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New Delhi: India's fossil fuel emissions are projected to rise by 4.6 per cent in 2024, while China could see a marginal rise of 0.2 per cent, according to new research by a group of international scientists. As the UN climate conference in Baku, Azerbaijan, discussed raising trillions of dollars to tackle <keyword id="19907392" type="General" weightage="20" keywordseo="Climate-change" source="keywords">climate change</keyword>, the group of scientists known as the "Global Carbon Project" warned that emissions from fossil fuels -- the main driver of warming -- could hit a record 37.4 billion tonnes in 2024, up 0.8 percent from 2023 levels. This comes despite rapid growth in renewable energy and a landmark agreement at COP28 in Dubai last year to move away from fossil fuels. The "<keyword id="23948569" type="General" weightage="20" keywordseo="Global-carbon-budget-2024" source="keywords">Global Carbon Budget 2024</keyword>" report said total global CO2 emissions are set to go up from 40.6 billion tons in 2023 to 41.6 billion metric tons in 2024, which is on course to become the warmest year on record. "The impacts of climate change are becoming increasingly dramatic, yet we still see no sign that burning of fossil fuels has peaked," Professor Pierre Friedlingstein of Exeter's Global Systems Institute, who led the study, said. The 'Global Carbon Project' team said India, the world's most populous country and fastest-growing major economy, may see its fossil fuel emissions rise by 4.6 percent. According to a UN report released last month, India's greenhouse gas emissions surged by 6.1 per cent in 2023, contributing to 8 per cent of the global total. However, the country's historical contribution to global CO2 emissions stands at only 3 per cent. India's per capita emissions remain low at 2.9 tons of CO2 equivalent (tCO2e), far below the global average of 6.6 tCO2e. India, the world's third-largest greenhouse gas emitter, has pledged to reach net zero emissions (balancing emissions with removals) by 2070 and aims to achieve 500 gigawatts of renewable energy capacity by 2030. China's emissions, which make up 32 per cent of the global total, are likely to increase slightly by 0.2 per cent, though there is a chance they could decline, according to the data released on Wednesday. Emissions from the United States and the European Union, which contribute 13 per cent and 7 per cent of the global total, are both set to decline, with drops of 0.6 per cent for the US and 3.8 per cent for the EU. Emissions from the rest of the world, which together account for 38 per cent of global emissions, could see a rise of 1.1 per cent. The researchers said that in 2024, coal emissions will likely increase by 0.2 per cent, oil by 0.9 per cent, and gas by 2.4 per cent, globally. Coal, oil, and gas contribute 41 per cent, 32 per cent, and 21 per cent of global fossil CO2 emissions, respectively. However, given the uncertainty in projections, it remains possible that coal emissions could decline in 2024, they said. The report also pointed out that emissions from international aviation and shipping, which account for 3 per cent of global emissions and are tracked separately from national or regional totals, are expected to rise by 7.8 per cent in 2024. However, these emissions will still be 3.5 per cent below the 2019 pre-pandemic levels. Globally, emissions from land-use changes, like deforestation, have dropped by 20 per cent over the past decade but are expected to rise in 2024. Permanent CO2 removal through reforestation and new forest planting now offsets about half of the emissions from permanent deforestation, they added. Technology-based CO2 removal accounts for only a tiny fraction -- around one-millionth -- of CO2 emissions from fossil fuels. The report said that emissions from fires in 2024 have been above the average since the beginning of the satellite record in 2003, particularly due to the extreme 2023 wildfire season in Canada (which continued into 2024) and severe drought in Brazil. Land and ocean carbon sinks continued to absorb around half of the total carbon emissions, despite being negatively affected by climate change.

Global fossil emissions to reach record high in 2024; India's share to rise by 4.6 pc: Report

Global markets are looking ahead to the US Fed's meeting scheduled for Thursday, November 7, 2024, expecting the Jerome Powell-chaired FOMC (Federal Open Market Committee) to slash interest rates further by 0.25%. In September this year, the Fed surprised the markets by cutting interest rates by a massive 0.5%, for the first time in 4 years. As per the <keyword id="23807624" type="General" weightage="20" keywordseo="CME-Fed-Watch-Tool" source="keywords">CME Fed Watch Tool</keyword>, there is now a 99.5% chance that the Fed will reduce the interest rates by around 25 basis points, bringing it within the range of 4.5% to 4.75%. Only 0.5% believe that the Fed might leave the rates unchanged, within their present range of 4.75% to 5%. As for the Fed's December meeting, scheduled for December 18, per the CME Fed Watch tool, 79.5% believe that interest rates would be in the range of 4.25% to 4.5%. Another 20.4% believe that yields will remain in the range of 4.5% and 4.75%. Only 0.1% see the interest rates staying within their current range of 4.75% to 5% <h2>No major changes anticipated</h2>However, it is unlikely that this quarter-point rate cut would bring about any significant financial changes in the US economy. The Fed is again expected to bring down the interest rates by another 25 basis points in their December meeting. This would imply a total rate cut of about 50 basis points by the end of this year. So, why is the Fed not bringing down interest rates by 50 basis points in one fell swoop this time around? Why wait till December to bring down the rates by another 25 basis points? Experts believe that it could stoke inflation, which has seen a sharp decline in the recent past. A steep slash of borrowing rates could accelerate borrowing activity and inject significant cash into the economy at once, pushing up inflation. Per the Fed's recent projections, a total of 4 rate cuts are anticipated in 2025. On a YoY basis, inflation in the US dipped to 2.4%, close to the Fed's target of 2%. With inflationary pressures reined in, the economy growing at the rate of 2.8% during the third quarter of FY24, and the unemployment rate down to 4.1%, the markets see much merit in bringing interest rates down. This is especially important to boost spending, particularly in sectors such as housing and automobiles, where even a slight tinkering in interest rates can drastically impact the amount and volume of loans taken to own them. Data suggests that during Trump's presidency tenure, i.e., between 2017 and 2021, inflation averaged at a rate of 1.9% a year. During the Biden administration, where Kamala Harris served as VP, the inflation is on track to average around 5% a year. Shrisha Acharya, Vice President, Anand Rathi Global Finance, also notes that the results of the impending US elections, which are likely to be declared tomorrow, will impact the yields and stock markets. "The Trump card, coupled with potential Republican control, could mean higher bond yields due to anticipated increases in deficit spending, inflation risks, and potential tax cuts. This could very well jiggle the confidence in U.S. Treasury bonds and thus start a chain effect that will possibly impact global market stability and lead to short-term volatility. On the other hand, Harris’ rise has been met with a stock market rally glued on expectations of economic stability and controlled inflation, with more predictable fiscal policy likely to help in a soft landing," he explains.

What can you expect from the US Fed meeting later this week? Here's all you need to know

It is no secret that women often outlive men. The global average life expectancy in 2021 was about 68.4 years for men. In contrast, this stood at 73.8 years for women. As such, it is far more important for women to begin planning for their golden years as early as possible. Perhaps realizing this, more women are getting into investing than ever before! Even better, women save about 5% more each month than men. A recent Max Life's India Retirement Index Study (IRIS 4.0) also highlighted a similar sentiment: women are increasingly taking charge of their retirement and finances. Per the study, urban Indian working women are now keeping pace with men, with 66% being confident that their current investments will guarantee a financially secure retirement life. In terms of health, 48% of urban Indian working women feel confident that they will continue to stay fit and healthy in their retirement years. Encouragingly, a whopping 68% of urban Indian women have already started investing for their retirement. Amongst their preferred investment avenues are life insurance (65%), bank FDs/RDs (45%), medical insurance (36%), and mutual funds and SIPs (14%). The awareness is not limited to women; young urban Indians are awakening to the realization that retirement planning should be kicked off as soon as possible. Per IRIS 4,0, 44% of Indians consider the right age to start planning for retirement to be before 35 years, a jump from 38% in IRIS 3.0. An overwhelming 93% of respondents aged above 50 regret delaying their retirement planning. Says Priyanka Bhatia, Co-Founder of Women on Wealth, "Women, by and large, live longer than men and may confront professional interferences, which influence retirement reserve funds essentially. Beginning in your 20s permits women to create strategies that account for longevity risks and potential income gaps. Investments like annuities and dividend-paying assets guarantee a consistent income stream post-retirement, permitting ladies to explore monetary freedom even in later years.". Not to mention, beginning early also permits individuals to take advantage of tax-efficient investments over a more drawn-out period. In India, instruments like the National Pension Scheme (NPS) offer tax benefits that develop over the long haul. By expanding these exceptions from a young age, women can grow their retirement reserve funds while reducing taxable income in each financial year. Bhatia notes that even if one is planning to retire early, it does not only mean putting something aside for your 60s. It is also about adaptability to pick semi-retirement choices, work in sectors driven by passion, or even pursue entrepreneurial ventures without financial pressure. "Beginning in your 20s allows you to amass funds that can allow for early retirement, empowering a change to lifestyle-oriented work or community contributions later in life," Bhatia signs off.

Planning for your retirement in your 20s? Here's why it is a smart move!

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<ul class="summary-list"><li>Trump's tariff threats may boost Chinese exports as importers rush to beat tariffs.</li><li>Trump's proposed tariffs could lead to increased global manufacturing activity temporarily.</li></ul>US President-elect Donald Trump may be good for China's export business — at least temporarily.Trump, who <a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">won</a> the presidential election, has pledged to impose sweeping tariffs of 10% to 20% on imports to the US. He has threatened a 60% tariff on imports from China.His tariff threats are causing <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tariffs-threats-world-ceos-thoughts-trade-2024-11">jitters</a> around the world. With Trump set to take office on January 20, factories globally may be working overtime to ship out as much as they can before any potential tariffs kick in, economists say."There could be real front-loading of activity ahead of the enacting of tariffs," said Joe Lupton, a senior global economist at JPMorgan, on a <a target="_blank" class="" href="https://markets.jpmorgan.com/research/email/scx/-miq4i59/b3efe732-ef66-49ae-ad3d-5390f5279831/KAL-1-87CAN94L">podcast</a> over the weekend."Just as businesses try to get ahead of that, you could actually see a little bit of pop in global manufacturing, China manufacturing, as we head into the first quarter," he added.The demand for imports, including those from China, could also come from the US itself."Trump's return could create a short-term boost to Chinese exports as US importers increase their purchases to get ahead of the tariffs," wrote Zichun Huang, a China economist at Capital Economics, in a Thursday note.Some of the front-loading may already be taking place.Exports from China grew 12.7% in October from a year ago — their fastest pace in two years and far higher than their 2.4% rise in September, according to official data. Several major ports in China faced delays in September due to a <a target="_blank" class="" href="https://worldwidelogisticsltd.com/2024/09/18/6908/">major typhoon</a> and the backlog spilled in October.<h2 id="194ec862-e0b6-4683-b8c7-95de349dd1e3">Exports could dip with focus on trade deficits</h2>Any a temporary boost in trade would just be that: temporary.Asian export growth could still dip into the negative zone in the second half of next year amid Trump's focus on reducing US bilateral trade deficits, wrote economists at Nomura in a Friday note.Six of the top 10 countries that run deficits with the US are Asian countries, including China, Vietnam, Japan, South Korea, and India."Higher US tariffs on Chinese exports could re-direct those exports into Asia, hurting local production," wrote the Nomura economists."More tit-for-tat trade retaliation, trade policy uncertainty and delayed policy easing in some Asian economies will also likely spill into domestic demand," they added.

Global manufacturing is poised for a temporary boom ahead of possible Trump tariffs, economists say

<ul class="summary-list"><li>Saudi Arabia's wealth fund has pumped billions into global entertainment, sports, and infrastructure.</li><li>Now the Kingdom plans to cut its foreign investment to prioritize domestic spending.</li></ul>Saudi Arabia is pulling back on its <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-global-investment-spree-2024-8">global spending spree</a> to focus on domestic investments.Yasir Al Rumayyan, governor of the Public Investment Fund (PIF), said on Tuesday the kingdom planned to reduce the proportion of foreign investments made by the sovereign wealth fund from 30% to about 18% of its portfolio."We're more focused on the domestic economy and we've been achieving and doing so many big things," Al Rumayyan told delegates at the <a target="_blank" class="" href="https://www.businessinsider.com/finance-ceos-supporting-trump-blackstone-steve-schwarzman-citadel-ken-griffin-2024-10">Future Investment Initiative</a> in Riyadh. Saudi Arabia's annual business conference has been dubbed "Davos in the desert" in a nod to the World Economic Forum meeting in Switzerland each January.The absolute dollar amount for overseas deals was still increasing, the PIF chief said.<div type="image" title="Governor of Public Investment Fund of Saudi Arabia Yasir Al-Rumayyan on a panel at the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024." height="3822" width="5366" msid="114781319" hostid="261" sizebytes="297336"></div>In recent years, the PIF has pumped billions into high-profile assets, including global sports teams, entertainment, airport infrastructure, and <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-global-investment-spree-2024-8">Uber</a>. The fund's assets are worth about $925 billion.The spending is part of Saudi Arabia's <a target="_blank" href="https://www.businessinsider.com/vision-2030-saudi-arabia-plan-future-proof-oil-economy-2023-8">Vision 2030</a> plan to reduce its economy's dependence on oil and transform the country into a significant global economic player.Investors have flocked to the FII conference in previous years to take advantage of the multi-billion dollar deals struck at the event. The total at last year's conference reached almost $18 billion, the Saudi Press Agency reported.The kingdom has already been slowing its cash flows and telling foreign fund managers to invest more in Saudi Arabia if they want to secure deals.The PIF's traded stocks in the US fell from about $35 billion at the end of 2023 to $20.6 billion at June 30, The Financial Times reported.Al Rumayyan said that investors were already changing their approach. "People used to come to us and ask for money. We are now seeing a shift from people wanting to take our money to people wanting to co-invest."The PIF governor also spoke about Saudi Arabia's <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-ai-groq-a16z-vision-2030-mbs-2024-9">ambitions to become a top destination</a> for AI companies and investors, saying that the technology's economic impact made it a driver of national power."We either have discussions or initial discussions to invest in AI and the reason why we are investing in AI is Saudi Arabia is very well positioned to be a global hub, not only a regional hub," Al Rumayyan said.The technology could add nearly $20 trillion to the global economy by 2030, he added.In September, Saudi Arabia held the third Global AI Summit, attracting a host of high-profile leaders and dealmakers. The PIF is also in talks to partner with prestigious venture capital firm Andreessen Horowitz on an AI fund, with a potential value of $40 billion, Bloomberg reported.The new focus on domestic investment comes as Saudi Arabia's spending on <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-vision-2030-projects-trillion-value-neom-2024-9">Neom</a>, its futuristic megacity in the desert, hit $1 trillion.Neom's scope appears to have been scaled back as the financial realities of the ambitious project hit home. Experts say Saudi has struggled to attract the foreign investment needed to fund the project's lofty goals.A <a target="_blank" class="" href="https://www.businessinsider.com/neom-sindalah-saudi-arabia-crown-prince-the-line-beach-party-2024-10">select group of guests</a> were recently invited to visit <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-neom-sindalah-island-dubai-resort-tourism-2024-4">Sindalah</a>, a luxury island resort in the Red Sea that is one of the first parts of Neom to become reality.

Saudi Arabia is pulling back on a global spending spree to focus on its own projects

Incidence of stroke and related deaths are rising substantially around the world, with <keyword id="19900550" type="General" weightage="20" keywordseo="air-pollution" source="keywords">air pollution</keyword>, <keyword id="21334318" type="General" weightage="20" keywordseo="high-temperatures" source="keywords">high temperatures</keyword> and metabolic risk factors such as high blood pressure and physical inactivity, driving these increases, according to estimates published in The Lancet Neurology journal. Researchers found that the contribution of high temperatures to poor health and early death due to stroke has increased 72% since 1990 and is likely to continue increasing in the future, thereby highlighting how environmental factors can impact growing stroke burden. Further, for the first time, particulate matter or PM air pollution was found to have the same contribution as smoking towards causing a fatal form of brain bleed, according to the researchers forming the <keyword id="20691740" type="General" weightage="20" keywordseo="Global-Burden-of-Disease" source="keywords">Global Burden of Disease</keyword>, Injuries, and Risk Factors Study (GBD) group. The GBD study, the "largest and most comprehensive effort to quantify health loss across places and over time", is coordinated by the Institute for Health Metrics and Evaluation (IHME), University of Washington, US. Globally, the number of people experiencing a stroke for the first time rose to 119 lakh in 2021 -- up by 70% since 1990 -- while deaths related to stroke rose to 73 lakh, which was up by 44% since 1990, making the neurological condition the third leading cause of death after ischaemic heart disease (short supply of blood to heart) and COVID-19. They added that over three-fourth of those affected by strokes live in low- and middle-income countries. According to lead author Valery L. Feigin from Auckland University of Technology, New Zealand, the rapid growth in the number of people affected by stroke strongly suggested that <keyword id="23228151" type="General" weightage="20" keywordseo="stroke-prevention" source="keywords">stroke prevention</keyword> strategies currently used are not sufficiently effective. "New, proven effective population-wide and motivational individual prevention strategies that could be applied to all people at risk of having a stroke, regardless of the level of risk, as recommended in the recent Lancet Neurology Commission on Stroke should be implemented across the globe urgently," said Feigin. The researchers also estimated that stroke-related liabilities attributable to 23 modifiable risk factors, including air pollution, excess body weight, high blood pressure, smoking and physical inactivity, increased from 100 million years of healthy life lost in 1990 to 135 million in 2021. These risk factors are present in huge numbers in Eastern Europe, Asia and sub-Saharan Africa, they said. The authors also acknowledged substantial progress made in reducing the global stroke burden from risk factors linked to poor diet, air pollution and smoking. Poor health resulting from diets high in processed meat and low in vegetables declined by 40 % and 30%, respectively, while that due to PM air pollution and smoking fell by 20 % and 13%, respectively, they found. The results suggested that strategies for reducing exposure to these risk factors over the past three decades such as clean air zones and public smoking bans have been successful, the authors said. They called for implementing and monitoring the evidence-based recommendations set out in the 2023 World Stroke Organization-Lancet Neurology Commission on stroke for drastically reducing the global burden of stroke in the years to come and improving brain health and overall well-being of millions of people around the world. The recommendations include stroke surveillance programmes that monitor indicators of stroke such as incidence, recurrence, death rates and risk factors in a country, and care and rehabilitation services for people affected by stroke.

Stroke cases increasing globally, air pollution, high temperatures driving numbers, notes Lancet Study

<ul class="summary-list"><li>Regulators and politicians worldwide expect Donald Trump's second term to have a major impact on trade.</li><li>During his first term, Trump imposed tariffs on key industries in both Europe and China.</li></ul>The world has woken up to the news that <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump has won</a> the 2024 election.For politicians and regulators worldwide, that means facing the impact a second Trump presidency will have on trade.During his first term, Trump's "America's First" policies led to trade disputes with China and the European Union, with tariffs imposed on certain goods.China's retaliation triggered a <a target="_blank" href="https://www.businessinsider.com/trump-trade-war-us-china-tariffs-lost-no-meaning-2019-11">trade war</a> between the two nations, that saw them impose hundreds of billions of dollars worth of tariffs against each other.This time around, analysts told BI, Trump's policies could have a particular impact on Europe."I think that China has already faced significant tariffs and has adapted, but Europe has yet to face them. So if Trump does implement his global tariffs then Europe would be hit hard," said Bilal Hafeez, CEO of Macro Hive, a macro market research firm.<h2 id="383aa90c-1fc2-4eb8-a58f-aa0d02b29ab9">Trump's proposed tariffs</h2>"To me, the most beautiful word in the dictionary is 'tariff,'" Trump told an audience at the Economic Club of Chicago in October, <a target="_blank" class="" href="https://www.wsj.com/livecoverage/harris-trump-election-10-16-2024/card/trump-calls-tariffs-the-most-beautiful-word--YMVPAupw4EjBRp6yobOy">The Wall Street Journal</a> reported.During his first term, Trump repeatedly accused the EU of unfair trade policies, saying it is "very, very tough" to get US products into the economic bloc.He imposed tariffs targeting key European industries, like steel, aluminum, and certain luxury goods.During his campaign, he <a target="_blank" class="" href="https://www.businessinsider.com/what-us-economy-would-look-like-with-trump-biden-presidency-2024-5#taxes-6">pledged</a> to impose a 10% blanket tariff on all imported goods and has floated tariffs of more than 60% on Chinese goods.Europe is particularly vulnerable to Trump's aggressive trade policies for two main reasons, said Nigel Green, CEO of financial advisory firm deVere Group.Firstly, many European companies, especially those in manufacturing, luxury goods, automotive, and tech, are deeply reliant on US markets. Tariffs would raise costs significantly for those companies and lower their market share in the US and their overall valuation, Green said.He said that Europe is already facing a series of economic and political challenges, including high energy costs, sluggish economic growth, and geopolitical instability."A fresh trade war with the US under Trump's presidency could exacerbate these problems, destabilizing the region's economy further," said Green.Analysts also warned that if Trump <a target="_blank" class="" href="https://www.businessinsider.com/how-trump-could-handle-ukraine-war-if-reelected-scenarios-2024-10">reduces financial aid to Ukraine</a>, Europe will be forced to allocate more spending to the conflict.At the same time, the continent would also suffer the knock-on impacts of tariffs on China, meaning a flood of cheaper goods being diverted to their market.Pharmaceuticals, automotive, and chemical products are the most exposed sectors to potential tariffs as they represent the lion's share of EU exports to the US, according to Morningstar DBRS.If Trump raises tariffs on foreign goods, he also increases the risk of retaliation from other countries, which in turn could hamper <a target="_blank" class="" href="https://www.businessinsider.com/trump-economic-outlook-recession-inflation-china-tariffs-biden-president-election-2024-3">global economic growth</a> and stoke inflation."The real fear among market watchers is that Europe would retaliate just as swiftly as it did during Trump's first presidency," said Green."While European stocks might take an initial hit, the real blind spot lies in US firms with significant exposure to European markets.""Tech companies, consumer goods giants, luxury brands, and automotive firms that generate a large portion of their revenues from Europe could be caught in the crossfire," added Green."Time will tell whether Trump's 'bark' proves worse than his 'bite,' with inauguration day not for another couple of months, but the election results are set to make those months very jittery indeed for European policymakers," said Michael Brown, a senior research strategist at Pepperstone.Ahead of the results, European stocks exposed to US tariffs had <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/europe-trump-win-outlook-trade-war-tariff-crypto-djt-election-2024-10">already seen sharp declines</a> and underperformed the wider market.As results came in on Wednesday morning, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-trade-us-presidential-election-dollar-treasuries-stocks-crypto-djt-2024-11?_gl=1*blal4i*_ga*MTA3MjIyNzY3Mi4xNzAxMjc2NjY5*_ga_E21CV80ZCZ*MTczMDg4ODg1Mi4xMTk4LjEuMTczMDg4OTA1NC40OC4wLjA">European markets</a> trended up, following the lead of US futures, though gains pared as the day progressed.<div type="image" title="US President Donald Trump shakes hands with European Commission President Ursula von der Leyen prior to their meeting at the World Economic Forum in Davos, on January 21, 2020." height="3712" width="5568" msid="115021254" hostid="261" sizebytes="980238"></div>On Wednesday morning, Ursula von der Leyen, the President of the European Commission, congratulated Trump in <a target="_blank" class="" href="https://x.com/vonderleyen/status/1854080384608190708">a post on X</a> and called for Europe and the US to work together, calling them "more than just allies."<h2 id="286c0e3d-a30b-4751-98ea-4c74920b34a1">The rest of the world could suffer</h2>Outside Europe and China, the impacts of Trump's proposed tariffs could also be acutely felt in both Australasia and Latin America.Steven Kennedy, the most senior civil servant in Australia's Treasury department, said Wednesday that he expects Trump's tariffs to impact the country's economy."The significant increase in tariffs would have implications for both the US economy and for China, and there would be flow-on consequences for Australia," <a target="_blank" class="" href="https://www.news.com.au/finance/economy/australian-economy/donald-trumps-china-tariff-plan-would-have-consequences-for-australia-treasury-chief-warns/news-story/783c7340c4c11a679025207df84aa0f2">Kennedy said during a senate hearing, per News.com.au.</a>"In very broad terms, the imposition of trade restrictions, such as tariffs, typically lead to lower growth and higher inflation," he said.In Latin America, rating agency Fitch warned last week that fresh tariffs under a second Trump government would have a major impact on the US' closest neighbor, Mexico.Mexico's economy relies heavily on trade with the US, its biggest economic partner. Tariffs on that trade would likely lower GDP, Fitch said."Aggressive unilateral tariff hikes by the US would lead to a 0.2% to 1.9% reduction of Mexico's GDP relative to our baseline expectations," Fitch said, as <a target="_blank" class="" href="https://latinvex.com/fitch-warns-of-trump-risk-for-latin-america/">reported by Latinvex</a>.

The world prepares for a fresh era of tariffs under Trump 2.0

<ul class="summary-list"><li>Saudi Arabia has invested billions of dollars into tech overseas in recent years.</li><li>The kingdom is now looking for overseas tech companies to invest in it, according to Bloomberg. </li></ul>In his ascendance to power, <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-crown-prince-mohammed-bin-salman-mbs-2023-10">Mohammed bin Salman</a> spent years investing Saudi Arabia's oil money in the global tech sector. The crown prince's kingdom appears to be ready for some of that favor to be returned.Rather than prioritizing investments in overseas tech companies, Saudi Arabia is looking to them to bring investment and resources to the Middle East as it seeks to capitalize on the AI boom and become a force of its own in the rapidly growing sector.The latest signs of this shift came on Wednesday after <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-11-06/saudis-plan-100-billion-ai-powerhouse-to-rival-uae-s-tech-hub">Bloomberg reported</a> that Saudi Arabia had plans for an up to $100 billion AI project that aims to not only prioritize the local tech industry but also encourage large tech companies to "put resources in the country.""Project Transcendence," as it is known, aims to make Saudi Arabia a place with all the components needed to advance AI: data centers housing the GPUs that train and run AI models, well-resourced startups at the cutting edge of innovation, and a globally sourced talent pool. According to the Bloomberg report, it also aims to build a "national champion" in AI. The crown prince, known as MBS, <a target="_blank" class="" href="https://ai.sa/">initiated a national AI strategy in 2020,</a> well before the current boom. But several factors have emerged since then for his nation to think hard about what it can do to accelerate the development of a resilient AI industry at home — and who it can get some help from.<div type="image" title="MBS" height="3043" width="4300" msid="115061833" hostid="261" sizebytes="382254"></div>One reason is that there has been an investment step-up in AI since the <a target="_blank" class="" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">launch of ChatGPT</a> in late 2022, raising the stakes for Saudi Arabia as it battles neighboring rivals like the UAE for regional supremacy. Emirati state Abu Dhabi, for instance, is home to G42, a domestic company with an advanced <a target="_blank" href="https://www.g42.ai/resources/news/meet-jais-worlds-most-advanced-arabic-llm-open-sourced-g42s-inception">Arabic large language model</a>. It has also attracted $1.5 billion of investment from Microsoft. Bloomberg's report said Saudi Arabia planned to build its own version of G42.Another reason is weakening oil demand, a resource that has made the kingdom the central economic force of the Middle East for the better part of a century.An <a target="_blank" href="https://www.imf.org/en/Publications/CR/Issues/2024/09/03/Saudi-Arabia-2024-Article-IV-Consultation-Press-Release-Staff-Report-and-Informational-Annex-554530">IMF report in September</a> highlighted the ongoing decline in the country's oil revenue as the calendar speeds through to 2030; a decade-high of 857 billion riyals in 2022 ($228 billion) is projected to fall to 778 billion riyals ($207.1 billion) by 2029. Signs of weakening demand showed themselves this week, too, as state-owned oil giant <a target="_blank" href="https://www.aramco.com/-/media/publications/corporate-reports/reports-and-presentations/2024/q3/saudi-aramco-q3-2024-interim-report-english.pdf">Saudi Aramco reported a 15.3% year-on-year decrease</a> in third-quarter net income from $32.6 billion to $27.6 billion.Diversification away from oil has been a front-and-center issue for the kingdom's leaders for some time. It is a central focus of the <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-vision-2030-projects-trillion-value-neom-2024-9">grand Vision 2030 project MBS launched in 2016</a>, which includes mega-infrastructure projects like Neom. It is also a top priority for decision-makers at the Public Investment Fund, Saudi Arabia's giant sovereign wealth fund.The fund — chaired by MBS — has served as a crucial diversification tool for Saudi Arabia, <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-global-investment-spree-2024-8">leading an investment charge into top tech names</a> like Uber and SoftBank's first Vision Fund, a venture capital vehicle that bet on over 90 companies with $45 billion from the Saudis. The kingdom doesn't seem to want to keep up the pace of overseas spending it has previously had, however.Last month, PIF governor Yasir Al-Rumayyan told attendees of the Future Investment Initiative in Riyadh that the fund was preparing to allocate just 18 to 20% of its capital to overseas opportunities, <a target="_blank" href="https://www.ft.com/content/5004fbc6-23e2-4b9f-9885-14e1ea724ce2">the Financial Times reported</a>. That's a notable drop from the 30% allocated at the start of the decade.Overseas investment in AI looks set to continue, though. In March, The New York Times reported that the PIF was in early talks with Silicon Valley venture capital firm Andreessen Horowitz for a <a target="_blank" class="" href="https://www.nytimes.com/2024/03/19/business/saudi-arabia-investment-artificial-intelligence.html">$40 billion AI fund.</a> Should that materialize, it would be a significant force in the global AI investment space. <div type="image" title="Yasir al-Rumayyan" height="852" width="1093" msid="115061832" hostid="261" sizebytes="47602"></div>It remains to be seen how Project Transcendence might play out, but it could lead to Saudi Arabia announcing new developments, companies, and projects alongside key names from beyond its borders to bolster its AI activity at home.There are already examples of the country turning to overseas tech companies. California-based AI company Groq, for instance, <a target="_blank" href="https://groq.com/unleashing-the-power-of-fast-ai-inference-groq-and-aramco-digital-partner-to-establish-world-leading-data-center/">unveiled a partnership</a> with an arm of Saudi Aramco in September that will oversee the development of an AI data center in the country. In October, Google Cloud and the PIF announced a partnership to develop an AI hub in the kingdom that, if approved, would see the two conduct joint research on Arabic language models and train "millions" of students and professionals.Saudi Arabia will want others to work with it, too, as it gets serious about becoming the Middle East's main stage for AI.

Saudi Arabia spent years investing in global tech firms. Its domestic AI push hopes they'll return the favor.

<ul class="summary-list"><li>Luckin Coffee, which has put up a strong fight against Starbucks in Asia, is looking to the US.</li><li>The Chinese coffee brand, known for its heavy discounts, reported a strong third quarter.</li></ul>Luckin Coffee is <a target="_blank" class="" href="https://www.businessinsider.com/luckin-coffee-chinese-chain-making-starbucks-nervous-singapore-2023-11">putting up a strong fight against Starbucks</a> in Asia. Now, it's planning to bring that rivalry into the US.Here's the state of play: Starbucks is trying to pull itself out of a rut. In its quarter ending September 29, Starbucks reported a 7% decline in sales worldwide. In China, the company's sales slid by 14% compared to the same period last year, to $783.7 million.In August, it appointed Brian Niccol as its new CEO. Niccol has said <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-ceo-to-lay-out-strategy-to-fix-coffee-chain-2024-10">his plan</a> to turn around the coffee chain involves faster orders, adding a human touch to the ordering process, and positioning the brand's outlets as "third spaces."Luckin reported a strong third quarter. Its sales rose 41.4% year over year, and its quarterly revenue was $1.452 billion. The chain is known for its aggressive deals, unusual flavors like a Big Cheese coffee drink, and mobile ordering.Both brands are well established in Singapore, with multiple outlets in the city-state's Central Business District. On a recent weekday around lunchtime, I stopped by both a Luckin and a Starbucks to see how they compare in price, menu options, and vibe.<h2 id="efd5eecf-2a86-4a4e-b481-4b74f8bf8a7d">Luckin versus Starbucks</h2>I started at Luckin Coffee.When I walked in, I found people waiting around the collection counter for their drinks. Others were sitting around at tables drinking coffee.But most customers seemed to be in a rush, ready to grab their drinks and go.To order any menu item at Luckin, customers have to download the brand's app and place their order digitally. Staff members at the counter don't take orders.The app was easy to use, though it hit me with numerous pop-ups for discount vouchers. Because I was a new user, every drink on the menu was half off for me.<div type="image" title="A Luckin Coffee outlet in Singapore's Central Business District." height="3024" width="4032" msid="115040697" hostid="261" sizebytes="788852"></div>The most expensive drink on the menu was an Iced Oat Shakerato listed for 8 Singapore dollars, or $6. With the discount, it cost me SG$4.There were at least five orders waiting for collection before me. Still, my drink was ready in under five minutes, ready to be collected as soon as I scanned the QR code on my app. I didn't have to speak to a single person throughout the process.<div type="image" title="Luckin's ordering process was entirely digital, requiring no communication with the staff." height="768" width="1024" msid="115040695" hostid="261" sizebytes="75736"></div>After that, I walked about 100 feet to the nearest Starbucks, which had a large seating area. Some people in business clothes were taking lunch meetings there, while others hung around working on laptops.<div type="image" title="The interior of a Starbucks outlet in Singapore's business district." height="2835" width="3780" msid="115040693" hostid="261" sizebytes="737442"></div>The barista was friendly when I asked about the most expensive drink on their menu. It turned out to be one of their seasonal holiday drinks.I chose the Salted Pretzel Cocoa Oatmilk Latte, which came out to SG$10.20.Unlike Luckin, there was no one in line. I was out with my coffee, a venti-sized drink topped with crushed pretzels, in under three minutes, slightly faster than at Luckin.Overall, Starbucks' most expensive drink was more expensive than Luckin's. Luckin had more customers, so the wait time was slightly longer than in Starbucks.<h2 id="e3e55b2a-ebe2-4754-a009-07c30921fd35">The battle for coffee domination</h2>Luckin Coffee was founded in Beijing in October 2017. It filed for bankruptcy in the US in 2021 after the fallout of an <a target="_blank" class="" href="https://www.businessinsider.com/luckin-coffee-fabricated-310-million-in-sales-investigation-2020-4">accounting fraud scandal</a>, in which it was revealed that it had faked nearly half of its roughly $732 million sales from 2019.Today, it has 21,343 stores globally.Luckin launched its first international stores in Singapore in March 2023, and the city-state now has more than 40 outlets. Now, it's eyeing the US market for expansion opportunities."We are also actively evaluating opportunities in the United States and other markets," Luckin wrote in its Q3 earnings report.Representatives for Luckin Coffee didn't respond to a request for comment from BI for this story.Starbucks has 40,199 outlets globally — nearly twice as many as Luckin does. Of that count, 7,596 stores are in China, an increase from the 6,806 it had a year ago.When asked for comment, a Starbucks representative in China directed BI to the remarks made by Niccol and the brand's finance chief, Rachel Ruggeri, in its Q4 earnings call.In the call, Ruggeri said sales in China were "weighed down by intensified competition and a soft macro environment that impacted consumer spending."Luckin isn't Starbucks' only rising competition in the US. It's also contending with the likes of Dutch Bros. and 7 Brew."There are concerns about speed of service and operational complexity, and new menu innovation has been lacking," R.J. Hottovy, the head of analytical research at Placer.ai, told BI about Starbucks."Starbucks' decline in visits also comes at a time when other coffee and beverage chains are seeing year-over-year visit increases, reinforcing that new product innovations aren't connecting with consumers," he added.<h2 id="998c3bea-c071-471c-a5fb-74f3f2be2403">Analysts say Starbucks should be worried about Luckin Coffee</h2>Luckin's pricing and focus on technology gives it an edge over Starbucks, consumer analysts say.David Yu, a finance professor from NYU, told BI Luckin is "all about technology." By comparison, he said Starbucks' use of technology, such as ordering on its app, is "pretty weak."Yaling Jiang, a China consumer research expert behind the newsletter "Following the Yuan," published an article on Monday about Starbucks' performance in China. In it, Jiang said Starbucks has continually failed to "meet Chinese consumers' changing perception about product price."Nirgunan Tiruchelvam, a consumer and equity analyst at Aletheia Capital in Singapore, told BI that he thinks Luckin "has an edge over Starbucks at the moment" because of its novelty.However, he said Luckin may still be in an uphill battle in the US."Luckin Coffee's plans in the US may not go as smoothly as one would expect because the US is a very complex market, where Starbucks is much better entrenched than in Asia," said Tiruchelvam.He said it's also cheaper to set up outlets in Asian markets than in the US."The expansion costs, in terms of the cost of rolling out an outlet versus the payback from it, are actually far more challenging in the US than in Asia," Tiruchelvam added.Yu echoed those sentiments, saying aggressive discounting is not a sustainable approach for Luckin."I always say discounting is never a great long-term strategy. It could be used effectively for short-term purposes," he said.However, Starbucks' increasingly expensive price tag has created an "opening" for Luckin, Yu said."So I think that's good timing for Luckin's perspective if they're willing to go and discount and price aggressively under to gain customers," Yu added.

Starbucks and Luckin are in a fight for the global coffee market. I visited both to see how they stack up on price, menu, and vibe.

<ul class="summary-list"><li>Bed Bath &amp; Beyond's owner said in a regulatory filing that it will cut one-fifth of its workforce.</li><li>Beyond, Inc., formerly known as Overstock, bought the BB&amp;B brand after the original went bankrupt.</li></ul>The parent company of Bed Bath &amp; Beyond plans to lay off one-fifth of its workforce in a move to save $20 million per year.Beyond, Inc., formerly known as Overstock, said in a regulatory <a target="_blank" href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001130713/624d4cec-8178-41f0-9abe-6c7180fd1564.pdf">filing</a> on Tueday that the cuts will "align to its asset-light business that supports an affinity and data monetization model."The move follows a September <a target="_blank" href="https://www.marketwatch.com/story/beyond-to-sell-utah-headquarters-for-55-million-ac952435">announcement</a> that the company reached a deal to sell its Utah headquarters. The two measures are expected to reduce the annual budget by $65 million, said CFO Adrianne Lee."As we continue to transform and build out our model, we intend to monetize data through our enhanced CRM and database capabilities, stand up a global loyalty program across both our owned and partnered brands, and leverage our IP through a variety of global licensing partnerships," company president Dave Nielsen said in a statement Thursday.Earlier in the week, Beyond and Kirkland's Home <a target="_blank" class="" href="https://investors.beyond.com/news-events/press-releases/news-details/2024/Kirklands-Home-and-Beyond-Inc.-to-Revitalize-Bed-Bath--Beyond-Brand-with-Neighborhood-Store-Strategy-Through-New-Strategic-Partnership/default.aspx">announced</a> a $25 million deal to open small-format, 15,000 square-foot "neighborhood" Bed Bath &amp; Beyond locations across the US. The new concept will include a curated assortment of classic BB&amp;B products, the companies said.Overstock bought the BB&amp;B intellectual property last year after the original housewares retailer went bankrupt, turning the former big box brand into an online-only operation.The $21.5 million deal covered trademarks, internal business data, and e-commerce platforms, including websites and mobile apps, but no physical stores or inventory.The company said at the time that the additional Bed Bath &amp; Beyond loyalty program shoppers tripled Overstock's existing customer base.Since renaming itself to Beyond, Inc., the company has managed to grow customers by 21%, but sales have suffered, with delivered orders declining by 19%, according to its third-quarter results <a target="_blank" href="https://investors.beyond.com/news-events/press-releases/news-details/2024/Beyond-Inc.-Reports-Third-Quarter-2024-Financial-Results/default.aspx">released</a> on Thursday.If you are a Beyond worker who wants to share your perspective, please <a target="_blank" href="mailto:dreuter@businessinsider.com">contact Dominick via email</a> or text/call/Signal at 646.768.4750. Responses will be kept confidential, and Business Insider strongly recommends using a personal email and a non-work device when reaching out

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