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

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

<keyword id="20021345" type="General" weightage="20" keywordseo="TVS-Motor-Company" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motor Company" meta.hostid="153" meta.entityid="TVS Motor Company">TVS Motor Company</keyword> expects to grow faster than the competition across domestic and <keyword id="20108266" type="General" weightage="20" keywordseo="international-markets" source="keywords">international markets</keyword> this fiscal, riding on the back of new <keyword id="22697277" type="General" weightage="20" keywordseo="product-launches" source="keywords">product launches</keyword> and strengthening of operations across key regions, according to CEO KN Radhakrishnan. He noted that in the <keyword id="20046426" type="General" weightage="20" keywordseo="domestic-market" source="keywords">domestic market</keyword>, the company expects growth momentum to continue with normal monsoons likely to add strength to the <keyword id="19929089" type="General" weightage="20" keywordseo="rural-markets" source="keywords">rural markets</keyword>. In international markets, Radhakrishnan exuded hope to perform better in key markets like Africa this year while expanding operations in other regions like the Middle East and Latin America. "Our strong product portfolio; our unwavering focus on the consumers, quality, new products and attractive quality and technology, we are confident that we will outperform the industry both in the domestic and international markets," Radhakrishnan said in an analyst call. He noted that the growth momentum is likely to be maintained with the budget focusing on employment generation, continued higher commitment to infrastructure and rural economy. "We are expecting rural markets to recover. With the expected normal monsoon, we could witness robust growth in Q2," Radhakrishnan stated. He noted that for the first time the company is witnessing that the rural areas were doing slightly better than the urban markets. The improving road infrastructure and economic environment will drive the demand for two-wheeler mobility, he added. The <keyword id="21048623" type="General" weightage="20" keywordseo="two-wheeler-segment" source="keywords">two-wheeler segment</keyword> has got a huge opportunity in the medium and the long term given the challenges in mobility as well as also investments from the government on the infrastructure and road development, he said. The company, which has earmarked over Rs 1,000 crore capex this year, is gearing up to introduce one product each in the electric and internal combustion engine segments in the ongoing quarter. A significant proportion of the earmarked capital is expected to go towards the design and development of new products, Radhakrishnan stated. "I want to highlight that the company will be launching one product in ICE and one product in EV in this quarter and that will further strengthen our range of product portfolio," he said. Commenting on international business, Radhakrishnan said that the Red Sea issue has led to challenges in terms of enhanced transit periods for overseas dispatches. He noted that <keyword id="62356" type="General" weightage="100" keywordseo="TVS" source="Orion">TVS</keyword> has taken enough countermeasures to mitigate these challenges and the situation is likely to improve in the ongoing quarter. Certain select African markets are facing challenges due to currency devaluation and persistent inflation, he said. "However, considering the base effect in our assessment, the possibility of further decline in Africa is low. We feel that we will be doing better in Africa this year," he added. He further said: "Besides, Latin America gives us a huge opportunity. We have started exporting to LATAM. In Asia, we are seeing some challenges in Bangladesh, but we are hopeful that things will settle down soon." The Middle East is also a huge opportunity for TVS and the company is strengthening its operations in the region, he stated. For the April-June quarter this fiscal, <keyword id="46156" type="General" weightage="20" keywordseo="TVS-Motor" source="Orion">TVS Motor</keyword> Company reported a 6 per cent year-on-year increase in consolidated net profit at Rs 461 crore. Total income rose to Rs 10,448 crore for the period under review as compared to Rs 9,142 crore in the year-ago period.

TVS confident of outperforming industry in domestic, global markets following new product launches, ops strengthening

In a strong reaffirmation of the value of <keyword id="20170941" type="General" weightage="20" keywordseo="domestic-cricket" source="keywords">domestic cricket</keyword>, Team <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> captain <keyword id="19899523" type="General" weightage="20" keywordseo="Rohit-Sharma" source="keywords">Rohit Sharma</keyword> has underscored the importance of tournaments like the <keyword id="19905739" type="General" weightage="20" keywordseo="Ranji-Trophy" source="keywords">Ranji Trophy</keyword> in the selection process of the national Test team. Speaking after India's recent 2-0 <keyword id="19907932" type="General" weightage="20" keywordseo="ODI-series" source="keywords">ODI series</keyword> defeat to Sri Lanka in Colombo, Rohit highlighted that despite the success of the Indian Premier League (<keyword id="19906063" type="General" weightage="20" keywordseo="IPL" source="keywords">IPL</keyword>), traditional domestic competitions remain crucial for nurturing talent. Captain Rohit Sharma acknowledged that while the IPL is a significant platform, its prominence has not overshadowed the value of India's domestic cricket structure. "Our goal has always been to ensure that players who are available participate in the Ranji Trophy. Domestic cricket forms the backbone of our international cricket. Many of the players currently representing the country have risen through the ranks by playing domestic cricket, making it crucial for everyone. We aim to keep it competitive," he said. India's performance against Sri Lanka saw the team struggle notably against spin, leading to batting collapse, in all three games in the post-match press conference, Rohit addressed the issue and reiterated the importance of domestic tournaments in preparing players for international challenges. "When selecting players for Test and ODI cricket, much of the discussion revolves around who is performing well in the Ranji Trophy, the one-day format and the Syed Mushtaq Ali Trophy," he explained. While the IPL has undoubtedly contributed to the rise of several cricketing stars, it has also sparked debate about its impact on Indian cricket. However, Rohit clarified that both the IPL and domestic tournaments play vital roles. "The IPL has its own stature and presents different challenges, but it is all part of Indian cricket, and players excelling in any of these tournaments will eventually be recognized," he noted. Rohit also addressed India's poor batting display in the series particularly against the Sri Lankan spinners. He dismissed the notion that playing on turning tracks was an acceptable excuse for their failures. "Playing spin on slow pitches should not be an excuse. We all play on these kind of surfaces. It is about having a clear game plan and executing it well," Sharma said. Rohit remained the leading run-getter in the three-match ODI series, with 157 runs at an average of 52.33 and a strike rate of 141.4. No other batter from either side totalled 100 runs in the series. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Rohit Sharma emphasizes importance of domestic cricket after series defeat against Sri Lanka

<keyword id="20163833" type="General" weightage="100" keywordseo="Passenger-vehicle" source="keywords">Passenger vehicle</keyword> wholesales in India declined 2.5 per cent year-on-year to 3,41,510 units in July, impacted by high base effect as well as companies reducing vehicle dispatches to dealers amid moderation in demand. The overall passenger vehicle (PV) dispatches from companies to dealers stood at 3,50,355 units in July 2023, <keyword id="20081560" type="General" weightage="20" keywordseo="automobile-industry" source="keywords">automobile industry</keyword> body <keyword id="20185536" type="General" weightage="20" keywordseo="SIAM" source="keywords">SIAM</keyword> said on Wednesday. <keyword id="21653561" type="General" weightage="20" keywordseo="utility-vehicles" source="keywords">Utility vehicles</keyword> continued to drive sales of PVs, clocking 1,88,217 units last month, as against 1,80,831 units in July 2023, a growth of 4.1 per cent, as per the data issued by the Society of Indian Automobile Manufacturers (SIAM). Passenger cars, however, recorded a drop of 12 per cent at 96,652 units, as against 1,09,859 units in the same month last year. Industry observers pointed out that after high-paced growth witnessed in the past couple of years, the industry is witnessing moderation in demand. Besides, Original Equipment Manufacturers (OEMs) also undertook stock corrections in July to reduce inventory in the network. As per SIAM data, <keyword id="22783202" type="General" weightage="20" keywordseo="two-wheeler-wholesales" source="keywords">two-wheeler wholesales</keyword> grew by 12.5 per cent to 14,41,694 units last month, as compared to 12,82,054 units in July 2023. <keyword id="20067449" type="General" weightage="20" keywordseo="motorcycles" source="keywords">Motorcycles</keyword> wholesales were up 4.1 per cent at 8,50,489 units in July 2024, as against 8,17,206 units in the year-ago month, SIAM said. Scooters sales were up 29.2 per cent at 5,53,642 units last month, as against 4,28,640 units in the year-ago period. Three-wheeler wholesales also rose 5.1 per cent to 59,073 units from 56,204 units in July last year. "Though three-wheeler and two-wheeler segments are performing well, there has been some de-growth of passenger vehicles and commercial vehicles in July 2024, compared to July 2023," SIAM President Vinod Aggarwal said in a statement. He, however, said the above average rainfall coupled with upcoming festive season is likely to again propel growth in the short term. "In addition, enabling budget announcements which emphasise on overall economic growth with fiscal support for infrastructure and rural sector should augur well for the auto sector in the medium-term," Aggarwal said.

Domestic passenger vehicle wholesales dips 2.5% at 3,41,510 units in July: SIAM

New Delhi: After a wave of initial public offerings (IPOs) in recent weeks, the primary market will experience a brief slowdown, with only two new public issues scheduled for the next week, aiming to raise Rs 365 crore. There were 12 IPOs in the mainboard segment and 40 in the SME (small and medium enterprise) segment in September. IPOs scheduled for next week, beginning October 7, are <keyword id="22922418" type="General" weightage="20" keywordseo="Garuda-Construction" source="keywords">Garuda Construction</keyword> and Engineering on the main board and <keyword id="23436926" type="General" weightage="20" keywordseo="Shiv-Texchem" source="keywords" meta.keywordsubtype="org" meta.entityname="Shiv Texchem" meta.hostid="153" meta.entityid="Shiv Texchem">Shiv Texchem</keyword> on the SME segment. Garuda Construction is seeking to raise Rs 264 crore, and Shiv Texchem is aiming for over Rs 101 crore through their respective IPOs available for public subscription during October 8-10. The stock market has seen a significant correction in the <keyword id="19911354" type="General" weightage="20" keywordseo="equity-market" source="keywords">equity market</keyword> since the start of October amid intensifying conflict between Israel and Iran. Despite the temporary slowdown, overall, the outlook for the <keyword id="19926041" type="General" weightage="100" keywordseo="IPO-market" source="keywords">IPO market</keyword> is promising, with 26 firms proposing to raise Rs 72,000 crore presently holding Sebi's approval while another 55 companies looking to garner about Rs 89,000 crore are awaiting the regulator's clearance, according to the Primedatabase. This month will see <keyword id="19908548" type="General" weightage="20" keywordseo="Hyundai-Motor-India" source="keywords">Hyundai Motor India</keyword> Ltd, the Indian arm of South Korean automaker Hyundai, hitting the primary market to raise around Rs 25,000 crore. The company's IPO is likely to be launched on October 14, according to sources. If the offering proceeds as planned, it will surpass Life Insurance Corporation's (LIC) public offering of Rs 21,000 crore, becoming the largest IPO in India's history. Moreover, 63 companies have already mobilised around Rs 64,000 crore via mainboard, marking a 29 per cent increase from Rs 49,436 crore collected by 57 firms through the route in 2023. The strong momentum in IPO markets is being driven by several key macroeconomic, sector-specific factors and the willingness of funds to look at new ideas. In particular, strong inflows into domestic mutual funds and robust capital formation across corporate India are playing key roles, experts said. Garuda Construction and Engineering's IPO is a mix of fresh issue of 1.83 crore equity shares and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures. The price band has been fixed at Rs 92 to Rs 95 per share. About Rs 100 crore from its fresh issuance proceeds will be utilised for working capital requirements and the balance towards general corporate purposes, including unidentified inorganic acquisitions. Shiv Texchem's IPO is a completely new offering of over 61 lakh shares and is a book-built issue of Rs 101.35 crore. It has set a price band of Rs 158 to Rs 166 per equity share for the IPO. Further, the SME IPO of Khyati Global Ventures, which opened for public subscription on October 4, will close on October 8. Additionally, six companies from the SME segment are set to list in the coming week. HVAX Technologies and Saj Hotels will debut on October 7, followed by Subam Papers and Paramount Dye Tec on October 8. NeoPolitan Pizza and Foods will begin trading on October 9, with Khyati Global Ventures to follow on October 11.

IPO market braces for brief slowdown, 2 new issues targeting Rs 365 crore next week

<ul class="summary-list"><li>China's stimulus isn't enough to stem slowing GDP growth, the World Bank said this week.</li><li>Neighboring countries will see their growth contract after years of positive spillover effects.</li></ul>China's stimulus measures aren't enough to stem the decline of its economic fortunes, and the troubles facing the world's second-largest economy will also be a drag on its neighbors, a new report from the World Bank finds.The report, released Tuesday, says that China's outsized growth has had positive spillover effects on nearby developing economies for years. Yet, as China's growth slows amid a struggling economy and <a target="_blank" href="https://www.businessinsider.com/china-stimulus-fix-economy-xi-jinping-stock-market-2024-10">tepid stimulus efforts</a>, those countries will also see growth contract.The bank forecasts China's economic growth will slow to 4.3% next year, down from a forecasted 4.8% for 2024. Growth in East Asia and the Pacific, meanwhile, will slow to 4.4% in 2025 from about 4.8% this year as a result."For three decades, China's growth has spilled over beneficially to its neighbors, but the size of that impetus is now diminishing," the group said.The authors point in particular to developing economies in East Asia, which benefited from increasing demand from China for imports even as it competed heavily as an exporter of goods. China's neighbors saw positive spillover effects from increased Chinese demand for commodities and services and from the relocation of Chinese production to those countries, the report says.The authors estimate that a 1% increase in China's GDP per-capita growth was associated with a 0.13% increase in GDP per-capita in emerging markets between 2020 and 2023.But now, with China's domestic demand stuck in low gear, its neighbors will feel the impact of China's export strength more drastically."If China's exports grow faster than its imports, as has continued to be the case in manufacturing and overall trade, then the negative impact of increased competition may outweigh the positive impact of demand enhancement in international markets," the report says.It says that a one percent slowdown in China's growth could reduce GDP growth in neighboring developing economies by as much as 0.21%.The report from the World Bank comes shortly after officials in Beijing announced a round of stimulus measures last month, vowing to rescue the economy from a <a target="_blank" href="https://www.businessinsider.com/china-economy-housing-market-real-estate-crash-investors-outlook-construction-2024-3?utm_medium=ingest&amp;utm_source=markets">struggling property sector</a> and <a target="_blank" href="https://www.businessinsider.com/china-economy-weak-domestic-demand-factory-activity-amid-strong-export-2024-7?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*arxr6l*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODMwODIxNC4yMjkuMS4xNzI4MzA4MzIyLjQxLjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets">weak consumer demand</a>.The measures, which included lower interest rates and liquidity support, plus <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chinese-property-stocks-homebuying-restrictions-stimulus-shanghai-gdp-2024-9?_gl=1*1lm342a*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODMwODIxNC4yMjkuMC4xNzI4MzA4MjE0LjYwLjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets">relaxed restrictions on homebuying</a>, fueled a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/china-stock-market-rally-economy-stimulus-liqudity-overwhelm-system-2024-9?_gl=1*1a7ytxc*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODM5NjQwNS4yMzguMS4xNzI4Mzk2NTM4LjU5LjAuMA..">stock market rally</a> in the country and abroad as investors cheered any indication of future growth after months of downbeat data. However, the World Bank warns that the measures are still undefined, which makes it tough to calculate their impact on China's growth.Aaditya Mattoo, the World Bank's East Asia and Pacific chief economist, said the stimulus measures' fiscal impact has yet to be determined."The question is whether [the stimulus] can actually offset consumer concerns about declining salaries, concerns about declining property incomes and fears about falling ill, growing old, becoming unemployed," Mattoo said in a Tuesday interview with CNBC.Mattoo added that China will need to implement deeper structural reforms to see any long-term growth, but that the rest of the region will still welcome the stimulus efforts since it's so dependent on the country for growth.In the meantime, the rest of the region will "need to strengthen domestic drivers of growth by implementing long-deferred deeper reforms" to see growth independent of China, the report says.China's officials previously said the country is targeting "around 5%" growth for this year. In recent months, economists have increasingly said that goal <a target="_blank" href="https://www.businessinsider.com/china-growth-targets-axa-investment-property-sector-industrial-production-2024-9">is out of reach</a>.

China's growth will fizzle next year despite stimulus efforts, and its issues will drag down neighboring economies, World Bank says

<ul class="summary-list"><li>Israel's war in Gaza — and US support for it — has become a major issue in the 2024 election.</li><li>Some voters are threatening to stay home or cast protest votes over Biden's handling of the issue.</li></ul>Israel's ongoing war in Gaza — and President Joe Biden's continued support for it — has become a <a target="_blank" href="https://www.businessinsider.com/joe-biden-age-memory-war-israel-2024-2">major issue in the 2024 election</a>.After Hamas killed more than 1,200 people in its October 7 attack, Israel launched a counteroffensive aimed at eliminating the group.That's led to the deaths of over 35,000 Palestinians, mass displacement and looming famine in the Gaza strip, and an <a target="_blank" href="https://www.businessinsider.com/south-africa-accuses-israel-of-genocide-asks-un-court-intervene-2023-12">international investigation</a> into whether Israel is committing genocide.Here's a guide to where President Joe Biden and former President Donald Trump stand on Israel — and why some are threatening to stay home or cast protest votes in November.<h2 id="24b5896f-83f5-4b23-b6a1-42591ce94e58">Where Joe Biden stands on Israel</h2>In general, Biden has remained staunchly supportive of Israel as it has waged its war in Gaza — but over time, he's gradually pushed the country to change its tack in the war.His administration has pushed for a six-week cease-fire, conditioned upon Hamas agreeing to release the remaining Israeli hostages.In February, he <a target="_blank" href="https://www.businessinsider.com/joe-biden-age-memory-war-israel-2024-2">described Israel's conduct</a> in the war as being "over the top," and one month later, he announced the establishment of a temporary port in Gaza while <a target="_blank" href="https://www.businessinsider.com/biden-israel-gaza-aid-state-of-union-no-other-path-2024-3">urging Israel to do more</a> to allow the passage of humanitarian aid into the besieged territory.In March, the US <a target="_blank" href="https://www.businessinsider.com/us-israel-tensions-boil-after-un-ceasefire-vote-rafah-plans-2024-3">abstained from voting on a UN Security Council resolution</a> calling for an immediate cease-fire and the release of hostages, allowing it to pass — though the administration quickly downplayed the significance of that vote.<div type="image" title="Biden described Israel's conduct of the war as &quot;over the top&quot; at a February press conference." height="1500" width="2000" msid="110566298" hostid="261" sizebytes="100696"></div>In May, his administration halted the shipment of some weapons to Israel amid concerns about the impending invasion of Rafah, a city in southern Gaza where hundreds of thousands of Palestinians have sought refuge. He also <a target="_blank" href="https://www.businessinsider.com/biden-rafah-israel-hamas-us-weapons-shipments-2024-5">threatened to halt further shipments</a> of offensive weapons if a large-scale invasion proceeds, though he has insisted that he will continue to supply the country with defensive weapons.Yet the Biden administration has also cut off US funding to the United Nations Relief and Works Agency, the primary source of humanitarian aid in Gaza, over concerns that members of the organization may have been involved in the October 7 attacks.<h2 id="abcbba6f-1ca5-4429-9b61-ad6101c7c4f2">Where Donald Trump stands on Israel</h2>Trump, the all-but-certain GOP nominee for president in 2024, has been somewhat murky on the present conflict, criticizing Israel numerous times <a target="_blank" href="https://www.businessinsider.com/trump-criticizes-israels-photos-of-bombings-in-gaza-2024-3">over the optics of the war.</a>"I think Israel made a very big mistake," he <a target="_blank" href="https://www.israelhayom.com/2024/03/25/trump-to-israel-hayom-only-a-fool-would-have-not-acted-like-israel-on-oct-7/">told Israel Hayom</a> in March. "These photos and shots. I mean, moving shots of bombs being dropped into buildings in Gaza… it's a very bad picture for the world."At the same time, Trump said in that same interview that Israel should "go and do what you have to do" and that "you have to finish up, you have to get the job done."<div type="image" title="Trump with Israeli Prime Minister Benjamin Netanyahu in 2020." height="1500" width="2000" msid="110566299" hostid="261" sizebytes="176600"></div>As president, Trump was even closer with Israel than Biden is, and he took several steps that benefited the Jewish state, including <a target="_blank" href="https://www.businessinsider.com/trump-moved-us-embassy-jerusalem-for-evangelicals-2020-8">relocating the US embassy</a> from Tel Aviv to Jerusalem. His administration also <a target="_blank" href="https://www.businessinsider.com/netanyahu-white-house-trump-recognizes-golan-heights-israel-2019-3">recognized the Golan Heights</a> — a disputed territory claimed by Syria — as part of Israel.Trump has also said numerous times that any Jewish person who votes for Biden or other Democrats should "have their head examined" — a missive that many have found offensive, but that signals he would be more staunchly supportive of the country than Biden.The former president has also reportedly pledged to deport pro-Palestinian protestors on college campuses."If you get me reelected, we're going to set that movement back 25 or 30 years," Trump <a target="_blank" href="https://www.washingtonpost.com/politics/2024/05/27/trump-israel-gaza-policy-donors/">told a group of Jewish donors</a> in May, according to the Washington Post.<h2 id="81281b13-0731-4457-aaf3-d286c3bbe325">Why some voters might cast protest voters — or stay at home</h2>Given that Trump is broadly more supportive of Israel, one might expect voters who are concerned about Israel's war in Gaza to vote for Biden.That's especially true given that many of the most vocal opponents of Biden's Israel stance are Arab and Muslim Americans, who have long been a scapegoat for Trump's brand of politics. Trump has also made vague pledges to expand upon the so-called "Muslim ban" that he enacted when he was president.But many voters aren't doing that.Hundreds of thousands of voters who might otherwise support Biden have <a target="_blank" href="https://www.businessinsider.com/uncommitted-democrats-biden-gaza-israel-trump-blame-michigan-2024-3">cast "uncommitted" ballots</a> in Democratic presidential primaries this year in protest of his handling of the conflict.While a solid chunk of those voters are likely to vote for Biden in the general election anyway, many say they're still waiting to see Biden change course.Some are even saying it's too late — that Biden has supported what they consider to be a genocide, and that there's no way they can vote for him again.For these voters — some of whom may have even had family members killed in Gaza — they argue that the war outweighs all other considerations.Abdullah Hammoud, the mayor of the <a target="_blank" href="https://www.businessinsider.com/arab-americans-uncommitted-michigan-dearborn-biden-israel-gaza-2024-4">predominantly-Arab city of Dearborn</a> in Michigan, told Business Insider in March that even though he believes Biden has been a "transformative" president in terms of his domestic agenda, some of his constituents will never vote for Biden now."A genocide outweighs all of this," said Hammoud. "Aiding, abetting, defending, and supporting a genocide outweighs all that transformative legislation."Rather than cast votes for Biden or Trump, these voters may simply stay home, or cast so-called "protest" votes for third-party candidates who have no chance of winning, such as Green Party candidate Jill Stein or independent candidate Cornel West.

Is Gaza your top issue? Here's a guide to each 2024 candidate's stance.

Mumbai, The domestic air passenger traffic is expected to surpass the pre-Covid levels of 141.2 million and reach 150-155 million this fiscal, registering an estimated growth of 8-13 per cent, credit ratings agency <keyword id="19908266" type="General" weightage="20" keywordseo="icra" source="keywords">Icra</keyword> said on Wednesday. Icra also projected a significant reduction in industry's net loss for the next two fiscals and was also of the view that supply-chain challenges and engine failure issues may remain near-term headwinds. Icra maintains a "stable" outlook on the domestic aviation industry, amidst the continued recovery in domestic and international air passenger traffic, and relatively stable cost environment, it said. The momentum in traffic growth is expected to continue in FY2025 as well, with a similar estimated year-on-year growth, aided by rising demand for both leisure and business travel and improving airport infrastructure, it said. The international passenger traffic for Indian carriers surpassed the pre-Covid levels in FY2023, although it trailed the peak levels of 25.9 million witnessed in FY2019, according to Icra. It is expected to cross this level in the current fiscal, with an estimated 25-27 million passengers, representing a <keyword id="19921444" type="General" weightage="20" keywordseo="yoy" source="keywords">YoY</keyword> growth of 7-12 per cent, the ratings agency said, adding the same is expected to further grow by 7-12 per cent to 27-29 million in FY2025. "The industry has witnessed improved pricing power, as reflected in increase in yields and thus the spread between revenue per available seat <keyword id="20544428" type="General" weightage="20" keywordseo="kilometre" source="keywords">kilometre</keyword>-cost per available seat kilometre (RASK-CASK) for the airlines. "The same is expected to remain favourable, aided by a decline in aviation turbine fuel (ATF) prices and the relatively stable foreign exchange rates," said <keyword id="20849526" type="General" weightage="20" keywordseo="suprio-banerjee" source="keywords">Suprio Banerjee</keyword>, Vice President and <keyword id="20225498" type="General" weightage="20" keywordseo="sector-head" source="keywords">Sector Head</keyword> for corporate ratings at Icra. The industry is thus estimated to report a significantly lower net loss of Rs 300-4,000 crore (Rs 30-40 billion) in FY2024 and FY2025 compared to Rs 170-175 billion in FY2023, he added. According to the ratings agency, the ATF prices and indian rupee-US dollar movement have a major bearing on the airlines' cost structure. The average ATF price stood at Rs 103,547/KL in the April-February period of FY2024, which is a YoY decline of 15 per cent compared to Rs 120,978/KL in FY2023, it said. However, this was 60 per cent higher compared to an average of Rs 64,715/KL during FY2020, as per Icra. Fuel accounts for around 30-40 per cent of the airlines' expenses.

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