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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

The <keyword id="22667872" type="General" weightage="100" keywordseo="mpox-outbreak" source="keywords">mpox outbreak</keyword> in <keyword id="19924003" type="General" weightage="20" keywordseo="africa" source="keywords">Africa</keyword> is yet another example of how <keyword id="20040661" type="General" weightage="20" keywordseo="infectious-diseases" source="keywords">infectious diseases</keyword>, perceived to be "someone else's problem", and affecting mainly poor, developing countries, may suddenly pose unexpected global threats. Other examples of <keyword id="22817243" type="General" weightage="20" keywordseo="neglected-diseases" source="keywords">neglected diseases</keyword> include the West Nile, Zika and Chikungunya viruses. Mpox was discovered in 1958 (in captive monkeys, hence the original misnomer "monkeypox") and the first human case was identified in 1970. Then, for decades it was largely neglected by the scientific and public health communities, regarded as an uncommon infection in remote rural areas in tropical Africa, without relevance for the rest of the world. When a massive mpox outbreak hit developed countries in 2022, increased research funding led to a surge in scientific studies. On just one medical search engine, there's been more research produced since April 2022 than in the preceding 60 years. The 2022-23 global mpox outbreak happened despite repeated calls from African researchers for increased global investment in diagnostic, therapeutic and infection prevention tools for mpox. The WHO has now declared the current upsurge of mpox in central Africa a <keyword id="21952478" type="General" weightage="20" keywordseo="public-health-emergency" source="keywords">public health emergency</keyword> of international concern. This is the highest alert level for events that constitute a public health risk to other countries and requires a coordinated international response. Mpox's recent history is yet another reminder that an infectious disease in one corner of the world should not be regarded as someone else's problem, as it can suddenly start to spread fast and far. It also highlights global inequities in resource allocation and access to vaccines, diagnostics and treatments. These were made available in many industrialised countries and helped curb the global outbreak, but are still largely lacking in most of Africa. <h2>The 2022 outbreak: a total surprise</h2>The disease has been renamed "mpox" but the name of the virus, for now, remains "monkeypox" (MPXV). It is closely related to the smallpox virus. MPXV was considered a <keyword id="21311828" type="General" weightage="20" keywordseo="zoonotic-disease" source="keywords">zoonotic disease</keyword> endemic in parts of central and west Africa. It was acquired mainly through close contact with wild mammals, especially handling bush meat, but there was no sustained human-to-human transmission. Only very occasionally were cases seen outside the endemic areas, due to infected travellers or import of infected small mammals. This changed abruptly in 2022: a massive, rapidly evolving global outbreak caused over 99,000 laboratory-confirmed cases in 116 countries. At its peak in August 2022, over 6,000 cases were reported each week. This outbreak came as a total surprise: most cases were reported from non-endemic countries, mostly in men who have sex with men, who had become infected during recent sexual encounters. Even though most cases were clinically not particularly severe and the death toll stands at just over 200, the global outbreak was declared a public health emergency of international concern by the <keyword id="19896311" type="General" weightage="20" keywordseo="world-health-organization" source="keywords">World Health Organization</keyword> on 23 July, 2022. Fortunately, case numbers soon plummeted due to a combination of behavioural changes and vaccination in at-risk groups. Modern vaccines and antiviral drugs with activity against mpox were made available in many affected high-income countries. These had been developed and stockpiled in the US and Europe, mostly in preparation for a potential bioweapon attack using a poxvirus. The global outbreak in 2022 was caused by clade II of MPXV, which is endemic in west Africa and not as virulent as clade I MPXV, which so far has only been seen in the Congo Basin. That first mpox public health emergency of international concern was declared over in May 2023. Clade II MPXV infections are still occurring globally, but the worst seems over - for now. Complacency would be misguided, as illustrated by the current mpox outbreak that is gathering steam. <h2>Upsurge in Africa</h2>The African region is experiencing an upsurge in mpox cases, which started in 2023. As the continent which includes the areas where mpox has been endemic for a long time, Africa now presents a complex mosaic. The current clade I MPXV (formerly called Congo Basin strain) is more virulent than the clade II (west African) strain, resulting in a higher case fatality rate. The ongoing outbreak has its epicentre in South Kivu province, eastern DRC, and has the potential to fuel a large pandemic. It has a distinct epidemiological pattern with sustained chains of human-to-human transmission, often via the sexual route. It may have increased transmissibility (we don't know yet). The virus which causes it is the newly defined clade Ib lineage. It displays mutations that are the hallmark of human-to-human spread that is estimated to have been happening since September 2023. Case numbers are rising rapidly, even though many suspected cases are likely not tested and thus not counted as confirmed. Complicating matters, a commonly used test was found to miss infections with this lineage of the virus. It affects mostly adults. The case fatality rate is higher than it was in the 2022 global outbreak. Already, this outbreak has resulted in mpox cases occurring in several neighbouring countries, including some (like Kenya), with no previous record of mpox. The challenge is enormous. The eastern DRC is an area beset by multiple problems. This includes natural disasters, violence and infectious diseases including measles, cholera and poliomyelitis for the DRC. In recent years the second-largest Ebola outbreak ever took place in the wider area and, despite the availability of vaccines and treatments, posed considerable challenges. <h2>What needs to happen</h2>Equitable access to diagnostic tests, vaccines and antiviral treatments requires political commitment and financial investments. Scientific investigations are needed to learn more about exposure settings, transmission routes and clinical presentations. It's important to find the best ways to make these interventions. There is no doubt that a disease in one corner of the world can suddenly become a global heath threat. It's time the global health system woke up to this reality.

Mpox outbreak in Africa was neglected - it could now turn into the next global pandemic

Sydney, Aug 15 (The Conversation): The <keyword id="19896311" type="General" weightage="20" keywordseo="World-Health-Organization" source="keywords" meta.keywordsubtype="org" meta.entityname="World Health Organization" meta.hostid="261" meta.entityid="World Health Organization">World Health Organization</keyword> (<keyword id="19895006" type="General" weightage="20" keywordseo="WHO" source="keywords">WHO</keyword>) has declared <keyword id="20965747" type="General" weightage="100" keywordseo="mpox" source="keywords">mpox</keyword> a public health emergency of international concern, after rising cases in the <keyword id="22796094" type="General" weightage="20" keywordseo="Democratic-Republic-of-the-Congo" source="keywords">Democratic Republic of the Congo</keyword> and the potential for further spread. This now triggers a coordinated international response to an extraordinary event and the mobilisation of resources, such as vaccines and diagnostic testing, to curb the spread of this infectious disease. But WHO has not declared mpox a <keyword id="19913581" type="General" weightage="20" keywordseo="pandemic" source="keywords">pandemic</keyword>. Rather, the measures it has triggered are designed to prevent it from becoming one. <h2>What triggered this latest alert?</h2> Mpox, once known as monkeypox, is a viral infection closely related to <keyword id="22362924" type="General" weightage="20" keywordseo="smallpox" source="keywords">smallpox</keyword>. Initial symptoms include a fever, headache, swelling of the lymph nodes and muscle ache. A typical rash follows, mainly on the face, hands and feet. The spread of mpox through certain African countries led the Africa Centres for Disease Control and Prevention to declare earlier this week mpox a public health emergency of continental security. This is the first time the organisation has issued such an alert since it was established in 2017. The situation in the Democratic Republic of the Congo in central Africa has been particularly worrying for more than a year. There are two types or clades of mpox. Clade II, which originates in west Africa, is less severe. It has a fatality rate of up to 1 per cent (in other words, roughly one in 100 are expected to die from it). But clade I, from central Africa, has a fatality rate of up to 10 per cent (up to one in ten die). This compares to a 0.7 per cent fatality rate for the Omicron variant of SARS-CoV-2, the virus that causes COVID. The Democratic Republic of the Congo is seeing large epidemics of the more deadly clade I mpox. Mpox is endemic in some parts of central and west Africa, where the virus exists in animals and can spread to humans. Outbreaks have been increasing, with more human-to-human spread, since 2017. This is partly due to very low levels of immunity to the mpox virus, which is related to the virus that causes smallpox. Mass vaccination against smallpox ceased more than 40 years ago globally, resulting in minimal immunity in populations today against mpox. The WHO designation announced this week relates to the clade I. Not only does this have a higher fatality rate, it has new mutations that enhance spread between people. These changes, and the global lack of immunity to mpox, makes the world's population vulnerable to the virus. <h2>There are two different epidemics</h2> In 2022, an epidemic of mpox swept through non-endemic countries, including beyond Africa. This was a variant of clade II originating from Nigeria, called clade IIb. This was sexually transmitted, predominantly affecting men who have sex with men, and had a low fatality rate. That epidemic peaked in 2022, with vaccines made available to people at risk in high-income countries, but there has been an uptick in 2024. At the same time, large clade I epidemics were occurring in the Democratic Republic of the Congo, but with far less attention. Vaccines were not available there, even in 2023, when there were 14,626 cases and 654 deaths. Mortality was 4.5 per cent, and higher in children. In fact, most cases and deaths in the Democratic Republic of the Congo have been children. This means most transmission there is non-sexual and is likely to have occurred through close contact or respiratory aerosols. However, in 2023 an <keyword id="20877025" type="General" weightage="20" keywordseo="outbreak" source="keywords">outbreak</keyword> in a non-endemic part of the country, South Kivu in the east, appeared to be by sexual transmission, indicating more than one epidemic and different transmission modes in the Democratic Republic of the Congo. By mid-2024, there were already more cases in the country than all of 2023 - more than 15,600 cases and 537 deaths. Testing capacity is low in the Democratic Republic of the Congo, most cases are not confirmed by lab testing, and the data we have are from a small sample of genomic sequences from the Kamituga region of South Kivu. This show mutations to the clade I virus around September 2023, to a variant termed clade Ib, which is more readily transmissible between people. We do not have much data to compare these viruses with the viruses causing cases in the rest of the country. <h2>Mpox is spreading internationally</h2> In the past month, the virus has spread to countries that share a border with the Democratic Republic of the Congo - Rwanda and Burundi. It has also spread to other east African countries, such as Kenya and Uganda. None of these countries have had mpox cases previously. In an interconnected, mobile world, cases may spread to other continents, as mpox did in 2018 from Nigeria to the United Kingdom and other countries. A few travel-related cases between 2018 and 2019 may have led to the large multi-country 2022 clade IIb epidemic. <h2>We have vaccines, but not where they are needed</h2> As the mpox virus and smallpox viruses are related (they are both orthopoxviruses), smallpox vaccines offer protection against mpox. These vaccines were used to control the 2022 clade IIb epidemic. However, most of the world has never been vaccinated, and has no immunity to mpox. The newer <keyword id="19959412" type="General" weightage="20" keywordseo="vaccine" source="keywords">vaccine</keyword> (called Jynneos in some countries and Imvamune or Imvanex in others) is effective. However, supplies are limited, and vaccine is scarce in the Democratic Republic of the Congo. WHO's declaration of mpox as a public health emergency of international concern will help mobilise vaccines to where they are needed. The Africa Centres for Disease Control had already begun negotiations to secure 2,00,000 doses of vaccine, which is a fraction of what is required to control the epidemic in the Democratic Republic of the Congo. <h2>What happens now?</h2> Ultimately, a serious epidemic anywhere in the world is a concern for all of us, as it can spread globally through travel, as we saw with the COVID pandemic. Controlling it at the source is the best measure, and WHO's latest declaration will help mobilise the required resources. Surveillance for spread of this more serious version of mpox is also essential, bearing in mind that many countries do not have the capacity for widespread testing. So we'll have to rely on "suspected cases", based on a clinical definition, to keep track of the epidemic. Open-source epidemic intelligence - such as using AI to monitor trends in rash and fever illness - can also be used as an early warning system in countries with weak health systems or delayed reporting of cases. A further complication is that 20-30 per cent of people with mpox may simultaneously have chickenpox, an unrelated infection that also causes a rash. So an initial diagnosis of chickenpox (which is easier to test for) does not rule out mpox. Effective communication and tackling push-back against public health measures and disinformation is also key. We saw how important this was during the COVID pandemic. Now, WHO will coordinate the global mpox response, focusing on equity in disease prevention and access to diagnostics and vaccines. It is up to individual countries to do their best to comply with the International Health Regulations, and the protocols for how such a global emergency are managed.

WHO has declared mpox a global health emergency. What happens next?

New Delhi: India's fossil fuel emissions are projected to rise by 4.6 per cent in 2024, while China could see a marginal rise of 0.2 per cent, according to new research by a group of international scientists. As the UN climate conference in Baku, Azerbaijan, discussed raising trillions of dollars to tackle <keyword id="19907392" type="General" weightage="20" keywordseo="Climate-change" source="keywords">climate change</keyword>, the group of scientists known as the "Global Carbon Project" warned that emissions from fossil fuels -- the main driver of warming -- could hit a record 37.4 billion tonnes in 2024, up 0.8 percent from 2023 levels. This comes despite rapid growth in renewable energy and a landmark agreement at COP28 in Dubai last year to move away from fossil fuels. The "<keyword id="23948569" type="General" weightage="20" keywordseo="Global-carbon-budget-2024" source="keywords">Global Carbon Budget 2024</keyword>" report said total global CO2 emissions are set to go up from 40.6 billion tons in 2023 to 41.6 billion metric tons in 2024, which is on course to become the warmest year on record. "The impacts of climate change are becoming increasingly dramatic, yet we still see no sign that burning of fossil fuels has peaked," Professor Pierre Friedlingstein of Exeter's Global Systems Institute, who led the study, said. The 'Global Carbon Project' team said India, the world's most populous country and fastest-growing major economy, may see its fossil fuel emissions rise by 4.6 percent. According to a UN report released last month, India's greenhouse gas emissions surged by 6.1 per cent in 2023, contributing to 8 per cent of the global total. However, the country's historical contribution to global CO2 emissions stands at only 3 per cent. India's per capita emissions remain low at 2.9 tons of CO2 equivalent (tCO2e), far below the global average of 6.6 tCO2e. India, the world's third-largest greenhouse gas emitter, has pledged to reach net zero emissions (balancing emissions with removals) by 2070 and aims to achieve 500 gigawatts of renewable energy capacity by 2030. China's emissions, which make up 32 per cent of the global total, are likely to increase slightly by 0.2 per cent, though there is a chance they could decline, according to the data released on Wednesday. Emissions from the United States and the European Union, which contribute 13 per cent and 7 per cent of the global total, are both set to decline, with drops of 0.6 per cent for the US and 3.8 per cent for the EU. Emissions from the rest of the world, which together account for 38 per cent of global emissions, could see a rise of 1.1 per cent. The researchers said that in 2024, coal emissions will likely increase by 0.2 per cent, oil by 0.9 per cent, and gas by 2.4 per cent, globally. Coal, oil, and gas contribute 41 per cent, 32 per cent, and 21 per cent of global fossil CO2 emissions, respectively. However, given the uncertainty in projections, it remains possible that coal emissions could decline in 2024, they said. The report also pointed out that emissions from international aviation and shipping, which account for 3 per cent of global emissions and are tracked separately from national or regional totals, are expected to rise by 7.8 per cent in 2024. However, these emissions will still be 3.5 per cent below the 2019 pre-pandemic levels. Globally, emissions from land-use changes, like deforestation, have dropped by 20 per cent over the past decade but are expected to rise in 2024. Permanent CO2 removal through reforestation and new forest planting now offsets about half of the emissions from permanent deforestation, they added. Technology-based CO2 removal accounts for only a tiny fraction -- around one-millionth -- of CO2 emissions from fossil fuels. The report said that emissions from fires in 2024 have been above the average since the beginning of the satellite record in 2003, particularly due to the extreme 2023 wildfire season in Canada (which continued into 2024) and severe drought in Brazil. Land and ocean carbon sinks continued to absorb around half of the total carbon emissions, despite being negatively affected by climate change.

Global fossil emissions to reach record high in 2024; India's share to rise by 4.6 pc: Report

<ul class="summary-list"><li><keyword id="23944870" type="General" weightage="100" keywordseo="Sonya-Moore" source="keywords">Sonya Moore</keyword> decided that if Trump won in 2016, she would leave the US.</li><li>She followed through and has been living abroad for seven years.</li></ul>"If Trump wins this election, I'm <a target="_blank" class="" href="https://www.businessinsider.com/trump-reelected-americans-are-planning-to-flee-in-droves-2024-3">moving out of the country</a>." I said those words in November 2016. So did a lot of other Americans: so many, in fact, that <a target="_blank" class="" href="https://www.businessinsider.com/canadian-immigration-site-crash-election-2016-11">Canada's immigration website crashed</a> as votes were being tallied due to increased traffic. No joke. I don't know how many others <a target="_blank" class="" href="https://www.businessinsider.com/americans-who-left-us-because-of-trump-talk-biden-presidency-2020-12">followed through on that declaration</a>, but I did. Trump won the election, and 9 months later, I left the US. Full disclosure: Trump becoming president was not the only reason I left — it was also about being fed up with my corporate job, coupled with a strong desire to explore the world. I was 37, single, with no children or pets, so I was free to <a target="_blank" class="" href="https://www.businessinsider.com/working-mom-quit-job-expat-move-abroad-qatar-singapore-2023-12">quit my job</a>, uproot myself, and take off. I did own a house at the time, which I sold a few months after I left. Upon my departure, I didn't have much of a plan other than the intention to spend some time slowly exploring Asia and teaching English when I needed to make money. This no-plan thing was out of character for me, but I was very comfortable with <a target="_blank" class="" href="https://www.businessinsider.com/southeast-asia-travel-mistakes-packing-weather-clothing-traditions-medicine-2024-4">solo international travel</a>, thanks to previous study abroad experiences and 14 years of intensive overseas work-related travel. <div type="image" title="Sonya Moore in Siem Reap, Cambodia" height="1280" width="1600" msid="115071450" hostid="261"></div><h2>The move opened a new chapter in my life</h2>As months unfolded, I discovered that when you leave space for it, life guides you to the places, people, and opportunities that are meant for you. Seven years later, I'm still living <a target="_blank" class="" href="https://www.businessinsider.com/boomer-couldnt-afford-retirement-in-california-moved-abroad-travel-happy-2024-10">happily outside the US</a>. While my decision to leave opened up a horizon of experiences beyond my wildest dreams and led me to the man of my dreams, it hasn't all been a bed of roses. The first year, I lived off savings while traveling slowly through Asia. I started my travels in India, where I spent 10 days at a silent meditation retreat, attended teachings by the Dalai Lama, and took a <keyword id="20626363" type="General" weightage="20" keywordseo="yoga-teacher-training" source="keywords">yoga teacher training</keyword>. I promptly got hooked on teaching yoga. After four months in India, I continued <a target="_blank" class="" href="https://www.businessinsider.com/what-to-pack-traveling-in-southeast-asia-singapore-thailand-bali-2023-9">making my way through Asia</a> for eight more months. I swam in the crystal clear waters of the Maldives, visited healers in <a target="_blank" class="" href="https://www.businessinsider.com/american-family-kids-bali-decompress-relocate-slow-life-work-remote-2024-10">Bali</a>, witnessed breathtaking sunrise views from mountaintops in Laos, went island-hopped through the Philippines, rode motorbikes around Thailand's islands, and discovered ancient pagodas in Myanmar The cost of living in much of Asia is so low that savings can stretch a long way. I have high standards for my accommodations, and while traveling, I usually spent around $20 to $25 per night on hotels. Lower-maintenance friends of mine found simpler places for $6 per night in India. Meals usually cost around $3. After six weeks in India, I considered a lunch bill of $5 to be expensive. <h2>There have been times along the way when I've felt lost </h2>From time to time, I experienced stretches of feeling <a target="_blank" class="" href="https://www.businessinsider.com/relocation-moved-to-milan-living-abroad-emotionally-exhausting-unspoken-truths-2023-9">unsettled and lacking a sense of purpose</a>. Over the years, I learned that those periods of doubt and uncertainty will continue to surface. But I also learned to just keep trusting, and the way forward would eventually reveal itself. People often ask me if I was ever afraid while <a target="_blank" class="" href="https://www.businessinsider.com/what-women-need-to-know-traveling-solo-southeast-asia-tips-2022-12">traveling alone through Asia</a>. I never was — except a couple of times in India when riding on some precariously high Himalayan roads with no guardrails. But of people? I never had a reason to be. After a year away, I found an opportunity to teach yoga in a small mountain town in Myanmar. Life there was quiet, simple, and beautiful. I lived there for 9 months, and I was profoundly happy most of the time. But there were times <a target="_blank" class="" href="https://www.businessinsider.com/loneliness-how-to-make-friends-remote-worker-freelancer-new-city-2024-2">I felt lonely</a>. The locals were sweet and kind, with love in their eyes and actions, but I missed friends who spoke my language fluently, with whom I could have deep conversations over a glass of wine. And the dating scene? Nonexistent. <div type="image" title="Sonya Moore kissing a man at the airport" height="2118" width="1754" msid="115071453" hostid="261"></div><h2>I found love during my travels</h2>Another yoga teaching opportunity took me to Siem Reap, Cambodia. Siem Reap is not a big city, but after my small-town Myanmar life, it felt like Manhattan. There were so many restaurants, bars, social events, friends, and even some attractive single men. I fell in love with the town, the quality of life, and the locals. It was easy to get a tourist or work visa to live here long term, and it was almost as inexpensive as India and Myanmar. I was living in Siem Reap when COVID-19 hit. By that time, I was in a <keyword id="20752574" type="General" weightage="20" keywordseo="long-distance-relationship" source="keywords">long-distance relationship</keyword> with a French man I met during my travels. After the closed borders of the pandemic kept us apart for 7 months, I moved to France to be with him. Our story was long and winding, but it felt like destiny. He <a target="_blank" class="" href="https://www.businessinsider.com/my-partner-couple-travel-together-full-time-one-date-2024-5">loves global travel</a> like I do. We've been together for four years and are living together in Papua New Guinea. Our plan is to go back to a nomadic slow-travel lifestyle. My career has gradually evolved to encompass creative pursuits that light me up inside: retreats, writing, photography, and yoga. I am deeply grateful to my former self for <a target="_blank" class="" href="https://www.businessinsider.com/live-abroad-cheap-low-cost-living-high-quality-life-2024-1">choosing to leave the US</a>. I sometimes miss family and friends, but thanks to technology, our connection stays alive across the distance, and I go back to visit once a year. I still love America and feel lucky to have been born and raised there. But there's a big world out there waiting to be discovered. Do you have a personal essay about relocating to Asia that you want to share? Get in touch with the editor at <a target="_blank" href="mailto:akarplus@businessinsider.com">akarplus@businessinsider.com</a>. November 11, 2024 — An earlier version of this story mentioned Trump becoming president was not the reason Moore left, it was not the only reason.

I swore I would leave the US if Trump won the 2016 election. Here's how that worked out for me.

<ul class="summary-list"><li>Global government borrowing is set to hit $100 trillion this year, the International Monetary Fund said.</li><li>It pointed to political uncertainty, aversion to tax hikes, and spending pressures as key drivers.</li></ul>Global public debt is on track to surpass $100 trillion this year for the first time — and the increase threatens a wider financial crisis, the International Monetary Fund warned.In a <a target="_blank" class="" href="https://www.imf.org/en/Publications/FM/Issues/2024/10/23/fiscal-monitor-october-2024">report</a> published Tuesday, IMF researchers said total government borrowing was set to reach 93% of worldwide GDP this year and could hit 100% by 2030, with the US and China driving the increase.Mushrooming public debts "<a target="_blank" class="" href="https://www.businessinsider.com/us-debt-34-trillion-deficit-government-spending-economy-recession-jpmorgan-2024-1">raise the probability</a> of debt distress or broader financial crisis," the authors noted, adding that the <a target="_blank" class="" href="https://www.businessinsider.com/us-national-debt-government-spending-stock-market-financial-crisis-economy-2024-3">interest payments</a> eat into government budgets, reduce spending flexibility and hinder their ability to respond to economic downturns.The IMF also warned of a "severely adverse scenario," in which global debt could balloon to 115% of global GDP by 2026 because of "weaker growth, tighter financing conditions, fiscal slippages, and greater economic and policy uncertainty.""Countries are increasingly vulnerable to global factors affecting their borrowing costs, including spillovers from greater policy uncertainty in systematically important countries, such as the United States," the authors wrote in a blog accompanying the report.The report's authors projected that around two-thirds of countries would stabilize or reduce their debts in the coming years, but added there were "<a target="_blank" class="" href="https://www.businessinsider.com/us-debt-outlook-56-trillion-cbo-government-budget-deficit-gdp-2024-6">good reasons</a>" future debt could be higher than projected.Those include a broader political embrace of increased government spending, stiffer resistance from lawmakers to higher taxes, and pressure to spend on priorities such as the clean-energy transition, aging populations, and national security.America's national debt has <a target="_blank" class="" href="https://www.businessinsider.com/us-debt-problem-explained-deficit-gdp-inflation-economy-interest-rates-2024-4">more than tripled</a> in under 25 years, ballooning from $10.3 trillion in 2000 to a record $35.7 trillion, according to the US Treasury website.It has grown by more than $7 trillion since 2019, reflecting the US government's <a target="_blank" class="" href="https://www.businessinsider.com/federal-reserve-powell-government-spending-national-debt-fiscal-deficit-interest-2024-2">aggressive spending</a> during the COVID-19 pandemic and more recent outlays such as <a target="_blank" class="" href="https://www.businessinsider.com/us-spent-over-22-billion-arming-israel-battling-houthis-2024-10">military support for Israel</a> and Ukraine, which together have cost it <a target="_blank" class="" href="https://www.businessinsider.com/how-america-spent-over-100-billion-defending-ukraine-2024-8">well over $100 billion</a>.The debt looks set to grow further with both presidential candidates, <a target="_blank" class="" href="https://www.businessinsider.com/what-you-need-to-know-about-kamala-harris-opportunity-economy-2024-9">Kamala Harris</a> and <a target="_blank" class="" href="https://www.businessinsider.com/trump-tax-plan-tarriffs-benefits-top-earners-study-2024-10">Donald Trump</a>, pledging to spend big if they enter the White House. Harris <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-economy-proposal-25k-first-time-homebuyers-down-payent-2024-8">proposed</a> offering down-payment assistance for first-time homebuyers, and expanding the child tax credit and capping childcare costs to help young parents. Trump has <a target="_blank" class="" href="https://www.businessinsider.com/tax-tips-overtime-trump-proposals-income-money-election-2024-10">suggested eliminating</a> taxes on tips, overtime pay, and Social Security while also extending many of the tax cuts he made as president in 2017.

Global government borrowing is set to top $100 trillion — and shows no signs of slowing down

<ul class="summary-list"><li>Hurricane Helene, the dockworkers' strike, and Middle East conflict threaten to upend the US economy.</li><li>Oil prices are up as conflict widens between Israel and Iran.</li></ul>A sudden flurry of global developments has the US economy staring down a troubling trifecta of major crises.Devastation from Hurricane Helene, a dockworkers' strike, and escalating conflict in the Middle East all threaten to scramble supply chains and inflate prices. The confluence of events comes just as the US economy is recovering from a years-long bout of elevated inflation. Coupled with a cooling but still-strong labor market, it looked possible the US would avoid a recession. These events could threaten that.While the effects of Iran's<a target="_blank" href="https://www.businessinsider.com/iran-attacks-israel-with-missiles-after-hezbollah-leader-killing-2024-10"> missile</a> attack on Israel on Tuesday are more speculative, the other two crises happening on American soil could have more predictable impacts. Experts point to direct impacts on the prices of goods like oil, food, and industrial equipment as well as infrastructure damage that would create knock-on effects across industries.For now, it's a waiting game. Many of the effects depend on how long the strike and cleanup last and how quickly the parties responsible for resolving them can act.<h2 id="bb66dc7c-8a7f-46f6-83fe-f763c7971b08">1. Escalation in the Middle East</h2>On Tuesday, the risk of a full-blown war between Iran and Israel escalated when Iran <a target="_blank" class="" href="https://www.businessinsider.com/iran-attacks-israel-with-missiles-after-hezbollah-leader-killing-2024-10">launched a massive ballistic missile</a> attack on its adversary.It came less than a day after Israel ramped up its attacks on Hezbollah with an invasion of southern Lebanon. The heightening conflict also threatens to <a target="_blank" class="" href="https://www.businessinsider.com/us-warns-severe-consequences-for-iran-after-attack-on-israel-2024-10">further entangle the US</a>, which announced it's sending additional fighter jets and thousands of troops to the Middle East to defend Israel and reinforce US troops already in the region.Since Iran's offensive, the price of oil has surged up, raising concerns that a broader conflict could push oil and gas prices higher. When petroleum prices rise, that also impacts the cost of plastics, which could raise prices on a range of goods. Some experts <a target="_blank" class="" href="https://www.theguardian.com/world/2024/oct/02/israel-iranian-oil-refineries-retaliatory-strikes">warn that Israel could target Iranian oil production facilities</a> in potential retaliatory attacks, which could risk further oil price increases."History would say that when there is conflict in the region, the prices of petroleum remain elevated and could continue to rise," Douglas Kent, an executive vice president at the Association for Supply Chain Management, told Business Insider.<h2 id="74292a69-7822-4de1-bb2c-cdde4749d751">2. Dockworkers on strike</h2>Also on Tuesday, dockworkers at all the eastern US ports from Maine to Texas went on strike, threatening <a target="_blank" class="" href="https://www.businessinsider.com/dockworkers-port-strike-ila-impacts-2024-10">a slew of adverse economic impacts</a>, including increased prices on key goods ahead of the holiday shopping season.About 30% of goods imported to and exported from the US pass through the East Coast and Gulf ports, according to a Morgan Stanley analysis, along with about <a target="_blank" class="" href="https://www.businessinsider.com/us-economy-markets-react-israel-iran-escalates-dockworkers-strike-helene-2024-10">half of all US ocean imports</a>. The strike could cause shortages of goods and push consumer prices up, but how much depends entirely on how long the work stoppage lasts, experts say.A few days of snarled supply chains likely wouldn't be a major hit to the economy, while a week or longer could have major impacts. Every day, the work stoppage is costing the economy up to $4.5 billion, according to JPMorgan analysts. If the strike goes for at least two weeks, it may <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/us-port-strike-biggest-stock-market-winners-losers-investing-analysis-2024-10?_gl=1*w94t9f*_ga*MTM5OTQyNzAxOS4xNjc1MDExMTIw*_ga_E21CV80ZCZ*MTcyNzg4MTM4OC4zNTQuMS4xNzI3ODgzOTYyLjQ5LjAuMA..">increase inflation.</a> If it lasts a month, it could <a target="_blank" class="" href="https://www.businessinsider.com/port-strike-impact-costs-us-economy-recession-outlook-shipping-delay-2024-10">cause a recession</a>.And the strike will also have knock-on impacts. For every day the ports are closed, it will take an estimated five days for supply chains to get back to normal, Kent said."We are in a bit of a wait-and-see mode about what the impacts are going to be," Sameera Fazili, former deputy director of the National Economic Council under Biden, told BI. "If the strike goes on for one day or three days, it could take two weeks for some companies to recover, some industries to recover, it could take months for others to fully recover."Some of the imported consumer goods <a target="_blank" href="https://www.businessinsider.com/consumer-products-most-likely-to-be-impacted-by-port-strike-2024-9">most vulnerable to the port closures</a> include perishable foods like fresh fruits and vegetables, wine, beer, liquor, toys, tires, furniture, and raw commodities like salt, sugar, and gypsum. Kent noted that automotive, pharmaceutical, and industrial equipment supply chains are also vulnerable. US meat, dairy, and poultry exports <a target="_blank" class="" href="https://www.businessinsider.com/us-port-strike-hurt-agriculture-livestorck-dairy-farmers-presidential-election-2024-10">could also be disrupted</a>, as well as coal and heavy agricultural equipment.How much the strike impacts prices depends on how much of a cushion companies have built to deal with any bottlenecks. With the memory of pandemic supply chain crises still fresh, many businesses have become better prepared for disruptions by importing goods ahead of schedule in anticipation of the strike or <a target="_blank" class="" href="https://polb.com/port-info/news-and-press/port-of-long-beach-achieves-busiest-month-on-record-09-12-2024/">diverting shipments</a> to West Coast ports."The 2020 disruption presented unforeseen challenges but encouraged many firms to diversify their supply chain and seek backup sourcing: preparation that will likely soften the blow of the dockworker strike," Lauren Saidel-Baker, an economist at ITR Economics, said in a statement.But mitigation efforts, including redirecting shipments, cost money and push prices up. Bottlenecks also encourage carriers to raise their prices, increasing retail and consumer goods prices, Kent said.Fazili said she's confident the dockworkers' union — the International Longshoremen's Association — and the organization representing their employers — the United States Maritime Alliance — can come to a deal to raise wages and improve benefits for workers. With the election looming, Biden administration officials are particularly incentivized to grease the wheels of their negotiations.<h2 id="b5a7373b-dcda-4543-bf11-a8ea2a739cbd">3. Natural disaster strikes the South</h2>All of this comes as Southern states are scrambling to handle the fallout from a superstorm with billions of dollars in damage. Dozens of people have been killed in the flooding, landslides, and high winds wrought by Hurricane Helene, which washed out an untold number of roads, destroyed homes, and devastated entire towns. Rescue and recovery efforts are still underway, with <a target="_blank" class="" href="https://www.wcnc.com/article/weather/hurricane/helene/north-carolina-hurricane-helene-missing-people-finder-victims-survivors/275-d811bbc2-754d-4637-b156-7e4af6e1eadb">hundreds of people still missing</a>, particularly in North Carolina.The storm will likely have far-reaching economic impacts, including the immediate costs of providing emergency services for thousands of residents left homeless or without power or water, and the longer-term costs of rebuilding roads, bridges, and other infrastructure. Helene has likely caused between $15 billion and $26 billion in damage to property on top of about $5 billion to $8 billion in lost economic output, according to Moody's Analytics.In the immediate wake of the storm, a slew of residents across the affected states have <a target="_blank" class="" href="https://www.businessinsider.com/price-gouging-complaints-surge-hurricane-helene-states-fuel-water-hotels-2024-10">reported price gouging</a> by hotels, gas stations, and grocery stores. The hurricane has also disrupted some supply chains, including <a target="_blank" href="https://www.axios.com/2024/10/01/hurricane-helene-iv-fluid-shortage-health-supply-chain">healthcare supplies</a> and high-purity quartz needed <a target="_blank" class="" href="https://www.businessinsider.com/quartz-mine-computer-chips-hurricane-helene-spruce-pine-semiconductor-2024-9">for semiconductor manufacturing</a>."The combination of these events just reemphasizes how important it is for the private sector and companies, which are the ones that control supply chains, to move away from just-in-time and from efficiency only and to recognize that disruptions are on the rise and they ought to be better prepared for that," Fazili said.But the superstorm also threatens much longer-term economic damage, hitting the property insurance industry and the federal flood insurance program. Homeowners in affected areas will likely deal with rising property insurance costs or even lose coverage altogether, experts say."In the short run, the most costly element of the disaster is the damage to homes, property and infrastructure," Adam Kamins, a senior director at Moody's Analytics, told BI. "Longer term, the disaster itself is unlikely to drive people out of the hardest-hit areas, but insurance premiums could rise, denting affordability. This would be especially difficult for Florida, where many private insurers have already left the state."

A trifecta of global crises could snarl supply chains and increase prices

<ul class="summary-list"><li>After two scandals this year, PwC's business in the Asia-Pacific region has fallen.</li><li>The firm's license to operate in China was suspended for six months for its involvement in a fraud case.</li></ul>After scandals in Australia and China this year, PwC has lost business in the Asia-pacific region.On Monday, the <a target="_blank" class="" href="https://www.businessinsider.com/partner-pay-at-big-four-falling-ey-pwc-deloitte-kpmg-2024-10">Big Four</a> consulting firm reported a 12.7% decline in net income in the region for the financial year ending in June. <a target="_blank" class="" href="https://www.pwc.com/gx/en/about/transparency-report/2024/financials.html">PwC said</a> demand was particularly slow in China, where revenues fell.In September, the firm was found to have <a target="_blank" class="" href="https://www.pwc.com/gx/en/news-room/press-releases/2024/pwc-network-statement-regarding-pwc-zhong-tian-administrative-penalties.html">helped conceal fraud at the now-collapsed Chinese property developer Evergrande.</a>The Chinese government fined PwC $62 million and removed its license to operate in the country for six months. 11 employees were fired or left the company, and state-owned enterprises have since dropped PwC as their auditor.Mohamed Kande, PwC's global chairman, <a target="_blank" class="" href="https://www.pwc.com/gx/en/global-annual-review/2024/pwc-global-annual-review-2024.pdf">said</a> the findings of the Evergrande audit were in "stark contrast" to the high-quality work PwC produces and were not representative of what the firm stands for.The firm's second regional scandal hit in Australia after a senior partner in its tax division was found to have passed confidential information from his work with the government to colleagues to help them win new business with multinational technology companies like Uber and Google, <a target="_blank" href="https://www.afr.com/companies/professional-services/the-emails-that-almost-destroyed-pwc-australia-20240802-p5jyv1">the Australian Financial Review </a>first reported.PwC sold its government consulting business in Australia following the revelations.Overall revenues in Asia-Pacific, which is the smallest of the firm's regions, were down by 5.6% in local currencies. PwC highlighted that business had performed well in India, where revenues increased.Despite the regional impact on the business, PwC posted an overall growth of 3.7% to reach record-high gross revenues of $55.4 billion.Like other leading consultancies, PwC has been hit by falling demand for consulting services, and its growth rate has slowed. In FY2023, revenue grew 9.9%.Following a pandemic-era rush on advisory services, demand for professional services has slowed, leaving firms overstaffed for the level of work. While EY and Deloitte have been <a target="_blank" class="" href="https://www.businessinsider.com/big-four-consultancies-deloitte-ey-cut-staff-pwc-accenture-2024-10#:~:text=Deloitte%20and%20EY%20are%20trimming,be%20over%2C%20one%20analyst%20said.">trimming back staff numbers</a> in the past year, PwC expanded its workforce by 10,000 in FY2024 to reach 370,000 global employees."Despite a backdrop of economic headwinds, we've seen revenue growth across all of our lines of business, deepened our strategic alliances, and invested $1.5 billion to expand and scale our AI capabilities," said Mohamed Kande, PwC's global chairman.

Scandals in China and Australia hit Big 4 giant PwC, but global revenues reached a record high

<ul class="summary-list"><li>Investors are worried that labor market weakness could thwart a soft landing.</li><li>However, Goldman Sachs' Joseph Briggs doesn't think there's reason for concern.</li></ul>As inflation creeps downward, investors are increasingly turning their attention to the labor market to look for clues of a soft landing.Both July and August employment data fell short of Wall Street expectations after revealing lower-than-expected job additions, sparking fears of a recession and sending stocks tumbling. The highly anticipated September jobs data will be released this Friday.Investors shouldn't be worried, though. Labor market fundamentals remain strong, according to Joseph Briggs, co-lead of Goldman Sachs' global economics team and a former Federal Reserve senior economist."If we take a broad assessment across a number of different labor market indicators, they are still roughly where they were from 2017 to 2019, and that was a pretty healthy labor market," Briggs said.In Briggs' view, the following three indicators point to a normalizing late-cycle labor market, and in turn, a strong economy.<h2 id="8324345f-3390-4c5f-b3f9-7002460cb3bb">3 signs of a healthy labor market</h2>Layoffs are one important indicator of the job market's health, and luckily, companies aren't laying off many workers right now.Both layoff rates and initial claims are hovering at or below pre-pandemic levels, Briggs pointed out. Initial claims, or first-time jobless claims filed by individuals seeking unemployment benefits, dropped to a four-month low of 218,000 last week.Low layoffs, in particular, are a positive sign because they help the economy avoid a dangerous feedback loop, Briggs said. Layoffs lead to decreased consumer spending, hurting companies, which leads to even more layoffs.Thankfully, the labor market isn't experiencing this sort of spiral right now. "We're not really seeing any signs on a widespread basis that employers are actually firing workers," Briggs said.On the contrary, consumer spending is quite robust, driven by continued job gains and wage growth, according to Briggs.Wage growth is improving and exceeding inflation this year, posting 3.5% year-over-year growth in August 2024. Real average weekly earnings increased 0.2% from July to August of this year. Briggs predicts that US workers could see 2.0 to 2.5% real income growth in the upcoming year.The US economy is also adding jobs at a steady pace that supports consumer spending, Briggs said. In August, 142,000 jobs were added, which Briggs sees as a healthy monthly increase. He expects the US economy to continue adding jobs at a rate of 140,000 to 150,000 a month. This pace of job growth isn't as aggressive as it was during the post-pandemic hiring frenzy, but that's to be expected as the labor market normalizes, and investors shouldn't take this development as an indicator of recession.Lastly, GDP growth remains strong, setting the stage for a favorable hiring environment. The US economy posted 3% annualized GDP growth in the second quarter of 2024, faster than the 1.4% growth rate in the first quarter and beating Wall Street expectations.Briggs is optimistic about future GDP growth as well. He expects the impacts of the Fed's rate-cutting cycle to start manifesting in the economy relatively quickly, boosting US GDP within the next few quarters.The overall economy has been improving in the past few months in anticipation of rate cuts and will continue to do so, in Briggs' opinion. Most notably, mortgage rates have been decreasing."The changes that we've seen over the last few months point to about a half-point boost to annualized GDP growth over the second half of 2024 and the first half of 2025," Briggs said."There are sectors of the economy that are still highly rate sensitive, and these will have a clear impact on GDP growth," he added.These areas include the housing market, consumer durables, small-cap companies, and industries such as software and pharmaceuticals. With multiple areas of the economy set to benefit from rate cuts, investors should be confident that a soft landing and strong labor market are in the cards.

These 3 indicators are pointing to a healthy labor market similar to the pre-pandemic boom, according to Goldman Sachs

India's corporate credit landscape is showing positive trends that are expected to persist, according to a recent report by <keyword id="19990557" type="General" weightage="20" keywordseo="SP-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="S&amp;P Global" meta.hostid="261" meta.entityid="S&amp;P Global">S&amp;P Global</keyword>. The report highlights strengthening credit quality across various sectors, driven by enhanced <keyword id="20994126" type="General" weightage="20" keywordseo="financial-discipline" source="keywords">financial discipline</keyword>, broad-based <keyword id="19899597" type="General" weightage="20" keywordseo="earnings-growth" source="keywords">earnings growth</keyword>, and robust liquidity profiles. S&amp;P Global's analysis reveals that one in three ratings within India now shows a positive outlook, marking a significant shift after three years of net positive rating actions. The report indicates that corporate India has built greater resilience against downside risks, reflecting a more stable and robust credit environment. However, corporate leverage in India is expected to decline marginally, even as capital expenditure (capex) rises by 30% compared to pre-pandemic levels. This improvement is attributed to more entrenched financial discipline among companies, which have managed to balance rising capex with prudent financial management. The report forecasts a 10% growth in aggregate EBITDA in 2024, driven by strong performance in sectors such as telecommunications, airports, commodities, and chemicals. This broad-based earnings growth underscores the resilience of corporate India and its ability to generate substantial cash flows despite a challenging global environment. Indian companies are benefiting from strong onshore liquidity and the absence of large debt maturities, which support their liquidity profiles. The resilience of these companies to foreign exchange and interest rate volatility further strengthens their liquidity positions. Corporate India's positive credit trends are closely linked to broader economic drivers such as GDP growth. Increased consumer spending is bolstering sectors like airports, automobiles, and telecommunications. Meanwhile, infrastructure investment is significantly boosting the commodities, utilities, and commercial automotive sectors. S&amp;P Global notes that both infrastructure and non-infrastructure sectors are experiencing reductions in leverage, with absolute debt reduction more pronounced in non-infrastructure sectors. However, infrastructure entities are slower in reducing debt due to higher capex, particularly in energy transition initiatives. Operating cash flows across sectors are outpacing capex, supporting further deleveraging. While capex intensity remains higher in infrastructure sectors, the neutral free operating cash flow is seen as a positive trend, indicating that companies are managing their capital expenditures efficiently while maintaining cash flows. The transportation infrastructure sector is benefiting from traffic growth and tariff increases, with rising cargo volumes supporting port revenues and improved operating efficiencies boosting margins. Airports are also experiencing higher traffic levels and tariff increases, contributing to better operating cash flows and overall credit quality. In the utilities sector, rising demand and new capacity are driving earnings growth, though capex remains high, particularly for energy transition projects. The steel sector is expected to see increased operating cash flow due to falling input prices and new capacity additions. Earnings in the oil and gas sector are expected to remain stable, supported by a favorable price outlook and consistent production levels. The telecom sector is also on a path to significant deleveraging, with capex expected to moderate following the 5G auctions in 2023. The auto sector is witnessing sustained operating performance as volumes stabilize after the supply chain disruptions of 2022. S&amp;P Global notes that debt levels in the auto sector are expected to remain low following sharp deleveraging, while normalized growth in auto sales and stable margins support the sector's positive outlook. In the chemicals sector, falling input costs and stabilized product prices are expected to drive earnings recovery following a downturn in 2023. Improved signals show a broader trend of recovery across various industrial sectors in India. S&amp;P Global concludes that with the highest proportion of positive credit outlooks in the region, India's corporate sector is well-positioned for continued <keyword id="22758432" type="General" weightage="20" keywordseo="credit-quality-improvement" source="keywords">credit quality improvement</keyword>. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank">Saraswati Saree Depot IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

India's corporate credit quality is getting stronger: S&P Global

<ul class="summary-list"><li>China welcomed African leaders to a lavish summit in Beijing on Monday.</li><li>It's a sign of China's influence on the continent, where it has extensive trade links</li></ul>China's leader Xi Jinping playing the lavish host to leaders from Africa this week — burnishing its credentials as a world power.The Forum on China-Africa Cooperation, held in Beijing, is the biggest diplomatic summit in China in recent years, with <a target="_blank" class="" href="https://www.globaltimes.cn/page/202409/1319052.shtml">53 African heads of state in town</a>.China declared the theme of the summit, the first since 2018, as "Joining Hands to Advance Modernization and Build a High-Level China-Africa Community with a Shared Future."As they arrived, leaders were greeted by dancers, lines of Chinese troops, and cheering flag-waving children.Xi himself hosted the delegations at an opening banquet and ceremony on Wednesday, before discussions begin in earnest.Analysts say the event is about cementing Chinese influence on the continent, and chipping away at the US.In recent decades China has struck trade, infrastructure, and security deals worth billions as part of its <a target="_blank" class="" href="https://www.businessinsider.com/what-is-belt-and-road-china-infrastructure-project-2018-1">global Belt and Road Initiative.</a>But China's investment in Africa has dropped sharply in recent years amid domestic economic woes, while the US seeks to catch up amid in an intensifying race for global dominance."This summit occurs amid intensifying strategic frictions between China and the West, especially the United States," Ali Wye of the US think tank Crisis Group told Business Insider.<h2 id="1ba31662-aa21-48fd-a0be-484ed5b7b8fc">China fuels African growth, but not for free</h2>For decades, China's rulers built alliances with African nations, portraying them as engaged in a common struggle against the legacy of Western colonialism.As China's economy grew at a ferocious pace from the 1990s, it engaged in extensive infrastructure projects in Africa, securing deals for lucrative minerals vital for its growing tech and renewable-energy sectors.In 2017, China opened its first overseas People's Liberation Army base in Djibouti, on the horn of Africa, adding a military dimension to its expansion.China is now Africa's biggest trading partner, with bilateral trade reaching $167.8 billion in the first half of this year, according to <a target="_blank" class="" href="https://chinaglobalsouth.com/2024/08/15/china-africa-trade-edges-higher-in-the-january-july-period/">China's state media.</a>But its presence in Africa has also attracted criticism, with China's leaders accused of saddling African countries with vast debts in the form of loans to fund infrastructure projects.The US, China's chief rival for overseas influence in Africa, <a target="_blank" class="" href="https://apnews.com/article/g-20-summit-politics-covid-china-government-united-states-46a01f4190fae4ca260f0ab5beaa59a5">has accused Beijing</a> of seeking to exploit African countries and ensnare them.<h2 id="270efc91-6046-4c91-bee6-d4eb073e0b7c">Seeking Xi's favor</h2>It hasn't stopped African leaders from lining up to do business with China, even as they take on the costs.Some are likely to push this week for deals to lighten their debt burden and address concerns over global warming, said Wyne.Among the leaders granted special one-to-one meetings with Xi are Cyril Ramaphosa, <a target="_blank" class="" href="https://africa.businessinsider.com/local/markets/african-leaders-likely-to-table-funding-dilemma-as-they-gather-in-china/fszgr2e">president of South Africa</a>, and William Ruto, the president of Kenya. The economies are among Africa's biggest, though Kenya has, in recent months, been rocked by riots over economic instability caused by its debts.China's economic downturn and the COVID-19 pandemic saw its investment in Africa dip sharply.According to data from <a target="_blank" class="" href="https://www.bu.edu/gdp/tag/chinese-loans-to-africa/">Boston University's Global Development Policy Center,</a> China's loans to Africa rose to $4.6 billion in 2023, an increase from the $1 billion loaned in 2022, but a massive reduction of the nearly $30 billion in 2016.Instead of the major projects it pitched around a decade ago, China will likely propose smaller deals to African leaders."Given the concerns of some African countries over the impact of the Belt and Road Initiative on their indebtedness and environments, China will seek to pitch smaller, more sustainable investments across the continent," said Wyne.<h2 id="e1da025b-79be-4f13-860d-4a1414905ac2">China portrays itself as leader of the 'Global South'</h2>Africa remains vital to China's strategy of portraying itself as the champion of the "global south" of non-Western nations.Tensions between China and the West have increased in the wake of the Ukraine war, in which China has provided support to Russia. And leaders in Western countries are increasingly alarmed by China's growing global assertiveness.The conference this week presents China with an opportunity to present itself as a global power broker."[China] will also aim to demonstrate that, even as advanced industrial democracies increasingly align to contest its influence, it is far from diplomatically isolated, especially in the developing world. In" said Wyne.

China is hosting African leaders in a lavish display of its global ambition

<ul class="summary-list"><li>Corporate bankruptcies are surging, with June notching the highest monthly level since 2020, S&amp;P Global reported.</li><li>High interest rates, supply chain issues, and deteriorating consumer spending are fueling closures, it said.</li></ul>A historic surge of corporate bankruptcies is hitting Wall Street, with this year's volume of filings already above levels seen in the past 13 years, <a target="_blank" href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/us-corporate-bankruptcies-in-june-reach-highest-monthly-level-since-early-2020-82297569">S&amp;P Global Intelligence</a> reported.According to a Monday report, June notched the highest level of monthly bankruptcies since 2020, when pandemic chaos drove a number of firms out of business. Tacking on last month's 75 filings, this year's total number of bankruptcies rose to 346.While company-specific issues will often lend a hand towards a business' closure, S&amp;P Global cited high interest rates, supply chain issues, and a consumer spending slowdown as today's major culprits.When, earlier this year, hope was much stronger for <a target="_blank" href="https://www.businessinsider.com/fed-rate-cut-outlook-economy-recession-forecast-2024-inflation-ubs-2023-12">a quick</a> and significant reduction to interest rates, bankruptcies remained more subdued, S&amp;P previously noted.But bankruptcies started <a target="_blank" href="https://www.businessinsider.com/us-economy-corporate-bankruptcies-fed-interest-rate-cuts-inflation-yields-2024-5">spiking to stand-out levels in April</a>, the ratings agency reported, as it began to dawn on businesses that monetary policy would remain elevated for a while.As the Federal Reserve has held interest rates at the 5.25%-5.50% level for nearly a year now, <a target="_blank" href="https://www.businessinsider.com/next-us-recession-outlook-fed-cause-rate-cut-inflation-target-2024-4">some analysts have called the central bank out</a> for risking unnecessary damage to the economy. Bankruptcies aside, other worries include a <a target="_blank" href="https://www.businessinsider.com/office-commercial-real-estate-crash-price-correction-debt-morgan-stanley-2024-2">wave of commercial real estate defaults</a> or fallout in the <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-private-credit-market-risks-retail-investors-debt-investing-2024-5">private credit</a> sector."If I were on the Fed, I would have argued for rate cuts at the end of last year," Moody's chief economist Mark Zandi <a target="_blank" href="https://www.youtube.com/watch?v=xJJQWiyaRks">told CNBC</a> on Monday. "I think they're taking an increasing risk of putting too much pressure on the economy, financial system and ultimately, potentially breaking something."But optimism is back on the rise for an upcoming rate cut, <a target="_blank" href="https://www.businessinsider.com/september-fed-interest-rate-cuts-soft-landing-inflation-powell-su-2024-7#:~:text=CME%20FedWatch%2C%20which%20estimates%20market,give%20the%20Fed%20that%20confidence.">buoyed by recent moderation in both labor and inflation data</a>. While the Fed will continue to reinforce its need to see more evidence of disinflation, Zandi expects a cut in September.Yet, deteriorating consumer spending is also grinding down on corporate prospects.While pandemic stimulus set off a shopping spree that lasted across 2023, retail spending has gradually spiraled down: in the three months through June, <a target="_blank" href="https://www.businessinsider.com/recession-outlook-us-economy-consumer-spending-hard-landing-inflation-slowdown-2024-6">year-to-year sales volumes fell 1.3%</a>.That's already weighing down on quarterly earnings reports, and forcing some retailers to become more creative, or face challenging decisions.For instance, Nike said it would reallocate<a target="_blank" href="https://www.businessinsider.com/recession-outlook-us-economy-consumer-spending-hard-landing-inflation-slowdown-2024-6"> $1 billion towards "consumer-facing" initiatives</a>, while Walgreens <a target="_blank" href="https://www.businessinsider.com/why-your-pharmacy-may-be-closing-walgreens-cvs-rite-aid-2024-6">announced the planned closure of over 2,000 underperforming locations</a>.Among notable June bankruptcies tracked by S&amp;P Global, were the electric vehicle maker Fisker, as well as Redbox DVD rental operator Chicken Soup for the Soul Entertainment.The consumer discretionary sector is leading in bankruptcies this year, recording 55 total filings. That's followed by healthcare and industrials, S&amp;P Global reported.

Companies are going bankrupt at the fastest pace since the pandemic

<ul class="summary-list"><li>Bitcoin dropped on Monday amid the global market meltdown. </li><li>Crypto has not been spared the carnage as traders eye a growing risk of a US recession. </li></ul>Bitcoin dropped on Monday amid the broad sell-off across financial markets that kicked off last week. The world's biggest cryptocurrency was down as much as 19% over the weekend, though it pared that loss to about 7% shortly after noon on Monday. The token was trading at $54,934 at 12:24 p.m. ET. Ethereum, the world's second-largest crypt, was also down, trading 12% lower at $2,488. The sell-off in crypto comes as risk assets plunge in a global market rout caused by worries over the state of the US economy. A <a target="_blank" class="" href="https://www.businessinsider.com/sahm-rule-recession-outlook-indicator-triggered-unemployment-rate-jobs-report-2024-8?_gl=1*6xk1gc*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyMjg3MTE0OC44Ni4xLjE3MjI4NzEyNjAuMTguMC4w">disappointing jobs report</a> and weak manufacturing data last week raised concerns that the Federal Reserve has waited too long to cut rates. Some market observers have said that the historic market rout could <a target="_blank" class="" href="https://www.businessinsider.com/fed-rate-cuts-recession-outlook-economy-job-market-interest-rates-2024-8">prompt an emergency rate cut from the central bank in the next week</a>. Such a move would be a rare acknowledgment by the Fed of the dire conditions facing the economy. Historically, an emergency cut has been reserved for "black swan" events like the pandemic and the terror attacks of September 11. The bout of stock market volatility is the strongest since the onset of COVID-19 in 2020. Japan's Nikkei 225 index dropped 12% early Monday in its worst single-day decline since 1987, and markets in South Korea and Europe also plunged. With weaker job growth than expected, "financial markets indicate that the risk is no longer balanced between growth and inflation," analysts from Bank of America said in a Sunday note.The analysts aren't optimistic that new data in the coming weeks could sway markets."Recent data suggests growth is slowing faster than expected and there are no major data releases or earnings over the coming weeks that could reverse the narrative," they said.The upcoming release of consumer price index data on August 14 could "be a major downside catalyst if it comes in hot," they added."Some crypto experts remain optimistic that the sell-off is a stopover before further gains materialize. "Judging from historical trends in the crypto market, before the market forms a true bullish drive, it needs to experience a sharp decline to reduce the long positions of the contract in order to reduce the selling pressure for future rises," Gracy Chen, CEO of crypto exchange company Bitget, said in a Monday note.

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