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New Delhi: <keyword id="21530712" type="General" weightage="100" keywordseo="Ola-Founder-Bhavish-Aggarwal" source="keywords">Ola Founder Bhavish Aggarwal</keyword> is placing bold bets on new-age technologies with a view for <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> to be at the forefront of the current global <keyword id="22912054" type="General" weightage="20" keywordseo="tech-transition" source="keywords">tech transition</keyword> led by AI, and build <keyword id="22912488" type="General" weightage="20" keywordseo="jobs-of-the-future" source="keywords">jobs of the future</keyword> in the country. In an interaction with PTI editors at the agency's headquarters here, he said the private sector has to do the bulk of job creation, step up and do more, while creating an enabling environment and correcting imbalances, such as that of trade, are the responsibility of the government. Aggarwal also supported the government's move to offer fiscal incentives to global EV makers, including Tesla, through the new EV policy saying it is important for India to attract all kinds of investment, and globally established players will help in the development of the EV ecosystem in the country. The group's newly-listed entity <keyword id="19945904" type="General" weightage="20" keywordseo="Ola" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola" meta.hostid="83" meta.entityid="Ola">Ola</keyword> Electric aims to make India a global electric vehicle (EV) hub but the country has to invent an EV and energy transition paradigm for itself based on its needs as the world cannot achieve a sustainable future without India, he added. "There is a global technology transition happening and AI is a very important technology of the future, and we in India need to lead this journey. If you look at the current state, I think we are still adopters of somebody else's technology paradigms, especially in the digital world," Aggarwal said, explaining why the Ola group had set up AI start-up Krutrim last year. One of the things in Krutrim is to build AI models on Indian data, which is more attuned to Indian use cases, Indian paradigms, he said, adding, "We are making our own AI, on our own cloud, on our own chip." Despite India producing 20 per cent of the world's digital data at present, he lamented that the country does not fully own the data, as 80 per cent are stored outside, which are then processed into AI and "brought back into India and sold to us in dollars". When asked about concerns over AI leading to job losses, he allayed the apprehension saying that the IT boom created jobs in India when people feared that computers would take away jobs, and AI is a similar tool. "AI is not going to replace anyone. Maybe that future is a few decades away... We don't need to get anxious about that future right now. We need to, as a country, see that AI is going to amplify productivity. If we don't get onto the bandwagon, we will be left behind...," he asserted. In his view, Aggarwal said the way forward is for India to become experts in future technology. "Future technologies bring with it jobs of the future, supply chain of the future. And if we are global leaders, we are the fastest adoptive market of future technologies (then) jobs of the future will be built in India, supply chains of the future will be built in India. This is the only way... If we focus on protecting the past, you remain uncompetitive," he added. Sharing his take on employment generation in India, Aggarwal said, "I actually believe the private sector has to do the bulk of the job creation. The government's job is to create the enabling environment, create the fundamentals, help correct imbalances wherever they are, be it trade imbalances, etc and incentivise wherever it needs to be incentivised, like the PLI schemes." The government's steps such as the employment-linked incentives will also encourage private industry, he said, adding "But fundamentally the private sector has to step up and do more". Asked if the government is doing enough to create that ecosystem for the private sector, Aggarwal said, "I'm not in the government, so I want to put the limelight on ourselves. Is the private sector doing enough? I think we all can do more, and I'm on the same page. We all need to do more." In response to a query on his views over the government in extending the fiscal concession that companies like Tesla have been demanding from India, he said, "It is very important for India to attract all kinds of investment, especially (from) world leading companies. "Tesla is a best in class company. The more companies like these invest into India, the better it is for India, in a broad sense as well for the industry." He further said, "The (EV) ecosystem, including my company, will benefit from it, because it will raise the bar on expertise, on excellence, on talent, everything..." About the newly-listed entity Ola Electric, he said, "Our mission at Ola electric is to really make India a global EV hub." The company will build products such as electric two and three-wheelers that Indians need for the country to be able to invent an EV and energy transition paradigm for itself, different from the current global solution for sustainability that is focussed on electric luxury cars, Aggarwal added. On Ola Consumer, he said the ride-hailing mobility vertical is fairly profitable, while it is investing into the new e-commerce for which it has partnered with ONDC.

India needs to lead global tech transition, build jobs of the future: Ola Founder Bhavish Aggarwal

<ul class="summary-list"><li>Global inflation could see a resurgence as the Olympics and Taylor Swift concerts drive demand.</li><li>Mega-events tend to spike hotel and transportation costs, UBS said.</li></ul>Global inflation could see a fresh resurgence thanks to a spending spree fueled by Taylor Swift concerts and the Olympics, UBS said.The European bank warned that the two "mega-events" could create a sudden demand shock among consumers due to crowds rushing to Europe to see the sporting events and Swift's hugely popular shows.Mega-events often lead to a spike in hotel and transportation costs, which could cause headline inflation to tick higher, even when the overall cost of living in those cities isn't increasing, the bank noted.That may have been the case in the UK, it added, where hotel prices rose in June, possibly due to Swifties heading into the city to catch Taylor Swift's Eras Tour."The Olympic Games or a Taylor Swift concert create a sudden demand shock. Tickets for mega events will often sell for high prices—but that may not be recorded in consumer price data. The survey method used often overlooks specific event like this," Paul Donovan, the chief economist of UBS Global Wealth Management said."The measurement method for [hotel and transportation] prices is more likely to capture the unusual and transitory pattern of demand, and it is here that the increase in consumer price inflation takes place," he added. Taylor Swift concerts, in particular, are known to be a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/taylor-swifts-economic-impact-catches-attention-federal-reserve-hotel-revenue-2023-7">super force in the economy</a>. Swift's US tour caught the eye of the Federal Reserve in 2023, which noted in its beige book that the pop star's concerts were boosting local economies throughout the US.In <a target="_blank" class="" href="https://www.ecb.europa.eu/stats/macroeconomic_and_sectoral/hicp/html/index.en.html">Europe</a> and the <a target="_blank" class="" href="https://www.businessinsider.com/inflation-cpi-june-prices-food-energy-fed-interest-rate-cuts-2024-7">US</a>, prices have cooled from their highs in 2022, with inflation in both regions clocking in at 2%-3% in June. But central bankers are still keeping an eye on the pace of inflation, with US central bankers expressing caution about loosening monetary policy before inflation gets closer to their 2% target.While markets have priced in ambitious Fed rate cuts in the US since the fresh rise in the unemployment rate that showed up in the July jobs report, hotter-than-expected inflation numbers could still cause push policymakers to delay easing policy. That could be bearish for stocks, and <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/recession-outlook-stock-market-economy-fed-rate-cuts-forecast-siegel-2024-7">raise the risk of a potential recession</a>, market commentators warn.

Taylor Swift concerts and the Olympics could lead to a fresh surge in global inflation, UBS says

<ul class="summary-list"><li>Goldman Sachs named 95 partners last week, including private wealth exec Brittany Boals Moeller.</li><li>The 39-year-old runs the Southeast region and leads strategy for young and women clients.</li></ul>Brittany Boals Moeller, one of Goldman Sachs' newly minted partners, didn't picture a career in finance when she joined the bank 17 years ago. She grew up in Jonesboro, Arkansas, where her parents were professors at the local university. After graduating from New York University in 2007, she thought she would work at Goldman Sachs for a few years to save up for graduate school, perhaps to study public policy or become a lawyer. But even when the financial crisis hit, which was an opportune time to go back to school, she didn't want to leave."At Goldman, you are given tremendous responsibility and opportunity young in your career if you prove yourself able," she told Business Insider in an interview. "I've never once been bored, and so it's an easy choice to stay."The 39-year-old is based in Atlanta and runs the Southeast region of Goldman Sach's private wealth division. While wealth management clients skew older, the division has a pipeline of rich millennial founders who work with the investment banking arm. Boals Moeller said these clients in their 30s and 40s are more likely to want more than investment advice, desiring services like concierge healthcare and bill pay that make their lives easier. To keep these clients loyal, she leads an initiative to cater to younger clients, including heirs and self-made entrepreneurs, and another that focuses on women customers."They're busy. They want simplicity. They need good people around them to help," she said.During the dealmaking drought, the <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-private-wealth-management-asset-david-solomon-2023-1">wealth management</a> business gained new prominence. "Quite frankly, private wealth management at Goldman Sachs has never been as much of a focus for the firm as it is today," division cohead John Mallory told BI in 2023.Boals Moeller said the business's current stature is the result of investments more than a decade in the making. She served as chief of staff to wealth management head Tucker York during the financial crisis. Around 2010, she embarked on a listening tour of every wealth office. The advisor feedback led to the bank expanding its offerings beyond investment and tax planning advice."We knew this going way back, and it certainly continues today, which is we are not purely an investment solution for our clients," she said. "Investments are critical and core to our work, but increasingly we're seeing that with the next generation of wealth owners today, they are seeking simplicity and solutions in all aspects of their life."Goldman Sachs' family office offering, Apex, launched a few years later. Now, the division offers chief financial officer services to help clients with not just estate planning but also lifestyle services like cybersecurity.Catering to these younger clients, whether they are old-money heirs or startup founders celebrating their first windfall, requires meeting them where they are. That usually isn't over a steak and martini lunch or 18 holes at the golf course. What entices these clients more, Boals Moeller said, is getting to meet like-minded people.Goldman Sachs holds events and conferences, often with star-studded lineups or in scenic locales. In August, Boals Moeller hosted a reception in Atlanta with singer Ciara and Marc-Kwesi Farrell, the founder of a rum brand that provided custom cocktails. In October 2023, Goldman Sachs hosted a conference in Deer Valley where billionaire Patrón founder John Paul DeJoria talked about keeping a business empire in the family. Sustainability and sports are particularly interesting to this demographic, with Goldman Sachs hosting a tour of a waste-to-clean-energy power plant in Copenhagen and bringing in Michelle Hynik, president of women's football club Utah Royals, to the Deer Valley summit.Advisors also introduce clients to each other when appropriate, such as a pre-IPO founder to an entrepreneur who has already been through the process."A lot of effort is put into helping people not only just manage the risk and obviously the investment side of things, but also the broader piece, which is how do we help you have an amazing corporate outcome from the sale of your business, and how do we help you as a family appropriately prepare for that?" she said.Advisors can meet with families one-on-one for financial education. However, many of these millennial and Gen-Z clients prefer digital education on their own time. Goldman Sachs has courses for children of clients as early as 15 years old. This Semester at GS program has six one-hour sessions that span trading talks from executives in global markets as well as personal finance topics like how to think about a credit score. These virtual sessions are cameras off, Boals Moeller notes."You don't have to be at a desk," she said. "It's not another hour of homework."

This new Goldman Sachs partner is leading the bank's strategy with young heirs and founders

<ul class="summary-list"><li>Donald Trump's policies may impact legal immigrants in tech, sparking fears of a worker shortage.</li><li>In his last term, Trump paused some work visa programs used by tech firms to hire skilled talent.</li></ul>Many in the tech industry are concerned that President Donald Trump will make it harder to hire immigrants, sapping an important source of technical talent for the sector."If the backlash against immigrants impacts the flow of really talented people into the country, that's probably not good for us overall," said Michael Greeley, a general partner at Flare Capital Partners, a healthcare technology investor.Trump's election win could lead to <a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-immigration-jobs-arizona-economy-mass-deportation-employment-wages-2024-10">mass deportations of </a><a target="_blank" class="" href="https://www.businessinsider.com/trump-deportation-immigration-plan-impact-recession-risk-inflation-stagflation-labor-2024-6">undocumented immigrants.</a> Trump's campaign has also promised to complete the southern border wall and revive the "<a target="_blank" href="https://time.com/7022828/trump-travel-ban-refugees-gaza/">famous</a> travel ban," which restricted people from countries that were predominately Muslim to enter the US. This order <a target="_blank" class="" href="https://www.theguardian.com/us-news/2017/jan/30/donald-trump-travel-ban-tech-workers-muslim-immigration">left many tech workers</a> stranded outside of the US in 2017.What's less understood is how the president-elect will shape a legal immigration system that pipes high-skilled workers from outside the US into coveted tech jobs.It's hard to estimate the number of legal immigrants working in the tech sector due to the variety of visa types available to them. The H-1B visa program is the nation's largest temporary work visa program, with over 600,000 workers across 50,000 employers. According to <a target="_blank" class="" href="https://www.uscis.gov/sites/default/files/document/reports/OLA_Signed_H-1B_Characteristics_Congressional_Report_FY2023.pdf">USCIS data</a>, the majority of petitions approved in the previous fiscal year, 65%, went to workers in computer-related roles.The new year should bring clarity on H-1Bs, said Hiba Mona Anver, a Silicon Valley-based immigration attorney who works with tech startups. In the meantime, she and other attorneys say they're getting on the phone with clients."I wouldn't go as far as to say that I'm sensing anxiety per se," Anver said, but there is "a sense of the need to prepare.""Trump doesn't have a great track record of supporting the visas that are critical to startup founders and early employees who want to build companies in the US," said Jenny Fielding, cofounder and managing partner of Everywhere Ventures, which invests globally.In his first term, Trump fashioned himself as the <a target="_blank" class="" href="https://www.uscis.gov/archive/buy-american-and-hire-american-putting-american-workers-first">"Buy American, Hire American"</a> president. He signed an executive order to suspend some temporary work visas like the H-1B for skilled workers, a move that <a target="_blank" class="" href="https://www.businessinsider.com/silicon-valley-to-feel-impact-trumps-h-1b-visa-order-2020-6">hit tech hardest</a>. His administration saw an increase of <a target="_blank" class="" href="https://www.businessinsider.com/more-h-1b-visa-applications-rejected-under-trump-2019-2">denial rates</a> for visa applications and more requests for evidence seeking further proof of workers' eligibility."From 2016 to 2020, the average denial rate for H1-B visas was over 17%, compared to just 3.2% under President Biden," said Palo Alto-based immigration attorney Sophie Alcorn.Under stricter immigration laws, the tech industry could snap back to a pandemic-era worker shortage, especially for companies at the frontier. Experts told Business Insider the sector <a target="_blank" class="" href="https://www.businessinsider.com/tech-workers-real-winners-ai-talent-war-pay-2024-7">is already understaffed</a>, and recruiting for artificial intelligence skills is particularly tough as <a target="_blank" class="" href="https://www.businessinsider.com/inside-the-ai-hiring-frenzy-big-tech-talent-war-2024-3">every company scrambles to hire workers</a> capable of leading them into the future.Anna Rathbun, chief investment officer of CBIZ, a Cleveland-based financial advisory, previously told Business Insider, "You shouldn't ban exports on chips and then completely export the talented labor. That makes no sense."Aaron Levie, the chief executive of Box and one of Silicon Valley's senior statesmen, offered hope that Elon Musk, at Trump's side, could bring a fresh approach to the issue."Our high skilled immigration system is frozen in time and not responsive to the market," Levie <a target="_blank" class="" href="https://x.com/levie/status/1854733432410325002">posted</a> on social media site X. "We have far more demand for the top talent to work for and start companies here than we let in. It's a bipartisan issue that politicians don't touch. Someone like Elon finally could do it."Musk, a strong supporter of Trump and who <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-could-help-deregulate-tech-amid-a-trump-victory-2024-11">could be considered for a role</a> in the administration, replied, "I agree."The AI skills gap is so severe that tech firms are <a target="_blank" class="" href="https://www.businessinsider.com/tech-companies-raid-top-university-campuses-rare-artificial-intelligence-talent-2023-4">scouring university programs</a>, enticing students with six-figure salaries and resources far beyond what academia can offer.In podcast interviews over the years, Trump has also discussed the importance of attracting the best and brightest. He even suggested during an appearance on the tech-favorite podcast "All-In" in June that non-US students who graduate from US colleges <a target="_blank" href="https://www.reuters.com/world/us/trump-says-foreign-college-graduates-should-automatically-get-green-cards-2024-06-20/">should get green cards</a>.There could be reasons for optimism for the tech industry given newer figures in Trump's orbit, Alcorn noted. Vice President-elect JD Vance has a <a target="_blank" href="https://www.businessinsider.com/jd-vance-venture-capital-opioid-nonprofit-tech-record-ohio-senate-2021-8">venture capital background</a>, and Musk is an immigrant himself <a target="_blank" href="https://www.cnn.com/2024/10/28/us/elon-musk-immigration-washington-post-cec/index.html">who has said</a> he was on an H1-B visa previously.<div type="image" title="Elon Musk and Donald Trump shake hands" height="683" width="911" msid="115143545" hostid="261" sizebytes="27914"></div>Chris Farmer, founder of SignalFire, an early-stage investor, said tech elites like Vance and Musk will "have his ear" on setting a new standard for high-skilled immigration, though for how long is uncertain.The Trump campaign did not immediately respond to a request for comment from Business Insider.One visa holder told Business Insider she expects H-1Bs will become more difficult to obtain under Trump.Shin Yi Chong, who received her H1-B visa in 2019, was recently laid off from her tech job as a product manager. After living in the US for roughly a decade, she said she now has weeks to find a new job or face deportation."Just seeing historical data from what happened when Trump was in office the last time," she said, "I don't foresee it changing in a positive direction."Shubhangi Goel and Riddhi Kanetkar contributed reporting.

Silicon Valley is on edge as Trump's immigration policy sparks fears of a high-tech talent shortage

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

<ul class="summary-list"><li>Goldman Sachs CEO David Solomon on Wednesday commented on Donald Trump's election victory</li><li>In a memo to staff, he said that the bank looks forward to working with Trump on "sound policies."</li></ul>Goldman Sachs CEO David Solomon spoke out Wednesday on <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">the election of Donald Trump</a> as the 47th president of the United States.In a memo to the firm's workforce, Solomon congratulated Trump, who defeated Vice President Kamala Harris in a decisive victory. He said the firm was looking "forward to working with the new administration in support of sound policies that enhance economic growth and financial stability." Solomon said that the new administration's policy positions could be "potentially important to our business and clients." Indeed, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/bank-stocks-donald-trump-victory-reelection-wall-street-outlook-regulation-2024-11">bank stocks soared on Wednesday</a> on expectations that Trump's policies will boost the sector. Wells Fargo stock analyst Mike Mayo called Trump's victory a "regulatory game changer" for the industry. Mayo also expects a Trump administration to boost dealmaking, including M&amp;A and IPOs — potentially to record levels. "More free markets imply that investment banking revenues have a chance at exceeding 2021 levels over the next few years," Mayo said in a Wednesday research note. He added: "The idea of a capital markets super-cycle seems possible." The biggest beneficiary of a dealmaking boom, Mayo said, would be Goldman Sachs. Read Solomon's full memo to employees on Wednesday following Trump's win.November 6, 2024Message on US ElectionThe 2024 Presidential election in the United States has been decided. I know that people on both sides have strong opinions and emotions about the outcome. I strongly believe we should respect – and seek to understand – our differences. It's important to remind ourselves that "united" is the first word of the United States. Our shared commitment to the ideals of freedom and opportunity will always be more powerful than what divides us.Closer to Goldman Sachs, it's clear that a new administration will bring policy changes potentially important to our business and clients. This year has also seen a number of elections around the world, with changes in administrations or policy focus across several countries. Globally, we are deeply committed to our strategy, where we continue to make progress in growing our leading Global Banking &amp; Markets and Asset &amp; Wealth Management franchises.Our job remains the same: to continue to be laser focused on serving our clients with excellence, remaining vigilant and managing risk effectively, and protecting our unique culture. That focus and professionalism is not affected by political winds.I congratulate President Trump and we look forward to working with the new administration in support of sound policies that enhance economic growth and financial stability.DavidThis post is breaking and will be updated with additional details.Are you a Wall Street insider? How is your firm reacting to the election of Donald Trump? Get in touch with this reporter. Reed Alexander can be reached via email at ralexander@businessinsider.com, or SMS/the encrypted app Signal at (561) 247-5758.

Goldman CEO Solomon reacts to Trump's win, vows to work with the new administration 'in support of sound policies'

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

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

<ul class="summary-list"><li>The dollar has gained since Trump's election and his policies could boost the greenback further. </li><li>A stronger dollar could suppress global trade and complicate inflation abroad, a think tank researcher said.</li></ul>Donald Trump's proposed policies are likely to give the US dollar a boost during his second term, but a stronger US currency has the potential to unleash chaos in global markets, according to one think tank researcher. Michael Klein, a senior research fellow at Chatham House, an international affairs think tank, wrote this week that the dollar will likely rise under Trump, despite Trump's own suggestion that he would like <a target="_blank" class="" href="https://www.businessinsider.com/us-dollar-trump-presidential-election-weaker-usd-policy-intervention-trillions-2024-7">to see a weaker dollar</a> to slim the US trade deficit.That's unlikely to happen, Klein said, largely because the greenback's other currency rivals remain challenged and because Trump's policies are bullish for the dollar. "President-elect Donald Trump has a dollar problem. In recent months he has shown a clear preference for a weaker exchange rate to support the competitiveness of US exports and help reduce the US trade deficit. And yet, as the market has sensed since the US election, the much more likely outcome is that his policies end up strengthening the greenback. The risk is that the US dollar— which is expensive already — becomes more obviously overvalued, and this could increase the risk of global financial stability," Klein wrote.Klein said a <a target="_blank" href="https://www.businessinsider.com/strong-us-dollar-exchange-rate-companies-investors-inflation-interest-rates2022-7">stronger dollar</a> could be bad news for other economies around the world. Given how widely the greenback is used across financial markets, global trade could be suppressed if the dollar gains in value.Countries that find their currency devalued against the dollar, meanwhile, could have a harder time taming inflation."If and when the dollar becomes unsustainably expensive, a further problem will present itself: how to deal with an overvalued currency without risking a lot of financial dislocation," Klein said. "Without much scope for a negotiated decline in the dollar, more chaotic alternatives seem likely."Markets have already picked up on the likelihood of a stronger US currency under Trump's presidency. The <a target="_blank" class="" href="https://markets.businessinsider.com/index/us-dollar-index">US Dollar Index</a>, which weighs the greenback against a basket of currencies, has climbed around 3% over the last month and briefly surpassed 107 on Thursday, its highest level in a year.Several of Trump's policies are supportive of a stronger US currency. Klein pointed to Trump's plans for steep tariffs, which include a 10% blanket tariff on most US imports and a 60% tariff on Chinese imports.The US imposing tariffs on another country also tends to devalue the other country's currency, Klein added, due to traders selling the currency on foreign exchange markets. Such was the case in 2018, when Trump's trade restrictions on China led the yuan to depreciate 10% against the dollar that year, Fed data shows."More widespread tariffs on a whole range of US trading partners should therefore strengthen the dollar more broadly," Klein added.Economists have also said <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">Trump's tariff plan</a> could stoke higher <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-win-high-inflation-risk-tariffs-deportations-taxes-2024-11">inflation</a> and higher interest rates, which would prop up the greenback. Trump's other policies, like his plan to <a target="_blank" class="" href="https://www.businessinsider.com/trump-tax-plan-tarriffs-benefits-top-earners-study-2024-10">cut taxes</a>, could also add to price pressures, Klein said."Since boosting the US economy will create inflationary pressure, the market will expect interest rates to end up higher than they might otherwise be. The resulting combination of looser fiscal and tighter monetary policy tends to lead to a stronger currency," Klein said.Trump has pushed back on the idea that his policies could stoke higher prices, and maintained that he will push inflation lower during his presidency. He brought tariffs on some imports from China during his first term without a significant inflation increase, but economists say his tariff plan this time around is more wide-reaching, with a higher likelihood prices rise as a result.

Why a strengthening US dollar could spark instability in global markets in Trump's 2nd term

<ul class="summary-list"><li>The CEO of European ride-hailing app Bolt is <a target="_blank" class="" href="https://www.businessinsider.com/companies-requiring-return-to-office-rto-mandate">mandating workers return to the office</a> 12 days a month.</li><li>In a memo, Markus Villig called it a "disgrace" that fewer than half of staff went in more than 2 days a week.</li></ul>The CEO of European mobility app Bolt didn't mince words earlier this month when <a target="_blank" class="" href="https://www.businessinsider.com/remote-workers-need-pay-raise-return-to-office-survey-2024-10">calling workers back to the office</a>.Bolt is an Uber competitor that offers services including ride-hailing, food and grocery delivery, and e-scooter rentals in its app. Starting in January, Bolt will require all of its employees to work from the office at least 12 days a month, or roughly 3 a week, the company confirmed to Business Insider.CEO Markus Villig wrote in a memo to staff that the company had "seen too much complacency" in where employees work in recent years and that they had a choice to either "restart our ambitious culture to compete in the highest league" or "fall into mediocrity.""We are too scattered, people feel disconnected, attrition is too high, and our offices lie empty," Villig wrote. "I find it a disgrace to our culture that less than 50% of employees come to the office +2 days per week."He referenced tech industry giants like Amazon, Tesla, and Apple, which have implemented varying forms of return-to-office mandates.Amazon recently announced <a target="_blank" class="" href="https://www.businessinsider.com/amazon-rto-faq-document-spells-out-new-rule-2024-9">corporate employees will have to work in the office 5 days a week</a> starting in January. Tesla CEO <a target="_blank" class="" href="https://www.businessinsider.com/tesla-wfh">Elon Musk has called remote work "morally wrong."</a> Apple's <a target="_blank" class="" href="https://www.businessinsider.com/apple-still-trying-hybrid-rto-work-program-schedule-no-answers-2023-9">hybrid pilot program</a> requires employees to work from the office three days a week.Bolt's CEO also criticized the idea of people working remotely from vacation destinations."We will stop the insanity of people working remotely from places like Bali," he said. "That is a vacation not what we hired them to do."A Bolt spokesperson confirmed the memo was sent to employees."We believe that in-person collaboration drives innovation and performance, and our existing policy advises employees to work from a Bolt office for 2-3 days a week," a Bolt spokesperson said. "Starting from 1 January, this policy will be formalised with employees being asked to work from a Bolt office 12 days per month. We continue to listen to our colleagues and remain committed to fostering a culture that values engagement and innovation, while empowering people to work flexibly and effectively."In his memo, Villig said the company saw five benefits from in-person work: Raising the performance bar, improved collaboration, better relationships between team members and other teams at the company, better information flow and idea generation, and improved mental well-being.Bolt is based in Tallinn, Estonia, and operates in more than 45 countries. In 2022, Bolt said it'd raised 628 million euros in a round of funding led by Sequoia Capital and Fidelity Management, with the investment valuing Bolt at 7.4 billion euros.The company is <a target="_blank" class="" href="https://www.reuters.com/technology/uber-rival-bolt-seeks-turn-profitable-next-year-ipo-2025-2023-05-08/#:~:text=Bolt%2C%20run%20by%2029%2Dyear,market%20conditions%20at%20that%20time.">reportedly eyeing an IPO</a> in 2025.<h2 id="e4a334f8-f346-42d3-b975-f21d50b08845">Read Bolt CEO's full memo to staff:</h2>Following up from the All-hands on Tuesday I'll explain my thinking about the new Return to Office &amp; Location policy and your role as a manager in supporting this transition.The summary is that I deeply believe that we work better in person, not remotely.The longer version is that we have a choice to make as a company. Either we restart our ambitious culture to compete in the highest league or we fall into mediocrity. Even the largest companies from Amazon to Tesla to Apple realise that in order to stay at the top they have to retain an intense culture and have got people back to office 3-5 days a week. We are a tiny company in comparison and to ever reach that scale we have to work harder and innovate more than them.We have seen too much complacency in the last few years on how we recruit, where people live and when and where people work. We are too scattered, people feel disconnected, attrition is too high, and our offices lie empty. I find it a disgrace to our culture that less than 50% of employees come to the office +2 days per week.We will return to being a high performance organisation from 1st of January:Mandatory 12 days a month in office for all employees.Min 2 days a week. Team leaders have the authority to do more – many sales teams do 5 already.We have invested millions into having fantastic offices already, but in sites with lack of space we will set designated days per team to divide nicely.Relative to the top tech companies we believe this is generous and allows plenty of flexibility to employees.We will stop the insanity of people working remotely from places like Bali. That is a vacation not what we hired them to do.Reducing the number of sites to 2 for global roles.By default every department will have 2 hubs – Tallinn first and by default London secondary.Some large departments like tech retain more. If you have questions, ask your department head.In order for people to get the most value of being in office their team needs to be there. Some departments have scattered teams and we will consolidate that.To be clear this refers to global roles, not local or regional.There are 5 benefits to working in person:Raise the performance bar. We see a strong correlation between office attendance vs performance and engagement.Improve collaboration. Having meetings in person is more effective than video calls.Improve relationships in and between teams. Interacting with people in person is better for solving conflict and building positive relations. Video calls are transactional, while having coffee or lunch together is infinitely better for relationship building.Better information flow and idea generation. Having informal chats in the office is impossible to replicate remotely.Improve mental wellbeing. Having positive in person interactions is a huge benefit for stress.As managers I ask you to help me with this:Sell this message to your teams.Lead by example by being present in the office more often starting from next week.Create an environment where your teams want to come into the office. It should be engaging and fun to work in person, not a chore.Monitor and manage poor attendance. We are absolutely fine if some people decide this is not for them, as the cultural impact far outweighs it.The culture at Bolt is unique and we need to work every day to retain it. I cannot do that alone – we all have to take accountability for making this a fantastic place to work, where people come to do the best work of their lives.@nick.walker and his team is preparing the FAQ and other details to be shared to you on Monday and we plan the internal comms after that. Go badgers!

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