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<ul><li>Skoda recently launched the Kylaq SUV, the company’s latest entry-level subcompact SUV.</li><li>The company has announced its plans to launch an electric vehicle in India in 2025.</li><li>The Skoda Enyaq EV’s updated version will debut in India next year.</li></ul>Skoda Auto will roll out its electric vehicle in the Indian market in 2025. In an exclusive interaction with ANI Skoda Auto Brand Director Petr Janeba says Skoda's European bestseller, the Enyaq EV, was initially slated for an Indian debut this year but postponed to next year for an updated version. Janeba says a significant facelift planned for the model in March has led the company to hold off until the new version, featuring Skoda's latest design language, is ready. He said, "We have one of the best-selling EVs in Europe our European Enyaq. The car was tested, and the car was prepared for India. We have actually stopped bringing the car this year. Because there will be a huge facelift of the Skoda Enyaq coming in March following the new design language." He added, "We actually can choose one of the three EV cars coming to India or all three." Skoda is closely monitoring India's changing EV policies, especially the CAFE3 (Corporate Average Fuel Economy) norms set to be introduced in April 2027. On further investment in India Janeba highlighted the importance of a consistent regulatory environment, as state-level EV and hybrid tax policies currently vary widely, impacting long-term planning. "And within this plan, we understand nobody can survive in India without having a deeper localised CKD EV in India. We are ready for this. We are ready in Pune to make another investment for the car and for the production to get it. At the end of the day, we still take our time in order to decide the right measure car for the market, seeing the new competitors coming on the EVs." Said Janeba Skoda already has two manufacturing units in India, in Chhatrapati Sambhaji Nagar and Pune. EVs are planned to be manufactured in their Pune plant For the production, he stated, "In the same factory in Pune, Chakan we will be producing EVs. Currently we have increased because of the Kylaq the production capacity in Pune to 250,000 units a year and we will be increasing further once it is needed either for the current cars because of the export or because of the Indian demand or for the new cars like EVs." The facility is also set to support EV production with deep localisation efforts to make Skoda's electric lineup more affordable for Indian consumers. Piyush Arora, India CEO, Skoda Auto echoed this sentiment, expressing confidence that Skoda's expanded product offerings will capture the growing sub-four-meter SUV segment, a category that represents nearly 30 per cent of India's automotive market. "With the new Kodiaq and other upcoming models, we are aiming for a 5 per cent market share in the medium term," he added. Skoda's commitment to India extends beyond manufacturing. Arora highlighted the company's investment in local engineering talent and its dealer and supplier networks. "Our technical centre in India plays a crucial role in developing products like the Kodiaq, which was fully designed in India," he noted, calling it a testament to India's engineering prowess and the company's long-term vision for the region. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/skoda-kylaq-suv-launched-in-india-starting-at-7-89-lakh/articleshow/115013668.cms">Skoda Kylaq SUV launched in India starting at ₹7.89 lakh</a> <a href="https://www.businessinsider.in/stock-market/webstories/swiggy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115004939.cms">Swiggy IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-indias-biggest-telco-to-go-public-in-2025-retail-ipo-further-away/articleshow/114944496.cms">Reliance Jio IPO – India’s biggest telco to go public in 2025, retail IPO further away</a>

Skoda plans to launch an updated electric vehicle in India in 2025

Imagine a bustling jewellery market teeming with diamonds and gold. Amidst this glittering chaos, a small stall is trying to sell handcrafted gemstones. Even as newer and shinier outlets keep cropping up, all vying for attention, this gemstone store offers some of the oldest yet valuable jewels at a discount. Though they lack immediate sparkle, these rare gems reveal their value to the discerning buyer. This is how South Korea appears for many experts in global capital markets: a trove of undervalued gems, overshadowed by brighter, more aggressively marketed investment options. This undervaluation, known as the "<keyword id="24399183" type="General" weightage="20" keywordseo="korean-discount" source="keywords">Korean Discount</keyword>," reflects how South Korean companies are priced much lower than their global peers despite robust fundamentals — strong financial performance and consistent profitability. Contributing factors are many, ranging from opaque governance structures to geopolitical risks. But the fact stays, if you are a seasoned conglomerate listed in South Korea, you are likely undervalued. <keyword id="19906087" type="General" weightage="20" keywordseo="hyundai" source="keywords">Hyundai</keyword> Motor India Ltd. (HMIL), a subsidiary of the Korean giant Hyundai Motor Company (HMC), recently sought to escape this valuation trap by listing in India, a market where investor optimism commands premium pricing. But its valuation raised many eyebrows! Now that a month and a half has gone by since its listing, time is apt to examine if this gamble paid off. Will <keyword id="93460" type="General" weightage="100" keywordseo="hyundai-india" source="Orion">Hyundai India</keyword> justify its high valuation? Or does the listing highlight broader questions about the overheated valuation dynamics of Indian markets? A record-breaking <keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword> but questions remain Hyundai Motor India’s mega Initial Public Offering (IPO), launched in October 2024, broke records by raising ₹27,870 crore, making it India’s largest-ever IPO. The offer was oversubscribed by 2.37 times, highlighting robust demand. But many investors remained sceptical: was this IPO an honest attempt to expand Hyundai’s footprint in India or was it trying to offer a way to cashout for existing investors and promoters? Or perhaps, is it an attempt by the Korean chaebol — a large family-owned business conglomerate — to break free from the aforementioned “Korean Discount”? When shares listed on October 22, these concerns seemingly weighed on the minds of most investors and the stock promptly dipped 5% below the issue price on the day. A tepid grey market performance had already foreshadowed this muted debut in the Indian markets. Now, after almost 35 trading sessions on Indian market, the stock remains almost exactly at price it listed on October 22 at Rs 1820—no gain, no loss. <h3>The gamble of hyper-valuation</h3>Much of this hesitation stemmed from Hyundai’s valuation. On listing, Hyundai was valued at $18 billion, positioning it as one of India’s most valuable automotive companies. However, such high valuations often temper investor enthusiasm, resulting in more cautious short-term outcomes. For most investors, the Price-to-Earnings (P/E) ratio is the most preferred parameter to gauge if a company is overvalued or undervalued. With a P/E ratio of 26.3, HMIL was priced significantly above the Indian automotive industry average of 24.4. Globally, automotive companies operate with much lower P/E ratios, reflecting mature market conditions and slower growth trajectories. HMIL’s South Korean parent Hyundai Motor Company (HMC) trades at a meagre 3.07, believe it or not! For Indian investors, the high premium hinted at overvaluation despite Hyundai’s strong domestic position. Such stark difference in valuation obviously sparked debates — is the Indian market assigning a premium to Hyundai Motor India’s growth potential, or is it simply reflecting the general exuberance around the prospects of the Indian economy? Another concern is the allocation of IPO proceeds. Hyundai’s IPO was structured as an offer for sale (OFS), meaning all funds raised would flow to the parent company rather than Hyundai India’s operations. Although Hyundai has committed to investing in R&amp;D for EVs and hybrids, critics argue that the lack of immediate reinvestment in India’s operations reflects a missed opportunity for domestic growth. Despite the early disappointment, Hyundai was confident that the valuation was fair. It did have some factors going for it, in addition to the fact that other auto giants like Mahindra &amp; Mahindra and <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword> command even higher P/E ratios. And looking at the company fundamentals, it does seem like Hyundai is playing a long-term game. <h3>Hyundai in India: A proven track record</h3>Despite the initial stumble, Hyundai India’s long-term story is compelling. Since entering the Indian market in 1996, the automaker has sold over 8 million vehicles and firmly occupies the second spot in the domestic passenger vehicle market, trailing only Maruti Suzuki. Hyundai’s blockbuster SUV offerings, like the Creta and Venue, have been critical in building this dominance. Despite some challenge from Maruti Suzuki Brezza and Tata Punch, Creta has retained the tag of ‘most-selling SUV in India’ successfully so far this year. <div type="image" title="Hyundai" agency="Business Insider India" msid="116156234" hostid="261" caption="&amp;lt;p&amp;gt;Selling over 17,000 units per month on average this year, Creta has edged past major competitors to be the most-selling SUV in India in 2024. As Indian consumers preference continues to shift gradually towards premium products over budget segments, Hyundai stands to benefit (Wikimedia Commons / Canva)&amp;lt;/p&amp;gt;"></div> Selling over 17,000 units per month on average, Creta has edged past major competitors to be the most-selling SUV in India in 2024. As Indian consumers preference continues to shift gradually towards premium products over budget segments, Hyundai stands to benefit (Wikimedia Commons / Canva) Hyundai India’s market share of 14% in October 2024 underscores its clout. The company’s ability to tap into India’s premiumisation trend, where consumers increasingly prefer high-end vehicles, positions it well for growth. With plans to expand in electric vehicles (EVs) and hybrid technology, Hyundai is poised to capitalise on both domestic demand and export opportunities. The company’s ability to capitalize on its strong brand, extensive dealer network, and leadership in segments like SUVs and exports will determine its future performance. Hyundai’s strategic focus on expanding electric vehicle production also aligns with global trends towards sustainability, potentially positioning it as a leader in the segment. By listing in India, Hyundai aims not only to expand its operations but also to make India a global manufacturing and export hub for its products, especially SUVs and EVs. Therefore, despite early setbacks, Hyundai’s gamble seems to have paid off. The stock has rebounded, gaining 5% in the past month. More good news came in this week, as positive projections from Morgan Stanley and JPMorgan forecast an impressive 17-28% upside for the stock over the next year, reflecting growing investor optimism. <h3>A strategic pivot from the Korean Discount?</h3>The Korean Discount has long plagued South Korea’s chaebols, including Hyundai. Experts attribute this to several factors: <ul> <li>Chaebol Governance: South Korea’s conglomerates, known as chaebols, are often criticised for opaque governance structures and excessive family control.</li> <li>Geopolitical Risks: Tensions with North Korea contribute to investor caution, adding a layer of perceived risk.</li> <li>Limited Domestic Liquidity: South Korea’s relatively small investor base can constrain market activity and valuation potential.</li> </ul> By listing in India, Hyundai sought to unlock better valuations for its subsidiary, leveraging the optimism of Indian markets. India’s stock market has a trailing P/E ratio of 24.4, far above South Korea’s Kospi average of 16-17. The Indian market’s appetite for high-growth stories provides a fertile ground for companies like Hyundai to escape the valuation constraints of their home market. A successful IPO could encourage other such conglomerates to follow suit, setting a precedent. While Hyundai India has a robust track record, its future success hinges on navigating key challenges: <ul> <li>Supply Chain Vulnerabilities: Hyundai relies heavily on its Chennai plant, making it vulnerable to disruptions.</li> <li>Intensifying Competition: Domestic rivals like <keyword id="19906967" type="General" weightage="20" keywordseo="tata-motors" source="keywords">Tata Motors</keyword> and MG Motors are making aggressive inroads into the EV market.</li> <li>Policy Risks: The automotive sector’s reliance on government incentives for EVs and hybrids adds a layer of unpredictability.</li> </ul> High valuations come with risks. Hyundai will need to prove that it can sustain its growth trajectory in India, fend off competition from established players like Maruti Suzuki and Tata Motors, and navigate challenges such as supply chain disruptions and regulatory hurdles. If Hyundai successfully capitalises on its strong brand and market leadership, it could not only redefine its value but also serve as a case study for other Korean companies seeking better recognition and valuations in global markets. <h3>Is Hyundai saga a reflection of overheated Indian markets?</h3>The bigger question here is, does Hyundai’s IPO highlights a broader narrative about Indian markets’ premium valuations? With a trailing P/E ratio of 24.4, Nifty 50 index is among the highest in emerging markets. India’s stock markets consistently command a premium due to robust retail participation, strong economic growth prospects, and a burgeoning middle class. While this premium reflects optimism about India’s long-term growth story, it also signals potential risks of overvaluation, particularly in sectors like technology, automotive, and consumer goods. With a record ₹94,017 crore outflow by Foreign Portfolio Investors (FPIs) in October 2024, concerns about overheated valuations are mounting. Sustaining such unprecedented valuations required companies to consistently perform above global averages, and retaining robust earnings growth quarter after quarter remains a challenge in today’s uncertain world. For Hyundai, the high valuation is both an opportunity and a risk. While it underscores investor confidence, it narrows the margin of safety, making the stock vulnerable to corrections during economic downturns. Take for example, the high-profile IPO of Life Insurance Corporation of India (LIC) that raised over ₹21,000 crore. Its listing was met with disappointment as the stock began trading at a 9% discount to its issue price, and subsequent performance has remained subdued. LIC’s post-IPO journey also highlights how inflated valuations can lead to long-term underperformance, as the stock gave only 12% return over the past 30 months when even the Nifty 50 index went up by over 44%. This happens when when the company's growth narrative fails to align with its pricing. Despite being a household name with a dominant market share, LIC's stock has struggled to meet expectations, partly due to concerns about its operating efficiency and the limited use of IPO proceeds for growth initiatives. Make no mistake, Hyundai Motor India’s IPO is a landmark event! It showcases the potential for Korean companies to leverage emerging markets like India for better valuations. It also shows that strong fundamentals can help justify a company such premium valuations even amidst bearish economic prospects. However, it also serves as a cautionary tale about the risks of overvaluation. For Hyundai, the next steps involve proving its long-term growth story, navigating competitive challenges, and maintaining investor confidence. For Indian markets, Hyundai’s IPO underscores the need to balance optimism with realistic expectations as they continue to evolve as global investment hotspots. To sustain the country’s economic narrative as a land of unmatched opportunities, corporate India must work on improving long-term fundamentals and mitigating long-term risks. As global investors watch closely, Hyundai India’s success or failure could shape how international companies view India as a listing destination in the years to come.

Tackling the 'Korean Discount': A deep dive into curious case of Hyundai Motor India's market listing

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Are you ready for some football?! The NFL season kicks off tonight with the reigning Super Bowl Champions/Taylor Swift's favorite team, the Kansas City Chiefs, playing the Baltimore Ravens. If you're like many Americans, you might be placing a bet on the action. I wrote about why sports gambling's rise <a target="_blank" href="https://www.businessinsider.com/sports-gambling-weird-quirks-bets-nfl-nba-draftkings-fanduel-2024-9">has also made it a bit weird</a>.In today's big story, where the US economy is headed <a target="_blank" href="https://www.businessinsider.com/jobs-interest-rate-cuts-recession-outlook-federal-reserve-soft-landing-2024-9">could finally be answered with Friday's jobs report</a>.What's on deck:<ul><li>Markets: Nvidia investors should be <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-outlook-technical-analysts-eye-danger-zone-levels-2024-9">focused on these two numbers</a>.</li><li>Tech: This healthcare startup's got a VC CEO doing <a target="_blank" href="https://www.businessinsider.com/healthcare-weirdest-startup-commure-blank-check-general-catalyst-hemant-taneja-2024-9">whatever it takes for it to succeed</a>.</li><li>Business: Inside America's wildest — and most lucrative — <a target="_blank" href="https://www.businessinsider.com/mass-torts-lawsuits-lawyers-settlements-strippers-hard-partying-money-2024-9">lawsuits</a>.</li></ul>But first, one data point to rule them all.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">All eyes on jobs</h2><div type="image" title="George Washington stands warily behind a fork in the road sign." height="877" width="1754" msid="113099191" hostid="261" sizebytes="144538"></div>It's so close you can almost taste it.The Federal Reserve is finally on the precipice of cutting interest rates. We're less than two weeks out from the Fed's September 18 meeting where the central bank is set to provide Americans with some much-needed relief.But one hurdle remains between now and then: Friday's job report.While the data won't jeopardize the central bank's decision to cut rates, it will help it decide how deep it will go. More broadly, a weak or strong report will also provide color on whether <a target="_blank" href="https://www.businessinsider.com/jobs-interest-rate-cuts-recession-outlook-federal-reserve-soft-landing-2024-9">the economy is headed toward a soft or crash landing</a>, write Business Insider's Juliana Kaplan, Madison Hoff, and Ayelet Sheffey.The last jobs report before the Fed's decision was always bound to be a big one. But August's report became even more important after how things went last go around.<a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-july-labor-market-economic-data-2024-7">Unemployment unexpectedly jumped to 4.3%</a> and fewer jobs were added than economists expected in July's report. Coupled with some weak manufacturing data and shaky earnings, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-selloff-today-jobs-report-recession-unemployment-tech-earnings-2024-8">the stock market started melting down</a>.Ultimately, the market was able to rally back. But the fear of the US slipping into a recession still remains. Friday's job report could go a long way in dispelling those fears or emboldening them.<div type="image" title="Photo illustration of Jerome Powell" height="750" width="1000" msid="113099194" hostid="261" sizebytes="41878"></div>Regardless of Friday's report, it's important to remember cutting interest rates won't create economic miracles.If unemployment spikes for a second month in a row, the Fed could offer a deeper rate cut than the typical 25 basis points. But it takes time for the effects of the policy to work its way through the economy.Bigger also isn't necessarily better when it comes to rate cuts. If the Fed believes it needs to take drastic measures, that's a bad sign for the state of the economy. And don't expect rate cuts <a target="_blank" href="https://markets.businessinsider.com/news/stocks/fed-interestrate-cuts-stock-market-bull-run-upside-outlook-jpmorgan-2024-9">to send stocks soaring</a>.I don't blame you if you're sick of this back-and-forth economy. Experts have waffled to and fro about where things are headed for more than a year.But at least Friday represents the end of the tunnel. The question is if it'll be bright or dark.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Elon Musk tweeted something <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-hitler-tucker-carlson-advertisers-2024-9">even he can't defend</a>.</li><li>Longtime Unilever media exec Luis Di Como is leaving <a target="_blank" href="https://www.businessinsider.com/unilever-top-media-exec-luis-di-como-leave-amid-restructuring-2024-9">amid a broader shake-up of the business</a>.</li><li>Russia built a secret trade channel with India, <a target="_blank" href="https://www.businessinsider.com/russia-india-payment-issues-us-west-sanctions-rupees-ukraine-war-2024-9">leaked documents</a> show.</li><li><a target="_blank" href="https://www.businessinsider.com/millennium-technology-prize-baliga-semiconductor-invention-igbt-changed-world-2024-9">Meet the professor</a> who just won the Millennium Technology Prize — and $1.1 million.</li><li>A top New York official was <a target="_blank" href="https://www.businessinsider.com/linda-sun-new-york-governor-top-aide-salted-ducks-china-2024-9">paid off by China</a> with salted ducks, a job for her cousin, and millions to her husband's business: DOJ.</li><li>Barron Trump is <a target="_blank" href="https://www.businessinsider.com/barron-trump-attending-new-york-university-college-2024-9">going to NYU</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo illustration of Jensen Huang" height="1000" width="1333" msid="113099203" hostid="261" sizebytes="150634"></div><ol><li>Nvidia's two all-important numbers. After a volatile few days of trading, technical analysts are looking at the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-outlook-technical-analysts-eye-danger-zone-levels-2024-9">psychological $100 level and then the 200-day moving average</a>, which is just below $90. If Nvidia's share price drops below the latter, "NVDA's market leadership status may be lost," LPL technical strategist Adam Turnquist told BI.</li><li>The latest casualty of AI: Oil prices. Goldman Sachs analysts believe the tech will improve logistics and boost oil recovery. Even with the higher demand to power AI, the increased supply <a target="_blank" href="https://markets.businessinsider.com/news/commodities/ai-oil-prices-productivity-logistics-supply-demand-energy-goldman-sachs-2024-9">will drive prices down over the next decade</a>. But the "Dr. Doom" economist sees oil prices going the other way amid <a target="_blank" href="https://markets.businessinsider.com/news/commodities/economy-oil-prices-outlook-stagflation-israel-iran-war-nouriel-roubini-2024-9">deepening conflicts in the Middle East</a>.</li><li>The road to November will be rocky for stocks. Market vet Ed Yardeni sees market "choppiness" in the lead up to the US presidential election. But don't worry. Record highs could be back on the menu, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-presidential-election-ed-yardeni-gridlock-selloff-2024-9">depending on how things go</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Photo illustration of Hemant Taneja." height="1500" width="2000" msid="113099197" hostid="261" sizebytes="249928"></div><ol><li>The weirdest startup in healthcare has a blank check from a top VC firm. Usually, startups must fight tooth and nail to prove they're worthy of investors' attention. The healthcare startup Commure has an unusual advantage: its cofounder is the CEO of General Catalyst. He'll do <a target="_blank" href="https://www.businessinsider.com/healthcare-weirdest-startup-commure-blank-check-general-catalyst-hemant-taneja-2024-9">whatever it takes</a> to see the startup win.</li><li>How to survive online in the age of AI. AI models and chatbots are changing how online information is consumed, affecting website traffic. In order to stay relevant in this new digital ecosystem, website owners need speed and <a target="_blank" href="https://www.businessinsider.com/frontier-content-survive-online-ai-2024-9">exclusive "frontier content"</a> their viewers can't get anywhere else.</li><li>Apple and Meta can't stop fighting over who's in charge of protecting the kids. Everyone and their mother is mad at Mark Zuckerberg's company for contributing to the youth mental health crisis. Meta says it should be up to the App Store to verify users' ages, but <a target="_blank" href="https://www.businessinsider.com/meta-apple-feud-app-store-child-teen-mental-health-2024-9">Apple won't budge</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A skull in the middle of objects that have been subject to mass torts." height="1800" width="2400" msid="113099201" hostid="261" sizebytes="797548"></div><ol><li>You may be entitled to financial compensation. Mass torts allow hundreds of thousands of people to seek damages for harm caused by things like asbestos, contaminated water, or carcinogenic baby powder. <a target="_blank" href="https://www.businessinsider.com/mass-torts-lawsuits-lawyers-settlements-strippers-hard-partying-money-2024-9">Here's how they took over America's courts</a>.</li><li>ESPN's Big Apple betting dreams. The sports network is <a target="_blank" href="https://www.businessinsider.com/espn-bet-new-york-launch-online-sports-betting-fanduel-draftkings-2024-9">launching ESPN Bet in New York</a> as football season begins. Though the betting app may be regaining some momentum, it's going to be tough to beat FanDuel and DraftKings.</li><li>Andreessen Horowitz says adios to Miami. The VC firm has reportedly <a target="_blank" href="https://www.businessinsider.com/andreessen-horowitz-leaves-miami-florida-office-report-2024-9">abandoned its South Florida office</a> just two years into a five-year lease, a sign that the recent tech and crypto migration to Miami may be short-lived.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>You don't have to be a millionaire to retire before 50, an accountant says. <a target="_blank" href="https://www.businessinsider.com/accountant-retired-before-50-without-1-million-savings-2024-9">Here's how she did it</a>.</li><li>Why 'fake heiress' Anna Sorokin, quietly released from house arrest, can <a target="_blank" href="https://www.businessinsider.com/anna-sorokin-house-arrest-dancing-with-the-stars-ankle-monitor-2024-9">compete in 'Dancing With the Stars'</a> with an ankle monitor.</li><li>Raising Cane's just offered a rare glimpse into its finances — <a target="_blank" href="https://www.businessinsider.com/raising-canes-revenue-private-debt-offering-todd-graves-net-worth-2024-9">and the chicken-finger giant is growing like crazy</a>.</li><li>This leaked 2007 DoubleClick pitch deck is set to play a central role in <a target="_blank" href="https://www.businessinsider.com/leaked-deck-doubleclick-acquisition-pitch-google-adtech-antitrust-trial-2024-9">Google's blockbuster adtech antitrust trial</a>.</li><li>George R. R. Martin criticized the changes made by 'House of the Dragon' <a target="_blank" href="https://www.businessinsider.com/george-rr-martin-house-of-the-dragon-changes-criticism-maelor-2024-9">in a quickly deleted blog post</a>.</li><li>Airbnb CEO Brian Chesky says women founders say they can't go 'founder mode' like men and <a target="_blank" href="https://www.businessinsider.com/airbnb-ceo-brian-chesky-women-say-cant-go-founder-mode-2024-9">that it needs to change</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Court hearing in Donald Trump's Jan. 6 case after Supreme Court ruled acts covered by presidential immunity.</li><li>Toronto International Film Festival (TIFF) begins.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

US economy's fate hangs on jobs report as Fed decides how deep cuts will go

<ul class="summary-list"><li>Russia's foreign financial assets rose $44.6 billion in the first seven months of 2024.</li><li>Western sanctions and complex international settlements are delaying Russia's foreign payments.</li></ul>Russia's economy and trade have appeared resilient despite sweeping Western sanctions over its invasion of Ukraine.However, it looks like Russia hasn't been able to repatriate a lot of money back home. Foreign financial assets — including accounts receivables — increased nearly $45 billion in the first seven months of this year., according to a Tuesday report from the <a target="_blank" class="" href="https://www.cbr.ru/statistics/macro_itm/svs/bop-eval/">Central Bank of Russia.</a>The data only shows the increase in assets stuck overseas, not the total amount.Russia's foreign financial assets rose $44.6 billion from January to July — more than double the increase of $21.4 billion over the same period a year ago, according to the central bank's report.It didn't provide a breakdown of the assets but said the increase was due to longer lag times and "increasing complexity" required for foreign settlements. There was also an increase in unspecified other investments.This money being stuck overseas has a knock-on impact on the liquidity of firms, said Alex Isakov, a Russia economist at <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-08-14/russian-businesses-see-billions-stuck-abroad-on-payment-delays">Bloomberg Economics.</a>It's not the first time Russia — a commodity giant — is having issues with trade proceeds stuck overseas.Last year, Russia acknowledged there were <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/russia-india-ruble-rupee-sanctions-trade-imbalance-yuan-weapons-deficit-2023-5">problems with billions of Indian rupees</a> it had made from exports to India. The amount has fallen since as Russian firms have managed to use the money to pay Indian exporters, <a target="_blank" class="" href="https://www.reuters.com/markets/currencies/india-russia-central-banks-renew-talks-mechanism-expand-local-currency-trade-2024-08-14/">Reuters</a> reported on Wednesday, citing an unnamed Indian government source.<h2 id="c326c124-43f0-4edd-9eb4-1ef593d58f1c">Spooked by US secondary sanctions, even China banks don't want to deal with Russia</h2>Even though Russia's economy has chugged along in the 29 months since it invaded Ukraine, it's mostly been driven by wartime state spending on military activities and subsidies.Recently, <a target="_blank" rel="" class="" href="https://www.businessinsider.com/russian-economy-overheating-consumer-spending-tourism-central-bank-interest-rate-2024-7">Russia's central bank</a> flagged "considerable" overheating in the country's economy.However, pressure from Western sanctions is mounting quickly, as international banks hold back from processing transactions with Russia due to fears of US secondary sanctions that were approved in December.Now, <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">nearly all Chinese banks</a> — even small regional ones — are refusing to accept direct Chinese payment transfers from Russia, the pro-Kremlin media outlet <a target="_blank" rel=" nofollow" class="" href="https://iz.ru/1740489/mariia-kolobova/bag-po-raschetu-regionalnye-banki-kitaia-prekrashchaiut-prinimat-platezhi-iz-rf">Izvestia</a> reported on Monday.Other than the issues with Chinese banks, Russian firms are also facing a <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/russia-banks-china-yuan-liquidity-payment-problems-us-sanctions-ukraine-2024-8">shortage of Chinese yuan</a> that the country is now relying on for trade.<h2 id="530d89dd-1c32-4f87-bf00-2212b137b077">Russia plays down economic and financial risks</h2>Moscow is playing down the impact of Western sanctions.On Wednesday, Russian finance minister Anton Siluanov said his country has a strong "shield" against external pressure, <a target="_blank" class="" href="https://tass.com/economy/1829045">TASS state news agency</a> reported."We created the strong, sustainable financial base; we created financial infrastructure," said Siluanov.Russia is now rushing to set up <a target="_blank" rel="" class="" href="https://www.businessinsider.com/russia-economy-moscow-cryptocurrency-bill-digital-ruble-trade-payments-sanctions-2024-7">alternative payment systems</a>, including crypto, to facilitate trade.<a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/markets/first-russia-china-barter-trade-may-come-this-autumn-sources-say-2024-08-08/">Reuters</a> reported last Thursday that Russia and China were even planning to revive the age-old practice of barter trade to get around Western sanctions.

Russia's economy is still raking it in, but many billions of dollars are stranded overseas 

<ul class="summary-list"><li>The US population is expected to peak later this century. That's bad news for the economy.</li><li>China, Japan, and Italy are struggling to address low birth rates.</li></ul>Some of the world’s largest economies are grappling with a new problem for the first time.China, Japan, and Italy are all battling dwindling birth rates — and their struggles are a reminder of an issue that could eventually become a problem for the US. The issue meant China last year lost its crown as the world's most populous country to India — a record it'd held for almost 75 years, according to the United Nations.The Census Bureau predicts the number of Americans to peak in 2080, meaning that some of today's millennials and Gen Zeds might one day find themselves part of a shrinking population.Economists say there are only two ways to stop that becoming a reality: either convince already-reluctant young Americans to have more kids, or keep immigration high.<h2>Economic headache</h2>Millennials and Gen Zers are far more <a target="_blank" href="https://www.businessinsider.com/gen-z-does-not-want-kids-will-get-married-2023-12">skeptical about starting a family</a> than previous generations, with some pointing to a lack of financial stability and a potential climate crisis as factors.As a result that’s led to fertility rates plummeting. The average American woman is having just 1.6 children on average, per <a target="_blank" href="https://data.worldbank.org/indicator/SP.DYN.TFRT.IN">World Bank</a> data — well below the figure of 2.1 that demographers say is needed to keep a population stable.While that might be good for the environment, it’s a bad omen for the economy. The labor force is likely to shrink as the birth rate falls, while it becomes more expensive for the government to support an aging population.“You basically just haven’t got enough new people coming into the workforce, and you’ve also got an aging demographic,” Marc Ostwald, chief economist for ADM Investor Services International, told Business Insider. “That’s where the equation lies — how quickly is a country replenishing its labor market, and how much of a burden are retirees?”The idea that low birth rates could threaten the economy has also taken off among tech bros, with figures including Tesla CEO Elon Musk frequently ringing the alarm about “<a target="_blank" href="https://www.businessinsider.com/elon-musk-wrong-about-fertility-rates-global-warming-demographers-say-2022-9">population collapse.</a>” Musk has also repeatedly signaled his support for <a target="_blank" href="https://www.businessinsider.com/pronatalism-elon-musk-simone-malcolm-collins-underpopulation-breeding-tech-2022-11">pronatalism</a>, a movement that calls for people to have more kids to supposedly save civilization.<div type="image" title="Elon Musk and son at Super Bowl 2024" height="1924" width="2887" msid="107881965" hostid="261" sizebytes="252676"></div><h2>Slowdowns elsewhere</h2>Two other countries in the G7 — a group of the world’s richest economies — have already felt the impact of population declines.Japan, which unexpectedly <a target="_blank" href="https://www.businessinsider.com/recession-outlook-japan-uk-low-growth-yen-pound-rishi-sunak-2024-2">slipped into recession</a> last week, is suffering from a well-publicized fertility crisis. Japanese women have an average of just 1.3 children, way below the number needed to maintain the population. Economists have warned the decline could trigger future labor market shortages.Meanwhile, economists have warned for years about plunging birth rates in Italy. Forecasters expect its population to plunge from 59 million to just 48 million by 2070, despite the ruling far-right Brothers of Italy party’s attempts to address the long-running crisis by making parenthood “cool” again.China has also struggled to raise its birth rate. In 2023 <a target="_blank" href="https://www.businessinsider.com/why-is-china-population-falling-economy-deflation-evergrande-xi-jinping-2024-1">its population fell for the second consecutive year</a> after decades of rapid growth. That could weaken the power of its massive workforce, fuel declines in consumer spending, and put <a target="_blank" href="https://www.businessinsider.com/china-economy-demographics-jobs-birthrates-teachers-employment-students-population-beijing-2024-2">millions of teachers out of a job</a>.<h2>Immigration can help the US</h2>The US population isn’t contracting yet — but low birth rates in other developed countries is a reminder of what may lie down the road.One factor the world's largest economy has in its favor is immigration. By 2040, more Americans will die than be born each year, according to Congressional Budget Office projections. However, high immigration levels are expected to keep the population growing, albeit at a slower pace.“The US population is still growing because of immigration, even at a time when that’s the subject of <a target="_blank" href="https://www.businessinsider.com/suozzi-israel-pilip-immigration-new-york-house-special-election-democrats-2024-2">heated debate</a>,” said ADM’s Ostwald. “Japan, in comparison, has <a target="_blank" href="https://www.businessinsider.com/why-japan-accepts-so-few-refugees-2018-4">never tolerated a migrant population</a> — and that’s exacerbated its problems.”He added that the 2024 presidential election could be even more crucial for the economy. Republican frontrunner Donald Trump <a target="_blank" href="https://www.businessinsider.com/why-japan-accepts-so-few-refugees-2018-4">slammed Mexican immigrants</a> in his 2016 campaign, and has recently tried to turn <a target="_blank" href="https://www.businessinsider.com/trump-gop-allies-immigration-biden-ukraine-paying-the-price-2024-1">the border crisis</a> into a political football to be used against his likely Democrat opponent Joe Biden.“Trump's objective is to actually slow migration very dramatically into the US — and those sorts of views could dramatically change the dynamics of the economy,” Ostwald said.Congress has also played up the potential for immigration to boost the economy over the longer term. Immigrants “help counteract the slowing growth rate of the US population, which helps drive the expansion of the labor force and contributes to overall economic growth,” the Joint Economic Committee, chaired by Democrat senator Martin Heinrich, said in December 2022.

Americans aren't having enough kids. That's bad news for the economy — and immigration may be the answer.

Mumbai (Maharashtra) [India], June 27 (ANI): Ahead of his side's ICC <keyword id="152505" type="General" weightage="20" keywordseo="T20-World-Cup-semifinal" source="Orion">T20 World Cup semifinal</keyword> clash against India, former England cricketer <keyword id="45330" type="General" weightage="20" keywordseo="Paul-Collingwood" source="Orion">Paul Collingwood</keyword> hailed Men in Blue pace spearhead <keyword id="1627109" type="General" weightage="20" keywordseo="Jasprit-Bumrah" source="Orion">Jasprit Bumrah</keyword>, calling him the "<keyword id="22196639" type="General" weightage="20" keywordseo="best-cricketer-in-the-world" source="Orion">best cricketer in the world</keyword>". It will be a rematch of the semifinal from the 2022 edition of the tournament as a red-hot Team India will meet England in the second semifinal of the ongoing ICC <keyword id="19921630" type="General" weightage="20" keywordseo="T20-World-Cup" source="keywords">T20 World Cup</keyword> at Guyana on Thursday. The last time these two nations faced off in a Men's T20 World Cup semi-final was just 19 months ago in Adelaide, when a remarkable opening partnership between Jos Buttler and Alex Hales saw England cruise to 10 wicket win that forced a complete rethink in India's T20 strategy and move away from more established superstars to younger blood, from conservatism to aggression. This time around, India has more batting firepower led by experienced campaigners skipper Rohit Sharma and Virat Kohli, more attacking options through the middle overs, and more variation in their attack. But the defending champions will take some beating, especially with skipper Jos Buttler and his new opening partner Phil Salt both in blistering form. Speaking exclusively in the Star Sports Press Room, former England captain Collingwood spoke on the impact <keyword id="19989685" type="General" weightage="100" keywordseo="Bumrah" source="keywords">Bumrah</keyword> has on the <keyword id="8675" type="General" weightage="20" keywordseo="indian-cricket-team" source="Orion">Indian cricket team</keyword>. He said, "I think if you had a piece of paper and had to pick a cricket team, in any form of the game, Jasprit Bumrah would be the first name going on that list right at the top. It is as simple as that. He is the best cricketer in the world at this moment. The skill level, the pace, and the deception that he has in T20 cricket are incredible." However, Collingwood said that England is playing an aggressive brand of cricket and if they manage to attack Jasprit, it will have a huge affect on the game. He also advised England not to take a conservative approach and focus on just seeing off Bumrah safely. "You saw Travis Head get after Bumrah a couple of times, in the Australia match. And the impact it has if the opposition takes down your spearhead could dishearten the Indian cricket team. So that is an approach that England may take, but it is a risky one because we know how skillful and how many wickets Bumrah can take," he concluded. In six matches, Bumrah has taken 11 wickets so far in the tournament at an average of 8.54 and an economy rate of just above 4. His best bowling figures are 3/7. England is just two games away from making history and becoming the first men's team to retain a T20 World Cup, as per the ICC. On the other hand, India has not won this tournament since its inception back in 2007, and is searching for its first World Cup win in any format since 2011's 50-over tournament. India's last ICC trophy was in 2013, when they captured the ICC Champions Trophy in England. India squad: Rohit Sharma (c), Hardik Pandya, Yashasvi Jaiswal, Virat Kohli, Suryakumar Yadav, Rishabh Pant, Sanju Samson, Shivam Dube, Ravindra Jadeja, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Arshdeep Singh, Jasprit Bumrah, and Mohammed Siraj. England squad: Jos Buttler (c), Moeen Ali, Jofra Archer, Jonathan Bairstow, Harry Brook, Sam Curran, Ben Duckett, Tom Hartley, Will Jacks, Chris Jordan, Liam Livingstone, Adil Rashid, Phil Salt, Reece Topley, Mark Wood. (ANI)

"Best cricketer in the world": Collingwood hails Bumrah ahead of India vs England T20 WC semifinal clash

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! Next time you shop at T.J. Maxx or Marshalls and speak to an employee, be sure to smile — you might be on camera. Some stores are having workers <a target="_blank" href="https://www.businessinsider.com/tj-maxx-marshalls-using-body-cameras-on-workers-fight-theft-2024-6">wear body cameras to deter shoplifters</a>.In today's big story, we're looking at <a target="_blank" href="https://www.businessinsider.com/us-economy-soft-landing-outlook-recession-inflation-unemployment-jobs-2024-6">why the US economy is on track (again) for a soft economic landing</a>. (This time it might be for real.)What's on deck:<ul><li>Markets: Another company just joined <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-bigger-than-apple-2nd-most-valuable-company-global-2024-6">the $3 trillion club</a>.</li><li>Tech: Jack Dorsey gave $10 million to a Twitter alternative <a target="_blank" href="http://businessinsider.com/jack-dorsey-fiatjaf-nostr-donation-2024-6">whose founder is devoted to a fascist "guru."</a></li><li>Business: A new NBA deal could mean trouble for <a target="_blank" href="https://www.businessinsider.com/nba-deal-comcast-nbc-peacock-programming-cuts-2024-6">your favorite NBC and Peacock shows</a>.</li></ul>But first, we're cleared for landing.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Another economic turnaround</h2><div type="image" title="ice cube with dollar melts" height="900" width="1200" msid="110773525" hostid="261"></div>It took longer than expected, but the US economy is finally on track for a soft landing.After a scary few months of economic data that had investors fearing a recession and stagflation, the tides have turned again.Recent data showing inflation and the labor market cooling have given hope that <a target="_blank" href="https://www.businessinsider.com/us-economy-soft-landing-outlook-recession-inflation-unemployment-jobs-2024-6">a soft landing is in the cards</a> — and may even be underway — for the US economy, writes Business Insider's Madison Hoff.Before we get any further, I understand your hesitancy to buy into the economic predictions of an industry that has largely gotten it wrong.The year started with optimism of more rate cuts than the Fed was projecting amid <a target="_blank" href="https://www.businessinsider.com/goldilocks-economy-interest-rate-cuts-federal-reserve-2024-2">a Goldilocks economy</a>. But those dreams were quickly dashed when inflation <a target="_blank" href="https://www.businessinsider.com/gdp-data-fed-inflation-rises-soft-landing-interest-rate-cuts-2024-4">unexpectedly ticked up in the first quarter</a>.More recently, the data has been <a target="_blank" href="https://www.businessinsider.com/interest-rate-cuts-before-presidential-election-biden-trump-economy-2024-5">moving in the right direction again</a>. Fears of an interest-rate hike, an absolute nightmare scenario for the market, have completely subsided. And the Fed's long-promised relief might finally be back on the menu.<div type="image" title="An American flag has been transformed into a bar graph." height="1200" width="2400" msid="110773527" hostid="261"></div>But why does it still feel like the economy stinks?Even though a recession hasn't materialized, a "vibecession" has had Americans feeling bummed <a target="_blank" href="https://www.businessinsider.com/vibecession-recession-hiring-outlook-american-economic-sentiment-rising-prices-recovery-2022-8">for the past few years</a>.Inflation cooling should help with that. But it's still above pre-pandemic levels, which might be why many Americans aren't convinced things are getting better.But a slowing job market is the <a target="_blank" href="https://www.businessinsider.com/americans-more-worried-finding-job-laid-off-unemployed-2024-5">real killer of people's perception of the economy</a>. The shift is necessary for the Fed to consider rate cuts, but it poses a problem for Americans who feel their dollar doesn't go as far.Yes, unemployment remains low, but people also don't have the opportunity <a target="_blank" href="https://www.businessinsider.com/hiring-slump-professional-white-collar-jobs-recession-high-salary-2024-4">to find new jobs that might pay better</a>. The end result has plenty of <a target="_blank" href="https://www.businessinsider.com/economy-housing-market-mortgage-buying-car-interest-rates-new-jobs-2024-3">people feeling trapped</a>.Interest-rate cuts, which could come as soon as September, could change that. The relief might make businesses feel more comfortable getting aggressive with hiring.But there's no guarantee the habits picked up when times were tough — like Big Tech's "year of efficiency" — <a target="_blank" href="https://www.businessinsider.com/tech-new-normal-constant-layoffs-job-cuts-google-amazon-meta-2024-1">aren't here for good</a>.<h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="An image of a trader blowing a bubble." height="650" width="1300" msid="110773523" hostid="261"></div><ol><li>So about that soft landing… Not everyone is convinced the US economy is heading in the right direction. The French bank SocGen is sticking to its recession prediction, pointing to <a target="_blank" href="https://www.businessinsider.com/recession-outlook-hard-landing-economy-growth-spending-socgen-albert-edwards-2024-6">slowing manufacturing activity</a> as one sign of a potential downturn. UBS also sees plenty of red flags, like retail investors pushing into the market, as <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-bubble-warning-signs-signals-ai-stocks-earnings-profits-2024-6">a sign of a stock market bubble</a>.</li><li>Nvidia joins the $3 trillion club. The AI darling became the second-most-valuable company in the world, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-bigger-than-apple-2nd-most-valuable-company-global-2024-6">reaching a market valuation of $3.01 trillion</a>. Meanwhile, Nvidia CEO Jensen Huang is <a target="_blank" href="https://www.businessinsider.com/jensen-huang-signed-womans-chest-tech-conference-nvidia-rockstar-leather-2024-6">signing women's chests at tech events</a>.</li><li>Why the Fed should cut rates in July. Prominent economist Mohamed El-Erian <a target="_blank" href="https://www.businessinsider.com/fed-interest-rate-cuts-timing-summer-markets-economy-slowdown-inflation-2024-6">cited a slew of cooling indicators</a> in support of why the Fed should — but probably won't — cut rates next month. "We've had nothing but negative surprises," he told Fox Business.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Sam Altman and Tim Cook overlapping" height="1500" width="2000" msid="110773526" hostid="261"></div><ol><li>Tim Cook is about to announce something big. At Apple's WWDC event on Monday, Cook is expected to unveil <a target="_blank" href="https://www.businessinsider.com/apple-iphone-dominate-internet-ai-era-openai-tim-cook-google-2024-6">the company's newest plans to dominate the internet</a> — this time through a partnership with OpenAI.</li><li>Jack Dorsey unwittingly funded a fascist guru's follower. Dorsey gave $10 million to a Twitter alternative, Nostr, and its anonymous founder. A <a target="_blank" href="http://businessinsider.com/jack-dorsey-fiatjaf-nostr-donation-2024-6">BI investigation uncovered the founder's identity</a> — and discovered he was a follower and student of well-known Brazilian fascist "guru."</li><li>How Apple helped Amazon. Apple alerted Amazon to unusual activity with its data-deletion process last year, according to internal docs obtained by BI. It led to an internal investigation which found that <a target="_blank" href="https://www.businessinsider.com/apple-alerted-amazon-potential-cloud-security-risk-aws-2024-6">AWS was failing to delete data</a> from closed cloud accounts.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="How gentle parenting went bust." height="1500" width="2000" msid="110773522" hostid="261"></div><ol><li>Why gentle parenting went bust. Gentle parenting was meant to replace an "authoritarian" form of child-rearing with one grounded in empathy and negotiation. But some parents are discovering the time- and energy-intensive method <a target="_blank" href="https://www.businessinsider.com/gentle-parenting-bust-millennial-parents-helicopter-kids-misbehave-permissive-authoritative-2024-6">produces decidedly ambiguous outcomes</a>.</li><li>The NBA's new streaming deal could affect your favorite shows. Even if you don't care about basketball, <a target="_blank" href="https://www.businessinsider.com/nba-deal-comcast-nbc-peacock-programming-cuts-2024-6/">a new deal could bring some change</a>. The Wall Street Journal reported Comcast will be making programming changes to accommodate, and pay for, the new $2.5 billion a year deal.</li><li>OpenAI's new deals could be a lifeline or a curse. Sam Altman's AI company has been making <a target="_blank" href="https://www.businessinsider.com/openai-publishers-deal-explainer-peter-kafka-2024-6">a slew of deals with publishers</a> over the past few months, offering cash in exchange for their content. Critics and dealmakers say it could benefit publishers — or blow up in their faces.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/india-election-narendra-modi-gandhi-prime-minister-2024-6">What Modi's narrow win means for India's future</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/biden-white-house-ukraine-presidential-acuity-reelection-concerns-2024-6">Biden spoke so low during a key White House meeting that some attendees struggled to understand his words, report says</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/strategy-saving-money-doesnt-cost-joy-2024-6">I'm always trying to save money, and I found a strategy that doesn't cost me joy</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/apple-hires-endeavor-exec-to-grow-streaming-brand-partnerships-business-2024-6">Apple TV+ is making a big brand partnerships hire as it warms up to advertising</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/walmart-bonuses-hourly-workers-skills-training-2024-6">Walmart is giving US hourly workers new bonuses that increase the longer they've been at the company</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/apple-hired-ex-googler-lead-ai-efforts-but-fell-apart-2024-6">How Apple's efforts to dominate the AI arms race fell apart</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/apollo-scott-kleinman-predicts-lower-returns-private-equity-zirp-investors-2024-6">Get ready to make less money off your investments, says a private equity executive</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Today marks the 80th anniversary of D-Day.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jack-sommers">Jack Sommers</a>, deputy editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London. <a target="_blank" href="https://www.businessinsider.com/author/annie-smith">Annie Smith</a>, associate producer, in London.Correction: June 6, 2024 — An earlier version of this story misstated Novelis shares were expected to commence trading today. Novelis announced the postponement of its IPO due to market conditions on Tuesday evening.

We're on track for a soft economic landing, but it still feels like the economy stinks

<ul class="summary-list"><li>Russia's economy is boosting wealth for of oligarchs, some of whom are sanctioned.</li><li>A dozen Russian tycoons pocketed $11.4 billion in dividends for all of 2023 up until the first quarter of 2024.</li></ul>Russia's wartime economy has not only <a target="_blank" href="https://www.businessinsider.com/russia-economy-ukraine-war-winners-wealth-redistribution-social-mobility-putin-2024-6">made some poor people better off</a> — some of Russia's oligarchs are getting richer, too.At least 12 businesspeople received more than 1 trillion rubles, or $11.4 billion, in dividends for all of 2023 and the first quarter of 2024, according to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-08/russian-tycoons-pocket-11-billion-dividends-on-war-economy-boom">Bloomberg</a> on Tuesday. The outlet based its calculations on publicly disclosed information.Many of the tycoons who received the dividend windfall are closely tied to Russian President Vladimir Putin, according to the news outlet. Some of them have been sanctioned by the West.The biggest winners from the dividend payouts were commodities exporters that have benefited from <a target="_blank" href="https://www.businessinsider.com/russia-economy-divert-oil-exports-europe-india-china-circumvent-sanctions-2023-12">Russia's pivot of its trade </a>eastward toward China, India, and other countries in the global south. Their key customers were previously from Europe.The biggest winner was Vagit Alekperov, a key shareholder and former president of oil giant Lukoil, who received 186 billion rubles in dividends, per Bloomberg. He has been sanctioned by the UK and Australia.Alexey Mordashov, chairman and a main shareholder of steel company Severstal, pocketed 148 billion rubles in dividends. The US, the UK, and the EU have sanctioned him.Meanwhile, Vladimir Lisin, the chairman of Novolipetsk Steel, raked in 121 billion rubles in dividends.The payouts illustrate how Russia's biggest companies are still profiting despite the West's isolation of the country's economy, which grew <a target="_blank" href="https://tass.com/economy/1781821">5.4% in the first quarter of this year</a> from a year ago.Russia's war-driven economy is so hot that the <a target="_blank" rel="" href="https://www.businessinsider.com/russia-economy-world-bank-upgrade-high-income-country-war-sanctions-2024-7">World Bank</a> upgraded it to a <a target="_blank" href="https://www.businessinsider.com/russia-economy-world-bank-upgrade-high-income-country-war-sanctions-2024-7">"high-income country"</a> last week.However, Russia's Center for Macroeconomic Analysis and Short-Term Forecasting — a key think tank — warned the country's economy could cool and slip into crisis in the second half of this year should the Bank of Russia hike interest rates, reported <a target="_blank" href="https://www.kommersant.ru/doc/6819825?from=top_main_1">Kommersant,</a> a business news outlet, on Monday.Elvira Nabiullina, Russia's central bank chief, has signaled an <a target="_blank" href="https://www.themoscowtimes.com/2024/07/04/russias-central-bank-chief-signals-">interest-rate hike</a> ahead due to higher-than-expected inflation.Russia's key interest rate is already at 16% to cool price rises, but inflation hit <a target="_blank" href="https://tass.com/economy/1803809">8.3% in May</a> — well above the official 4% target.

Russia's war economy is so hot that at least 12 of its oligarchs received $11 billion in dividends over 15 months

Days after Trump won his way to the White House, becoming the 47th President of the United States, the US Federal Reserve slashed the interest rates by 25 basis points, bringing them within the range of 4.5-4.75%. This is the second time this year that the Fed has lowered the interest rates, after cutting them down by 50 basis points in September 2024. u Fed chair Jerome Powell noted that monetary policy remains tight as inflation remains elevated at 2.4% as of September 2024, slightly above the 2% mark set by the commission. However, the Fed remained optimistic about the current state of the economy. "The Committee seeks to achieve maximum employment and inflation at 2% over the longer run. The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate," the FOMC (Federal Open Market Committee) noted in its press release. The rate cut was along widely anticipated lines, although experts were wary of the Fed's way ahead, given that Donald Trump has been elected as the US President. In the past, he has, on multiple occasions, expressed his desire to yield greater influence on the Fed, apart from publicly criticizing Powell. However, Powell continued to stand his ground, noting that Trump cannot legally sack him. He believed in keeping the Fed independent, at least until his tenure as governor ends in 2028. He highlighted that even if he is explicitly asked by Trump to quit, he won't do so. <h2>Trump's regime to inch up inflation?</h2> Trump's electoral promises, if translated into policies, could spell disaster for the Fed's effort to curtail inflation. Reportedly, Trump has promised to levy aggressive tariffs against US trading partners, particularly China, and even extend his 2017 tax cuts. This could mean higher levels of the federal deficit, which would push up prices, wages, and hence, inflation, even as the Fed tries to consistently bring it under control. Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities, notes that it wasn't a surprise when the US Fed cut interest rates by 25 basis points (bps) to 4.75%. The Fed had given enough clues, and the market too had anticipated these rate cuts. "However, what was surprising was how the <keyword id="23863852" type="General" weightage="20" keywordseo="US-10-year-bond-yields" source="keywords">US 10-year bond yields</keyword> moved over the last one and a half months, which have been rising relentlessly from 3.6% to almost 4.5% despite the 50 bps cut in the last Fed meeting. It seems that the market is anticipating slower rate cuts going ahead, and maybe there are even chances of inflation rising. The bond yields have cooled off and slipped below the 4.335% mark. This should be bullish for emerging markets like India," he added.

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