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<ul class="summary-list"><li>McDonald's is investing $100 million into recovering from an E. coli outbreak, CNN reported.</li><li>McDonald's said the outbreak led to a drop in restaurant visits and sales.</li></ul>McDonald's is reportedly spending $100 million to lure customers back to stores following an <a target="_blank" href="https://www.businessinsider.com/mcdonalds-quarter-pounder-ecoli-outbreak-why-important-sales-2024-10">E. coli outbreak</a> linked to slivered onions served on Quarter Pounder hamburgers.$35 million of the investment is going toward marketing, including a value deal centring on the chain's chicken nuggets, according to a memo sent to employees seen by CNN.An additional $65 million will be spent on the franchisees that were worst affected by the outbreak, it said.McDonald's did not immediately respond to a request for comment from Business Insider.More than 100 people across 14 states were infected by the outbreak; 34 were hospitalized and one died, according to the US Centers for Disease Control and Prevention."Slivered onions are the likely source of illness in this outbreak," the CDC said. The supplier of the topping issued a recall.McDonald's stock is down just over 7% in the past month.<a target="_blank" href="https://www.businessinsider.com/mcdonalds-store-visits-sales-drop-e-coli-outbreak-2024-10">McDonald's said in its third-quarter earnings that store visits and daily sales also took a hit</a> as some customers stayed away from <a target="_blank" href="https://www.businessinsider.com/mcdonalds-sales-dropped-second-quarter-in-a-row-sharees-down-2024-10">its restaurants</a> during the health scare.Its new marketing campaign will reportedly include TV ads that showcase a 10 McNuggets for $1 deal that can be redeemed through the chain's app."The relevance, trust, and love for the Golden Arches has been hard-earned over nearly 70 years by our unwavering commitment to do the right thing. The past three weeks have only further exemplified that," read the memo seen by CNN that was signed by Michael Gonda, chief impact officer for North America, and Tariq Hassan, chief marketing and customer experience officer.

McDonald's is reportedly spending $100 million to help lure customers back after the E. coli outbreak

New Delhi: The <keyword id="20072894" type="General" weightage="20" keywordseo="rural-economy" source="keywords">Rural economy</keyword> of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> has emerged as a significant driver of <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>, outpacing urban areas largely due to increased <keyword id="20155204" type="General" weightage="20" keywordseo="government-spending" source="keywords">government spending</keyword> in the recent quarters, highlighted a report by <keyword id="20548750" type="General" weightage="100" keywordseo="Anand-Rathi" source="keywords" meta.keywordsubtype="org" meta.entityname="Anand Rathi" meta.hostid="153" meta.entityid="Anand Rathi">Anand Rathi</keyword>, a financial service company. "<keyword id="20109648" type="General" weightage="20" keywordseo="rural-india" source="keywords">Rural India</keyword> continues to outpace urban areas in growth, largely due to a significant rise in government spending in rural regions in the last quarter," said the report. For the coming months, the report stated that the growth trend in the rural economy is expected to continue, although a moderation in growth may occur. It also added that the favourable monsoon conditions and improved sowing data are anticipated to sustain the upward trajectory in <keyword id="19931574" type="General" weightage="20" keywordseo="rural-demand" source="keywords">rural demand</keyword>, providing a buffer against potential economic uncertainties. "We expect this growth to moderate following the elections, favourable monsoon conditions and improved sowing data should sustain the upward trend in rural demand". The report also highlighted that the government's ambitious capital expenditure plans, amounting to Rs 11.1 trillion, are expected to stimulate infrastructure development, further enhancing rural economic prospects The rural economy plays a crucial role in the development of the country because a majority of the population still resides in rural areas. As per the Economic Survey of 2022-2023 around 65 per cent of India's population lived in rural areas in 2021. The report also highlighted that India stands out among emerging economies due to its strong GDP growth. Last year, India grew by more than 8 per cent, and the <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="153" meta.entityid="RBI">RBI</keyword> expects a 7.2 per cent growth rate for FY25. The financial outlook is positive, with efforts to cut the fiscal deficit to 4.5 per cent. The report also noted that India's credit rating may improve because of the strong tax revenue and a large dividend from the RBI which will lead to a lower fiscal deficit than expected. "The fiscal outlook appears promising, with continued focus on reducing the fiscal deficit toward the 4.5 per cent target. Strong tax collections and a substantial RBI dividend may enable the fiscal deficit to come in lower than expected, which could potentially lead to an improved sovereign rating" said the report.

Rural economy is driving India's growth, Govt capex in infra will stimulate it: Anand Rathi report

In FY25, Punjab is set to experience financial challenges as its capital-to-revenue expenditure ratio is the lowest among all states, standing at just 6.2%, highlighted a research report by the <keyword id="19938957" type="General" weightage="100" keywordseo="National-Stock-Exchange" source="keywords">National Stock Exchange</keyword> (NSE). This means that for every rupee Punjab spends, a very small portion is being allocated towards capital expenditure, which is crucial for long-term <keyword id="19971350" type="General" weightage="20" keywordseo="infrastructure-development" source="keywords">infrastructure development</keyword>. In contrast, the research showed that the states like Gujarat lead the way with a much higher ratio of 36.2%, signaling a stronger focus on capital spending that can drive future growth. "The capital-to-revenue expenditure ratio, a measure of expenditure quality, is set at 20.7 % for FY25BE, declining from 21.2 % in FY24RE. Punjab has the lowest ratio at 6.2 %, while Gujarat leads at 36.2 %" said the report. The report also highlighted that the overall, capital expenditure by Indian states is expected to moderate in FY25 after three years of strong growth. It stated that the total capital spending for the fiscal year is estimated to increase by just 6.5 % to Rs 6.5 lakh crore. This is a notable slowdown compared to the sharp 39.3 % rise in FY24, which was marked by a post-pandemic push to boost infrastructure and public projects. The capital-to-revenue expenditure ratio, a key indicator of the quality of spending, is also set to decline slightly to 20.7 %in FY25 from 21.2 %in FY24, reflecting a more cautious approach by states. At the same time, revenue expenditure, which covers recurring costs like salaries, subsidies, and interest payments, is expected to grow by 8.9 % to Rs 44.2 lakh crore. This is the slowest growth in the last four years, indicating tighter control over everyday spending. "<keyword id="23614983" type="General" weightage="20" keywordseo="committed-expenditure" source="keywords">Committed expenditure</keyword> (interest payments and pensions), on the other hand, remains high, comprising about 24 % of total revenue expenditure and consuming nearly a quarter of revenue receipts" the report added. Despite this, the report noted that a large portion of revenue expenditure remains committed to non-discretionary costs. Interest payments and pensions alone account for about 24 % of total revenue expenditure and consume nearly a quarter of the revenue receipts, limiting states' flexibility in spending. Some states are more burdened than others by this committed expenditure. Punjab, Kerala, Himachal Pradesh, and Tamil Nadu have earmarked over 35 %of their revenue receipts for these fixed costs in FY25, putting additional pressure on their finances. This leaves less room for discretionary spending and makes it harder for these states to invest in development and growth-oriented projects.

Punjab's capital expenditure lowest in FY25 at 6.2% vs highest of Gujarat at 36.2%: NSE

New Delhi: India is set to enter a transformative "smartphone era" for cars in 2025, with the introduction of vehicles featuring 5G M2M connectivity and advanced AI technologies, according to the latest findings from Techarc's India Connected Consumer Report 2025. The report said the automotive sector will skip 4G and will enable connectivity using the latest 5G cellular technology. It observed that consumers are interested in spending money on improving the value proposition in terms of features, quality and experience rather than exploring too many smart devices. "22 per cent of the respondents shared about considering optimising their smart devices portfolio. Among the new set of categories, smart/connected cars is generating high interest among consumers. 55 per cent of the respondents said that they have come across news or information about smart/connected cars in recent times," it said. Starting in 2025, passenger cars in India will be equipped with 5G M2M connectivity, on-device GenAI, and cloud connectivity, making advanced technologies accessible across various price segments, it added. In-vehicle computing and artificial intelligence (GenAI), along with cloud applications, will become essential components of cars, enabling real-time data processing to support drivers effectively. Most cars priced at Rs 20 lakh and above will feature these technologies as standard. The cumulative revenues from automotive chipset companies have already surpassed USD 1.5 billion, with companies like Qualcomm and MediaTek leading the market. Some of the familiar applications that consumers will be able to use while driving include communication apps for audio/video conferencing, OTT entertainment apps, music streaming, podcasts, online shopping, vehicle maintenance, and servicing. "With connectivity and the technologies it brings to the cars, the future of the automobile sector will be fundamentally determined by the auto-technologies that will influence the overall experience, performance, comfort, safety and entertainment available to the drivers as well as the passengers. "So far, such features were seen as luxury or high-end experiences. But starting 2025, many of these will become mainstream for cars in India," Techarc AutoTech Analyst Sadat Ahanger said. With 22 automobile manufacturers producing nearly 5 million passenger vehicles annually in India, the country is poised to become a leader in the global 5G M2M market within the next few years, the report said. About 21 per cent of respondents said MG Motors is the leader in providing <keyword id="24016739" type="General" weightage="20" keywordseo="connected-cars-in-India" source="keywords">connected cars in India</keyword>, followed closely by Kia Motors at 18 per cent and Tata Motors at 15 per cent, it added. Hyundai and Maruti Suzuki also ranked among the top-five brands in this category. The report draws insights from a survey of 4,500 "connected consumers" across metro and non-metro cities. The report defined a connected consumer as one owning at least 3 smart devices in addition to a smartphone.

India to shift to 'smartphone era' for cars embracing 5G, advanced AI in 2025: Report

The Indian <keyword id="22196321" type="General" weightage="20" keywordseo="credit-card-industry" source="keywords">credit card industry</keyword> is struggling to grow, as new issues slow down on a year-on-year (YoY) basis. Not only has the growth i.e. issuance of new credit cards slowed down, but lenders are also becoming increasingly cautious of the asset qualities, a recent report by Nomura showed. From 19% in July 2024, the growth in the <keyword id="6368202" type="General" weightage="20" keywordseo="credit-card" source="Orion">credit card</keyword> spendings came down to 13% in August 2024. The year-to-date (YTD) growth has also significantly declined in FY25, currently standing at 17%, markedly down from 28% in FY24. For the fifth consecutive month, the number of new credit cards added to the system remained well below the 1-million, or 10 lakh mark. Around 9.2 lakh credit cards were added during the month, a slight uptick from the 7.55 lakh cards that came into the system In July 2024. However, there is growth in this space nevertheless, with about 10.55 crore active credit cards at present, marking a 15.6% YoY increase. Even the annualised spend per card, or the average amount spent via an annual card during an year grew 1% YoY to Rs 1.87 lakh. But this was far less than the 7% growth annual spends via one credit card saw in FY24. Meanwhile, what continues to burgeon consistently is the outstanding amount on these credit cards, which ballooned to Rs 2.7 lakh crore in June 2024, up from Rs 2.6 lakh crore in March 2024, and around Rs 2 lakh crore in the year ago period. To put this in perspective, pre-pandemic, the total outstanding amount stood at Rs 87,686 crore, which marks a 24% CAGR in this amount, in just a span of 5 years. <h2>Large drops, slowdown to sustain</h2>Even the monthly expenditure per card dropped 2% YoY to Rs 16,000 in August, 2024. Subsequently, the transaction volume via credit cards also dipped to 1.6% in August, along with the total amount of <keyword id="21084888" type="General" weightage="100" keywordseo="credit-card-spending" source="keywords">credit card spending</keyword>, which fell to Rs 1.69 lakh crore in August, from Rs 1.73 lakh crore in July. Also, there has been a hefty cutdown in provisions made for credit card reward points, which reflects in the quantum of credit card benefits that have been mowed out by companies of late, making credit cards far less lucrative than before. <h2>HDFC takes lead </h2>During August 2024, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC bank</keyword> added a total of 2.41 lakh credit cards, taking its total tally of active credit cards to 2.19 crore. <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> came a second distant, adding 1.45 lakh credit cards during the month, which means that the second-largest credit card issuer now holds over 1.75 crore active credit cards. Axis Bank and SBI Cards also added 1.27 lakh and 1.1 lakh cards, respectively to their repertoire during the month, while the growth numbers at Kotak Mahindra Bank remained largely flat, stagnating the bank's total card tally at 54.13 lakh. This was due to the ongoing ban on the bank due to its weak IT infrastructural issues imposed by RBI in April 2024. If anything, the bank's number of credit cards declined by 61,191 during the month. Even as the festive season approaches, experts think that it is unlikely to make a major dent in credit card spendings, which are expected to see a further slowdown in the quarters to come.

Credit card growth experiencing a slowdown, as borrowers struggle to pay back loans

India was the fourth largest military spender globally in 2023 with an expenditure of USD 83.6 billion, behind the US, China and Russia, according to a report by an independent international think-tank. The report by Stockholm International Peace Research Institute (SIPRI) shared on its website in April also said the "rise" in global military spending last year can be attributed "primarily to the ongoing war in Ukraine and escalating geopolitical tensions in Asia and Oceania and the Middle East". The military expenditure went up in all five geographical regions, with major spending increases recorded in Europe, Asia and Oceania and the Middle East, it said. The report comes amid ongoing conflicts in various parts of the world such as the ones involving Israel-Hamas, Iran-Israel, Russian-Ukraine besides volatility in the Red Sea region. "World military expenditure increased for the ninth consecutive year in 2023, reaching a total of USD 2443 billion. The 6.8 per cent increase in 2023 was the steepest year-on-year rise since 2009 and pushed global spending to the highest level SIPRI has ever recorded," according to the report. The <keyword id="21404979" type="General" weightage="20" keywordseo="world-military-burden" source="keywords">world military burden</keyword> -- defined as military spending as a percentage of global gross domestic product (GDP) -- increased to 2.3 per cent in 2023. Average military expenditure as a share of government expenditure rose by 0.4 percentage points to 6.9 per cent in 2023 and world military spending per person was the highest since 1990 at USD 306, it added. With military expenditure of USD 83.6 billion in 2023, India was the "fourth largest spender globally". Indian spending was up by 4.2 per cent from 2022 and by 44 per cent from 2014. The increase in India's military spending was "mainly a result of growing personnel and operations costs" which made up almost 80 per cent of the total military budget in 2023, the <keyword id="20911352" type="General" weightage="20" keywordseo="SIPRI-report" source="keywords">SIPRI report</keyword> claimed. "This aligns with the government's priority to strengthen the operational readiness of the armed forces amid ongoing tensions with China and Pakistan. In comparison, capital outlays to fund military procurement remained relatively stable at around 22 per cent of the budget in 2023," it said. A total of 75 per cent of these outlays went towards equipments produced domestically, which was the highest level ever and up from 68 per cent in the previous year. The continued shift towards domestic procurement reflects India's goal of becoming self-reliant in arms development and production, the think-tank said in its repot fact sheet shared on its website. The Indian Army has maintained that deployment of its troops and other elements along the LAC is "extremely robust" and "balanced". The eastern <keyword id="21271073" type="General" weightage="20" keywordseo="Ladakh-border-standoff" source="keywords">Ladakh border standoff</keyword> erupted on May 5, 2020, following a violent clash in the Pangong Lake area. The ties between India and China nose-dived significantly following the clash in the Galwan Valley in June 2020 that marked the most serious military conflict between the two sides in decades. SIPRI is an independent international institute dedicated to research into conflict, armaments, arms control and disarmament. Established in 1966, it provides data, analysis and recommendations based on open sources to policymakers, researchers, media and the interested public. The Stockholm-based think-tank monitors developments in military expenditure worldwide and maintains the most comprehensive, consistent and extensive publicly available data source on military expenditure, according to its online portal. The US military spending was USD 916 billion in 2023, which was 2.3 per cent more than in 2022 and 9.9 per cent more than in 2014, the report said. The US remained by far the largest spender in the world, allocating 3.1 times more to the military than the second largest spender China. "The biggest percentage increase among all US military spending categories in 2023 was for 'research, development, test and evaluation (RDT&amp;E)". The Stockholm-based think-tank also said in its report that Ukraine was the "eighth largest spender" in 2023 after a spending surge of 51 per cent to reach USD 64.8 billion. This gave Ukraine "a military burden of 37 per cent and represented 58 per cent of total government spending". "Ukraine's military spending in 2023 was 59 per cent the size of Russia's. However, Ukraine also received at least USD 35 billion in military aid during the year, including USD 25.4 billion from the US. Combined, this aid and Ukraine's own military spending were equivalent to about 91 per cent of Russian spending," the report claimed. According to the report, Russia's military spending increased by 24 per cent to an estimated USD 109 billion in 2023. "China, the world's second largest military spender, allocated an estimated USD 296 billion to the military in 2023, an increase of 6 per cent from 2022. This was the 29th consecutive year-on-year rise in China's military expenditure. China accounted for half of total military spending across the Asia and Oceania region. Several of China's neighbours have linked their own spending increases to China's rising military expenditure," the Stockholm-based think-tank claimed in its report. In 2023, the 31 <keyword id="20763732" type="General" weightage="20" keywordseo="NATO-members" source="keywords">NATO members</keyword> accounted for USD 1,341 billion, equal to 55 per cent of the world's military expenditure, the report said. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank">Best smartphones under ₹25,000 in India</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a>

India fourth largest military spender globally in 2023: SIPRI report

<ul class="summary-list"><li>Luxury sales in Japan surged due to a weakened yen and increased tourist spending.</li><li>The luxury industry faced a decline in China, making Japan's market growth crucial.</li></ul>If you were looking to shop luxury in <a target="_blank" class="" href="https://www.businessinsider.com/japan-airlines-free-flights-initiative-could-backfire-experts-2024-10">Japan this summer</a>, you had to get in line.According to Amrita Banta, managing director of luxury insights firm Agility Research &amp; Strategy, luxury stores started admitting customers by appointment only to cope with the meleé of <a target="_blank" class="" href="https://www.businessinsider.com/things-american-wishes-she-knew-before-visiting-japan-mistakes-2024-9">tourists</a> flocking to Japan to take advantage of the <a target="_blank" class="" href="https://www.businessinsider.com/japan-weak-currency-yen-boosts-foreign-tourism-luxury-purchases-travel-2024-4">weakened yen</a> and cheaper prices on high-end products.The sales surge in Japan has been a much-needed boost for the luxury industry, which has been hard hit by <a target="_blank" class="" href="https://www.businessinsider.com/whats-behind-china-luxury-goods-slowdown-economy-changing-consumer-tastes-2024-10">a drop in demand in China</a>.In the second quarter of 2024, LVMH's sales in Japan were up 57%, far outpacing its other markets. Gucci owner Kering also saw a 27% uptick in sales in Japan in Q2, while its sales plunged in other markets.<div type="image" title="Shibuya Shopping District, Tokyo, Japan" height="3600" width="5400" msid="114913669" hostid="261" sizebytes="2019376"></div>But in Q3, both LVMH and Kering reported a slowdown in luxury spending in Japan.A mix of the strengthened yen due to Japanese government intervention and economic uncertainty abroad appears to have slowed Japan's shopping boom.Still, while the tourist spending may have faded somewhat, experts say Japanese consumers are emerging from a frugal era and spending on luxury themselves."There's a lot of optimism about Japan in the market," Jelena Sokolova, a luxury analyst at Morningstar, told BI.A combination of wage increases and the strengthening of the yen is driving consumer spending confidence in Japan, Daniel Langer, CEO of brand development and strategy firm Équité and a Pepperdine University luxury professor, told BI over email.But the Japanese aren't just splashing their cash anywhere — a bitter pill for some luxury brands to swallow.<h2 id="493fbccc-5f4a-41a5-8130-deff4524ff2f">Low-key luxury aligns with Japanese values</h2><a target="_blank" class="" href="https://www.businessinsider.com/hermes-escapes-luxury-industry-slump-lvmh-kering-struggle-2024-10">Hermès</a> is one example of a brand that continues to report strong momentum in Japan.This is partly because its image is in sync with core Japanese values, Martin Roll, global business strategist and senior advisor at consulting giant McKinsey, told BI.Consistency, craftsmanship, and "quality over loud branding" — attributes <a target="_blank" class="" href="https://www.businessinsider.com/hermes-became-ultimate-status-symbol-2024-2">the Birkin bag maker</a> is known for — align with "Japanese consumers' desire for subtle luxury that conveys a sense of heritage and exclusivity without overt showiness," he said."Hermès and similar brands appeal here because they prioritize quality, subtlety, and minimalism over ostentation, which is key to succeeding in the Japanese luxury space," Roll said.<h2 id="a1d7bb15-45d8-46a7-ae5e-65b8f931680d">The nuances of a Japanese audience</h2>While trend-forward brands have historically done well in regions like India and China with younger populations, "Japan is more of a stable, mature market," Banta said, especially given the country's <a target="_blank" class="" href="https://www.businessinsider.com/japan-company-shifts-adult-diapers-due-low-birth-rates-babies-2024-3">aging population</a>.Banta said brands like Prada, Louis Vuitton, and Hermès, which have long been seen as epitomizing luxury and have select products with cult followings, will maintain momentum with locals.Still, the young, affluent Japanese consumers — while more likely to self-indulge — retain many of the same values as their elders, Roll said."This group is more willing to invest in high-quality goods that blend tradition with modern self-indulgence, appreciating brands that offer a sophisticated but not overtly showy luxury experience," Roll added.<div type="image" title="The Chanel Store in Tokyo's Ginza district." height="853" width="1280" msid="114913672" hostid="261" sizebytes="149866"></div>Luxury brands that didn't participate in <a target="_blank" class="" href="https://www.businessinsider.com/recession-economic-outlook-greedflation-inflation-corporate-earnings-slowdown-societe-generale-2024-1">"greedflation"</a> and hiked prices after the pandemic have also fostered trust with Japanese consumers, Langer said.Although Japan has always been an important market for luxury brands, it was eclipsed by China as the world's largest in the early 2010s.But now that China is seemingly no longer the luxury cash cow it once was, brands looking to pivot their attention back to Japan will have to double down on respecting and understanding the locals."Cultural capital is the name of the game in today's world," Langer said."Brands need to be able to inspire Japanese audiences, and this means giving them something they desire," he added. "Brand storytelling, timelessness, and meticulous quality are critical in this market."

Japanese shoppers are entering their spending era. Not all luxury brands stand to benefit.

<ul class="summary-list"><li>China's KFC and Pizza Hut CEO said that she sits and watches her customers eat.</li><li>This is one way she gains important consumer behavior insights, she said at a Fortune conference.</li></ul>Joey Wat, the head of KFC and Pizza Hut in China, has an unusual approach to designing new products: She sits in restaurants for hours, watching her customers eat.Wat is the CEO of Yum China, the company that owns KFC, Taco Bell, <a target="_blank" class="" href="https://www.businessinsider.com/china-pizza-hut-durian-yum-import-fruit-2024-11">Pizza Hut</a>, and other fast-food brands in the country.Speaking at the 2024 <a target="_blank" class="" href="https://fortune.com/2024/11/17/the-ceo-of-kfc-and-taco-bell-china-sits-for-hours-and-watches-customers-eat-its-led-to-popular-menu-items/">Fortune</a> Global Forum, which was held in New York City last week, Wat said that she stakes out Yum China restaurants and spends "two, three hours" watching people eat. That time leads to new product ideas, like KFC China's "mash potato burger.""So apparently, when kids eat the fried chicken, they eat it with the mashed potato," she said to Fortune, explaining that Gen Z diners dipped their fried chicken into mashed potatoes and then into the gravy."What we can do with that insight is get rid of the bone," she added saying that this made them launch the boneless "mash potato burger" in China."Just watch with heart," Wat added to Fortune. "Some things you can observe directly from the customer and sometimes talking to the store manager helps."According to Yum China, KFC is China's <a target="_blank" href="https://www.businessinsider.com/most-popular-fast-food-chain-in-china-kfc-photos-2018-4">most popular fast-food chain</a>, with over 11,000 outlets in the country.Wat is <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-mark-zuckerberg-tim-cook-ceos-unusual-habits-routines-2024-4">not the only CEO</a> who swears by going onto the shop floor.Walmart founder Sam Walton, an experienced pilot, used to <a target="_blank" class="" href="https://www.businessinsider.com/walmart-founder-sam-walton-store-visits-plane-2024-10">travel the country in a small private plane</a> and sometimes visited different cities on random visits to inspect stores.Starbucks' former CEO Laxman Narasimhan, during his short stint as the company's head, went through barista training and said in a memo to staff in March that he would <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-ceo-laxman-narasimhan-first-annual-letter-to-staff">work behind the counter</a> for half a day monthly. Starbucks' new CEO said he also <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-new-ceo-wants-customers-spend-more-time-coffee-chain-2024-9">plans to spend time</a> in stores.Whole Foods CEO Jason Buechel visits the supermarket "at least twice a day, every single day," Fortune <a target="_blank" class="" href="https://fortune.com/2024/08/15/whole-foods-markets-ceo-grocery-shops-at-least-14-times-a-week-even-on-vacation-im-probably-very-abnormal/?queryly=related_article">reported</a> in August.A self-proclaimed "foodie," Buechel told Fortune that he usually checks out the cheeses and salad bar and likes to pick up new products to try out different recipes.Fortune reported that his twice-a-day shopping even extends to vacation. Buechel's office is located above Whole Foods' flagship store in Austin.And Bernard Arnault, the founder and chairman of French luxury giant LVMH, visits the stores of his group's brands, such as Celine, Louis Vuitton, Christian Dior, and Tiffany &amp; Co., on Saturdays.He makes detailed notes of any issues he sees in the stores, his son Alexandre Arnault said to <a target="_blank" class="" href="https://www.bloomberg.com/features/2024-lvmh-bernard-arnault/">Bloomberg</a> in June.Representatives of Yum China didn't respond to a request for comment from Business Insider.

China's KFC and Pizza Hut CEO said she spends hours watching her customers eat     

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/meta">Meta</a> will continue to spend big on artificial intelligence, executives said in an earnings call.</li><li>The company outperformed Q3 expectations with Mark Zuckerberg citing AI progress as a factor.</li></ul>Mark Zuckerberg is staying the course with Meta's heavy <a target="_blank" class="" href="https://www.businessinsider.com/meta-ai-video-generation-tool-openai-sora-goole-veo-2024-10">AI spending.</a>The company reported its <a target="_blank" class="" href="https://www.businessinsider.com/meta-stock-earnings-report-call-live-updates-2024-10">third-quarter earnings</a> on Wednesday, outlining how its $40.59 billion quarterly revenue beat expectations of $40.25 billion.Zuckerberg attributed the "good quarter" to <a target="_blank" class="" href="https://www.businessinsider.com/meta-ai-face-images-instagram-facebook-feeds-imagine-me-feature-2024-10">AI progress</a> across Meta's apps and business, saying the company has no plans to slow down its investments in the technology.AI has had "a positive impact on nearly all aspects of our work," he said. It's "clear that there are a lot of new opportunities to use new AI advances to accelerate our core business," he said.But he added that the company's <a target="_blank" class="" href="https://www.businessinsider.com/meta-ai-moderating-ads-drugs-cocaine-ecstasy-lawmakers-send-letter-2024-8">AI investments</a> continue to require a "significant acceleration" in infrastructure expense growth.Meta said it expects its capital expenditures for the year to be in the range of $38 billion to $40 billion, up from its projected range of $37 billion to $40 billion.The company is <a target="_blank" class="" href="https://www.businessinsider.com/meta-ai-can-see-and-speak-with-celebrity-voices-2024-9">betting big on AI</a>, training its own models and integrating the technology into consumer products across its platforms.Meta spent the year <a target="_blank" class="" href="https://www.businessinsider.com/meta-ai-spending-more-mark-zuckerberg-investors-stock-price-2024-7#:~:text=Meta's%20bullish%20attitude%20toward%20AI,by%20the%20end%20of%202024.">pouring money into AI research and development</a>, especially in <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-ai-flex-meta-nvidia-gpus-2024-1">expanding its collection of GPUs</a>.During the call, Zuckerberg celebrated the "rapid adoption" of the company's chatbot Meta AI and <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-open-source-ai-platforms-future-competition-apple-llama-2024-9">Llama AI models.</a>The focus on AI, however, continued to drive up costs at the company, which is likely to see a "significant acceleration in infrastructure expense growth next year," executives said.Emarketer principal analyst Jasmine Enberg said Meta's big AI spending shouldn't spook investors, citing the Q3 revenue numbers. But the company must prove it can continue to cover its AI costs even as they trend upward, she added.Meta's AI approach goes beyond delivering products like Meta AI and <a target="_blank" class="" href="https://www.businessinsider.com/meta-ray-bans-have-new-features-smart-glasses-2024-9">Meta Ray-Bans</a>, executives said Wednesday. They also believe the tech can be used to streamline company processes, such as coding and content moderation.Chief Financial Officer Susan Li said AI has proved efficient in reducing costs over time. She said it has helped the company save money because employees can now use AI for coding, which has made them more productive."It's early, but we're seeing a lot of adoption internally of our internal assistance and coding agents," she said.

Mark Zuckerberg explains why he's happy to keep spending boatloads on AI

A day before the official release of India's Gross Domestic Product (<keyword id="35050" type="General" weightage="20" keywordseo="GDP" source="Orion">GDP</keyword>) figures for <keyword id="21593310" type="General" weightage="20" keywordseo="Q1-FY25" source="keywords">Q1 FY25</keyword>, a report by <keyword id="20548750" type="General" weightage="20" keywordseo="Anand-Rathi" source="keywords" meta.keywordsubtype="org" meta.entityname="Anand Rathi" meta.hostid="261" meta.entityid="Anand Rathi">Anand Rathi</keyword> research estimates the GDP to grow by 7 per cent, primarily driven by the robust performance of the services sector. The financial advisory firm also maintains its full-year <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> projection at 7 per cent, though it warns of potential downside risks. Utilities GVA is expected to rise by 11.5 per cent, while the construction sector has slowed due to election-related disruptions and the impact of heat. The mining sector remains strong, supported by increased coal production. The services sector is expected to be the primary driver of GDP growth in Q1 FY25. Despite reduced <keyword id="20155204" type="General" weightage="20" keywordseo="government-spending" source="keywords">government spending</keyword> ahead of the elections, which is likely to dampen growth in some service sectors, financial, real estate, and professional services are expected to have performed well. This performance is attributed to strong market activity and credit growth. However, the trade and transport sectors present a mixed picture, with some indicators showing improvement while others remain moderate. Overall, Services Gross Value Added (GVA) is expected to grow by 8.2 per cent in Q1 FY25. As per the report, Investment was a key growth driver in FY24, fuelled by government infrastructure projects and a real estate upswing. However, the momentum appears to have slowed in Q1 FY25 due to pre-election restrictions. Despite this, the report predicts a significant rise in government capital expenditure in the coming months, supported by greater budget allocations. The report highlights the changing dynamics of private consumption in India. FY24 saw weak consumption, especially in rural areas, with final consumption expenditure growing by just 3.8 per cent. However, as FY25 begins, there are signs of a rural revival. Indicators such as increased two-wheeler sales and improving Fast-Moving Consumer Goods (FMCG) volume growth signal a rebound in rural demand. In contrast, urban demand continues to show signs of sluggishness. The muted sales of passenger vehicles, weaker retail credit transfers, and flat Goods and Services Tax (GST) collections underscore this trend. While consumption is not expected to see a significant rise in Q1 FY25, the outlook for the remainder of the year appears positive. This optimism is bolstered by anticipated higher agricultural output and sharper government focus on rural areas. The agriculture sector is expected to post a subdued growth of 2.1 per cent in Q1 FY25, affected by scorching heat and uneven rainfall last year, which led to lower reservoir levels and hindered farming activities. However, the outlook is more promising for the remainder of the fiscal year, with better rains and improved sowing conditions expected to boost agricultural output Additionally, a rebound in stamp duty collections suggests buoyant real estate sales. Private capital expenditure, which was previously subdued, is expected to expand in FY25, driven by rising capacity utilisation and strong order books. The industrial sector, which grew by 9.5 per cent in FY24, is expected to see a shift in growth drivers in Q1 FY25. The focus is now moving towards utilities and mining, with manufacturing growth slowing. While government infrastructure projects and private capital expenditure will continue to support industrial growth, the global growth slowdown poses potential risks.

Anand Rathi anticipates Q1 FY25 GDP growth at 7%, a little lower than RBI's estimate of 7.1%

<ul class="summary-list"><li>US real GDP grew at an annualized rate of 2.8% in the third quarter of this year, less than the forecast.</li><li>This means the economy is still growing healthily — even if it was weaker than expected.</li></ul>In the third quarter, US economic growth fell short of expectations but remained strong.A news release from the Bureau of Economic Analysis said real gross domestic product rose at an annualized rate of 2.8% in the third quarter of the year, less than the <a target="_blank" class="" href="https://www.investing.com/economic-calendar/gdp-375">forecast</a> of 3%."The increase in real GDP primarily reflected increases in consumer spending, exports, and federal government spending," the news release said. Consumer spending was a particular highlight, with personal consumption expenditures growing at a strong 3.7% annualized rate.Real GDP rose at an annualized rate of 1.6% in the first quarter and 3% in the second quarter.The weaker-than-expected GDP growth doesn't necessarily mean the US is heading toward a recession. There's still a lot of strength in the economy. Layoffs remain low and inflation-adjusted wage and income growth are back to their strong pre-pandemic trends.The presidential election is less than a week away, and <a target="_blank" class="" href="https://www.businessinsider.com/what-is-going-on-with-economy-jobs-inflation-election-voting-2024-10">the economy is top of mind for voters</a>. Additionally, the Federal Reserve will announce its next interest-rate decision on November 7. The Fed has several recent data releases, in addition to the upcoming jobs report on Friday, to help it determine whether or how much it will cut rates. Before the GDP report, <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">traders</a> expected the central bank would cut rates by 25 basis points in November. That was still the case after the report, with a probability of around 96%.The US economy has generally been strong since recovering from the 2020 Covid recession, and the new GDP reading adds to this. David Kelly, chief global strategist at J.P. Morgan Asset Management, said in a note that "in an economy that has averaged 2.1% growth since the start of this century," adding that anything between 2.5% and 4% "shows a continuation of above-trend real growth."Wednesday's reading is the advance estimate based on early data collected by the Commerce Department, so it could change as more information rolls in. Hurricane Helene in September and Hurricane Milton in October affecting businesses could impact GDP in the third or fourth quarter; it may mean larger revisions upward or downward.Mark Hamrick, a senior economic analyst at Bankrate, told Business Insider earlier this month that because economic data will likely be "foggy" because of issues like strikes and recent hurricanes, "we may have to employ a little bit of patience to get through the end of the year and hope for better visibility about economic data."This is a developing story. Please check back for updates.

US economic growth came in slightly under expectations but consumer spending remains strong

<ul class="summary-list"><li>Russia's GDP growth slowed to 4% in Q2, while inflation continued to rise.</li><li>Economists have long been warning that the Russian economy is showing signs of "overheating."</li></ul>Russia's economic growth slowed to 4% in the second quarter of 2024, down from 5.4% in Q1, <a target="_blank" class="" href="https://www.france24.com/en/live-news/20240809-russian-economic-growth-dips-in-second-quarter-as-inflation-rises">AFP reported</a>, citing official data released on Friday.While the Russian economy continues to expand, it marked the lowest quarterly GDP growth result since the beginning of 2023, the report said.It comes as the Kremlin battles rising inflation and warnings that the economy is overheating.Russia's economic growth has come off the back of huge Kremlin spending on its military campaign in Ukraine, which it launched in February 2022.While that spending helped quell earlier predictions of an imminent recession linked to Western sanctions, it has led to rampant inflation.Inflation hit 9.13% year-on-year in July, the AFP report said, citing data from the Rosstat statistics agency.The country has also been <a target="_blank" class="" href="https://www.businessinsider.com/russian-economy-overheating-consumer-spending-tourism-central-bank-interest-rate-2024-7">going through a consumption boom</a>, driven by the state's heavy defense spending and labor shortages."Consumer activity remains high amid a significant increase in households' incomes and positive consumer sentiment,'" Russia's central bank said in July."Labour shortages continue to grow. In these conditions, the growth in domestic demand does not result in a proportional expansion of the supply of goods and services but rather increases the costs of businesses and, consequently, intensifies inflationary pressures," it added.Russia's central bank hiked its key interest rate to 18% last month after inflation "accelerated" and was "developing significantly above the Bank of Russia's April forecast," it said.Russia's economy is also facing a severe <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-population-decline-worker-shortage-growth-outlook-ukraine-war-2024-8">demographic crisis</a>, with the <a target="_blank" class="" href="https://www.businessinsider.com/putin-calls-russians-more-babies-ethnic-survival-economy-2024-2">nation's population</a> potentially shrinking by 50% by the end of the century, according to a report by the Atlantic Council written by Harley Balzer, an emeritus professor at Georgetown University.The report highlights Russia's long-standing population decline, which it says has now been exacerbated by the ongoing war in Ukraine.This decline could increase pressure on Russia's labor shortages and lead to lower growth and productivity."Unless Russia's leaders can develop and finance a more effective set of policies, the only solutions to population decline will be a combination of incorporating non-Russian territory and/or immigration from Asia and Africa," Balzer wrote in the report.

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