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<ul class="summary-list"><li>Several countries have implemented, or are considering, the right to disconnect after work hours.</li><li>There are clear mental health benefits to healthy workplace boundaries.</li></ul>In the past few years, there has been a keen interest in legally giving employees the right to <a target="_blank" class="" href="https://www.businessinsider.com/impact-of-out-of-hour-emails-employee-wellbeing-2021-7">fully log off after</a> work.Having no duty to respond or check calls and emails can be a relief for employees who feel the expectation to be constantly available for their bosses' every request.However, some workplace analysts are not convinced a blanket ban on out-of-hours communication is the key to a healthy work-life balance — and it could even backfire.<h2 id="3bf68885-efdc-4180-93d4-8c0f8a903a35">A growing global trend</h2>So far, in varying forms, at least 17 countries around the world have implemented laws to prevent bosses from contacting their employees outside of business hours.In France, <a target="_blank" class="" href="https://www.businessinsider.com/the-truth-about-frances-work-email-ban-2014-4">where the trend emerged</a>, workers are under no obligation to work at home, and ignoring calls outside work hours is no grounds for discipline. In Portugal, <a target="_blank" class="" href="https://www.businessinsider.com/portugal-digital-nomad-labor-laws-boss-cant-text-after-hours-2021-11">it has been illegal for employers to text their staff out of hours since 2021</a>.In August, Australia joined the list with a new law allowing people to ignore their boss' emails after 5 p.m. The UK may not be far behind with the Labour government's <a target="_blank" class="" href="https://www.bbc.co.uk/news/articles/cn4711jg34vo">"right to switch off" guidance</a>.Similar bills have been considered in bills considered in New York, Washington, and California.The laws have led to fines. In 2018, for instance, the French arm of UK pest-control company Rentokil had to pay €60,000 ($64,000) to a former employee for asking him to leave his phone on when he wasn't working.Elouisa Crichton, an employment partner at Dentons, an international law firm, told Business Insider that a 5 p.m. email cutoff is "a bit of a blunt instrument and arguably puts the emphasis in the wrong place.""It's more about the expectation to respond," she said.<h2 id="4a0e2a32-4da1-496d-ae2a-34294a5aa419">Mental health benefits</h2>There are clear mental health benefits to healthy workplace boundaries.A January report from Gallup, previously reported by <a target="_blank" class="" href="https://www.businessinsider.com/employee-engagement-productivity-remote-work-hybrid-burnout-managers-office-expectations-2024-1">BI, estimated that </a>a lack of <a target="_blank" rel="" href="https://www.businessinsider.com/return-to-office-company-culture-how-to-improve-employee-engagment-2023-10">employee engagement</a> at work may cost the US economy nearly $2 trillion in <a target="_blank" rel="" href="https://www.businessinsider.com/employees-back-to-the-office-what-the-data-really-says-2023-9">lost productivity each year</a>.Professor Sir Cary Cooper, a professor of organizational psychology and health at the Manchester Business School, told BI that the right to disconnect guidance is largely a way to try to fight <a target="_blank" class="" href="https://www.businessinsider.com/employee-engagement-productivity-remote-work-hybrid-burnout-managers-office-expectations-2024-1">burnout among employees</a>.Working on weekends and vacations is "just not healthy," Cooper said, but has become normalized, especially since working from home has become so common, and people find it harder to disconnect after the workday.Bosses also set precedents, whether they realize it or not, if they send emails at all hours, Cooper said. It doesn't matter if they tell their staff not to respond until the morning."You're going to worry them," Cooper said. "Wait until the morning."If it truly cannot wait for some reason, bosses should write the email but set a delay so that it sends the next working day."If it makes you feel better to do it on a Saturday morning to your staff, do it," Cooper said. "But don't send it."Crichton said right-to-disconnect rules are likely to draw attention to excessive workloads in some industries and lead to tribunal claims linked to work-related stress."While the code may not revolutionize workplace practices overnight, it signals growing recognition of the need for balance in the digital work environment," she said.<h2 id="be42a1d1-2336-4afd-ae0d-50d573462dbb">Keeping things flexible</h2>However, there are downsides. If <a target="_blank" class="" href="https://www.businessinsider.com/signs-of-toxic-workplace-how-identify-spot-interview-2024-3">a workplace is toxic</a>, a ban on evening emails would do little to help.Cooper said that when attempting to improve a company's culture, you also don't want to eliminate flexible working altogether. This is when strict laws can do more harm than good.In his work on the book "Flexible Work: Designing our Healthier Future Lives," Cooper found that people have wanted flexible work for a long time. It's something that predates the pandemic and the global shift toward remote working."If you want to work flexibly, you might go pick your kids up from school at 3:30, spend time with them, and then work at night," Cooper said. "But if you're not allowed to deal with emails after 5 o'clock or in the evenings, weekends, or whatever, it's not giving you the flexibility you need."Instead of a blanket ban, flexible guidance can help implement a working day that will look different for everyone.Jeri Doris, the SVP of people at the HR and payroll platform Justworks, told BI that people should shift how they broadly view their work-life balance.Rather than seeing it as balancing time at work and time off, Doris said the focus should be on how to sustain a level of performance you are proud of."I think that that will look and feel differently for everybody," Doris told BI."Where do you do your best work? Is it at night? Is it in the morning?" she said."What routines and systems and norms do you need to have in order for you to show up in these moments when your energy battery is full? Hybrid work may be whatever it looks like for you."

Bans on out-of-hours work calls and emails are looming. They could bring trouble as well as peace.

<ul class="summary-list"><li>Business leaders are speaking out on Election Day — including Starbucks founder Howard Schultz.</li><li>Schultz and JP Morgan's Jamie Dimon called for unity. Neither has endorsed a candidate.</li></ul>Election Day has finally come, and executives at some of the biggest companies are speaking out — with former Starbucks CEO Howard Schultz urging a peaceful transition of power and Elon Musk reiterating his support for Donald Trump to the end.Major players like Musk and Blackstone CEO Stephen Schwarzman have <a target="_blank" class="" href="https://www.businessinsider.com/which-billionaires-support-donald-trump-campaign#steve-schwarzman-2">previously endorsed former President Trump</a>. On the other side, <a target="_blank" class="" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8#michael-bloomberg-4">business heavyweights</a> like billionaire Shark Tank star <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-mark-cuban-campaign-swing-states-sec-chair-2024-10">Mark Cuban</a> and LinkedIn cofounder Reid Hoffman have been campaigning for Vice President Kamala Harris.While some business leaders have been voicing their political opinions ahead of Election Day, others have been reluctant: As Business Insider's Bryan Metzger recently wrote, some of that <a target="_blank" class="" href="https://www.businessinsider.com/jamie-dimon-bill-gates-ceo-avoid-criticizing-trump-2024-10">hesitancy could be driven by fears of retribution from Trump</a> if he's reelected — or could simply be based on the belief that wading into politics is bad for business.Here's what some of the biggest business leaders in the US are saying Tuesday ahead of the election results:<h2 id="2def0177-407a-4684-b191-b59992c8a4c0">Former Starbucks CEO Howard Schultz</h2><div type="image" title="Howard Schultz" height="2000" width="3000" msid="114994483" hostid="261" sizebytes="90930"></div><a target="_blank" class="" href="https://www.businessinsider.com/starbucks-coffee-howard-schultz-steve-jobs-bill-gates-acquired-podcast-2024-6">Howard Schultz</a>, who served several tenures as CEO of Starbucks over the course of four decades, <a target="_blank" class="" href="https://www.linkedin.com/posts/howardschultz_we-do-not-know-yet-the-path-america-will-activity-7259321042072936451-SONT?utm_source=share&amp;utm_medium=member_desktop">took to LinkedIn</a> on Tuesday to emphasize the gravity of this election and urge a peaceful transition of power."Make no mistake, this election is the most consequential decision our citizenry will take," Schultz wrote in his post."Once every vote is counted and certified, we must accept the results of the election and ensure the peaceful transition of power," he said. "In an age of rapid information distribution infecting so many of us with false narratives and lies, we have to remind each other of our founding ethos as a country."While the former CEO has not announced his support of a presidential candidate this election cycle, he previously <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-billionaire-howard-schultz-endorses-biden-for-president-2020-9">endorsed Joe Biden in 2020</a> and <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-ceo-howard-schultz-endorses-hillary-clinton-2016-9">Hillary Clinton in 2016.</a><h2 id="c7bb2462-e280-4964-84de-5af18eb3cdd0">LinkedIn cofounder Reid Hoffman</h2><div type="image" title="reid hoffman" height="2784" width="4176" msid="114994464" hostid="261" sizebytes="523510"></div><a target="_blank" class="" href="https://www.businessinsider.com/reid-hoffman">Reid Hoffman</a>, who cofounded LinkedIn and is now a partner at VC firm Greylock Partners, posted a <a target="_blank" class="" href="https://x.com/reidhoffman/status/1853590670218506599">video message on X</a> on Tuesday to <a target="_blank" class="" href="https://x.com/reidhoffman/status/1815103690912723274">reiterate his support</a> of Harris."My message for American voters and Russian bots: don't vote for the guy too busy selling you a scamcoin," Hoffman wrote on X above his video message. Trump launched his <a target="_blank" class="" href="https://x.com/realDonaldTrump/status/1846326266011762820">own crypto coin, $WLFI</a>, in October, following <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-going-for-crypto-bro-vote-world-liberty-financial-2024-9?utm_campaign=business-sf&amp;utm_source=twitter&amp;utm_medium=social">his foray into the decentralized finance market</a> with the crypto exchange platform, World Liberty Financial."Vote for Vice President Harris, who knows how to put business —and the American people — first," Hoffman's post said."She understands the importance of founders," Hoffman said of Harris in his video, adding, "She wants founders to succeed. And just for the country, not for her."<h2 id="60b847de-6405-451a-8d80-80908abc8781">Tesla and SpaceX CEO Elon Musk</h2><div type="image" title="Elon Musk smirking" height="2001" width="3000" msid="114994470" hostid="261" sizebytes="314740"></div>One of <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-superpac-donations-politics-2024-10">Trump's most outspoken supporters</a> and <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-america-super-pac-2024-10">biggest donors</a>, billionaire SpaceX and <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Tesla CEO Elon Musk</a> continued his steady stream of posts on X on Tuesday.In addition to re-posting several pro-Trump messages from other X users, Musk wrote a few election-related posts of his own.In response to a video of MSNBC's Joe Scarborough criticizing Trump supporters and listing a number of Trump's more extreme statements, <a target="_blank" class="" href="https://x.com/elonmusk/status/1853820794083647548">Musk wrote</a>, "The legacy media hope that a hoax a day keeps DJT away. It won't work."The billionaire <a target="_blank" class="" href="https://x.com/elonmusk/status/1853691543007137814">wrote another post</a> speculating that Trump will win Pennsylvania in a landslide if the same number of the state's Republicans vote in person for Trump this year as they did in 2020.<h2 id="2edf3c98-1b95-4c92-af6c-1f0adcf75720">Billionaire venture capitalist Vinod Khosla</h2><div type="image" title="Vinod Khosla." height="2020" width="3030" msid="114994462" hostid="261" sizebytes="340034"></div><a target="_blank" class="" href="https://www.businessinsider.com/openai-vinod-khosla-fixing-ai-image-2024-10">Vinod Khosla</a>, an OpenAI investor and founder of Sun Microsystems, has <a target="_blank" class="" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8#vinod-khosla-7">pledged his support for Harris</a>. His name is <a target="_blank" class="" href="https://www.vcsforkamala.org/signatories">one of hundreds</a> on the list of <a target="_blank" class="" href="https://www.businessinsider.com/tech-investors-raise-money-for-kamala-harris-over-zoom-2024-8">VCs for Kamala</a>.On Monday, Khosla made his opinions about Trump clear on X, <a target="_blank" class="" href="https://x.com/vkhosla/status/1853476975169732827">criticizing the former president</a> for suggesting he may support Robert F. Kennedy Jr.'s call to ban some vaccines.Khosla, who has <a target="_blank" class="" href="https://x.com/vkhosla/status/1815096257867923740">previously tussled with Musk</a>, responded on Monday to <a target="_blank" class="" href="https://x.com/elonmusk/status/1853329249614131365">a post from the X owner</a> that suggested all independent and swing voters are siding with Trump."Plain wrong," Khosla <a target="_blank" class="" href="https://x.com/vkhosla/status/1853584790609633640">wrote in response to Musk</a>. "I am an independent that isn't voting for Trump."<h2 id="b0378ce8-c632-491e-bde9-e9905a3ec8a3">Cantor Fitzgerald CEO Howard Lutnick</h2><div type="image" title="A man stands at a Trump/Vance podium" height="2769" width="4300" msid="114994465" hostid="261" sizebytes="238422"></div>Howard Lutnick, the CEO of financial services company Cantor Fitzgerald and cochair of Trump's transition team, reaffirmed his support of the former president in identical Election Day posts on X and Truth Social."Today is the day. I am proud to vote for President <a target="_blank" class="css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1loqt21" href="https://x.com/realDonaldTrump">@realDonaldTrump</a>," Lutnick <a target="_blank" class="" href="https://x.com/howardlutnick/status/1853792377086828718">wrote</a>. "He will protect the American workforce, unleash our country's ingenuity, and strengthen our economy. Join me in going to the polls and we will Make America Great Again."Lutnick has suggested to <a target="_blank" rel=" nofollow" class="" href="https://www.inquirer.com/news/pennsylvania/howard-lutnick-donald-trump-transition-committee-20241023.html">The Philadelphia Inquirer</a> and to the <a target="_blank" rel=" nofollow" class="" href="https://www.ft.com/content/8a8a470d-4bf6-4ac5-9f25-ad546eee31af">Financial Times</a> that loyalty to Trump will be one of the most important factors in deciding possible appointees for a second Trump administration.And the Wall Street financier's name has been floated as a <a target="_blank" class="" href="https://www.businessinsider.com/who-will-be-in-trump-cabinet-billionaires-buiness-leaders-2024-5#howard-lutnick-4">potential member of Trump's Cabinet</a> for roles including Treasury Secretary or US ambassador in Jerusalem, according to <a target="_blank" rel=" nofollow" class="" href="https://www.bloomberg.com/news/articles/2024-09-05/howard-lutnick-emerges-as-trump-s-no-1-salesman-on-wall-street?embedded-checkout=true">Bloomberg</a>.<h2 id="dc2eb88c-c930-44c2-9d96-aa9959bb918b">JP Morgan Chase CEO Jamie Dimon</h2><div type="image" title="Jamie Dimon" height="562" width="1000" msid="114994476" hostid="261" sizebytes="23796"></div>JP Morgan Chase CEO Jamie Dimon hasn't publicly endorsed a candidate this year, but he called in a statement for all Americans to rally behind whoever's elected next."Our country is now concluding one of the hardest fought and at times divisive elections in our recent history," Dimon said."Soon it will be time for all of us to unite behind our president-elect and all of our national leaders. We must begin the work of bringing our nation together and focusing on the pressing economic and global issues before us." Dimon's wife, <a target="_blank" class="" href="https://www.businessinsider.com/judith-dimon-door-to-door-michigan-canvassing-votes-kamala-harris-2024-11">Judith Kent, was on the campaign trail for Kamala Harris</a> over the weekend.<h2 id="40098c61-dfdc-420a-b85d-2cfc49e9516b">Oculus VR founder Palmer Luckey</h2><div type="image" title="Palmer Luckey, founder of Oculus and Anduril Industries, speaks during The Wall Street Journal's WSJ Tech Live conference in Laguna Beach, California on October 16, 2023." height="2009" width="3013" msid="114994478" hostid="261" sizebytes="346272"></div><a target="_blank" class="" href="https://www.businessinsider.com/who-is-palmer-luckey">Palmer Luckey</a> — who founded defense tech company Anduril as well as VR company Oculus, which he later sold to Meta for $2 billion — urged people to get out and vote on Tuesday."Pokemon Go to the Polls!" Luckey <a target="_blank" class="" href="https://x.com/PalmerLuckey/status/1853833958313873758">wrote on X</a>.Luckey was <a target="_blank" class="" href="https://www.businessinsider.com/billionaire-palmer-luckey-profile-trump-facebook-meta-ten-takeaways-2024-8">one of few tech executives to support Trump</a> during his first presidential campaign, and has <a target="_blank" class="" href="https://www.tabletmag.com/feature/american-vulcan-palmer-luckey-anduril">criticized other Big Tech leaders</a> for only jumping on the Trump bandwagon later in the game.The sometimes controversial billionaire, who has said that his <a target="_blank" class="" href="https://x.com/PalmerLuckey/status/1791264464135942354">"big league support for Donald Trump is no secret,"</a> has also been criticizing the Harris-Walz campaign's Fortnite Map <a target="_blank" class="" href="https://x.com/PalmerLuckey/status/1853195620506652898">on X</a> in recent days.<h2 id="d29c4181-4a9e-44c5-84dc-5b7d5a1ca15d">Meta CTO Andrew Bosworth</h2><div type="image" title="Meta' CTO Andrew Bosworth" height="2691" width="3969" msid="114994487" hostid="261" sizebytes="670952"></div><a target="_blank" class="" href="https://www.businessinsider.com/facebook-meta-executive-andrew-boz-bosworth-metaverse-2021-11">Andrew Bosworth</a>, Meta's chief technology officer, posted on Threads Tuesday about his excitement that the <a target="_blank" class="" href="https://www.businessinsider.com/political-text-message-spam-election-stop-2024-11">political texting spree is coming to an end</a>."Happy no more political text messages day, to those who celebrate!" Bosworth <a target="_blank" class="" href="https://www.threads.net/@boztank/post/DB_waAiPa4K">wrote on Threads</a>, adding in a follow-up message, "(I voted weeks ago by mail. Go vote, if you haven't already)."<h2 id="1513d187-6021-4c9a-99fa-8953a7d997f3">Manufacturing and business leaders weigh in</h2>The National Association of Manufacturers and more than 600 business leaders from across the manufacturing sector <a target="_blank" class="" href="https://nam.org/600-manufacturing-and-business-leaders-pledge-to-work-with-next-president-urge-national-unity-ahead-of-americas-250th-anniversary-32528/?stream=series-press-releases">released a letter</a> on Tuesday addressed to the "president-elect," whoever that may be.In it, the leaders pledge to work with the incoming president, while stressing the importance of national unity and a peaceful transition of power."The days following a hard-fought election have always been a time for healing, finding common ground and renewing our focus on what unites us as a people," the letter said. "The peaceful transition of power is a hallmark of our democracy and is essential to ensuring continued confidence in the rule of law—a commitment that has made America exceptional."The letter's signatories include executives at major companies, including General Motors, Eli Lilly, Lockheed Martin, General Mills, Johnson &amp; Johnson, Penske, and Panasonic.

Company executives are speaking out on Election Day: Starbucks' Howard Schultz calls for a peaceful transition of power

The strongest tie between the US and China is unraveling.For decades, Wall Street and corporate America have chased the promise of the ascendant Chinese consumer. As regular Chinese households got richer, there was money to be made selling them everything from fried chicken to Fendi. US companies like Starbucks, Apple, and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nike-faces-record-streak-of-losses-as-china-concerns-linger-1032574432">Nike</a> jumped in to gobble up market share. Sure, there were some boycotts and busts, but the trend line for returns was up and to the right. And as long as the Chinese consumer's glorious rise was as inevitable as the Chinese Communist Party claimed, gains would multiply. That was the story. It was gospel. But now it's falling apart.The once-flowering Chinese consumer is languishing. US companies are losing market share to China-based rivals. Beset by political and economic forces, American brands can no longer count on China for growth. That changes the risk calculus. Why invest heavily in a market that's boxing you out? Without the promise of profits, American firms are also becoming less willing to go to bat for China — to reinforce the idea that China's market is crucial to the success of their futures. Beijing is finding itself increasingly friendless in Washington — and the weight of the US-China relationship is shifting from constructing mutually beneficial economic ties to balancing antagonistic national security interests. Rather than try to resurrect the Chinese consumer and, by extension, reestablish critical economic ties with America, though, its leader, Xi Jinping, doesn't seem to care."Xi doesn't wake up every day, look at the economy, and panic," Lee Miller, the founder of the survey firm China Beige Book told me. "He thinks they're doing what they need to do, and it's painful medicine."What China needs to do, in Xi's mind, is make itself indestructible and indispensable. That means supporting state-owned enterprises and other domestic firms, giving them a leg up in the market as they compete against foreign firms for a piece of China's shrinking economic pie. It means getting the rest of the world addicted to China's products — not just cheap manufactured goods but also advanced technology like <a target="_blank" href="https://www.businessinsider.com/china-xi-jiinping-future-tech-global-economy-semiconductors-military-failing-2022-9">semiconductors</a>, <a target="_blank" href="https://www.businessinsider.com/china-crushing-us-america-battle-energy-evs-batteries-tech-war-2023-5">batteries</a>, and <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-ai-wreak-havoc-america-world-economy-2024-6">AI</a> and the commodities that make up the downstream of its supply chain, such as gallium and germanium. Self-sufficiency for me, but not for thee. It is a strategy so imbalanced that it dares the rest of the world to do something about it. And it does not include Chinese people getting hooked on frappuccinos made by an American company.Part of the peace between China and the US has been the notion that we can do business with one another even though we don't share the same values. The US strives to be an open society; China is increasingly closed. We may butt heads in the South China Sea, over Taiwan, over resources across the globe, but it was money that kept us together. Without access to the Chinese consumer, US stakeholders have less reason to see China as a market and more reason to see it as a menace.<h2>No demand</h2>After pandemic lockdowns ended in 2023, the Chinese economy experienced what is known on Wall Street as a "dead cat bounce." Picture a dead cat being dropped: It may rebound off the ground a bit, but after that, it's going nowhere. Similarly, China's decimated economy got a bit of a pickup once COVID restrictions ended in 2023, but a year later, things look bleak. Beijing's 5% GDP growth target — once seen as a slam dunk — is now openly in doubt. Debt in the property market is still dragging the economy down, and the government's bets on an export boom don't seem to be paying off. Prolonged deflation erodes the value of China's currency and ultimately means it has to sell more exports to make the same amount of money. Unemployment for Chinese young people between the ages of 16 and 24 spiked to 17.1% in July, forcing a new class of (often) overeducated graduates to compete for low-wage jobs. They're being called <a target="_blank" href="https://www.reuters.com/world/china/rotten-tail-kids-chinas-rising-youth-unemployment-breeds-new-working-class-2024-08-21/">"rotten tail kids."</a> Brutal.In previous downturns, the Chinese Communist Party reacted by shooting the money gun — spending on infrastructure, housing, and keeping people employed. This kept the wheels turning, but each turn left the country with a larger pile of debt. There is only one way to get off a ride like this, and it's a painful period of paying down debt that can obliterate demand in an economy. Xi has decided to put down the money gun without doing anything to aid average Chinese households as the economy shrinks. Xi told party members in July to show "unwavering faith" in his grand economic strategy, but he has paid them in dust. Earlier this month, in an unusual divergence from Xi's policy, the former head of the People's Bank of China, Yi Gang, said that the government should engage in some kind of stimulus to reach its already-softened growth targets. The inflation that does exist in the economy, as the Carnegie Endowment fellow <a target="_blank" href="https://x.com/michaelxpettis/status/1833022599712113044c">Michael Pettis noted</a>, is being driven by higher food prices due to shortages — hardly a sign that things could be turning around. American companies have been feeling this burn. At the beginning of this year, China's Apple <a target="_blank" href="https://www.businessinsider.com/apple-new-iphone-16-china-market-sales-glowtime-2024-9#:~:text=The%20downward%20trend%20has%20continued,drop%20in%20the%20second%20quarter.">iPhone sales fell 24%</a>, and they've been trending down ever since. Starbucks, which has more than 7,300 stores in China, <a target="_blank" href="https://www.businessinsider.com/why-starbucks-is-struggling-in-china-sales-prices-competition-coffee-2024-8">saw comparable store sales</a> — revenue generated by a retail location relative to its performance in the past — fall 14% in the second quarter. <a target="_blank" href="https://www.businessinsider.com/nikes-sales-to-fall-this-year-as-turnaround-plan-continues-2024-6">Nike's China woes</a> have contributed to its year-to-date nearly 30% stock slump. F<a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">oreign car companies are getting crushed, too</a>. Tesla — yes, even Tesla — saw its <a target="_blank" href="https://www.ft.com/content/5efcef9f-645d-44cb-96cf-9cd19719d4aa">share of the Chinese electric-vehicle market</a> decline from 9% to 6.5% in the first seven months of the year. In response to the reports, CEO Elon Musk said: "Believing the news is silly. Our Shanghai factory is running at max capacity." In other words: not no. In a recent <a target="_blank" href="https://www.uschina.org/reports/2024-member-survey?utm_campaign=Marketing_Cloud&amp;utm_medium=email&amp;utm_source=News+Release+2024+Member+Survey&amp;%20utm_content=https%3a%2f%2fwww.uschina.org%2freports%2f2024-member-survey">US-China Business Council member survey</a>, China's economic growth came in as American companies' second-biggest concern about the country — a "real constraint that was somewhat unthinkable only a few years ago." The council said that a quarter of its members cited "insufficient demand or overcapacity as the No. 1 constraint on profitability this year."What money Chinese consumers are still able to spend is increasingly going to companies that grew up in their home country. Domestic Chinese phone makers are eating Apple's lunch, with Huawei's smartphone <a target="_blank" href="https://www.businessinsider.com/apple-new-iphone-16-china-market-sales-glowtime-2024-9#:~:text=The%20downward%20trend%20has%20continued,drop%20in%20the%20second%20quarter.">sales surging 70%</a> in the first three months of the year. Starbucks opened its first China store in 1999 and used to be seen as a <a target="_blank" href="https://www.joebm.com/vol9/649-DM1003.pdf">status symbol</a>, but now it has <a target="_blank" href="https://www.scmp.com/business/companies/article/3273882/starbucks-feels-chill-china-prices-vibes-lose-favour-thrifty-coffee-fans">stiffer competition from Chinese brands</a> like Luckin and Cotti Coffee. This is no accident; it's part of Xi's plan to rid China of foreign dependence and influence. In the <a target="_blank" href="https://www.uschina.org/reports/2024-member-survey?utm_campaign=Marketing_Cloud&amp;utm_medium=email&amp;utm_source=News+Release+2024+Member+Survey&amp;%20utm_content=https%3a%2f%2fwww.uschina.org%2freports%2f2024-member-survey">US-China Business Council survey</a>, 80% of respondents said that "China's industrial policies are strengthening companies that were previously uncompetitive," and competition from Chinese rivals came in as the third-highest concern about doing business there. Yes, US companies are still making money in China. But it's <a target="_blank" href="https://businessinsider.com/china-has-found-another-way-to-hurt-usa-inc-2024-3">increasingly uncomfortable</a>, and the Magic 8 Ball says the outlook is not good.<h2>Ya gotta have friends (in Washington)</h2>America's elite financial firms will still publicly tell you they expect to keep investing in China even though the investment-banking business in the country has, as JPMorgan CEO Jamie Dimon recently said, <a target="_blank" href="https://www.ft.com/content/25d17ea1-17e8-4f6a-9da4-9f726970d4e4">"fallen off a cliff</a>." Behind closed doors, however, Wall Street power players are singing a much different tune. It's not just the pressure from the economy — it's also the political climate. It's hard to do business in a country where <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-hiding-bad-data-economy-debt-real-estate-2023-8">data</a> and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/missing-chinese-ceo-stock-plunge-cooperate-government-probe-china-renaissance-2023-2">people</a> keep disappearing. Wall Street's change of attitude is reflected in the flow of money into China: Foreign direct investment is at a 30-year low, and from June to (as best we can tell) early August, investors pulled $12 billion from China's stock market. This could make 2024 China's first year of equity outflows. But we won't know for sure because, given the equity dumping, <a target="_blank" href="https://www.ft.com/content/6e7a4129-d365-4905-8d9b-cc3f5ada5187">China decided last month to stop publishing data</a> showing net investment flows from foreign funds into mainland stocks.The declining Sino-Wall Street links are of particular note, not because I think the people of Shanghai and Beijing will miss drinking Moutai with Goldman Sachs bankers but because Wall Street is a powerful ally in Washington. They arrange meetings between stakeholders and talk up the benefits of the cross-Pacific relationship. Once upon a time, Ray Dalio, the founder of Bridgewater Associates, the biggest hedge fund in the world, would tell anyone — global politicians, investors, anyone who read one of his many books or blog posts — about China's bright future. Now he's telling everyone he's minimizing his exposure to the country and that there will be no <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-18/dalio-sees-real-issues-in-china-keeps-small-exposure?utm_source=website&amp;utm_medium=share&amp;utm_campaign=twitter">"beautiful deleveraging"</a> for China. This is the last thing Beijing needs seeping into the minds of US policymakers. One former East Asia State Department official told me China is sending CCP delegations to DC like mad, but no one will meet with them. Without allies, Washington is a lonely (or hostile) place for foreign governments, especially when those foreign governments have crafted an economic strategy that can potentially disadvantage our economy."We're heading into another trade war no matter who is president," Miller told me. "The economic model Xi wants is not compatible with the rest of the world. The mindset is to look at it from a national security perspective rather than an economic perspective."There are distinctions between what a President Kamala Harris and a President Donald Trump would mean for that trade war, though. Harris' camp would pursue a more incremental strategy, targeted toward protecting industries tied to tech and national security, and more in concert with our allies — a group the <a target="_blank" href="https://chinamediaproject.org/the_ccp_dictionary/us-west/">CCP has begun pejoratively calling "US-West."</a> It's an attempt to paint the US as dragging its allies along with our trade policies kicking and screaming. Trump would create more chaos and disunity between the US and its allies, which serves Beijing in the trade wars. However, he'll likely surround himself with China advisors who are much more aggressive and have a wider array of opinions on how to attack the Chinese economy — a bull in a china shop strategy, if you will. For Beijing, the problem is that this fractious group will be more likely to trip over its red line: Taiwan — and Trump lacks the attention span and temperament to stop them. The CCP has a plan for how to deal with a trade war, a kinetic war over Taiwan is much more worrisome for them and the entire planet. White House aside, Beijing has a blind spot here. The former State Department official told me that CCP officials don't fully understand the amount of power Congress wields. And Congress has become stridently anti-China. Even the <a target="_blank" href="https://www.politico.com/news/2024/09/13/house-republicans-china-wall-street-00179056">Republicans on the House Financial Services Committee</a> — once willing to let Wall Street invest freely in the Chinese economy — cannot agree about how stringent to make limitations on investing there. Some want to go hard; others want to go harder. The bipartisan House Select Committee on China has no problem firing warning shots at some of China's last corporate allies, the semiconductor companies. China's own attempts to develop a <a target="_blank" href="https://www.businessinsider.com/china-xi-jiinping-future-tech-global-economy-semiconductors-military-failing-2022-9">domestic-chip supply chain</a> still lag behind the state of the art, so it needs US companies like Broadcom and Nvidia. Those companies, in turn, love the billions they make in China. But in a <a target="_blank" href="https://x.com/committeeonccp/status/1835753593367912600?utm_source=substack&amp;utm_medium=email">series of tweets</a>, the Select Committee urged the Biden administration to ignore semiconductor lobbyists working in Washington."We urge the Biden Administration to maintain the strong export controls put in place in October 2022," it said. "Weakening these measures would raise serious concerns about safeguarding U.S. technological leadership and our national security.""If these [semiconductor] CEOs believe that current US export control policy is bad for the US economy and our national security," it continued, "then they must make that case publicly, perhaps before a congressional committee."Miller told me that a tech decoupling between the US and China isn't a problem for Congress anymore — it's a goal. "A lot of this is talking to US companies who have a big share in China and are saying, 'You can't do this to us,'" he said. "Well, guess what? There are tradeoffs. Right now, we're not paying a high enough price for the right policy."The price of this shift cannot be quantified in corporate profits. It cannot be quantified in dollars at all. Cordell Hull, the US Secretary of State from 1933 to 1944 and recipient of the Nobel Peace Prize, <a target="_blank" href="https://www.businessinsider.com/trump-helping-american-farmers-could-start-trade-war-2018-4">once said</a>, "Unhampered trade dovetailed with peace; high tariffs, trade barriers, and unfair competition with war." Putting national security, rather than economic cooperation, at the center of the US-China relationship centers it in a space where the two great economic powers are antagonistic. It gives corporations, already under financial pressure as China's economy declines, even less reason to act as interlocutors encouraging stability between Washington and Beijing. It leaves us living in a more precarious world.<a target="_blank" rel="" href="https://www.businessinsider.com/author/linette-lopez">Linette Lopez</a> is a senior correspondent at Business Insider.

We're losing the one thing that's keeping the peace between America and China

On Thursday evening, a significant <keyword id="22471557" type="General" weightage="20" keywordseo="global-cyber-outage" source="keywords">global cyber outage</keyword> began, causing a massive disruption to Microsoft Windows users around the world. This event impacted users in countries including India, Australia, Germany, the United States, and the UK, with affected systems displaying the dreaded <keyword id="22469490" type="General" weightage="20" keywordseo="Blue-Screen-of-Death" source="keywords">Blue Screen of Death</keyword> (BSOD). This malfunction led to automatic system restarts or shutdowns, severely hampering productivity and operations across various sectors. The root cause, as identified by companies like Dell Technologies, was linked to a recent update from the <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">cybersecurity</keyword> firm <keyword id="20424191" type="General" weightage="20" keywordseo="CrowdStrike" source="keywords" meta.keywordsubtype="org" meta.entityname="CrowdStrike" meta.hostid="261" meta.entityid="CrowdStrike">CrowdStrike</keyword>. The outage had far-reaching consequences, particularly for essential systems used by several airlines. In the US, carriers such as American Airlines, Frontier Airlines, Allegiant, and Sun Country experienced operational disruptions. Similarly, in India, IndiGo and other airlines were affected. Beyond the aviation industry, the outage also disrupted banks, supermarkets, media outlets, and other businesses who are extensively reliant on Microsoft's cloud services. <h2>What is CrowdStrike?</h2>CrowdStrike is a leading cybersecurity company known for its advanced security solutions designed to protect against <keyword id="19973480" type="General" weightage="20" keywordseo="data-breaches" source="keywords">data breaches</keyword>, <keyword id="19955190" type="General" weightage="20" keywordseo="ransomware" source="keywords">ransomware</keyword>, and <keyword id="19945689" type="General" weightage="20" keywordseo="cyber-attacks" source="keywords">cyber attacks</keyword>. Founded in 2012 by former McAfee employee George Kurtz, CrowdStrike has become a critical player in the cybersecurity landscape, serving a diverse clientele that includes global investment banks, universities, and major corporations. <div type="Article" hostid="261" msid="111858142" title="Global cyber outage: Microsoft users report &amp;#39;blue screen of death&amp;#39;; flights cancelled" mstype="2" mssubtype="0"></div>At the heart of CrowdStrike's offerings is the <keyword id="21411329" type="General" weightage="20" keywordseo="Falcon-platform" source="keywords">Falcon platform</keyword>. This comprehensive cybersecurity solution uses a single sensor and a unified threat interface to provide real-time indicators of attacks, hyper-accurate detection, and automated protection. The platform is designed to correlate attacks across endpoints, workloads, and identities, effectively stopping identity-driven breaches in real time. The recent issues stemmed from an update to CrowdStrike’s Falcon sensor. This update reportedly caused the sensor to malfunction, leading to conflicts with Windows systems and resulting in the widespread blue screen errors. CrowdStrike acknowledged the error and has since been actively working on a resolution. The company assured users that there was no need to open a support ticket and promised to provide updates as they become available. <h2>CrowdStrike, Sony, and <keyword id="19910206" type="General" weightage="20" keywordseo="North-Korea" source="keywords">North Korea</keyword></h2>CrowdStrike is no stranger to the spotlight, having been involved in several high-profile cyber investigations. One notable case is the 2014 Sony Pictures hack, where a group called the Guardians of Peace, believed to be affiliated with North Korea, hacked into Sony Pictures Entertainment. <div type="Article" hostid="261" msid="111856595" title="Microsoft outage – London Stock Exchange, banks and airlines across the world affected" mstype="2" mssubtype="0"></div>GoP stole vast amounts of information and threatened acts of terrorism against movie theatres unless Sony cancelled the release of "The Interview," a comedy about the assassination of North Korean leader Kim Jong Un. In this investigation, CrowdStrike discovered evidence that seemed to definitively connect North Korean players to the Sony hacking. <h2>The “Blue Screen of Death” explained</h2>The Blue Screen of Death (BSOD) is a critical error screen displayed on Windows operating systems when a severe system issue occurs, preventing safe operation. This error forces the computer to restart unexpectedly, often resulting in data loss. In the recent incident, the BSOD error message indicated that the PC ran into a problem and needed to restart, leaving users frustrated and businesses scrambling for solutions. While Microsoft has confirmed that the Azure outage has been resolved, the incident has brought a spotlight to the potential risks associated with heavy reliance on cloud services. Meanwhile, CrowdStrike has offered solutions on its members-only platform and continues to address the fallout from the outage.

Global Cyber Outage: What is CrowdStrike? How is it linked to the global Microsoft outage?

<ul class="summary-list"><li>JPMorgan CEO Jamie Dimon said US adversaries want to dismantle the world order.</li><li>The bank chief said the Russia-Ukraine and Israel-Gaza conflicts could escalate into World War III.</li></ul>Jamie Dimon says <a target="_blank" class="" href="https://www.businessinsider.com/americas-rivals-pressure-same-time-russia-china-iran-north-korea-2024-9">US adversaries</a> want to topple the world order, and the Russia-Ukraine and Israel-Hamas conflicts could explode into a new world war.China and Russia are "clearly talking about dismantling the system" established by Western nations after World War II, and "the risk of this is extraordinary," the JPMorgan CEO said at the Institute for International Finance's annual meeting in Washington, DC on Thursday. Business Insider obtained a recording of his comments.Dimon emphasized the risk that global warfare could break out, citing his historical knowledge and a recent Washington Post article that said, "World War III has already begun.""You already have battles on the ground being coordinated in multiple countries," the billionaire banker said. The fighting could diminish and peace deals might be struck, but "mistakes happen," he said."So, to me, we shouldn't be naive," Dimon said. "We can't take the chance this will resolve itself. We have to make sure that we are involved in doing the right things to get it resolved properly for the sake of the free democratic Western world for the next 100 years."Dimon underlined the difficulty of preparing for <a target="_blank" class="" href="https://www.businessinsider.com/global-economy-israel-iran-war-oil-growth-inflation-hurricane-china-2024-10">what might lie ahead</a>. "We run scenarios that would shock you. I don't even want to mention them."The bank chief pointed to Russian President Vladimir Putin's war against Ukraine as a particularly grave threat."We have to be quite clear that we can't have a bad outcome there," he said. "We've never had a situation where a man is threatening nuclear blackmail," adding: "If that doesn't scare you, it should."Dimon also said the spread of nuclear weapons technology was the "biggest risk mankind faces." He said that if Iran secures a nuclear bomb then many other countries will too, "and then folks, it's just a matter of time before these things are going off in major cities around the world."Dimon has been <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/ray-dalio-jamie-dimon-billionaire-investors-world-war-iii-outlook-2023-11">sounding the alarm</a> on global threats for a while. In JPMorgan's third-quarter earnings this month, he <a target="_blank" class="" href="https://www.businessinsider.com/jpmorgan-earnings-q3-jamie-dimon-economy-geopolitics-banking-wall-street-2024-10">said</a> geopolitical conditions were "treacherous and getting worse." How the conflicts are resolved could have "far-reaching effects on both short-term economic outcomes and more importantly on the course of history," he added.Ray Dalio, another Wall Street billionaire and a financial historian, <a target="_blank" class="" href="https://www.businessinsider.com/ray-dalio-israel-hamas-world-war-middle-east-politics-linkedin-2023-10">said</a> last October that the chance of a world war involving the US and China had jumped from 35% to 50% over the previous two years.

Jamie Dimon says the global order is at risk — and raging conflicts could explode into World War 3

Imagery of battlefields and violence have permeated the news cycle as armed conflicts rage around the globe, particularly in the <a target="_blank" href="https://www.businessinsider.com/israel-rafah-gaza-assault-warns-civilians-biden-2024-5">Middle East</a> and <a target="_blank" href="https://www.businessinsider.com/fierce-russian-attacks-test-ukraine-defense-near-kharkiv-war-expansion-2024-5">Ukraine</a>.Rarely, however, do we see inside the multibillion-dollar industry behind the weapons that cause its destruction.In his new book, "<a target="_blank" href="https://nikitateryoshin.com/nothing-personal">Nothing Personal: The Back Office of War</a>," photographer Nikita Teryoshin lifts the veil on the <a target="_blank" href="https://www.businessinsider.com/us-arms-exports-rise-50-percent-cutting-russia-weapons-trade-2024-1">global arms trade</a>, capturing defense exhibitions worldwide.<div type="image" title="Arms company CTA demonstrating their fire power on an 2mm thick aluminum target. CTA is joint venture between Nexter and BAE Systems based in France. EUROSATORY, Paris, France, 2018" height="2670" width="4000" msid="110124471" hostid="261"></div>"These [defense] fairs are the opposite of what you imagine when you think of arms and war," Teryoshin said in an interview with Business Insider.Through the colorful, bright, yet uncanny depictions of the defense industry, "Nothing Personal" portrays a world that is the complete opposite of the battlefield it profits from, highlighting the sobering reality of war as a business and economic incentive.From 2016 to 2023, Teryoshin documented defense fairs in 14 countries, including the United States, China, France, Abu Dhabi, and Russia. Closed to the public, his series offers a rare inside look into the <a target="_blank" href="https://www.businessinsider.com/russia-economy-oil-export-revenue-price-cap-war-dark-fleet-2023-12">lucrative global arms industry.</a><div type="image" title="Live demonstration of warfare watched by high-ranked guests, politicians and traders. IDEX Expo, Abu Dhabi, UAE, 2019" height="1335" width="2000" msid="110124474" hostid="261"></div>Teryoshin's photos depict the showy display of <a target="_blank" href="https://www.businessinsider.com/ukraine-abrams-tank-crew-says-still-on-front-lines-2024-5">tanks</a>, <a target="_blank" href="https://www.businessinsider.com/armies-need-their-own-drone-air-force-flown-by-specialists-study-says-2024-5">drones</a>, <a target="_blank" href="https://www.businessinsider.com/russian-helicopter-ukrainian-drone-boat-armed-with-missiles-2024-5">missiles</a>, air shows, and war shows at various defense exhibitions. He described the fairs as "an oversized playground for adults with wine, finger food, and shiny weapons.""Dead bodies here are mannequins or pixels on screens of a huge number of simulators," he wrote in his book. "Bazookas and <a target="_blank" href="https://www.businessinsider.com/ukrainians-using-decades-old-us-gun-truck-against-russia-drones-2024-5">machine guns</a> are plugged into flatscreens and war action is staged in an artificial environment in front of a tribune full of high-ranked guests, ministers, heads of state, <a target="_blank" href="https://www.businessinsider.com/top-us-general-russia-growing-back-pre-war-military-strength-2024-4">generals</a>, and traders."<div type="image" title="A photo stand of the Indian Army. The soldier cut out equipped with a Kalashnikov rifle wears a Russian uniform with explosion coming out of his missing head.DEFEXPO, Lucknow, Uttar Pradesh, India, 2020" height="4000" width="2667" msid="110124478" hostid="261"></div>Teryoshin's images are striking — a bright flash in each image tying together the bizarre display of weapons with abstracted figures of anonymous delegates. A colorful array of canapés and a bright floral dress are set in a scene with a sleek gray model of a <a target="_blank" href="https://www.businessinsider.com/french-warships-defeating-houthi-missile-attacks-2024-3">naval gun </a>looming in the background.<div type="image" title="Model of a Swedish Bofors 57 Mk3 naval gun behind a table full of food at defense fair" height="2670" width="4000" msid="110124481" hostid="261"></div>"I think it's the key visuals in the project where you see food and waitress serving wine and juice, and in the background, you see all these war machines," Teryoshin said.In 2019, Teryoshin attended the International Defense Exhibition &amp; Conference in Abu Dhabi, where he said guests were enjoying a cake decorated with a mini tank, <a target="_blank" href="https://www.businessinsider.com/russia-pulls-aircraft-from-front-lines-ukraine-strikes-deep-intel-2024-5">jet fighters</a>, and missiles.<div type="image" title="IDEX 25th anniversary cake with explosions, missiles, and soldier cut outs" height="1200" width="1798" msid="110124485" hostid="261"></div>"Special guests and generals started to eat the cake with little forks out from the pallet directly, and then I thought it looked like a real battlefield," Teryoshin said. "There was an explosion and a tank and a plane and jet fighters were flying little toys that were flying around this explosion, and it was totally weird."He added: "The alliance of <a target="_blank" href="https://www.businessinsider.com/uae-forges-china-ties-but-wont-get-j20-stealth-fighter-2024-5">UAE</a> and <a target="_blank" href="https://www.businessinsider.com/saudi-us-deal-could-reshape-mideast-excludes-israel-war-2024-5">Saudi Arabia </a>were flying strikes against<a target="_blank" href="https://www.businessinsider.com/us-navy-aircraft-carrier-rearmed-back-red-sea-battle-houthis-2024-5"> the Houthis</a> and bombing hospitals, schools, and houses of normal people, and at the same time, 1,000 kilometers away, they are eating this cake with an explosion."With elements of dark humor and absurdity in every image, the photographer's distinctive visual style emphasizes the jarring juxtaposition of the luxury and celebration at defense fairs and the destructive weaponry and firearms the industry produces.<div type="image" title="Missiles models Python, Derby, Spike ER at the stand of the Israeli Rafael Advanced Defense Systems Ltd. surrounding an empty coffee mug." height="4000" width="2741" msid="110124488" hostid="261"></div>Large, metallic-gray <a target="_blank" href="https://www.businessinsider.com/us-navy-more-missiles-recently-got-first-kill-pacific-threats-2024-5">missiles</a> frame a half-empty coffee mug sitting on the edge of a display table. The camera's flash casts imposing shadows of the missiles around the mug — the everyday object normalizing the display of dangerous weaponry.Teryoshin alluded to the look of crime scene photography when discussing the use of flash in his series. The cold, harsh flash highlights the environment's ominousity through a pointedly cynical perspective.After the construction and the <a target="_blank" href="https://markets.businessinsider.com/news/commodities/oil-gas-prices-israel-gaza-war-middle-east-houthi-iran-2024-2">oil and gas sectors</a>, the global arms trade is one of the most corruption-prone sectors in the world, according to <a target="_blank" href="https://ti-defence.org/wp-content/uploads/2016/03/1004_corruption_risk_offsets.pdf">Transparency International</a>. By contrast, the international trade of bananas is more tightly regulated than the arms trade, according to the introductory note of <a target="_blank" href="https://legal.un.org/avl/ha/att/att.html#:~:text=By%202006%2C%20international%20attention%20shifted,resonate%20strongly%20with%20many%20States">the United Nations Arms Trade Treaty</a>.<div type="image" title="Peruvian delegation at the stand of UkrOboronProm shaking hands" height="2670" width="4000" msid="110124492" hostid="261"></div>With the weaponry in the forefront, the fairgoers in the series remain anonymous — the figures of <a target="_blank" href="https://www.businessinsider.com/us-sanctions-russian-trade-banking-financing-ruble-ukraine-war-funding-2024-5">traders and politicians</a> are all faceless and undetectable."I deliberately don't show you the faces of the businessmen," Teryoshin said in his artist statement. "It is not my intention to fix everything upon a certain person."<div type="image" title="South Korean officer watching the air show by the aerobatic 'Black Eagles' air force team flying KAI T-50B Golden Eagle jets." height="4000" width="2670" msid="110124496" hostid="261"></div>The anonymity of the figures adds mystery to each photograph and portrays the photographer's intention of showcasing the global arms industry as a monolith."I also didn't want to blame any special country, manufacturer, or person but to show it just as a phenomenon," he said.Here, war is simply a universal means of commerce — the convention space secluded from the real terror of conflict.<div type="image" title="On the deck of a ferry while jet fighters, helicopters and cargo aircraft fly low." height="2669" width="4000" msid="110124498" hostid="261"></div><a target="_blank" href="https://www.businessinsider.com/global-military-spending-reaches-record-highs-2023-wars-conflicts-ukraine-2024-4">Military spending worldwide</a> amounted to $2.44 trillion in 2023. In the US, it was estimated that the <a target="_blank" href="https://www.businessinsider.com/us-aid-spending-israel-military-defense-gaza-war-2023-10">average taxpayer contributed $5,109 to the US military</a> and its support systems in 2023. While the average American contributes <a target="_blank" href="https://www.businessinsider.com/ukraine-aid-bill-help-american-jobs-military-defense-business-economy-2024-4">thousands of dollars to the military</a>, the general public is not privy to the inner workings of war profiteering — something Teryoshin hopes to change through his photography.Teryoshin shows the irony behind arms company slogans, such as "70 years defending peace" by Kalashnikov Group or "Engineering a better tomorrow" by <a target="_blank" href="https://www.businessinsider.com/militaries-receiving-f35-jets-frees-f16s-for-ukraine-former-exec-2023-7">Lockheed Martin,</a> by showing viewers the opposite of a violent and terrifying battlefield: the people in business attire who profit from window shopping for war machines with champagne in hand.<div type="image" title="A woman holding tray of juice and wine in front of a military helicopter." height="4000" width="2670" msid="110124500" hostid="261"></div>

Behind the Curtains of the Global Arms Industry

<ul><li>Violence has reportedly cost the world a whopping $16.5 trillion in 2020, according to a GPI report.</li><li><keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> ranked 72 in this regard, with a cost of $646 billion.</li><li>Syria, South Sudan and the Central African Republic were the worst affected countries with the highest economic impact.</li><li>South Asia remained the second least peaceful region but recorded the largest increase in peacefulness, largely driven by improvements in ongoing conflicts.</li></ul>If India was anything like Iceland, it wouldn’t have been just the most peaceful country but also virtually debt-free. With the money that the violence has cost us — $646 billion — the country could have funded all its budget expenditures and various welfare programmes with ease. But, India holds a dismal 72nd rank in the <keyword id="167042" type="General" weightage="20" keywordseo="global-peace-index" source="Orion">Global Peace Index</keyword> (GPI). The <keyword id="14212009" type="General" weightage="20" keywordseo="economic-cost-of-violence" source="Orion">economic cost of violence</keyword> is as much as 6% of its <keyword id="35050" type="General" weightage="20" keywordseo="gdp" source="Orion">GDP</keyword>. Farmers protest, lakhimpur case were some of the popular violent acts that took place in 2021. India’s neighbours – Pakistan and China stood at 54th and 138th, respectively. In the last few years, India has been a victim of year-long protests against government policies, curfews, internet shutdowns apart from various big terror events like Mumbai attacks and bombings in almost every major city, naxal activities across multiple states and more. In addition to loss of life and injury, these events also cost the country both directly and indirectly. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Country </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Economic impact of violence (in millions) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Per capita impact </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Economic cost of violence as percentage of GDP </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Economic cost of violence (in millions) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1,170,922 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$841 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$645,843 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pakistan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$148,637 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$700 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$80,303 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">China </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1,951,603 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1,376 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$ 1,049,173 </td></tr></tbody></table>Source: <keyword id="509350" type="General" weightage="80" keywordseo="global-peace" source="Orion">Global Peace</keyword> Index report “The economic impact of violence includes the direct and indirect costs of violence as well as an economic multiplier applied to the direct costs. The economic cost of violence includes only the direct and indirect costs. Per capita and percentage of GDP results are calculated using the economic cost of violence,” the report said. Syria, South Sudan and the Central African Republic were the worst affected countries with the highest economic impact. Iceland, Kosovo and Switzerland were the least affected ones with only 2% as their economic cost as percentage of GDP. The average economic impact of the ten most affected countries by violence was equivalent to 34% of world GDP. “The economic value of lost peace reached record levels in 2021. There is a need to reverse this trend, and the GPI has shown that those countries that implement the attitudes, institutions and structures that create and sustain peaceful societies, witness an improved economic outcome,” said Steve Killelea, founder and executive Chairman of IEP. The number of countries experiencing violent internal conflict rose from 29 to 38, but the number of people killed in internal conflicts has fallen since 2017. South Asia remained the second least peaceful region but recorded the largest increase in peacefulness, largely driven by improvements in ongoing conflicts. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/news/these-are-the-most-peaceful-countries-in-the-world-indias-rank-has-improved-marginally/slidelist/92244821.cms">These are the most peaceful countries in the world; India’s rank has improved</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/spicejet-hiked-its-ticket-prices-indigo-and-others-might-follow-suit/articleshow/92251751.cms">SpiceJet hiked its ticket prices; Indigo and others might follow suit</a>

$646 billion — that’s the economic cost of violence in India

India was the fourth largest military spender globally in 2023 with an expenditure of USD 83.6 billion, behind the US, China and Russia, according to a report by an independent international think-tank. The report by Stockholm International Peace Research Institute (SIPRI) shared on its website in April also said the "rise" in global military spending last year can be attributed "primarily to the ongoing war in Ukraine and escalating geopolitical tensions in Asia and Oceania and the Middle East". The military expenditure went up in all five geographical regions, with major spending increases recorded in Europe, Asia and Oceania and the Middle East, it said. The report comes amid ongoing conflicts in various parts of the world such as the ones involving Israel-Hamas, Iran-Israel, Russian-Ukraine besides volatility in the Red Sea region. "World military expenditure increased for the ninth consecutive year in 2023, reaching a total of USD 2443 billion. The 6.8 per cent increase in 2023 was the steepest year-on-year rise since 2009 and pushed global spending to the highest level SIPRI has ever recorded," according to the report. The <keyword id="21404979" type="General" weightage="20" keywordseo="world-military-burden" source="keywords">world military burden</keyword> -- defined as military spending as a percentage of global gross domestic product (GDP) -- increased to 2.3 per cent in 2023. Average military expenditure as a share of government expenditure rose by 0.4 percentage points to 6.9 per cent in 2023 and world military spending per person was the highest since 1990 at USD 306, it added. With military expenditure of USD 83.6 billion in 2023, India was the "fourth largest spender globally". Indian spending was up by 4.2 per cent from 2022 and by 44 per cent from 2014. The increase in India's military spending was "mainly a result of growing personnel and operations costs" which made up almost 80 per cent of the total military budget in 2023, the <keyword id="20911352" type="General" weightage="20" keywordseo="SIPRI-report" source="keywords">SIPRI report</keyword> claimed. "This aligns with the government's priority to strengthen the operational readiness of the armed forces amid ongoing tensions with China and Pakistan. In comparison, capital outlays to fund military procurement remained relatively stable at around 22 per cent of the budget in 2023," it said. A total of 75 per cent of these outlays went towards equipments produced domestically, which was the highest level ever and up from 68 per cent in the previous year. The continued shift towards domestic procurement reflects India's goal of becoming self-reliant in arms development and production, the think-tank said in its repot fact sheet shared on its website. The Indian Army has maintained that deployment of its troops and other elements along the LAC is "extremely robust" and "balanced". The eastern <keyword id="21271073" type="General" weightage="20" keywordseo="Ladakh-border-standoff" source="keywords">Ladakh border standoff</keyword> erupted on May 5, 2020, following a violent clash in the Pangong Lake area. The ties between India and China nose-dived significantly following the clash in the Galwan Valley in June 2020 that marked the most serious military conflict between the two sides in decades. SIPRI is an independent international institute dedicated to research into conflict, armaments, arms control and disarmament. Established in 1966, it provides data, analysis and recommendations based on open sources to policymakers, researchers, media and the interested public. The Stockholm-based think-tank monitors developments in military expenditure worldwide and maintains the most comprehensive, consistent and extensive publicly available data source on military expenditure, according to its online portal. The US military spending was USD 916 billion in 2023, which was 2.3 per cent more than in 2022 and 9.9 per cent more than in 2014, the report said. The US remained by far the largest spender in the world, allocating 3.1 times more to the military than the second largest spender China. "The biggest percentage increase among all US military spending categories in 2023 was for 'research, development, test and evaluation (RDT&amp;E)". The Stockholm-based think-tank also said in its report that Ukraine was the "eighth largest spender" in 2023 after a spending surge of 51 per cent to reach USD 64.8 billion. This gave Ukraine "a military burden of 37 per cent and represented 58 per cent of total government spending". "Ukraine's military spending in 2023 was 59 per cent the size of Russia's. However, Ukraine also received at least USD 35 billion in military aid during the year, including USD 25.4 billion from the US. Combined, this aid and Ukraine's own military spending were equivalent to about 91 per cent of Russian spending," the report claimed. According to the report, Russia's military spending increased by 24 per cent to an estimated USD 109 billion in 2023. "China, the world's second largest military spender, allocated an estimated USD 296 billion to the military in 2023, an increase of 6 per cent from 2022. This was the 29th consecutive year-on-year rise in China's military expenditure. China accounted for half of total military spending across the Asia and Oceania region. Several of China's neighbours have linked their own spending increases to China's rising military expenditure," the Stockholm-based think-tank claimed in its report. In 2023, the 31 <keyword id="20763732" type="General" weightage="20" keywordseo="NATO-members" source="keywords">NATO members</keyword> accounted for USD 1,341 billion, equal to 55 per cent of the world's military expenditure, the report said. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india/slidelist/109529634.cms" target="_blank">Best smartphones under ₹25,000 in India</a><a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a>

India fourth largest military spender globally in 2023: SIPRI report

<ul class="summary-list"><li>Elon Musk has been nominated for the Nobel Peace Prize by Norwegian MP Marius Nilsen.</li><li>Nilsen said Musk had defended free speech and increased knowledge of Earth and space.</li></ul><a target="_blank" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> has long described himself as a <a target="_blank" href="https://twitter.com/elonmusk/status/1499976967105433600?lang=en">"free speech absolutist."</a>It's a stance that's certainly not lost on Norwegian lawmaker Marius Nilsen, who thinks the billionaire is worthy of the Nobel Peace Prize as a result.Musk was nominated for the prize by Nilsen, who announced it in <a target="_blank" href="https://www.agderposten.no/meninger/i/BWoJQE/gjorde-spaadommene-til-skamme">local publication Agderposten.</a>He praised Musk for his "adamant defense of dialogue, free speech and [enabling] the possibility to express one's views" in a "continuously more polarized world."Nilsen also highlighted Musk's tech companies for "increasing knowledge of both earth and space, in addition to enabling communication and connectivity globally," which "has helped make the world a more connected and safer place."Nilsen also cited Ukraine's use of <a target="_blank" href="https://www.businessinsider.com/spacex-elon-musk">SpaceX's</a> satellite internet, Starlink, in the face of Russian attacks. Musk has <a target="_blank" href="https://www.businessinsider.com/elon-musk-spacex-sent-starlink-satellite-internet-terminals-ukraine-2022-6">supplied Ukraine with thousands of Starlink terminals</a> since 2022 but has faced accusations that Russian soldiers are also using the internet service.On Monday, A Ukrainian minister said <a target="_blank" href="https://www.businessinsider.com/ukraine-spacex-trying-to-stop-russia-using-starlink-2024-2#:~:text=Musk%20had%20previously%20asserted%20that,technology%20like%20its%20drone%20fleet.">SpaceX had conceded Russian</a> forces were using the internet service and are working on ways to deny access.As Business Insider previously reported, <a target="_blank" href="https://www.businessinsider.com/free-speech-absolutist-elon-musk-censors-employees-critics-2022-3">Musk's approach to free speech </a>has faced scrutiny after he threatened to sue bloggers for critical coverage and fired employees for disagreeing with him.Representatives for Musk did not immediately respond to a request for comment from BI, made outside normal working hours.The bar for being nominated for the Peace Prize is relatively low.Suggestions are accepted from anyone who <a target="_blank" href="https://www.nobelprize.org/nomination/peace/#:~:text=A%20nomination%20for%20the%20Nobel,revealed%20until%2050%20years%20later.">meets specific criteria</a>, including members of national assemblies and governments. A shortlist will be drawn from the nominations in March.Musk is not the only polarizing figure nominated for the prize this year.Former President Trump has been nominated by Congresswoman <a target="_blank" href="https://tenney.house.gov/media/press-releases/congresswomen-tenney-nominates-donald-trump-nobel-peace-prize">Claudia Tenney. </a>Trump has also picked up nominations in previous years.Other previous nominees for the prize include Vladimir Putin, who was <a target="_blank" href="https://www.cbsnews.com/news/vladimir-putin-nobel-peace-prize-nominated/">put forward in 2020</a>; Joseph Stalin, who was nominated <a target="_blank" href="https://www.nobelprize.org/prizes/facts/facts-on-the-nobel-peace-prize/">twice for the prize in the 1940s</a>; and Adolf Hitler, <a target="_blank" href="https://www.nobelpeacecenter.org/en/news/hitler-as-a-nobel-laureate">nominated in 1939.</a>

A Norwegian lawmaker has nominated Elon Musk for the Nobel Peace Prize

<ul class="summary-list"><li>India's Prime Minister Narendra Modi won a narrower-than-expected reelection victory.</li><li>But the setback likely won't deter his global ambitions.</li></ul>India's Prime Minister <a target="_blank" href="https://www.businessinsider.com/indian-election-results-shocking-blow-narendra-modi-2024-6">Narendra Modi</a> emerged from Tuesday's election victory with his air of invincibility damaged.The strongman leader of the world's largest democracy had been predicted to win reelection for a third term by a landslide.But his Bharatiya Janata Party <a target="_blank" href="https://www.businessinsider.com/india-election-results-narendra-modi-bjp-congress-2024-6">failed to gain enough seats</a> to claim outright victory, and it will need the support of coalition partners to form a government.The result, though, is unlikely to deter Modi, as he continues to pursue one of the core goals of his decade in power: transforming India into one of the world's most powerful nations.<h2 id="272ba8df-0d6b-4e4a-960e-7da93df8450f">A leader of the Global South</h2>Under Modi, India's growth has put it <a target="_blank" href="https://www.forbes.com/sites/benjaminlaker/2024/02/23/india-to-become-third-largest-economy-by-2027-implications-for-leaders/?sh=58b178754fd5">on the path</a> to becoming the world's third-biggest economy by 2027 — and it has become an important and increasingly abrasive global power player.Modi wants to position India as a leader of the Global South — a term often used to describe a group of developing nations — and for it to have a permanent position on the UN Security Council to mark its new global status.He has strengthened ties with the US, a long-standing ally, but he's also sought to build ties with Russia and has clashed with Asia's chief power, China.Modi will work to cement his foreign-policy legacy in his third term.<h2 id="c3e5a4c5-0e40-407e-a012-9b6448008edc">Countering Chinese aggression</h2>Richard Rossow, a senior advisor at the Center for Strategic and International Studies, told Business Insider that countering China's aggression and seeking foreign investment will be key focuses for Modi going forward."India's main priorities will remain unchanged," he said.A clash between India and China in June 2020 over a long-simmering Himalayan border dispute resulted in the death of 20 Indian soldiers. Meanwhile, tensions in the Indian Ocean are escalating, with <a target="_blank" href="https://www.businessinsider.com/china-produces-vast-undersea-maps-submarine-warfare-report-says-2024-1">a report from earlier this year</a> finding that China is mapping vast undersea areas in preparation for a potential naval conflict with the rival regional power.<div type="image" title="Biden Modi" height="2666" width="4000" msid="110739802" hostid="261"></div>India is part of the Quadrilateral Security Dialogue with the US, Australia, and Japan, and it'll be looking to counter China's aggression by strengthening these strategic relationships."On security affairs, India wants to continue building partnerships that can help it manage belligerent actions China is taking today and in the future. This includes robust engagement with nations in its own neighborhood, particularly in the maritime domain," Rossow said.<h2 id="1c4bdd94-6b6b-4a40-a00c-8ff78e101722">A dark side</h2>India's new assertiveness under Modi has a dark side.<a target="_blank" href="https://www.google.com/search?q=wapo+india+assassination&amp;rlz=1C5GCEM_enGB1112&amp;oq=wapo+india+assassination+&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIICAEQABgWGB4yCAgCEAAYFhgeMg0IAxAAGIYDGIAEGIoFMgoIBBAAGIAEGKIEMgoIBRAAGIAEGKIEMgoIBhAAGIAEGKIEMgoIBxAAGIAEGKIEMgoICBAAGIAEGKIE0gEINDg2N2owajeoAgCwAgA&amp;sourceid=chrome&amp;ie=UTF-8">The Washington Post in April</a> reported that India's security services were behind the assassination of a dissident in Canada last June and the attempted assassination of a Modi critic in the US, claims that India has denied.Modi's disappointing election result is unlikely to change his often abrasive and aggressive pursuit of foreign goals."This election result is unlikely to have much of an impact on India's international security actions," Rossow said.<div type="image" title="Narendra Modi and Vladimir Putin" height="3196" width="4714" msid="110739803" hostid="261"></div>But Modi will face serious challenges in his efforts to cement India's new global status.India has bought vast quantities of Russian oil, and that money has been used by Putin to fund his war in Ukraine. This move has aggravated the US, which <a target="_blank" href="https://www.youtube.com/watch?v=aQ9WiQPyLFk&amp;ab_channel=Reuters">has reportedly</a> pressured Modi to stop the purchases.Putin's "no limits" relationship with China's Xi Jinping presents another strategic conundrum for Modi, who seems keen to retain good ties with Putin but is wary of China's global might.Modi's core challenges in the years ahead will be ensuring regional stability by avoiding war with China and Pakistan and continuing India's economic rise through vital domestic reforms."India's journey towards true great power capabilities is thus likely to be long and arduous," <a target="_blank" href="https://eastasiaforum.org/2024/04/21/indias-arduous-road-to-achieving-its-great-power-ambitions/">Ashley J. Tellis</a>, an analyst at the Carnegie Endowment for International Peace, wrote.Correction: June 5, 2024 — An earlier version of this story misstated which countries are part of the Quadrilateral Security Dialogue. It's a group consisting of India, the US, Australia, and Japan; the UK is not part of it.

Modi is on a mission to assert India's global power. His election setback won't deter him.

<ul class="summary-list"><li>Global military spending in 2023 rose to the highest levels ever recorded, analysts said.</li><li>The Stockholm International Peace Research Institute said the spike was the steepest rise since 2009.</li></ul>Global military spending surged by 6.8% in real terms in 2023 to reach $2443 billion — the highest level ever recorded, according to the Stockholm International Peace Research Institute.SIPRI released its <a target="_blank" href="https://www.sipri.org/publications/2024/sipri-fact-sheets/trends-world-military-expenditure-2023">annual report</a> on trends in world military expenditure on Monday, describing last year's spike as the "steepest year-on-year increase" since 2009.And the trend is truly global.All five of the institute's defined geographical regions saw rises in military spending for the first time since 2009, with Europe, the Middle East, Asia, and Oceania recording particularly large increases, it said.Global conflicts have been on the rise since around 2012, <a target="_blank" href="https://www.crisisgroup.org/global/10-conflicts-watch-2024">according to the International Crisis Group</a>, with fighting simmering, breaking out, or expanding in Ukraine, Gaza, Ethiopia, and Myanmar over the past few years — to name just a few.This, in turn, has ramped up military spending.Nan Tian, a senior researcher with SIPRI's Military Expenditure and Arms Production Program, said the "unprecedented" rise in defense spending came in direct response to the "global deterioration in peace and security.""States are prioritizing military strength but they risk an action–reaction spiral in the increasingly volatile geopolitical and security landscape," he <a target="_blank" href="https://www.sipri.org/media/press-release/2024/global-military-spending-surges-amid-war-rising-tensions-and-insecurity">said</a>.In fact, military expenditure has grown so much that global expenses per person reached $306 in 2023, SIPRI reported.<div type="image" title="Ukrainian soldiers fire artillery at their fighting position in the direction of Bakhmut as Russia-Ukraine war continues in Donetsk Oblast, Ukraine on November 03, 2023." height="5000" width="7500" msid="109537501" hostid="261" sizebytes="2958530"></div>The institute cited Russia's military spending, which it says climbed by 24% to reach an estimated $109 billion in 2023. It also highlighted Ukraine, which ranked eighth in terms of overall defense spending, following a 51% year-on-year increase.Lorenzo Scarazzato, a SIPRI researcher, said that two years of Russia's war in Ukraine had fundamentally altered the security outlook for European NATO states.He added that the NATO target of 2 percent of GDP being spent on defense is now being seen "as a baseline rather than a threshold to reach."Eleven out of 31 NATO members fulfilled or exceeded the threshold in 2023, the highest number since the agreement was struck in 2014, per SIPRI.The US, meanwhile, held onto its position as the world's largest defense spender, with its military spending rising by 2.3% to reach $916 billion in 2023, per the institute.This is far more than China, the world's second-largest military spender, it said, which spent an estimated $296 billion on defense in 2023, up 6%.At the same time, Israel saw its defense spending rise by 24% to reach $27.5 billion in 2023, mostly due to its large-scale offensive in Gaza, SIPRI's report found.

Global military spending saw its steepest spike in more than a decade, with the US vastly outspending everyone else

<ul class="summary-list"><li>US futures and European stocks rose on Tuesday ahead of <keyword id="13423326" type="UNKNOWN" weightage="60" keywordseo="peace-talks" source="Orion">peace talks</keyword> between <keyword id="12280030" type="UNKNOWN" weightage="60" keywordseo="moscow" source="Orion">Moscow</keyword> and Kyiv.</li><li>The talks are the first in 2 weeks, while Western officials discuss non-Russian energy supplies and more <keyword id="12754126" type="UNKNOWN" weightage="60" keywordseo="sanctions" source="Orion">sanctions</keyword>.</li></ul>Global stocks rose on Tuesday ahead of peace talks between Russia and Ukraine, as the two sides attempt to broker a ceasefire agreement.US futures rose, with those on <a href="https://markets.businessinsider.com/futures/s&amp;p-500-futures">the S&amp;P 500</a> up 0.32%, <a href="https://markets.businessinsider.com/futures/dow-futures">Dow Jones</a> futures up 0.32%, and with <a href="https://markets.businessinsider.com/futures/nasdaq-100-futures">Nasdaq 100</a> futures gaining 0.25%. European stocks also rose, with the UK's <a href="https://markets.businessinsider.com/index/ftse_100">FTSE 100</a> up 0.88%, the German <a href="https://markets.businessinsider.com/index/dax">DAX</a> climbing 1.24%, the French <a href="https://markets.businessinsider.com/index/cac_40">CAC 40</a> jumping 1.59%, while the pan-European <a href="https://markets.businessinsider.com/index/stoxx_europe_600">Stoxx 600</a> rose 1.07%."S&amp;P 500 futures moved beyond the 100-day moving average yesterday and are extending the gains today basically confirming that the market for now is shrugging off the <keyword id="11904994" type="UNKNOWN" weightage="60" keywordseo="war" source="Orion">war</keyword> in Ukraine, higher interest rates, and tight commodity <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>," Peter Garnry, head of equity strategy at Saxo Bank, said.<keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">Oil</keyword> rose following reports Saudi Arabia had raised its official monthly selling prices to Asian customers to record highs — a sign traders interpret as a lack of concern about a drop-off in demand in China, where surging <keyword id="8764262" type="UNKNOWN" weightage="60" keywordseo="covid" source="Orion">COVID</keyword> cases have forced financial hub Shanghai into lockdown.<a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a> was last up 0.3% at $109.79 a barrel, having risen to as much as $111.59 earlier in the day, while <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">WTI crude</a> fell 0.2% to $105.86 a barrel, below a session high of $107.66.Oil fell by almost 7% on Monday, after as a surge in cases of COVID in China and lockdowns in various major cities threatened to undermine demand for oil in the world's largest energy importer. "For the first time since war broke out in Ukraine more than a month ago, the price movement was not primarily attributable to news about the war. Instead, it was caused mainly by the lockdown in the Chinese business hub of Shanghai," <a href="https://commerzbank.bluematrix.com/sellside/EmailDocViewer?encrypt=48dbe423-39be-4a4c-b34e-62fc4f1ab4a8&amp;mime=html&amp;co=commerzbank&amp;id=snagarajan@businessinsider.com&amp;source=mail">said</a> Commerzbank.As war in Ukraine enters its second month, peace talks so far have brought little in the way of progress. Flows of key raw materials such as wheat, coal and nickel from both Russian and Ukraine have been disrupted by conflict, which in turn has seen commodity prices soar.Western officials are considering further <a href="https://www.investing.com/news/stock-market-news/european-stocks-higher-ukrainerussia-peace-talks-boost-sentiment-2793636">sanctions</a> on Russia, while US and German officials are discussing alternative sources of fuel, given Germany's huge reliance on Russian oil and gas.Mark Haefele, Chief Investment Officer, UBS Global Wealth Management, said: "In the near term, we believe the most critical question for markets, one that will determine which of these scenarios plays out, is when will we reach – or have we already reached – peak sanctions and oil prices?"

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