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<br /> <keyword id="37530" type="CITY" weightage="100" keywordseo="Canon">Canon</keyword> has officially launched the much awaited EOS 5D Mark IV in India. The new high end professional camera comes packed with 4K recording making it the first 5D range professional video camera. But the company sure has taken a hit by the massive popularity of hi-end camera phones.<br />
<br /> We spoke to Canon India President and CEO, <keyword id="910817" type="UNKNOWN" weightage="20" keywordseo="Kazutada-Kobayashi">Kazutada Kobayashi</keyword> on what it means to Canon when almost all smartphones in the market are cashing in on camera as their key feature. He says that the increasing popularity of the hi-end smartphone cameras has led to a huge drop in the sale of their point-and-shoot cameras where Canon is losing 50% of the market in the segment but the company sees a clear silver lining too. The company is of the view that smartphones have made photography extremely popular and Canon believes that two out of ten smartphone users are likely to be interested in serious photography from their initial tryst with their smartphone photography. Canon points out that most of their buyers already use smartphones yet they go for their entry level professional cameras to quench their thirst for good photography, an interest purely triggered by smartphone photography. This heightened interest in photography led by smartphone cameras have resulted in the growth of regular entry level cameras to 30,000-40,000 units per year.<br />
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<br /> Canon has its sharp focus on <keyword id="937852" type="UNKNOWN" weightage="20" keywordseo="wedding-photography">wedding photography</keyword> in India as it has been the biggest market for Canon’s professional range of cameras for many years now. The new camera from Canon, EOS 5D Mark IV is especially designed for the wedding photographers apart from wildlife, studio and sports photographers. The EOS 5D Mark IV features an all new 30.4 megapixel full frame image sensor. The camera comes with standard ISO setting of 100-32000, further expandable to ISO 50-102,400 and it also records 4K videos at 30fps and supports image extract from the high-resolution video. <keyword id="3598357" type="UNKNOWN" weightage="20" keywordseo="canon-eos-5d-mark-iv">Canon EOS 5D Mark IV</keyword> (body only) is priced at Rs 2,54,995 and will be available from September 8. Canon has big expectations from its <keyword id="180940" type="ORGANIZATION" weightage="20" keywordseo="DSLR">DSLR</keyword> segment where it aims to achieve 50 per cent market share in the India market soon. The company is also planning to expand its retail presence to 400 image squares all across the country by end of 2019.<br />
<br /> Well, while the sale of Canon’s point and shoot cameras have halved with the popularity of smartphone cameras, the company is more excited about how the 20% of the smartphone camera users want to move on to the professional cameras with heightened interest in photography thanks to the camera phones. <keyword id="3607020" type="UNKNOWN" weightage="20" keywordseo="canon-india-ceo">Canon India CEO</keyword> says “enough for me”.<br />
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Canon hurt but sees silver lining in popularity of hi-end camera phones

<br /> <keyword id="120142" type="COMPANY" weightage="100" keywordseo="Canon-India">Canon India</keyword> moves a step ahead to provide photographers with uncompromising image quality through the launch of the newly designed EOS models with the world’s <keyword id="2890999" type="UNKNOWN" weightage="80" keywordseo="highest-resolution">highest resolution</keyword> full frame 50.6 megapixel DSLR cameras, today.<br />
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	<br /> With its introduction <keyword id="37530" type="CITY" weightage="100" keywordseo="Canon">Canon</keyword> has unveiled cutting edge technology in the camera industry, maintaining its leading position in terms of DSLR cameras in Indian digital camera market.<br />
	<br /> “With the launch of such evolutionary products, we foresee our numbers to grow and achieve a market share of 50 percent in the DSLR segment,” said <keyword id="910817" type="UNKNOWN" weightage="80" keywordseo="Kazutada-Kobayashi">Kazutada Kobayashi</keyword>, President and CEO, Canon India.<br />
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	Perfect for commercial, studio, portrait, landscape and architectural photography, the ultra high resolution of these cameras allow for large format printing and extensive cropping capability while maintaining fantastic image quality like none before.<br />
	<br /> “Rapid innovation is the key to success in digital imaging industry and the launch of <keyword id="2715304" type="UNKNOWN" weightage="80" keywordseo="EOS-5DS">EOS 5DS</keyword> and <keyword id="2890997" type="UNKNOWN" weightage="80" keywordseo="EOS-5DSR">EOS 5DSR</keyword> cameras reassure our loyalists’ trust in the brand that is always ready to push beyond technology limits,” said <keyword id="1918514" type="UNKNOWN" weightage="80" keywordseo="Andrew-Koh">Andrew Koh</keyword>, Senior Director, Image Communications, Products Group, Canon India.<br />
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	Market insight and strong R&amp;D has enabled Canon to develop many new technologies for sensors to be used in the EOS 5DS and EOS 5DSR bodies. These products truly meet the demand for high-pixel and high resolution, with no compromise in high image quality. <br />
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	“We are confident about the response of the new range and wish to consolidate our position as pioneers in the imaging space,” added Andrew.<br />
	<br /> The company also introduced the <keyword id="2890998" type="UNKNOWN" weightage="80" keywordseo="XC10-4K">XC10 4K</keyword> Professional Video Camera that features a compact, lightweight and versatile design for convenient 4K or full HD video shooting and 12 megapixel digital still photography. The niche products are targeting professional photographers and short film makers.<br />
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	By this product Canon is serving the niche which they had not covered fully before. So by expanding this range they plan to cover the market more comprehensively.<br />
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	With this launch will Canon manage to go ahead of Nikon in the game?<br />
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	“This new product will strengthen and definitely help to increase our market share. But whether it will help us to lead the market, I don’t know, but at least in the high-end market we expect to have a more dominant market with this,” said Andrew to Business Insider.<br />
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	How is Canon strategising to increase their brand value as what works for Nikon in India is the brand?<br />
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	Andrew added that India is a unique market as certain brands which do very well here does not do well in other countries. Moreover India is not one whole country as far as camera trends are concerned, for the southern market is better than the northern market.<br />
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	“Brand building is not an overnight task. We are building upon our brand to help people understand better what Canon stands for,” he said to Business Insider.<br />
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	(image credits: BI India Bureau)
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Canon India introduces world's highest resolution full frame DSLR cameras

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Brent Stirton/Getty Images for WWF-Canon</span></p><p class="caption">A family eats 'Fou Fou' Kasava and fish in the West Lake Edward village of Lunyesenge in the Democratic Republic of the Congo.</p></div><p></p></div></div></p><ul class="summary-list"><li><strong>The Gates Foundation released its second annual <a href="https://www.businessinsider.com/gates-foundation-goalkeepers-2018-report-ceo-sue-desmond-hellman-2018-9">Goalkeepers Report</a> today, a project that's meant to keep yearly tabs on the 2030 Sustainable Development Goals from the United Nations.</strong></li><li><strong>In <a href="https://www.businessinsider.com/bill-and-melinda-gates-foundation-13-ways-world-could-get-better-2018-9">the report</a>, Bill Gates and his team applaud the fact that hundreds of millions of people have risen out of extreme poverty in the past couple of decades, but warn the progress may not continue. </strong></li><li><strong>Keeping more women in school, and letting them decide when they want to have kids would both help a lot.</strong></li></ul><p> </p><p>There's a crude but simple way to measure extreme poverty around the world. Look at how many people are living on less than $1.90 a day. The higher the number, the worse-off we are.</p><p>The good news is that the number of people getting by on that much has been steadily falling for decades, with <a href="http://www.worldbank.org/en/topic/poverty/overview">over a billion people</a> surging over the mark since 1990, according to the World Bank.</p><p>China's on track to nearly eliminate this income bracket by 2030. So is India. </p><p>Now, it's time for sub-Saharan Africa to follow suit, <a href="https://www.gatesfoundation.org/goalkeepers">a new report</a> from the Gates Foundation argues.</p><p>The Goalkeepers report is an annual check-up that's meant to keep tabs on the United Nation's sustainable development goals, which aim to end poverty, hunger, and generally improve people's lives around the world by 2030. </p><p>In this year's Goalkeepers report, the normally optimistic Gates Foundation says the wave of poverty-busting prosperity that rushed over China in the 1990s and then India in the 2000s, lifting more than 750 million people in those countries above the $1.90-a-day mark, is not yet guaranteed on the African continent.</p><p>"The big message is that progress is possible, but it's not inevitable," Gates Foundation CEO Sue Desmond-Hellmann told Business Inside. "We really need to have a third wave, and it needs to happen in sub-Saharan Africa." </p><p>[Read More: <em><a href="https://www.businessinsider.com/gates-foundation-goalkeepers-2018-report-ceo-sue-desmond-hellman-2018-9">The CEO of The Gates Foundation says we're approaching a dangerous tipping point in global poverty. We still have time to reverse it</a></em>.]</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Business Insider</span></p></div><p></p></div></div></p><p>Both China and India have <a href="https://piie.com/publications/wp/wp11-17.pdf">complicated</a> economic success stories that are nowhere near complete.</p><p>But lower fertility rates are arguably linked to better incomes in both countries: China's birth rate tumbled from 5.7 per woman in 1960 to 1.6 in 2016, while India's went from 5.9 to 2.3, according to <a href="https://data.worldbank.org/indicator/sp.dyn.tfrt.in">World Bank data</a>. At the same time, those two countries became global economic powerhouses. The gains meant more people could feed and send their kids to school, ensuring the betterment of coming generations.  </p><p>"It's fantastic to see the kinds of gains in health and education we've seen," Desmond-Hellmann said. "But the worry, the peril, is that more babies are being born in the places where it's hardest to live a healthy, productive life."</p><p>In the years to come, many of the poorest babies (and 86% of the world's extreme poor) are going to be born in a cluster of sub-Saharan African countries, particularly in two specific nations: The Democratic Republic of the Congo and Nigeria. Those two countries alone could account for nearly half of the world's poorest people by 2050, according to Gates Foundation estimates. Both of their birth rates have barely budged since 1960.</p><p>Much of the poverty there will be driven by rapid population growth, more than doubling the number of people in both countries. The staggering increase could be altered, though, if women and girls get to better choose how many children they have from the get-go.</p><p>Women in Africa are currently having an average of about .7 more children than what they'd ideally want. If they got to decide how many kids they birthed, having one or two less, the projected rapid population growth could decrease 30% by 2100, according to the foundation. That would make everyone healthier, smarter, and richer too.</p><p>"You want those young people to have healthy, productive lives," Desmond-Hellmann said. "Nutrition, and early childhood nutrition, are extremely important."</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Oli Scarff/Getty Images</span></p><p class="caption">A malnourished refugee mother and child in a ward of the Medecins Sans Frontieres Hospital in the Dagahaley refugee camp on July 22, 2011 in Dadaab, Kenya.</p></div><p></p></div></div></p><p>"We think investments in voluntary, modern contraception for women who want to decide when she has her children and to space her children, that's a really important investment that we could make as a foundation," Desmond-Hellmann said. </p><p>The $50 billion-plus Gates Foundation has spent more than $15 billion on projects in Africa to date, but much of the push has been for more <a href="https://www.gatesfoundation.org/What-We-Do/Global-Development/Vaccine-Delivery">vaccines</a>, as well as in <a href="https://www.gatesfoundation.org/Where-We-Work/Africa-Office/Focus-Countries/South-Africa">HIV</a> and <a href="https://www.gatesfoundation.org/What-We-Do/Global-Health/Malaria">malaria</a> prevention and treatment. While the foundation is still researching new treatments for HIV and <a href="https://www.gatesfoundation.org/What-We-Do/Global-Development/Vaccine-Delivery#bodyregion_0_interiorarticle_0_strategysections_2_strategysubsectionseb35f5f4bf624285b69fc96587a1f521_0_lnkHeader">providing vaccinations in 73 countries around the world,</a> some of the foundation's health focus is shifting to baby-making.</p><p>Desmond-Hellman says the Gates Foundation will now invest more in family planning and contraception.</p><p>It's arguably filling a needed void at a time when the US is dialing down its own family planning foreign aid. Just days after President Trump took office in January 2016, the administration reintroduced the decades-old <a href="https://www.npr.org/assets/news/2017/01/MexicoCityPolicy.pdf">Mexico City Policy,</a> which essentially zeros out American dollars to any NGOs that <a href="https://www.hrw.org/news/2018/02/14/trumps-mexico-city-policy-or-global-gag-rule">might even mention the word abortion</a> when they're counseling women.</p><p>Practically, it means that women living in remote, impoverished areas have less access to all kinds of contraceptive care and family planning advice. In Madagascar, even though abortion is illegal, the policy is still preventing many low-income women from accessing free contraception like implants and IUD devices, as <a href="https://www.npr.org/sections/goatsandsoda/2017/10/14/555863044/u-s-slashes-funds-for-family-planning-in-madagascar">NPR reported last year</a>.</p><p>Without access to contraception, it's harder for young girls to stay in school, or help plant crops at home. More access to contraception "would enable more girls and women to stay in school longer, have children later, they could earn more as adults, and they could invest more in their children," as Desmond-Hellmann put it.</p><p>But only if they have a choice.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/waterless-toilet-future-backed-bill-gates-foundation-2017-5">Bill Gates is backing the waterless toilet of the future - here's how it works</a></h3>        <div>                    </div>    </div>

The CEO of the Gates Foundation says a wave of progress rippling through China and India could slash poverty in Africa - if women lead the way

<strong><br /></strong><ul><li><strong>A group of associations, including the United States Chamber of Commerce, wrote to <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s minister of Electronics and IT against the implementation of the <keyword id="2617070" type="PERSON" weightage="20" keywordseo="Personal-Data-Protection-Bill">Personal Data Protection Bill</keyword>.</strong></li><li><strong>They expressed that the policy may not necessarily be effective in protecting user data, but it will definitely raise the cost of conducting business in India.<br /></strong></li><li><strong>Major technology players like <keyword id="6354427" type="ORGANIZATION" weightage="20" keywordseo="apple">Apple</keyword>, <keyword id="6355629" type="COMPANY" weightage="20" keywordseo="google">Google</keyword> and Uber are members of these associations.</strong></li></ul>Adding to the pressure on India’s Personal <keyword id="187124" type="ORGANIZATION" weightage="20" keywordseo="Data-Protection">Data Protection</keyword> Bill draft, a group of associations consisting of some of the world’s largest technology companies have <a href="https://economictimes.indiatimes.com/tech/ites/industry-bodies-write-to-it-minister-ravi-shankar-prasad-against-data-bill/articleshow/66062141.cms">written a letter</a> to the country’s minister of Electronic and Information Technology. <br /><br />Members of the group include Apple, <keyword id="10387" type="COMPANY" weightage="20" keywordseo="Microsoft">Microsoft</keyword>, Google, Canon, and Uber, who have jointly raised concerns that while the policy may definitely raise costs by 30-60%, it may not necessarily improve <keyword id="145060" type="ORGANIZATION" weightage="20" keywordseo="data-security">data security</keyword> to such an extent. <br /><br />Rather than propagating no regulation, the businesses have suggested setting up legal conditions for cross-border transfers to enable the free flow of data securely without the need for <keyword id="6441632" type="UNKNOWN" weightage="20" keywordseo="Data-localisation">data localisation</keyword>. <br /><br />Earlier the CEO of Google, Sundar Pichai, had also written a letter to the minister emphasising the importance of the free flow of data for economic growth and digital economy. <br /><br />Even India’s own state, Telangana, which is home to a host of tech firms and companies in the startup space, has expressed its concern that implementation of the bill would hurt their digital ecosystem. <br /><br />The letter was signed by industry associations that include the United States Chamber of Commerce, the United States-India Business Council (USIBC), Japan Electronics and Information Technology Industries Association (JEITA) and DIGITAL EUROPE.<br /><br /><strong>Cost of business<br /></strong><br />In the proposed draft bill, the government proposed setting up a legal framework to monitor and supervise the processing of personal data. In that, one of the regulations aims at obtaining specific and explicit consent from individuals. <br /><br />The issue come in with the clause where the stakeholders are obligated to prove specific notices indicating where and how user’s personal data is going to be processed and ensuring that this data is being handled in a way that’s error-free. <br /><br />Not only does this require organisations to pitch in extra resources for implementation, but it means that before implementing any new improvements within the organisation, there would be more compliances to adhere to, increasing the time required. <br /><br />India-based payments companies like Paytm and PhonePe take the opposite stance citing that there’s no reason to oppose the bill. <br /><br /><em>(Image source: IANS)</em><br />

Groups of foreign companies are lobbying against India's Personal Data Protection Bill

<p><span><div class="KonaFilter image-container float_right"><div class="image on-image"><p class="source"><span>CNBC</span></p><p class="caption">Bud Konheim</p></div><p></p></div>Bud Konheim, CEO of fashion company Nicole Miller, went on CNBC Wednesday to talk shop about the retail industry.</span></p>
<p>But he ended up <a href="http://www.businessinsider.com/bud-konheim-99-needs-to-stop-whining-2014-2">grabbing headlines</a> for a different reason - an impolitic comment about income inequality, canonizing himself among the <a href="http://www.businessinsider.com/tom-perkins-wsj-letter-2014-1">recent string</a> of one-percenters <a href="http://www.businessinsider.com/kevin-oleary-inequality-fantastic-2014-1">weighing in</a> on how poor people truly have it these days.</p>
<p><span><span>"We've got a country that the poverty level is wealth in 99% of the rest of the world," Konheim </span><a href="http://www.cnbc.com/id/101410955">said on CNBC's Squawk Box</a><span>. "So we're talking about woe is me, woe is us, woe is this." Those living on $35,000 in America would do well in developing countries like India or China (comparatively speaking), Konheim explained.</span></span></p>
<p><span><span>However, Konheim is saying that his sound bite was misunderstood <span>once social media's wrath removed it from the interview's full context.</span></span></span></p>
<p><span style="line-height: 1.5em;">"It was triggered by the young anchor using the word 'luxury,'" Konheim told Business Insider. "And I started to get off on the imprecise language we use on the word luxury."</span></p>
<p><span style="line-height: 1.5em;">But Konheim didn't walk back is overall message.</span></p>
<p>Some people who earn $35,000 a year may consider themselves poor, and Konheim says they really aren't, relatively speaking. At $35,000 you can have a "<span style="line-height: 1.5em;">house, car, TV set, three meals a day, and go to a public school," said Konheim.</span></p>
<p><span style="line-height: 1.5em;">"I<span>f you have those things and you're in Rwanda, you're a rich man."</span></span></p>
<p><span style="line-height: 1.5em;"><span><span>"We're talking about the $35,000 a year. You eat three meals a day. What do you want, four meals a day or a better meal? You want a better meal."</span></span></span></p>
<blockquote class="twitter-tweet" lang="en">
<p><a href="https://twitter.com/Tucket1">@Tucket1</a> Relative here gets cell usage, time to tweet, TV to watch, time to watch it. Try that in Rwanda.</p>
- Bud Konheim (@BudKonheim) <a href="https://twitter.com/BudKonheim/statuses/433686031947558912">February 12, 2014</a></blockquote>

<p>"The terms that we use are imprecise," says Konheim, who added that in his eyes, Nicole Miller isn't a luxury brand when you compare its $500 prices to Italian brands that retail similar items for $5,000.</p>
<p><span>"Our idea of luxury is something that's like needless expense."</span></p>
<p><span><span>While it is true that $35,000 would put someone firmly in the upper-middle class 60% range in China, </span><a href="http://finance.yahoo.com/news/poor-stop-whining-says-luxury-160846180.html?vp=1">as CNBC's Robert Frank notes</a><span>, Konheim's comment ruffled feathers because people find in grating to hear what rich men wearing bowties have to say about how average Americans live.</span></span></p>
<p><span><span>"T</span><span>he situation is crowded by a lot of emotional talk," he said.</span></span></p>
<p><span style="line-height: 1.5em;">And Konheim got to see that emotional talk first hand as <a href="https://twitter.com/BudKonheim">Twitter replies</a> began mounting in the wake of the controversial interview.</span></p>
<p><span style="line-height: 1.5em;">"Twitter is a vehicle for everyone to throw slander and insults over the wall," he said. "T</span><span style="line-height: 1.5em;">here's no way to have a meaningful conversation on Twitter."</span></p>
<p><span style="line-height: 1.5em;">For Konheim, this conversation shouldn't be about rich versus poor, but about the issue of income inequality. The two are separate issues, and he thinks raising the minimum wage would be a good start.</span></p>
<blockquote class="twitter-tweet" lang="en" data-conversation="none">
<p><a href="https://twitter.com/stldesktop">@stldesktop</a> People should evaluate the word poor. Income disparity is real. Poor is relative world - wide. So is rich.</p>
- Bud Konheim (@BudKonheim) <a href="https://twitter.com/BudKonheim/statuses/433755196770906112">February 13, 2014</a></blockquote>

<p><span style="line-height: 1.5em;"><span>"It</span><span> gives lift to people [with] lower income. Because they spend it," he said. </span>"I<span>'m not big on government programs, but there's a government program that's good for one reason. It forces everyone to do it. It doesn't get into the competition. It's the law so you have to do it. So nobody has a big advantage. I think it's great."</span></span></p>
<p><span style="line-height: 1.5em;"><span><span>"I'm for any idea that improves the social situation. I'm all for it."</span></span></span><span style="line-height: 1.5em;"> </span></p>

LUXURY FASHION CEO: $35,000 A Year Gets You A House, Car, TV And 3 Meals A Day - In Rwanda, You'd Be A Rich Man

<ul class="summary-list"><li>An increasing number of nations are making plans to break away from the dollar's dominance of global trade and investment flows.</li><li>China has pursued the yuan in cross-border trade deals, while France's president has called for reduced dependence on the greenback. </li></ul><p>The de-dollarization movement is gathering global momentum, with an increasing number of nations from Asia to Europe and Latin America lining up plans to end the greenback's dominance of global trade and investment flows.</p><p>China and Brazil have made a deal to settle trade in each other's currencies, while French president Emmanuel Macron has urged Europe to wean itself off its dependence on the greenback. </p><p>The acceleration of the anti-dollar drive has seen the yuan overtake its US counterpart as the <a href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-yuan-chinese-cross-border-transactions-usd-renminbi-2023-4" target="_blank" rel="noopener">most used currency for Chinese cross-border transactions</a>. It is also Russia's <a href="https://markets.businessinsider.com/news/currencies/dollar-vs-yuan-chinese-currency-usd-russia-moscow-beijing-sanctions-2023-4?utm_medium=ingest&amp;utm_source=markets" rel="">most traded currency</a> since Moscow was largely pushed out from global finance following its war with Ukraine. </p><p>And while Goldman Sachs thinks attempts to undercut the dollar's supremacy will remain contained and constrained for years to come, other influential figures have adopted a more bearish view on the greenback. </p><h3>Here's what 10 top voices have said about the anti-dollar drive. </h3><h3>Elon Musk, billionaire business magnate </h3><p>The Tesla and SpaceX CEO has <a href="https://markets.businessinsider.com/news/currencies/elon-musk-warns-against-weaponising-currencies-dedollarization-2023-4?_gl=1*1bm5axr*_ga*MTY0OTQ1MjIyNS4xNjU2NTA4ODQ3*_ga_E21CV80ZCZ*MTY4MjUzODE3OS45MzIuMS4xNjgyNTM4NzAzLjYwLjAuMA.." target="_blank" rel="noopener">warned against weaponizing currencies</a> like the US has done with its economic sanctions, and suggested the de-dollarization trend may be linked to that. </p><p>In a <a href="https://twitter.com/WallStreetSilv/status/1650498338498789377" target="_blank" rel="noopener nofollow">tweet</a> on Tuesday, he responded to a video post by economist Peter St Onge, in which the latter highlighted that "de-dollarization is real and is happening fast." </p><p>"Dollar share went from 73% (2001) to 55% in (2020). Went from 55% to 47% since sanction launched on Russia, now de-dollarizing at 10x faster than the previous two decades," Onge said. </p><p>Musk responded: "If you weaponize currency enough times, other countries will stop using it." </p><h3>Ray Dalio, Bridgewater founder </h3><p>"Dollars are debt. In other words, when one holds a dollar — a central bank — they hold a debt asset," the Bridgewater Associates founder recently <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-dedollarization-china-yuan-trade-russia-sanctions-ray-dalio-2023-4" target="_blank" rel="noopener">said</a>. "So the holders of that would say, 'I'm already over-exposed to US dollar-denominated debt.' And so there's less of an eagerness to buy."</p><p>Western sanctions against Russia have frozen <a href="https://www.businessinsider.com/repo-global-task-force-freeze-330-billion-russia-oligarch-assets-2022-6?utm_medium=ingest&amp;utm_source=markets" rel="">$300 billion worth of its central bank's assets</a>, preventing Moscow from transacting in dollar- or euro-based assets. Those sanctions "increased the perceived risk that those debt assets can be frozen in the way that they've been frozen for Russia," Dalio said.</p><p>"So for those reasons, there's less desire to hold US dollar-denominated debt, which means yes, less US dollars," he added. "So the supply-demand picture is worsening particularly as we continue to have to sell them internationally to fund the deficit."</p><h3>Emmanuel Macron, French president </h3><p>France's Macron urged that Europe must reduce its dependence on the  "extraterritoriality of the US dollar" in a <a href="https://www.politico.eu/article/emmanuel-macron-china-america-pressure-interview/" target="_blank" rel="noopener nofollow">Politico</a> interview this month. </p><p>The bombshell remarks came as the president stressed Europe should avoid getting tangled in tensions between China and the US. "If the tensions between the two superpowers heat up … we won't have the time nor the resources to finance our strategic autonomy and we will become vassals," he said.</p><h3><strong>Chamath Palihapitiya, venture capitalist</strong></h3><p>While the China's yuan in trade deals is increasing, Palihapitiya said it's <a href="https://markets.businessinsider.com/news/currencies/chamath-palihapitiya-de-dollarization-dollar-vs-yuan-china-renminbi-nothingburger-2023-4">unlikely to erode the dollar's dominance</a>.</p><p>"This whole thing is a huge nothingburger," he said in a recent episode of the <a href="https://www.youtube.com/watch?v=Zf2tYNhq5J8" target="_blank" rel="noopener">All-In Podcast</a>.</p><p>"Until [the yuan] is unpacked in a free-floating currency, we will never know what the real market clearing price is," Palihapitiya said. "China has been very effectively able to manipulate this currency since they were brought into the WTO, in order to engender that trading partner status," he continued, adding that the dollar will remain the "canonical" flight to safety. </p><h3>Stanley Druckenmiller, Duquesne Capital founder</h3><p>Billionaire investor Druckenmiller recently shared he is <a href="https://markets.businessinsider.com/news/currencies/stanley-druckenmiller-shorts-dollar-dominance-dedollarization-fed-rates-weaponized-currency-2023-4" target="_blank" rel="noopener">shorting the US dollar</a> after missing out on last year's rally. In an interview with the Financial Times, he said he felt confident taking a bearish position against the greenback due to the prospect of US interest-rate cuts, a rise in non-dollar trade agreements, and the dollar's weaponization. </p><p>"One area I'm comfortable is I'm short the US dollar," he told the outlet. "Currency trends tend to run for two or three years. We have had a long [run] higher."</p><h3>Jeremy Allaire, Circle CEO </h3><p>"If we want to make the dollar safer and more competitive, we need to do two things," Allaire said in a <a href="https://twitter.com/jerallaire/status/1651182635970883589" target="_blank" rel="noopener">tweet</a>.</p><p>"Unleash it's power as a native data type on the internet, that can be openly used and integrated" and "remove the underlying bank lending IOU risk on electronic money, and separate payment tokens from lending tokens," he added. </p><h3>Goldman Sachs</h3><p>De-dollarization is "lots of talk (again), not a lot of action," the bank's <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-dedollarization-goldman-sachs-china-yuan-renminbi-brazil-russia-2023-4" target="_blank" rel="noopener">strategists wrote in a note</a>.</p><p>"[P]art of the Dollar's declining share can likely be attributed to regular market forces as Treasuries fell and Asian central banks sold their Dollar holdings to counter the stronger Dollar last year," strategists said.</p><p>"While that is a clear risk if the US abuses its 'exorbitant privileges', we see no evidence of that in the data so far (for example, even Brazil's rising share of CNY reserves replaced CAD, not the Dollar), and our strong view is that there is currently no real contender," they added.</p><h3>Joseph Sullivan, former White House economist</h3><p>According to Sullivan, the dollar's dominance could be <a href="https://markets.businessinsider.com/news/currencies/de-dollarization-dominance-yuan-china-brics-alternative-currency-sanction-russia-2023-4">seriously threatened</a> by a currency issued by Brazil, Russia, India, China and South Africa.</p><p>"The BRICS would also be poised to achieve a level of self-sufficiency in international trade that has eluded the world's other currency unions," he said. "Because a BRICS currency union—unlike any before it—would not be among countries united by shared territorial borders, its members would likely be able to produce a wider range of goods than any existing monetary union."</p><p>"Either way, the dollar's reign isn't likely to end overnight—but a [BRICS currency] would begin the slow erosion of its dominance," he said.</p><h3>Stephen Jen, Eurizon SLJ CEO and former Morgan Stanley currency guru</h3><p>"The prevailing view of 'nothing-to-see-here' on the US dollar as a reserve currency seems too innocuous and complacent," Jen, who coined the "Dollar Smile" theory, wrote in a note, <a href="https://www.bloomberg.com/news/articles/2023-04-18/de-dollarization-is-happening-at-a-stunning-pace-jen-says#:~:text=Adjusting%20for%20exchange%20rate%20movements,%2C%E2%80%9D%20Jen%20and%20Freire%20wrote." target="_blank" rel="noopener">per Bloomberg</a>.</p><p>"What needs to be appreciated by investors is that, while the Global South is unable to totally avoid using the dollar, much of it has already become unwilling to do so."</p><h3>Anwar Ibrahim, Malaysian prime minister</h3><p>"There is no reason for Malaysia to continue depending on the dollar," the country's prime minister Anwar Ibrahim <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-russia-china-india-brazil-oil-trade-reserve-currency-2023-1#malaysia-china-weigh-launching-an-asian-monetary-fund-3" target="_blank" rel="noopener">said</a> earlier this month. He added that Malaysia and China are already in talks to utilize the ringgit and renminbi for trade deals.</p><p><em><strong>Readmore:</strong> <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-russia-china-india-brazil-oil-trade-reserve-currency-2023-1">The anti-dollar drive spearheaded by Asia has spread to Europe, with France growing sour on the greenback's dominance. Here are 6 rising threats to the buck's supremacy of global trade.</a></em></p>

De-dollarization is undeniable, and the debate about the greenback's dominance is heating up. Here's what Elon Musk, Ray Dalio, Chamath Palihapitiya and 7 others are saying.

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Canonical</span></p><p class="caption">Mark Shuttleworth is founder and CEO of Canonical.</p></div><p></p></div></div></p><ul class="summary-list"><li>Mark Shuttleworth is the CEO of Canonical, an open source software provider whose partners include Google Cloud and Amazon Web Services.</li><li>Shuttleworth started his first company, the software security firm Thawte, from his parents' garage in Cape Town, South Africa.</li><li>Thawte was acquired by VeriSign for $575 million in 1999, and Shuttleworth used $20 million to finance a trip to space in 2002.</li><li>Shuttleworth spoke to Business Insider about his early days in South Africa, the "crazy" experience of visiting space, and his plans for Canonical.</li><li><a href="https://www.businessinsider.com/international?r=US&amp;IR=T">Visit BusinessInsider.com for more stories.</a></li></ul><p>Mark Shuttleworth may not be the most famous South African tech entrepreneur in the world, but he has achieved something that Musk is yet to experience: a trip to space.</p><p>The 45-year-old left this planet in 2002 on a "crazy" mission which we will come to later. Since then, he has established open source software firm Canonical and his own charitable foundation.</p><p>Yet none of this would have been possible without the success of Thawte - a $575 million web security firm he founded and built from his parents' Cape Town garage.</p><h2>In seven years, Shuttleworth went from working in his parents' garage to visiting space</h2><p>"For a while I think my parents thought it was just a phase I was going through, avoiding the choice of a real career," Shuttleworth tells Business Insider.</p><p>"Pretty soon, though, the web security business was profitable, and they could see it was something I was very passionate about. They were supportive, even though it wasn't a traditional career path.</p><p>"South Africa was slow to get connected, so in 1995 there was very little bandwidth. I wanted to do something that was central to e-commerce but didn't require much connectivity, so I explored encryption and certification.</p><p>"It turned out that there were regulations in the US which prevented American companies from working effectively with strong encryption outside the USA. I focused on that gap to enable strong security for web transactions.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>wolffpower/Shutterstock</span></p><p class="caption">Shuttleworth hails from Cape Town, South Africa, where he started Thawte.</p></div><p></p></div></div></p><p>"Doing that well put me on the radar for the security group at Netscape [the early web browser series], which then created the opportunity to be a global certificate authority for the web."</p><p>He continues: "One of the benefits of being small is that you can really focus on quality and purpose, whereas projects inside large companies are always buffeted by corporate requirements.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/open-source-software-investors-success-2019-2?r=US&amp;IR=T">VCs say these 19 startups for open source software developers will blow up in 2019</a></em></p><p>"So even though we were tiny - and there were some large organisations interested in certification - we were able to offer a higher quality assurance, faster, and cheaper, in most countries around the world."</p><p>In 1999, Thawte was acquired by US tech company VeriSign for $575 million, leaving Shuttleworth - still only 26 - awash with cash. Just as Musk was <a href="http://www.spaceref.com/news/viewsr.html?pid=3698">turning his attention space-ward at the turn of the century</a>, so Shuttleworth started to stargaze.</p><h2>'I went to Moscow and just started knocking on doors'</h2><p>Shuttleworth had always been interested in space, but his motive for visiting was not only natural fascination.</p><p>"I was pretty certain that the next wave [of space travel] needed to be in the hands of entrepreneurs and businesspeople," he explains. "I wanted to show the space industry people that working with someone like me could be rewarding."</p><p>Of course, this lack of commercial space travel meant there was no clear path Shuttleworth could follow to visit space. As a result, he decided to travel to Russia alone, armed with $20 million of his Thawte money and what he calls "broken Russian."</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>NASA/Bill Ingalls</span></p><p class="caption"> Astronaut Sergey Ryanzansky was Shuttleworth's 'Sherpa' in Russia. </p></div><p></p></div></div></p><p>"I went to Moscow and just started knocking on doors," he recalls. "I ended up negotiating with everyone, from the people who made the space suits, to the people who put cosmonauts in centrifuges, to the people who designed the rockets.</p><p>"My 'Sherpa' in Russia, if you like, was this sparky-eyed doctor who gave me medical tests. I couldn't just sign one contract to go to space. I bought a spacesuit before I had a clear path to being able to use it.</p><p>"One contract I signed was so I could be tested by the scientific institution that tested cosmonauts. So here was this bright medical biologist the same age as me [the astronaut <a href="https://en.wikipedia.org/wiki/Sergey_Ryazansky">Sergey Ryanzansky</a>], whose dream back then was to fly in space, literally having me stuck and probed.</p><p>"Only at the very end did I do a deal with the group that could actually get me there."</p><h2>'It's worth just going out on a limb and seeing what you can do'</h2><p>"Going to space at the end of all that was incredible, but as a life experience, the preparation was just as important," continues Shuttleworth.</p><p>"For everybody, there's some equivalent. You go somewhere far away, you live under difficult conditions, you figure out what's possible - and you almost certainly won't regret it.</p><p>"It's worth just going out on a limb and finding out what you can do. In my case, the experience was total cultural immersion in a slightly crazy culture: the Russian space industry."</p><p>In early 2002, Shuttleworth travelled on the Soyuz spacecraft to spend eight days aboard the International Space Station, where he helped with experiments related to genome and AIDS research, <a href="https://www.forbes.com/sites/mfonobongnsehe/2014/10/02/software-millionaire-mark-shuttleworth-to-receive-22-million-refund-from-south-african-reserve-bank/#7ff071514aeb" target="_blank" rel="noopener">according to Forbes.</a></p><p>"Does space travel require tenacity? Yes. Courage? Yes. Execution? Yes. But it's not like you need the US government to throw their weight behind it any more," he says of his experience and the potential for commercial space travel.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Business Insider</span></p><p class="caption">Ubuntu, an open source operating system, is Canonical's flagship product.</p></div><p></p></div></div></p><p>In 2004, two years after his space adventure, Shuttleworth founded Canonical. Again, just as Shuttleworth's space trip was driven by a desire to shape the future of space travel, he wanted Canonical to shape open source.</p><p>Fully funded by Shuttleworth (who had a net worth of $1 billion in 2017, <a href="https://www.bloomberg.com/news/articles/2017-12-12/spaceman-shuttleworth-finds-earthly-riches-with-ubuntu-software" target="_blank" rel="noopener">according to Bloomberg</a>), Canonical's flagship product is Ubuntu, an open source operating system with partners including Google Cloud and Amazon Web Services.</p><p>"The technology wave the world is both feeding and riding at the moment is the wave of open source," Shuttleworth says. "For me, Canonical was about considering what open source means for technology and for society, and then trying to deliver open source in the most efficient, reliable way possible.</p><p>"We've seen super interesting startups [that use Ubuntu] coming out of Indonesia, India, South America, as well as the obvious places like Germany and the US."</p><h2>'Open source was seen as a thing for weird, very quirky people'</h2><p>Back in 2004, both open source and cloud computing were very much in their infancy. Did people think Shuttleworth was crazy?</p><p>"They always do!" he laughs. "At the time, open source was seen as a thing for weird, very quirky people, or people who had money. But, to me, open source felt like a better way to expand what was possible in software."</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>zz/Dennis Van Tine/STAR MAX/IPx</span></p><p class="caption">Amazon Web Services is among Canonical's big-name partners.</p></div><p></p></div></div></p><p>Now Shuttleworth is thinking about taking private equity money for the first time as he looks to expand the business, <a href="https://techcrunch.com/2018/11/15/canonical-plans-to-raise-its-first-outside-funding-as-it-looks-to-a-future-ipo/" target="_blank" rel="noopener">according to an interview he did with TechCrunch in November</a>. An IPO may also be on the cards one day, he added.</p><p>"Ubuntu gives millions of software innovators around the world a platform that's very cheap, if not free, with which they can innovate," he adds. "It makes the future arrive faster. You don't have to be in Silicon Valley or be rich to use it."</p><p class="tagline"><a href="https://www.businessinsider.com/intelligence/40-big-tech-predictions-for-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=amazon&amp;itm_campaign=40-big-tech-predictions-for-2019"></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/spacex-falcon-heavy-rocket-most-difficult-launch-ever-2019-6">Watch SpaceX's 'most difficult launch ever'</a></h3>        <div>                    </div>    </div>

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