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<ul class="summary-list"><li>China has announced a local government debt rescue program days after Trump won the US election.</li><li>Trump has threatened tariffs of 60% on Chinese goods, complicating China's economic gloom.</li></ul>China announced a debt rescue program to the tune of $1.4 trillion to save heavily indebted local governments and boost its economy.China's Standing Committee of the National People's Congress — its top legislative body — approved 6 trillion Chinese yuan to refinance local governments' hidden debt over three years, according to <a target="_blank" class="" href="http://politics.people.com.cn/n1/2024/1108/c1001-40357125.html">Xinhua state news agency.</a>Hidden debt refers to off-balance sheet liabilities issued by local government financing vehicles, or LGFV, to finance infrastructure investment.The plan also allows local governments to tap 4 trillion yuan in special local bonds over five years.The announcement came after the legislative body met from Monday to Friday.China's local governments have been struggling to repay their LGFV debt, which the <a target="_blank" class="" href="https://www.imf.org/en/Publications/CR/Issues/2024/08/01/Peoples-Republic-of-China-2024-Article-IV-Consultation-Press-Release-Staff-Report-and-552803">International Monetary Fund</a> estimated to be around 60 trillion as of last year. It's another risk to China's economy, which has been struggling with a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/china-real-estate-property-market-speculation-debt-crackdown-xi-jinping-2023-8?utm_medium=ingest&amp;utm_source=markets">property crisis,</a> deflation, and high youth unemployment.Reuters reported last week that China's top legislative body was considering a plan to raise $1.4 trillion in extra debt over the next few years to fund part of an economic rescue package.As early as Monday, Chinese Premier Li Kiang drummed up market expectations for more <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-li-qiang-fiscal-stimulus-market-sentiment-us-election-2024-11">economic stimulus</a>, saying Beijing has "ample space for fiscal policy and monetary policy."The bumper stimulus came on the heels of Donald Trump's victory in the US presidential election earlier this week, which is likely to change Washington and Beijing's trade relationship.A China hawk, Trump has pledged to slap <a target="_blank" rel="" class="" href="https://www.businessinsider.com/what-us-economy-would-look-like-with-trump-biden-presidency-2024-5?utm_medium=ingest&amp;utm_source=markets">a 10% to 20% tariff</a> on all imported goods. He has threatened tariffs of 60% on goods imported from China.This would put further pressure on China's economy, which is still trying to recover following nearly three years of pandemic curbs.In late September, China rolled out <a target="_blank" rel="" href="https://www.businessinsider.com/china-economy-aggressive-monetary-stimulus-interest-rate-rrr-2024-9?utm_medium=ingest&amp;utm_source=markets">aggressive stimulus</a> that boosted sentiment and spurred a bull run in the stock markets. However, analysts say that Beijing still needs to do more to drive consumption.If Beijing's latest stimulus disappoints, it may be in part due to China's own policy conflicts between its socio-political and economic objectives and the constraints, Vishnu Varathan, Mizuho Bank's chief economist of Asia excluding Japan, wrote in a note a week before the debt rescue announcement.Notably, China may be still holding back to avoid one thing: "the optics of over-reacting to US elections," wrote Varathan.

China just announced an $1.4 trillion plan to rescue its local governments

<ul class="summary-list"><li>Cities and counties are voting on property and sales tax hikes to fund childcare.</li><li>Other localities already have similar laws in place, with Alaska taxing marijuana sales to fund early childhood programs.</li></ul>Cities and counties across the US are coming up with ways to make <a target="_blank" class="" href="https://www.businessinsider.com/childcare-costs-presidential-election-scenarios-parents-paid-leave-harris-trump-2024-10">childcare</a> more affordable — and many are turning to <a target="_blank" class="" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">taxes</a>.Three localities are voting to increase taxes to boost childcare funding for low-income and middle-class families.Voters in Sonoma County, California, are deciding whether impose a quarter-cent sales taxes to pay for childcare and early childhood education, as well as resources for children experiencing homelessness or abuse.Residents of Travis County, Texas — which includes Austin — will decide on increasing property taxes by 2.5-cents to broaden access to childcare for low-income families.A similar measure in St. Paul, Minnesota, would also hike property taxes to fund citywide childcare initiatives for low-income families.Using tax revenue to fund childcare isn't a new idea. Local taxes <a target="_blank" href="https://www.edweek.org/leadership/property-taxes-fuel-k-12-budgets-how-well-does-that-work/2022/11">already fund K-12 education</a> in most states — a solution that works for public schools, but can leave early childhood education programs underfunded. Here's what some cities, counties, and states are already taxing to fund childcare.<h2 id="bc6f6fc8-4184-4147-8e7a-ca0eda41d38a">Cities are looking at tax solutions to fund childcare</h2>Some cities have already tried allocating tax revenue to care for infants, toddlers, and preschoolers. In 2022, New Orleans voters backed a property tax increase to fund more than 1,000 childcare seats for low-income families. Because of the referendum, <a target="_blank" href="https://www.nola.com/news/politics/new-orleans-voters-back-early-childhood-education-millage-in-single-issue-vote/article_c792ae0c-c730-11ec-ba3f-272ffa6e0774.html">New Orleans' childcare budget </a>increased to $21 million from $3 million annually for 20 years.Whatcom County, Washington also approved a property tax increase in 2022, which boosted funding by <a target="_blank" href="https://childrensfundingproject.org/wp-content/uploads/Whatcom-campaign-case-study_FINAL.pdf">$10 million</a> for childcare and young families' mental health in the county's annual budget. Other areas have taken the sales tax approach, similar to Sonoma County's ballot measure: Anchorage, Alaska approved in 2023 a marijuana sales tax to fund early childhood programs.Colorado has a policy that allows taxpayers who donate to qualifying child care facilities and programs to claim an income tax credit equal to 50% of their contribution.To be sure, local tax revenue cannot replace funding for America's whole childcare system. St. Paul Council Member Rebecca Noecker said that local policies can complement larger state-level and <a target="_blank" href="https://www.whitehouse.gov/cea/written-materials/2023/11/07/child-care-stabilization/">federal funding pools.</a>Win or lose, Noecker said childcare-related ballot measures raise awareness about childcare access."Now people in St. Paul are talking about childcare in a way that they never were before," she said.

Higher taxes for cheaper childcare? 3 localities are voting on it and we want to hear from you.

Luxury car maker <keyword id="19980471" type="General" weightage="20" keywordseo="Mercedes-Benz" source="keywords" meta.keywordsubtype="org" meta.entityname="Mercedes-Benz" meta.hostid="261" meta.entityid="Mercedes-Benz">Mercedes-Benz</keyword> India on Monday expanded its <keyword id="20763359" type="General" weightage="20" keywordseo="Battery-Electric-Vehicle" source="keywords">Battery Electric Vehicle</keyword> (BEV) range in the country with the launch of the locally produced <keyword id="23188212" type="General" weightage="20" keywordseo="EQS-580-4MATIC" source="keywords">EQS 580 4MATIC</keyword>. India is the first country outside the US to start the <keyword id="20805504" type="General" weightage="20" keywordseo="local-production" source="keywords">local production</keyword> of the seven-seater electric SUV. EQS SUV 580 4MATIC is the second model, after the EQS sedan, to be locally produced at company's Pune-based manufacturing plant. "This will be our sixth EV in India, and the second car to be locally produced in India. We are also proud that India becomes the first market out of the US to locally manufacture the EQS," Mercedes-Benz India Managing Director and CEO Santosh Iyer told PTI in an interaction. The move to manufacture the product locally outlines the company's commitment to electrification and increasing product portfolio offering choices to customers, he added. "EQS SUV's localisation underpins our deep commitment to grow the Indian <keyword id="23188213" type="General" weightage="20" keywordseo="luxury-electric-car" source="keywords">luxury electric car</keyword> market and reinforce our commitment for a greener and sustainable future," Iyer said. The move also supports the government's vision of Make-in-India, he said. Iyer said local production has led to a significant advantage in terms of pricing the electric SUV. The introductory price of EQS SUV 580 4MATIC starts at Rs 1.41 crore which should also make a lot of customers shift to EVs much faster in terms of transition, he said. When asked about the demand for green vehicles, Iyer said the sales of EVs were growing in the country with even high-end products finding acceptance. "The EQA sedan which was introduced in India around 18 months back, we have sold more than 500 cars. It's a car costing more than Rs 1.6 crore. Our total penetration of EVs is 5 per cent today, it's growing. For sure, customer acceptance is there," he stated. Iyer noted that the company remains committed to offer top-end luxury EV products offering higher range in the market. He noted that there may be more opportunities in the entry EV segment but the focus of the company firmly remains on bringing luxury products in the market. "To bring products at lower price points, that is not our current strategy," Iyer said. The company aims to offer products with higher driving range, a factor that leads to bigger battery and escalation in price, he added. The EQS SUV 580 4MATIC is India's longest range electric SUV with ARAI certified range of 809 kms. Iyer said the company remains committed to the Indian market and has announced an additional investment of Rs 200 crore earlier towards manufacturing operations, new product start-ups and digitisation of manufacturing processes. The company till date has invested over Rs 3,000 crore in India, he added. In the January-September period this year, Mercedes-Benz India has launched three new BEVs ' EQA, EQS SUV 580 and Mercedes-Maybach EQS 680 SUV. With the EQS SUV 580 4MATIC, the company now offers the EQA, EQB, EQE SUV, EQS SUV, EQS sedan and Maybach EQS SUV 680 in the market. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/arkade-developers-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113384216.cms">Arkade Developers IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-and-samsung-accused-of-colluding-with-amazon-and-flipkart/articleshow/113381204.cms">Xiaomi and Samsung accused of colluding with Amazon and Flipkart</a> <a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-50-neo-with-dimensity-7300-50mp-camera-launched-in-india/articleshow/113386868.cms">Motorola Edge 50 Neo with Dimensity 7300, 50MP camera launched in India</a>

Mercedes expands BEV range; rolls out second locally produced model in India

<ul class="summary-list"><li>Spain's eastern province of Valencia was hit hard by intense flooding last week.</li><li>The government has pledged $11 billion to help it recover, but local authorities want $34 billion.</li></ul>Spain said it will give about $11 billion to help restore Valencia after flash floods hammered the province last week — but local authorities there want three times that amount.Historic, deadly flash floods — brought about by torrential rainfall — hit the area last week, killing at least 211, regional emergency services <a target="_blank" class="" href="https://x.com/GVA112/status/1853698255730942163">said</a> on Wednesday.Spain's State Meteorological <a target="_blank" class="" href="https://www.businessinsider.com/spain-flooding-51-dead-in-valencia-region-economic-hub-2024-10">Agency</a> said last week that it was the province's most severe storm since 1987.During a press conference on Tuesday, Spanish Prime Minister Pedro Sánchez said his government had <a target="_blank" class="" href="https://x.com/sanchezcastejon/status/1853796678265938374">approved</a> $11.55 billion in loans and grants to help storm and flood victims.However, a day earlier, the province's president, Carlos Mazón, <a target="_blank" class="" href="https://x.com/carlos_mazon_/status/1853555363678728545">said</a> local authorities had asked for an initial package equivalent to about $34 billion."The measures will serve to rebuild, relaunch, and mitigate the effects" of the storm, Mazón told reporters.<div type="image" title="Satellite images of the Valencia province before and after flash floods on October 25, 2022 (left), and October 30, 2024 (right)." height="480" width="640" msid="114986283" hostid="261" sizebytes="62758"></div>On Saturday, Valencia's Chamber of Commerce <a target="_blank" class="" href="https://www.camaravalencia.com/noticias/informe-sobre-danos-provocados-por-la-dana-en-los-municipios-mas-afectados-y-consecuencias-sobre-la-actividad-economica/">estimated</a> that up to 4,500 businesses had suffered notable damage, with potentially 1,800 severely impacted.The floods affected many economic sectors, including agriculture, industry, and services, it said.Automaking remains Valencia's most <a target="_blank" href="https://www.investinspain.org/en/regions/comunidad-valenciana/industrias-destacadas?#nameRegion">important industry</a>.Cristina del Rey, the communications director for Ford Spain, told BI last week that her company's Valencia plant had not suffered direct damage from the floods but was shut on Wednesday and Thursday.According to a <a target="_blank" rel="noopener noreferrer nofollow" class="c-link c-link--focus-visible" href="https://fundacionaon.es/wp-content/uploads/2022/11/BAROMETRO-DE-CATASTROFES-2021.pdf">report</a> from the Aon Spain Foundation, a private foundation that works to prevent and assist with natural disasters, the annual cost of natural disasters in Spain between 2016 and 2021, including floods, was between $940 million and $2.5 billion.Local authorities on Sunday <a target="_blank" class="" href="https://x.com/GVA112/status/1853692672327721128/photo/1">said</a> that the heavy rains — part of a phenomenon known as "cold drops" — had caused "unprecedented" damage to infrastructure and human life.The provisional death toll put it among the most serious natural disasters in Western Europe in recent years. Widespread flooding in July 2021 killed more than 200 people in Belgium, Germany, and surrounding countries.At a <a target="_blank" class="" href="https://x.com/i/broadcasts/1ynJODVpRdXxR">press conference</a> on Tuesday, Sánchez declared Valencia a disaster area, paving the way for extra funding for local authorities.He said about 15,000 soldiers and police officers had been dispatched to the province, as well as 287 forest brigaders, around a hundred customs officers, 44 forensic physicians, and 600 specialized vehicles for pumping, cleaning, and supplying the affected areas.Sánchez added that 98% of affected households now had power, and about 25 miles of roads and 46 miles of railway tracks had been repaired."We must continue working with more resources, more coordination, and greater effort until normality returns to all the municipalities and to all the homes affected by this tragedy," he said.

Counting the cost of Spain's hellish floods, the government pledged $11B, local officials want $34B

<ul class="summary-list"><li>China's EV giants left their European rivals in the dust at the continent's biggest auto show.</li><li>BYD, Xpeng, and Leapmotor unveiled new models at the Paris Motor Show despite looming tariffs.</li></ul>Automakers flocked to Paris for Europe's largest motor show this week — and China's EV giants were the star attraction.BYD, Xpeng, and Leapmotor showcased new vehicles at the Paris Motor Show, even as <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-european-tariffs-retaliation-vw-bmw-mercedes-tesla-2024-10">the European Union prepares to impose punishing tariffs</a> on Chinese electric vehicles.BYD unveiled the Sealion 7, a stylish electric SUV that the company says can charge from 10% to 80% in just 24 minutes. The company plans to launch the EV in Europe later this year.The automaker, which aims to become Europe's largest electric carmaker by 2030, showed off seven vehicles at its booth in Paris.Crowds quickly formed around the high-tech Yangwang U8, an imposing hybrid SUV that BYD says is capable of floating on water for up to 30 minutes and turning on the spot like a tank.The U8, which was making its European debut but is currently only sold in China, also comes with a drone that allows passengers to scout the road ahead.The Chinese focus on technologically advanced features and smart cars was also apparent elsewhere at the motor show. The booth of Chinese EV firm Xpeng was dominated by <a target="_blank" class="" href="https://www.businessinsider.com/xpeng-tesla-rival-flying-car-prototype-drone-evtol-2022-11">the company's flying car prototype</a>, which hung from the ceiling.<div type="image" title="Xpeng flying car at the Paris auto show" height="1875" width="2500" msid="114288549" hostid="261" sizebytes="398130"></div>CEO He Xiaopeng and co-president Brian Gu revealed the P7+ with camera-powered partially autonomous driving.Executives also discussed the company's investments in humanoid robots, flying cars, and AI hardware.Speaking to reporters, Gu said that although the tariffs, which could see <a target="_blank" class="" href="https://www.businessinsider.com/bmw-stellantis-renault-auto-giants-on-chinese-ev-competition-2024-10">manufacturers face extra levies as high as 35%</a>, would put pressure on Xpeng's business model, the company was not backing down from its European expansion plans."We have a long-term and strong commitment to Europe, which is a region that we think is a core to our business. We will do whatever is necessary to be competitive," he said.<h2 id="995c4927-3f48-4827-9f84-774f4931eb8f">European automakers despair</h2>Among the local automakers at the event, the atmosphere was less positive.<a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">Stuttering EV sales across the continent</a> have meant some European manufacturers have scaled back their EV plans and are <a target="_blank" class="" href="https://www.businessinsider.com/bmw-ceo-2035-gasoline-vehicle-ban-eu-more-reliant-china-2024-10">lobbying the EU to rethink emissions targets</a> they say will cost them billions in fines.Speaking at a summit on the sidelines of the motor show, BMW CEO Oliver Zipse said the mood in Europe's auto industry was "trending toward pessimism."He warned that a planned 2035 ban on gasoline vehicles in Europe could "threaten the European automotive industry in its heart," while the CEO of French automaker Renault said that it was clear that Chinese automakers had accelerated beyond their Western rivals."Europe is not the leader anymore. No one can put heads in the sand anymore — the center of gravity is now in China," said Renault boss Luca de Meo, speaking at the same event.Nowhere was that more apparent than at the booth occupied by Chinese EV maker Leapmotor.<div type="image" title="Zhu Jiangming founder of Leapmotor and Carlos Tavares CEO of Stellantis at Paris Motor Show" height="4016" width="6016" msid="114288547" hostid="261" sizebytes="2561190"></div>After launching <a target="_blank" class="" href="https://www.stellantis.com/en/news/press-releases/2024/september/leapmotor-international-opens-orders-in-europe-for-affordable-high-tech-t03-city-car-and-c10-suv-electric-vehicles">two new models in Europe</a> last month, the EV startup <a target="_blank" class="" href="https://www.media.stellantis.com/em-en/leapmotor/press/leapmotor-b10-makes-global-debut-at-the-paris-motor-show">unveiled the B10</a>, an electric vehicle it is planning to sell globally from next year and which could cost 100,000 RMB ($14,000) in China.While unveiling the new model, Leapmotor CEO Zhu Jiangming was joined by Carlos Tavares, the CEO of Jeep, Ram, and Fiat maker Stellantis.The European automaker <a target="_blank" class="" href="https://www.stellantis.com/en/news/press-releases/2024/may/leapmotor-international-begins-operations-to-expand-global-electric-vehicle-sales-starting-september-2024-in-nine-european-countries-followed-by-other-key-growth-regions">struck a deal with Leapmotor</a> earlier this year to invest in the company and gained exclusive rights to sell its affordable EVs outside China.Speaking at the automotive summit on Tuesday, Tavares said European automakers needed to accept the "harsh reality" that Chinese companies were now capable of making EVs for far cheaper than their European rivals.He added that the Leapmotor partnership had been necessary for Stellantis to compete with the country's electric vehicle giants."For us, the best way to compete immediately with the Chinese was to hop on their train, rather than letting it run us over," Tavares said.

China's EV giants shine at Europe's largest auto show while local rivals despair

<keyword id="20359078" type="General" weightage="20" keywordseo="newspapers" source="keywords">Newspapers</keyword> were rated as the most <keyword id="22860926" type="General" weightage="20" keywordseo="credible-news-source" source="keywords">credible news source</keyword>, not only for older but younger <keyword id="22860927" type="General" weightage="20" keywordseo="readers" source="keywords">readers</keyword> too, according to a study by Humanify, a technology-based research platform. Older aged respondents, gave higher scores to newspapers, citing concerns around fake news and conspiracy theories on internet and social media channels, while as many as half the younger readers, (aged less than 30 years), also favoured newspapers even over channels such as TV, social media and websites as sources of news. While findings seem to underscore enduring trust in traditional media even in the digital age, the study which was conducted on Humanify's app, also showed high preference on receiving the news digitally. Of the total readers, 84.1% reporting a good preference for the digital format, also reflected by the older (&gt;30 years) readers. The top reason for preference of a digital delivery was convenience, with 93.2% scoring the digital format high on convenience. Top reasons for this were easy access to digital media, especially news consumption out of home and while commuting. Interestingly, there were also mentions around how a digital medium would be more sustainable and planet friendly than newspaper prints, reflecting an emerging concern for the planet and <keyword id="20224417" type="General" weightage="20" keywordseo="sustainable-living" source="keywords">sustainable living</keyword>. "While the preference for digital delivery is expected, it's heartening to see that legacy newspapers can still find relevance even with younger readers, by adapting to digital formats," said Geetika Kambli, Founder at Humanify. "The study was run on Humanify's app, capturing conversations by readers around their preferred reading habits, and using AI to convert this unstructured data into a research report in minutes. AI is redefining the way we experience products and express our feelings about them. If we choose to use it well, it can give us the transparency we need, around how we read and decode insights," says Geetika. The report also noted that readers appreciated <keyword id="22860929" type="General" weightage="20" keywordseo="local-news-coverage" source="keywords">local news coverage</keyword>, indicating an emerging trend towards localisation and customisation in news consumption. The study was run on a sample of randomly selected readers based in Mumbai. Respondents were approached across ages 18-50, and across genders. All readers were interviewed to confirm their readership preferences, and with their consent, their conversations around the readership experience were captured and decoded using Artificial Intelligence in the Humanify app. Humanify is an AI company that owns the research-tech platform Explorastory, a sense making AI platform that translates real human behaviour from videos, conversations and surveys, into user research reports designed for product and marketing teams, in minutes. They also note that all survey results may be subject to potential biases, despite best efforts to minimise them.

Newspapers are still the most credible news source, but readers prefer to receive news digitally, reports an AI-based research app

<ul class="summary-list"><li>Ron Burkle, the billionaire Soho House exec, wants to build a mansion in southern England.</li><li>But local residents filed more than 30 objections to the plan.</li></ul>An American billionaire's plan to build a home in the English countryside is not going over well with local residents, one of whom said it was "more suited to Disneyland."Another called it "grotesque."Burkle, who's worth $3.2 billion, founded The Yucaipa Companies investment firm nearly four decades ago. He's made several notable business ventures since then, including in 2012 when he acquired a majority stake in <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/gen-z-soho-house-member-club-worth-fee-2024-3">Soho House</a>, an exclusive members-only social club with properties worldwide.New details about <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/ron-burkle-billionaire-democratic-donor-bill-clinton-national-enquirer-report-2019-4">Ron Burkle's</a> proposal to build a sprawling home in Little Tew, a village of fewer than 500 residents, were submitted to the West Oxfordshire District Council in August. Burkle's proposed home would be near Soho Farmhouse, a countryside outpost of the members-only chain.<div type="image" title="Illustrations of Ron Burkle's proposed home in Little Tew, a village in England." height="1258" width="2044" msid="113943903" hostid="261" sizebytes="135150"></div>Burkle is having a hard time, however, getting approval for his rural home from West Oxfordshire officials.He initially submitted development plans to the council in 2022. But the council rejected the proposal because it didn't meet certain planning criteria and "would fail to represent a truly outstanding development." His team attended review meetings during 2023 and 2024 before re-submitting its latest revisions.<h2 id="b59d2164-82a6-4063-b654-c087f0729dc4">Burkle's development plan includes a new lake and installing solar panels</h2>Planning documents seen by Business Insider say Burkle's home design was inspired by the "English Baroque style."The development would include several new amenities, including a stable courtyard, new highway accesses, solar panels, a swimming pool, a lake, a tree nursery, and other landscaping.<div type="image" title="Illustrations of Ron Burkle's proposed home in Little Tew, a village in England." height="814" width="1066" msid="113943902" hostid="261" sizebytes="113024"></div>The home would sit on a 90-acre land block in Little Tew.A West Oxfordshire District Council representative declined to comment because the application is still being assessed. A representative for Burkle did not respond to a request for comment from BI.<h2 id="e4dd7c19-e612-45af-94bb-6224d8f172bf">Little Tew residents are not happy</h2>Since September, local residents have submitted over 30 objections to the council regarding the proposed development. In contrast, only two comments have been submitted in support.Many residents said Burkle's design proposal conflicted with local aesthetics and did not comply with local planning policies."It is as if someone had set out to write a modern opera in the classical manner, and had done so by writing each aria in the style of a different classical composer, covering musicians from Monteverdi to Mascagni via Mozart," one objection read. "The result, as here, would be a conflated smorgasbord of dissonance."Another objection said the development would be "more suited to Disneyland," citing potential risks to the local ecology, light pollution, and increased traffic."The creation of an artificial lake in an elevated area, not associated with expanses of water, is a vanity project," one person wrote.One resident called the proposed size of the home "grotesque" and said Burkle's countryside home would "contrast greatly with the landscape and the cottages at the edge of the village."<div type="image" title="Illustrations of Ron Burkle's proposed home in England." height="570" width="804" msid="113943898" hostid="261" sizebytes="48044"></div>Little Tew's council told BI that during a recent "well-attended" meeting, there was a unanimous vote in favor of objecting to Burkle's application.A document submitted to the West Oxfordshire District Council by Little Tew's council said members objected to the proposal "on the grounds that it remains an unwarranted, unsustainable and unsuitable greenfield development that runs counter to the policies of the West Oxfordshire 2031 Local Plan and the National Planning Policy Framework 2023.""In summary, this development does nothing for the local area or its inhabitants, but has the potential to cause irreversible destruction to extensive flora and fauna, and the conservation area in which it thrives," the document said.

Soho House billionaire's mansion plans for English countryside is 'more suited to Disneyland,' locals say

An American tourist and a local find the best pub in London

<ul class="summary-list"><li>Walgreens plans to close a "significant" number of underperforming US stores.</li><li>The move highlights recent and longer-term <a target="_blank" href="https://www.businessinsider.com/infamous-hacker-gang-pharmacy-prescription-backlogs-2024-2">challenges facing the company and its competitors</a>.</li></ul>Thursday's <a target="_blank" href="https://www.wsj.com/health/walgreens-plans-major-u-s-store-closures-0b04a96e">news</a> that Walgreens will close a "significant" number of underperforming stores threw a spotlight on struggles facing the retail pharmacy industry.Walgreens CEO Tim Wentworth <a target="_blank" href="https://www.fool.com/earnings/call-transcripts/2024/06/27/walgreens-boots-alliance-wba-q3-2024-earnings-call/">told</a> investors on Thursday that 25% of the company's roughly 8,600 US locations contribute nothing to its adjusted operating income and that a large portion of those stores will be shuttered over the next three years."Customers evolved, demographics and preferences have shifted, and we need to reposition and operate our stores accordingly," Wentworth said.While Walgreens' earnings indicate significant company-specific challenges, they also highlight recent and longer-term challenges facing its competitors as well.<a target="_blank" href="https://www.businessinsider.com/list-77-rite-aid-stores-closing-in-2024-2024-2">Rite Aid has closed more than 500 locations</a> since filing for bankruptcy in October, and CVS is in the final year of a three-year plan to <a target="_blank" href="https://www.businessinsider.com/stores-closing-in-2024-list#cvs-300-stores-2">close roughly 900 stores</a>. Walgreens CFO Manmohan Mahajan noted on the earnings call that Walgreens has closed some 2,000 locations over the past decade.In short, regardless of which national pharmacy brand you pick, there's a fair chance the location in your neighborhood could close, if it hasn't already. Walgreens execs pointed to several contributing factors driving this trend.For starters, retail pharmacies make money in two key ways: by dispensing prescription medication and ancillary medical services, and by selling an assortment of merchandise in their <a target="_blank" href="https://www.businessinsider.com/typical-walgreens-shopper-demographic-suburban-boomer-earning-80k-income-2021-9">"front of house" retail stores</a>. Both of these revenue sources are under pressure.For Walgreens, execs said the prescription business is getting squeezed by contracts they negotiated with insurers last year that are "not sustainable," plus more patients are <a target="_blank" href="https://www.businessinsider.com/walgreens-mark-cuban-cvs-prescription-drugs-prices-cost-plus-model-2024-1">using home-delivery companies</a>.In the "front of house," Walgreens is facing pricing pressures and rising rates of shrink, which includes losses due to <a target="_blank" href="https://www.businessinsider.com/retailers-lock-up-aisles-combat-theft-missing-huge-part-problem-2023-6">shoplifting</a>."Walgreens does itself no favors in this environment by having a lackluster proposition and broadly uncompetitive prices compared to mass merchants," GlobalData retail analyst Neil Saunders said in a note.But even if things were going well for Walgreens, Wentworth suggested there would likely still be quite a few closures."This industry has been reducing its capacity over the last several years, and that is not a bad thing," he said. "I think most of us knew — when I was in the PBM [pharmacy benefit management] business — I knew that retail pharmacy was largely overbuilt for where the future was going to be."

Why your local pharmacy may be closing

<ul class="summary-list"><li>Asia's richest man is hosting a lavish wedding in Mumbai for his youngest son this weekend.</li><li>Local traffic police announce road closures, causing frustration among some Mumbai locals.</li></ul>Asia's richest man is throwing a <a target="_blank" class="" href="https://www.businessinsider.com/what-goes-into-planning-celebrity-wedding-ambani-india-millionaires-ceremony-2024-7">massive wedding</a> for his youngest son in Mumbai this weekend.Anant Ambani, son of <a target="_blank" class="" href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">Mukesh Ambani,</a> is set to wed Radhika Merchant in a lavish affair.It's expected to delight Bollywood celebrities, business leaders, and politicians who are all on the guest list. But one group of people are not pleased — city residents.Earlier this month, local traffic police posted a social media notice announcing road closures and diversions from Friday through Monday.The document, <a target="_blank" class="" href="https://x.com/MTPHereToHelp/status/1809236631905247702">posted</a> on X, noted that a large number of guests and VIPs would be in attendance and added that the measures were being taken "in order to avoid inconvenience" for guests. The notice and its wording, which also called the wedding a "public event" angered some locals who expressed their frustration on X, saying that Mumbai residents should not be disturbed so that a billionaire can throw a big party.Mumbai is seen as India's financial capital, and its Bandra Kurla Complex, where the wedding is taking place, is a major business district. The city is also the country's most populated, and traffic congestion is a headache for locals. Sonam Srivastava, CEO of Wright Research, whose office is adjacent to the Jio World Convention Centre, where the Ambani wedding is being held, told Business Insider that the venue has experienced "significant disruptions" due to traffic blockages. Srivastava added: "This situation has forced us to reschedule critical client meetings and events planned for these dates. It's alarming that traffic in such a prominent business district has come to a standstill, causing significant inconvenience to businesses, for a private event."The Ambani family hosted <a target="_blank" class="" href="https://www.businessinsider.com/ambani-wedding-guests-celebrities-performance-dress-code-party-billionaire-2024-3">pre-wedding parties</a> in Jamnagar in March, which were attended by some of the world's elite, including Bill Gates, Mark Zuckerberg, and Ivanka Trump.The Indian newspaper The Hindu Business Line <a target="_blank" class="" href="https://www.thehindubusinessline.com/news/variety/jamnagars-skies-jam-packed-with-sleek-jets-ferrying-ambani-guests/article67895288.ece">reported</a> at the time that about 150 planes descended into the local airport. An airport official told Business Line that the airport <a target="_blank" class="" href="https://www.businessinsider.com/ambani-wedding-rush-private-jets-prompts-extra-vip-passport-facility-2024-3">organized some extra capacity for the guests</a> by setting up a Customs, Immigration, and Quarantine center.

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