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<ul class="summary-list"><li>Trump has said he plans to bring down gas prices by boosting US oil production.</li><li>ExxonMobil CEO Darren Woods doesn't see a US oil boom in the near future.</li></ul>President-elect Donald Trump's promise to unleash a <a target="_blank" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">big oil boom</a> in the US and lower gas prices is running up against a market reality: The world is already awash in fossil fuels. ExxonMobil CEO Darren Woods told <a target="_blank" class="" href="https://www.semafor.com/article/11/12/2024/exxon-ceo-darren-woods-donald-trump-shouldnt-scrap-methane-regulations">Semafor</a> on November 12 that while he wants to maintain US oil production at its current highs, the market is already well supplied. "I don't think today that production in the US is constrained," he said. "I don't know that there's an opportunity to unleash a lot of production in the near term." During the presidential campaign, Trump said that he planned to lower energy prices — including the <a target="_blank" class="" href="https://www.nytimes.com/2024/09/10/us/politics/trump-economics-gas-tariffs-inflation.html">cost of gas</a> — by increasing US oil production. "We will frack, frack, frack and drill, baby, drill," Trump <a target="_blank" class="" href="https://www.factcheck.org/2024/10/the-issues-trumps-proposal-to-lower-prices-by-increasing-energy-production/">said</a> in October. "I will cut your energy prices in half within 12 months." In September, Trump <a target="_blank" class="" href="https://www.nytimes.com/2024/09/10/us/politics/trump-economics-gas-tariffs-inflation.html">said</a> he would reduce gas prices to below $2 a gallon. Energy analysts told Business Insider that big oil companies are more focused on returning money to shareholders than investing in projects that boost production, especially because China isn't importing as much oil due to its economic downturn. Their comments underscore how little control a US president has over the oil and gas market, including prices at the pump. "It's a global market," Ben Cahill, director of energy markets and policy at the University of Texas at Austin, told BI. "There's very little any president can do to change the direction of oil or gasoline prices." Cahill added that he expects the US to increase oil production, but it will happen gradually. The US is already producing record amounts of oil, at <a target="_blank" href="https://www.eia.gov/todayinenergy/detail.php?id=61545">12.9 million barrels of crude a day in 2023</a> compared with about 11 million barrels per day in 2020, when Trump was in office. Last year, the US also became the world's biggest exporter of natural gas. In October, the US Energy Information Administration <a target="_blank" href="https://www.enerdata.net/publications/daily-energy-news/us-eia-expects-domestic-crude-oil-production-reach-135-mbd-2025.html#:~:text=At%20a%20global%20scale%2C%20the,13.5%20mb%2Fd%20in%202025.">projected</a> that the US would produce 13.5million barrels a day in 2025, hitting another record. And there is room for the industry to expand. Woods <a target="_blank" href="https://www.cnbc.com/2024/11/01/exxon-ceo-says-us-election-wont-affect-oil-production.html">told</a> CNBC earlier this month that there are areas in the Gulf of Mexico — where federal leasing hasn't allowed companies to drill — that could be a source of additional oil production in the long term. Patrick De Haan, head of petroleum analysis at GasBuddy, told BI that Trump could take some steps to try to boost US oil production, including easing regulations to open up additional places for companies to drill and working with OPEC. However, he said boosting oil production while keeping prices at a desired level is a "delicate balance" for the industry. "If oil prices drop, you're likely to see a natural decline in US oil production over the long run," he said, adding, "Oil companies have shareholders to be accountable to." In recent years, the US has increased oil production even as President Joe Biden imposed stricter limits on greenhouse gas emissions from power plants, oil and gas infrastructure, and gas-powered vehicles to help slow the climate crisis. In a separate interview with <a target="_blank" class="" href="https://www.wsj.com/business/energy-oil/exxon-says-trump-should-keep-u-s-in-paris-climate-pact-3d8de471">The Wall Street Journal</a>, Woods added that the US shouldn't drop out of the Paris Agreement as Trump did in his first term and has promised to do again. The nearly 200 countries signed onto that agreement <a target="_blank" class="" href="https://www.businessinsider.com/countries-strike-historic-climate-dealfossil-fuels-dubai-2023-12">struck a deal last year at the UN climate summit </a>to move away from fossil fuels this decade and the triple renewable energy by 2030. Woods told Semafor that he supports Biden's limits on methane emissions from the oil and gas sector. Exxon and other US oil majors have goals to reduce emissions, but climate scientists warn<a target="_blank" class="" href="https://www.businessinsider.com/exxon-chevron-investors-reject-climate-change-proposals-2023-6">they aren't aggressive enough</a> to avert catastrophic levels of global warming.

Trump said he'll unleash an oil boom. Exxon Mobil CEO says not so fast.

Travelling across India is safer and easier for tourists, <keyword id="20130044" type="General" weightage="20" keywordseo="Indian-tourism" source="keywords">Indian tourism</keyword> industry leaders have said, promoting the country, especially <keyword id="19894922" type="General" weightage="20" keywordseo="Uttar-Pradesh" source="keywords">Uttar Pradesh</keyword>, as a premier tourist destination for Singaporeans. Their remarks came as they participated in the <keyword id="23693812" type="General" weightage="20" keywordseo="ITB-Asia" source="keywords">ITB Asia</keyword>, a travel trade show held in Singapore From October 23 to October 25. "We need to educate <keyword id="21866171" type="General" weightage="20" keywordseo="global-travellers" source="keywords">global travellers</keyword> about the attractions in Uttar Pradesh and make UP known more and above the iconic <keyword id="20045918" type="General" weightage="20" keywordseo="Taj-Mahal" source="keywords">Taj Mahal</keyword> in Agra," said Rahul Wadhwa who leads CAL India Tours and Travel. He estimated a growth of 10 per cent across the UP travel agency business. Further, Wadhwa said his Agra-based travel business was seeking collaborations globally to tie up travel arrangements and promote the state as well as India as a tourist destination. There are a growing number of five-star hotels and continuing investments in highways that make travelling across India, including UP, as seamless as the tourists expect, said the <keyword id="20181038" type="General" weightage="20" keywordseo="travel-industry" source="keywords">travel industry</keyword> veteran of 33 years. Technology-wise, the travel industry has also done well, moving away from the telex-based phone-call booked communications to speedier online-offline as well as mobile phone app-led bookings and arrangements for globe trotters. Travelling across India is also safer and easier, added Sushil Kumar Singh, managing director of Jatak Travels, dismissing all notions and misunderstandings about <keyword id="20415307" type="General" weightage="20" keywordseo="safety-and-security" source="keywords">safety and security</keyword> in India. "We have <keyword id="23693813" type="General" weightage="20" keywordseo="tourist-friendly" source="keywords">tourist-friendly</keyword> people and highly rated facilities across the country and in UP," assured the head of the Varanasi-based travel group. The destinations and facilities in India are world-class. "We are no less than any other tourist destination," he stressed. "International tourists are visiting India freely," underscored Singh, who reported 200 per cent growth for his business post-Covid.

Indian tourism industry leaders spotlight Uttar Pradesh as safe and diverse travel destination

Climate Action 15: 2024's top global innovators powering green solutions

<ul class="summary-list"><li>The United Arab Emirates wants to become an AI leader by 2031.</li><li>It's leveraging its oil wealth to attract new talent and fund new research initiatives.</li></ul>The AI revolution is expanding far beyond Silicon Valley.From the <a target="_blank" class="" href="https://www.businessinsider.com/malta-ai-startups-artificial-intelligence-hub-destination-travel-2024-5">shores of Malta</a> to the streets of Paris, hubs for AI innovation are forming worldwide. And the United Arab Emirates is emerging as a key center in the Middle East.Last week, the UAE made headlines by participating in the most lucrative funding round in Silicon Valley history: the $6.6 billion <a target="_blank" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">deal closed by OpenAI</a>. The investment was made through MGX, a state-backed technology firm focused on artificial intelligence and semiconductors.The move was part of the UAE's bid to become a global AI leader by 2031 through strategic initiatives, public engagement, and research investment. Last year, the country's wealthiest emirate, Abu Dhabi, launched Falcon — its first open-source large language model.Another indication of the UAE's commitment to AI is its appointment of Omar Sultan Al Olama as the country's AI Minister in 2017.The minister acknowledges that the UAE faces tough competition from powerhouses like the United States and China, where private investment in AI technology in 2023 totaled $67.2 billion and $7.8 billion, respectively, according to Stanford's Center for Human-Centered Artificial Intelligence.So he says he is embracing cooperation over competition."I don't think it's going to be a zero-sum game where it's only going to be AI that's developed in the US, or only going to be AI that's developed in China or the UAE," Al Olama said at an event hosted by the Atlantic Council, a DC think tank, in April. "What is going to happen, I think, is that we're going to have centers and nodes of excellence across the world where there are specific use cases or specific domains where a country or player or a company is doing better than everyone else."The UAE's strengths are evident.It is one of the wealthiest countries in the world, mostly due to its vast oil reserves. The UAE is among the world's 10 largest oil producers, with 96% of that coming from its wealthiest emirate, Abu Dhabi, <a target="_blank" href="https://www.trade.gov/country-commercial-guides/united-arab-emirates-oil-and-gas">according to the International Trade Administration</a>.Abu Dhabi's ruling family also controls several of the world's largest <a target="_blank" href="https://www.businessinsider.com/trump-and-biden-us-should-have-a-sovereign-wealth-fund-2024-9">sovereign wealth funds,</a> including the Abu Dhabi Investment Authority and Mubadala Investment Company, a founding partner of MGX.These funds have been used to diversify the country's oil wealth and could now be diverted to funding new AI companies. AI could contribute $96 billion to the UAE economy by 2030, making up about 13.6% of its GDP, according to a <a target="_blank" href="https://www.pwc.com/m1/en/publications/potential-impact-artificial-intelligence-middle-east.html">report</a> by PwC, the accounting firm.But capital is only part of the equation. The bigger question is whether the tiny Gulf nation can attract the requisite talent to keep up with Silicon Valley.Recent developments show promise. Between 2021 and 2023, the number of AI workers in the UAE quadrupled to 120,000, Al Olama said at the Atlantic Council event. In 2019, it rolled out a 'golden visa' program for IT professionals, making entry easier for AI experts. It's also making the most of its existing talent. In May, Dubai launched the <a target="_blank" href="https://www.wam.ae/article/b39jbfx-hamdan-bin-mohammed-launches-%E2%80%98one-million">world's biggest prompt engineering initiative</a>. Its goal is to upskill 1 million workers over the next three years,Abu Dhabi, meanwhile, has — over the last decade — become a nexus for AI research and education.In 2010, New York University launched a branch in Abu Dhabi that has since developed a focus on AI. And, in 2019, Mohamed bin Zayed University of Artificial Intelligence opened as a "graduate research university dedicated to advancing AI as a global force for good." Professors from the university also helped organize the inaugural <a target="_blank" href="https://ioai-official.org/1st-international-olympiad-in-ai-founders-we-have-a-record-number-of-participating-countries/">International Olympiad in Artificial Intelligence</a> in August, which drew students from over 40 countries worldwide."Abu Dhabi may not directly surpass Silicon Valley, however, it has the potential to become a significant AI hub in its own right," Nancy Gleason, an advisor to leadership on AI at NYU Abu Dhabi and a professor of political science, told Business Insider by email. Its "true strengths lie in the leadership's strategic vision, substantial investments in AI research and compute capacity, and government-led initiatives in industry. The UAE has also made strategic educational investments in higher education like the Mohamed bin Zayed University of Artificial Intelligence and NYU Abu Dhabi."Beyond that, she noted, it's "very nice to live here."

Want to get into the AI industry? Head to Abu Dhabi.

<ul class="summary-list"><li>Trump's tariff threats may boost Chinese exports as importers rush to beat tariffs.</li><li>Trump's proposed tariffs could lead to increased global manufacturing activity temporarily.</li></ul>US President-elect Donald Trump may be good for China's export business — at least temporarily.Trump, who <a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">won</a> the presidential election, has pledged to impose sweeping tariffs of 10% to 20% on imports to the US. He has threatened a 60% tariff on imports from China.His tariff threats are causing <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tariffs-threats-world-ceos-thoughts-trade-2024-11">jitters</a> around the world. With Trump set to take office on January 20, factories globally may be working overtime to ship out as much as they can before any potential tariffs kick in, economists say."There could be real front-loading of activity ahead of the enacting of tariffs," said Joe Lupton, a senior global economist at JPMorgan, on a <a target="_blank" class="" href="https://markets.jpmorgan.com/research/email/scx/-miq4i59/b3efe732-ef66-49ae-ad3d-5390f5279831/KAL-1-87CAN94L">podcast</a> over the weekend."Just as businesses try to get ahead of that, you could actually see a little bit of pop in global manufacturing, China manufacturing, as we head into the first quarter," he added.The demand for imports, including those from China, could also come from the US itself."Trump's return could create a short-term boost to Chinese exports as US importers increase their purchases to get ahead of the tariffs," wrote Zichun Huang, a China economist at Capital Economics, in a Thursday note.Some of the front-loading may already be taking place.Exports from China grew 12.7% in October from a year ago — their fastest pace in two years and far higher than their 2.4% rise in September, according to official data. Several major ports in China faced delays in September due to a <a target="_blank" class="" href="https://worldwidelogisticsltd.com/2024/09/18/6908/">major typhoon</a> and the backlog spilled in October.<h2 id="194ec862-e0b6-4683-b8c7-95de349dd1e3">Exports could dip with focus on trade deficits</h2>Any a temporary boost in trade would just be that: temporary.Asian export growth could still dip into the negative zone in the second half of next year amid Trump's focus on reducing US bilateral trade deficits, wrote economists at Nomura in a Friday note.Six of the top 10 countries that run deficits with the US are Asian countries, including China, Vietnam, Japan, South Korea, and India."Higher US tariffs on Chinese exports could re-direct those exports into Asia, hurting local production," wrote the Nomura economists."More tit-for-tat trade retaliation, trade policy uncertainty and delayed policy easing in some Asian economies will also likely spill into domestic demand," they added.

Global manufacturing is poised for a temporary boom ahead of possible Trump tariffs, economists say

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/google">Google's</a> head of research told BI that learning to code continues to be a valuable skill.</li><li>Yossi Matias compared coding to math and said learning "basic disciplines" is "as important as ever."</li></ul>The slogan "learn to code" was popularized in the 2010s. A decade later, Google's head of research says the advice still rings true — even in the age of AI."I think that the basic notion of learning the basic disciplines remains as important as ever," Yossi Matias, Google's head of research, told Business Insider in an interview at the company's Chelsea office in New York.That may come as a surprise to some as companies increasingly lean on AI for some coding duties. With the emergence of tools like GitHub Copilot, one Microsoft manager recently told BI that he estimated <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-manager-ai-reduces-busywork-not-daily-workload-2024-10">70% of his time spent coding has been reduced.</a>The industry's shift has led some <a target="_blank" class="" href="https://www.businessinsider.com/ai-threaten-jobs-of-coders-who-dont-shift-their-focus-2024-9">software engineers to worry</a> about the future of their jobs and caused some anxiety among college students pursuing the traditional coding pathway through a computer science degree.Matias, who is also a VP at Google and spent over a decade in leadership at Google Search, said that some junior professionals in recent years have faced "some challenges" in getting "the experience that they want."The nature of AI is to help out "on some of the more junior level" tasks, he said, "which may or may not have some impact on things." Google has sponsored initiatives to help junior employees go through that stage, he added.Despite the work evolving, Matias said that AI isn't taking over the whole coding process. Even though Google and Alphabet CEO Sundar Pichai said that a <a target="_blank" class="" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10">quarter of all code is now generated by AI</a>, he also noted it's still reviewed and accepted by engineers.Matias said he still believes "everybody should learn how to code." In fact, the basics may be more important now than ever, he said."Perhaps even more so now, there are going to be many more opportunities to actually build on that," Matias said.<h2 id="9cd5641c-c109-47da-b8ad-4f9f50b9c932">AI will impact a wide range of fields</h2>Matias said that even those who don't want to become software engineers should <a target="_blank" class="" href="https://www.businessinsider.com/how-google-technical-program-manager-uses-ai-gemini-2024-8">understand how technology works</a>, similar to how people still need to understand math even if computers can do the most complex calculations."I think that basic coding is like basic math," Matias said. "You need to understand what's going on there."While the launch of <a target="_blank" class="" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">ChatGPT</a> two years ago ignited the generative AI race and made the technology a mainstream topic, AI research has been a cornerstone of tech giants like Google for over 20 years.Matias said that AI will boost practically every field, especially biology, chemistry, and medicine. He said it's becoming "both a tool and a science.""It's not only chatbots," Matias said.Google Research has already integrated AI into tools like flood forecasting models, which Matias said can save lives. It has also created image classification tools that can be used for healthcare."We got some testimonials from people that say, this might've saved my life because I got some information that got me to see a doctor," Matias said.The executive said that the healthcare industry presents "a huge opportunity" for AI to transform society. Given the global shortage of healthcare workers, technology can help make the industry more productive and equitable, and can also help with identification, he said.Matias also named <a target="_blank" class="" href="https://www.businessinsider.com/ai-will-give-every-student-personalized-tutor-sal-khan-academy-2023-5">education as an industry that could be transformed by AI</a>. He said AI could be integrated in a number of ways, like creating interactive quizzes and making education more effective and engaging.With AI impacting so many fields, Matias said "it's important to master the basic things," like the fundamentals of coding.

Google's head of research on whether 'learn to code' is still good advice in the age of AI

<ul class="summary-list"><li>Polling suggests the economy is important to voters in this year's presidential election.</li><li>The economy is doing well across a wide variety of metrics.</li></ul><a target="_blank" href="https://www.businessinsider.com/trump-harris-swing-states-election-2024-10">Election</a> Day is less than two weeks away, and <a target="_blank" class="" href="https://www.businessinsider.com/what-us-economy-would-look-like-with-trump-biden-presidency-2024-5">the economy</a> is top of mind for many Americans.Twenty-eight percent of likely voters in a <a target="_blank" class="" href="https://www.nytimes.com/interactive/2024/10/13/us/elections/times-siena-poll-likely-electorate-crosstabs.html">poll from The New York Times/Siena College</a> from September 29 to October 6 said the economy was the "most important" issue for their vote, which was the highest share among all issues. A <a target="_blank" href="https://www.pewresearch.org/politics/2024/09/09/issues-and-the-2024-election/">Pew Research Center</a> survey from August 26 to September 2 found that among registered voters, 68% of Kamala Harris supporters and 93% of Donald Trump supporters said the economy is "very important" to their vote.Additionally, an <a target="_blank" class="" href="https://apnorc.org/projects/registered-voters-are-split-on-trusting-harris-or-trump-to-handle-economic-issues/">Associated Press-NORC Center for Public Affairs Research</a> poll conducted in October found registered voters were nearly split on who they thought would do a better job handling different areas of the economy, such as jobs and unemployment.The good news is that the economy is broadly doing pretty well these days."We've seen new highs for the stock market's major averages, falling inflation, the Federal Reserve shifting into easing mode and a job market close to the level associated with full employment," Mark Hamrick, a senior economic analyst at the financial services company Bankrate, said in a recent <a target="_blank" href="https://www.bankrate.com/personal-finance/2024-election-and-the-economy-survey/?tpt=a#top-economic-issue">commentary</a>.While data suggests the US economy is robust, Americans may not agree. The index of <a target="_blank" href="http://www.sca.isr.umich.edu/">current economic conditions</a> from the University of Michigan's Surveys of Consumers has stayed stubbornly low throughout the pandemic recovery.Kurt Reiman, cohead of ElectionWatch at UBS Global Wealth Management, told Business Insider that he doesn't think people feel "euphoric" about the economy. "Voters are reminded daily of the high price of goods and services — whether they're renewing their car or home insurance, or they're going to the grocery store," Reiman said.They're not completely off base. There are a few less-rosy data points out there, like rising long-term unemployment and a historically high level of federal debt.As people get ready to head to polling locations or vote by mail, here's how the US economy has been looking.<h2 id="b1568735-2b7f-4c59-a18d-2eedb9252f8b">The unemployment rate has been under 5% since September 2021</h2>After it rose to around 15% during the height of the early pandemic in April 2020, the unemployment rate has fallen to historically low rates. Even though the unemployment rate ticked up to 4.3% this past July — the highest rate since October 2021 — it has dropped since.While unemployment remains low, the average time unemployed workers were out of a job increased to 22.6 weeks in September. So, those out of work are spending more time looking for their next job.<h2 id="a377c75d-6f92-4f82-9cde-9b55e3445625">Job gains have cooled but remain strong</h2>The economy keeps adding jobs, but the labor market has slowed from its red-hot pandemic recovery.The cooler-but-strong job growth is one indication that the US has continued to avoid a recession — the last one being in 2020.<h2 id="3c79dc9c-b337-418f-8654-44a48ca9035f">There aren't as many job openings per unemployed person as a few years ago</h2>One key measure of the labor market has been turning against job seekers. The number of job openings per unemployed person rose to a record-high ratio in 2022 during the Great Resignation but has declined to 1.1 openings per unemployed person in August and looks more like pre-pandemic levels.It's not impossible to find a job, though; Hamrick said there is "still a reasonable chance that someone who's going to be a job seeker will have a measure of success" depending on their sector and location.<h2 id="b156886f-3057-4ae3-81ab-96249d28aa4c">The inflation rate has slowed dramatically</h2>Inflation has been mostly slowing down after spiking in 2021 and 2022 based on year-over-year increases in the consumer price index.While inflation has slowed, Hamrick said consumers feel constrained by still-high prices. However, Hamrick said, "Americans will continue to claw back some" lost buying power as long as inflation continues to settle down while the job market holds up.Wages have been catching up, and real wages, which are adjusted for inflation, grew 1.5% in September from a year ago.The Federal Reserve has targeted a <a target="_blank" href="https://www.businessinsider.com/us-economy-outlook-data-points-to-soft-landing-no-recession-2024-9">soft landing</a> where inflation comes down without mass layoffs. So far, that seems to be happening. Additionally, the <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cuts-decision-this-week-federal-reserve-powell-inflation-2024-9">Fed cut interest rates in September</a> — the first cut in four years. There's a <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">high chance</a> it will decide to do a smaller cut in November, depending on how the data looks and other factors.<h2 id="3d0817c5-b03c-4e0a-a06d-bb0b9cf4edbf">Real disposable personal income per capita has been looking healthy</h2>Real disposable personal income per capita — a widely used measure of the money people have to spend or save — spiked in the early pandemic due to stimulus checks in 2020 and 2021 and the expanded child tax credits for the 2021 tax year.While real disposable personal income per capita cooled off as inflation accelerated in 2022, it has been gradually rising — and is above where it was before the pandemic and close to the pre-pandemic growth trend.<h2 id="28d1bb36-d16a-4262-837c-72d756c3510e">The S&amp;P 500 in 2024 has hit several all-time highs</h2>During 2024, the S&amp;P 500 has been historically high multiple times. <a target="_blank" href="https://www.marketwatch.com/story/these-6-charts-suggest-investors-should-proceed-with-caution-as-s-p-500-hits-47th-record-high-of-2024-197f7c0a">MarketWatch</a> reported it has hit 47 record highs this year. This index of large publicly traded US companies reflects corporate America doing quite well, and the rising figures may be good for people's retirement savings portfolios.Reiman chalks it up to strong consumer spending, slowing inflation, and lower interest rates leading to higher corporate profits and valuations.<h2 id="940327d3-930a-4b04-ae6e-e7a1a18f7e9a">Confidence among home builders is still low compared to recent years</h2>While the labor market is showing a lot of strength, the housing market is one area of the economy where there are some concerns. More single-family builders are feeling better about housing than a few months ago but are falling short of the confidence seen a couple of years ago. That's based on the NAHB/Wells Fargo Housing Market Index, which tracks the health of the single-family housing market.The index, based on what single-family builders surveyed reported, was a not-too-confident reading of 43 out of 100 in October.<h2 id="5596c1a8-aaad-4fe9-8a2a-12db5abc4c25">Federal public debt as a share of GDP is elevated</h2>Reiman said the Biden administration will be "handing off an economy with higher levels of debt than when taking office." Federal debt is high compared to GDP, even looking beyond the spike of the debt as a share of GDP during the pandemic.While federal debt as a share of GDP was slightly above 100% before the pandemic, recent figures are much higher than in the past. Federal debt was 120% of GDP in the second quarter of this year. In the long run, a high debt-to-GDP ratio may lead to expensive interest costs and future tax hikes or spending cuts.

The economy is a priority for Americans as they head to the polls. Here's what's really going on behind the numbers.

A couple of years back, anybody with a full-time job across the globe used to say that they work a "9 to 5 (9 am to 5 pm)." However, as per a recent report, that is no longer the average working hours and more and more employees are now adapting to a <keyword id="23061305" type="General" weightage="20" keywordseo="flexible-work-style" source="keywords">flexible work style</keyword>. The <keyword id="20534318" type="General" weightage="20" keywordseo="coronavirus-pandemic" source="keywords">coronavirus pandemic</keyword>, in 2020, saw a major change in work patterns across the globe. As companies shifted their operations remote overnight, employees began working at their own pace, at their own time. At the time, many reports had come up that the future of work would be flexibility in terms of working hours and location. And as per a latest report, that has started happening. <h2>Bye bye 9-to-5 </h2> The standard 9-to-5 workday has now transitioned to more of a 10-to-4 routine, according to a 2023 Global Traffic Scorecard by INRIX Inc, a traffic analysis firm. This shift means fewer people are commuting during the early hours, creating a new trend in daily traffic flow. With fewer people hitting the road in the early morning or evening, traffic congestion has now shifted to the middle of the day. A CNBC report quotes Bob Pishue, a transportation analyst who authored the INRIX report, saying, "We’re seeing less activity in the morning and evening but much more around noon." Surprisingly, the number of trips made around noon is now almost equal to those at 9 am and 5 pm What was once a lull between morning and evening traffic has transformed into a peak period of congestion. <h2><keyword id="19901232" type="General" weightage="100" keywordseo="work-life-balance" source="keywords">Work-life balance</keyword> takes center stage </h2> The report also quotes David Satterwhite, CEO of Chronus. He says that many employees have embraced the ability to work remotely and only come into the office when absolutely necessary. This might mean arriving late, leaving early, or coming in for a brief meeting before heading back home. This trend, often called “coffee badging,” has become widely accepted as employees pop into the office for short stints and then continue their workday elsewhere. A recent survey from Owl Labs found that 58 percent of hybrid workers admitted to checking into the office for just a few hours before leaving. These days, more workers prioritise work-life balance, flexible hours, and mental health support over climbing the corporate ladder. Many are reluctant to spend more time at the office than necessary. In fact, if the option to work from home were removed, 66% of workers said they would start searching for a new job that offered more flexibility, according to Owl Labs. Of those, around 39% would quit right away. In January this year, a study conducted by Randstad also revealed that workers prioritise work-life balance over salary when evaluating potential job opportunities. According to the study, 57 percent of employees would reject a job offer if it negatively impacted their work-life balance. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/openai-to-meta-ai-companies-that-were-accused-of-copyright-infringement/articleshow/113088658.cms" data-type="tilCustomLink" target="_blank"></a><a href="https://www.businessinsider.in/business/news/nykaa-sues-tata-cliq-ceo-gopal-asthana-for-contract-breach-says-he-approached-employees-to-join-rival-company/articleshow/113082094.cms" data-type="tilCustomLink" target="_blank">Nykaa sues Tata Cliq CEO Gopal Asthana for contract breach, says he approached employees to join rival company</a> OpenAI to Meta: AI companies that were accused of copyright infringement

No more 9 to 5: Employees are coming to work late and leaving early, new data shows

Superstar <keyword id="19895142" type="General" weightage="100" keywordseo="Shah-Rukh-Khan" source="keywords">Shah Rukh Khan</keyword> was mobbed by a throng of enthusiastic fans at <keyword id="19949962" type="General" weightage="20" keywordseo="Mumbai-airport" source="keywords">Mumbai airport</keyword> early Thursday morning as he departed for Abu Dhabi to host the <keyword id="21778148" type="General" weightage="20" keywordseo="IIFA-Awards" source="keywords">IIFA Awards</keyword> 2024. Accompanied by his bodyguard and manager Pooja Dadlani, SRK was seen navigating through an eager crowd that was eager to catch a glimpse of him. Dressed casually in a black hoodie, sunglasses, and a cap, Shah Rukh Khan displayed his signature blend of style and comfort while maintaining his composure amid the chaos. Despite the overwhelming attention, he smiled and acknowledged fans as he made his way to the terminal, with his bodyguard ensuring his safety throughout the encounter. Anticipation for the <keyword id="23322222" type="General" weightage="20" keywordseo="IIFA-2024" source="keywords">IIFA 2024</keyword> has been building, especially following a light-hearted press conference where Shah Rukh and <keyword id="19901337" type="General" weightage="20" keywordseo="Karan-Johar" source="keywords">Karan Johar</keyword> shared playful banter. At the event, Shah Rukh humorously teased Karan about his frequent hosting duties, joking, "Bhai, picture bhi bana na... kitna host karega tu?" to which Karan responded with laughter, showcasing their camaraderie. Fans are eagerly looking forward to the <keyword id="22515764" type="General" weightage="20" keywordseo="IIFA" source="keywords" meta.keywordsubtype="org" meta.entityname="IIFA" meta.hostid="261" meta.entityid="IIFA">IIFA</keyword> event, promising a night of laughter, entertainment, and glamour. Additionally, Shah Rukh is set to star in his upcoming film 'King', directed by <keyword id="19904922" type="General" weightage="20" keywordseo="Sujoy-Ghosh" source="keywords">Sujoy Ghosh</keyword>, which reportedly features his daughter, Suhana Khan. The new edition of the International Indian Film Academy Awards (IIFA) will take place in the Arab city from September 27 to September 29. The three-day gala is set to kick-start with IIFA Utsavam, an event dedicated to southern film industries- Tamil, Telugu, Malayalam and Kannada. Megastar <keyword id="19916806" type="General" weightage="20" keywordseo="Chiranjeevi" source="keywords">Chiranjeevi</keyword> will be honoured at the event. On the second day, stars like Shah Rukh Khan, Vicky Kaushal and Karan Johar will come on stage to entertain the audience with their hosting stint at the IIFA Awards night. Interestingly, the second day will also see <keyword id="20039953" type="General" weightage="20" keywordseo="Rekha" source="keywords">Rekha</keyword> returning to the IIFA stage after a long time. Rekha last performed at the IIFA in 2018. From 'Pyaar Kiya Toh Darna Kya' to 'Salam-E-Ishq Meri Jaan,' she left everyone smitten with her 'adaa'. She was joined by stars like Ranbir Kapoor, Riteish Deshmukh, <keyword id="19946417" type="General" weightage="20" keywordseo="varun-dhawan" source="keywords">Varun Dhawan</keyword>, Kartik Aaryan and Karan Johar on the stage. On her upcoming act, Rekha in a note shared by the IIFA team, said, "IIFA holds a special place in my heart, representing not just a celebration of Indian cinema but a vibrant fusion of art, culture, and love on a global stage. It feels like home - a beautiful showcase where the magic of Indian cinema truly comes alive, and I've had the privilege of experiencing that magic first-hand over the years." Shahid Kapoor, Kriti Sanon, Ananya Panday, Janhvi Kapoor and Vicky will also add chaar chand to the gala night with their performances. IIFA 2024 will conclude on September 29 with the exclusive, invitation-only IIFA Rocks. Artists such as Honey Singh, Shilpa Rao and Shankar-Ehsaan-Loy will perform live for the audience.

Chaos at Mumbai airport as Shah Rukh Khan heads for IIFA 2024

<ul class="summary-list"><li>Nike is the latest retailer to change its CEO.</li><li>More retail bosses have walked the plank post-pandemic, with boards demanding better performance.</li></ul>John Donahoe is the latest retail CEO to hit the chopping block.<a target="_blank" class="" href="https://www.businessinsider.com/nike-new-ceo-elliott-hill-may-help-ailing-sneaker-brand-2024-9">The Nike boss </a><a target="_blank" href="https://www.businessinsider.com/nike-new-ceo-elliott-hill-may-help-ailing-sneaker-brand-2024-9">is stepping down next month</a> and will be replaced by <a target="_blank" class="" href="https://www.businessinsider.com/nikes-new-ceo-started-from-bottom-as-an-intern-2024-9">Elliott Hill, </a>who started in 1988 as an intern and worked his way up the ranks before retiring in 2020.Analysts say Donahoe's departure was somewhat inevitable after <a target="_blank" class="" href="https://www.businessinsider.com/nikes-sales-to-fall-this-year-as-turnaround-plan-continues-2024-6">Nike's long period of decline</a> and underperformance."Under his tenure, Nike made a number of mistakes which have weakened the brand — a shakeup was required to try and draw a line under a period of very bad performance and to demonstrate that serious changes are underway," Neil Saunders, managing director of GlobalData Retail wrote in a note on Thursday.<div type="image" title="Nike CEO John Donahoe in front of pattern of Nike sneakers and logo 4x3" height="1750" width="2333" msid="113526660" hostid="261" sizebytes="268684"></div>Investors are already signaling confidence in the new hire and change of direction, with shares up in premarket trading.But as Saunders points out, sending a signal to the market is one thing, but convincing consumers is another. "A change of jockey does not automatically put the Nike horse out in front," he said.Though Donahoe has been criticized for lack of product innovation and uninspiring marketing — two key elements that have been at the heart of Nike's success — the reality is being a retail boss right now is pretty tough.<h2 id="fbd6a07f-f1bd-4bd2-a6f4-24bdb163e5ed">Belt-tightening</h2>The <a target="_blank" class="" href="https://www.businessinsider.com/consumer-spending-decline-how-retailers-respond-inflation-prices-walmart-costco-2024-6">era of post-pandemic indulgent spending</a> is over.Retail sales rose by just 0.1% in August, slowing from a 1.1% increase in July as some shoppers are becoming more cost-conscious and selective with their purchases.This is creating a more challenging environment for retailers. Some chains, including <a target="_blank" class="" href="https://www.businessinsider.com/stores-cutting-prices-summer-list-walmart-target-amazon-aldi-walgreens-2024-6">Walmart and Target, have started cutting prices</a> to offer more value for consumers.Others are finding <a target="_blank" class="" href="https://www.businessinsider.com/chipotle-boy-bowl-promo-vest-wearing-finance-bros-2024-6">creative ways </a>to get more customers through the door.Retail CEOs are tasked with navigating these choppy and unpredictable waters. And increasingly, boards seem to be rethinking whether their head honchos are up to the job.The past year or so has seen an <a target="_blank" class="" href="https://www.businessinsider.com/retail-ceos-leaving-stepping-down-trend-explained-2023-1">exodus of CEOs</a> from companies such as Gap, Bed Bath &amp; Beyond, and Adidas. According to data from outplacing firm Challenger, Gray &amp; Christmas, CEO turnover in retail more than doubled in 2023 and was at the highest level since 2019.Experts say this unusual amount of turnover is closely connected to the pandemic, which upended retail. Shoppers stayed at home and out of stores, online shopping soared, supply chains fell into chaos, and stimulus checks boosted demand, making it almost impossible to gauge a business's performance.But as restrictions eased and the protective shield of the pandemic lifted, CEOs became more vulnerable as boards questioned whether these were the right people to lead these businesses into the next stage.<h2 id="a6341e0c-46e4-4c74-bb47-d055a63438f5">Watch out CEOs</h2>This pattern has continued in 2024.Last month,<a target="_blank" class="" href="https://www.businessinsider.com/starbucks-ceo-steps-down-replaced-by-chipotle-chief-2024-8"> Starbucks CEO Laxman Narasimham stepped down</a> after about 17 months in the job. His tenure was tainted by public criticism from longtime CEO Howard Schultz, falling sales, and pressure from activist investors.<div type="image" title="Laxman Narasimhan" height="583" width="1200" msid="113526664" hostid="261" sizebytes="96900"></div>That same month, Nestle's CEO was ousted after eight years in the job. One insider told Reuters that the board had become concerned about sales growth and slowing product development."There is a fresh lack of patience at the board level," Jim Rossman, global head of shareholder advisory at Barclays, told the news agency."With the COVID-19 pandemic behind us and some stronger economic data, there is plenty to judge a CEO's management abilities by and if they aren't performing they are out," he added.

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