take a hit of 500 million euros, or $526 million, from not selling it, the company said when it reported earnings Wednesday.Adidas also continues to expect to spend roughly $210 million this year on a strategic review of the business, in line with guidance the company <a href="https://www.businessinsider.com/adidas-could-report-operating-loss-750-million-after-ye-split-2023-2" target="_blank" rel="noopener noreferrer">released last month</a>.The decision to split with Ye punched a <a href="https://www.businessinsider.com/beyonces-adidas-line-struggling-underscoring-post-yeezy-problems-2023-2">giant hole in Adidas' top line</a>. Yeezy <a href="https://www.businessinsider.com/sneakerheads-likely-done-with-adidas-after-kanye-west-split-2022-12">accounted for $1.2 billion in sales</a> for Adidas last year, according to Cowen. Adidas on Wednesday also reported 22.5 billion euros, or $23.7 billion, in 2022 revenue – a 6% increase. Net income decreased 70% to $671 million. In November, an Adidas executive said the company owns the designs it made in partnership with Ye and <a href="https://www.businessinsider.com/adidas-to-sell-yeezys-under-new-name-after-parting-ways-with-kanye-west-2022-11">could continue to sell the products</a>, noting the company intended to "make use of these rights as early as 2023."On a Wednesday call with reporters, Gulden said the company is working through various options for getting rid of the Yeezy inventory, including destroying it and selling it.If the company sells the inventory, Gulden said some of the proceeds will be given to charitable groups. He also said the product, if sold, will be sold as is. It won't be relabeled. Gulden said there's no timeline for making the decision."It's a very complicated thing," Gulden said. "It's one of the most difficult decisions that I've been part of.""As soon as we have enough facts that we can make a decision, we'll make a decision," he added.<a href="https://www.businessinsider.com/after-yeezy-crisis-adidas-to-tap-former-puma-ceo-2022-11">Gulden joined Adidas</a> as CEO on January 1 after previously serving in the same role at rival Puma, where he led a sales comeback and helped the brand collaborate with celebrities like Jay-Z, J.Cole, and Rihanna.Regardless of what Gulden and Adidas decide to do with the remaining Yeezy inventory, it will likely be a challenging year. Adidas expects revenue, not including currency charges, to decline in the high single digits.The company's financial guidance assumes Adidas doesn't sell the Yeezy inventory. "2023 will be a transition year to build the base for 2024 and 2025," Gulden said, in a news release. "We need to reduce inventories and lower discounts. We can then start to build a profitable business again in 2024. Adidas has all the ingredients to be successful. But we need to put our focus back on our core: product, consumers, retail partners, and athletes. We will work on strengthening our people and the Adidas culture."Gulden seemed to shoot down rumors of resigning Ye on the call on Wednesday, saying the Yeezy business is "now lost" and would need to be replaced with "many, many pieces.""There is no other Yeezy business in the market," he said. "The closest thing is Jordan."

Adidas hasn't decided whether it's going to take a $526 million hit from not selling remaining Yeezys

<ul><li><keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s economy has retained the crown of "a bright spot" in the <keyword id="6366068" type="General" weightage="50" keywordseo="international-monetary-fund" source="Orion">International Monetary Fund</keyword>'s latest <keyword id="188983" type="General" weightage="50" keywordseo="world-economic-outlook" source="Orion">World Economic Outlook</keyword> report.</li><li>The <keyword id="6356076" type="General" weightage="20" keywordseo="indian-economy" source="Orion">Indian economy</keyword> is expected to grow by 6.1 per cent in 2023, which is 0.7 percentage points lower than 6.8 per cent in 2022</li><li>The growth rate will be back at the 2022 level of 6.8 per cent in 2024, the fund has further projected.</li></ul> India's economy has retained the crown of "a bright spot" in the International Monetary Fund's latest World Economic Outlook report released on Monday and it is slated to account for half of the global growth in 2023, compared to just a tenth coming from the combined might of the US, the world's largest economy, and Europe, which comprises some of the largest economies. The Indian economy is expected to grow by 6.1 per cent in 2023, which is 0.7 percentage points lower than 6.8 per cent in 2022, which was earlier projected by the fund in its October forecast. The growth rate will be back at the 2022 level of 6.8 per cent in 2024, the fund has further projected, based on "resilient domestic demand despite external headwinds". "India remains a bright spot," Pierre-Olivier Gourinchas, an IMF official, wrote in a blog accompanying the World Economic Outlook update, a quarterly report. "Together with China, it will account for half of global growth this year, versus just a tenth for the US and euro area combined." The phrase "a bright spot" has been used for India's economic growth for years now by the IMF, the World Bank and other similar bodies, in a nod to its inner resilience against external headwinds and bucking the trend either on the global stage or in the shrunken confine of Asia and South Asia. India's projected growth rate of 6.1 per cent for 2023 is 0.8 percentage points better than the IMF expectation of 5.3 per cent for a category of countries the fund describes as Emerging and Developing Asia. The 2024 match-up is even better, with India expected to got to 6.8 per cent while the Asian entity will see a decline to 5.2 per cent. The global economy, however, is in a much better shape than how the fund saw it in October. It is projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 per cent in 2024. In October, the IMF projected global growth is forecast to slow from 6 per cent in 2021 to 3.2 per cent in 2022 and 2.7 per cent in 2023, and had called it the "weakest growth profile since 2001 except for the global financial crisis and the acute phase of the Covid-19 pandemic and reflects significant slowdowns for the largest economies: a US GDP contraction in the first half of 2022, a euro area contraction in the second half of 2022, and prolonged Covid-19 outbreaks and lockdowns in China with a growing property sector crisis". The headwinds for 2023 global economic growth were, as projected by the IMF, "central bank rates to fight inflation and Russia's war in Ukraine". Additionally, the rapid spread of Covid-19 in China dampened growth in 2022, but the recent reopening has paved the way for a faster-than-expected recovery. Global inflation is expected to fall from 8.8 per cent in 2022 to 6.6 per cent in 2023 and 4.3 per cent in 2024, still above pre-pandemic (2017-19). SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/lt-reports-2553-crore-q3-net-profit-sees-boost-from-major-private-capex-investments/articleshow/97448298.cms">L&amp;T reports ₹2,553 crore Q3 net profit, sees boost from major private capex investments</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindras-q3-net-profit-slips-5-2-on-year-to-1297-crore/articleshow/97449194.cms">Tech Mahindra’s Q3 net profit slips 5.2% on year to ₹1,297 crore</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-witness-high-volatility-amidst-war-of-words-between-the-company-and-hindenburg-research/articleshow/97437171.cms">Adani Group stocks witness high volatility amidst war of words between the company and Hindenburg Research</a>

Indian economy retains its crown as a bright spot: IMF report

<ul class="summary-list"><li>Unlike the 2010s, expect higher interest rates, persistent inflation, and tight job markets in the 2020s.</li><li>Experts say diversification, mid-cap stocks, and bonds offer opportunities in these conditions.</li></ul>Few strategists expect the next decade to look anything like the pre-pandemic economy.The recovery from the financial crisis was defined by near-zero interest rates, minimal inflation, excess labor, and efficient global trade.By contrast, the economy of the 2020s will likely be defined by higher rates, persistent inflation, and a tight jobs market, said Peter Bates, the global select equity strategy portfolio manager at T. Rowe Price.Business Insider spoke with nine professional investors, strategists, and financial planners to hear how the next decade will differ from the last 10 years — and how people can make the most of it, both through investing and by better managing their personal finances.<h2>A new market regime requires a strategy switch</h2>In all likelihood, the next decade will look nothing like the 2010s, said Damanick Dantes, a global markets portfolio strategist at Global X. Investors will have to contend with tight financial conditions for years instead of low interest rates and <a target="_blank" href="https://www.investopedia.com/terms/q/quantitative-easing.asp">quantitative easing</a> (QE)."We're definitely entering a new regime," Dantes said. He added: "You're not going to get the same returns that you got out of a Covid situation or what you got when rates were artificially suppressed for a very long time, QE-driven era. Now we're entering a tighter era where rates were structurally higher than normal. So a higher base rate means that your expected returns would be lower than what you've been accustomed to."But even in a tougher backdrop, Dantes sees opportunities for investors. International equities have stable dividends and enticing valuations that could help them outperform in the next few years, the strategist said. He's also bullish on infrastructure stocks as the US invests heavily in that area and as companies move their supply chains back home to reduce political risk.This economic environment reminds fund manager Matt McLennan of the late 1960s and early '70s. Back then, low interest rates gave way to rampant inflation that was only extinguished by drastic, valuation-crushing rate hikes. International stocks topped their US counterparts back then, McLennan said, adding that defensive, safe-haven assets like gold also excelled."If there is a regime shift, then what has worked could be quite different from what does work," McLennan said.<h2>Quality companies at a reasonable price will outperform</h2>McLennan is positioning for a new backdrop through the First Eagle Global Fund (<a target="_blank" href="https://markets.businessinsider.com/funds/first-eagle-global-fund-class-a-us32008f5070">SGENX</a>), which he runs with co-manager Kimball Brooker. The fund has <a target="_blank" href="https://affiliate.insider.com?h=8d2677f4a9aa7a9a694b109abb922b9c7c64ee3e920be9cb423f3afa776bb314&amp;postID=655e422c1b08829c5b328d8d&amp;postSlug=how-to-invest-make-money-work-next-decade-2020s-2023-11&amp;site=bi&amp;u=https%3A%2F%2Fwww.morningstar.com%2Ffunds%2Fxnas%2Fsgenx%2Fperformance">outperformed 89% of its peers</a> in the last 15 years, according to Morningstar, rising an average of 9.3% per year in that span.The two stick to their <a target="_blank" href="https://www.businessinsider.com/how-to-invest-stock-market-strategy-recession-best-fund-manager-2022-11">investing strategy</a>, which centers around finding leading companies with sizable profit margins, strong management teams, and tangible competitive advantages."Our focus is to find businesses that are stable and cash-flow generative that become available at a reasonable price," McLennan told Business Insider at First Eagle Investments' 2024 outlook conference. "And we're willing to commit capital to that business for the next decade or next couple of years, depending on the situation."While McLennan doesn't make market calls, he's keeping a close eye on long-term shifts in the market backdrop. The 32-year market veteran, formerly of Goldman Sachs Asset Management, expects interest rates to <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-trade-federal-reserve-fomc-rate-hike-2023-9">stay higher for longer</a> instead of returning to pre-pandemic levels. That means the growth stocks that dominated for years may come back to earth in the mid-2020s."If we're in a window where the cost of capital is normalizing higher, then I just would say that it makes sense, to me, to pay attention to valuation in your investing," McLennan said. "The biggest victims of an increase in the cost of capital are the longest-duration growth stories."<h2>Don't dismiss mid caps in the mid-2020s</h2>Nicola Stafford, who runs the Fidelity Mid-Cap Stock Fund (<a target="_blank" href="https://markets.businessinsider.com/funds/fidelity-mid-stock-fund-us3161284043">FMCSX</a>), is also preparing her portfolio for stickier inflation and persistently high interest rates."That era seems to be over," Stafford said of the low-interest-rate backdrop. "It's a complete shift from my 20 years of investing."Stafford focuses on mid-cap companies since they have more room for growth than large caps and are often more resilient than small caps due to their proven management teams."They're a little more off the radar," Stafford said of mid caps. "I think it's just kind of an interesting hunting ground for growth, for compounding over time and for really developing an edge versus the market, which is the basis of active management."Instead of chasing the next quarter, Stafford said she spends most of her time thinking about the long-term earnings power of a company."By long-term, I mean three to five years out," Stafford said. "The market's not thinking about what's happening in three years — they're thinking about what's happening in three months."There's plenty of hype about innovation in the healthcare and technology sectors, Stafford said, but she thinks it's justified. Although she didn't cite individual names she's bullish on, the second-largest holding in her fund is managed care firm Molina Healthcare (<a target="_blank" href="https://markets.businessinsider.com/stocks/moh-stock">MOH</a>).Bates, the T. Rowe Price portfolio manager, also likes healthcare companies due to their solid long-term demand prospects. He also recommends that investors diversify away from growth stocks that thrived under low rates and instead broaden out to value-oriented names.Examples of popular exchange-traded funds (ETFs) tied to value and healthcare stocks include the Vanguard Value ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/vanguard-value-index-fund-etf-shares-us9229087443">VTV</a>), the iShares Russell 1000 Value ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/ishares-russell-1000-value-etf-us4642875987">IWD</a>), the Health Care Select Sector SPDR Fund (<a target="_blank" href="https://markets.businessinsider.com/etfs/health-care-select-sector-spdr-fund-us81369y2090">XLV</a>), and the iShares Global Healthcare ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/ishares-global-healthcare-etf-us4642873255">IXJ</a>).<h2>Pricey US stocks make diversification a top priority</h2>Various valuation measures show that US stocks are richly valued. The Shiller Cyclically Adjusted Price-to-Earnings (CAPE) ratio is 30.7, which is <a target="_blank" href="https://www.multpl.com/shiller-pe">around levels seen during the height of the dot-com bubble</a>.Over the long-term, high valuations typically lead to poor returns. Valuations explain 80% of a stock's returns over a decade, according to Bank of America.Cole Smead, who co-manages the Smead Value Fund (<a target="_blank" href="https://markets.businessinsider.com/funds/smead-value-fund-investor-class-us83178c8819">SMVLX</a>) that's <a target="_blank" href="https://affiliate.insider.com?h=f3d8d9acb3650494a8a05384eb83d68d8095d6aaddf214a8457abddb36fdffb7&amp;postID=655e422c1b08829c5b328d8d&amp;postSlug=how-to-invest-make-money-work-next-decade-2020s-2023-11&amp;site=bi&amp;u=https%3A%2F%2Fwww.morningstar.com%2Ffunds%2Fxnas%2Fsmvlx%2Fperformance">beaten 98% of similar funds</a> over the last 10 years, says there's a high chance the S&amp;P 500 delivers negative returns over the next decade.There are two valuation metrics he points to: the percentage of household assets that are held in equities being near all-time highs, and the equity risk premium, or ERP, which is the expected excess return of the S&amp;P 500 over risk-free Treasuries. Right now, the ERP is barely positive, while the long-term average is about 3%, according to Comerica Wealth Management.Phillip Colmar, a global strategist at MRB Partners, also believes returns for the S&amp;P 500 over the long-term will be lackluster given higher valuations. Over the next 10 years, his firm sees US stocks having a compound annual growth rate of around 1%, while non-US stocks will grow at around 4% per year.All that said, US stocks have vastly outperformed the rest of the world over the last several years, and US stocks have tended to trade at higher valuations.Smead sees energy in stocks in Canada also outperforming in the coming decade, as well as European banks.Colmar likes European financials stocks, too. He thinks the euro — and by extension European banks — will benefit from weakness in the Canadian housing market and the Canadian dollar."When the house prices go down, households end up having to repair their balance sheets, like they did in the United States, then you end up with very weak growth, you end up with a backlash on the financial system, and so financial stocks become your short opportunity," Colmar said. He said having exposure to European financials stocks is one way to benefit from that downside without taking on the risk of shorting Canadian financials stocks.Colmar also recommends euro-area stocks as a whole (ex-UK), given that valuations there are low relative to the US. The iShares MSCI Eurozone ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/ishares-msci-eurozone-etf-us4642866085">EZU</a>) and the iShares MSCI Europe Financials ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/ishares-msci-europe-financials-etf-us4642891802">EUFN</a>) are two ways to gain exposure to the above trades.All that said, US stocks have vastly outperformed the rest of the world over the last several years, and US stocks have tended to trade at higher valuations.<h2>Look under the surface in the US</h2>While some believe the broad US stock indexes will underperform, there are still opportunities within the market.Bob Doll, the chief investment officer at Crossmark Global Investments and the former chief US equity strategist at BlackRock, thinks that growth-oriented areas of the market are where investors will find the best returns."Typically, the ones who produce more earnings growth over a 10-year period outperform, and I don't know why that wouldn't be the case again — which takes me to technology, the higher growth end of healthcare and consumer discretionary," Doll said.Meanwhile, Smead believes capital will flow into two industries he thinks are widely seen as outdated and unloved: banking and energy. Both have underperformed over the last decade. Since November 2013, the Energy Select Sector SPDR Fund (<a target="_blank" href="https://markets.businessinsider.com/etfs/energy-select-sector-spdr-fund-us81369y5069">XLE</a>) is down 4%, while the SPDR S&amp;P Bank ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/spdr-sp-bank-etf-us78464a7972">KBE</a>) is up just 25% over that time."Those are those old fuddy-duddy industries, you know, the ones that should be replaced by fintech and renewable energy," Smead said. "I think we're finding out really quickly that renewable energy is finding a crucifixion in stock markets, and I don't think fintech has changed the banking world in the slightest."<h2>Bonds offer opportunities</h2>Outside of stocks, Dantes of Global X said fixed income is intriguing after a massive multi-year selloff in Treasuries that followed a decade-long bull market. Yields are the highest they've been since before the financial crisis, and Dantes is confident that <a target="_blank" href="https://www.businessinsider.com/how-to-buy-high-yield-bond-funds-2023-11">bond returns</a> will beat cash."You definitely want to be actively involved in the market, knowing that you're not entering an early-cycle environment that's after a recession when you get the really juicy returns," Dantes said of fixed income. "You're still in a late-cycle environment."Dantes said other ways to earn income include the <a target="_blank" href="https://www.investopedia.com/terms/c/coveredcall.asp">covered call</a> options trading strategy or master limited partnerships (MLPs), which are companies with tax advantages that are often either tied to commodities or real estate.<h2>As rates remain high, stay invested and prioritize paying down debt</h2>Regardless of what happens in markets and the economy in the next decade, investors should follow time-tested strategies like dollar-cost averaging and taking advantage of 401(k) matching at work, said Michael Sheldon, the chief investment officer at RDM Financial Group.Dollar-cost averaging means investing smaller chunks of money periodically instead of attempting to time the market. Those who dollar-cost average in a 401(k) plan enjoy tax benefits and also often receive additional contributions from their employer through a matching program."Markets are going to have their ups and downs over time, but we also know, importantly, that equity markets over the decades have proven to be the best way for investors to create wealth in financial markets," said Sheldon, who's also a Certified Financial Planner (CFP).Investing early and often is especially vital since Sheldon said there's a serious chance that the US won't be able to fully fund programs like Social Security in the next decade."Given the uncertainty of where Social Security is, that just means that younger adults — unfortunately — need to save as much as they can for future retirement," Sheldon said.However, investing and saving shouldn't preclude people from paying down debt, Sheldon said — especially in an era of higher-for-longer interest rates. Borrowing costs on everything from credit cards to cars to houses will likely be elevated in the next decade, so Sheldon advises reducing debt as soon as possible, starting with whatever has the highest interest rate.<h2>Invest with taxes in mind</h2>Chris Chen, the founder of Insight Financial Strategists and a CFP, believes investors with a long-term horizon should consider direct indexing. This means instead of buying an index fund like the SPDR S&amp;P 500 ETF Trust (<a target="_blank" href="https://markets.businessinsider.com/etfs/spdr-sp-500-etf-trust-us78462f1030">SPY</a>), one buys the stocks that make it up individually.The main advantage of doing this is to reduce the tax burden of gains the portfolio makes, Chen said. One can lock in positive returns of individual stocks without paying taxes on the gains by selling other individual stocks that happen to be down at the time. Investors can then immediately buy back the stocks they sold at a gain, and can do the same for the down stocks after a 30-day waiting period. This process can then be repeated as desired.Another long-term tax strategy Chen recommended is investing in more growth-oriented assets through a Roth IRA, which is taxed upfront. Meanwhile, one can invest in more stable assets like bonds through a traditional IRA, where gains are taxed upon withdrawal.This is because growth-oriented assets will tend to deliver higher returns over the long-term than bonds will, making it more advantageous to let them grow tax-free in a Roth IRA and avoid future taxes on substantial returns. Bonds will tend to produce less impressive returns, so it's better to have them taxed on the back end.This makes most sense if you're able to fill both accounts on a yearly basis. The maximum yearly contribution in 2024 for both traditional and Roth IRAs is $7,000. For people over the age of 50, it's $8,000.

How to make your money work for you over the next decade 

<ul class="summary-list"><li>The IMF expects the world economy to grow 2.9% in 2023 — which is better than its October forecast of 2.7%.</li><li>Growth is expected to be supported by strong labor markets and household consumption, and China's reopening.</li></ul>The world economy may actually not be as bad as it seems, the <a href="https://www.imf.org/-/media/Files/Publications/WEO/2023/Update/January/English/text.ashx" target="_blank" rel="noopener">International Monetary Fund</a> said Monday, as it upped its global growth forecast to 2.9% in 2023. While that's still slower than the pace of growth in 2022 at 3.4%, it's an improvement from the IMF's <a href="https://www.imf.org/en/Blogs/Articles/2022/11/13/slowing-global-economic-growth-is-increasingly-evident-high-frequency-data-show" target="_blank" rel="noopener">October forecast</a> of a 2.7% rise. Strong labor markets, increased household consumption and business investment, and China's economic reopening from the COVID-19 pandemic, all contribute to the cheery outlook. "We're well away from any kind of global recession marker," Pierre-Olivier Gourinchas, the IMF's chief economist, told <a href="https://www.bloomberg.com/news/articles/2023-01-31/imf-raises-world-economic-outlook-for-the-first-time-in-a-year" target="_blank" rel="noopener">Bloomberg</a> on Tuesday."This time around, the global economic outlook hasn't worsened. That's good news, but not enough. The road back to a full recovery, with sustainable growth, stable prices, and progress for all, is only starting," Gourinchas also wrote in a <a href="https://www.imf.org/en/Blogs/Articles/2023/01/30/global-economy-to-slow-further-amid-signs-of-resilience-and-china-re-opening" target="_blank" rel="noopener">Monday blogpost.</a>The IMF highlighted India and China as bright spots in the global economy. The two countries account for half of global growth in 2023, Gourinchas added in his blogpost. The US and Euro-zone will collectively account for just one-tenth of growth.And it also seemed surprisingly upbeat about the Russian economy — it expects the economy to grow, even amid sweeping sanctions against Moscow over the Ukraine war and a <a href="https://ec.europa.eu/commission/presscorner/detail/en/QANDA_22_7469" target="_blank" rel="noopener">$60 a barrel price cap</a> for its crude oil exports — suggesting the restrictions are not that effective.The IMF expects Russia's economy to expand 0.3% in 2023 and 2.1% in 2024 — a stark reversal from an expected 2.2% contraction in 2022. The IMF had predicted in October that <a href="https://www.imf.org/external/np/g20/pdf/2022/111322.pdf" target="_blank" rel="noopener">Russia's economy</a> would contract by 3.4% in 2022."At the current oil price cap level of the Group of Seven, Russian crude oil export volumes are not expected to be significantly affected, with Russian trade continuing to be redirected from sanctioning to non-sanctioning countries," according to the IMF.The fund told <a href="https://www.reuters.com/markets/emerging-markets-growth-slowdown-bottomed-out-2022-risks-remain-imf-2023-01-31/" target="_blank" rel="noopener">Reuters</a> that Russia's economy was supported by a "fairly high" export revenue in 2022 and robust fiscal stimulus in part from military spending.However, the country is still expected to post a a decline in growth in the medium term due to the Ukraine war, Petya Koeva-Brooks, deputy director of the IMF's research department, told the news agency.

The IMF thinks we may actually skirt a recession. It is also surprisingly upbeat about Russia's economy.

<ul class="summary-list"><li><keyword id="11892705" type="UNKNOWN" weightage="60" keywordseo="germany" source="Orion">Germany</keyword> has activated an emergency plan to cope with disruptions to its natural-gas supply.</li><li>Europe's largest <keyword id="11893570" type="UNKNOWN" weightage="60" keywordseo="economy" source="Orion">economy</keyword> is heavily reliant on <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> for <keyword id="6354703" type="UNKNOWN" weightage="60" keywordseo="natural-gas" source="Orion">natural gas</keyword>.</li></ul>Germany — Europe's largest economy — has activated an emergency plan to deal with disruptions to its natural-gas supply after Russian President Vladimir Putin demanded <a href="https://markets.businessinsider.com/news/commodities/putin-russia-natural-gas-rubles-payment-unfriendly-countries-energy-sanctions-2022-3">payment in rubles</a>.Russian gas accounted for 55% of Germany's gas imports in 2021 and 40% of its gas imports in the first quarter of 2022, <a href="https://www.reuters.com/business/energy/what-happens-if-russia-turns-off-gas-flows-germany-2022-03-29/">Reuters</a> reported.Germany is in the "early warning phase" of its emergency plan, with Berlin calling all consumers — from industry to households — to conserve <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">energy</keyword> and reduce consumption. If the situation worsens, the country may start rationing gas in the last of the three-stage plan, as outlined by <a href="https://www.bmwi.de/Redaktion/EN/Downloads/F/faq-notfallplan-gas-en.pdf?__blob=publicationFile&amp;v=3">Germany's economy ministry</a>."There are no supply bottlenecks at present. Nevertheless, we need to step up our preventive measures in order to be ready to cope with any escalation by Russia," Robert Habeck, Germany's economy minister, said in a <a href="https://www.bmwi.de/Redaktion/EN/Pressemitteilungen/2022/03/20220330-bmwk-announces-early-warning-level-of-the-emergency-plan-for-gas-security-of-supply-still-ensured.html">statement</a> on Wednesday.On Monday, the <a href="https://www.reuters.com/business/energy/g7-rejects-putins-demand-rouble-payment-russian-gas-germany-2022-03-28/">Group of Seven</a> rejected Putin's demands for gas supplies to be paid in rubles, citing a breach in existing agreements. But on Thursday, <a href="https://markets.businessinsider.com/news/currencies/russia-gas-putin-exports-rubles-supplies-payments-halt-europe-2022-3">Putin</a> signed a decree requiring countries importing Russian gas to pay in rubles from April 1 and threatened to cancel existing contracts of those that didn't comply, <a href="https://www.reuters.com/business/energy/putin-says-russian-gas-must-be-paid-roubles-friday-2022-03-31/">Reuters</a> reported.Putin's decree came a day after he told German Chancellor Olaf Scholz that the country could pay for gas in euros, <a href="https://www.reuters.com/world/europe/germanys-scholz-did-not-agree-with-putin-rouble-energy-payments-spokesperson-2022-03-30/">Reuters</a> reported, citing a German government spokesperson.The spokesperson added, "Scholz did not agree to this procedure in the conversation, but asked for written information to better understand the procedure," Reuters reported.Imposing gas rations would hit the German economy badly.Under the country's <a href="https://www.bmwi.de/Redaktion/EN/Downloads/E/emergency-plan-gas-germany.pdf?__blob=publicationFile&amp;v=5">emergency plan</a>, industry would be first in line for supply cuts. The move could devastate the economy and lead to job losses, business leaders and unions told the <a href="https://www.dw.com/en/german-industry-gas-rationing-plan-would-cripple-economy/a-61302394">German media outlet DW</a>.A union leader from BASF — the world's largest chemical-maker — told DW that all 40,000 employees in the key production site in the western city Ludwigshafen would have to be put on shorter working hours or be laid off."The consequences would not only be reduced work hours and job losses, but also the rapid collapse of the industrial production chains in Europe — with worldwide consequences," said Michael Vassiliadis, the president of Germany's IG BCE chemical workers union and a BASF supervisory board member, DW reported.Last week, Germany pledged to end the use of Russian gas in 2024, <a href="https://www.reuters.com/business/energy/what-happens-if-russia-turns-off-gas-flows-germany-2022-03-29/">Reuters</a> reported, citing Habeck.

Germany is preparing to ration its natural-gas supply if a standoff with Russia over ruble payments escalates further

<ul><li>This year will likely be remembered for marking its emergence as the world's most populous nation.</li><li>By 2050, the UN expects <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> will have 1.6 billion residents and China 1.3 billion.</li><li>A growing working-age population is an important source of economic growth, so India's emergence will give it new power in international politics.</li></ul> If any major middle-income country is truly outperforming in the coming decades, it's the world's soon-to-be third largest economy (and its largest democracy), India, Eurasia Group said in a report. "In my view, 2023 will be remembered for India's emergence as the third pole of the world," wrote <keyword id="15992875" type="General" weightage="50" keywordseo="shigesaburo-okumura" source="Orion">Shigesaburo Okumura</keyword>, Editor-in-Chief of Nikkei Asia, in a recent article. Another important factor not to be neglected is India. This year will likely be remembered for marking its emergence as the world's most populous nation, Okumara wrote. According to the UN, China's population last year was 1.426 billion while India's was 1.417 billion. In July, the UN forecast that China's population would fall in 2023 while India's would surpass it. By 2050, the UN expects India will have 1.6 billion residents and China 1.3 billion. A growing working-age population is an important source of economic growth, so India's emergence will give it new power in international politics, Okumara said. Moreover, decoupling between the US and China and the rebuilding of technology supply chains to exclude China benefits India. <keyword id="6354427" type="General" weightage="50" keywordseo="apple" source="Orion">Apple</keyword> is building iPhone 14s in India. <keyword id="292865" type="General" weightage="50" keywordseo="natarajan-chandrasekaran" source="Orion">Natarajan Chandrasekaran</keyword>, chairman of <keyword id="46894" type="General" weightage="50" keywordseo="tata-sons" source="Orion">Tata Sons</keyword>, has talked of plans to produce semiconductors in the subcontinent. In March, India will host the plenary session of the <keyword id="833063" type="General" weightage="50" keywordseo="trilateral-commission" source="Orion">Trilateral Commission</keyword> for the first time. This year, it is also chairing the Group of 20, a role that will involve a leaders' summit and many ministerial meetings. The Modi government will be eager to show leadership ahead of India's own elections in 2024, Okumara wrote. "The new year thus could mark the beginning of a tripolar world, involving the US, China and India. New Delhi is undeniably on the rise," Okumara concluded. <keyword id="47256" type="General" weightage="50" keywordseo="challenges" source="Orion">Challenges</keyword>, however, are mounting for India's economy with the GDP forecast at a half-century low. Motilal Oswal Financial Services forecast in a note that after growing strongly for two consecutive years, India's real GDP growth would decelerate to 5.2 per cent YoY in FY24, while nominal GDP growth would weaken even sharply to 7-7.5 per cent, led by easing inflation. A combination of factors such as slower global economy, fading pent-up demand and normalising base effects would contribute to slower real growth. With an expected retail inflation print at just 4.3 per cent and a mere 1 per cent growth in the wholesale price index (<keyword id="46000" type="General" weightage="50" keywordseo="wpi" source="Orion">WPI</keyword>) in FY24, the GDP deflator could be around 2 per cent, dragging down India's nominal GDP growth to the lowest level compared to any year between the early 1970s and FY19 (that is, half-a-century pre-Covid period), the report said. Such slow growth rate would have some serious implications for the macro economy and financial markets. "Overall, we believe that unlike the past 12-15 months, the narrative will reverse in FY24. Inflation concerns will take a back seat and growth worries will resurface. This may be true not only for India, but also for the entire global economy. At the same time, restrictive monetary policy will fail to boost financial markets. Accordingly, CY23 could be very painful," the report said. Revenue of listed companies is highly correlated with nominal GDP growth (and WPI-inflation). In case of single-digit nominal GDP growth, corporate sales growth is also expected to weaken from an average of &gt;30 per cent YoY in the past seven quarters to single digits in FY24. With an expectation of weaker nominal GDP growth in FY24, we estimate India's debt growth to also weaken. Thus, bank credit growth could also moderate from 15-16 per cent in FY23 to 12 per cent in FY24 with a downward bias, the report said. As central banks across the world simultaneously hike interest rates in response to inflation, the world may be edging toward a global recession in 2023 and a string of financial crises in emerging market and developing economies that would do them lasting harm, according to a comprehensive new study by the <keyword id="6354424" type="General" weightage="50" keywordseo="world-bank" source="Orion">World Bank</keyword> in September. Several historical indicators of global recessions are already flashing warnings. The global economy is now in its steepest slowdown following a post-recession recovery since 1970. Global consumer confidence has already suffered a much sharper decline than in the run-up to previous global recessions. The world's three largest economies -- United States, China, and the Euro zone -- have been slowing sharply. The experience of the 1970s, the policy responses to the 1975 global recession, the subsequent period of stagflation, and the global recession of 1982 illustrate the risk of allowing inflation to remain elevated for long while growth is weak. The 1982 global recession coincided with the second-lowest growth rate in developing economies over the past five decades, second only to 2020. It triggered more than 40 debt crises and was followed by a decade of lost growth in many developing economies, the World Bank said. India's current account deficit expectedly swelled to a 37-quarter high of $36.4 billion (4.4 per cent of GDP) in Q2 FY23 from $18.2 billion in Q1 FY23 (2.2 per cent of GDP). The resulting net balance of payments (BoP) position registered a deficit of $30.4 billion (3.7 per cent of GDP), its weakest since the 2008 global financial crisis, compared to a surplus of $4.6 billion in Q1 FY23, Acuite Ratings said. Amid an uncertain geopolitical environment and slowing global growth, however, risks will remain on both current account balance and capital flows, it said. With excessive demand supply disparities, bloated supply chain management and battle against inflation weighing down on global economic growth, the New Year started on a gloomy outlook as IMF predicts global GDP growth topping at 2.7 per cent, narrowly escaping recession, Nuvama Professional Clients Group said in a note. The economy has been supported by sturdy domestic demand as indicated in GST collections and consumer spending. However, the industrial output contracted by 4 per cent YoY in October, the worst in over two years, hobbled by the drop in orders from western markets and weak investment at home, the note said. Standard Chartered said in a report that 2023 global macroeconomic backdrop is likely to be challenging given the heightened risk of a slowdown as lagged effects of monetary policy tightening leads to a weaker demand scenario and lower corporate earnings performance. As the monetary policy rate cycle peaks amid receding inflationary pressures in the second half of the year, risk sentiment could improve with the growth outlook stabilising. "In our assessment," the bank noted, "India's growth-inflation dynamics is stable and better than its peers." The post-pandemic economic recovery cycle remains strong amid supportive government policies and a pick-up in investments. Further, the likely broadening of the rural economy's recovery and of the service sectors is a strong tailwind, the note said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-startup-economy-stares-at-deepening-funding-winter-in-2023/articleshow/96807902.cms">India's startup economy stares at deepening funding winter in 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/ar-rahman-unknown-facts-about-about-indian-composer-and-oscar-winner/articleshow/96793884.cms">AR Rahman can leave dinner midway if inspiration strikes &amp; other anecdotes about the reticent music maestro</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/india-mulls-2nd-covid-booster-even-as-coverage-of-first-dose-remains-feeble/articleshow/96792098.cms">India mulls 2nd Covid booster even as coverage of first dose remains feeble</a>

India could emerge as the third pole despite GDP growth worries say experts

<ul class="summary-list"><li><keyword id="11905595" type="UNKNOWN" weightage="60" keywordseo="cristiano-ronaldo" source="Orion">Cristiano Ronaldo</keyword> has now scored more hat-tricks than any man in international <keyword id="11897666" type="UNKNOWN" weightage="60" keywordseo="soccer" source="Orion">soccer</keyword> history.</li><li>The 36-year-old netted his 10th hat-trick for Portugal as it beat Luxembourg 5-0 on Tuesday.</li></ul><a href="https://www.insider.com/category/cristiano-ronaldo">Cristiano Ronaldo</a> became the first male soccer player ever to score 10 international hat-tricks as he netted three goals in Portugal's 5-0 win over Luxembourg in World Cup qualifying on Tuesday.The <keyword id="11895952" type="UNKNOWN" weightage="60" keywordseo="manchester-united" source="Orion">Manchester United</keyword> star scored two penalties in the opening 13 minutes before adding a late header to complete the scoring at the Estadio Algarve.Bruno Fernandes and Joao Palhinha scored the other goals, with victory leaving Portugal second in Group A with two games to play.Ronaldo's hat-trick was the 58th of his career and 10th for Portugal, meaning he has now scored more hat-tricks than any other player in international soccer history.He was previously level with Sweden's Sven Rydell (1923-1932) on nine hat-tricks. "Another victory, another step towards our goal, another historic night in defense of our colors!" Ronaldo, <a href="https://www.insider.com/cristiano-ronaldo-international-scoring-record-every-goal-scored-mapped-2021-9">who is already international soccer's highest ever scorer with 115 goals,</a> wrote on Instagram after the match."Everything becomes easier when we play at home and in front of an audience that cares for us from the first to the last minute."I had promised that I would always be looking for more and more and more! It is in my DNA and in our DNA, we are never satisfied, we never let our arms down and we will always fight for everything we can achieve!"Ronaldo wasn't the only hat-trick hero on Wednesday night. The Republic of Ireland's Callum Robinson also netted three as Stephen Kenny's side beat 2022 World Cup host Qatar 4-0 in a friendly.

Cristiano Ronaldo has now scored more hat-tricks than any player in men's international soccer history

<ul class="summary-list"><li><keyword id="6354539" type="UNKNOWN" weightage="60" keywordseo="dubai" source="Orion">Dubai</keyword> recorded more than 11,000 real-estate transactions in January and February, a record for the city.</li><li>Dubai is seeing a spike in demand from Russian and Ukrainian buyers, agents told Insider.</li></ul>Dubai's real-estate market is off to a roaring start to the year.The city recorded 11,071 transactions in January and February, the highest it has ever recorded in the first two months of the year, according to a <a href="https://www.cbre.ae/en/research-and-reports/Dubai-Residential-Market-Snapshot-March-2022">CBRE</a> report.The record follows a strong 2021: The total value of residential transactions in Dubai last year hit $35 billion — the highest the city has recorded since the global financial crisis — per a report from <a href="https://research.euro.savills.co.uk/uae/uae-2022-report---ar.pdf">Savills</a>.Insider spoke to three Dubai-based real-estate agents to get an inside look at what's happening with the market right now.<h2>Surging demand for luxury off-plan properties</h2>Demand for off-plan properties — projects that have yet to be constructed — has been robust, Thomas Fawcett, the cofounder of Dubai-based luxury real-estate firm <a href="https://www.theproperty.ae/">The Property</a>, told Insider. Projects due to be completed in 2024 and 2025 are selling out in a day, Fawcett said.Fawcett said demand has been particularly high for the luxury <keyword id="11916125" type="UNKNOWN" weightage="60" keywordseo="housing" source="Orion">housing</keyword> developments at <a href="https://properties.emaar.com/en/our-communities/emaar-beachfront/">Emaar Beachfront</a>, which has a private beach, and <a href="https://peninsula.select-group.ae/">Peninsula by Select Group</a>, which is by the Dubai Canal.<div type="image" title="A row of residential buildings along Dubai's coast" height="5657" width="7542" msid="90413836" hostid="261"></div>In March, <a href="https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/increased-monitoring-march-2022.html" target="_blank" rel="noopener noreferrer">The Financial Action Task Force</a> (FATF), an <keyword id="6356001" type="UNKNOWN" weightage="60" keywordseo="international" source="Orion">International</keyword> money-laundering watchdog, put the UAE on its "gray list." In response, the <a href="https://www.mediaoffice.abudhabi/en/economy/uae-continues-progress-and-reconfirms-its-deep-commitment-to-AML-CFT-following-FATF-decision/" target="_blank" rel="noopener noreferrer">UAE's Executive Office of Anti-Money Laundering and Countering the Financing of Terrorism</a> said the country is committed to fighting financial crime and said it "will work closely with the FATF to quickly remedy the areas of improvement identified."Despite its designation, Dubai's <keyword id="12135639" type="UNKNOWN" weightage="60" keywordseo="property-market" source="Orion">property market</keyword> remains popular with investors."The massive opportunity for investors is finding a good off-plan project and looking ahead, two to three, four years time, looking at where the market trajectory is going be, and then hopefully making the capital appreciation on these purchases that they are making today," Fawcett said.With working from home being the norm, Fawcett has said he's seeing increased interest in larger residences in Dubai. The values of villas in Dubai has risen nearly 22% since the start of the pandemic, per a <a href="https://content.knightfrank.com/research/2408/documents/en/dubais-covid-comeback-2022-8855.pdf">Knight Frank</a> report.While Dubai's luxury real-estate market has long been popular with Russian investors, the war in Ukraine has further boosted Russian demand. "We're receiving requests every day from Russia," said Fawcett."It's increased, obviously, with the uncertainty of Russia and what's going on," He added. "People don't know what's going to happen to their money."Unlike the West, the UAE has not levied <a href="https://www.reuters.com/markets/asia/uae-could-be-russian-oligarchs-next-playground-2022-03-04/" target="_blank" rel="noopener noreferrer">sanctions</a> against Russia. While it remains one of the few places in the world where Russian money is welcomed, with the <a href="https://markets.businessinsider.com/news/currencies/russia-rouble-ukraine-putin-attack-market-halt-trading-rout-sanctions-2022-2">tumbling ruble</a> and sanctions kicking in, the difficulty now lies in completing the transaction. "They want to buy, but they literally cannot deliver the payment," Fawcett said of Russians looking to make real-estate investments in Dubai.<h2>Conflict accelerated Ukrainian buyers' decision to purchase</h2>Russia's invasion of Ukraine has also driven up demand from Ukrainians looking to flee the war, <a href="https://www.drivenproperties.com/">Driven Properties</a> partner Khadija Otmani told Insider. These are people, she said, who were already considering making property purchases before the invasion started."They've been thinking about it since a very long time ago. And instead of taking their time, it just accelerated what they were already about to purchase," said Otmani, who primarily deals with properties that are above 5 million euros ($5.49 million), specializing in penthouses and villas.Earlier this month, the UAE scrapped and then reinstated a policy granting Ukrainians visa-free entry into the country, <a href="https://www.cnbc.com/2022/03/03/uae-reinstates-visa-on-arrival-for-ukrainians-in-quick-reversal.html">CNBC</a> reported.<div type="image" title="Image of skyline" height="3820" width="5094" msid="90413837" hostid="261"></div>The pandemic has also been a factor: In July 2020, Dubai became one of the first cities to reopen internationally as many other countries kept their borders closed. The demographics of the city's luxury real-estate investors shifted as confidence in the government's COVID-19 management soared, Otmani told Insider.Previously, the bulk of her clients were either local, from Gulf countries like Saudi Arabia and Kuwait, or from India. As the pandemic progressed, Otmani noticed an uptick in demand from clients in Europe and other parts of Asia, including people who had never previously shown interest in Dubai.<h2>Completing purchases without setting foot in Dubai </h2>Across the globe, the process of <a href="https://www.nytimes.com/2020/11/11/realestate/10virtual-deals.html">buying real estate has gone virtual</a>. This includes not just payments or the signing of contracts, but livestreams of house viewings as well — and Dubai is no exception."A lot of my clients, they're not actually here," said Nate Dania, the founder and CEO of <a href="https://www.planbadvisory.com/">Plan B Advisory,</a> which oversees residency solutions and prime property investments. He has been working in <keyword id="11893295" type="UNKNOWN" weightage="100" keywordseo="real-estate" source="Orion">real estate</keyword> since 2007."We've seen a big shift in terms of clients who buy remotely, especially for off-plan projects because there's not really anything to see. Maybe sometimes there's a show apartment, but mostly it's sold on concept and paper," he added.Such deals can be closed after a Zoom call, a livestream tour of the show apartment if it exists, and little else, Dania told Insider. Developments he's closed virtually include <a href="https://sixsenses.luxury-developments.com/?gclid=CjwKCAjwiuuRBhBvEiwAFXKaNCpYG2Lv1tRD5B11NRS0byJi565nx-y1gyQM_dP4qWP4yAIk0TU8TRoCg9sQAvD_BwE">Six Senses Residences by Select Group</a> and <a href="https://www.oneatpalmjumeirah-omniyat.com/">One Palm by Omniyat</a>, both of which are located on the Palm Jumeirah.<div type="image" title="An interior shot of a living room in a high rise apartment." height="500" width="666" msid="90413838" hostid="261"></div>"There was a client who's based in Los Angeles, which is pretty far off. And we did everything remotely. So I sent them all the information for the Six Senses Residences and then they really liked it," Dania said."It was about $6 million," he added.

Luxury projects selling out years in advance and a record-setting start to the year: 3 Dubai real-estate agents detail what the market looks like right now

REUTERS/Stephen LamHere's what you need to know before the markets open.1. <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-up-300-percent-not-normal-asset-manager-says-2020-2-1028875843">'The punch bowl has been aggressively spiked': $1 billion asset manager sounds the alarm after Tesla's 300% stock rally</a>. "When a market cap of that size can go hyperbolic in a short period of time for no real reason, it is certainly symptomatic of an environment that is not normal."2. <a href="https://markets.businessinsider.com/news/stocks/watch-out-tesla-believers-critics-warn-stock-rally-wont-last-2020-2-1028876085">'Watch out Tesla believers': Critics are piling on to warn the 300% stock rally will crash and burn</a>."This is an incredibly dangerous place to be buying the stock and I have no doubt it will end in tears for many people."3. <a href="https://www.businessinsider.com/exclusive-hsbc-to-cull-senior-managers-review-footprint-in-strategy-shift-sources-2020-2?r=US&amp;IR=T">HSBC will reportedly cull senior managers, review footprint in strategy shift</a>. As part of a wider strategy overhaul, the bank will unveil a fresh round of job cuts targeting senior international managers and shrink its presence in some smaller markets, people with knowledge of the matter told Reuters.4. <a href="https://www.businessinsider.com/disney-plus-has-265-million-subscribers-since-launching-in-november-2020-2?r=US&amp;IR=T">Disney Plus has gained 28.6 million subscribers since launching in November</a>. The entertainment giant set a goal last April of racking up 60 million to 90 million subscribers by 2024.5. <a href="https://www.businessinsider.com/british-airways-owner-iag-sees-marginal-impact-of-coronavirus-on-global-travel-2020-2?r=US&amp;IR=T">British Airways owner IAG sees marginal impact of coronavirus on global travel</a>. IAG's CEO said the airline industry is healthy enough to absorb any economic slowdown in China.6. <a href="https://www.businessinsider.com/snap-budgets-100-million-preliminary-settlement-ipo-class-action-lawsuit-2020-2?r=US&amp;IR=T">Snap says it agreed to a $187.5 million settlement in a lawsuit where investors said that the company understated Snapchat's threat from Instagram</a>. The social-media group took a $100 million hit from the settlement as insurance covered the rest.7. <a href="https://www.businessinsider.com/spotify-reports-better-than-expected-rise-in-premium-subscribers-2020-2?r=US&amp;IR=T">Spotify reported a better-than-expected rise in paid users</a>. The music-streaming giant posted a 29% rise in premium subscribers last quarter as it rolled out promotions to fend off Apple and Amazon.8. Global stocks are up. European equities jumped with Germany's DAX up 1.1%, Britain's FTSE 100 up 0.6%, and the Euro Stoxx 50 up 0.9%. Asian indexes rallied with China's Shanghai Composite up 1.3%, Japan's Nikkei up 1%, and Hong Kong's Hang Seng up 0.4%. US stocks are poised for a positive open with Dow Jones, S&amp;P 500, and Nasdaq futures up 0.7% to 0.8%.9. <a href="https://markets.businessinsider.com/economic-calendar?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest#date=02/05/2020&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">There's a bunch of data out today</a>. The latest Markit services and ISM non-manufacturing figures are the highlight.10. <a href="https://markets.businessinsider.com/earnings-calendar?p=1?utm_source=markets&amp;utm_medium=ingest#date=02/05/2020&amp;name=&amp;countries=&amp;eventtypes=103,99&amp;tab=ALL">It's another big day for earnings</a>. Spotify, Merck, and General Motors are some of the key releases. <h3>NOW WATCH: <a href="https://www.businessinsider.com/qantas-airways-flying-worlds-longest-flight-2019-12">What it's like to ride the world's longest flight</a></h3>

10 things you need to know before the opening bell

<ul><li>Advertising agencies and brands come forward on <keyword id="6453991" type="UNKNOWN" weightage="20" keywordseo="Earth-Day">Earth Day</keyword> and make the promise of reducing their environmental footprint.</li><li>From optimizing packaging to accelerate the shift to a circular economy to using 100% recycled plastic, here’s how the companies are trying to build a better world for tomorrow.</li></ul>From floods in Chamoli to wildfires in Uttrakhand, the cascade of environmental calamities in India have not stopped, even as we grapple with a global pandemic. <keyword id="6359982" type="LOCATION" weightage="20" keywordseo="earth">Earth</keyword> Day reminds us all to help the planet take a much-needed break. It brings us closer to the stark reality and reminds us that we need more urgent action and change in the face of <keyword id="7588268" type="UNKNOWN" weightage="20" keywordseo="Climate-emergency">climate emergency</keyword>. April 22nd is celebrated as Earth Day across the world with an aim of pledging support for <keyword id="225511" type="COMPANY" weightage="20" keywordseo="Environmental-Protection">environmental protection</keyword>. According to earthday.org, this year’s theme focuses on ‘Restoring the Earth.’ “Climate change and other environmental degradations have broken our natural systems, leading to new and fatal diseases as well as a breakdown of the global economy. But just as climate change and coronavirus painfully remind us of the harm we’ve caused, Restore Our Earth reminds us of the opportunities that lay ahead,” reads the website. In the last few years, sustainability has become more than just a buzzword in the marketing and advertising world. It is now one of the biggest decision-making factors. Consumers are asking for more transparency and expecting to see more concrete action from Indian brands. So, this year, more companies have come forward to help limit global warming, reduce greenhouse gas emissions, aim for energy-efficient processes by using renewable energy, become water positive by reducing, recycling and reusing, and protecting our environment and its precious species. L’Oréal Paris L’Oréal Paris is on a mission of reducing its carbon footprint by 50% per finished product by 2030. It will also contribute 10 million Euros to environmental projects whose beneficiaries are communities of women around the world. It has pledged to reduce the weight of its products and use 100% recycled plastic. It will also join the LOOP initiative and take part in a project to trial new types of durable packaging. The new shampoo and conditioner packaging will be made of aluminum, and sold with a deposit, on the retailer’s website. After using the products, consumers will be able to return the packaging to the retailer that will collect and return the packaging to L’Oréal Paris for cleaning and refiling. KitKat KitKat has pledged to become carbon neutral by 2025. It aims to reduce the emissions generated through the sourcing of its ingredients, the manufacturing of the product and its distribution by more than 50% as part of the plan. Most emissions occur when producing KitKat's ingredients like cocoa and milk. The brand will reduce these emissions as much as possible through initiatives like restoring forests and supporting a transition to regenerative agriculture. For any emissions that cannot be eliminated, the brand will invest in high quality offsetting based on natural climate solutions. It has promised to expand its regenerative agriculture, accelerate the transition to renewable electricity, KitKat is also working with The Carbon Trust, a global climate change and sustainability consultancy, to measure the brand's current carbon footprint and will complete this process later in 2021. Reebok Reebok has released a new version of its innovation in running footwear: Floatride Energy GROW, the plant-based running shoe for high-performance. It combines the Forever Floatride Energy model with the commitment and responsibility to protect the environment and strive to create a fitter planet. It guarantees that at least 50% of the used materials are plant-based. It is also committed to reducing virgin polyester from its material mix and eliminating it altogether by 2024. Reebok is focusing sustainability efforts under two pillars: [REE]GROW, which focuses on the creation of products from natural materials; and [REE]CYCLED, which focuses on creating products using recycled or repurposed materials. WPP WPP has announced a new commitment to reach net zero carbon emissions in its operations by 2025 and across its entire supply chain by 2030. To deliver net zero emissions from WPP’s operations, electricity will be 100% renewably sourced by 2025. Within WPP’s supply chain, which accounts for the overwhelming majority of the company’s emissions, the two largest sources are the production of advertising content and, most significantly, the placement of that content in media channels from television and press to radio and online. WPP is the first in its industry to include media in its net zero commitment. Fossil Fossil has launched vegan cactus leather, an innovative material new to the industry, through the collection of Kier Cactus Leather Totes. Each bag is designed with material made from organically grown cactus leaves developed by Desserto, a Mexico-based company with a focus on sustainable materials. Apart from that, Fossil Group’s ongoing commitments towards pro-planet progress include: Design and produce 100% of our product to meet our pro-planet criteria by 2025 Make 100% of our primary packaging recyclable and/or reusable by 2025. Lead in circular business model approaches — where our materials can be used, reused and reduced — by 2025. Reduce water consumption for leather tanning by 45% by 2025. Reduce greenhouse gas emissions by 30% by 2030. Eliminate virgin plastics in our supply chain by 2030. Mamaearth Mamaearth aims to plant 1 million+ trees within 5 years. They have also been ensuring that no toxins or harmful chemicals are used in their products, with a list of 1,193 toxins on their watch out list while developing. Over the past 1 year, they have also recycled 1,135 metric tonnes of plastic, which is way more than the plastic they use. LG Electronics As a commitment towards a sustainable future, LG Electronics India on the occasion of Earth Day has announced a campaign themed #UPGRADERESPONSIBLY. The campaign focuses on how discarding old electronics irresponsibly hurts the environment, which ends up affecting our health. The launch of this video aims to create awareness around the simple solution of discarding e-waste to help save the planet. The video provides information about how one can responsibly discard their old electronics by simply calling up LG helpline. It shows how LG recycles or discards old electronics in a responsible and organized manner. <div type="Youtube" id="5SqGjZEi4VE" title="Recycle Used Appliances &amp; Electronics In A Responsible Way With LG" thumbUrl="https://i.ytimg.com/vi/5SqGjZEi4VE/mqdefault.jpg"></div>

On Earth Day, companies commit to adopt more sustainable practices in an attempt to safeguard our tomorrow

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Fabian BimmerGerman Chancellor Angela Merkel meets members of the German Bundeswehr at an army barracks in Leer, Ostfriesland, Germany, December 7, 2015.</div></div></div>Over the past several months, the entirety of Germany's submarine fleet has <a href="http://www.businessinsider.com/ap-germanys-entire-u-boat-fleet-is-out-of-action-2017-10" target="_blank" rel="noopener">gone out of action</a>, the Bundeswehr, its armed forces, has <a href="http://www.janes.com/article/76919/bundeswehr-outsources-helicopter-training" target="_blank" rel="noopener">outsourced</a> helicopter training to a private company because its own helicopters are in need of <a href="https://www.washingtonpost.com/news/worldviews/wp/2018/01/24/afraid-of-a-major-conflict-the-german-military-is-currently-unavailable/?utm_term=.66d8ed9faa3a" target="_blank" rel="noopener">repair</a>, and more than half of the Bundeswehr's Leopard 2 tanks, its most common model, were out of order, with <a href="https://www.focus.de/politik/deutschland/maengel-bei-der-bundeswehr-ueber-die-haelfte-der-leopard-2-panzer-ist-laut-bericht-nicht-einsatzbereit_id_7854562.html" target="_blank" rel="noopener">just 95</a> of 244 in service.Those are only the latest reports of German military deficiencies.In spring 2017, the Bundeswehr contingent deployed to a peacekeeping mission in Mali was left hamstrung when heat, dust, and rough terrain knocked <a href="http://www.dw.com/en/mali-too-hot-for-half-of-bundeswehr-minusma-vehicles/a-38481363" target="_blank" rel="noopener">half its vehicles</a> out of commission. In early 2016, it was <a href="http://www.dw.com/en/report-german-jets-useless-at-night/a-18988883" target="_blank" rel="noopener">reported</a> that German reconnaissance jets taking part in the fight against ISIS couldn't fly at night because their cockpit lighting was too bright for pilots.In early 2015, as Berlin was preparing to send fighter jets to Syria, a <a href="http://www.dw.com/en/less-than-half-of-german-air-force-fleet-ready-for-deployment/a-18889822" target="_blank" rel="noopener">military report</a> emerged saying that only 66 of the air force's 93 commissioned fighters were operational - and only 29 were combat-ready. In 2014, German troops tried to disguise a shortage of weapons by replacing machine guns with <a href="https://www.washingtonpost.com/news/worldviews/wp/2015/02/19/germanys-army-is-so-under-equipped-that-it-used-broomsticks-instead-of-machine-guns" target="_blank" rel="noopener">broomsticks</a> during a NATO exercise.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Thomson ReutersGerman soldiers in a Leopard 2 tank after a NATO Enhanced Forward Presence Battle Group Lithuania exercise in Pabrade military training field, Lithuania, May 17, 2017.</div></div></div>Germany has high standards for its military equipment, experts say, and it's believed that the country could mobilize much of its equipment in a short period if needed. Berlin also <a href="https://www.washingtonpost.com/news/worldviews/wp/2018/01/24/afraid-of-a-major-conflict-the-german-military-is-currently-unavailable/?utm_term=.c60bd48f4963" target="_blank" rel="noopener">drew down</a> its forces in 2011 in order to focus on asymmetrical warfare. It reversed course years later in light of Russian action in Ukraine and renewed concerns about conventional warfare, but much of that equipment has to be reacquired.Those shortages of gear may <a href="https://www.washingtonpost.com/news/worldviews/wp/2018/01/24/afraid-of-a-major-conflict-the-german-military-is-currently-unavailable/?utm_term=.c60bd48f4963" target="_blank" rel="noopener">hinder</a> recruiting efforts, as the German military transitions from a conscripted force to an all-volunteer one. (The Bundeswehr's recruitment drive has been <a href="http://www.businessinsider.com/r-despite-deaths-german-military-eyes-recruitment-bump-from-new-reality-show-2017-10" target="_blank" rel="noopener">criticized</a> for targeting 16- and 17-year-olds.)But the German military's shortcomings have added to the country's internal political debates, and Germany's contribution to Europe's collective <keyword id="6354810" type="ORGANIZATION" weightage="100" keywordseo="Defense">defense</keyword> is also facing scrutiny.Hans-Peter Bartels, the parliamentary commissioner for Germany's armed forces, has said while more limited operations may still be possible, the country's military is not prepared for a larger conflict."The hard currency, which should be used to measure the success of the minister, is the Bundeswehr's readiness for action," Bartels <a href="https://www.washingtonpost.com/news/worldviews/wp/2018/01/24/afraid-of-a-major-conflict-the-german-military-is-currently-unavailable" target="_blank" rel="noopener">told The Washington Post</a> of Germany's defense capacity, referring to Defense Minister Ursula von der Leyen. "And this readiness has not improved over the last four years but has only gotten worse."<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Fabian BimmerGerman army personnel board a German air force aircraft at a Bundeswehr air base in Jagel, northern Germany, December 10, 2015.</div></div></div>Germany's center-left Social Democratic Party, of which Bartels is a member, was part of a governing coalition with Chancellor Angela Merkel's conservative Christian Democratic Union, of which von der Leyen is also a member, but the SDP moved into the official parliamentary opposition after <a href="https://www.theguardian.com/world/live/2017/sep/24/german-elections-2017-angela-merkel-cdu-spd-afd-live-updates" target="_blank" rel="noopener">a disappointing showing</a> in the September elections.The SDP and CDU agree that Germany's military - with 178,000 personnel and much outdated equipment - needs improvement, but the SDP has balked at the CDU's push to increase the defense budget to 2% of GDP by 2024. Industry <a href="http://www.dw.com/en/german-defense-spending-way-below-2-percent-target/a-42224509" target="_blank" rel="noopener">estimates</a> put 2017 defense spending at about 1.13% of GDP.Such an increase would require Germany to grow military spending from 37 billion euros in 2017 to more than 70 billion euros by 2024, <a href="http://www.dw.com/en/german-military-spending-gets-political/a-40016299" target="_blank" rel="noopener">according</a> to Deutsche Welle.The two parties <a href="http://www.dw.com/en/german-defense-spending-way-below-2-percent-target/a-42224509" target="_blank" rel="noopener">reached</a> a preliminary agreement in early January that would boost defense expenditures to 42.4 billion euros in 2021, but the projected expansion of Germany's economy would mean that sum would still only be a little over 1% of GDP. (The agreement did not specifically mention the NATO defense-spending target.)Foreign Minister Sigmar Gabriel, an SDP member, has called expanding defense spending t0 2% of GDP a "<a href="http://www.dw.com/en/german-military-spending-gets-political/a-40016299" target="_blank" rel="noopener">pretty crazy idea</a>," and the SDP is not the only party resisting such an increase. The legacy of World War II and the Cold War have made some in Germany wary of military expansion, and others have argued the German military doesn't have <a href="https://www.defensenews.com/global/europe/2018/01/31/us-army-secretary-holds-germany-to-its-nato-spending-promise" target="_blank" rel="noopener">enough uses</a> for such a rapid influx of defense funds.Spending 2% of GDP on defense would bring Germany to the level agreed upon by NATO member countries, but the country's political parties <a href="http://www.dw.com/en/german-military-spending-gets-political/a-40016299" target="_blank" rel="noopener">disagree</a> on whether that agreement is actually binding.<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Fabrizio BenschGerman Bundeswehr soldiers fire mortars during the Joint Air Warfare Tactical Exercise 2014 at an army training area in Bergen, May 20, 2014.</div></div></div>US President Donald Trump publicly <a href="http://money.cnn.com/2017/05/25/news/nato-trump-defense-spending/index.html" target="_blank" rel="noopener">scolded</a> NATO members for "not paying what they should be paying" in 2017 and admonished Germany for owing the US "<a href="https://twitter.com/realDonaldTrump/status/843090516283723776" target="_blank" rel="noopener">vast sums of money</a>" in March that year. Berlin <a href="https://www.washingtonpost.com/news/worldviews/wp/2018/01/24/afraid-of-a-major-conflict-the-german-military-is-currently-unavailable/?utm_term=.c6f6b3f13c31" target="_blank" rel="noopener">dismissed</a> that assertion, but the US and other officials have continued to push Germany over its defense spending.Wolfgang Ischinger, chairman of the Munich Security Conference and Germany's former envoy to Washington, echoed accusations that Germany was contributing its fair share, saying it was "<a href="http://www.businessinsider.com/r-diplomat-tells-germany-raise-military-spending-dont-be-a-freeloader-2018-1" target="_blank" rel="noopener">undignified</a>" for Germany's only contribution to the fight against ISIS to be reconnaissance flights.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://www.apimages.com/metadata/Index/Germany-G20/4280f0af588d40bd9ed163b106f12e1c/12/0">AP Photo/Matthias Schrader, pool</a>President Donald Trump and German Chancellor Angela Merkel before the G20 summit in Hamburg, Germany, July 6, 2017.</div></div></div>"The biggest European Union state is all for victory over Islamic State in Syria and Iraq; we take photos, but we leave the dirty business of shooting to others," <a href="http://www.businessinsider.com/r-diplomat-tells-germany-raise-military-spending-dont-be-a-freeloader-2018-1" target="_blank" rel="noopener">he told Reuters</a>in late January."We should not develop the reputation of being one of the world's best freeloaders," he added.The debate has not been limited to German voices.During a visit to Germany at the end of January, US Army Secretary Mark Esper, a former Raytheon executive, said he would take the German government at its word that it would increase defense spending to the 2% target, but cautioned against falling short."It's important for all of our NATO allies to live up to their commitments," Esper <a href="http://www.businessinsider.com/r-us-army-leader-tells-germany-meet-nato-spending-goal-or-weaken-nato-2018-1" target="_blank" rel="noopener">said</a>. "If not, it weakens the alliance, clearly, and Germany is such a critical member of NATO." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/nazi-time-capsule-missing-movie-falkenburg-germany-2016-12">Researchers uncovered a Nazi 'time capsule' from 1934 - but a key artifact was missing</a></h3> <div> </div> </div>

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