Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul class="summary-list"><li>Goldman Sachs last week promoted 95 people to partner — its largest class under CEO David Solomon.</li><li>Partners from Goldman's banking and markets and asset management units shared how they got the news.</li></ul>First came the calls. Then came the Champagne.Wall Street may be known for its long hours — but last week, <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partners-revealed-see-full-list-names-diversity-women-2024-11">95 of Goldman Sachs' top executives</a> pressed pause (briefly) to revel in a professional milestone: making partner.The role — Goldman's top designation outside the C-suite — <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partner-class-perks-privileges-cross-ruffing-process-2024-10">represents a zenith</a> at the prestigious Wall Street bank. Goldman Sachs is a leading investment bank for <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partners-share-investment-banking-oral-histories-2024-7">corporate dealmaking</a> and trading, and its partners represent less than 1% of roughly 46,000 employees. On average, Goldman's newest partners have spent 16 years rising in the ranks, the bank said last week.Business Insider spoke to nine partners from the 2024 class about their big day, including how they celebrated with their families and teams. For some, the day raced by in a blur after getting the call from top bosses <a target="_blank" class="" href="https://www.businessinsider.com/goldman-ceo-david-solomon-memo-trump-presidential-victory-policies-2024-11">CEO David Solomon</a> or President and COO John Waldron. Many described an outpouring of support from inside the halls of Goldman Sachs, including balloons, congratulatory notes, applause from staff, and toasts with fellow members of their partner class.One trader told BI he sat in his office quietly to digest the news and not disturb the work of others, while another executive told BI she shouted across the trading floor, "We did it, team! We did it!" to hugs and applause. "It's like a wedding and birthday wrapped up in one amazing moment that you keep reliving," one new partner said.Here's a glimpse inside the big day of nine of Wall Street's up-and-coming executives, including what they did to mark the occasion. Answers have been edited for length and clarity and are ordered alphabetically by last name.<h2 id="7149a354-e3d3-4f1e-b8a4-c63d3a189018">Rob Barlick, region head for Florida and Latin America private wealth management</h2><div type="image" title="Robert Barlick" height="1125" width="1500" msid="115225868" hostid="261" sizebytes="83670"></div>David called me on my cell at 8:54 a.m. My team sits outside my office so they knew what had happened. They all rushed in to offer their congratulations, and we had a celebratory dinner later in the evening.One of the most remarkable things about being named partner is the flood of emails, texts, and calls you get after the announcement. I received literally hundreds of messages from colleagues, clients, alumni, and friends. It's a joyful rush of congratulations that's deeply moving.<h2 id="e22683da-a145-42f7-aa1e-cae0392d86b9">Lyla Bibi, head of the US healthcare equity-capital-markets group within investment banking</h2><div type="image" title="Lyla Bibi Goldman Sachs partner" height="1125" width="1500" msid="115225871" hostid="261" sizebytes="70364"></div>As someone who spent most of her professional career at GS, getting "the call" from John Waldron was a moment I imagined for decades (and was still woefully underprepared for it!).I called my husband first (and by extension my two youngest kids). My parents were my second call.I'd love to say it was a full day of celebrating, but there was a day job in between the incredible outpouring of congratulatory calls, hugs, visits, texts, and emails.There were some wonderful celebrations and tributes across the healthcare team — various women's groups as well as an intimate dinner hosted by the financing group partners with our spouses and partners. And coming home to flowers, Champagne, and cards — it's like a wedding and birthday wrapped up in one amazing moment that you keep reliving.<h2 id="71b7cc8f-c9bf-4944-b5b9-4ab9705296d1">Bracha Cohen, managing director in engineering within Goldman Sachs Asset Management, global head of client servicing and public portfolio servicing</h2><div type="image" title="Bracha Cohen" height="1501" width="2001" msid="115225878" hostid="261" sizebytes="56022"></div>I first got a call from John Waldron and then received a second call from our chief information officer, Marco Argenti. When my assistant saw who had called, she ran into my office to give me a hug. The first person I called was my husband, who told me he never doubted me for a minute.We had three celebrations at work over cake and Champagne – first for the teams I manage and work most closely with, then with all of the engineering managing directors in New York, and then with all of the existing and new asset-and-wealth-management partners. My husband took me to dinner and I suspect he's scheduling a "surprise" party with our seven children for this weekend.One of the things that made it possible for me to get to this point is the incredible support the firm provides to employees to enable them to grow their families. For example, I felt incredibly supported to be on leave for several months when I had triplets just two years after joining the firm, and on top of that got promoted to vice president in my first year of eligibility.Additionally, as an Orthodox Jew, I've never felt anything other than respect and understanding for my commitment to religion, including being unreachable over the Jewish Sabbath and holidays.<h2 id="a0810c31-5f56-47ac-98d9-402bbead7ef4">Matt Doherty, head of alternative capital markets, Americas</h2><div type="image" title="Matt Doherty Goldman Sachs partner" height="1607" width="2143" msid="115225873" hostid="261" sizebytes="70440"></div>It's interesting that David ended up calling me because I haven't interacted as much with David. That was actually our first conversation, which was nice.My team and I went to drinks with Kristin Olsen, the asset-and-wealth-management partner who leads the group, and a whole bunch of other folks at around 4 o'clock.Marc Nachmann runs our division — he put together an event for the current partners in AWM and the new partners at 200 West. I got to meet all my new partners, which was really fun.I didn't manage to see my kids before they went to bed, but I saw my wife, which was fun. We had a nice dinner together.The next morning, my 3-and-a-half-year-old and 1-and-a-half-year-old had made me breakfast and a card, which was really cute. The card said, "Congrats, Dada."I don't think day to day it will change my role too much, although I think this is a step up at the leadership level, being involved in helping weigh in on broader cultural issues or how we should evolve and change our practices as a firm.<h2 id="22771a02-3a57-4753-864e-273d29d226d7">Shane Lee, natural gas trader</h2><div type="image" title="Shane Lee, Goldman Sachs trader" height="1125" width="1500" msid="115225876" hostid="261" sizebytes="88144"></div>I got the call from John Waldron around 7 a.m. local time. Though it was a very exciting call, more than anything, I felt overwhelmingly humbled — almost embarrassed. I kept myself locked in my office away from the trading floor for a couple hours out of respect for the fact many others in the process were nervously awaiting their own news, and my teammates were at their busy peak of the day. I told my wife of 23 years and my parents, and then contemplated how I would break the news to the office without interrupting their days too much.We kept things tame at the office — brought in some lunch at work, and then I took the team out for a couple of drinks. I wanted to make sure I could get in some family time before the end of the night, and take the time to individually thank everyone who had reached out.My wife and I agreed we would celebrate by taking some nice formal family pictures soon. We haven't done that for many years. I know that sounds super boring, but the little family things are important to me. These days it's not easy to get my kids to spend time with me, so this will be a good excuse!I think I made it to partner because my teammates propelled me there. They need to want to work for you, and that's what I spend time on. I try and operate every day with empathy and humility and a healthy dose of fear of the market.<h2 id="d8943d85-886f-4f13-b464-fa1548ae9a39">Vishaal Rana, cross markets consumer retail investment banker</h2><div type="image" title="Vishaal Rana" height="1125" width="1500" msid="115225875" hostid="261" sizebytes="70632"></div>David Solomon called me. The call was short but one of the most consequential I've had over the years. It was surreal and, honestly, still has not completely sunk in.The first person I told was my wife, who was standing right next to me. She was so happy for me, and I could not have done this without her support over the years.I celebrated in a low-key way at home with my family. We had dinner and my wife and I enjoyed a toast. I even still did the dishes. I think that we will probably do a bigger celebration at some point in the future with family and friends, but I don't have one currently planned. This may be superstitious, but it felt like bad karma to plan a celebration too early.Joining the partnership represents the culmination of long-term persistence, being nimble throughout my career, always looking at opportunities and challenges through the lens of what's best for the firm, and the flexibility to work with founders at high-growth companies to boards of large-cap companies.<h2 id="b4b1dea0-ba6c-424e-bd97-84df4e42e837">Aaron Siegel, global head of entertainment investment banking</h2><div type="image" title="Aaron Siegel Goldman Sachs partner" height="1122" width="1497" msid="115225867" hostid="261" sizebytes="66452"></div>I joined GS over 20 years ago, just days after meeting my wife, Hayley, while moving to New York City. John Waldron was the first person I met at 85 Broad Street — it was a meaningful, full-circle moment to get the partnership call from him. I called Hayley right after to share the moment – and to reflect on how many colleagues, mentors, and clients have become like family.I happened to be stepping into a meeting with the Arthur Miller Foundation — an amazing nonprofit that supports theater teachers in schools across NYC and beyond — just as John called. I spent the rest of the day appreciating the transformative impact of great teachers and mentors and had the opportunity to thank many of mine throughout the day.I did celebrate with my wife and two sons – making sure my youngest stayed up well past his bedtime for us to all be together.<h2 id="fccc57f3-4c42-4681-af99-b91faf3bd4c0">Craig Smart, healthcare banker covering healthcare services and technology companies</h2><div type="image" title="Craig Smart Goldman Sachs partner" height="1125" width="1500" msid="115225877" hostid="261" sizebytes="75166"></div>I was on my way to the office after walking my daughter to school. My phone rang while I was on the subway. I quickly decided to get off the train and answer the call, having a feeling for what it might be about. There was a nervousness at the beginning of the call as John began speaking, which transformed into pure bliss and excitement once he delivered the news.I took the rest of my commute to process the magnitude of the moment. As soon as I got above ground, I called my wife, Kristin. It was the pinnacle of my professional career to date and a moment I'll never forget.The excitement and energy at the office was palpable. All day was filled with heartfelt congratulatory remarks from several members of the partnership and colleagues from across the firm. Marshall Smith, global head of healthcare, gathered the entire healthcare team and hosted a celebration for us on the 42nd floor, where he spoke about each of the newly promoted partners from our group individually and toasted the seven of us who are part of the 2024 class.After work, I went to an early dinner with Kristin and our three girls. It was a school night and my children are young, so we were home early, but we plan to find some time to celebrate properly with family and friends over the holiday season — specific plans still TBD.<h2 id="e3d88e7b-bfc7-42e4-b964-4175cd08db11">Sylvia Yeh, cohead of Goldman Sachs Asset Management's municipal fixed-income business</h2><div type="image" title="Sylvia Yeh Goldman Sachs partner" height="1125" width="1500" msid="115225870" hostid="261" sizebytes="139210"></div>I sit with my team on an open trading floor and we're known to be a bit of a fun and outspoken bunch. Not on Thursday, however – you could hear a pin drop even after people hit the desk. We were all just waiting, hoping, for that call to come in.Around 9:40 a.m., our turrets lit up – John Waldron was calling! I felt my heart just stop. And a montage of the last 25 years I've spent at the firm quickly flashed. I took a moment to just shake it off (literally) in my chair before picking up the line. All eyes were on me.John said, "Good morning." We exchanged "how are you's," and then I asked if he was calling because he wanted to open up a Muni Account. We laughed and he said that he was calling to welcome me to the partnership.When our call ended, I did another quick little happy dance, this time swung my chair around, and shouted, "We did it, team! We did it!" knowing that I could not have gotten here without the strong bench I have on my team. The rest is a bit of a blur — applause, cheers, confetti, streamers, balloons, and hugs.It felt like we celebrated all day. Asset-and-wealth divisional management hosted a new partner reception. It was such a wonderful opportunity to connect with current partners and raise a glass to my classmates — an extraordinary group of individuals. And, unbeknownst to me, my husband reserved a location for us to celebrate later that evening and coordinated with my team to make sure that all of my people were there.The only way to celebrate this achievement was to do it with the people who helped make it happen — my team.Are you a Goldman Sachs or Wall Street insider? Get in touch with these reporters with your story. Reed Alexander can be reached via email at ralexander@businessinsider.com or via the encrypted messaging app Signal 561-247-5758 , and Emmalyse Brownstein can be reached at ebrownstein@businessinsider.com or or via the encrypted messaging app Signal 305-857-5516.

How 9 newly minted Goldman Sachs partners celebrated their big day, from shouting across the trading floor to popping Champagne in the office

India remains highly dependent on imports for minerals critical to accelerating its <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>, with a full reliance on shipping in lithium, cobalt and nickel, according to a report released Monday. The report, published by the Institute for Energy Economics and Financial Analysis (IEEFA), said that India's demand for <keyword id="19978839" type="General" weightage="20" keywordseo="critical-minerals" source="keywords">critical minerals</keyword> is expected to more than double by 2030, while domestic mining operations may take over a decade to start producing. It stresses that India needs a carefully crafted import strategy to mitigate potential trade risks while balancing international relationships to secure these essential minerals. IEEFA's report examines five critical minerals (and their compounds) - cobalt, copper, graphite, lithium and nickel - from the perspectives of import dependency, trade dynamics, domestic availability, and global price fluctuations. The findings show that India remains largely import-dependent for these minerals and their compounds, with 100 per cent import reliance for minerals like lithium, cobalt, and nickel. "India should strive to de-risk its critical minerals sourcing by identifying new international resources and expediting <keyword id="20681115" type="General" weightage="20" keywordseo="domestic-production" source="keywords">domestic production</keyword>. A concerted effort to partner with and foster bilateral relations with <keyword id="23713985" type="General" weightage="20" keywordseo="mineral-rich-nations" source="keywords">mineral-rich nations</keyword> should be a priority for India," said the report's co-author Charith Konda, Energy Specialist, IEEFA. "The country can also explore investment opportunities in resource-rich, friendly nations, such as Australia and Chile, as well as African countries like Ghana and South Africa," he added. The report said India depends heavily on China for synthetic graphite and natural graphite and it should explore cooperation initiatives with countries like Mozambique, Madagascar, Brazil and Tanzania which are some of the highest graphite producing countries. "As part of the Global South cooperation initiatives, these countries could be favourable partners for India for <keyword id="23713984" type="General" weightage="20" keywordseo="graphite-trading" source="keywords">graphite trading</keyword>," said the report's co-author Kaira Rakheja, Energy Analyst, IEEFA. India is also highly import-dependent for copper cathodes and nickel sulphates from just two countries - Japan and Belgium. The report suggests India could look at the US, the fifth largest producer of copper in the world, to diversify its suppliers and enhance <keyword id="23714709" type="General" weightage="20" keywordseo="supply-security" source="keywords">supply security</keyword>. For minerals like lithium oxide and nickel oxide, the dependency is low on one country, but overall imports largely come from Russia and China, both countries with potential trade risks. "Developing domestic lithium refining capacity will help India integrate with the global lithium supply chain," said Rakheja. The report also notes the significant efforts that the Indian government is making to improve domestic production of critical minerals with the auctions by the Ministry of Mines and the planned Critical Minerals Mission. "The critical minerals mining block auctions can serve as an opportunity for India to focus on building refining and processing capabilities to emerge as a global value-adding hub," said Rakheja. "Government support in the form of viability gap funding and technology development will help promote such auctions and ultimately the domestic production of critical minerals. "A stable supply of critical minerals is imperative for India to achieve its <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> goals," Konda said. India has committed to achieving 500 gigawatts (GW) of non-fossil fuel-based electricity installed capacity by 2030. Currently, the country's renewable energy installed capacity stands at 201 GW, with solar energy accounting for 91 GW. According to another study, the fast-developing South Asian nation needs to install around 7,000 GW of renewable energy capacity to achieve net-zero emissions by 2070.

Energy transition: India remains highly dependent on imports of critical minerals, says report

<ul class="summary-list"><li>Russia is weighing a plan to combine three of its oil giants, The Wall Street Journal reported. </li><li>The report says the merger would help Russian energy be more competitive amid slowing oil demand.</li></ul>Russia is considering a plan to combine three of its oil giants, making for the world's second-largest largest oil producer, <a target="_blank" class="" href="https://www.wsj.com/business/energy-oil/russia-explores-plan-to-merge-oil-giants-into-mega-producer-80a6aa6b">The Wall Street Journal reported</a>. The deal would involve state-backed Rosneft Oil taking over state-owned Gazprom Neft (a subsidiary of Gazprom) and the independently-run Lukoil, the Journal report said. Sources speaking with the Journal said the possible deal is subject to change and has been discussed among executives and government officials over the past few months.Talks of similar mergers have circulated in recent years, but there remain some hurdles, like opposition from executives at Rosneft and Lukoil, plus the large amount of financing needed to pay Lukoil's shareholders, the report said.It added that the merger is part of Putin's effort to compete with Saudi Arabia while oil demand slows amid a push toward renewable sources. If successful, the post-merger entity would be one of the world's largest oil producers, second only to Saudi Aramco, which produced almost 10 million barrels of oil a day in 2023, according to data from Rystad Energy UCube.It would also pump nearly three times that of US oil producer Exxon Mobil, the report added.The deal's proponents say the merger could generate far more revenue since the oil output from the three companies could be sold through Litasco, Lukoil's trading unit in Dubai.That would help fuel Putin's war effort in Ukraine. Oil and gas are key lifelines for Russia's economy, and provide nearly a third of federal revenue, but have faced new obstacles amid Western sanctions.Rosneft, Gazprom Neft, and Lukoil all face sanctions, making it difficult to engage in the energy trade with partners around the world. The report comes as oil prices have been largely depressed this year, partly because China has suffered a prolonged economic downturn and as the conflict in the Middle East hasn't resulted in any disruption to supply. The report said spokespeople from some of the involved parties denied the deal. A Rosneft spokesperson said the information was incorrect, while a Lukoil spokesperson said the company was not involved in merger talks because it would not be in the interest of the company, the report says. A state spokesperson, meanwhile, said the administration was not aware of a deal, the report adds.

Russia could merge state-run oil companies to make the world's 2nd largest producer, report says

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>Trade payments from Russia to China are taking up to six months to clear, the Kommersant reported.</li><li>Chinese banks are tightening compliance checks, fearing repercussions from Western sanctions.</li></ul>Trade between Russia and China is getting ever more difficult, with some payments between partners taking up to half a year, the <a target="_blank" class="" href="https://www.kommersant.ru/doc/6863025">Kommersant</a> business daily reported on Monday.About 80% of bank transfers made in the Chinese yuan are also getting bounced back with no explanation, after being stalled for weeks while banks decide if they can go ahead, per Kommersant, citing unnamed sources.Such returns can result in exchange rate or commission losses for Russian businesses, per the media outlet.Kommersant's report highlights intensifying pressure on external parties dealing with Russian companies that have managed to keep their international business activities going despite sweeping sanctions.Earlier this month, several unnamed major Russian commodity exporters told <a target="_blank" rel=" nofollow" class="" href="https://www.bloomberg.com/news/articles/2024-07-17/us-sanctions-make-it-harder-for-russian-firms-to-get-paid-by-china?srnd=homepage-asia">Bloomberg</a> that trade with China has become <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-yuan-trade-payments-ending-war-sanctions-dedollarization-crypto-2024-7">increasingly difficult,</a> as even direct payments made in the <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-yuan-trade-payments-ending-war-sanctions-dedollarization-crypto-2024-7">Chinese yuan</a> were getting frozen or delayed.The troubles started in December when the US authorized <a target="_blank" rel=" nofollow" href="https://www.reuters.com/world/us/us-takes-aim-financial-institutions-with-new-russia-sanctions-authority-2023-12-22/">secondary sanctions</a> targeting financial institutions that help Russia skirt sanctions.This prompted <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-financial-system-us-sanctions-oil-trade-foreign-banks-2024-3">global banks</a> from <a target="_blank" class="" href="https://www.businessinsider.com/china-biggest-banks-stop-russia-payments-icbc-ccb-boc-2024-2">China </a>to the UAE, Turkey, and Austria to reduce transactions with Russia to avoid getting in the crosshairs.The payment issues were exacerbated last month when the US Treasury rolled out a new package of <a target="_blank" rel="" href="https://www.businessinsider.com/russia-sanctions-us-china-ukraine-war-economy-janet-yellen-treasury-2024-6?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*1nuxsvd*_ga*MTM0MjM1NDU5My4xNjg1MTUzMTcw*_ga_E21CV80ZCZ*MTcyMDE0NzM3MS45MzUuMS4xNzIwMTQ5OTU5LjYwLjAuMA..">expansive US sanctions</a> against Russia, forcing the Moscow Exchange — Russia's key bourse — to halt <a target="_blank" rel="" href="https://markets.businessinsider.com/news/currencies/russia-dollar-ruble-exchange-us-sanctions-currency-yuan-ukraine-war-2024-6">dollar and euro trade.</a>To get around tightening restrictions, some Russians who want to buy goods via Chinese companies now have to go through intermediaries — at extra cost, according to Kommersant.<h2 id="4b5d0823-4041-4282-b6d7-137f4c421732">The US and its allies are punishing those who deal with Russia</h2>The development comes 29 months after Russia's full-scale invasion of Ukraine.To force Russia to halt its war, West blocked <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/us-eu-announce-some-russian-banks-removed-from-swift-2022-2">some Russian banks</a> from the widely used SWIFT messaging system for payments early in the conflict. However, Russia and its trade partners have been able to skirt sanctions by using smaller banks and other payment modes or non-US dollar currencies.The continued business activity between the two countries sent <a target="_blank" class="" href="https://www.businessinsider.com/china-russia-trade-record-ukraine-war-xi-jinping-vladimir-putin-2024-1">trade between Russia and China</a> to a record $240 billion last year. In June, <a target="_blank" class="" href="https://www.reuters.com/markets/chinas-june-exports-russia-rise-more-quickly-than-previous-month-2024-07-12/">China's yuan-denominated exports</a> to Russia grew 4.76% in June from a year ago.Beijing has not condemned Moscow's full-scale invasion of Ukraine nor sanctioned Russia. The two countries are not formal allies but have a <a target="_blank" class="" href="https://www.cfr.org/backgrounder/china-russia-relationship-xi-putin-taiwan-ukraine">long and complicated relationship</a> that has been getting <a target="_blank" class="" href="https://www.brookings.edu/articles/the-dynamics-of-the-russia-china-partnership/">closer in recent years.</a>Even so, the US and its allies have been intensifying restrictions.Earlier this month, a top Russian banker said the sanctions-evading methods should be made a <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-banker-kostin-payment-mechanisms-state-secret-sanctions-2024-7">"state secret"</a> because they keep getting shut down so fast."Whatever steps we take, we can see that the reaction is very quick," said Andrei Kostin, the CEO of VTB Bank, Russia's second-largest lender.Russia has said it's <a target="_blank" rel="" href="https://www.businessinsider.com/dedollarization-russia-actively-working-brics-local-currencies-platform-us-dollar-2024-6">working with a group of countries</a> to build a platform that doesn't need the dollar.Some Russian businesses have also used cryptocurrencies with settlements done via Hong Kong, but through central Asian intermediaries, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-07-25/russian-companies-face-mounting-payment-issues-as-sanctions-bite">Bloomberg</a> reported last week.

China's trade with Russia is getting so difficult that payments can take half a year and most bank transfers are returned

<ul class="summary-list"><li>Russia is expanding its economic and trade ties with Cuba.</li><li>Russia has been pivoting to alternative markets in the face of Western sanctions.</li></ul>Russia has set its sights on broader economic and trade ties with Cuba.Russian Deputy Prime Minister Dmitry Chernyshenko said on Friday that more than 100 Russian companies had started operations in Cuba over the past year, according to the state news agency <a target="_blank" href="https://tass.com/economy/1760231">TASS</a>.Speaking at an intergovernmental meeting between Russia and Cuba, Chernyshenko said the companies were involved in various sectors including heavy industry, energy, banking, agriculture, IT, and tourism. He didn't name any companies.He added that some Russian banks were also considering <a target="_blank" href="https://tass.com/economy/1760225">opening representative offices in Cuba</a>. He didn't name any banks but said the rollout of <a target="_blank" href="https://www.reuters.com/business/finance/russia-launches-its-mir-payment-cards-cuba-2023-12-05/">Russia's Mir cards in Cuba</a> last year was a milestone.He said the developments would boost bilateral trade."Cuba is a reliable Russia's ally," Chernyshenko said, according to an <a target="_blank" href="http://government.ru/en/news/51120/">online post by the Russian government</a>. "Today's meeting confirms the policy of strengthening Russian-Cuban relations."<h2>Russia has pivoted to alternative markets</h2>Chernyshenko's trumpeting of Russia's economic ties with Cuba has come two years after President Vladimir Putin's regime invaded Ukraine, triggering sweeping Western sanctions against Moscow.The trade restrictions hit Russia's trade with Europe, traditionally its single largest market.But Russia has <a target="_blank" href="https://www.businessinsider.com/russia-economy-how-moscow-pays-war-economy-afloat-sanctions-ukraine-2024-2">managed to keep its economy humming</a> by pivoting its trade to alternative markets including <a target="_blank" rel="" href="https://www.businessinsider.com/russia-economy-divert-oil-exports-europe-india-china-circumvent-sanctions-2023-12">India, China</a>, and <a target="_blank" rel="" href="https://markets.businessinsider.com/news/currencies/dedollarization-russia-iran-agreement-us-dollar-currency-bilateral-trade-2023-12">Iran</a>. It's even building rail lines to create what one analyst called "a trade route for the pariahs" with <a target="_blank" rel=" nofollow" href="https://www.statista.com/chart/27015/number-of-currently-active-sanctions-by-target-country/">heavily sanctioned Iran</a>.Moscow is also aligning itself closer to Cuba, which was already an ally.In November, <a target="_blank" href="http://government.ru/en/news/49966/">Russia and Cuba</a> signed an agreement for a trade and economic cooperation program that aims to strengthen ties between the two countries.Despite the close relationship, Moscow-Havana ties appeared to show cracks in September when the <a target="_blank" href="https://cubaminrex.cu/en/statement-ministry-foreign-affairs">Cuban Ministry of Foreign Affairs</a> said in a statement that it was working to "neutralize and dismantle" a "human-trafficking network" in Russia that was recruiting Cubans to fight the war in Ukraine.A <a target="_blank" rel=" nofollow" href="https://www.reuters.com/world/whatsapp-war-how-cubans-were-recruited-fight-russia-2023-09-30/">Reuters investigation</a> published in the same month found that some poor Cubans who signed up to fight had been lured by Russian offers of signing bonuses and fast-track citizenships.Cuba has been <a target="_blank" href="https://www.state.gov/cuba-sanctions/">sanctioned by the US</a> for decades. The country has been in <a target="_blank" href="https://www.reuters.com/world/americas/protest-erupts-eastern-cuba-amid-blackouts-food-shortages-2024-03-18/">economic crisis</a> since the COVID-19 pandemic, prompting many citizens to flee to the US. <a target="_blank" href="https://www.reuters.com/world/americas/sticker-shocked-cubans-prepare-inflation-bomb-2024-01-23/">Cuba's inflation rate</a> hit 30% in 2023, while food and medicine shortages are frequent, media reports say.On Sunday, hundreds of people in Santiago — Cuba's second-largest city — staged a rare public protest against blackouts that stretched for 18 hours or more a day, <a target="_blank" href="https://www.reuters.com/world/americas/protest-erupts-eastern-cuba-amid-blackouts-food-shortages-2024-03-18/">Reuters reported</a>.

Russia is betting big on Cuba as it courts alternative economic partners

<ul><li>China has lifted restrictions on coal from all nations except Australia in the latest attack on the country’s exports.</li><li><keyword id="194260" type="COMPANY" weightage="20" keywordseo="The-Global-Times">The Global Times</keyword>, a <keyword id="10433981" type="UNKNOWN" weightage="20" keywordseo="state-media-outlet">state media outlet</keyword>, quoted an economic advisor who said that “the relationship between China and Australia has been deteriorating and Australia is gradually losing the Chinese market”.</li><li>Trade Minister Simon Birmingham revealed the government is seeking clarification over the reports, telling media “I urge Chinese authorities to immediately rule out these reports of what, if accurate, would appear to be the use of discriminatory practices against Australian coal”.</li><li><a href="https://www.businessinsider.com.au/">Visit Business Insider homepage for more stories</a>.</li></ul>This article was originally published on Business Insider Australia by<a href="https://www.businessinsider.com.au/author/jack-derwin" data-type="tilCustomLink"> Jack Derwin</a>. The <a href="https://www.businessinsider.com.au/australia-china-trade-partner-wine-barley-dispute-2020-8" target="_blank">strained relationship between China and Australia</a> has spiralled from an unfortunate tiff to a trade war Canberra can’t ignore. On Monday evening, the Morrison government was seeking clarification over reports that China, the country’s <keyword id="3394186" type="PERSON" weightage="20" keywordseo="largest-trade-partner">largest trade partner</keyword>, would cease buying Australian coal, while lifting import restrictions on other nations. <h2 style="box-sizing: inherit; font-family: &quot;LabGrotesque Black&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; line-height: inherit; margin-top: 20px; margin-bottom: 1em; font-size: 14px;"></h2>In a newspaper article with the headline “Australia shut out of new China coal policy”, state media outlet <a href="https://www.globaltimes.cn/content/1209840.shtml" target="_blank">The Global Times reported</a> that China had replaced Australia with other major exporters. “China’s major coal import source countries used to be Australia, Indonesia, Russia and Mongolia. Since Mongolia has a geographic advantage that allows lower transportation costs than any other exporters, it could take a large share from Australian coal, as the relationship between China and Australia has been deteriorating and Australia is gradually losing the Chinese market,” Wang Yongzhong, director of <keyword id="10433982" type="COMPANY" weightage="20" keywordseo="the-institute-of-energy-economy">the Institute of Energy Economy</keyword> at <keyword id="10284149" type="COMPANY" weightage="20" keywordseo="the-chinese-academy-of-social-sciences">the Chinese Academy of Social Sciences</keyword>, is quoted as saying. Citing China’s goal of being carbon-neutral by 2060, Wang goes on to say that “an absence of Australian coal in China is actually beneficial to all other market suppliers”. Threatening a $14 billion a year industry, the ban comes after <a href="https://www.businessinsider.com.au/china-ban-australian-coal-exports-quotas-2020-10" target="_blank">steel mills were told verbally to stop buying Australian coal</a> in October. China must rule out ‘discriminatory practices’ The Australian government said it was now seeking answers from Beijing. “I urge Chinese authorities to immediately rule out these reports of what, if accurate, would appear to be the use of discriminatory practices against Australian coal,” Trade Minister Simon Birmingham told media on Monday. “We reiterate that all terms of our free trade agreement and <keyword id="10433980" type="UNKNOWN" weightage="20" keywordseo="world-trade-obligations">world trade obligations</keyword> between Australia and China should be upheld and respected.” The coal ban marks the biggest escalation in a trade war that now covers more than <a href="https://www.businessinsider.com.au/china-australia-trade-suspensions-exports-tariffs-coal-2020-11" target="_blank">$20 billion worth of Australian exports</a>, including barley, wine, lobster, timber and beef. All have been subject to punitive restrictions and tariffs, after Australia threw its support behind an investigation into China’s early handling of the coronavirus outbreak. While Canberra has been <a href="https://www.businessinsider.com.au/australian-wine-china-trade-tariffs-impact-treasury-wine-estates-2020-11" target="_blank">reluctant to acknowledge the reactionary nature of these measures</a>, it has been left with few alternatives as China heaps economic pressure on seemingly without reprieve. Australia has other options for now However, while the major split with China over trade policy provides serious concerns, Australia has managed to so far find other markets to compensate due to higher demand in countries like India, Japan and South Korea. “Stronger demand from these countries has helped to offset the negative impact of China’s ban on Australia’s coal sales. For instance, Australia’s exports to both Japan and South Korea were at their highest in October since prior to the global Covid-19 pandemic,” analysts from <keyword id="9260079" type="COMPANY" weightage="20" keywordseo="fitch-solutions-country-risk-and-industry-research">Fitch Solutions Country Risk and Industry Research</keyword> wrote on Monday. At the same time, October restrictions have created an oversupply of Australian coal that it can now export while other producers remain constrained and prices remain high. With China, the world’s largest buyer of coal, to begin cutting consumption over the next decade however, Australia will need to begin transitioning away regardless of its trade relationships. But in the short-term, its another economic hit Canberra would rather have liked to avoid, and a trade war it simply can’t ignore. SEE ALSO:<a href="https://www.businessinsider.in/business/corporates/news/interview-home-recipes-that-are-set-for-a-7-million-ipo-mrs-bectors-food-is-no-cookie-cutter/articleshow/79721783.cms" data-type="tilCustomLink"> INTERVIEW: Home recipes that are set for a $73 million IPO⁠— Mrs Bector’s Food is no cookie cutter</a> <a href="https://www.businessinsider.in/tech/apps/news/gmail-youtube-google-docs-crash-for-users-across-the-world/articleshow/79720225.cms" data-type="tilCustomLink">YouTube, Gmail, Google Meet, Google Docs and Play Store restored for some users as others still face outage</a>

China has banned Australian coal in a huge escalation of the trade war, state media reports

<ul class="summary-list"><li>Chinese leader Xi Jinping is visiting France in the first leg of his European Union visit.</li><li>Xi's visit seeks to avoid tensions with the EU similar to those faced by Beijing and Washington.</li></ul>China has been on a diplomatic blitz with major world powers in the past few weeks, hosting <a target="_blank" href="https://www.businessinsider.com/china-shock-explainer-us-economy-trade-dumping-supply-glut-yellen-2024-4">US Treasury Secretary Janet Yellen,</a> <a target="_blank" href="https://www.businessinsider.com/us-relationship-china-dangerous-era-xi-jinping-blinken-meeting-2024-4">Secretary of State Authority Blinken,</a> and <a target="_blank" href="https://www.businessinsider.com/xi-jinping-olaf-scholz-china-ukraine-peace-intensifying-russia-support-2024-4">German Chancellor Olaf Scholz</a> in April.Now, it's <a target="_blank" href="https://english.www.gov.cn/news/202405/05/content_WS66371531c6d0868f4e8e6bc7.html">Chinese leader Xi Jinping's</a> turn to go on the charm offensive in his first state visit to the European Union in five years, with France as his first stop.Xi is spending two days in France, meeting French President Emmanuel Macron on Monday before heading to Serbia and Hungary.The Chinese leader's visit to France is important since the country is the European Union's second-largest economy.It also follows Blinken's trip to China late last month, where the two sides wrangled over a range of issues from trade to national security. They<a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/us-relationship-china-dangerous-era-xi-jinping-blinken-meeting-2024-4"> remain at odds </a>and the disputes could heat up as the US elections near later this year, say analysts.France, like the US and Germany, has been complaining about China's factory overcapacity, particularly in the green sector."I'm calling for an 'aggiornamento' because China is now in excess capacity in many areas and exports massively to Europe," Macron told <a target="_blank" href="https://www.latribune.fr/economie/politique/exclusif-emmanuel-macron-je-m-impliquerai-dans-les-europeennes-996919.html">La Tribune Dimanche,</a> per a <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-04/france-s-macron-calls-for-reset-of-economic-ties-with-china">Bloomberg</a> translation. Macron was using the Italian word for "update" as he called for a refresh in France-China ties.<h2>Xi's agenda in Europe</h2>So, what can we expect from Xi's time in Europe?Xi is hoping to avoid the same sort of stress that Beijing is facing with Washington, said an expert."Xi will use his time with Macron to downplay China's ongoing support for Putin's war machine," Matt Geraci, an assistant director at the Atlantic Council's Global China Hub, wrote in a note on <a target="_blank" href="https://www.atlanticcouncil.org/blogs/new-atlanticist/what-to-look-for-as-xi-jinping-visits-france-serbia-and-hungary/">Thursday.</a>"He will also underscore that France and other European nations continue to benefit from economic engagement with China, and that they should pursue an independent course rather than following Washington's lead," Geraci added.Macron, for his part, is expected to call on Xi to use <a target="_blank" href="https://apnews.com/article/china-france-xi-macron-visit-c7f48d55fd9ccb345fc6e9eda105f89b">China's influence on Russia</a> to end the war in Ukraine, his office told the <a target="_blank" href="https://apnews.com/article/china-france-xi-macron-visit-c7f48d55fd9ccb345fc6e9eda105f89b">Associated Press.</a><a target="_blank" href="https://www.politico.eu/article/emmanuel-macron-china-america-pressure-interview/">Macron said in April last year that</a> a big risk facing Europe is getting caught up in "crises that are not ours."Furthermore, there are <a target="_blank" href="https://www.lowyinstitute.org/the-interpreter/europe-s-divisions-over-china-could-hamper-g-7-unity">differences among EU countries</a> when it comes to their China strategy."Beijing, cognizant of the increasingly apparent differences within Europe on countering China's subsidies in key industries such as EVs, aims to create wedges between member states to complicate the EU's anti-subsidy probe into Chinese EV imports," Geraci added.<h2>EU elections are weeks away</h2>The European Union is slated to hold elections for the European Parliament in June. European Commission President Ursula von der Leyen is seeking a second term for the top job.<a target="_blank" href="https://www.ft.com/content/b968a08e-23a9-4ffb-957a-655edc23976e">Von der Leyen,</a> who is expected to meet Xi with Macron on Monday, slammed an "oversupply of Chinese subsidized goods" ahead of the gathering. She said China's trade practices are leading to unfair trade that are "market-distorting" and "could lead to deindustrialization in Europe."China has pushed back on the West's claims of <a target="_blank" href="https://www.businessinsider.com/china-overcapacity-us-concerns-green-overproduction-different-yellen-ev-solar-2024-4">overcapacity, </a>accusing the bloc of being protectionist and of trying to curb China's economic development.Beijing is now trying to steer China's economy, which is in a painful transition from its reliance on real estate and lower-value manufacturing to the hot new sectors of EVs, lithium batteries, and solar panels.The trade issues will "undoubtedly" be a key discussion issue, particularly since China is in an economic slump, wrote Léonie Allard, a visiting fellow at the Atlantic Council's Europe Center, in a note on Thursday.Macron told <a target="_blank" rel="noreferrer noopener" href="https://www.economist.com/europe/2024/05/02/emmanuel-macron-in-his-own-words-english">The Economist</a> in a recent interview that he is willing to continue working with China on "major global issues" and to bring China "back into line with international rules."However, Europe — like China — isn't quite the same anymore, following years of economic malaise punctuated by the pandemic and the war in Ukraine."2024 is not 2019, and there is much more clarity about the limits of viewing China as a trusted partner," Allard added, referring to the last time Xi visited France.

China's trade war with the US is unlikely to cool down this election year, so it's working on Europe instead

<ul class="summary-list"><li>Tottenham Hotspur owner Joe Lewis has been arrested for alleged insider trading.</li><li>The British billionaire passed information to his pilots, assistants, and romantic partners, an indictment says.</li></ul>Joe Lewis has been arrested after being charged by federal prosecutors with insider trading. Prosecutors say that the British billionaire passed information to personal pilots, assistants, romantic partners, and a friend he played poker with.The US District Court for the Southern District of New York said in its <a href="https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/rlpoL.0rp2Vg/v0" target="_blank" rel="noopener">indictment</a> that Lewis tipped off his acquaintances with inside information from publicly-traded companies in which he was a large investor, allowing them to collectively make "millions" by trading securities before the information was disclosed to the public.Damian Williams, US Attorney for the Southern District of New York, said in a <a href="https://twitter.com/SDNYnews/status/1683958068395102208">video</a> on Tuesday that Lewis "abuses access to corporate boardrooms" to "compensate his employees or to shower gifts on his friends and lovers.""That's classic corporate corruption," Williams continued.Lewis, whose wealth <a href="https://www.bloomberg.com/billionaires/profiles/joseph-c-lewis/">Bloomberg</a> puts at $6.55 billion, owns the Bahamas-based holding company Tavistock Group, which <a href="https://tavistock.com/portfolio/">says</a> it has investments in more than 200 companies including country clubs, real-estate developments, and a UK pub chain. Lewis also owns English soccer team Tottenham Hotspur."The government has made an egregious error in judgment in charging Mr. Lewis, an 86-year-old man of impeccable integrity and prodigious accomplishment," Lewis's lawyer David M. Zornow told Insider. "Mr. Lewis has come to the US voluntarily to answer these ill-conceived charges, and we will defend him vigorously in court."The US Attorney's Office <a href="https://www.justice.gov/usao-sdny/pr/british-investor-and-billionaire-businessman-joseph-lewis-charged-insider-trading-and">announced</a> on Wednesday that Lewis and his two private pilots had been arrested and would be presented later in the day.In one instance detailed in the indictment, prosecutors say Lewis got non-public information positive results from a clinical trial by Mirati, an oncology company, via an employee at his hedge fund who sat on Mirati's board. Lewis, one of Mirati's biggest shareholders, urged a girlfriend of his, his two pilots, his executive assistant, a person he was romantically involved with, and a person he occasionally played poker with in Argentina to buy Mirati stock, per the indictment.According to the indictment, Lewis even gave his pilots $500,000 each in short-term loans so that they could buy stock before the news became public.The indictment also says that, as one of the largest shareholders in Solid Biosciences, Lewis was given confidential information about an upcoming announcement of favorable clinical results. Under advice from Lewis to buy the company's stock before the news became public, his girlfriend and two pilots bought shares, per the indictment. The company's stock went up after the clinical results were released, and the girlfriend made a profit of around $849,000, a 118% gain, according to the indictment.In another instance, Lewis gave his two pilots a tip-off about how flooding in Queensland in early 2019 had caused material financial losses to Australian Agricultural Company, the indictment says. Lewis, who owned a majority of the company's stock, got non-public information from a Tavistock employee who sat on its board that the cattle deaths and financial losses wouldn't be covered by its insurance or the Australian government, per the indictment.Lewis shared this information with the two pilots and urged them to sell off their stock, according to the indictment. The company's stock fell the next day after it publicly announced its losses, but the pilots' stockbroker couldn't sell their shares quickly enough, according to the indictment."Just wish the Boss would have given us a little earlier heads up," one of the pilots wrote in an email to their stockbroker, per the indictment.The indictment also says that Lewis conspired with others and used a series of shell companies, false filings, and misleading statements to hide his ownership of shares in Mirati.The indictment asks Lewis to forfeit all property linked to proceeds from the transactions.Insider has approached Lewis's lawyer, Tottenham Hotspur, and the Tavistock Group for comment, but at the time of publication, had not received responses.

Billionaire Joe Lewis has been arrested for alleged insider trading, with prosecutors saying he helped personal pilots, assistants, and romantic partners make 'millions'

<ul class="summary-list"><li>Presidential candidates Joe Biden and Donald Trump have signaled varying approaches for how they'll handle China trade ahead of the election.</li><li>Biden is likely to team up with allies to tackle China's economic exploits and bolster data security.</li></ul>The world's top two economies are back at the negotiation table, with Treasury Secretary <a href="https://www.businessinsider.com/china-economy-overcapacity-dumping-manufacturing-exports-economic-woes-world-yellen-2024-4">Janet Yellen jetting off to China</a> for crucial talks on economic ties.And with a presidential election approaching in November in the US, who ultimately takes office will go a long way towards shaping the trade relationship between the two candidates. In a <a href="https://www.brookings.edu/articles/how-will-biden-and-trump-tackle-trade-with-china/" target="_blank" rel="noopener">recent report</a>, Ryan Hass — the foreign policy director at the Brookings Institution — shared how their trade strategies will differ. "Trump would favor broad-based decoupling and would be willing to tolerate high costs in pursuit of such a goal, whereas Biden likely would focus on targeted de-risking in areas of the economy that have national security or human rights nexuses, but not on full-scale decoupling of the world's two largest economies," Hass said.As it pertains specifically to Biden, Hass says he will uphold Trump's tariffs on China while implementing even stricter export controls, investment screening, and employment protections. But he sees the current president taking a more collaborative approach."He will suggest that it is wiser to work with partners in confronting China's predatory economic practices than it is to do so alone, as Trump did," Hass said.Biden's policies will also include measures on data security and safeguards against Chinese electric vehicles, aiming to shield American workers from China's attempts to export its way out of the economic downturn, according to the note. As for Trump, Hass expects him to resume his more direct confrontational approach to trade with China. The former presidnet has already hinted at <a href="https://www.businessinsider.com/donald-trump-impose-tariffs-china-if-elected-2024-2">slapping a hefty 60% tariff</a> on all Chinese imports, which Bloomberg Economics forecasts could cut current $575 billion trade flow between the US and China to nearly zero. "Privately, Trump's advisors accept that such an action would increase the prices of imports, but they argue that the cost would be worth it because China's overall economy would take a larger hit than America's from the tariffs," Hass said.Ultimately, no matter who ends up taking office, Hass believes the US-China economic relationship will only become rockier."Regardless of whether Biden or Trump prevails in the 2024 election, America's economic policy toward China likely will grow tighter, rather than looser," he concluded.

The different ways Biden and Trump will shape US trade policy with China, according to a foreign-policy analyst

<ul class="summary-list"><li>Chinese business owners and consumers told The New York Times they're concerned about the economy.</li><li>China is dealing with declines in manufacturing and trade as well as record-high youth unemployment.</li></ul>Chinese consumers and business owners are in a panic as the country faces economic headwinds and has even lost its status as the number one trading partner for the world's largest economy — the US.The <a target="_blank" href="https://www.nytimes.com/2023/08/21/business/china-deflation.html">New York Times' Li Yuan</a> spoke to more than a dozen people who are struggling with the <a target="_blank" href="https://www.businessinsider.com/china-economy-global-markets-xi-deflation-property-housing-evergrande-developers-2023-8">economic reality in China</a>: <a target="_blank" href="https://www.businessinsider.com/china-economy-deflation-markets-property-real-estate-housing-beijing-2023-8">declines in exports and manufacturing</a>, a record-high <a target="_blank" href="https://www.businessinsider.com/china-gdp-economy-second-quarter-growth-retail-industrial-production-unemployment-2023-7">youth unemployment rate</a>, and even <a target="_blank" href="https://www.businessinsider.com/world-economy-china-deflation-recession-imports-exports-inflation-federal-reserve-2023-8">deflation</a>."The most terrifying thing is that everyone around me is at a loss of what to do next," Richard Li, who owns an auto parts wholesale business, told the Times, adding his business's revenue in the first half of this year dropped 15% from a year prior. "I used to believe that our country would become better and better."<a target="_blank" href="https://www.businessinsider.com/china-economy-hits-a-wall-russia-japan-larry-summers-2023-8">Former US Treasury Secretary Larry Summers</a> said in an op-ed in <a target="_blank" href="https://www.washingtonpost.com/opinions/2023/08/18/china-economy-deflation-debt-analysis/?utm_campaign=wp_opinions&amp;utm_medium=social&amp;utm_source=twitter">The Washington Post</a> last week that China's economy was "finally hitting a wall" after years of optimism. Summers said China's economic prospects, previously considered very good, had been "greatly exaggerated," and that he think the US gross domestic product "will exceed China's for another generation."After being the US's top trading partner for much of the 2010s and in the early days of the pandemic, China slipped from that spot, Insider's Cork Gaines previously reported. <a target="_blank" href="https://www.businessinsider.com/us-mexico-china-trade-world-economy-changing-2023">Mexico has since taken the top spot</a>, accounting for 15.4% of all the goods exported and imported by the US in the first four months of 2023, according to data compiled by the <a target="_blank" href="https://www.dallasfed.org/research/economics/2023/0711?stream=business">Federal Reserve Bank of Dallas</a> in July. China accounted for only 12%.The Times reported consumers and business owners in China were worried because they could not see how the economic downturn would end."I can't see any way to make money in this country," Andy Wang, a 35-year-old who quit his job as a bank teller to apply to graduate school in Austria, told the outlet. Referring to last year when new political leadership included all <a target="_blank" href="https://www.businessinsider.com/most-powerful-men-china-xi-jinping-politburo-standing-committee-2022-11">allies of Chinese leader Xi Jinping</a>, Wang said: "The corrective ability of this country was lost after that."

As China loses its spot as the top US trade partner and faces a slowing economy, Chinese consumers and business owners are worried: 'I can't see any way to make money in this country' 

You Searched For "largest trade partner" and got 11 results

How 9 newly minted Goldman Sachs partners celebrated their big day, from shouting across the trading floor to popping Champagne in the office

Reed Alexander,Emmalyse Brown…

Energy transition: India remains highly dependent on imports of critical minerals, says report

PTI

Russia could merge state-run oil companies to make the world's 2nd largest producer, report says

Kelly Cloonan

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

Deekshith Pinto

China's trade with Russia is getting so difficult that payments can take half a year and most bank transfers are returned

Huileng Tan

Russia is betting big on Cuba as it courts alternative economic partners

Huileng Tan

China has banned Australian coal in a huge escalation of the trade war, state media reports

Business Insider

China's trade war with the US is unlikely to cool down this election year, so it's working on Europe instead

Huileng Tan

Billionaire Joe Lewis has been arrested for alleged insider trading, with prosecutors saying he helped personal pilots, assistants, and romantic partners make 'millions'

Grace Dean

The different ways Biden and Trump will shape US trade policy with China, according to a foreign-policy analyst

Yuheng Zhan

As China loses its spot as the top US trade partner and faces a slowing economy, Chinese consumers and business owners are worried: 'I can't see any way to make money in this country'

Kelsey Vlamis

Popular Keywords

Buying Guides