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Foreign investors have withdrawn nearly Rs 20,000 crore from Indian stock markets in just five trading days (November 4–8), continuing a trend of large-scale selling that began last month. Experts say investors are now moving their money to China, largely due to the high valuations presently prevailing in Indian markets. In early November, FPIs have offloaded as much as Rs 19,994 crore in Indian markets. The month prior, i.e., October, was one of the worst months in terms of foreign outflows, with FPIs making a net withdrawal of Rs 94,017 crore. Before this, Indian markets faced such a situation during the pandemic, when FPIs withdrew Rs 61,973 crore from equities in March 2020. <h2>Why Are Investors Leaving? </h2>According to Himanshu Srivastava of Morningstar Investment Research India, two main factors are driving this exodus. First is China's renewed appeal due to lower stock valuations and new economic stimulus measures. In a bid to nudge the domestic economy and bail state governments, China recently approved a 10-trillion yuan (US $1.4 trillion) package. Per reports, approximately 60% of this stimulus focuses on allowing local governments to refinance the mountain of debt on them. Srivastava explains foreign investors are also flocking to US dollar and Treasury yields, which have appreciated significantly in the recent past, leading FPIs to anticipate a stronger US economy going ahead. Moreover, high valuations in Indian markets are discouraging foreign investors from putting more money in the economy. As a result, over the past week, the selling pressure eroded Rs 74,563 crore in market value for Reliance Industries, while Bharti Airtel and ICICI Bank lost Rs 26,274 crore and Rs 22,254 crore, respectively. The combined market valuation of six of the top 10 most-valued firms dipped by Rs 1,55,721.12 crore last week. <h2> Silver linings</h2>Despite the ongoing outflux of funds since last month, November also saw unprecedented applications of about 40–50 new FPI registrations, which are eyeing to enter the Indian market. This was due to markets SEBIs recent relaxation to NRIs, permitting them to participate up to 100% and announcing measures for ease of entry and operations in India. On the other hand, FPIs invested Rs 599 crore in the debt general limit and Rs 2,896 crore in the debt voluntary retention route (VRR) during the period under review. So far this year, FPIs have invested Rs 1.06 lakh crore in the debt market. <li class="whitespace-normal break-words"></li>Going ahead, investors will be looking for certain macroeconomic cues, which include corporate earnings reports, India's inflation (CPI) and industrial production (IIP) data on November 12, the US inflation report on November 13, and wholesale price index (WPI) data on November 14.

FPIs withdraw nearly Rs 20,000 crore from equities in the last 5 trading sessions, make a beeline for China and US

<div type="image" title="Companies are embracing the unbossing trend" msid="113256383" hostid="261" sizebytes="1440779"></div> If there’s one thing both a productive team member and an underperformer hates in the corporate world, it’s being micromanaged. Now, imagine a workplace where the boss isn’t calling all the shots. Instead, everyone has a voice, and innovation flows freely. The recent corporate trend of "Unbossing" promises to do just that, empowering employees by eliminating the heavy hands of hierarchy. Sounds too good to be true? Well, globally, not just the new-age start-ups, but dozens of major corporations have embraced this trend and trimmed their middle management. <h2>Managers managing managers — no more!</h2>In January last year, <keyword id="399907" type="General" weightage="20" keywordseo="META" source="Orion">Meta</keyword> CEO Mark Zuckerberg made headlines for declaring 2023 as the “year of efficiency” and saying that he doesn’t want a management structure that's just “managers managing managers”. <div type="image" title="Meta CEO Mark Zuckerberg" agency="ANI" msid="113256403" hostid="261"></div> The same month, it was also reported by Command Line that Meta's chief product officer Chris Cox, had shared a post on the company's communication platform, Workplace, highlighting the necessity to "flatten" the organisation's structure. What followed was reports of Meta slashing middle management roles. Gradually, other companies like Shopify, Bayer, and Cisco began making headlines for showing the exit door to some of their middle managers. Loosely, unbossing is essentially cutting down the middle management roles. It cuts significant costs for the company and the new-age workforce also endorses the trend as efficient in enabling faster decision-making and innovation. However, critics argue this trend also limits the extent of mentorship that the younger generation receives while entering the workforce, which often remains an intangible value if your boss turns out to be a good mentor. Therefore, for some, it’s not about firing the middle management, but just another leadership philosophy on how leaders (and ‘bosses’) should conduct themselves. This approach advocates bosses working along with the team as a part rather than shouting instructions from the top. Whatever one’s understanding, this trend of “Unbossing” appears to be taking corporate America by storm in 2023, as evidenced by hundreds of media reports highlighting the same. Overall, most agree that the trend is restructuring organisational hierarchy to enable direct communication between employees and leaders. Cut to 2024, this trend is still prevalent and making headlines. A Bloomberg report recently said that Georges Elhedery, the incoming CEO of HSBC Holdings, might also consider plans to streamline the company's operations by reducing layers of middle management. But what’s the scenario in India? Are Indian companies ready to ditch the old-school approach and adopt this new way of working? Let’s dive in and see what the experts have to say! <h2>Layoffs to impact senior professionals: Naukri.com survey</h2>A survey by job portal Naukri.com early last year had suggested that recruiters in India expect a decline in layoffs during the first half of 2023. The survey, which included responses from 1,400 recruiters and consultants across ten industries, revealed that only 4 percent of participants anticipated layoffs to be the main focus of hiring activities within their organisations. However, the survey also highlighted that information technology roles and senior professionals were likely to be the most affected by hiring adjustments. About 20 percent of recruiters predicted that layoffs would predominantly impact senior professionals, while freshers are expected to face the least disruption from these hiring corrections. Interestingly the survey came around the same time when the Unbossing trend had begun picking up pace abroad. <h2>Layoffs at Wipro, <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and Collegedunia</h2>In January this year, Wipro India was in the limelight for laying off hundreds of its mid-level executives. The company reportedly culled many jobs as part of its strategy to improve margins. An ET report citing two sources familiar with the situation had said that the leading Indian IT firm reduced mid-level roles at its onsite locations. "Notices began being issued earlier this month, and hundreds of mid-level executives onsite are being let go," one source revealed. Another source added, "They have costly resources onsite in Capco, and although growth is returning, it's not sufficient. Aparna Iyer, Wipro's chief financial officer, has been tasked with delivering better margins this quarter." <div type="image" title="Amazon decided to lay-off middle managers in May" msid="113256170" hostid="261"></div>Then in May, Amazon also decided to reduce layers of middle management within its customer service divisions as part of an organisational restructuring, a Fortune report had said. The cuts impacted over 100 customer service managers in Level 5 and Level 6 middle management roles, both in call centres and virtual positions, primarily based in the U.S. and India. Not just large tech companies, startups too seem to be adapting the <keyword id="23125775" type="General" weightage="100" keywordseo="unbossing-trend-in-India" source="Orion">unbossing trend in India</keyword>. Last month, educational portal Collegedunia confirmed that around 100 employees from its Study Abroad department had been given the pink slip. A report in CNBC-TV18 had said that additional job cuts were happening across other departments as part of a broader reorganisation. The restructuring, as per the report, was aimed at automating many tasks to reduce costs. Interestingly, despite the layoffs, Collegedunia had posted 13 job openings on LinkedIn for various roles in different locations, primarily entry-level positions requiring up to two years of experience. "While Collegedunia is laying off several employees, it is also hiring fresh talent, allowing them to keep staffing levels up but at a lower cost," one employee told CNBC-TV18 at the time. Another source confirmed that while Collegedunia had been actively recruiting for some months, it has also been letting go of employees, including senior staff members with 7-8 years of experience at the company. <h2>What do experts say?</h2> <div type="image" title="Experts&amp;#39; opinion on unbossing trend" msid="113256250" hostid="261"></div>Mr. Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, told Business Insider India, “From the perspective of HR leaders and CEOs, the strategic culling of middle management is viewed as a means to streamline operations, reduce overhead, and foster a culture of autonomy and innovation.” He also noted that even though employees can “exercise greater ownership and agility in decision-making” through this approach, there are also significant downsides. “The erosion of middle management creates a vacuum in leadership development, mentorship, and the retention of institutional knowledge, potentially leading to disengagement, a weakened talent pipeline, and misalignment with organisational objectives,” Kumar noted. Talking specifically about the Indian scenario, he said, “Implementing this trend in India would be a strategic move, positioning organisations to remain competitive in a rapidly evolving business environment. However, to fully capitalise on this approach, developing a more robust talent pipeline that integrates the ability to multitask at all levels is imperative. In today's landscape, leadership demands thinkers, strategic visionaries, and individuals who can execute with precision. We need to cultivate a new breed of leaders who are both thinkers and doers, capable of navigating complex challenges while driving innovation and growth. By building versatile, agile leaders through targeted talent development programs, Indian organisations can ensure they are well-prepared to thrive in a decentralised, high-performance environment.” RP Yadav, Chairman and Managing Director of Genius Consultants Limited, told ET recently that the Unbossing approach simplifies hierarchies and encourages open communication between frontline employees and senior management. He had added that the concept of “the oldest in the room is always the wisest of all” is no longer applicable. Meanwhile, Aditya Narayan Mishra, MD and CEO of CIEL HR Services told ET that the unbossing trend is predominantly seen in tech companies, creative roles, and startups, where swift decision-making and the unrestricted exchange of ideas are crucial. For example, the tech sector often thrives with flattened hierarchies that support rapid innovation and agility, while creative industries such as advertising and media use unbossing to cultivate a more collaborative and idea-focused environment. Thus, the unbossing trend is gaining traction beyond global companies and is finding its way into Indian organisations as well. While this approach can streamline operations, reduce costs, and enhance agility, experts caution that it also brings challenges, such as gaps in leadership development and the loss of institutional knowledge. To fully harness the benefits of unbossing, Indian companies must focus on cultivating agile leaders who can navigate complex challenges and drive growth. By building a strong talent pipeline and fostering a culture of innovation and collaboration, Indian organisations can position themselves to thrive in a more decentralised and dynamic business environment. Do you have insights or personal experience to s hare on layoffs, <keyword id="34447" type="General" weightage="20" keywordseo="workplace-trends" source="Orion">workplace trends</keyword>, or career changes? Contact us at businessinsider@timesinternet.in.

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

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

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

<keyword id="19900795" type="General" weightage="20" keywordseo="foreign-investors" source="keywords">Foreign investors</keyword> are currently making a beeline for <keyword id="19894886" type="General" weightage="100" keywordseo="China" source="keywords">China</keyword>, enthused by the gush of <keyword id="23496485" type="General" weightage="20" keywordseo="financial-stimulus" source="keywords">financial stimulus</keyword> injected by the government into the Chinese economy. While this may have temporarily sent their stock markets soaring, a recent report by the <keyword id="19899824" type="General" weightage="20" keywordseo="World-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="World Bank" meta.hostid="261" meta.entityid="World Bank">World Bank</keyword> notes that this might not be enough to push back the <keyword id="19904090" type="General" weightage="20" keywordseo="economic-slowdown" source="keywords">economic slowdown</keyword> that has already set in. China's growth rate is projected to slack further to 4.3% in 2025, down from its present rate of 4.8%. The <keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords" meta.keywordsubtype="org" meta.entityname="OECD" meta.hostid="261" meta.entityid="OECD">OECD</keyword> also expects the country's growth to slow down to 4.5% in 2025 Experts believe that the recent economic push by the government, which includes lowering reserve requirement ratio (RRR) by 0.5% to 6.6%, lowering mortgage rates, injecting $142 billion into banks, among others, are too little to sustain long-term recovery. Notably, lowering RRR frees up $140 billion for banks to lend, while reducing mortgages and minimum down payments for housing purchases are directed to spur up the Chinese real estate segment. Per <keyword id="19906485" type="General" weightage="20" keywordseo="Goldman-Sachs" source="keywords" meta.keywordsubtype="org" meta.entityname="Goldman Sachs" meta.hostid="261" meta.entityid="Goldman Sachs">Goldman Sachs</keyword>, weak domestic demand, dwindling consumer confidence and spending and an endless real-estate crisis are some of the main reasons for the slowdown.The average Chinese citizen still grapples with job insecurity, stagnant salaries, and depreciating real estate and equity values. For instance, China's last public holiday of the year, the Golden Week, which ended on October 7 and commemorates the nation's founding, saw 2% less spending per domestic trip, as compared to pre-pandemic levels. "Low tourism spending per head and subdued services prices highlight the still weak domestic demand and continued consumption downgrading in the country,” the analysts at GS noted. <h2>Its all temporary</h2>The <keyword id="21360606" type="General" weightage="20" keywordseo="Hang-Seng-index" source="keywords">Hang Seng index</keyword>, which is up by 4.22% today, has been seeing a meteoric rise over the past few weeks. Inching up by a little over 24% over the last month, the Chinese markets have been seeing an significant influx of foreign investment, largely at the expense of other emerging markets like India. Foreign investors had offloaded shares worth Rs 27,142 crore between the first and third of this month, after foreign investments reached a staggering record-high of Rs 93,538 crore in September, as per NSDL data. Over the last 10 days, FIIs have constantly been net sellers, while DIIs have been net buyers. As of October 10th, DII (Domestic Institutional Investors) have put in Rs 50,183 crores in Indian markets, almost balancing out Rs 49,305.29 crore withdrawn by foreign investors. But whether this trend of FII inflow in China continues will largely depend on the fundamentals their economy, an area where India has an edge, thanks to strong confidence of domestic investors. Viram Shah, CEO of Vested Finance highlights that while the Hang Seng index's recent 26% surge over the last month has caught investors' attention, and while this bullish trend is expected to continue, driven by low Chinese stock valuations and hopes for economic improvement from government stimulus, there lies a long road ahead. "Foreign Portfolio Investors (FPIs) pulled out $5.4 billion from Indian equities over five consecutive sessions, ending Monday, October 7. While this suggests a possible rotation of funds from India to China, how long this shift will last will depend on the Chinese government’s ability to resolve the structural economic issues. While the market rally is encouraging, more policy steps are needed to boost economic activity and confidence in China", he added.

All eyes on China: Rush of foreign investors can do little to stave off a slowdown, says World Bank

<ul class="summary-list"><li>Jack Forsdike is a British citizen who worked for two years at a Chinese tech giant in Guangzhou.</li><li>He experienced 996 when he became a game designer in 2024 and soon realized why it's dreaded.</li></ul>This is an as-told-to essay based on a conversation with Jack Forsdike, a 28-year-old British expat from Manchester who worked from 2022 to 2024 for one of China's biggest game developers. It has been edited for length and clarity. Business Insider has verified Forsdike's employment.When I first learned I'd be subject to China's infamous 996 hours, I was actually excited.At that point, I'd worked for nearly two years in Guangzhou as an English-Chinese interpreter at a local tech giant.But my passion was in game design, so it was my dream come true when my employer offered me a development role in January 2024.Human resources straight-up told me that my hours would increase drastically.As an interpreter, I'd grown accustomed to a knock-off-at-seven office life. Developers were instead expected to work from 10 a.m. to 10 p.m. every day, six days a week.That wasn't what our contracts said, but it was understood as the norm.At the time, being put on 996 felt like I was being recognized. I had this idea that those work hours meant I was on a serious, valuable team and that my productivity mattered.I soon realized how naive I was.<div type="image" title="Forsdike eats Chinese dishes and poses at a Pokemon exhibit." height="1440" width="1920" msid="113996921" hostid="261" sizebytes="202372"></div><h2 id="a1157209-2581-40f9-b147-ddd9c5a8b089">Life didn't exist outside 996</h2>My 996 life didn't start immediately; I'd just gotten married and asked my manager if I could leave the office early on some days and not work every Saturday.He agreed. As long as I could get the job done, he said.But eventually, the work began piling up. I'd have to come in on the odd Saturday or Sunday. On some days, I started leaving work at midnight.In a few months, my 996 schedule was in full swing. I spent my waking hours either leaving the office, being in the office, or getting to the office.Working weekends wasn't going to get me a pat on my shoulder. Even on Sundays, I found out it was normal to see a third of the office around.The worst month was April, when my team was under pressure to meet a deadline. Western game developers use the term "crunch" to describe grinding unpaid overtime before a big release.Normal 996 already felt like "crunch," so this was "crunch" on steroids. There was a period when I worked 12- to 14-hour shifts for three weeks straight — around 20 overtime days in the office without any rest.<div type="image" title="Forsdike looks glumly into the camera as he snaps a selfie." height="1153" width="770" msid="113996923" hostid="261" sizebytes="42154"></div>I would typically reach the office just before 10 a.m. for breakfast — where all meals were subsidized at the company canteen. Then, I'd work until 12:30 p.m. when it was time for lunch.We enjoyed the privilege of a 90-minute lunch break, during which I could grab a coffee with office friends and vent for an hour or so. I think that was one of the reasons I survived the 996 routine.Then we'd work again before grabbing a quick dinner, after which we'd plow through the rest of the night. This wasn't really treated like overtime — my bosses regularly scheduled 9 p.m. meetings.I'd get home after midnight, take a shower, and head straight to bed. Then I'd get up and do it again.Life outside work was nonexistent. I was barely getting any face time with my wife. I'd stopped playing tennis, which is one of my favorite hobbies, and I couldn't work out. Every meal I ate was in the office canteen.<div type="image" title="Forsdike and his wife pose for a photo at a scenic mountain spot for tourists." height="1356" width="1808" msid="113996922" hostid="261" sizebytes="187618"></div>I started to realize that my health took a hit. I was losing muscle and gaining weight. It was becoming unsustainable, but I just prayed that the pressure might lighten up.<h2 id="19cd3a82-99a5-449d-ad23-63da822b4187">This was going to be my life</h2>A continual blow was that we never saw the senior managers who made the decisions keeping us in the office. They'd assign deadlines from above, and our team leaders were powerless to negotiate.But what really hit my morale was the understanding that this was a long-haul expectation.Plenty of people work insane hours back home in the UK. Yet there's typically light at the end of the tunnel, like a job placement or a promotion.In 996, these hours are the minimum. Everyone, from my manager to my colleagues to my friends in other teams, knows this work life is never-ending and demanding, yet they all seem resigned to it.With 996 as the industry standard, my colleagues were afraid that if they switched companies, they'd end up in a tougher role.I finally got a break in May. Labor Day is one of China's biggest "Golden Week" holidays, and I'd negotiated a longer period of leave as a condition for switching to my new role.When I returned, I found out that most of my team, including myself, had been laid off. Our project was essentially finished, but the company decided to roll back to an earlier stage of development in our game.I was disappointed, mostly because I'd just worked crazy hours for this firm. But a wave of relief swept over me, too.996 made me realize that I'd been missing so much in life outside work, and getting laid off hit the reset button for me.<div type="image" title="Jack Forsdike poses for a photo in front of an ice sculpture." height="564" width="752" msid="113996919" hostid="261" sizebytes="26150"></div>Senior managers need to know that the 996 mindset is just outdated. It doesn't make your teams more productive because it crushes morale, and tired teams make more mistakes.After leaving the office for good at the end of my 28-day notice in June, I've been spending some time away from work with my wife in the frosty city of Harbin.My dream is still to make games in China, but I'm not sure if any company could ever entice me to work 996 hours again. There's just too much I'd lose.

I worked in China's brutal 996 tech culture. I'm relieved they laid me off.

<ul class="summary-list"><li>Europe's luxury carmakers once dominated in China, but are now under intense pressure.</li><li>BMW, Mercedes-Benz, and Porsche have all reported slumping sales in the world's largest auto market.</li></ul>The days of European carmakers dominating China's luxury vehicle market are over.Germany's <a target="_blank" href="https://www.businessinsider.com/germany-auto-giants-volkswagen-bmw-mercedes-struggle-sales-china-evs-2024-10">BMW</a> and <a target="_blank" href="https://www.businessinsider.com/mercedes-benz-sliding-ev-sales-and-weak-demand-in-china-2024-10">Mercedes-Benz </a>have suffered a sales slump in the world's largest auto market in recent months amid rising pressure from a wave of Chinese EV upstarts.BMW reported a one-third decline in Chinese sales in the most recent quarter, while deliveries of new Mercedes cars dropped 10% in the first nine months of the year. Its high-end S-Class range was particularly affected as some consumers cut spending amid a <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-3q-gdp-growth-stock-market-stimulus-2024-10">faltering economy</a>.Aston Martin, a luxury British brand famous for its association with James Bond, said sales in China had fallen by more than half this year in its third-quarter earnings.Meanwhile, Porsche, owned by Volkswagen, said it would shrink its Chinese dealer network amid plunging profits and a 29% slide in sales in China in the nine months to September 30.The German company has seen stalling demand for its luxury vehicles, with sales of the $100,000 electric Taycan down 47% globally in the same period.<div type="image" title="The 2023 Porsche Taycan." height="3538" width="5750" msid="114850638" hostid="261" sizebytes="544158"></div><a target="_blank" class="" href="https://www.businessinsider.com/rolls-royce-spectre-ev-interior-tour-photos-review-2023-7">Rolls-Royce</a>, the British marque owned by BMW, has also faced weaker sales in China this year. Its luxury car marker was experiencing "more challenging times," CEO Chris Brownridge told Bloomberg in September.The Chinese market has become increasingly difficult for European brands.Volkswagen was dethroned by <a target="_blank" class="" href="https://www.businessinsider.com/byd-seal-electric-car-review-test-drive-elon-musk-tesla-2024-3">BYD</a> as China's biggest carmaker last year, and the share of China's car market held by German automakers has dropped from about a quarter before the pandemic to less than 15%, according to Bloomberg data."China is an incredible challenge, not just for Porsche," said finance chief Lutz Meschke in comments reported by Reuters. "In the future, we can no longer assume that China will return to where it was for European players."<h2 id="16591c84-687a-45c6-9996-fcfa8cb9e4a0">High-tech competition</h2>Upmarket European automakers are being squeezed by their Chinese rivals.Many are offering vehicles <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-makers-battle-for-market-dominance-with-smart-features-2024-5">packed full of novel features and intelligent software</a> of them have growing designs on China's high-end auto market, and areLast year Tesla rival BYD launched the Yangwang U8 SUV last year. The $150,000 hybrid has a motor on each wheel that allows it to move <a target="_blank" class="" href="https://www.businessinsider.com/byd-chinese-tesla-rival-yangwang-u9-supercar-jump-dance-2023-4">like a crab</a>.The U8 also comes with an onboard drone, and BYD says it can even <a target="_blank" class="" href="https://www.businessinsider.com/china-ev-giants-innovation-ai-auto-show-european-rivals-despair-2024-10">float on water for up to 30 minutes</a>.Other Chinese automakers have gone to even greater lengths to stand out in the country's red-hot auto market, with Zeekr showing off the spacious and luxurious interior of its MIX minivan by having an executive eat a hot pot inside it.<div type="image" title="Zeekr Mix" height="3024" width="4032" msid="114850635" hostid="261" sizebytes="755406"></div>The competitiveness of the Chinese market means consumers don't need to spend a fortune to obtain luxury vehicles.The SU7, an electric sedan built by Chinese smartphone maker Xiaomi, is <a target="_blank" class="" href="https://www.businessinsider.com/xiaomi-su7-chinese-ev-features-specs-photos-ford-ceo-2024-10">packed with high-tech features</a> including a 16.1-inch infotainment screen and remote voice control that allows drivers to control household appliances from the car.But it is also relatively affordable, with the base version starting at 215,900 yuan ($30,300) and the high-end SU7 Max priced at 299,900 yuan ($42,100). Xiaomi has just <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-xiaomi-su7-driven-by-fords-ceo-faster-model-2024-10">unveiled a high-performance version of the SU7</a> that costs 814,900 yuan ($114,000).Steve Dyer, managing director at AlixPartners, a London-based consulting firm, told Business Insider that Chinese manufacturers were encroaching on the premium market from the "bottom up," targeting the lower segment before gradually releasing more expensive vehicles aimed at less price-sensitive customers."The Chinese companies are doing what the Korean companies did to get market share outside Korea, and that is to offer a lot of feature content for a good price," he said.Dyer said Chinese buyers often focused on luxurious interiors, as well as intelligent technology such as advanced driver assist systems — an area in which <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-full-self-driving-technology-china-local-competition-2024-4">Chinese automakers excel</a> and their European rivals have struggled to keep up."They've fallen behind in the sense that they're applying an automotive product development mindset to a fast-moving, rapidly changing, technology space," said Dyer.A study by AlixPartners found that Chinese automakers released 40 over-the-air software updates between March 2023 and February this year, compared with just two from legacy automakers."It's a typical software mindset. You're willing to launch a product quickly, even though it may need fixing later because you know you can fix it," said Dyer.<h2 id="a63ec01b-1782-4334-a38c-155f7b0a6f6e">Hard to quit</h2>Despite a challenging environment, Western premium automakers can ill afford to give up on China. It remains Volkswagen's second- biggest global market, behind Western Europe, and Mercedes sold around a third of its cars there last year.<div type="image" title="Xiaomi SU7" height="1663" width="2500" msid="114850641" hostid="261" sizebytes="189460"></div>They're likely to face a bumpy road as they try to recover, however.Because the premium vehicle market is less price-sensitive, Dyer said more Chinese automakers will move into it to diversify away from China's brutally competitive mass market.As well as increased competition, European automakers face a geopolitical headache.Tim Urquhart, principal automotive analyst at S&amp;P Global Mobility, told BI the <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-european-tariffs-retaliation-vw-bmw-mercedes-tesla-2024-10">European Union's tariffs on Chinese automakers</a> meant Beijing could impose levies on European car imports in retaliation."They could be facing a perfect storm if those tariffs are imposed as well," he said.Even if that does happen, Urquhart said the sheer size of the Chinese market means it's unlikely that major Western automakers will abandon it anytime soon. "They can't afford to make a full-scale retrenchment and retreat from their current position, especially as they've invested so much there."

Luxury European automakers are getting crushed in China

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello there! How rich is Elon Musk? If things keep heading in the right direction for the Tesla CEO, he'll become the world's first trillionaire by 2027. <a target="_blank" href="https://www.businessinsider.com/elon-musk-trillionaire-first-2027-tesla-wealth-money-2024-9">And a few others aren't far behind</a>.In today's big story, it's a <a target="_blank" href="https://www.businessinsider.com/trump-harris-presidential-debate-preview-2024-9">presidential showdown in Philadelphia</a>. But some people on Wall Street are already fed up.What's on deck:<ul><li>Markets: Higher education meant higher returns <a target="_blank" href="https://www.businessinsider.com/wall-street-private-equity-billions-college-students-for-profit-college-2024-9">for one corner of Wall Street</a>.</li><li>Tech: Everything you want to know about <a target="_blank" href="https://www.businessinsider.com/apple-event-iphone-16-announcement-live-updates-2024-9">the newest Apple gadgets that just got announced</a>.</li><li>Business: Starbucks' new CEO just started, which could mean <a target="_blank" href="https://www.businessinsider.com/new-starbucks-ceo-brian-niccol-could-change-c-suite-menu-2024-8">big changes to the coffee chain</a>.</li></ul>But first, you have two minutes, and your time starts now.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Let's debate</h2><div type="image" title="A crowd of people watching Donald Trump and Kamala Harris on TV" height="1000" width="2000" msid="113231925" hostid="261" sizebytes="163930"></div>Kamala Harris and Donald Trump will face off on the debate stage tonight, exactly eight weeks before their official showdown on the ballot.The debate, which will be held in Philadelphia and starts at 9 p.m. ET, will be the first time the vice president and former president meet in person. Business Insider's Brent D. Griffiths has a rundown on <a target="_blank" href="https://www.businessinsider.com/trump-harris-presidential-debate-preview-2024-9">everything you need to know heading into tonight</a>.It's a high-stakes showdown, as Harris' emergence has turned <a target="_blank" href="https://www.businessinsider.com/steve-eisman-donald-trump-2024-election-prediction-kamala-harris-biden-2024-9">what once may have seemed</a> like a surefire Trump win <a target="_blank" href="https://www.businessinsider.com/harris-trump-momentum-presidential-race-debate-polls-2024-9">into essentially a dead heat</a>, writes BI's John L Dorman. A newly released Times/Siena poll shows Trump holding just a one-point advantage over Harris among likely voters.So, what's the game plan for the candidates?For Trump, the focus will likely be the economy, which is a high priority for voters and also a sore spot for Harris. The latest Times poll showed Trump (55%) held a big advantage over Harris (42%) regarding who would be better equipped to handle the economy.And, in typical Trump fashion, expect some name-calling. ("Communist" is his go-to jab for Harris.) Trump will also likely target Harris' <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-harris-debate-strategy-close-election-response-matters-2024-9">biggest vulnerabilities</a>, which may include trying to define her shifting views as disingenuous flip-flops, Brent writes.Harris, meanwhile, will look to establish some of her own economic plans. She recently added a <a target="_blank" href="https://www.businessinsider.com/harris-added-policy-website-before-trump-debate-venture-capital-startups-2024-9">policy page to her campaign website</a> and has shown a willingness to break from the current administration. Her 28% capital gains tax rate for Americans who make at least $1 million is lower than the White House's proposed 39.6%.As someone who's <a target="_blank" href="https://www.businessinsider.com/brat-summer-politicians-charli-xcx-kamala-harris-social-media-2024-7">no stranger to an internet meme</a>, Harris will also look to secure a viral moment from the debate.<div type="image" title="Photo illustration of Kamala Harris and Donald Trump" height="750" width="1000" msid="113231921" hostid="261" sizebytes="44240"></div>But for some, Tuesday represents just another distraction.The constant fighting between both sides has become <a target="_blank" rel="noopener" href="https://www.businessinsider.com/hedge-fund-investors-worried-politics-are-distracting-managers-2024-9">more of a headache than anything else for some Wall Streeters</a>, writes BI's Bradley Saacks.The finance industry has plenty of <a target="_blank" href="https://www.businessinsider.com/wall-street-political-contributions-by-name-for-trump-vs-harris-2024-8">outspoken people voicing support — and pledging donations — to both sides</a>. But for investors, private equity and hedge fund managers, jumping into the fray just means less time spent managing their money.It's not unlike the sentiment coming from some in Silicon Valley. Constant bickering over the election <a target="_blank" href="https://www.businessinsider.com/election-a-distraction-silicon-valley-wants-to-be-over-2024-8">has some frustrated</a>, especially at a time when plenty of VCs and startups are struggling.To be sure, people on both sides might argue that mindset is a privilege. Some don't have the luxury of ignoring an election with so much at stake.And that's not to say everyone in tech and finance is apathetic toward the election. BI's Alice Tecotzky spoke to industry leaders <a target="_blank" href="https://www.businessinsider.com/harris-trump-debate-silicon-valley-crypto-regulation-ai-taxes-2024-9">who highlighted what they'll be watching tonight</a>.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>SpaceX launches 4 people, including a billionaire, on the <a target="_blank" rel="noopener" href="https://www.businessinsider.com/spacex-polaris-dawn-mission-launch-2024-8">most ambitious private human spaceflight yet</a>.</li><li>Developer Michael Shvo plans bulk sale of <a target="_blank" href="https://www.businessinsider.com/michael-shvo-beverly-hills-condo-project-default-luxury-2024-9">Mandarin Oriental condos after default</a>.</li><li>Ukraine started this year on the brink of disaster. <a target="_blank" href="https://www.businessinsider.com/ukraine-started-year-brink-disaster-lot-changed-experts-russia-kursk-2024-9">A lot has changed since</a>.</li><li>Apple just lost a decadelong EU tax case. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/apple-pay-back-taxes-eu-court-case-decision-2024-9">Now it must pay $14 billion.</a></li><li>Kate Middleton says she has completed chemotherapy and is <a target="_blank" href="https://www.businessinsider.com/kate-middleton-finished-chemotherapy-announcement-2024-9">doing what she can to 'stay cancer free'</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="The Wall Street Bull ready to charge at a business man holding a graduation cap as a red cloth" height="1000" width="2000" msid="113231928" hostid="261" sizebytes="146536"></div><ol><li>Wall Street went to higher ed, and students paid the price. When private equity got involved with for-profit colleges, the profits were huge. But two groups were left out of the bonanza: the public, whose tax dollars kept the machine running, and the <a target="_blank" href="https://www.businessinsider.com/wall-street-private-equity-billions-college-students-for-profit-college-2024-9">students who got sacked with the bill</a>.</li><li>China's economy shows signs of hope. It hasn't been pretty for the world's second-biggest economy, but the tides could be turning. Goldman Sachs' chief China economist said a number of factors (fiscal easing, strong export momentum) point toward the country <a target="_blank" href="https://www.businessinsider.com/china-economy-outlook-growth-exports-weather-fiscal-policy-goldman-sachs-2024-9">breaking out of its slump this fall</a>.</li><li>Cleared for a (soft) landing. Apollo chief economist Torsten Sløk believes all the data <a target="_blank" href="https://www.businessinsider.com/us-economy-outlook-data-points-to-soft-landing-no-recession-2024-9">points toward the US economy avoiding a recession</a>. From wage growth to consumer spending, the key indicators are a good sign for the US.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="A blue iPhone partially hidden under a red cloth." height="1500" width="2000" msid="113231923" hostid="261" sizebytes="158252"></div><ol><li>It's Glowtime, baby. At Apple's "Glowtime" event, CEO Tim Cook unveiled the new iPhone 16, but its features seemed <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/apple-iphone-16-with-ai-seems-boring-could-be-good-2024-9">more understated than the hype around the launch</a>. And if you're wondering if your old iPhone will still work with Apple's new iOS 18, <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/iphone-compatible-ios-18-apple-ai-2024-9">the answer is all about AI</a>. For all of the announcements, <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/apple-event-iphone-16-announcement-live-updates-2024-9">read BI's liveblog of the event</a>.</li><li>How a VC uses AI to help startups. VC firm TRAC uses an <a target="_blank" href="https://www.businessinsider.com/ai-dashboard-vc-firm-trac-deals-level-up-founders-legacy-2024-9">AI dashboard to help its startups</a> raise new funding, allowing companies to reach more accurate valuations and compare themselves to competitors. "It helps us get into every deal we want to get into," TRAC's founder said of the software.</li><li>Justice for Bing users. Some 20 years after it earned a place in the Merriam-Webster dictionary, "Google" is losing its status as a verb. Gen Zers and especially Gen Alphas <a target="_blank" href="https://www.businessinsider.com/google-losing-status-as-verb-genz-2024-9">aren't "googling" anything</a>, preferring the more brand-neutral term "searching" instead.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A Chinese flag on a bitcoin facility next to US farmland." height="1500" width="2000" msid="113231929" hostid="261" sizebytes="104262"></div><ol><li>Bitcoin takes a bite out of small-town America. Kicked out of China, bitcoin miners set up shop in small, economically stalled towns in America. Their expansion <a target="_blank" href="https://www.businessinsider.com/china-bitcoin-mines-american-electricity-china-crypto-ban-energy-crisis-2024-9">poses great risks</a> to both the global climate crisis and the US' economic tension with China.</li><li>How the ex-Chipotle chief could shake up Starbucks. Brian Niccol just started as the CEO of the coffee chain, which is in dire need of a turnaround. He hasn't been vocal about his plans for the business — but analysts have some ideas about <a target="_blank" href="https://www.businessinsider.com/new-starbucks-ceo-brian-niccol-could-change-c-suite-menu-2024-8">things he might change</a>.</li><li>It's just good business, they say. More countries are openly flaunting their ties with Russia as Putin seeks to end the country's diplomatic isolation. Despite sanctions over its invasion with Ukraine, Russia remains a key global economy and energy supplier — <a target="_blank" href="https://www.businessinsider.com/russia-economy-asia-countries-flaunt-russia-putin-diplomacy-relationship-brics-2024-9">and it's wooing the Global South</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Many grandmothers provide regular childcare for their grandkids. <a target="_blank" href="https://www.businessinsider.com/im-not-bad-grandma-because-i-dont-babysit-grandchildren-2024-9">I refuse to do that, and I'm not a bad grandma</a>.</li><li>When you work from home it's tempting to skip your lunch break. Workplace experts say it could <a target="_blank" href="https://www.businessinsider.com/work-from-home-lunch-experts-broken-not-take-breaks-2024-9">harm your longevity and drain your social battery</a>.</li><li>I've worked at Costco for 19 years. <a target="_blank" href="https://www.businessinsider.com/best-things-at-costco-this-month-employee-reveals-2024-9">Here are 10 of the best things I'm seeing on the shelves this month</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Andrew Cuomo testifies at a House select subcommittee on the coronavirus pandemic.</li><li>Arab League foreign ministers meet in Cairo, with agenda focusing on Israel-Hamas conflict and humanitarian situation in Gaza.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

Harris and Trump face off for the first time tonight, but some corners of the business world are already over it

<ul class="summary-list"><li>Three of Japan's iconic car companies are struggling.</li><li>Toyota, Honda, and Nissan reported underwhelming earnings in the most recent quarter, partly because of slumping sales in China.</li></ul>Japan's iconic auto industry is going through a rough patch, with three of its most important companies reporting underwhelming earnings in the most recent quarter.Toyota, Nissan, and Honda all reported slumping profits. The three automakers are grappling with ferocious competition in China and a bumpy transition to electric vehicles.Toyota, the world's largest automaker, saw <a target="_blank" class="" href="https://www.businessinsider.com/toyota-bmw-face-reckoning-in-china-sinking-sales-2024-11">profits for the quarter ending in September drop to 573.7 billion yen ($3.7 billion)</a>, down from nearly 1.28 trillion yen ($8.3 billion) over the same period last year.Rival <a target="_blank" class="" href="https://www.businessinsider.com/nissan-cutting-9-000-jobs-globally-production-capacity-reduce-costs-2024-11">Nissan announced it would cut 9,000 workers</a> amid falling sales, while Honda reported a 15% drop in operating profit in the second quarter.All three companies face a similar problem; they are failing to sell enough cars in China.Toyota's sales in China were down just over 10% in the first nine months of the year, with the company blaming "severe market conditions" such as "intensifying price competition."Still, a Toyota spokesperson told Business Insider that its declining profits were not only attributable to China; it also saw weakness in Japan and North America.Honda flagged a decline in sales in China in its most recent quarter, dragging down its total group sales. While Nissan reported a drop of over 5% in retail sales in China in the first half of the fiscal year — the largest drop of any of its regions.<a target="_blank" class="" href="https://www.businessinsider.com/germany-auto-giants-volkswagen-bmw-mercedes-struggle-sales-china-evs-2024-10">Like other foreign automakers</a>, Japan's car giants are being squeezed in China by local rivals. These rivals have rapidly gained market share by offering a range of affordable but high-tech EVs and hybrids.<a target="_blank" class="" href="https://www.businessinsider.com/why-byd-is-beating-tesla-ev-rivals-china-2024-11">BYD</a>, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-chinese-ev-rivals-record-deliveries-pressure-on-elon-musk-2024-10">Zeekr, and Nio</a> have reported bumper sales recently, as European automakers like <a target="_blank" rel="" href="https://www.businessinsider.com/mercedes-benz-sliding-ev-sales-and-weak-demand-in-china-2024-10">Mercedes-Benz</a><a target="_blank" class="" href="https://www.businessinsider.com/luxury-european-carmakers-china-sales-competition-electric-vehicles-bmw-mercedes-2024-10"> and BMW</a> are being squeezed in this region.Many of <a target="_blank" class="" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">China's EV champions are now expanding overseas</a>, something Felipe Munoz, auto analyst at JATO Dynamics, told BI was putting the likes of Toyota and Honda under growing pressure."The real battle is happening in the emerging markets. And that's exactly where the Japanese car makers are suffering the most," said Munoz, pointing to the rapid expansion of the likes of BYD in <a target="_blank" class="" href="https://www.businessinsider.com/chinese-ev-companies-shut-out-of-us-target-mexico-brazil-2024-6">Southeast Asia and Latin America</a>."Japanese carmakers have a strong presence in Southeast Asia. And Southeast Asia right now is a hot market for Chinese cars," he said.<h2 id="063c7ce4-3202-4df2-8359-3a26c5e32696">Electric woes</h2>Japanese automakers have taken a broadly cautious approach to the transition to EVs, focusing instead on hybrid vehicles.<a target="_blank" class="" href="https://www.businessinsider.com/toyota-hybrid-cars-ev-sales-growth-prius-bz4x-2024-2">That approach has mostly paid off</a> as EV demand has slowed, with Toyota reporting bumper profits on the back of strong hybrid sales in the US earlier this year.<div type="image" title="A Toyota Prius" height="1500" width="2000" msid="115219890" hostid="261" sizebytes="88360"></div>However, Munoz said that while the hybrids-first strategy may have worked out in the US and Europe, it has created problems for Japanese automakers in China, leaving them without a strong lineup of EVs that can compete with <a target="_blank" class="" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5">local offerings that can cost less than $10,000</a>."China is definitely shifting to fully electric. And this leaves out all of the car makers that are not competitive with their electric cars," said Munoz.He added that Toyota, Honda, and Nissan are at risk of becoming overly dependent on US and European markets, which are <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">experiencing stagnating growth</a> while losing out in expanding markets like China."At the end of the day, the hybrid strategy worked in Japan, worked in the US, and worked very well in Europe, but that's not the case in China," he added.There are signs that Japan's auto giants are changing their strategies.Nissan has pledged to accelerate the introduction of new EVs in China and hybrids in the US, while Toyota is <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/toyota-aims-ramp-up-china-production-strategy-pivot-sources-say-2024-11-09/">reportedly planning to expand production</a> in China as it attempts to take on local firms.A Nissan spokesperson told BI that the company is taking measures to meet the market's and customers' needs, including introducing new products.They added that the US remains a priority market for Nissan, and that the company was expecting an increase in sales from new models.Shares of the carmaker jumped on Tuesday after it was revealed that activist investor Effissimo Capital Management took a 2.5% stake in the company.Japanese automakers will likely face new challenges in the coming years, especially in the wake of <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-threaten-elon-musk-tesla-mexico-factory-limbo-2024-11">Donald Trump winning the US presidential election</a> this month.Speaking on an earnings call on Wednesday, <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tariffs-threats-world-ceos-thoughts-trade-2024-11">Honda executive vice president Shinji Aoyama warned</a> that Trump's proposed tariffs on vehicles imported from Mexico could have a huge impact on Japanese automakers, many of whom have factories in the country.Honda did not respond to a request for comment, sent outside normal working hours.

Japanese carmakers are losing ground as China surges ahead in the EV race 

India’s diamond industry is grappling with a severe downturn as both imports and exports have significantly declined over the past three years, triggering defaults, <keyword id="23043782" type="General" weightage="20" keywordseo="factory-closures" source="keywords">factory closures</keyword>, and widespread <keyword id="20013745" type="General" weightage="20" keywordseo="job-losses" source="keywords">job losses</keyword>, according to a report by the Global Trade Research Initiative (<keyword id="19962754" type="General" weightage="20" keywordseo="GTRI" source="keywords" meta.keywordsubtype="org" meta.entityname="GTRI" meta.hostid="261" meta.entityid="GTRI">GTRI</keyword>). The think tank highlighted that the sector is struggling with unsold <keyword id="20237406" type="General" weightage="20" keywordseo="rough-diamonds" source="keywords">rough diamonds</keyword> and increasing competition from lab-grown alternatives. Ajay Srivastava, Founder of GTRI, pointed out that the downturn in India’s diamond industry has had devastating effects. "This has led to defaults, factory closures, and widespread job losses. Tragically, more than 60 individuals from Gujarat’s diamond sector have taken their own lives, highlighting the intense financial and emotional stress," Srivastava said. He emphasised the urgent need for intervention to address these issues and ensure the survival of the sector. <h2>Declining imports and exports</h2>Data from GTRI paints a grim picture of the industry. Imports of rough diamonds have dropped by 24.5%, from USD 18.5 billion in 2021-22 to USD 14 billion in 2023-24, reflecting weakened global demand and fewer orders for diamond processing. After accounting for re-exported rough diamonds, net imports saw a 25.3% decrease, signalling reduced interest in processing diamonds in India. The situation is even worse on the export front. Exports of cut and polished diamonds fell by 34.6%, from USD 24.4 billion in FY 2022 to USD 13.1 billion in FY 2024. Net exports experienced an even sharper decline, dropping by 45.3% from USD 15.9 billion to USD 8.7 billion, indicating a weak global market and rising inventories of unsold diamonds. <h2>Rising inventories and market competition</h2>The report also highlighted that the percentage of unsold diamonds returned to India increased from 35% to 45.6% during this period. Additionally, the gap between net rough diamond imports and net exports of cut and polished diamonds widened from USD 1.6 billion in FY 2022 to USD 4.4 billion in FY 2024, signifying a growing stockpile of unsold inventory and insufficient export demand. Several factors contribute to this crisis. Global economic uncertainty, inflation, and geopolitical tensions — particularly in key markets like the US, China, and Europe — have led to decreased spending on luxury items such as diamonds. Fluctuating global diamond prices have added to this uncertainty, causing buyers to hesitate in purchasing rough diamonds. <div type="Article" hostid="261" msid="113445065" title="&amp;#39;The pressure became too much for her&amp;#39;: Mother blames &amp;#39;work stress&amp;#39; for 26-year-old EY employee&amp;#39;s death" mstype="2" mssubtype="0"></div>Moreover, the Russia-Ukraine conflict has disrupted the global diamond supply chain, with sanctions on Russia, a major producer of rough diamonds, further complicating trade. This slowdown has impacted the global market, stalling the flow of diamonds and affecting India’s processing sector. Another challenge facing the industry is the shift in consumer preferences toward <keyword id="20662742" type="General" weightage="20" keywordseo="lab-grown-diamonds" source="keywords">lab-grown diamonds</keyword>, which are seen as more affordable, ethical, and sustainable. This shift is particularly evident in markets where customers are becoming more conscious of the environmental and ethical implications of their purchases. <h2>Internal regulatory and operational hurdles</h2>Internally, the Indian diamond sector is facing a host of challenges. Many polishing units are burdened with unsold inventories of polished diamonds, discouraging them from importing new rough diamonds. Rising operational costs, including labour, energy, and materials, have also made it difficult for many polishing units to remain profitable. These factors have led to the closure of many shops and significant layoffs, particularly in Surat, the world’s largest hub for diamond cutting and polishing. The sector's heavy reliance on financing has also become a problem. Tighter credit conditions and reduced lending from banks have made it increasingly difficult for businesses to purchase rough diamonds, further stalling production. Additionally, a significant number of cut and polished diamonds exported from India are being returned due to quality issues, overstocking, and price fluctuations, creating costly delays and adding to the strain on exporters. <h2>Dubai's rising influence</h2>An interesting development highlighted by GTRI is the increasing share of rough diamond imports from Dubai, which does not produce diamonds itself. Instead, Dubai imports diamonds from countries like Botswana, Angola, South Africa, and Russia and re-exports them to India. Dubai’s share in India’s rough diamond imports surged from 36.3% in FY 2020 to 60.8% in FY 2024, further rising to 64.5% in April-June 2024. In contrast, Belgium’s share of these imports fell from 37.9% in FY 2020 to 17.6% in FY 2024. One major reason for Dubai's increasing role is India’s high corporate tax regime, which pushes foreign suppliers of rough diamonds to re-export their diamonds to Dubai before sending them to India. This has rendered India’s Special Notified Zones (SNZs) in Mumbai and Surat largely ineffective. <h2>Revitalising the sector</h2>To help revitalise the struggling sector, GTRI has proposed several measures. These include extending export credit terms, exempting foreign rough diamond sellers from corporate taxes in India, regulating the lab-grown diamond industry, and reconsidering the zero-tariff import of cut and polished diamonds from Dubai under the India-UAE trade agreement. The think tank also suggested that the Reserve Bank of India (RBI) extend the export credit period for cut and polished diamond exporters from six months to 12 months, as buyers are increasingly demanding longer credit terms. India’s strong foreign exchange reserves make this feasible. <div type="Article" hostid="261" msid="113449316" title="Small businesses generated 35 million job applications till Aug 2024, 14 million were from women: Report" mstype="2" mssubtype="0"></div>The Indian diamond industry, which consists of over 7,000 companies — many of them small or medium enterprises — provides direct employment to about 1.3 million workers, with Surat alone employing nearly 8,00,000 people. The industry is also crucial for millions of indirect jobs in sectors like logistics, transport, and retail. With the sector being such a vital part of India’s economy, immediate and coordinated efforts are needed to address its current challenges and ensure its long-term viability. (With inputs from PTI)

India's diamond sector faces major crisis amid plummeting imports, exports, and massive job losses

The Olympic gold medalist, <keyword id="20206037" type="General" weightage="20" keywordseo="abhinav-bindra" source="keywords">Abhinav Bindra</keyword>, heaped praise on <keyword id="20390717" type="General" weightage="20" keywordseo="Indian-shooter" source="keywords">Indian shooter</keyword> <keyword id="20166561" type="General" weightage="100" keywordseo="Swapnil-Kusale" source="keywords">Swapnil Kusale</keyword> as the latter went on to win bronze in the men's <keyword id="22629070" type="General" weightage="20" keywordseo="50m-rifle-3P-event" source="keywords">50m rifle 3P event</keyword> at the ongoing <keyword id="20006192" type="General" weightage="20" keywordseo="Paris-Olympics" source="keywords">Paris Olympics</keyword> on Thursday. Kusale also became the first Indian shooter to win a medal in the men's 50m rifle 3P event. The shooter clinched the bronze medal for India in the 50m Rifle 3 Positions Men's Final after finishing in third place with an aggregate of 451.4. He secured India's third overall medal in shooting. The former India shooter appreciated the 28-year-old player and said that his hard work, grit, and passion have paid off. "Absolutely thrilled for Swapnil's epic bronze medal win in shooting at the Paris <keyword id="19933819" type="General" weightage="20" keywordseo="olympics" source="keywords">Olympics</keyword>! Your hard work, grit, and passion have truly paid off. Competing at the highest level and coming away with a medal in shooting is a testament to your dedication and talent. You've made India so proud and shown everyone what chasing dreams is all about. The Paris 2024 Olympics has been an incredible event, and your achievement adds to its unforgettable moments. Here's to many more victories and an amazing future ahead. Keep shining!" Bindra wrote on X. Earlier in the qualification round, Indian shooter Swapnil Kusale finished seventh in the qualification round of men's 50m 3P to qualify for the final at the ongoing Paris Olympics on Wednesday. Indian shooters Aishwary Pratap Singh Tomar and Swapnil Kusale both appeared in the men's 50m 3P qualification round at the Paris 2024 Olympics. On his <keyword id="20662906" type="General" weightage="20" keywordseo="Olympic-debut" source="keywords">Olympic debut</keyword>, Kusale finished seventh with a score of 590-38x. While Tomar ranked 11th with a total of 589-33x. Only the top eight shooters qualified for the final round, and Tomar failed to make his place in the final round. People's Republic of <keyword id="22629071" type="General" weightage="20" keywordseo="Chinas-Liu-Yukun" source="keywords">China's Liu Yukun</keyword> registered the qualification Olympic record with a total of 594-38x. Kusale was also the first Indian shooter to make a place in the men's 50m rifle 3P medal event at the Olympics. Earlier at the multi-sport event, India shooter <keyword id="20241095" type="General" weightage="20" keywordseo="Manu-Bhaker" source="keywords">Manu Bhaker</keyword> opened the nation's account with a bronze medal in the women's 10m air pistol event. The Paris Olympics has been a redemption arc for Manu after her pistol malfunctioned at the Tokyo Olympics. She made history by becoming the first Indian woman in 20 years to reach a shooting final in an individual event of the Olympics since Suma Shirur in 2004. The Indian shooting duo of Manu and Sarabjot Singh got the better of South Korea's Lee Wonho and Oh Ye Jin 16-10 in the bronze medal play-off match in the 10m air pistol mixed team event.

"Hard work, grit, passion have truly paid off": Abhinav Bindra after Swapnil Kusale wins bronze at Paris Olympics

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

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