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<ul class="summary-list"><li>The tariffs Donald Trump proposed while campaigning could help create US semiconductor jobs.</li><li>Tariffs could also help US chipmakers compete with companies abroad that sell chips at lower prices.</li></ul>If president-elect Donald Trump follows through on his <a target="_blank" href="https://www.businessinsider.com/companies-raising-prices-trump-tariffs-inflation-goods-getting-more-expensive-2024-11">campaign promise to impose tariffs</a>, the domestic semiconductor industry could see job gains.Industry experts told Business Insider that tariffs on foreign-made chips could help level the playing field for US chipmakers, which are <a target="_blank" class="" href="https://www.businessinsider.com/intel-chip-troubles-problem-us-economy-domestic-production-chips-act-2024-11">facing fierce competition</a> from their counterparts abroad. The tariffs could also encourage US businesses to source more chips domestically and help persuade chipmaking giants, like the Taiwan-based <a target="_blank" href="https://www.businessinsider.com/tsmc-making-apple-iphone-chips-helps-us-semiconductor-bet-2024-10">TSMC</a>, to keep building factories in the US. These developments could aid job growth in the US semiconductor industry, though experts disagreed on how much.Trump's proposed tariff policies include a 60% tariff on goods coming from China and up to a <a target="_blank" class="" href="https://www.businessinsider.com/companies-raising-prices-trump-tariffs-inflation-goods-getting-more-expensive-2024-11">20% tariff</a> on all imports, including chips. US companies source many of the chips needed to power items like iPhones and washing machines from abroad: The US share of overall chip production fell from <a target="_blank" href="https://www.businessinsider.com/why-us-doesnt-make-chips-semiconductor-shortage-2021-4">37%</a> of the world's supply in 1990 to roughly <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/08/09/fact-sheet-two-years-after-the-chips-and-science-act-biden-%E2%81%A0harris-administration-celebrates-historic-achievements-in-bringing-semiconductor-supply-chains-home-creating-jobs-supporting-inn/#:~:text=As%20a%20result%20of%20these,Vice%20President%20Harris%20took%20office.">10%</a> today.In an <a target="_blank" href="https://open.spotify.com/episode/0e9ynAH6hmZIIeOx0SaGQu">interview</a> with podcaster Joe Rogan in October, Trump criticized the Biden administration's <a target="_blank" href="https://www.businessinsider.com/intel-chips-act-funding-all-hands-meeting-2024-11">CHIPS Act</a> legislation, which included $52.7 billion in tax breaks and subsidies for companies in the semiconductor industry. He said that the federal government should have implemented tariffs instead to motivate global chipmakers to build more factories in the US, which would then create jobs."You didn't have to put up $0.10," Trump said. "You could have done it with tariffs. You tariff it so high that they will come and build their chip companies for nothing."To be sure, the impacts of a tariff policy on chips could be mixed. Jeff Koch, an analyst at the semiconductor research and consulting firm SemiAnalysis, told BI that tariffs could lead to higher prices for goods containing chips, such as cars, electronics, and appliances. He added that US chipmakers could likely benefit from these tariffs because it could help them compete with companies abroad that sell chips at lower prices.The Trump campaign did not respond to a request for comment.<h2 id="dc733634-a51d-47cf-a7b9-405bdfac9e61">Tariffs on chips could boost construction and manufacturing jobs</h2>Patrick Moorhead, founder, CEO, and chief analyst at the research and advisory firm Moor Insights and Strategy, told BI that tariffs could increase the number of US chip manufacturing jobs. He added that he thinks the policy could incentivize chipmakers like TSMC and Samsung, which is based in South Korea, to boost manufacturing in the US."The cost of manufacturing in the US for Samsung and TSMC would be lower than a 30% to 40% tariff on <a target="_blank" href="https://www.businessinsider.com/quartz-mine-computer-chips-hurricane-helene-spruce-pine-semiconductor-2024-9">wafers</a> and <a target="_blank" href="https://www.businessinsider.com/us-ai-chip-production-manufacturing-nvidia-labor-china-taiwan-korea-2024-4">packaging</a>," he said, referring to key components of the chipmaking process.Jeff Ferry, chief economist at the Coalition for a Prosperous America, a nonprofit that advocates for increasing domestic manufacturing, estimated that tariffs could create roughly 100,000 jobs at US chip manufacturers and their suppliers.He said this estimate was partly based on a <a target="_blank" class="" href="https://www.semiconductors.org/wp-content/uploads/2021/05/2021-Jobs-Report_2-pager.pdf">report</a> published in 2021 by the Semiconductor Industry Association — a trade association and lobbying group — that said a $50 billion investment would help create an estimated 10 additional chip factories in the US. That could add about 42,000 direct jobs at the companies building these factories and 101,500 indirect jobs at chipmakers' suppliers, per the report.Ferry said he thought chip tariffs could lead to the creation of roughly 10 additional factories, which led him to come to the 100,000 jobs estimate. In August, the White House <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/08/09/fact-sheet-two-years-after-the-chips-and-science-act-biden-%E2%81%A0harris-administration-celebrates-historic-achievements-in-bringing-semiconductor-supply-chains-home-creating-jobs-supporting-inn/">said</a> that investments supported by CHIPS Act funding would help create 115,000 construction and manufacturing jobs."Tariffs on chips, particularly legacy chips like those used in autos, could successfully shift production back to the US," Ferry said.Samsung did not respond to a request for comment. Intel and TSMC did not respond to a question about what impact a Trump administration tariff policy would have on each company's job creation plans in the US.An Intel spokesperson pointed to a <a target="_blank" href="https://www.intel.com/content/www/us/en/newsroom/news/us-chips-act-intel-direct-funding.html#gs.i5ie0q">press release</a> from March, which said the company's $100 billion investment in the US over the next five years is expected to create more than 10,000 jobs at Intel and nearly 20,000 construction jobs. TSMC pointed to a <a target="_blank" href="https://pr.tsmc.com/english/news/3122">press release</a> from April, that said TSMC's investments in three Arizona chip factories are expected to create roughly 6,000 company jobs, more than 20,000 construction jobs, and tens of thousands of indirect supplier and consumer jobs.Stephen Ezell, the vice president for global innovation policy at the Information Technology and Innovation Foundation, said that the effectiveness of a tariff on chips could be limited, in part because many chips aren't imported <a target="_blank" class="" href="https://www.usitc.gov/publications/332/executive_briefings/ebot_cellular_phones_and_covid.pdf">directly</a> into the US: He said they often come embedded into finished products like <a target="_blank" class="" href="https://www.usitc.gov/publications/332/executive_briefings/ebot_cellular_phones_and_covid.pdf">smartphones</a> or computers.For example, he said that in most cases, chips that TSMC manufactures in Taiwan for Apple are sent to <a target="_blank" class="" href="https://www.theatlantic.com/technology/archive/2022/12/tsmc-apple-memory-chip-production-us-china-taiwan-relations/672593/">China</a> or <a target="_blank" class="" href="https://www.cnbc.com/2024/04/10/apple-made-14-billion-worth-of-iphones-in-india-in-shift-from-china.html">India</a> to be incorporated into a product like an iPhone. Therefore, the chip wouldn't be subject to a US tariff but the iPhone would.When deciding whether to build a chip factory in the US, Ezell said several factors — including wage rates, the labor talent pool, and tax policy — would be bigger considerations for companies than the country's tariff policy. But if tariffs proved to be the deciding factor in a company's decision to invest in the US, then Ezell said the policy could arguably be credited with boosting employment in the semiconductor industry."If a company did decide not to launch a factory elsewhere and instead launch it in the United States, then yes, this dynamic could lead companies to hire more," he said.Do you work in the US semiconductor industry? Reach out to this reporter at <a target="_blank" href="mailto:jzinkula@businessinsider.com">jzinkula@businessinsider.com</a>

Trump's trade restrictions could be good for American semiconductor jobs

<ul class="summary-list"><li>China's imports last month surged 7.2% year-over-year, more than doubling analysts' expectations.</li><li>The increase was fueled by high numbers of ADP machine and electronic IC imports.</li></ul>China's imports last month surged 7.2% from a year ago, surging past analysts' expectations of 3.2% growth. The surprisingly high increase was partly due to weak numbers from last July, but mainly stems from an especially strong influx of tech products. Hi-tech products grew over 12% year-over-year in July, compared to under 7% in June. China's ramp up in tech imports is likely in preparation for possible trade regulations, analysts from Bank of America said on Thursday."We think the upside surprise in imports was likely more of a reflection of tech-stockpiling ahead of potential trade restrictions rather than a turnaround in domestic demand," the analysts said in a Wednesday note.Last month, President Joe Biden's administration was reportedly <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-tighter-china-trade-restrictions-tsm-asml-nvda-2024-7?_gl=1*1ucma4u*_ga*Mzg2NTEyNjQzLjE3MDU0OTc0MjU.*_ga_E21CV80ZCZ*MTcyMzEyNDY1MS43NDkuMS4xNzIzMTI4MTE2LjQ3LjAuMA">considering tighter restrictions on China's access to US chip products</a>, with a rule that would target chip machinery companies like TSMC and ASML that use American-made tech.China's chip business depends on those companies to make chips, especially after the US blocked China from importing advanced Nvidia chips in 2022.Meanwhile, domestic demand in China remains weak, as signaled last week by the Chinese Communist Party's latest Politburo meeting."The meeting stressed that it is necessary to focus on boosting consumption to expand domestic demand," China's official Xinhua news agency said.China's exports, meanwhile, <a target="_blank" href="https://www.businessinsider.com/china-july-export-growth-slowed-sluggish-consumer-demand-imports-up-2024-8#:~:text=The%20figures%20for%20July%20also,from%20last%20year%2C%20CNBC%20reported.">increased by 7%</a> from the same period last year, falling short of analyst estimates of 9.5% but continuing a three-month streak of steady growth."Today's data reaffirms our view that exports remain a relative bright spot in the economy and will likely continue to be a key growth driver for the remainder of the year," the Bofa analysts said.Biden has introduced several tariffs on Chinese imports in the last few months, including a <a target="_blank" href="https://www.businessinsider.com/white-house-joe-biden-hikes-tariffs-on-chinese-made-evs-2024-5">100% tariff on electric vehicles from the country</a>, as he aims to boost American manufacturing and job growth. The duties amount to $18 billion in tariffs on Chinese goods.

China's surprise import surge last month points to stockpiling of key tech ahead of trade restrictions, BofA says

<ul class="summary-list"><li>Recent aviation accidents have claimed the lives of Iran's president and Malawi's vice president. </li><li>But Russia says Vladimir Putin is safe if he travels on their "very reliable" domestic aircraft.</li></ul>A Russian official says the country's leader, Vladimir Putin, won't get caught in a plane crash if he travels on domestic aircraft, state news agency <a target="_blank" href="https://tass.com/economy/1802193">TASS</a> reported on Tuesday."The Russian president uses domestic aircraft. These are very reliable vehicles," Kremlin spokesperson Dmitry Peskov told journalists.Peskov was speaking at a press briefing when he was asked about the recent aviation accidents that claimed the lives of Iranian President <a target="_blank" href="https://www.businessinsider.com/iran-president-ebrahim-raisi-dead-helicopter-crash-2024-5">Ebrahim Raisi</a> and Malawi's Vice President <a target="_blank" href="https://edition.cnn.com/2024/06/11/africa/malawi-vice-president-saulos-chilima-killed-intl/index.html">Saulos Chilima</a>.Raisi was flying over northwestern Iran when his helicopter crashed on May 19. Iran's foreign minister, the governor of Iran's East Azerbaijan province, and other officials were also on board the helicopter. <a target="_blank" href="https://en.irna.ir/photo/85483524/Martyr-Ayatollah-Seyyed-Ebrahim-Raisi-over-time">No one survived the deadly incident</a>.Chilima, meanwhile, was killed in a plane crash along with nine other passengers on Tuesday. Malawi's President Lazarus Chakwera said Chilima's plane was found "<a target="_blank" href="https://apnews.com/article/malawi-missing-plane-vice-president-chilima-c071c832931d7cfeae92f9bb1c199075">completely destroyed</a>" near a hill in northern Malawi.However, Peskov said such incidents were unlikely to occur with Russian aircraft, given what he said were Russia's rigorous safety standards."All machinery in our country that transports citizens is also maintained at the proper level. There are very strict standards in this regard, which are, of course, observed," Peskov said."We have monitoring agencies," he continued. "The system works."To be sure, Russia doesn't exactly have the best record when it comes to flight safety.In February, the Jet Airliner Crash Data Evaluation Centre (JACDEC) revealed that <a target="_blank" href="https://www.businessinsider.com/russian-planes-safety-incidents-maintenance-sanctions-spare-parts-2024-2">Russian flight safety incidents have more than doubled in the past year</a>, going from 37 cases in 2022 to 81 in 2023.The Russian aviation industry's flight safety problems are in large part due to <a target="_blank" href="https://www.businessinsider.com/russia-economy-putin-solve-trilemma-wartime-economy-gdp-prokopenko-2023-12">crippling economic sanctions</a> the West imposed following Russia's invasion of Ukraine in February 2022.Such restrictions have made it difficult for Russia's airlines to maintain their aircraft since they can't buy new planes or parts.In fact, the number of flight safety incidents in Russia might be much higher, says JACDEC founder and CEO Jan-Arwed Richter."These numbers only reflect cases that became public. There is still a dark figure of unreported incidents," Richter told <a target="_blank" href="https://www.telegraph.co.uk/business/2024/02/12/russias-planes-fall-apart-western-sanctions-airline-repairs/">The Telegraph</a> in February.

Russia says Putin won't die in a plane crash because their domestic aircraft 'are very reliable vehicles'

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> settled for the day lower by 10 paise at 83.50 (provisional) against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Monday, following a rising American currency in overseas markets and a sluggish trend in domestic equities. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said the downside in the rupee was restricted by easing political uncertainties as <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword> was sworn in as Prime Minister on Sunday for a record-equalling third term. At the interbank foreign exchange, the local unit opened at 83.48 and settled for the day lower by 10 paise at 83.50 (provisional) against the American currency. On Friday, the rupee appreciated 13 paise to 83.40 against the US dollar. "We expect the rupee to trade with a slight negative bias on strong US Dollar amid rising expectations of a delay in interest rate cut by the US Federal Reserve due to tight job market," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. However, softening crude oil prices and optimism over a stable government may support the rupee at lower levels. Traders may take cues from inflation data from India and the US. Investors may also watch out for the Federal Open Market Committee (FOMC) meeting this week. USD/INR spot price is expected to trade in a range of Rs 83.20 to Rs 83.80. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.27, higher by 0.37 per cent. Brent crude futures, the global oil benchmark, advanced 0.21 per cent to USD 79.79 per barrel. Modi will be heading a 72-member Union Council of Ministers putting emphasis on continuity, youth and experience, while also rewarding partners in the BJP-led National Democratic Alliance (NDA) government. Along with Modi, senior BJP leaders including Rajnath Singh, Amit Shah, Nitin Gadkari, Nirmala Sitharaman and S Jaishankar, all ministers in the Modi 2.0 cabinet, took oath as cabinet ministers at the Rashtrapati Bhavan. On the domestic equity market, the 30-share BSE Sensex declined 203.28 points, or 0.27 per cent, to close at 76,490.08 points. The broader NSE Nifty settled 30.95 points or 0.13 per cent lower at 23,259.20 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 4,391.02 crore, according to exchange data. Meanwhile, India's forex reserves jumped USD 4.837 billion to a new all-time high of USD 651.51 billion for the week ended May 31, the <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> said on Friday. In the previous reporting week, the overall reserves had dropped USD 2.027 billion to USD 646.673 billion.

Rupee falls 10 paise to close at 83.50 against US dollar; Downside restricted by easing political uncertainties, per traders

<ul class="summary-list"><li>Shanghai Banxia Investment Management Center slashed its Chinese stock holdings to zero, Bloomberg reported.</li><li>The <keyword id="11918410" type="UNKNOWN" weightage="60" keywordseo="hedge-fund" source="Orion">hedge fund</keyword>'s founder said fears around <keyword id="8764262" type="UNKNOWN" weightage="60" keywordseo="covid" source="Orion">COVID</keyword>, Russia-Ukraine, and <keyword id="13383456" type="UNKNOWN" weightage="60" keywordseo="fed-rate-hikes" source="Orion">Fed rate hikes</keyword> make 2022 worse than 2008 for returns.</li></ul>A top hedge fund in <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> that has virtually no exposure to domestic stocks right now expects this year to be the toughest for asset managers in well over a decade, thanks to war in Ukraine, rising US interest rates, ongoing COVID outbreaks, particularly in China, <a href="https://www.bloomberg.com/news/articles/2022-04-24/hedge-fund-cuts-china-stocks-to-zero-seeing-worse-year-than-2008">Bloomberg reported</a> on Monday.Shanghai Banxia Investment Management Center founder Li Bei said COVID, Russia-Ukraine, and the Federal Reserve's rate hikes would make this year tougher for fund managers to get returns than 2008."This year is more uncertain," Li said in a <a href="https://mp.weixin.qq.com/s/38k3HXQiq3OBgssyJCWZtA">WeChat post</a> Monday. "The outbreak of war and the development of the epidemic in China this year have brought a lot of uncertainty."Shanghai has been <a href="https://www.insider.com/shanghai-lockdown-surreal-photos-ghost-town-amid-covid-lockdown-2022-4">under a strict lockdown</a> since late March amid a surge of COVID cases. Authorities <a href="https://markets.businessinsider.com/news/commodities/oil-price-today-china-covid-lockdowns-fed-rate-hikes-concerns-2022-4">put up fences</a> around some residences in the city and closed some streets, as mass testing in Beijing also led to fears of a lockdown.Chinese health officials stood by the "zero-Covid" policy. That means <a href="https://www.businessinsider.com/china-covid-outbreak-lockdowns-disrupting-supply-chain-again-2022-1">rapid lockdowns</a>, mass testing, and <a href="https://www.businessinsider.com/shipping-supply-chain-crisis-long-china-covid-quarantines-2021-11">travel restrictions</a>.Li said that along with the ongoing Russia-Ukraine war, the Fed's strategy of rapidly raising interest rates from historic lows would add to the challenge, particularly for investors in long-dated fixed income.Banxia's exposure to Chinese stocks was almost nothing at the end of last year, Li said, adding that this was not unusual given the market environment."As a hedge fund that pursues absolute returns, this is not uncommon. It is normal to take a long position when there is an opportunity, and not to do it when there is no opportunity," she said."I'm not saying the economy is more difficult or that there will be a financial crisis. I'm just saying that this year is more difficult for fund managers to get yield," she said.So far this year, Shanghai's benchmark CSI 300 index has fallen by almost 23%, compared with a decline of 11% in the S&amp;P 500, a drop of 7.6% in the Nikkei and a fall of 8.4% in the pan-European Stoxx 600.Fed officials, including Chair Jerome Powell, signaled the central bank is likely to raise US interest rates by 50 basis points next month to bring inflation, which is running at its hottest in over 40 years, under control.Investors <a href="https://www.businessinsider.com/fed-rate-hike-jerome-powell-backs-double-size-may-increase-2022-4?r=US&amp;IR=T&amp;utm_medium=ingest&amp;utm_source=markets">largely expect</a> the Fed to raise rates by 50 basis points at its next three policy meetings and there is a growing risk that this could hurt economic growth.Regarding her fund's net stock position being reduced to zero, Li said, "As a hedge fund pursuing absolute returns, this is not a strange thing. It is normal to have more positions if you have a chance, and if there is no chance, you won't do it."China's strict <keyword id="8919629" type="UNKNOWN" weightage="60" keywordseo="lockdowns" source="Orion">lockdowns</keyword> have created concern about the outlook for global energy demand, as well as more problems in the global supply chain. "More lockdowns reduce demand for commodities in the short-term which is an easing factor for commodity inflation, but lockdowns also create bottlenecks in the world's factory which causes more delays and potentially inflation in consumer <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> in the US and Europe," strategists at Saxo Bank told clients in a note.She said that, despite the difficulties, the war and COVID pandemic are in a more stable period and that risks in stock markets are getting smaller."Stocks are nothing more than a problem of correct pricing. As long as the price fully sets the risk of economic downturn, even if the economy really declines, it will not necessarily fall sharply."

A major hedge fund in China that cut its domestic stock exposure to zero expects returns to be worse than in 2008

<ul class="summary-list"><li>International travel demand is outpacing domestic demand as Americans flock to Europe in 2023.</li><li>This is keeping domestic airfare below 2019 levels — good news for those vacationing closer to home.</li></ul>If you've caught yourself scrolling through Instagram wondering why everyone seems to be on vacation in Europe this summer, you're far from alone.Despite the <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/greece-fires-easyjet-pilot-tourists-flying-rhodes-get-off-flight-2023-7">fires in Greece</a>, <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.insider.com/dangerous-heat-waves-intensify-worldwide-record-breaking-summer-2023-7">heatwaves</a> in Spain, and suffocating, <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.insider.com/tourists-out-of-control-this-summer-photos-show-2023-7">selfie-taking crowds</a> in Italy, Europe has emerged as the top destination for American traveling abroad this summer, according to a <a target="_blank" rel="noopener noreferrer nofollow" href="https://media.hopper.com/research/2023-summer-travel-to-europe">June report</a> from the travel booking site Hopper.Our international wanderlust may be a worrying trend for domestic airlines — but it makes now the perfect time to buy flights for fall and winter vacations within the US.According to weekly data from <a target="_blank" rel="noopener noreferrer nofollow" href="https://seekingalpha.com/news/3998849-airline-bookings-are-strong-in-latest-data-read-from-bank-of-america">Bank of America</a>, international bookings are ahead of domestic year-over-year by about 8.5% as travelers flock to overseas destinations in Europe and Asia.Sonia Bhagwan, travel advisor and founder of <a target="_blank" rel="noopener noreferrer nofollow" href="https://sbhagwan.dreamvacations.com/travel/HomePage.html">Dream Vacations</a>, told Insider the surge is a result of Americans' desire to experience "bucket list destinations that they've always wanted to see, but never had the money or the courage to do so," following the end of COVID-19 travel restrictions.This is good for major airlines like American Airlines, Delta Air Lines, and United Airlines that have a global presence and won't be as impacted by the domestic decline — United, for example, boasts itself as the "the <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.prnewswire.com/news-releases/united-announces-another-pacific-expansion-for-fall-2023-capitalizing-on-unique-international-strength-301879188.html">largest US carrier across both the Atlantic</a> and Pacific oceans."However, airlines that predominantly fly in the US are likely to face headwinds.Southwest Airlines, which is the US' biggest domestic carrier, <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.fool.com/earnings/call-transcripts/2023/07/27/southwest-airlines-luv-q2-2023-earnings-call-trans/">said</a> in a July earnings call that it expects to earn less revenue in the third quarter — suggesting domestic demand is on the decline.Low-cost carriers <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.prnewswire.com/news-releases/spirit-airlines-reports-second-quarter-2023-results-301892540.html">Spirit Airlines</a>, <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.globenewswire.com/en/news-release/2023/08/01/2716374/30034/en/Frontier-Airlines-Reports-Second-Quarter-2023-Financial-Results.html">Frontier Airlines</a>, and <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.fool.com/earnings/call-transcripts/2023/08/01/jetblue-airways-jblu-q2-2023-earnings-call-transcr/">JetBlue Airways</a> had similar outlooks."I think you're seeing last year was maybe the year for domestic, and this year is the year for international," Frontier CEO Barry Biffle told <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.cnbc.com/video/2023/08/02/frontier-airlines-ceo-barry-biffle-well-see-pent-up-demand-rotate-back-to-domestic-this-winter.html">CNBC</a> on August 2.Redburn analyst James Goodall said Monday that domestic airlines are likely to feel this pressure for not just months, but years, <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.barrons.com/articles/southwest-american-downgraded-united-upgraded-turbulence-36035675">Barron's reported</a>.Just look at airlines' <a target="_blank" rel="noopener noreferrer nofollow" class="c-link" href="https://www.google.com/finance/quote/LUV:NYSE?hl=en&amp;window=1M&amp;comparison=NASDAQ%3AAAL%2CNASDAQ%3AULCC%2CLON%3A0L8U%2CLON%3A0JOT">stock prices</a> over the past month and you can see what's happening: Airlines that fly the most domestically have been hammered — with Southwest and JetBlue down about 13% and 30%, respectively, over the past month, for instance.Whereas airlines with more international flying, like United and Delta, are down only 5% and 7%.American is also taking a 15% hit, but Goodall noted the Texas-based carrier has the "greatest exposure to the more competitive domestic market."<h2>Good news for US travelers planning trips closer to home</h2><div type="image" title="Frontier Airlines aircraft with a bird on the tail." height="1125" width="1500" msid="102605817" hostid="261" sizebytes="108668"></div>As domestic airlines take a hit, consumers could reap the benefits with cheap fares and fall promotions designed to stimulate demand.In <a target="_blank" rel="noopener noreferrer nofollow" href="https://media.hopper.com/research/q3-2023-consumer-travel-index">Hopper's</a> quarter three consumer travel index published on Tuesday, <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.insider.com/airfare-prices-finally-dropping-2023-7">domestic airfare is trending down</a> at $257 roundtrip, which is about 11% below both 2022 and 2019 levels.It attributes this to decreasing fuel costs and added seat capacity compared to summer 2022, as well as travelers flocking overseas after being locked out for nearly three years during COVID.But don't get too excited — Hopper said it expects prices to go up by the holidays as demand increases and timing is less flexible.Southwest, Frontier, and Spirit have all held <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.insider.com/guides/travel/flights">massive sales and promotions</a> for fall flights this summer, a strategy typically used to boost slow bookings, according to <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.bloomberg.com/opinion/articles/2023-07-25/the-post-covid-travel-boom-is-running-out-of-steam?in_source=embedded-checkout-banner">Bloomberg Opinion.</a>Bhagwan said she's telling her clients to buy flights for Christmas and Spring break now, even though September is typically the best month to nab cheap airfare."As of probably three weeks ago, the airfare domestically has dropped drastically," she told Insider, adding that she's advising people to act quickly, as it "isn't going to last forever."International pricing, on the other hand, <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.insider.com/airfare-prices-finally-dropping-2023-7">is soaring.</a>According to <a target="_blank" rel="noopener noreferrer nofollow" href="https://media.hopper.com/research/2023-summer-travel-to-europe">Hopper</a>, airfare to Europe is at a six-year high, averaging about $1,200 roundtrip. And, it doesn't expect ticket prices to drop anytime soon.However, it noted fares to shorter-haul international destinations like Mexico and the Caribbean have fallen significantly since last summer thanks to increased capacity and lower fuel prices — a sigh of relief for vacationers."We used to be able to plan these [international] trips three to four months in advance," Bhagwan said. "Now I'm telling people they need to plan 10 to 12 months out in advance just because airfares are so high. Coupled with the Olympics that will be in Paris next summer, people are already starting to plan for that."

Domestic airlines are getting crushed because everyone wants to escape to Europe

Top industry groups and tech giants, including <keyword id="6354427" type="General" weightage="50" keywordseo="apple" source="Orion">Apple</keyword> and Intel, have sent a letter to the <keyword id="126668" type="General" weightage="50" keywordseo="us-department-of-commerce" source="Orion">US Department of Commerce</keyword>, protesting against <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s recent import restrictions on PCs, laptops and servers. In the letter, the biggest players in technology and manufacturing said the move "could significantly disrupt trade, hamper efforts to more closely integrate India into global supply chains, and harm businesses and consumers in both countries". Eight American trade groups asked the government to urge India to reconsider the policy, reports Bloomberg News. The industry groups included the Information Technology Industry Council, the National Association of Manufacturers and the <keyword id="1034072" type="General" weightage="50" keywordseo="semiconductor-industry-association" source="Orion">Semiconductor Industry Association</keyword>. They wrote in the letter that any barrier to trade could affect the shipment of US-made computers and electronics into India. According to the notification by the Directorate General of Foreign Trade (DGFT) in India, for clearance of import consignments with effect from November 1, 2023, a valid licence for restricted imports is required. The government has told tech companies that the restrictions are not to ban imports but to promote exports via domestic manufacturing. Meanwhile, top consumer electronics companies like HP, Apple and Dell last week urged the government to extend the November 1 deadline for the licences required for PCs, laptops and tablets by at least an year, as it will take time to configure and set up manufacturing/assembling units as per new guidelines. In a meeting with the Ministry of Electronics and Information Technology (MeitY) officials, also attended by leading industry bodies the Manufacturing Association of IT Hardware (MAIT) and the India Cellular and Electronics Association (ICEA), the tech companies conveyed to the government they need more time to set up manufacturing units in the country, according to sources. Post November 1, no entity will be allowed to import laptops, computers, and related items without a license. The Centre has said the restrictions were imposed for security reasons and also for promoting the 'Atmanirbhar Bharat' mission. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/audi-has-announced-the-launch-of-the-q8-e-tron-and-the-q8-sportback-e-tron-electric-cars-in-india/slidelist/102836760.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/audi-has-announced-the-launch-of-the-q8-e-tron-and-the-q8-sportback-e-tron-electric-cars-in-india/slidelist/102836760.cms" target="_blank">Audi Q8 e-tron and Q8 Sportback e-tron launched in India with more than 500 KM Range</a> <a href="https://www.businessinsider.in/tech/news/indian-pc-market-declines-for-fourth-consecutive-quarter-reports-15-decline/articleshow/102822733.cms">Indian PC market declines for fourth consecutive quarter, reports 15% decline</a> <a href="https://www.businessinsider.in/tech/mobile/news/india-crosses-the-2-billion-mark-in-its-journey-to-become-a-smartphone-manufacturing-powerhouse/articleshow/102760757.cms">India crosses the 2 billion mark in its journey to become a smartphone manufacturing powerhouse</a>

Urge India to reconsider PC import restrictions: Top industry groups ask US govt

Beijing, Jul 15 (AP) China is further easing restrictions on domestic tourism after reporting no new local cases of COVID-19 in nine days. A directive from the Ministry of Culture and Tourism dated Tuesday said that tourist sites should allow 50 percent of their daily visitor capacity, up from 30 per cent, and that interprovince group tours should be resumed. The National Health Commission said that six new cases were recorded Tuesday, all in people who had arrived from overseas. It has not reported any domestic cases since an outbreak in Beijing that infected more than 330 people before it faded early this month. China has reported 83,611 confirmed cases and 4,634 deaths since the outbreak began. It does not include people who test positive but show no symptoms in its case count. (AP) RUP RUP

China eases restrictions on domestic tourism

Country's largest commercial lender <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> (<keyword id="13222" type="General" weightage="100" keywordseo="sbi" source="Orion">SBI</keyword>) said that domestic GDP growth is now on firm footing with urban demand showing good traction, while the lagging rural demand is a cause of concern. The <keyword id="371573" type="General" weightage="80" keywordseo="apex-bank" source="Orion">apex bank</keyword> has also revised GDP growth marginally upwards from 6.4 per cent to 6.5 per cent for the current financial year. In its 'Ecowrap' research report, SBI said that the GDP growth forecast of the apex bank <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> for the current fiscal has undergone some change since April 2023. While RBI had projected GDP growth at 6.4 per cent in April, this has been slightly revised upwards to 6.5 per cent for the current fiscal, as announced in the latest Monetary Policy Committee (MPC) meeting which concluded on June eight. Inflation for the current financial year has been pegged by 5.1 per cent by the apex bank, perceived to be above the tolerance band of RBI at four per cent. The report said that the series of rate hikes in the recent past had resulted in a falling unemployment rate, signifying that the apex bank had been able to trim the excess labour demand in the market without contraction in employment. It further said that the declining current inflation as well as falling inflationary expectations for the next financial year gives a clear signal that the apex bank will be able to control the rate of the price rise by a series of previous rate hikes having its lagged impact, within the tolerance band. The inflation trajectory is now conditional on the spatial variation of the monsoon and possible development to EL Nino effect. The headline inflation trajectory, a measure of the total inflation of an economy, is likely to be shaped by food price dynamics, the report said. According to the report, the "outlook on the global economy is clouded in sideways movement in most of the indicators even when a slowdown in advanced economies, weak external demand, tight financial conditions and elevated debt levels pose risks to growth prospects. On Thursday, the MPC under the chairmanship of RBI governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> pressed the pause button on repo rates for the second time after April which is now at 6.5 per cent. The report said that supply-side factors contributed more than 50 per cent of the inflation in January 2023, plunged to 46 per cent due to ease in supply-side restrictions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/bmw-m2-launched-in-india-here-are-some-of-the-top-sports-cars-available-in-the-country/slidelist/100874746.cms">BMW M2 comes to India: Here’s how it compares with top sports cars available here</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/list-of-some-indias-most-brutal-murders/slidelist/100872813.cms">India’s most gruesome murders and their deadly modus operandi</a>

Domestic GDP growth on firm footing, growth slightly revised upwards: SBI study

Last week, the <keyword id="6356662" type="General" weightage="100" keywordseo="singapore" source="Orion">Singapore</keyword> Tourism Board (STB) announced visitor numbers to the city-state which topped expectations with over 2.9 million arrivals in the first three months of this year. This is 62 per cent of 2019's first quarter figure of the 4.7 million people who visited Singapore in the first quarter of 2019. A total of 193,230 of these came from India which is about 3.5 times more than the 54,530 who arrived in 2022. Indian residents are the fourth largest source of tourist arrivals in the first quarter after Indonesians (523,300), Malaysian (278,910) and Australians (265,730). Americans made up the fifth largest group of visitors by country of origin at 168,960. China which was the largest source of tourists for Singapore with over 3.75 million visitors in 2019 have yet to fully return to Singapore and made up the ninth largest group of tourists in Q1 with only 124,560 coming to Singapore. In 2019, based on figures from China's National Bureau of Statistics, Chinese tourists made nearly 170 million trips abroad. Although China has lifted travel restrictions, cumbersome travel processes targeted at Chinese residents by countries like South Korea and Japan earlier this year dampened the enthusiasm for outboard travel. This has been exacerbated by delays in passport renewals and visa applications as well as the inability of Chinese airlines to mount the same number of flights as before COVID. Based on data from Alibaba-owned travel booking site Fliggy, during February, international flights out of China are at less than 10 per cent of 2019 levels. Furthermore, the travel habits of Chinese citizens have been changed by three years of COVID-19 restrictions with many now contented to explore the vast and varied attractions in their own country. "The Chinese tourists we will welcome this year and in the coming years are very different from those who came before," Wolfgang Georg Arlt, founder and chief executive of COTRI (Chinese Outbound Tourism Research Institute), was quoted by CBNC as saying at ITB Berlin, the world's largest tourism trade fair. COTRI is an independent consulting company based in Germany. In China as elsewhere, years of pandemic-induced lockdowns sparked a shift away from major tourist attractions toward "more nature-orientated, more outdoor-orientated tourism," Arlt said. He highlighted the emergence of trends like camping and glamping, as well as family-focused trips. COTRI predicts that Chinese outbound travel will recover to around two-thirds of 2019's figures, with around 110 million overseas trips this year. In the meantime, the Singapore Tourism Board is not waiting for Chinese tourists' return to launch new activities and attractions to boost tourism on the island. To inspire travel to Singapore through TV series and films, STB together with the Infocomm Media Development Authority (IMDA) announced the launch of an SGD 10 million (USD 7.5 million) Singapore On-screen Fund. The fund aims to support international media and entertainment (M&amp;E) partners in marketing Singapore through television and film shows aimed at an international audience. The Singapore On-screen Fund will support selected projects by key M&amp;E companies, which must be set in Singapore and launched before the first quarter of 2027. Successful projects will receive funding support of up to 30 per cent of qualifying costs related to featuring Singapore, including production and marketing costs. This is in part inspired by past collaborations which resulted in movies such as "Crazy Rich Asians", the popular K-drama "Little Women (2022) and the HBO sci-fi hit series "Westworld Season 3" (2020). These shows created an international impact and left a positive impression on audiences around the world. Also just announced in April is the return of the Free Singapore Tour which is very popular with Indian tourists as well as those from Australia and Indonesia. The tour was suspended during COVID. This tour is organised by STB together with Changi Airport and is meant for transit passengers at Changi who have a layover period of at least five and a half hours but less than 24 hours. They must also have valid entry visas for Singapore to take part in the tours. The objective of organising these free tours is to entice transit passengers to make Singapore a destination for their next holiday. The original three tours available before COVID - the City Sights Tour, Heritage Tour and Jewel Tour - have been refreshed to include new points of interest. A brand-new Changi Precinct tour will introduce travellers to the interesting sights and sounds of the eastern region surrounding Singapore Changi Airport. Each tour lasts two and a half hours and will be available daily, with plans to progressively increase to nine tours a day. In 2019, over 80,000 passengers went on the Free Singapore Tour. Another exciting development is the stationing of a brand-new Disney Cruise Line ship in Singapore from 2025 for five years. A memorandum of understanding between STB and Disney Cruise Line was announced on March 29. The 208,000 gross-ton ship which will have a passenger capacity of about 6,000 plus a crew strength of 2,300 will be taking passengers for cruises around Southeast Asian countries, home to more than 40 UNESCO World Heritage Sites. The Disney Cruise Line ship has the potential to add millions of local and foreign cruise passengers during the five-year period, including fly-cruise passengers who arrive in Singapore by air. It is also expected to bring about significant spillover benefits for the wider economy. "We look forward to welcoming the magic of Disney Cruise Line to Singapore in 2025," said Keith Tan, Chief Executive of STB. "This is an important milestone for STB and reflects Disney Cruise Line's strong confidence in Singapore and Southeast Asia. The new Disney cruise ship will be an attraction itself and is expected to boost the tourism sector in Singapore for many years to come."

As Indian visitors surge, Singapore tourist arrivals now at two-thirds pre-Covid levels

New Delhi, Aug 9 (IANS) Top consumer electronics companies like HP, <keyword id="6354427" type="General" weightage="80" keywordseo="apple" source="Orion">Apple</keyword> and <keyword id="28251" type="General" weightage="100" keywordseo="dell" source="Orion">Dell</keyword> have urged the government to extend the November 1 deadline for the licences required for PCs, laptops and tablets by at least and year, as it will take time to configure and set up manufacturing/assembling units as per new guidelines. In a meeting with the <keyword id="3428254" type="General" weightage="50" keywordseo="ministry-of-electronics-and-information-technology" source="Orion">Ministry of Electronics and Information Technology</keyword> (MeitY) officials on Tuesday, also attended by leading industry bodies the <keyword id="18336155" type="General" weightage="50" keywordseo="manufacturing-association-of-it-hardware" source="Orion">Manufacturing Association of IT Hardware</keyword> (MAIT) and the <keyword id="7825659" type="General" weightage="50" keywordseo="india-cellular-and-electronics-association" source="Orion">India Cellular and Electronics Association</keyword> (ICEA), the tech companies conveyed to the government they need more time to set up manufacturing units in the country, according to sources. According to reports, some 44 companies, including some leading global players, have submitted applications for incentives under the production-linked incentive (PLI) 2.0 scheme for hardware. According to the notification by the Directorate General of Foreign Trade (DGFT), for clearance of import consignments with effect from November 1, 2023, a valid licence for restricted imports is required. The government has told tech companies that the restrictions are not to ban imports but to promote exports via domestic manufacturing, according to industry representatives who attended the meeting. The <keyword id="6474066" type="General" weightage="50" keywordseo="economic-times" source="Orion">Economic Times</keyword> was first to report on the development. The Central government earlier deferred its decision to restrict the import of certain categories of laptops and computers until November 1, allowing companies three-months time to import these devices. Post November 1, no entity will be allowed to import laptops, computers, and related items without a license. "Import consignments can be cleared till October 31, 2023, without a licence for restricted imports," the notification said, adding that liberal transitional arrangements will be notified for the import of laptops, tablets, all-in-one personal computers, and servers till October 31. This is a partial reversal from its August 3 order, which had imposed import restrictions on these devices with immediate effect. The Centre has said the restrictions were imposed for security reasons and also for promoting the 'Atmanirbhar Bharat’ mission. <ul class="list-img-col"><li><a href="https://photo.iansnews.in/detail/asus-gaming-laptop-321389-id=2670928" target="_blank"></a></li></ul>

Apple, HP Dell  and others seek Nov 1 laptop import restriction deadline extended by a year

<ul class="summary-list"><li>The US could curb cloud providers from selling services to China, the Wall Street Journal reported.</li><li>Chinese companies currently cannot purchase advanced chipsets from companies like Nvidia.</li></ul>The Biden administration could restrict <a href="https://www.reuters.com/business/media-telecom/us-fcc-bans-equipment-sales-imports-zte-huawei-over-national-security-risk-2022-11-25/" target="_blank" rel="noopener">block US-based cloud providers</a> from supplying their services to Chinese companies, the <a href="https://www.wsj.com/articles/u-s-looks-to-restrict-chinas-access-to-cloud-computing-to-protect-advanced-technology-f771613?mod=tech_lead_pos2&amp;mc_cid=ab0c36cc04&amp;mc_eid=7b0c2b2fc7">Wall Street Journal reported</a>.The White House has already been looking to prohibit American technology companies like Nvidia from selling products like chipsets purpose-built for AI applications to China. These new restrictions could curb American cloud providers like Amazon Web Services and Microsoft from selling cloud access to AI developers in China. The US has feared Beijing's advancement into cutting-edge fields like AI and how the Chinese government may use the technology to bolster its influence around the world. While the US government <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-biden-new-curbs-ai-chips-china-2023-6#:~:text=The%20White%20House%20has%20already%20implemented%20curbs%20on,the%20country%20less%20capable%20chips%20like%20the%20A100.">has restricted chipmakers</a> like Nvidia from selling certain kinds of chips to China, it hasn't prevented cloud providers like Microsoft and AWS from offering their hosted services. Chinese companies could still train complex AI programs by renting resources from the likes of AWS or Microsoft, both of which offer cloud services in China and compete with Chinese cloud providers like Alibaba. China has responded to US export bans on chipsets by restricting procurement of rare earth metals used in 5G modems and other semiconductors. Companies now have to apply for licenses to purchase them. The Biden administration <a href="https://www.cnn.com/2022/11/26/us/us-washington-huawei-zte-ban-security-risk-intl-hnk/index.html" target="_blank" rel="noopener">previously banned</a> new sales of equipment from Chinese telecommunications makers Huawei and ZTE over their perceived risk to national security and fears that China could <a href="https://www.cnn.com/2022/07/23/politics/fbi-investigation-huawei-china-defense-department-communications-nuclear/index.html">intercept or interfere with communications</a>, something the country has denied. And the US has repeatedly discussed whether TikTok, owned by the Chinese giant ByteDance, <a href="https://www.businessinsider.com/every-country-that-banned-tiktok-us-threatens-nationwide-ban-2023-3">should be blocked</a>. Already, <a href="https://www.businessinsider.com/montana-lawmakers-voted-in-favor-of-a-statewide-tiktok-ban-2023-4">Montana approved</a> a TikTok ban. China has said it wants to be the <a href="https://www.cnbc.com/2017/07/21/china-ai-world-leader-by-2030.html" target="_blank" rel="noopener">world leader in AI</a> by 2030. Analysts say that China's aim by investing in domestic innovation is to <a href="https://www.cnbc.com/2019/11/22/china-drive-to-be-world-tech-leader-could-accelerate-as-its-economy-slows.html">become more self-sustaining</a> and less reliant on US components and chips. The US meanwhile is working to build out domestic manufacturing through the CHIPS Act in order to wean itself off China. The White House, Commerce Department, Nvidia, Microsoft, and Amazon did not immediately respond to Insider's requests for comment.

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