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<ul><li>The lockdown led to the near-complete shutdown of the <keyword id="8901436" type="UNKNOWN" weightage="20" keywordseo="experiential-industry">experiential industry</keyword>.</li><li>However, in a <keyword id="9208211" type="PERSON" weightage="20" keywordseo="post-Covid">post-Covid</keyword> world, live events will be hybrid in nature. They will be a mix of live and virtual, <keyword id="6658093" type="UNKNOWN" weightage="20" keywordseo="Piyush-Gupta">Piyush Gupta</keyword>, President, <keyword id="9733133" type="UNKNOWN" weightage="20" keywordseo="kestone">Kestone</keyword> tells us.</li></ul>The lockdown has impacted the world in more ways than we had anticipated. For the past few months, the live event industry has come to a complete standstill. Big-ticket events have either been postponed or cancelled completely. Back in March when the lockdown had just been announced, a report by Event and Entertainment Management Association (EEMA), a body of over 800 top event agencies across India had said that the impact of the closure on the events and experiential industry could be to the tune of Rs 3000 crore for the ﬁrst two months. However, many from the industry feel the real impact is much larger as it is a largely unorganized industry which sees a lot of contractors and freelancers work for them. However, in the past few months, the industry has been trying to think out of the box and experiment. While virtual events are still a very new concept in the country, we have seen a few brands hold some virtual launch events. While the impact of these events might not be as much as a real event, it is a start of something new and different. Kestone a 23-year-old integrated marketing organization with core capabilities of event management, tele-marketing, digital marketing and content marketing recently announced the launch of an experiential ‘virtual platform’. It is now also educating brands and marketers about the efficacy of virtual events through live demonstrations, case-studies, newsletters, videos, and updates. We recently caught up with Piyush Gupta, President, Kestone about the future of virtual events and what are the challenges in making them mainstream. Excerpts: Q) What was the idea behind launching an experiential virtual platform for events? The idea to launch the platform, which has been conceptualized and built in-house completely, was to make it a part of the integrated offering where we continue to solve the sales and marketing problems. That’s been the primary go-to-market strategy where we have approached clients who want to solve either a marketing, sales or <keyword id="610471" type="PERSON" weightage="20" keywordseo="employee-engagement">employee engagement</keyword> problem. This has helped us integrate our other services and provide a complete solution. For some we have managed to get B2C customers walk in and explore real estate properties online, for some we have got B2B customers to network and engage with peers in the same field. For some we have got students to go through evaluation process and come out as winners and for some it has been showcasing products and solutions in an interactive way. And at the end of it all, data has played a key role in churning out those top prospects who are willing to buy the product/services right away. We are able to share the customer behaviour pattern on the platform and soon our AI Algorithm will be able to interact with an attendee basis their profile, making the platform more interactive and meaningful for everyone. Q) The reservation of the industry against virtual events right now is that there is not too much money coming in. Do you foresee a future where virtual events will see the same kind of investments and sponsorships that physical events did? <keyword id="9186168" type="UNKNOWN" weightage="20" keywordseo="virtual-event">Virtual event</keyword> is completely new for 99% of the Indian audience. In the last 3 months, we have educated more over 1000 organizations on what is a virtual event. While we have been doing digital events from the last 5 years, trust me, people have not seen something like this. And because of that, to be able to evaluate the ROI as compared to just a video conferencing tool is not easy at all. And then to convince the management that something like this exists and one should spend on this as that will give a better ROI, is again a daunting task for most. So, it’s not about the money, it’s about the ROI from a virtual platform. Stating of ROI, this is exactly why we see there is a future of virtual event going forward. When we compare the outcome of virtual events executed by us from a physical event done in past, we have seen the below ROI: • Global Customer Reach • 100% more engagement quotient • 100% tracking of customer behaviour • 50%-80% cost efficiencies • At least 2X Sales impact • 3X social media amplification • 2X sponsor benefits • 100% networking tracking &amp; effectiveness • 100% eco friendly What is required is to further educate organizations on the above. Whoever understands this aspect of the virtual platform, they will continue to use it in future also. Q) The power of physical events lay in the fact that it could pull the audience right in. What kind of innovations can we expect from virtual events to make it more engaging/engrossing for the audience? What one cannot replace is the physical touch of an on-ground event, the buzz when thousands of delegates are there in one room, the smell of coffee and some delightful food, people smiling, shaking hands and closing business deals across the table, experiencing the physical product and taking lots of selfies to post in social media. But to be honest, possibilities are limitless on how one can engage the delegates on a virtual platform and how efficient it is becoming to attend an event. Networking still continues to be the key and we have seen the delegates spending 50% of the time in connecting with people. Our AI-driven networking module is an innovation that we are very proud of. It helps one to network basis interest, organization, and education. And add to it the feature where one can do a video call with the attendee on a click of a button, we surely have got them closer to each other in this virtual world. Having a gaming zone has allowed customers to have fun and compete. 3D product experience, AR/VR are a few other ways that will make the virtual environment more engaging. Q) With your foray into the virtual world, what kind of revenues are you anticipating? What is your strategy to grow the business? Do you have any growth targets? These are still early days. If we go by the reports that have been published globally, it looks like it is going to grow in double digits CAGR for the next 10 years. One of the reports also states that it will become a $400 billion+ by 2027 from $90 billion+ today. Suddenly because of the Covid situation, this has become an important marketing and engagement tool for everyone. Kestone’s focus is across the global and that is our biggest advantage. Our presence in India, Singapore, Dubai and the US has put us in a great position. Our technical hub will continue to be in India. We are having sales and project management team across. That puts us on a huge price advantage. Apart from that, the other approach is to appoint channel partners globally who are willing to take this product to their customers. We already have partners now in Dubai, Singapore &amp; Canada. We are seeing this becoming one of the biggest revenue churners for us. Q) Since this is all still very new, how are you going about educating stakeholders? We are doing it in various ways. One is of course extensive live demonstrations to our clients, stakeholders, and prospects. Besides, we touch base regularly with our stakeholders through case-studies, newsletters, videos, and updates. Apart from these, we do a lot of knowledge sharing through blogs &amp; social-media out-reach. Q) What is the future of live events? Live events are going to come back. In some countries, it has already started to return in a controlled manner. The future will be a combination of live &amp; virtual events. Hybrid events is how it is better known as. For example, we are doing a virtual event where we have a small gathering of people and that is being combined with a virtual platform to take it to a larger audience. Another example is launching a product physically in the office and integrating it with the virtual platform. Once the benefits of virtual events are understood by people, we will see a surge in hybrid events post-Covid. Q) There already are a lot of experiential agencies that are also strengthening their virtual offerings now. How are you going to be different? What will the USP of your offering be? We are global, if not the only the organization, for sure the first few integrated marketing organization to have built this platform in-house. Others have mostly tie-up with a tech firm or outsourcing it. The biggest advantage of that is, we have control over the product, we are able to tweak it basis the needs of a customer, our solution has the experience of 23+ years of doing event management and our integrated solution (Tele, Digital, Content) is focused on solving problems. Overall the USP of the product is Experience which further gets divided into Design (for us, it is as important that we appeal to the visual eyes, so every aspect of it looks beautiful), interactivity (engagement is the key for any individual and we have made sure that the platform is very high on that) &amp; Data (with a strong data science team, this is not just an event platform, one can use it to drive behavior and close sales). We are not just an event’s platform, we are building a virtual universe. This means that it is for anyone and everyone who wants to take their business online. We are looking at being a platform which is helping survive and then grows businesses and be a long-term partner in that journey.

Once the benefits of virtual events are understood by people, we’ll see a surge in hybrid events post-Covid: Piyush Gupta, Kestone

<ul class="summary-list"><li>Piyush Gupta, group CEO of Singaporean lender <keyword id="133715" type="CITY" weightage="60" keywordseo="DBS">DBS</keyword> Bank, said that he expects COVID-19 to create a fresh generation of zombie companies, which will be followed by a wave of defaults.</li><li>"Many companies will find that COVID-19 is not just a liquidity problem. It is eventually a solvency problem," he told CNBC.</li><li>Governments around the world, Gupta said, need to decide whether to keep providing support to struggling businesses and risk them turning into zombie firms, or to withdraw support.</li><li>"Do you keep putting money ... using public finances to support companies or do you let creative destruction happen a la Schumpeter?" Gupta asked.</li><li>Gupta was referring to a concept by famed economist Josef Schumpeter who belongs to the school of thought of allowing entities fail to pave the way for the new and improved firms.</li></ul>COVID-19 could cause a wave of businesses to default over the next two years as government's withdraw their <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> measures, the CEO of Singaporean lender DBS Bank warned. In an interview with <a href="https://www.cnbc.com/2020/07/20/dbs-ceo-says-a-big-big-challenge-is-looming-in-the-global-economy.html">CNBC's "Managing Asia,"</a> Piyush Gupta said: "Many companies will find that COVID-19 is not just a liquidity problem. It is eventually a solvency problem." Gupta noted that many businesses have taken advantage of huge levels of government support in recent months, but once that support is withdrawn, they may struggle to get back to where they were before the pandemic.Gupta also said that governments will ultimately need to decide whether to keep on propping up companies by providing stimulus or letting them fail. "For a lot of companies that are not able to survive when you get to later in this year or next year you have the million dollar question of 'how do you deal with these zombie companies?'" he said. "Do you keep putting money ... using public finances to support companies or do you let creative destruction happen a la Schumpeter?" Gupta asked. Gupta was referring to the <a href="https://economics.mit.edu/files/1785#:~:text=run%20macroeconomic%20consequences.-,Creative%20destruction%20refers%20to%20the%20incessant%20product%20and%20process%20innovation,the%20essential%20fact%20about%20capitalism'.">"creative destruction" concept, created by famed economist Josef Schumpeter,</a> who posited the idea that older companies should be allowed to fail in order to pave the way for new and improved firms."I suspect things will be worse than people predict," Gupta concluded. Gupta said that he thinks the most likely outcome is in line with Schumpeter's thinking, which he said "means that you'll start seeing a lot more default.""You'll start seeing the problems spill over to the financial sector," he added.<div type="image" title="Piyush Gupta" height="1046" width="2092" msid="77070294" hostid="261"></div>Gupta said his bank has taken "draconian assumptions" at the scale businesses will default so its balance sheet is prepared."We think the scale of scope of the problems we may have over next 2 years between 2020 and 2021, could range anywhere between $3-5 billion," Gupta said. He added: "In a typical year it is about $1 billion. I can see challenges which are 2-3 times which I would normally see."Read more: <a href="https://slack-redir.net/link?url=https%3A%2F%2Fwww.businessinsider.com%2F30-year-mortgage-rate-fell-to-record-low-2020-7%3Fr%3DUS%26IR%3DT" target="_blank" rel="noopener noreferrer">Mortgage rates fell below 3% for the first time ever this week, but it's not smooth sailing for homebuyers</a> Gupta also became the latest voice to downplay the suggestion that economies are likely to see a V-shaped recovery, adding that the shape of recovery could be anything in the "alphabet soup."He said: "It is difficult to [gather] how sharp the recovery will be even 3-4 months into the crisis. A V-shape, an L-shape a U-shape, a W-shape, and because of that is in the hands of health, it is hard to figure out how quickly the recovery will kick in." Many economists and analysts were banking on a V-shaped recovery earlier in the nascent recovery of the global economy, but this belief has begun to wane particularly in the wake of rising COVID-19 cases across the US. The US surpassed its biggest <a href="https://www.businessinsider.com/us-new-single-day-record-new-covid-19-cases-2020-7?r=US&amp;IR=T?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">single day-rise with more than 75,000</a> cases reported on Thursday. As recent as June 24 the record was 37,014, and the record has been broken 11 times in the last month alone. Bank of America said earlier this month the US officially <a href="https://www.businessinsider.com/economic-outlook-us-ends-v-recovery-enters-healing-phase-bofa-2020-7">ended its V-shaped recovery and has entered a slower 'healing phase'.</a>Read more: <a href="https://slack-redir.net/link?url=https%3A%2F%2Fwww.businessinsider.com%2Fwall-street-guru-shane-parrish-warren-buffett-could-still-triumph-2020-7%3Fr%3DUS%26IR%3DT" target="_blank" rel="noopener noreferrer">Wall Street's biggest influencer says Warren Buffett might look 'out of touch' but that's a key element of his success</a>

COVID-19 will create a new generation of zombie companies, followed by a wave of business defaults, a bank CEO says

<ul><li><keyword id="9733133" type="UNKNOWN" weightage="20" keywordseo="kestone">Kestone</keyword> has added assistive tech/ high-tech accessibility and interactivity feature to its platform for the dyslexic and the visually impaired.</li><li>This step will empower corporates to add disability into their diversity and inclusion plan, widen access to more talent and skills at a time when hybrid working mode, knowledge sharing through <keyword id="9084093" type="UNKNOWN" weightage="20" keywordseo="virtual-events">virtual events</keyword> is gaining mainstream significance due to <keyword id="8772552" type="COMPANY" weightage="20" keywordseo="covid19">COVID19</keyword> 2.0 impact.</li></ul>In an attempt to support <keyword id="11317478" type="UNKNOWN" weightage="20" keywordseo="disability-inclusion">disability inclusion</keyword> at virtual events, Kestone, a data-driven integrated sales and marketing services company, has added assistive tech/ high-tech accessibility and interactivity feature to its platform for the dyslexic and the visually impaired. With this, regardless of the disabilities that some of the virtual event attendees might have (visual impairedness, dyslexia, etc.), Kestone would be able to provide them with equally immersive digital event experience based on their unique accessibility needs. This step will empower corporates to add disability into their diversity and inclusion plan, widen access to more talent and skills at a time when hybrid working mode, knowledge sharing through virtual events is gaining mainstream significance due to COVID19 2.0 impact. Speaking about the initiative, <keyword id="6658093" type="PERSON" weightage="20" keywordseo="Piyush-Gupta">Piyush Gupta</keyword>, President, Kestone said, “The need for a disability-inclusive business culture is highly critical to help voice the talent and skills of persons with disabilities (PWDs), the underrepresented community in the corporate world, which constitutes not even 0.5 percent of employees in India’s top companies. Social isolation, insufficient job opportunities, and financial uncertainty have already taken a major toll on them during the pandemic. Kestone has always assessed and added new-age tech features on its virtual event platform. The addition of Assistive Tech will help the dyslexic and the visually impaired gain more immersive experience, navigate the event schedule with more ease, and make corporate virtual events more inclusive. The presence of such disability-friendly virtual events will surely encourage innovation, talent, and a sense of equality across industries”. Digital tech innovation has never been more significant than it is today. With only 1 in 10 PWDs having access to the virtual technologies according to the WHO and the pandemic protocols impacting their lives and mental health all the more, India needs to accelerate technology adoption in its disability inclusion road map. Considering that flexible and disability-inclusive work policies benefit employees across the board and boost an organization’s resilience, communication and knowledge sharing through virtual events will need to have such assistive technology at its base. As companies rethink their business models and work environments to adapt to the pandemic, disability inclusion will take a vital significance. The future will need the marketing tech world to innovate around designing content solutions that ensure accessibility, inculcate thoughtful adjustments, support inclusivity, and remove disability discrimination within information and communication technologies. With Govt.’s Accessible India Campaign (Sugamya Bharat Abhiyan) that aims to achieve universal accessibility for PWDs and the corporate world endeavoring to adopt remote working, touchless technology due to the pandemic impact, India is sure to embark on a promising start and the role and contribution of virtual tech designers will become more integral.

This marketing services company is trying to make virtual events equally immersive for the dyslexic and visually-challenged

<ul class="summary-list"><li><keyword id="13173795" type="UNKNOWN" weightage="60" keywordseo="dbs-bank" source="Orion">DBS Bank</keyword> is planning to launch <keyword id="6514520" type="UNKNOWN" weightage="60" keywordseo="crypto-trading" source="Orion">crypto trading</keyword> services for retail clients this year.</li><li>The bank launched a digital asset trading desk for institutional clients in late 2021.</li></ul><keyword id="13173794" type="UNKNOWN" weightage="60" keywordseo="dbs" source="Orion">DBS</keyword> Bank, the largest bank in Southeast Asia by assets, is planning to launch cryptocurrency trading services for retail clients this year, expanding into the space following its launch of an <a href="https://www.coindesk.com/markets/2020/10/27/dbs-bank-is-planning-to-launch-a-digital-asset-exchange/">institutional digital asset trading desk</a> in late 2021.DBS Bank CEO Piyush Gupta during the bank's <a href="https://www.dbs.com/iwov-resources/images/investors/quarterly-financials/2021/4Q21%20media%20briefing.mp4">fourth-quarter earnings call</a> Monday said there is a roadmap in place though declined to give further specifics. "We've started doing the work on seeing how we get in a sensible way, take it out, and expand it beyond the current investor base. And that includes making sure we appropriate thinking about things like potential fraud and others," Gupta said during the call. "We should have something by the end of the year."Gupta, who has led the bank since 2009, also said he expects DBS Bank to improve its digital asset trading platform to "make the access to the digital assets a lot more convenient."This means allowing online deposits to operate more quickly and more seamlessly with minimal intermediaries. The bank's current workflow requires customers to call bankers to place orders within Singapore's timezone."What happens is that you've got 24/7, but the customers still need to call and speak to bankers," Gupta said. "So the first order is to make it all online, make it self-service, make it instant, and make sure the internal processes are robust to be able to support that."DBS Bank, which reported a net profit increase of 37% to $1.03 billion from October to December, has been deepening its presence in the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> space.The bank in December 2020 established a crypto exchange division called <a href="https://cointelegraph.com/news/singapore-s-largest-bank-dbs-sets-up-crypto-exchange-platform">DBS Digital Exchange</a>, backed by SGX, Singapore's largest derivatives and asset exchange. CoinDesk reported that the exchange notched <a href="https://www.coindesk.com/business/2022/02/11/crypto-trading-volume-revs-up-at-singapores-dbs-bank/">full-year trading volume</a> of about $819 million for 2021. The development of DBS Bank comes as authorities in Singapore clamp down on crypto trading.The Singapore affiliate of <a href="https://markets.businessinsider.com/news/currencies/binance-founder-yi-he-regulation-crypto-growth-headquarter-search-meme-2021-11">Binance</a>, the world's largest cryptocurrency exchange, in <a href="https://www.businessinsider.com/binance-says-it-will-withdraw-singapore-licence-application-2021-12">December 2021</a> said it will withdraw its local license application and wind down its <a href="https://www.insiderintelligence.com/insights/digital-payment-services/">digital payment</a> token business in the broadly crypto-friendly city-state.

The largest bank in Southeast Asia is launching a crypto trading service for retail customers this year

Hospitality major <keyword id="7036155" type="COMPANY" weightage="20" keywordseo="OYO-Hotels-Homes">OYO Hotels &amp; Homes</keyword>' valuation has reached the $9 billion-mark, according to industry sources. The development comes after the latest fundraise of ₹54 crore or $7.31 million from <keyword id="145884" type="DOMAIN" weightage="20" keywordseo="Hindustan-Media-Ventures-Ltd">Hindustan Media Ventures Ltd</keyword>. In a regulatory filing with the Ministry of Corporate Affairs, OYO said that it has raised ₹54 crore ($7.31 million) at a share price of $58,490 as part of its <keyword id="10872902" type="UNKNOWN" weightage="20" keywordseo="series-f1-round">Series F1 round</keyword>. With over 50 products and more than 500 microservices, the company plans to utilise the capital in strengthening its technology stack for delivering an improved partner and customer experience. <keyword id="183958" type="DOMAIN" weightage="20" keywordseo="Hindustan-Media-Ventures">Hindustan Media Ventures</keyword> subscribed to OYO's Series F1 Compulsory Convertible Cumulative Preference Shares (Series F1 CCCPS) for cash at an issue price of ₹43.20 lakh per Series F1 CCCPS for an aggregate consideration equivalent to ₹54 crore to Hindustan Media Ventures Limited on a private placement basis. The growth in valuation comes after it dropped to $8 billion last year from $10 billion in November 2019. OYO Hotels &amp; Homes is also backed by investors including the SoftBank Vision Fund, <keyword id="122716" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword>, <keyword id="860456" type="PERSON" weightage="20" keywordseo="Lightspeed-Ventures">Lightspeed Ventures</keyword>, Airbnb, and Hero Enterprise, amongst others. In October 2019, OYO announced that it had raised $1.5 billion, as part of its Series F funding round. As a part of this round, RA Hospitality Holdings' infused approximately $700 million as primary capital in the company, with the balance of $800 million being supplemented by other existing investors. When contacted Abhishek Gupta, Chief Financial Officer, OYO Hotels &amp; Homes told: "We are delighted to welcome HT <keyword id="283616" type="DOMAIN" weightage="20" keywordseo="Media-Ventures-Ltd">Media Ventures Ltd</keyword>. as an investor in OYO. Their support will help us to further build on our unique technology stack for small hotels and homeowners across the world." He said that OYO is on a steady path of resurgence in 2021, the company is seeing signs of recovery in its core markets of India, Europe, and Southeast Asia while sustaining gross margin dollars at pre-Covid levels. "Despite the pandemic, the company's valuation has held through and we believe this will only improve as the guests across the world gradually begin to travel again," Gupta said. Piyush Gupta, Group CFO, HT Media Ventures Ltd, said: "We are extremely excited to partner OYO in its mission of supporting owners and operators of small and independent hotels and homes through its pioneering technology. We look forward to working with the company's management as it continues to add value to the experience of its asset partners and guests alike." Hindustan Media Ventures is promoted by HT Media Ltd which holds 74.4 per cent stake in the company. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/apple-find-my-stalking-airtags-item-safety-alerts/articleshow/81342449.cms">Apple’s new Find My feature updated to prevent stalking as launch of the rumoured AirTags nears</a> <a href="https://www.businessinsider.in/tech/news/regulating-digital-news-is-important-but-freedom-of-press-is-precious/articleshow/81341289.cms">OPINION: Regulating digital news is important but freedom of press is precious</a> <a href="https://www.businessinsider.in/stock-market/news/heranba-industries-ipo-makes-a-bumper-debut-on-stock-exchanges/articleshow/81342578.cms?upcaceh=2">Heranba Industries makes a bumper debut on stock exchanges — shares soar 44% over the issue price band</a> <a href="https://www.businessinsider.in/finance/banks/news/ignore-low-cibil-score-for-street-vendor-loans-work-on-holidays-and-other-diktats-from-indian-government-to-banks-rushing-to-meet-march-target/articleshow/81223572.cms">EXCLUSIVE: Bankers may be working all 31 days of March with the government looking to double the loans doled out under the PM SVANidhi scheme</a>

OYO's valuation climbs again — hits $9 billion after its latest fundraise of $7 million

<ul class="summary-list"><li>Donald <keyword id="19906203" type="General" weightage="100" keywordseo="trump" source="keywords">Trump</keyword> pledged to enforce a 10% blanket tariff on all imported goods to the US.</li><li>It is months before Trump's inauguration, but tariffs are already on the lips of global business leaders.</li></ul>As soon as Donald Trump won reelection, CEOs worldwide discussed his plans for <a target="_blank" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">a new</a><a target="_blank" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11"> era</a> of global tariffs. Although inauguration day is two months away, the leaders of consumer giants like BMW, Ikea, Airbus, and <keyword id="20017281" type="General" weightage="20" keywordseo="ralph-lauren" source="keywords">Ralph Lauren</keyword> were asked about the plans by the press and on earnings calls this week. Trump has vowed to impose a 10% blanket tariff on all foreign goods entering the US and up to 60% and 100% on goods imported from China and Mexico, respectively. He also floated a 100% tariff on imported vehicles and said he'd impose <a target="_blank" class="c-link" href="https://www.businessinsider.com/trump-tariff-threat-john-deere-economists-baffled-2024-9">a 200% tariff</a> on machinery giant John Deere if it continued with plans to move some production to Mexico. <h2>Asia</h2>During Trump's first term, the US and China imposed billions of dollars worth of tariffs against each other. Now, the potential for renewed trade disputes has concerned some Asian business leaders. <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/chinese-stocks-em-fx-currencies-rout-trump-election-stimulus-china-2024-11">Chinese stocks dropped</a> after news of Trump's election victory. <keyword id="23945005" type="General" weightage="20" keywordseo="shinji-aoyama" source="keywords">Shinji Aoyama</keyword>, a global executive vice president at Japan's Honda Motors, said on a Wednesday earnings call that new tariffs on Mexico would have a big impact on Japanese companies. Honda, for instance, has production plants in Mexico. "If the tariff is a permanent one — I suppose it could be not permanent — maybe we would go for the production elsewhere, which is not subjected to the US tariff that we could do it." Aoyama said that he did not expect tariffs to be imposed soon, but added that it would not be easy to stop production quickly in Mexico. "Whoever the president could be, we should not be too much swayed around by them," said Aoyama. <div type="image" title="Shinji Aoyama, global executive vice president of Honda, in a suit behind a grey background." height="2741" width="4000" msid="115088843" hostid="261"></div><keyword id="20489383" type="General" weightage="20" keywordseo="piyush-gupta" source="keywords">Piyush Gupta</keyword>, CEO of Singapore's top bank, DBS, said during a media briefing on Thursday that he found it hard to believe Trump would follow through with his proposed tariffs. "The better thing to do is to wait and see what policy they actually come up with. It's very hard to make projections at this point in time," said Gupta. Instead, he highlighted the impact Trump's policies could have on <a target="_blank" class="" href="https://www.businessinsider.com/federal-reserve-cuts-interest-rates-quarter-point-powell-inflation-election-2024-11">Fed rate cuts</a>. Fewer rate cuts would boost net interest margin — a key metric for banks. "I think a higher interest rate environment is generally better for DBS," Gupta said. He added that DBS would be focusing on the legal and regulatory risks associated with the Trump administration. "They could come up with different kinds of sanctions and other policies — you have to be on top of that." <h2>Europe</h2>Trump has repeatedly said he sees the European Union's trade policies as unfair. During his first term, he <a target="_blank" href="https://www.businessinsider.com/trump-threatens-to-tax-european-cars-if-the-eu-retaliates-against-us-tariffs-2018-3">imposed a number of tariffs</a> on key European industries, including steel, aluminum, and certain luxury goods. Europe responded in turn with tariffs on goods including bourbon whiskey, Harley-Davidson motorbikes, and Levi's. The US is Europe's top trading partner, leaving its businesses highly vulnerable to Trump's proposed 10% tariff. Sectors like automobiles, pharmaceuticals, and chemical products, which represent the lion's share of European exports to the US, would likely experience the biggest economic hit. Shares in BMW, Mercedes, and Volkswagen all fell in response to Trump's victory. The US is by far Germany's largest export market, with goods worth $170 billion sent in 2023, per <a target="_blank" class="" href="https://www.destatis.de/EN/Themes/Economy/Foreign-Trade/Tables/order-rank-germany-trading-partners.pdf?__blob=publicationFile">Germany's statistical authority.</a> On Wednesday, <keyword id="20964414" type="General" weightage="20" keywordseo="oliver-zipse" source="keywords">Oliver Zipse</keyword>, chairman of BMW, downplayed fears over tariffs during a third-quarter earnings call, citing the company's large US business. "We have a strong footprint there, which kind of protects us against anything which might happen on the geopolitical side," he told analysts. Zipse also told reporters, <a target="_blank" class="" href="https://www.reuters.com/business/autos-transportation/bmw-downplays-fears-over-us-tariffs-trump-election-win-2024-11-06/#:~:text=The%20U.S.%20market%20accounted%20for,carmakers%20in%20Europe's%20biggest%20economy">per Reuters,</a> that BMW "shouldn't be too nervous about what might happen." <div type="image" title="Oliver Zipse of BMW speaks in a blue suit behind images of motorbikes and cars." height="3203" width="4804" msid="115088838" hostid="261"></div>Arne Freundt, CEO of German sports brand <keyword id="19922141" type="General" weightage="20" keywordseo="puma" source="keywords">Puma</keyword>, took a similarly relaxed attitude to potential tariffs. "We can shift volumes to other countries swiftly in case of tariffs increase in certain countries," Freundt said. "Politics is politics," Ikea's CEO, Jesper Brodin, told Business Insider when asked about how Trump's tariffs would affect international business. "So we work with longer term cycles and investment frames, and so on. In Ikea, we are very clear on our direction." Guillaume Faury, CEO of the airline Airbus, was more concerned about how tariffs may impact prices. Addressing Trump's proposed tariffs during Airbus' third-quarter earnings call the day before the election, Faury warned that the cost of any new tariffs would be passed along to Airbus's airline customers, as in 2020. "We don't believe that's helping aviation and the competitiveness of the airlines and the aviation industry, but it's something we would be able to manage," Faury said. During his first term, Trump and the European Union were locked in <a target="_blank" href="https://www.businessinsider.com/trump-administration-slaps-tariffs-european-goods-2020-2">a long-running dispute</a> over aircraft subsidies, which the US said put Boeing at a disadvantage, and 15% tariffs were imposed on aircraft imported from the EU. Soon after Trump's departure from the White House, <a target="_blank" class="" href="https://ec.europa.eu/commission/presscorner/detail/en/ip_21_3001">the two sides ended their dispute and axed the tariffs</a>, but renewed tariffs could lead to issues once again. <div type="image" title="Airbus general director Guillaume Faury" height="3000" width="4500" msid="115088848" hostid="261"></div>Martin Sorrell, executive chairman of the UK-based advertising company S4 Capital, described the President-elect as "good news" for North American businesses and companies during an earnings call on Thursday. "Whilst US business doesn't like to talk about it, basically US businesses wanted to see a Trump administration because it means low tax and low regulation," Sorrell said. He added that Europe would be more challenged because of the threat of tariffs. <h2>USA</h2>While tariffs are intended to protect domestic industries by making imports more expensive, companies whose supply chains include foreign contractors could see their costs rise. Justin Picicci, Ralph Lauren's CFO, said that over the last seven-plus years, the fashion brand has diversified its sourcing and developed alternative production for its key products. "Our global sourcing and supply chain is agile and well-positioned," Picicci said during an earnings call Thursday. "So we'll wait and see what, if any, future policy ultimately gets passed. But we've navigated tariffs successfully before, including not so long ago," Picicci said. The costs of tariffs are often passed onto the consumer in the form of price rises. But as demand for domestic goods increases, consumers see higher prices across the board. <keyword id="23945003" type="General" weightage="20" keywordseo="timothy-boyle" source="keywords">Timothy Boyle</keyword>, chief executive of Columbia Sportswear, said in an interview with <a target="_blank" class="" href="https://www.washingtonpost.com/business/2024/10/30/companies-tariffs-trump-prices/">The Washington Post</a> published on October 30 that the brand was set to raise prices if tariffs were imposed. "It's going to be very, very difficult to keep products affordable for Americans," he said. Correction: November 8, 2024 — An earlier version of this story misspelled the name of a Honda executive. He's Shinji Aoyama, not <keyword id="23945004" type="General" weightage="20" keywordseo="shinju-aoyama" source="keywords">Shinju Aoyama</keyword>.

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