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<ul class="summary-list"><li><keyword id="20948500" type="General" weightage="100" keywordseo="Mira-Murati" source="keywords">Mira Murati</keyword> is leaving <keyword id="19918823" type="General" weightage="20" keywordseo="OpenAI" source="keywords" meta.keywordsubtype="org" meta.entityname="OpenAI" meta.hostid="261" meta.entityid="OpenAI">OpenAI</keyword>, causing shockwaves in the <keyword id="20790511" type="General" weightage="20" keywordseo="tech-sector" source="keywords">tech sector</keyword>.</li><li>Murati's departure follows a series of high-profile exits from OpenAI this year.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/mira-murati-openai-cto-leaving-executive-memo-staff-2024-9">Mira Murati announced on Wednesday</a> that she is leaving OpenAI, where she served as chief technology officer and interim CEO after <keyword id="19918827" type="General" weightage="20" keywordseo="Sam-Altman" source="keywords">Sam Altman</keyword> was briefly ousted in November. Her departure immediately set off shockwaves across the tech sector. <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-09-25/openai-cto-mira-murati-says-she-will-leave-the-company">Bloomberg reported</a> that employees used a "WTF" emoji in Slack in response to the news. There's also rampant speculation on X about why she is leaving — and where she'll end up next. And then, of course, there are the memes on social media, poking fun at the high-profile departures that have happened this year. One VC joked that OpenAI lacked a C-suite. Others pointed to a <a target="_blank" class="" href="https://x.com/_thatstartupguy/status/1839037417912783194?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1839037417912783194%7Ctwgr%5Ef6eb4801b303d0ceadb67d0b3b6778b877e6d9a6%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fmuse.insider.com%2Fstory%2F66f48f0b69657a7deb4de735">2023 </a><a target="_blank" href="https://x.com/_thatstartupguy/status/1839037417912783194?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1839037417912783194%7Ctwgr%5Ef6eb4801b303d0ceadb67d0b3b6778b877e6d9a6%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fmuse.insider.com%2Fstory%2F66f48f0b69657a7deb4de735">Wired magazine cover</a> featuring CEO Altman, Murati, former chief scientist and cofounder Ilya Sutskever, and Greg Brockman, the company's president and cofounder. Wired, at the time, called the OpenAI execs the world's "AI overlords." Of the four, only Altman and Brockman are left at the company, and Brockman is on extended leave through the end of the year. Sutskever announced his departure from OpenAI in May and launched his own AI startup focused on safety. The snark on X, meanwhile, has reached critical mass. A few hours after Murati announced her departure, <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-openai-note-more-staff-exits-barret-bob-2024-9">two other OpenAi departures </a>were announced on X: Bob McGrew, the company's chief research officer, and Barret Zoph, the vice president of research. Left on the leadership team are CFO Sarah Friar; Chief Scientist Officer Jakub Pachocki, who replaced Sutskever: Chief Operating Officer Brad Lightcap; and Chief Product Officer Kevin Weil. Of the <a target="_blank" class="" href="https://www.ft.com/content/638f67f7-5375-47fc-b3a7-af7c9e05b9e0">11 cofounders</a> of OpenAI from 2015, <a target="_blank" class="" href="https://www.businessinsider.com/crew-of-10-helped-sam-altman-found-openai-dwindled-2-2024-8">only Altman, Brockman (who, again, is on leave), and Wojciech Zaremba remain</a>. One of the cofounders, Elon Musk, has filed a lawsuit against OpenAI. Musk dropped, then reopened the suit in August, saying he believed he was helping start a nonprofit and had been "deceived." OpenAI responded to the lawsuit, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-fightingwars-alot-of-fronts-2024-8">telling Business Insider</a> in an August statement: "As we said about Elon's initial legal filing, which was subsequently withdrawn, Elon's prior emails continue to speak for themselves." OpenAI did not immediately respond to a request for comment from BI on McGrew and Zoph's departures. The brain drain has also included other high-profile exits, including former researcher and head of alignment <a target="_blank" class="" href="https://www.businessinsider.com/jan-leike-ilya-sutskever-resignations-superalignment-openai-superintelligence-safe-humanity-2024-5">Jan Leike</a>, who announced his resignation in May, shortly after Sutskever. <a href="https://www.businessinsider.com/openai-safety-researchers-quit-superalignment-sam-altman-chatgpt-2024-5" target="_blank">Daniel Kokotajlo and William Saunders</a>, who worked on OpenAI's governance and safety teams, left in the first half of the year. Additionally, OpenAI cofounder John Schulman left in August to join OpenAI rival Anthropic — where Leike also landed. And another cofounder, Andrej Karpathy, left in February 2024. In August, Kokotajlo said that about <a target="_blank" class="" href="https://www.businessinsider.com/openai-lost-nearly-half-agi-safety-team-ex-researcher-2024-8">half of the people focused on AI safety had left the company</a>. "It's not been like a coordinated thing," he told Fortune. "I think it's just people sort of individually giving up." OpenAI, which was founded in 2015, has been the dominant player in the AI race since the launch of ChatGPT in late November 2022. It has since launched more sophisticated versions of ChatGPT, its text-to-image model DALL-E, and GPT 4o. The startup also announced a voice assistant, a text-to-video model named Sora, and its <a target="_blank" class="" href="https://www.businessinsider.com/openai-o1-product-name-strawberry-2024-9">most sophisticated AI model, o1</a>, which the startup said can reason. But rivals — including some OpenAI investors like Microsoft — are catching up. On Wednesday, Meta announced that Meta AI is on track to be "the most used AI assistant in the world." OpenAI's <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-openai-mission-drift-for-profit-nonprofit-structure-investment-2024-9">latest funding round </a>— which would bring its valuation to $150 billion — is now nearly complete and could include investors like Apple and Nvidia, per <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-09-19/openai-to-decide-which-backers-to-let-into-6-5-billion-funding?embedded-checkout=true">Bloomberg</a>. And Altman, <a target="_blank" class="" href="https://www.businessinsider.com/open-ai-sam-altman-equity-stake-valuation-private-nonprofit-9">according to Reuters</a> and Bloomberg, <a target="_blank" class="" href="https://www.businessinsider.com/open-ai-sam-altman-equity-stake-valuation-private-nonprofit-9">could be in for a large payday</a> with a reported company restructuring that would shift the startup away from its current nonprofit status. Correction: September 26, 2024 — An earlier version of this story misstated when Daniel Kokotajlo and William Saunders left OpenAI. They left in the first half of this year, not last year.

The OpenAI talent exodus has become the joke of the moment in tech world

India's economic engine is roaring, and the job market reflects that optimism. The latest <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-2024 paints a picture of a growing economy brimming with opportunities, but also cautions of potential roadblocks on the road to success. <h2>Cause for celebration</h2>The good news is plentiful, if the recent Economic Survey tabled by <keyword id="20426375" type="General" weightage="20" keywordseo="Union-Finance-Minister-Nirmala-Sitharaman" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Finance Minister Nirmala Sitharaman" meta.hostid="261" meta.entityid="Union Finance Minister Nirmala Sitharaman">Union Finance Minister Nirmala Sitharaman</keyword> is to be believed. The <keyword id="20054242" type="General" weightage="20" keywordseo="unemployment-rate" source="keywords">unemployment rate</keyword> has dipped to an impressive 3.2% in 2022-23, signifying a more vibrant job market. Increased participation of young people and women in the workforce presents a golden opportunity to leverage India's demographic dividend and achieve greater gender equality. Additionally, a surge in net payroll additions under the Employees' Provident Fund Organisation (EPFO) indicates a healthy rise in formal jobs, offering much-needed security for workers. The government's "Skill India" initiative is gaining traction, with a significant rise in the number of people undergoing skill development programs, the Economic Survey highlighted. This is crucial, as India's burgeoning tech scene, with its skyrocketing number of startups, is creating a wealth of new opportunities that demand a skilled workforce. <div type="Article" hostid="261" msid="111920956" title="FM Nirmala Sitharaman tables Economic Survey 2023-24 in Lok Sabha" mstype="2" mssubtype="0"></div> <h2>Challenges on the horizon </h2>However, amidst the optimism, there are challenges to navigate. While <keyword id="107950" type="General" weightage="20" keywordseo="artificial-intelligence" source="Orion">Artificial Intelligence</keyword> (AI) promises to revolutionise industries, it also poses a threat to some existing jobs. The Economic Survey emphasises the need to use technology for collective benefit, advocating against over-reliance on automation. Another significant hurdle is the widening <keyword id="21466653" type="General" weightage="20" keywordseo="skills-gap" source="keywords">skills gap</keyword>. The rapid transformation of the <keyword id="20001119" type="General" weightage="20" keywordseo="services-sector" source="keywords">services sector</keyword>, marked by the rise of domestic service delivery powered by technology (think online food delivery and home automation) and the diversification of India's services exports beyond traditional sectors like IT, demands a workforce equipped with specialised skills. Areas like Blockchain, Machine Learning, <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">Cybersecurity</keyword>, <keyword id="19960489" type="General" weightage="20" keywordseo="cloud-computing" source="keywords">Cloud Computing</keyword>, and Web and Mobile Development are becoming increasingly important. Outdated regulations, particularly those related to land use and restrictions on women's working hours, are further hindering job creation and female labour force participation. Deregulation in these areas is crucial to unlock India's full growth potential, according to the Economic Survey. The report also highlights the need for industry to take the lead in fostering innovation and skill development. Collaboration with academia and revamped vocational education programs are key to bridge the current skill gap. <div type="Article" hostid="261" msid="111922453" title="AI casts huge pall of uncertainty over impact on workers across skill levels: Economic Survey" mstype="2" mssubtype="0"></div> <h2>Opportunities beyond tech</h2>The Economic Survey identifies promising sectors with the potential to create a significant number of jobs: <ul><li>Agro-processing: This sector can be a major job generator, especially in rural areas.</li><li>Care Economy: The growing demand for elder care and childcare services presents an opportunity for skilled professionals.</li><li>Tourism: While AI might moderate India's services export growth, the report emphasises the importance of the <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, which is relatively less skill-dependent, for employment generation. To capitalise on this opportunity, public policy should focus on enhancing the tourism sector's infrastructure and services.</li></ul><h2>Upskilling for the future</h2>India's job market is on an exciting trajectory. But addressing the skills gap, adapting to technological advancements and promoting innovation is crucial. By upskilling the workforce through government and industry collaboration, India can become a high-value partner in areas like cybersecurity and enterprise management. <div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div>

Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development

<ul><li>Amid news of sub-par <keyword id="65655" type="General" weightage="20" keywordseo="placements" source="Orion">placements</keyword> even at top-tier engineering colleges, students are worrying about their future</li><li>Experts advise preparing for the worst and acquiring additional skills through industry-certified courses </li><li>Continually update your profiles on job boards and expand your network on platforms such as LinkedIn</li></ul>Last week news began trending that claimed more than 30% of IIT Bombay students could not get placements. Later, the institution displaced these concerns and revealed that only 6.1% of eligible students are actively seeking employment. However, the fact remains that fresher <keyword id="6357342" type="General" weightage="20" keywordseo="hiring" source="Orion">hiring</keyword> this year has taken a hit across almost all colleges across the country. “Direct fresher hiring from colleges has significantly decreased, owing to the general sluggishness in the economy,” says Karthikeyan Kesavan (Director &amp; head of perm Placement) Adecco India, a workforce solutions provider. The dip in fresher hiring may seem more pronounced in the IT sector, which traditionally hires the majority of new engineering entrants to the workforce. Typically, the IT sector absorbs 20-25% of the 1.5 million engineering graduates in India annually. “Companies have had to cut back on freshers' hiring due to a weak deal pipeline, recessionary fears in the US, and the need to utilise existing resources effectively,” says Krishna Vij, Business Head, TeamLease Digital, a job portal for tech freshers. According to NLB Services, a talent solutions company, the <keyword id="6374576" type="General" weightage="100" keywordseo="it-industry" source="Orion">IT industry</keyword> has seen a dip in the <keyword id="6441485" type="General" weightage="20" keywordseo="freshers-hiring" source="Orion">freshers hiring</keyword> intent from 49% in H1 2023 to 42% in H1 2024. What should you do? Uncertain economic conditions come in cycles and if you are a fresher it is just a coincidence that you trying to find your first job in the middle of one. Nothing to do with how good your skills are. But, to navigate such challenging times better, there are things you can do that increase your chances of getting hired. Acquire relevant skills through certifications In the 21st century, having a degree may not be enough. You need skills that are relevant to the job you are applying for, and proof that you have them. In addition to your regular degree, acquire one or two skills preferably through certification. There are many industry-certified courses available both online and offline. Before you enrol on any such courses, talk to your seniors or those already in a job to find out which are the skills in demand. It is essential to stay proactive and not give up. “Developing a combination of technical competencies and soft skills is crucial, alongside participation in hackathons and collaborative projects to showcase practical abilities,” says Vij. Update your profile and network Getting a job off-campus is a time-consuming process. It involves a lot of preparation and results may not be immediate. The first step is to let potential employers know that you are available for hire. “Continually update your profiles on job boards and expand your network on platforms such as LinkedIn, particularly with regards to target companies. Increase engagement and enhance visibility within the talent acquisition community,” says Kesavan. Seek out a mentor In difficult situations, sound advice always comes in handy. “Connecting with industry peers, experts and mentors can make a huge impact on one’s professional journey,” says Sachin Alug, CEO, NLB Services. Freshers must find appropriate networks that play a vital role in their learning, scope of opportunities and creating a sustainable career. From your college professor to your neighbour to your senior, you may find a good mentor if you continuously seek genuine help. Take up a part-time job If you are not getting a job consider taking up part-time gigs which are related to your field of work. Working part-time to utilise one’s time in a productive way can be a good idea for many candidates. “This not only empowers them financially but also allows them time to prepare for their full-time professions. While aspirants may choose part-time <keyword id="11018" type="General" weightage="20" keywordseo="jobs" source="Orion">jobs</keyword> as a temporary occupation, the focus must not shift from enhancing one’s skills in the direction they want to excel in,” says Alug. Finally, it is important that one maintains a positive attitude, resilience, and adaptability throughout the job search process.

Fresher hiring sees a significant decline, particularly in IT sector! What should you do?

<ul class="summary-list"><li><keyword id="19894886" type="General" weightage="20" keywordseo="China" source="keywords">China</keyword> is pulling ahead in the <keyword id="21403172" type="General" weightage="20" keywordseo="flying-car-industry" source="keywords">flying car industry</keyword>.</li><li>Chinese regulators are fast-tracking approval for <keyword id="21403173" type="General" weightage="20" keywordseo="eVTOL-vehicles" source="keywords">eVTOL vehicles</keyword>.</li></ul>China is leading the pack as the flying car industry tries to take off. Chinese regulators are racing to approve eVTOL (electric vertical take-off and landing) vehicles. These aircraft take off like helicopters but can also fly like planes at higher speeds. Kellen Xie, the vice president of Chinese eVTOL company <keyword id="21403174" type="General" weightage="20" keywordseo="autoflight-group" source="Orion">AutoFlight Group</keyword>, <a target="_blank" href="https://www.ft.com/content/c181d6ab-e560-427c-9254-9cadb62889b5">told the Financial Times</a> that the Civil Aviation Administration of China (CAAC) has been "quite supportive" of the growing industry. Xie told FT that CAAC regulators "work longer hours" and "are determined to actually speed up the process of bringing this new technology into reality." China became one step closer to that reality in March when the CAAC granted certification for AutoFlight's unmanned CaryAll aircraft, the first time regulators have approved an eVTOL over 1 metric ton for flight, FT reported. AutoFlight is still awaiting regulatory approval in Europe, according to FT. In the US, several smaller eVTOLS have already received the green light. In July, the Federal Aviation Administration <a target="_blank" href="https://www.businessinsider.com/spacex-backed-flying-car-company-got-nearly-3-000-preorders-2024-3">granted the first-ever US approval for Alef Aeronautics' Model A flying car</a>, which can actually drive on city streets like a car, as well as pick up and take flight. As of March, the company had already received more than 2,850 reservations to purchase the $300,000 vehicle, which is expected to hit the streets (and the skies) as early as the end of 2025. A month later, California-based startup Aska became the second eVTOL company to earn FAA certification, but Aska's prototype is more like an aircraft than a car.

Flying cars: China is taking a lead in the sector, reveals report

<ul class="summary-list"><li>The global population is getting older. </li><li>The trend will lead to lower returns, earnings growth, and valuations, JPMorgan strategists say.</li></ul>The aging of the world population is expected to accelerate in the coming decades, which will likely produce bad outcomes for the stock market, JPMorgan strategists say.The strategists say that historically, an older population has led to declining returns, lower earnings growth, and weaker valuations.Over a 10-year period, a 1% increase in the number of people over 65 is correlated with a 0.92% decline in annual stock returns, the strategists calculated in a report released last week.They point mainly to slower growth and falling valuations.With an older investor base looking to save for retirement, investment capital declines, leading to less innovation. That, plus slower growth in the workforce, will have a negative impact on earnings growth, the strategists say."Domestic population aging may reduce earnings growth for several reasons. It leads to slower workforce growth, reducing domestic economic growth. There is also evidence that aging can reduce innovation and productivity growth," the strategists said.That's especially true for companies that derive revenue from international operations, the strategists say."For companies that derive more of their revenue from abroad, like multinationals, global population aging (in a GDP-weighted sense) is likely to be more consequential for earnings growth than local population aging," the strategists wrote.That means equity market indexes with small and mid-caps will likely see more impact from local population aging than those with exclusively large caps.Valuations will also take a hit, the strategists said. As the elderly empty their retirement funds, national savings decline, thus raising bond yields. Older populations also pull out of the market at higher rates, driving down stock prices.Those trends, plus lower earnings growth expectations, justify lower valuations, the strategists say.The strategists say there's one bright spot, though. That's healthcare, which older populations tend to spend more on."We find a clear positive relationship between aging and excess returns on the sector, driven entirely by faster earnings growth," the strategists said.A 1% increase in the population share of those over 65 will lead to a 0.85% increase in health care returns over a 10-year period, the strategists say.The strategists note, too, that the populating aging trend won't impact countries equally. In China, the elderly share of the population is set to increase by seven percentage points in the next decade. The US, meanwhile, will see a more moderate rise from 18.1% to 21.5%.Past reports have also warned of the aging population's impact on the economy.Earlier this year, Barclays economist Jonathan Millar said boomers, a historically large generation, are approaching <a target="_blank" class="" href="https://www.businessinsider.com/baby-boomer-gen-z-millennials-economy-housing-job-market-stocks-2024-2">"peak burden" on the US economy</a> in the next few years. Meanwhile, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/recession-economy-outlook-us-stock-market-ownership-old-americans-retirement-2024-1">a larger share of people over 55% owning stocks</a> in the US may be a downside risk to the market, as older investors often don't have the luxury of holding through a downturn and could exacerbate volatility by selling during market pullbacks.

The world population is growing older. That's bad news for the stock market.

Last week, the President of the United States, <keyword id="19919748" type="General" weightage="20" keywordseo="joe-biden" source="keywords">Joe Biden</keyword>, announced significant tariffs on a range of <keyword id="20139085" type="General" weightage="20" keywordseo="Chinese-products" source="keywords">Chinese products</keyword> to protect American workers from unfair trade practices. The targetted measures include a 100% tariff on <keyword id="6354973" type="General" weightage="20" keywordseo="electric-vehicles" source="Orion">electric vehicles</keyword>, a 50% tariff on semiconductors and solar cells, and a 25% tariffs on batteries, steel and aluminium products, some critical minerals, and essential health equipment like medical gloves, syringes and needles. In his address from the Rose Garden of the White House, Biden said America can continue to buy any kind of car they want, "but we're never going to allow China to unfairly control the market for these cars. Period." He claimed that the Chinese government has been investing state funds in various Chinese companies for years, spanning industries across the above-mentioned sectors. How does this brewing geopolitical <keyword id="20736760" type="General" weightage="20" keywordseo="trade-war" source="keywords">trade war</keyword> impact <keyword id="20742235" type="General" weightage="20" keywordseo="Indian-firms" source="keywords">Indian firms</keyword>? Experts say the impact could be in two ways, benefitting some sectors, while harming the few others. Let’s start with the bad news. <cmsannotation type="cmsannotation" annotationid="Threat to Indian firms" comment="subhead" text="Threat to Indian firms">Threat to Indian firms</cmsannotation> Beijing offers significant subsidies on most of these products, leading to surplus production that exceeds domestic and even regular export demand. Subsequently, Chinese companies are known to flood the global markets with surplus products at unreasonably low prices, forcing local manufacturers out of business in many countries, including <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. A prime example of this in practice can be found in the steel sector, where weak domestic demand is pushing the world’s largest steel producer China to offload surplus production into Indian markets at cheaper prices. Indian steel manufacturers are already struggling to compete with a glut of cheaper Chinese steel, with shipments nearly doubling year-on-year in the financial year ending March 2024. “India is already under grave threat of import because all major steel consuming economies are shutting their doors on these steel producing countries. We are highly vulnerable to surging and predatory import,” said Alok Sahay, secretary general of the Indian Steel Association, to Reuters. Global trade experts say that a majority of Chinese products are sold at unreasonably low prices in global markets because the companies in these sectors do not have to worry about profits. They are heavily subsidised by the Chinese government. <keyword id="20279291" type="General" weightage="20" keywordseo="Steel-Authority-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Steel Authority of India" meta.hostid="261" meta.entityid="Steel Authority of India">Steel Authority of India</keyword>’s (SAIL) chairman Amarendu Prakash also said that they are keenly watching Chinese imports after the US tariff increases. Additionally, China has been accused of employing anti-competitive strategies like compelling foreign companies to transfer their technology in order to operate in China. These factors have led to the US effectively shutting its door on several Chinese products through heightened tariffs, and other developed markets like Canada are also likely to follow suit. White House also emphasised that it continues to consult with its partners and allies who are facing similar threats from China’s unfair trade practices and are keen on taking action. If more and more global markets restrict entry of Chinese products, the risk of the majority of such products being dumped in neighbouring India increases drastically. Trying to block Chinese excess production "is like squeezing a balloon. It shrinks in one place and pops out in another," William Reinsch, a trade expert at the Center for Strategic and International Studies in Washington, tells Reuters. <cmsannotation type="cmsannotation" annotationid="An opportunity also arises" comment="subhead" text="An opportunity also arises">An opportunity also arises</cmsannotation> While some products risk being dumped into the Indian market, in a few other cases, Indian firms could benefit from fresh openings in the lucrative US market. "Of the products affected, India has opportunities in face masks, PPE, syringes &amp;needles, medical gloves, aluminium, iron, and steel. Opportunity may come in China also with retaliation, provided we have market access in products targeted by China," Ajay Sahai, Director General of the Federation of Indian Export Organisations (FIEO), told ANI. However, China is not likely to retaliate against the US tariffs at the moment, say experts, though the country’s Ministry of Commerce said it would take 'resolute measures to safeguard its own rights and interests' "China's economy is fragile. With household spending and the property market on the wane, manufacturing for export markets is one of its few bright spots. Beijing will not want to cut off its nose to spite its face. More broadly, China is desperately trying to encourage new foreign investment. Rash retaliatory action could spoil its case," Moody's Analytics explained in a recent report. Out of China's USD 420 billion exports to the US, only USD 18 billion is impacted due to the latest hike in tariffs — representing slightly over 4% and therefore considered marginal. But Sahai says that this market will continue to grow with time and provides an opportunity to India and other competitors to chip in the supply gap. Ajay Srivastava, the founder of the Global Trade Research Initiative (GTRI), also echoes Sahai’s opinions. He emphasised that the increased duties on Chinese face masks, syringes, needles, medical gloves, and natural graphite offer a substantial opportunity for India, as quoted by ANI. "By ramping up production and export of these in-demand products, India could enhance its trade footprint in the US market," he added. In terms of products like electric vehicles and semiconductors, India remains a net importer, and therefore, may not be in a position to capitalise right now. In the long term, however, as India begins semiconductor production at scale in 2025, there will be opportunities to export some of it to the US and other European countries, offering fresh impetus for domestic manufacturing. As the security risks associated with importing Chinese semiconductors prompts more and more trade barriers from the Western countries, demand for supply from India is likely to grow. Efforts are already underway for the establishment of four large semiconductor plants in India, with three located in Gujarat and one in Assam. Last fiscal year, Indian exports to the US dipped marginally by 1.32 per cent to $77.5 billion as against $78.54 billion in 2022-23. The new development now gives an unique opportunity to turn the tide over the next few years. Overall, some sectors like steel and aluminium do face a serious challenge due to the fresh US tariffs on Chinese products. However, the development will open new avenues for Western market entry and expansion for several other products. (With inputs from agencies)

US-China tariff war could benefit several sectors in India while harming a few others

<ul class="summary-list"><li>Employment for software developers has dipped from pre-pandemic levels.</li><li>Landing high-paying tech jobs could take longer.</li></ul>You're not going to be able to write a few lines of code to solve this problem.A new <a target="_blank" href="https://www.adpri.org/the-rise-and-fall-of-the-software-developer/">ADP Research Institute</a> report shows employment for <a target="_blank" href="https://www.businessinsider.com/how-i-landed-a-tech-job-earning-150000-without-a-degree-2022-3">software developers</a> has declined from January 2018. Data elsewhere show fewer opportunities for people to fill software development and <a target="_blank" href="https://www.businessinsider.com/landing-job-career-big-tech-interview-amazon-meta-google-apple-2024-5">tech roles</a> after the US labor market is no longer as hot as it was a few years ago."The tech job market has undeniably slowed since the end of 2022, cooling after a few years of rapid hiring during the pandemic recovery," Daniel Zhao, Glassdoor's lead economist, said in a written statement. "Rising <a target="_blank" href="https://www.businessinsider.com/interest-rate-hikes-cuts-fed-policy-outlook-kashkari-inflation-target-2024-5">interest rates</a>, the end of pandemic-era trends and a slowing economy overall has crimped demand for tech workers.""That being said, employment in the tech sector has fallen less than 2% since its peak in December 2022 and is still 21% higher than March 2020," Zhao said.Nela Richardson, ADP's chief economist, told Business Insider that the software developer isn't "an out-of-date occupation," but it could take longer to land work given it has "become a very efficient occupation" where fewer workers are likely needed."You may not, as a young tech worker in this industry, get recruited straight away out of university or learn straight away from your first job, or that there may have to be a little bit more grinding, a little bit more of a normal labor market in terms of new hires," she said.The change in software developer employment could partly be attributed to changes in consumer spending during the pandemic. "There was a slowdown in software developer hires in 2020, and then we had a couple bounce backs, and I think that's reflective of how the pandemic really spurred this increase into digital service offerings," Richardson said.Job-search platform Indeed has its own running index of job postings for the software development sector. Nick Bunker, economic research director for North America at the Indeed Hiring Lab, told BI, "it's unlikely we'll see levels of demand like we saw in '21, in '22 for software development anytime soon."Still, Bunker said demand for these jobs is healthy, and these are still well-paying gigs. According to the <a target="_blank" href="https://www.bls.gov/oes/current/oes151252.htm">Bureau of Labor Statistics</a>, the median annual wage for software developers was $132,270."The depressed state of postings for software development jobs could be a possibly cyclical story or short-term story," Bunker said. "Maybe this is just interest rates are still very high, and a lot of employers are looking to be very cautious when it comes to hiring because a lot of those firms overhired in '21, and maybe they're just being very patient now."<h2 id="077ceaa5-2089-4556-9f27-290c963e7db0">Challenges for experienced workers seeking a better-paying gig and for new graduates</h2>Zhao also noted "weak" sentiment in the tech sector and noted this could be because "waves of new graduates have been racing to enter the tech industry over the last decade as tech employers have offered high pay for newly minted software developers."Zhao said, "even for experienced software developers at the top of the market, the issue may not be difficulty finding a job at all, but rather difficulty finding a job that pays as well as their previous one. Swallowing a pay cut is a tough ask for software developers who were earning top dollar just a few years ago."Data from Handshake, a platform where students can look for work, suggests a cooler demand for software developers or engineers."There was a 29% decline in software developer/engineer jobs created" on the Handshake network when comparing the period between June 2023 and May 2024 to the year before, Randy Tarnowski, senior manager of research and education insights at Handshake, said in a statement.Tarnowski said that software engineering roles "received a large share of 2024 computer science graduates' applications," but the share of applications has fallen by a few percentage points from the class of 2023."Instead of software engineering roles, the class of 2024 computer science grads are submitting more of their applications to other roles, including data science and analysts, computer hardware, information security, computer systems engineering, and financial and investment analysts roles," Tarnowski said.For people making job decisions amid the strong but cooler job market, Bunker suggested thinking about long-term prospects instead of simply how demand is looking at the moment.That is, a sector might not be "as flashy" or offer as great of compensation as it had been. However, Bunker added some of the "shine might have come off some of these jobs, but they're still well paying and have a good long-term outlook."Have you made a career change from or to software development or another tech job? Reach out to this reporter to share at <a target="_blank" href="mailto:mhoff@businessinsider.com">mhoff@businessinsider.com</a>.

Bad news for coders: The US is past peak software developer

<ul class="summary-list"><li>Strange market logic shows why good news for the economy can be bad news for stocks.</li><li>Some investors want to see growth and employment falter so the Fed cuts interest rates.</li></ul>Good news for the economy can be bad news for stocks, thanks to a <a target="_blank" href="https://www.businessinsider.com/stock-market-economy-fed-inflation-recession-policymakers-jerome-powell-rates-2023-2">weird quirk of market logic</a>.Positive economic developments such as strong GDP growth, robust employment gains, and mild inflation tend to drive stocks higher in the long run. Yet their implications for interest rates have mattered more to stocks in recent months. Here's why.<h2>How stocks and the economy are related</h2>The performance of the stock market and the economy are correlated over the long term, as a company's stock represents the projected value of its future cash flows, which are closely linked to the economy's growth and stability.When an economy grows, it usually means jobs are being created, household incomes are rising, companies' sales and profits are swelling, and consumers and investors are feeling confident instead of stressing about being laid off or a recession taking hold. All of that tends to push up stock prices.Similarly, low and stable inflation boosts confidence among consumers, businesses, and investors. That buoys stocks by fueling spending across the economy and demand for risk assets.Low unemployment makes it more expensive and laborious for employers to find workers. But it also signals that companies aren't struggling so much that they're laying off workers in droves. Moreover, it means many consumers are earning regular paychecks they can use to buy goods and services from businesses, which contributes to corporate bottom lines and stock prices.By that logic, months of economic data showing <a target="_blank" href="http://businessinsider.com/inflation-cpi-consumer-price-index-food-gas-housing-prices-february-2024-3">inflation returning to target levels</a>, unemployment <a target="_blank" href="https://www.businessinsider.com/jobs-unemployment-work-labor-market-wage-growth-in-february-2024-3">remaining near 40-year lows</a>, and <a target="_blank" href="https://www.businessinsider.com/recession-outlook-economy-gdp-fourth-quarter-of-2023-2024-1?r=US&amp;IR=T#:~:text=Real%20GDP%20grew%20at%20an,point%20suggests%20still%20strong%20growth.">steadily rising GDP</a> should hearten investors and lift stocks, especially as it makes an imminent recession less likely.Yet Wall Street hasn't welcomed the news for one big reason: the Federal Reserve. The central bank <a target="_blank" href="https://www.businessinsider.com/the-federal-reserve-paused-its-interest-rate-hikes-2023-6">hiked interest rates</a> from nearly zero to north of 5% and has kept them there as it works out how to bring inflation down to its 2% target.<h2>Rate pain</h2>Those rate increases have heaped pressure on stocks by discouraging spending, hiring, and investing. <a target="_blank" href="https://www.businessinsider.com/consumer-spending-us-economy-outlook-inflation-recession-fed-interest-rates-2024-2">Many households face</a> not just painful rises in their food and fuel bills and rents, but also larger monthly payments on their mortgages, cars, and credit cards since the Fed raised borrowing costs.Businesses have seen their interest expenses rise, dealing heavy blows to debt-reliant sectors like <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-big-trouble-crash-bank-crisis-2024-2">commercial real estate</a> and the <a target="_blank" href="https://www.businessinsider.com/nycb-regional-bank-fears-commercial-real-estate-turmoil-fears-2024-2">regional banks</a> that primarily fund them.As for investors, they've rushed to capture the larger yields offered by government bonds and savings accounts. That has reduced the relative appeal of stocks, which typically generate better returns but carry greater risk.Increased pressure on consumers, businesses, and stocks represents a triple headwind for stockholders. It's little wonder they're rubbing their hands in anticipation of the Fed starting to reverse its hikes this year now that inflation has stayed below 4% for several months.<h2>Fed dilemma</h2>However, Fed Chair Jerome Powell and his colleagues won't start cutting until they're confident that inflation is under control and they won't reignite it by stimulating the economy. They may decide a recession is looming large and it's worth slashing rates to reduce its length and severity.The result is that economic data showing strong consumer spending, healthy job growth, and fast-advancing GDP threaten to stoke inflation fears, settle recession worries, and thus push back the Fed's timeline.The strange consequence is that good news for the economy is being received as bad news on Wall Street, because it dashes hopes of an imminent cut to rates and a bump to stocks, and increases the chances that the Fed might hike further.Good news on GDP data "has the potential to be bad news for market sentiment, provided that strong growth and higher inflation would push the Fed rate cut expectations further down the road," Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said in a recent note.<h2>Careful what you wish for</h2>Of course, there's a risk to celebrating bad news as too much could herald a recession that the Fed can't stop, and recessions are reliably terrible for stocks.The US could also suffer <a target="_blank" href="https://markets.businessinsider.com/news/stocks/us-economy-market-outlook-stagflation-portfolio-allocation-impact-stocks-bonds-2024-2">stagflation</a>, where growth stalls but inflation remains stubbornly high, or even deflation and a dramatic spike in unemployment that tanks markets and shocks the financial system. Economic hardship generally dampens consumer spending and craters investor confidence, weighing on stocks.It's bizarre that some stock investors are now hoping for the economy to soften so the Fed will start cutting rates, even though a booming economy is good news for stocks.The reality is they want both a buoyant economy and much lower rates, and believe some pain now is the best way to get there. They should be careful what they wish for.

Why bad news for the economy can be good news for stocks

<keyword id="19898516" type="General" weightage="100" keywordseo="Intel" source="keywords" meta.keywordsubtype="org" meta.entityname="Intel" meta.hostid="261" meta.entityid="Intel">Intel</keyword>, known for its microprocessor chips that power most computers, recently announced that it will be cutting down 15 percent of its workforce after reporting a loss of USD 1.6 billion in the quarter that ended recently. This decision of the company could impact as many as 19,000 employees, a report in The Verge says. This move is part of a broader strategy to streamline operations and address financial challenges made worse by more competition in the AI chip market. <h2>Intel announces decision to lay off employees</h2>Intel’s <a href="https://www.businessinsider.in/careers/news/the-full-list-of-major-us-companies-slashing-staff-next-year-from-nike-to-intel/slidelist/106798798.cms" data-type="tilCustomLink" target="_blank">decision to lay off employees</a> comes at a time when the company is struggling to maintain its leadership in the chip-making sector. The company’s stock plummeted over 20 percent following the announcement, reflecting investor concerns about its future. As mentioned already, Intel has faced stiff competition, particularly in the AI sector. Rivals like <a href="https://www.businessinsider.in/stock-market/news/nvidia-stock-tumbles-as-ai-chip-competition-heats-up/articleshow/109174332.cms" data-type="tilCustomLink" target="_blank">Nvidia </a>and Advanced Micro Devices (AMD) have gained market share with their innovative products tailored for data centers and AI applications. <h2>Intel CEO sends memo to employees about layoffs</h2>The Verge reports that <keyword id="21042302" type="General" weightage="20" keywordseo="Intel-CEO-Pat-Gelsinger" source="keywords">Intel CEO Pat Gelsinger</keyword> shared a memo with employees in which he described the news as “painful”. In the memo, he also added that this was the “hardest thing” that he had to do in his career. “We have moved our All Company Meeting to today, following our earnings call, as we are announcing significant actions to reduce our costs. We plan to deliver $10 billion in cost savings in 2025, and this includes reducing our head count by roughly 15,000 roles, or 15% of our workforce. The majority of these actions will be completed by the end of this year. “This is painful news for me to share. I know it will be even more difficult for you to read. This is an incredibly hard day for Intel as we are making some of the most consequential changes in our company’s history,” Gelsinger wrote as per The Verge. "My pledge to you is that we will prioritise a culture of honesty, transparency, and respect in the weeks and months to come,” he added. Gelsinger took over as Intel CEO in early 2021 and has been on a mission to revitalise the company ever since. Some of the biggest changes he made include the introduction of a new plan called IDM 2.0, which included building many new factories in the West and boosting its business of making chips for other companies. <h2>What’s next for Intel?</h2>To conserve cash and streamline operations, Intel will suspend its quarterly dividend in the fourth quarter. The company will also reduce layers of management, eliminate overlapping responsibilities, and halt non-essential work. These measures are expected to drive efficiency and cost savings, helping Intel navigate its financial challenges.

'Painful news to share' says Intel CEO Pat Gelsinger as company prepares to lay off thousands of employees

<a href="https://www.businessinsider.com/blackrock-high-stakes-bet-private-credit-bdc-2023-10"></a><ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hi! Did you go a bit overboard with candy yesterday? Don't sweat it. Here's some guidance on <a href="https://www.insider.com/guides/health/diet-nutrition/sugar-detox">how to undergo a sugar detox</a>.In today's big story, we're looking at a Wall Street giant jumping into one of the <a href="https://www.businessinsider.com/blackrock-high-stakes-bet-private-credit-bdc-2023-10">hottest sectors in finance</a>.What's on deck: <ul><li>Markets: The Fed isn't likely to cut interest rates today, but there's <a href="https://www.businessinsider.com/interest-rates-will-fed-cut-this-week-inflation-powell-economy-2023-10">still good news for consumers</a>. </li><li>Tech: Meet the jobs proving to be the <a href="https://www.businessinsider.com/job-disruption-ai-future-careers-blue-collar-desk-work-2023-11">most resilient to an AI takeover</a>.</li><li>Business: A utopian residential cruise ship made <a href="https://www.businessinsider.com/storylines-residential-luxury-cruise-ship-investors-ex-employees-2023-10">big promises it has yet to deliver on</a>.</li></ul>But first, do you need some money?<h3>The big story</h3><h2>Everybody's a lender</h2><a href="https://www.businessinsider.com/blackrock-high-stakes-bet-private-credit-bdc-2023-10"></a><div type="image" title="Illustration of BlackRock's CEO with images of money" height="1440" width="1920" msid="104894485" hostid="261" sizebytes="386366"></div>When you hear <a href="https://www.businessinsider.com/blackrock-news-updates">BlackRock</a>, what's the first thing that pops into your head? <a href="https://www.businessinsider.com/blackrock-esg-backlash-larry-fink-succession-2023-7">Larry Fink</a>? <a href="https://www.businessinsider.com/blackrock-spot-bitcoin-etf-crypto-reactions-2023-6">ETFs</a>? <a href="https://www.businessinsider.com/blackrock-esg-municipal-bond-etf-delay-2023-8">ESG</a>? <a href="https://www.businessinsider.com/blackrock-aladdin-tech-performance-competition-2023-1">Aladdin</a> (not the movie)? <a href="https://www.businessinsider.com/blackrock-social-media-tiktok-2022-5">Conspiracy theories</a>?The world's largest asset manager wears many hats. Now it's trying to add another to its $9.1 trillion wardrobe: lender.BlackRock is the latest player <a href="https://www.businessinsider.com/blackrock-high-stakes-bet-private-credit-bdc-2023-10">pushing into the red-hot private credit market</a>, writes Insider's Rebecca Ungarino.The business of lending directly to companies has become the <a href="https://www.businessinsider.com/private-debt-credit-market-risks-outlook-2023-2022-11">topic du jour on Wall Street</a>. Sky-high interest rates and stricter lending requirements from big banks created an opportunity for investment firms. These so-called shadow banks can offer borrowers alternative forms of financing, albeit with some hefty interest payments. But BlackRock's private-credit ambitions have put the massive firm in uncharted waters, Rebecca writes, as it's <a href="https://www.businessinsider.com/blackrock-high-stakes-bet-private-credit-bdc-2023-10" target="_blank" rel="noopener">a small fish in a big pond</a>. The firm's $81 billion private credit business is only a drop in the industry's $1.75 trillion bucket. It's also well behind larger players like <a href="https://www.businessinsider.com/private-credit-power-players-debt-executives-blackstone-kkr-ares-2022">Apollo, Blackstone, and KKR</a>.<a href="https://www.businessinsider.com/blackrock-high-stakes-bet-private-credit-bdc-2023-10"></a><div type="image" title="BlackRock's Larry Fink" height="1440" width="1920" msid="104894487" hostid="261" sizebytes="65764"></div>BlackRock's private credit plans also add further validity to an industry on the rise. One executive in the space told Rebecca that BlackRock's entrance is a "stamp of approval" for the market. And while everyone seems to want in on the action — private credit was the <a href="https://www.businessinsider.com/private-credit-toast-of-the-town-greenwich-economic-forum-2023-10">talk of the Greenwich Economic Forum</a> last month — it's unclear how that'll ultimately impact the industry. Lending is a complicated enough business on its own. Adding more competitors in a high-rate environment, without the shackles that regulate traditional banks, feels like a recipe for disaster.Maybe I'm paranoid, but Wall Street's history of investing in floating-rate debt structures shrouded in mystery isn't pristine. BlackRock's cohead of US private capital said during a recent earnings call the firm was passing on more lending opportunities, citing deal terms without adequate lender protections. But as more inexperienced players dive into the space, the probability of someone willing to lend to a borrower in need, regardless of the red flags, will rise.<h2>3 things in markets</h2><a href="https://www.businessinsider.com/interest-rates-will-fed-cut-this-week-inflation-powell-economy-2023-10"></a><div type="image" title="Fed chair Jerome Powell" height="1280" width="1706" msid="104894489" hostid="261" sizebytes="88792"></div><ol><li>The Fed probably won't cut rates, but that's not a bad thing. The Federal Reserve makes its second-to-last interest rate decision of the year today. All signs are pointing to another pause in hikes, but officials remain <a href="https://www.businessinsider.com/interest-rates-will-fed-cut-this-week-inflation-powell-economy-2023-10">confident they can skirt a recession</a>. </li><li>Charlie Munger isn't a fan of VCs. Warren Buffett's business partner had some strong words for the venture community, saying VCs are "<a href="https://markets.businessinsider.com/news/stocks/charlie-munger-acquired-podcast-vc-venture-capital-berkshire-warren-buffett-2023-10">not great investors or great at anything</a>." The VC industry in the US also doesn't do a good job of supporting founders of early-stage companies, he said on a recent podcast. </li><li>A CEO walks into a bar… Executives who crack jokes during earnings calls <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-ceo-joking-earnings-calls-elon-musk-tesla-2023-10">gave their company's share price an immediate boost</a>, according to a research paper. Humor can even help if it's not all good news, as jokes "can soften the disclosure of negative news and signal relatively stronger future firm performance," according to the paper. </li></ol><h2>3 things in tech</h2><a href="https://www.businessinsider.com/job-disruption-ai-future-careers-blue-collar-desk-work-2023-11"></a><div type="image" title="Illustration showing workers holding a plunger, needle, and scissors" height="960" width="1920" msid="104894492" hostid="261" sizebytes="227234"></div><ol><li> The AI-proof jobs. Blue-collar jobs like nurses, construction workers, and barbers will be the big winners of the AI revolution. While ChatGPT replaces the rest of us, <a href="https://www.businessinsider.com/job-disruption-ai-future-careers-blue-collar-desk-work-2023-11">these careers should see a substantial boom</a>.</li><li>A leaked email provides clues regarding the UNest CEO's abrupt resignation. Ksenia Yudina, the founder and former CEO of UNest, accused three board members of voting for a <a href="https://www.businessinsider.com/the-ceo-of-unest-resigned-after-she-said-the-board">hostile takeover of UNest</a> that was '"illegal and unethical," according to an email she sent to investors and board members obtained by Insider. UNest's COO, meanwhile, said customers of the startup, which helps families save for college, have no reason to worry about their money.</li><li>The real risk of AI. Meta's chief AI scientist said some tech executives' warnings about the dangers of AI are their way of trying to <a href="https://www.businessinsider.com/sam-altman-and-demis-hassabis-just-want-to-control-ai-2023-10">control the future of AI</a>. Similarly, a Google Brain cofounder said Big Tech companies are lying about AI risks to <a href="https://www.businessinsider.com/andrew-ng-google-brain-big-tech-ai-risks-2023-10">shut down competition</a>.</li></ol><h2>3 things in business</h2><a href="https://www.businessinsider.com/storylines-residential-luxury-cruise-ship-investors-ex-employees-2023-10"></a><div type="image" title="Graphic of a ship in a toilet" height="960" width="1920" msid="104894494" hostid="261" sizebytes="171244"></div><ol><li> Choppy waters for a startup cruise ship pitching itself as a utopian community. Storylines' MV Narrative offers customers an "anti-aging global lifestyle" aboard a $900 million, 18-deck ship traveling to six continents over 1,000 days. But the ship's launch has been delayed seven years from when it was initially slated to hit the seas, and former employees, consultants, and investors <a href="https://www.businessinsider.com/storylines-residential-luxury-cruise-ship-investors-ex-employees-2023-10">doubt it will even be built</a>. </li><li> Move fast and blow up your startup. A minor update to ChatGPT enabling users to upload and analyze PDFs has massive implications for startups designed to do precisely that. It's the latest example of how Big Tech can <a href="https://www.businessinsider.com/openai-chatgpt-pdfs-ai-startups-wrappers-2023-10">wreak havoc on smaller players overnight</a>.</li><li>Gen Z's best bet for curing loneliness might be returning to the office. Young people have been <a href="https://www.businessinsider.com/cure-for-gen-z-loneliness-heading-returning-to-office-2023-10">hit particularly hard by the solitude of remote work</a>. Gen Z workers told Insider how remote work increased anxiety, lowered morale, and curtailed opportunities for career advancement.</li></ol><h2>In other news</h2><ul><li><a href="https://www.businessinsider.com/israel-airstrike-gaza-refugee-camp-hamas-civilians-2023-10">Israel defends devastating refugee camp strikes, saying civilians caught up in hunt for a Hamas commander are a 'tragedy of war'</a></li><li><a href="https://www.businessinsider.com/elon-musk-x-twitter-employee-stock-ipo-acquisition-rsus-2023-10">Internal documents reveal new details of X stock awards to staff, including what happens if the company IPOs or is acquired</a></li><li><a href="https://www.insider.com/robert-de-niro-trial-testimony-call-assistant-grandmother-funeral-2023-10">Robert De Niro testifies it was fine to call his assistant at her grandmother's funeral: 'I don't know if they were putting the body in the ground'</a></li><li><a href="https://www.businessinsider.com/sam-bankman-fried-trial-testimony-defense-fundamental-flaw-2023-10">Sam Bankman-Fried can't get past the fundamental flaw in his defense strategy</a></li><li><a href="https://www.businessinsider.com/white-house-advisor-catching-up-on-ai-biden-executive-order-2023-10">Q&amp;A: White House AI advisor says US is 'catching up' to the tech</a></li><li><a href="https://www.businessinsider.com/mcdonalds-price-loses-lower-income-customers-inflation-pressure-2023-10" target="_blank" rel="noopener">McDonald's isn't cheap anymore</a></li><li><a href="https://www.businessinsider.com/walmart-spark-gig-delivery-workers-cant-bring-groceries-your-kitchen-2023-10">Walmart Spark delivery drivers are sick of customers asking them to bring deliveries into their homes</a> </li><li><a href="https://www.businessinsider.com/tesla-competition-detroit-falls-flat-2023-10">Tesla's competition in Detroit can't keep up – the EV company keeps winning</a></li><li><a href="https://markets.businessinsider.com/news/stocks/housing-market-affordability-index-chart-mortgage-rates-home-prices-inventory-2023-10">CHART OF THE DAY: Housing market affordability plunges to lowest level since 1985</a></li></ul><h2>What's happening today</h2><ul><li>The Fed's decision on interest rates. The Federal Open Market Committee decided to pause rate hikes during its last meeting in September. </li><li>Keeping you on your toes: Happy World Ballet Day! Some of the world's top ballet companies will stream from their rehearsal studios.</li><li>Earnings today: Airbnb, DoorDash, and<a href="https://markets.businessinsider.com/earnings-calendar?utm_medium=newsletter&amp;utm_source=Sailthru&amp;utm_campaign=Insider_Today"> other companies</a>.</li></ul><h3>For your bookmarks</h3><h2>What happens in Vegas</h2><a href="https://www.insider.com/las-vegas-tips-for-booking-hotels-resorts-from-repeat-visitor-2023-10"></a><div type="image" title="Las Vegas" height="1279" width="1708" msid="104894495" hostid="261" sizebytes="196080"></div>How to get the perfect hotel at the best price in Las Vegas. Wendy Lee has been to Sin City over 50 times, and shares <a href="https://www.insider.com/las-vegas-tips-for-booking-hotels-resorts-from-repeat-visitor-2023-10">eight tips to follow ahead of your next trip</a>.The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

BlackRock is jumping into one of the hottest sectors on Wall Street

<ul class="summary-list"><li>Commercial real estate fears are overblown, a portfolio manager told CNN.</li><li>While demand for office spaces has slumped post-COVID, other property types are quite healthy.</li></ul>Everyone needs to chill out about the commercial real estate market. That's according to a portfolio manager at Brandywine Global. In an <a href="https://www.cnn.com/2024/03/04/investing/premarket-stocks-trading/index.html">interview with CNN</a>, Tracy Chen said much of the recent hand-wringing over the commercial property sector is overblown."If we are at the peak of interest rates, and if the Fed pivot (to cutting rates) happens, that will be tremendously beneficial for the CRE market," she said. "Even a marginal reduction of interest rates should be a tremendous help in lifting sentiment. I think that the gloomy sentiment around the CRE market is a little overdone."For now, the <a href="https://www.businessinsider.com/interest-rate-cuts-delay-2024-federal-reserve-markets-2024-2#:~:text=Last%20December%2C%20Fed%20Chair%20Jerome,adjust%20their%20expectations%20in%202024.">timing of the rate cuts</a> has been pushed farther out than markets initially expected. Even so, the property sector is healthier than people think, Chen said. While one slice of the market — <a href="https://www.businessinsider.com/real-estate-outlook-office-buildings-vacancies-commerical-markets-investors-remote-2024-1">office buildings</a> — has seen demand crushed by the rise of remote work, there's a range of other property types that make up the commercial real estate sector."Commercial real estate isn't all about office space, there's a broad spectrum of property types, and some are doing really well," she said. "Suburban offices are doing well, so are Class A buildings, which are in short supply. And buildings built after 2010 have been in demand."Chen also said there are silver linings in the market for commercial mortgage-backed securities, which are bonds backed by bundles of loans on commercial properties. Only 10% of all commercial mortgages end up being packaged into private-label CMBS, but because investors demand a high level of transparency, much of the worst news facing the sector has been priced in. The bonds have staged a strong rally on the heels of a Fed pause in rate hikes, Chen said."I take that as a signal of a potential turn in the CMBS market in terms of the market sentiment. I would say this probably is a forerunner to the CRE market recovery."Still, investors have appeared jittery of late, and some banks exposed to the property sector, like New York Community Bancorp, have seen their share price <a href="https://www.businessinsider.com/commercial-real-estate-crash-svb-collapse-property-woes-regional-banks-2024-2">buckle under the stress</a>. Share of the bank <a href="https://www.businessinsider.com/new-york-community-bank-nycb-shares-turmoil-ceo-internal-controls-crisis-2024-3">plummeted 26%</a> on Friday after reporting "material weakness" in how it reviews loans.

Commercial real estate fears are overblown, and mortgage bonds show the sector is poised to recover, portfolio manager says

<ul class="summary-list"><li>China's economy is struggling, with a 30-year low GDP, low birth rates, and rising unemployment.</li><li>Even so, sectors such as green industries and travel are thriving.</li></ul>China's economy looks very bad right now.The country's <a target="_blank" href="https://www.reuters.com/world/china/chinas-q4-gdp-grows-52-yy-below-market-forecast-2024-01-17/">GDP growth</a> has hit 30-year lows, its <a target="_blank" href="https://www.businessinsider.com/chinas-birth-rate-problem-wont-go-away-with-financial-incentives-2024-1">birth rate</a> continues to plummet, and <a target="_blank" href="https://www.scmp.com/economy/economic-indicators/article/3248696/china-jobs-youth-unemployment-rate-returns-adjusted-stands-149">youth unemployment</a> is at concerning levels. Meanwhile, its <a target="_blank" href="https://markets.businessinsider.com/news/stocks/china-stock-market-meltdown-brutal-year-explainer-whats-happening-2024-1">financial markets</a> are bleeding, the <a target="_blank" href="https://www.businessinsider.com/china-evergrande-property-real-estate-crisis-debts-collapse-what-happens-2024-2">property market</a> has gone up in smoke, <a target="_blank" href="https://markets.businessinsider.com/news/bonds/china-10t-hidden-debt-crisis-time-bomb-biden-warned-of-2023-8">local government debt</a> appears alarming, and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/china-economy-chinese-stock-market-foreign-investor-cash-flow-money-2023-12">foreign investors</a> are exiting in droves.Despite these challenges, the world's second-largest economy isn't imploding entirely — some sectors continue to thrive."There's decent spending on tourism catering and other services, but caution around bigger purchases, especially real estate," Rory Green, the chief China economist at GlobalData TS Lombard, told Business Insider."Consistent bad news from the property sector has overshadowed more resilient parts of the economy," analysts at the asset-management firm <a target="_blank" href="https://www.alliancebernstein.com/corporate/en/insights/investment-insights/chinas-struggling-economy-masks-a-promising-investing-landscape.html">AllianceBernstein</a> wrote in January.But they added that "since the economy has expanded at nearly 5% despite the housing sector's woes, other industries are obviously growing at a much faster clip.""What we're seeing in the Chinese economy really is that it's a two-speed economy," John Lin, the chief investment officer of China Equities at AllianceBernstein, told <a target="_blank" href="https://www.bloomberg.com/news/videos/2024-01-17/alliancebernstein-s-lin-on-china-equities-video">Bloomberg TV</a> in January.Real estate — which was a huge part of China's economy — had been hit badly, he said.But Lin added that "outside of property, whether it's in parts of the consumption sector or particularly in industrial manufacturing, some companies actually are doing quite well."<h2>Green and niche industries are thriving</h2>Even before COVID-19 hit, Beijing knew China's economy needed to transition from its position solely as the world's cheap factory floor — because companies were already <a target="_blank" href="https://asia.nikkei.com/Spotlight/Most-read-in-2019/China-scrambles-to-stem-manufacturing-exodus-as-50-companies-leave">starting to leave</a>.The <a target="_blank" href="https://www.businessinsider.com/china-trade-war-covid-companies-moving-supply-chains-2022-12">reasons for the exits</a> are manifold, including former US President Donald Trump's trade war, rising wages, and an increasing desire by companies to diversify their supply chains.To move up the value chain, Beijing is now targeting higher-value manufacturing. Industries focusing on sustainability are the <a target="_blank" href="https://www.businessinsider.com/china-economy-new-growth-areas-electric-vehicles-batteries-solar-property-2024-1">key focus areas</a> for Beijing.In particular, China is championing what it calls the <a target="_blank" rel=" nofollow" href="https://www.gov.cn/yaowen/liebiao/202308/content_6897581.htm">"new three" industries</a> of electric vehicles, lithium-ion batteries, and solar cells to drive its economy.Louise Loo, the lead economist at Oxford Economics, wrote in a note earlier this month that these new growth industries were set to replace the "old three" pillars of furniture, garments, and home appliances in China's economy.They're already doing well.Thanks to government subsidies, China is already the <a target="_blank" href="https://www.weforum.org/agenda/2023/05/electric-vehicles-ev-sales-growth-2022/">world's largest market</a> and <a target="_blank" rel=" nofollow" href="https://www.weforum.org/agenda/2023/05/electric-vehicles-ev-sales-growth-2022/">producer</a><a target="_blank" href="https://www.bloomberg.com/news/articles/2023-11-01/how-china-carmakers-came-to-dominate-the-ev-industry-quicktake"> of electric vehicles.</a> China-made EVs are now being exported to Europe and beyond. They're also poised to <a target="_blank" href="https://www.businessinsider.com/cheap-chinese-electric-cars-will-upend-the-us-vehicle-market-2023-5">enter the US market</a>, as BI reported in May.China is also a lead producer of the lithium, iron, and phosphate batteries that power many electric cars. This has enabled China's top two battery firms — <a target="_blank" rel=" nofollow" href="https://www.bloomberg.com/news/articles/2023-10-11/china-s-catl-byd-dominate-ev-battery-market-as-demand-grows">BYD and CATL</a> — to control about half the global market.As for solar panels, China's push in its <a target="_blank" rel=" nofollow" href="https://www.reuters.com/sustainability/climate-energy/chinas-progress-renewables-meet-climate-goals-undermined-by-coal-expansion-2023-11-27/">energy-transition plans</a> has spurred intense investment. <a target="_blank" rel=" nofollow" href="https://www.woodmac.com/press-releases/china-dominance-on-global-solar-supply-chain/">Wood Mackenzie</a>, a commodity research and consultancy firm, said it expected China to dominate 80% of global solar manufacturing capacity until 2026.AllianceBerstein's Lin said other niche industries were also performing, citing bus and forklift exports in the heavy-manufacturing sectors as examples.In December, China witnessed a 17% surge in <a target="_blank" href="https://www.reuters.com/world/china/chinas-industrial-profits-fell-23-2023-2024-01-27/">industrial profits</a> from a year ago. Notably, profits in the railway, shipping, and aerospace industries jumped 20%, according to official data.<h2>Travel has picked up after years of pandemic lockdowns</h2>Services are another pillar of China's economy that Beijing has been trying to build up.Economic uncertainty has hit consumer wallets. Even so, there has been a surge in travel, particularly within China, after years of on-off pandemic lockdowns.This year, Chinese travelers made 474 million <a target="_blank" href="https://www.reuters.com/markets/asia/chinas-travel-spending-during-lunar-new-year-holidays-beats-pre-covid-levels-2024-02-18/">domestic trips</a> over the weeklong Lunar New Year holiday in February while splashing out 633 billion Chinese yuan, or $88 billion, on travel expenses such as hotels, sightseeing, and food — <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-18/china-s-new-year-travel-and-spending-top-pre-covid-levels">surpassing pre-pandemic levels</a>.While authorities didn't break down the data on a per-trip basis, Reuters' calculations showed that the average spending per trip fell nearly 10% this year from 2019.Still, Nomura economists said the spending this holiday season was encouraging."The question is whether this data is enough to stem the rout in stock markets and whether China will need to come out with stronger measures to support the market," the Nomura economists wrote in a note this month.<h2>China still needs time to drive new industries to replace real estate</h2>China's immediate economic outlook isn't great."We continue to see consumption decelerating in 2024 as income, confidence, and negative wealth effects weigh on households, while base effects and pent-up demand prove less supportive," said Green from GlobalData TS Lombard. He predicts retail sales will slip 4% to 5% this year from a year ago.This is in part because new growth industries aren't able to take the place of real estate — yet.Because the <a target="_blank" href="https://www.chinadaily.com.cn/a/202401/29/WS65b6ff1ba3105f21a507ec78.html">property market accounts for</a> one-quarter of China's GDP and more than two-thirds of household wealth, its overall drag on China's economy is much greater than whatever is doing well right now.For comparison, the "new three" sectors and their associated upstream sectors contributed 11% to China's GDP in 2023.So, "the positive impact from the rapid growth in the new industries is unlikely to make up the difference, at least over the next two years," Oxford Economics' Loo wrote in her report, comparing China's new growth engines with the property sector."We view this as really a transition — a transition from historical, leverage-dependent growth model to one that is more like the rest of the East Asian economies today," Lin said, citing <a target="_blank" href="https://www.econ.sinica.edu.tw/18/archives/46eaa3b1770e8762">Taiwan</a> and <a target="_blank" href="https://www.stlouisfed.org/on-the-economy/2018/march/how-south-korea-economy-develop-quickly">South Korea</a>, both of which had similar "painful" transitions of their own from lower to higher-end manufacturing economies.

China's economy looks like a mess &mdash; but some sectors are quietly doing well in its '2-speed economy'  

<ul><li>A notable 51% of the active job openings are concentrated in the finance and insurance sector, followed by 13% in the transport and storage sector.</li><li>Among the registered employers, a significant majority of 68% hail from the service sector, underlining the substantial opportunities within this field.</li><li>With the upcoming festival season anticipated to generate additional demand, the growth in employment opportunities is expected to increase further. </li></ul>Jobseekers have a reason to cheer. The National Career Service (NCS) portal under the Ministry of Labour has successfully listed more than one million active <keyword id="481259" type="General" weightage="20" keywordseo="job-vacancies" source="Orion">job vacancies</keyword> on August 28, 2023. These opportunities span across both the public and private sectors, presenting significant opportunities for the youth in India to explore various job prospects. Approximately a third of these open positions are exclusively designated for freshers. This presents a significant opportunity for young individuals to seamlessly transition into the workforce upon completing their education. The job roles available are wide-ranging and include profiles such as technical support executives, sales executives, date entry operators, logistics executives, software engineers, maintenance engineers, and various others. <cmsannotation type="cmsannotation" annotationid="Job vacancies across sectors" comment="subhead" text="Job vacancies across sectors">Job vacancies across sectors</cmsannotation> The vacancies listed on the NCS platform span across a wide range of sectors, indicating a significant rise in employment prospects across various fields in the country. Among the registered employers, a significant majority of 68% hail from the service sector. The manufacturing sector closely follows with 26%, showcasing the diversity of industries utilising the platform. A notable 51% of the active job openings are concentrated in the finance and insurance sector, followed by 13% in the transport and storage sector. Other industries, including operations and support, IT and communication, and manufacturing, jointly contribute around 12% of the vacancies. These sectors have also witnessed a notable surge in vacancies during the period from June to August 2023. With the upcoming festival season anticipated to generate additional demand, the growth in employment opportunities is expected to further escalate, possibly setting a new record for active vacancies on the <keyword id="12219266" type="General" weightage="20" keywordseo="ncs-portal" source="Orion">NCS portal</keyword>. Breaking down the distribution of vacancies, it's observed that 38% of the openings are intended for candidates on a nationwide basis. In contrast, 18% are open for candidates across multiple states, and the remaining vacancies are targeted at specific states' requirements. <cmsannotation type="cmsannotation" annotationid="NCS looks to provide a suite of career related services" comment="subhead" text="NCS looks to provide a suite of career related services">NCS looks to provide a suite of career related services</cmsannotation> NCS is devoted to offering a comprehensive suite of career-related services to job seekers. These include not only job search and matching services but also career counselling, vocational guidance, and facilitating access to information about skill development courses. Simultaneously, the platform serves as an invaluable tool for employers, aiding them in pinpointing candidates with the specific skill sets required for their vacancies. As NCS continues to evolve and expand, its role in fostering meaningful connections between job seekers and employers becomes increasingly vital in the ever-changing landscape of employment and skills development. <cmsannotation type="cmsannotation" annotationid="Vacancies in Government jobs" comment="subhead" text="Vacancies in Government jobs">Vacancies in Government jobs</cmsannotation> In other news, Prime Minister Narendra Modi utilised video conferencing to personally hand out 51,000 appointment letters to newly appointed recruits in an event yesterday. This initiative was a part of the Rozgar Mela (Employment Fair) endeavour. Notably, since October of the previous year, the government has been consistently organising these fairs with the aim of addressing the existing 10 lakh (equivalent to 1 million) vacancies across various categories of government jobs. The effort aligns with the objective of filling these vacancies prior to the upcoming general election in 2024. It is to be noted that the overall unemployment rate experienced a decline, reaching 7.95% in July, as compared to 8.45% recorded in June according to data by private forecasting entity, the Centre for Monitoring Indian Economy. In the rural context, the unemployment rate also saw a decrease, dropping to 7.89% in July from the previous 8.73% in June. Conversely, the urban unemployment rate saw a slight uptick, rising to 8.06% in the same period from 7.87%.

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