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<keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="261" meta.entityid="Paytm">Paytm</keyword> has regained approval from the National Payments Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>) to onboard new UPI users, marking a significant turnaround for the fintech giant. This development follows a setback earlier this year when <keyword id="20410154" type="General" weightage="20" keywordseo="Paytm-Payments-Bank-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm Payments Bank Limited" meta.hostid="261" meta.entityid="Paytm Payments Bank Limited">Paytm Payments Bank Limited</keyword> (PPBL), an associate company of Paytm, was barred from adding new users to its UPI platform due to regulatory concerns raised by the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI). <h2>Paytm gets permission to onboard new UPI users </h2> In a regulatory filing on Tuesday evening, Paytm disclosed that NPCI granted permission for the company to resume onboarding UPI users, provided it complies with all procedural guidelines and circulars issued by the corporation. “We would like to inform you that vide letter dated October 22, 2024, the National Payments Corporation of India (NPCI) has granted approval to the Company to on-board new UPI users, with adherence to all NPCI procedural guidelines and circulars,” Paytm said in the filing. This move is seen as a relief for the company, which has been under scrutiny following the RBI’s intervention in January. The NPCI, which had previously allowed Paytm to operate as a Third-Party Application Provider (TPAP) for UPI transactions, has now reinstated its ability to bring new users onto the platform, albeit with strict conditions. Paytm can continue UPI operations through its partnerships with major banking institutions, including SBI, HDFC Bank, Axis Bank, and YES Bank. The NPCI’s approval comes after a thorough review of Paytm’s compliance with procedural guidelines, including those pertaining to risk management, app branding, multi-bank participation, and data privacy. The fintech firm has been instructed to adhere to key regulatory frameworks, such as the Payments and Settlement Act of 2007 and the Digital Personal Data Protection Act of 2023. This approval follows a request by Paytm’s parent company, <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords">One97 Communications</keyword> Ltd (OCL), in August, seeking permission to resume UPI onboarding. The NPCI’s decision also reflects that Paytm has addressed concerns raised in the RBI’s directive from earlier this year, which had highlighted persistent non-compliance issues with its banking subsidiary, PPBL. On a related note, Paytm reported a strong financial performance for the quarter ending September 2024. The company posted a net profit of ₹928.3 crore, a marked improvement from the ₹290.5 crore loss it recorded during the same period last year. <h2>What had happened? </h2> For the unversed, in January 2024, the Reserve Bank of India (RBI) told Paytm Payments Bank Limited (PPBL) to stop accepting deposits and processing UPI top-ups. This decision stemmed from ongoing concerns about the bank’s compliance and serious issues that needed addressing. As a result, Paytm found itself unable to onboard new UPI users, significantly disrupting its growing customer base and raising doubts about its future in the crowded <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> market. However, things took a turn for the better in March 2024 when the National Payments Corporation of India (NPCI) gave Paytm the green light to resume UPI transactions. The catch? Paytm could only operate as a Third-Party Application Provider (TPAP), meaning it had to partner with established banks like SBI, Axis Bank, HDFC Bank, and YES Bank for its UPI services. While this arrangement posed some limitations, it allowed Paytm to keep moving forward and adapt to the regulatory challenges it faced in India’s digital payment landscape. (with PTI inputs)

Paytm can onboard new UPI users again, receives NPCI nod months after RBI restrictions

<ul class="summary-list"><li>Trump has promised to do a variety of different things on "Day One" of his second term.</li><li>Much of his agenda will take time to implement, but there are things he could start immediately.</li></ul>Over the past two years of <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump">President-elect Donald Trump's</a> third presidential campaign, he frequently promised to enact certain promises on "day one" of his new administration."Many things will be done on day one," Trump said at a town hall with Tucker Carlson in Phoenix in late October. "Your head will spin when you see what's going to happen."Some aspects of Trump's agenda, particularly his <a target="_blank" class="" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">promises</a> to eliminate taxes on tips, overtime, and Social Security benefits, will require Congress to act.But much of his signature promises can be set into motion via executive orders, which he will be able to issue as soon as he enters office. He will also be able to issue pardons and fire government officials as early as day one.<h2 id="b28818a4-c79e-4982-8ef7-724240a430af">Executive orders: Immigration and likely legal challenges</h2>Some of Trump's most readily achievable promises are related to immigration, an area where the White House and Executive Branch have a significant say. In the closing days of the campaign, Trump underlined his commitment to getting to work right away on building "<a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-immigration-jobs-arizona-economy-mass-deportation-employment-wages-2024-10">the largest deportation force</a>" in the nation's history. The American Civil Liberties Union and other organizations have said they would challenge Trump's actions in court, meaning that anything begun on Day One will only be the beginning of a potentially long legal fight.Trump also repeatedly promised to curtail <a target="_blank" class="" href="https://www.csmonitor.com/USA/2023/0120/Immigration-parole-What-is-it-and-who-s-getting-it#:~:text=Unlike%20asylum%20and%20refugee%20status,benefits%2C%20though%20there%20are%20exceptions">parole</a>, which allows immigrants to temporarily live in the US, often for humanitarian reasons. He also pushed debunked claims about secret "migrant flights," which he also promised to ban on day one.Trump has promised to issue several executive orders when he takes office, though some of them are likely to be challenged in court.For example, Trump has pledged to sign an executive order revoking birthright citizenship, which is enshrined in the 14th Amendment to the US Constitution.During the Republican primary, he pledged to take executive action "banning schools from promoting critical race theory or transgender insanity."It's likely that such an action could mirror an executive order President Joe Biden revoked after taking office, which at the time prohibited the federal government and federal contractors from conducting workplace trainings on "divisive concepts." A federal judge later blocked prohibitions on certain trainings.<h2 id="95350b5b-0e65-4724-a668-327eaf0fb4cb">Pardons and personnel decisions: Firing Jack Smith, pardoning January 6 rioters</h2>Some of Trump's promises are more simple and involve firing government officials he does not like.That includes Special Counsel Jack Smith, who is currently leading the Department of Justice's prosecution of Trump for his role in the January 6 insurrection and Trump's mishandling of classified documents. Smith is already <a target="_blank" class="" href="https://apnews.com/article/trump-jan-6-justice-department-classified-documents-01c2d54177d7c949f62a15604a27b3e0">reportedly</a> looking into winding down those investigations in order to comply with a longstanding department policy that sitting presidents cannot be prosecuted."I would fire him within two seconds," Trump told conservative radio host Hugh Hewitt in late October. "He'll be one of the first things addressed."At a Bitcoin conference in July, Trump also <a target="_blank" class="" href="https://www.businessinsider.com/trump-bitcoin-stance-2024-7">pledged to fire</a> Gary Gensler, the chairman of the Securities and Exchange Commission, on "day one" and appoint a replacement. Gensler has angered many in the cryptocurrency community, which Trump and his campaigned courted ahead of the 2024 election.Trump has also <a target="_blank" class="" href="https://www.nbcnews.com/politics/justice-department/donald-trump-says-absolutely-pardon-jan-6-rioters-rcna164565">pledged</a> to pardon January 6 rioters "if they're innocent," which he would be able to do as soon as his first day in office.<h2 id="c3a47c27-7a7a-4054-aee5-a4613822eeb6">"Day One" promises that Trump may not be able to fulfill</h2>Some "day one" commitments are simply not possible.At times during the campaign, Trump pledged to "end inflation" just hours after taking office. But no one, including the president, can single-handedly lower broad price levels set across the entire US economy.The Federal Reserve, the nation's central bank, is tasked with monitoring inflation and adjusting interest rates up or down as needed, and the Fed takes its <a target="_blank" class="" href="https://www.businessinsider.com/powell-wont-resign-federal-reserve-step-down-trump-election-2024-11">political independence seriously.</a> Far from ending inflation, economists are worried that Trump's expansive tariffs could lead <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">prices spiking even higher.</a>"Starting on day one of my new administration, we will end inflation and we will make America affordable again because the prices are too high," Trump said at a rally in Wisconsin in October.Prices reached record highs earlier in the Biden administration, but since then inflation has continued to cool.

What Trump might do on Day One of his presidency

<ul class="summary-list"><li>Tesla's Cybertruck has been hit by another recall over fears some trucks could lose drive power.</li><li>This one could be a hassle for affected owners, with around 2,400 Cybertrucks needing a physical fix.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a>'s <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-cybertruck-apocalypse-inequality-2023-12">"apocalypse-proof" Cybertruck</a> has been hit by yet another recall.Tesla is recalling the Cybertruck for the sixth time in 12 months due to a problem with some of its electric pickups that could suddenly cause them to lose drive power.According to a recall report released by the National Highway Traffic Safety Administration on Wednesday, the recall affects around 2,400 Cybertrucks.The regulator said in the report that the issue was due to a fault in the drive inverter that could cause it to stop producing torque when using the accelerator pedal, "resulting in a loss of propulsion, which may increase the risk of a collision."Tesla will replace the drive inverter on the affected vehicles, meaning drivers will likely face the hassle of bringing their Cybertrucks into service centers for repairs. Tesla has been able to address some of the pickup's previous recalls with <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-cybertruck-recalled-again-2024-10">over-the-air software updates</a>.The NHTSA said that Tesla knew of five warranty claims that could be related to the issue, and that the company was not aware of any collisions or injuries linked to the faulty drive inverter.The Cybertruck has <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-outselling-almost-every-other-ev-in-us-2024-10">proven to be a big seller for Tesla</a> but has been dogged by quality issues, with the pickup being recalled six times since it launched last November. The "apocalypse-proof" electric truck has faced issues with its enormous <a target="_blank" class="" href="https://www.businessinsider.com/tesla-recalls-cybertrucks-due-to-wiper-issue-2024-6">windscreen wiper</a>, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-cybertruck-recalled-again-2024-10">rearview camera</a>, and accelerator pedal.The accelerator recall also required a physical fix, with Tesla replacing or reworking the pedal. Tesla did not respond to a request for comment, sent outside normal working hours.

Cybertruck owners face another recall — and this one's likely to be a hassle

There is no denying the fact that your <keyword id="19956983" type="General" weightage="100" keywordseo="mental-health" source="keywords">mental health</keyword> affects every part of your life. After all, mental health is an important aspect of overall well-being, especially among young people who are navigating a world of rapid change, digital pressures, and societal expectations. Neglecting mental health can lead to long-term consequences such as chronic stress, anxiety, and depression. In today’s fast-paced world, where technology and social media dominate much of young people’s lives, addressing mental health is more important than ever. A recent study has revealed that the youth of <keyword id="19895045" type="General" weightage="20" keywordseo="singapore" source="keywords">Singapore</keyword> is facing mental health challenges and the situation deserves attention. <h2>Mental health issues in Singapore youth</h2>According to a PTI report quoting data from the nation-wide survey conducted by the <keyword id="23234918" type="General" weightage="20" keywordseo="Institute-of-Mental-Health" source="keywords" meta.keywordsubtype="org" meta.entityname="Institute of Mental Health" meta.hostid="261" meta.entityid="Institute of Mental Health">Institute of Mental Health</keyword> (IMH), nearly one-third of young people in Singapore are facing severe or very severe symptoms of depression, anxiety, or stress. The survey sheds light on the increasing prevalence of mental health issues among the younger population, with one in three respondents reporting serious mental health struggles. The National <keyword id="21279543" type="General" weightage="20" keywordseo="youth-mental-health" source="keywords">Youth Mental Health</keyword> Study, initiated in 2022, found that 30.6 percent of young Singaporeans experience significant symptoms related to depression, anxiety, or stress. The study identified several contributing factors to these mental health challenges, including <keyword id="23214883" type="General" weightage="20" keywordseo="cyber-bullying" source="keywords">cyber-bullying</keyword>, excessive use of social media, and concerns about body image. Young people who reported more than three hours of daily social media use were particularly vulnerable to mental health issues, as were those who had been victims of online harassment. IMH’s co-principal investigator, Associate Professor Swapna Verma, highlighted the unique pressures that today’s youth face, noting that social media can exacerbate body image concerns and lead to constant comparisons. "Navigating the complexities of youth is challenging enough, but young people today are grappling with unique issues that previous generations did not," she said. The anonymity offered by the internet, she explained, has made cyber-bullying a pervasive issue that can deeply affect mental health. The survey, which was conducted in collaboration with the Ministry of Health (MOH) and other institutions such as the National University of Singapore's Saw Swee Hock School of Public Health, is the first of its kind in the country. It aimed to provide a clearer understanding of the mental health challenges facing young people, as well as to identify gaps in treatment and available support systems. <h2>Body image concerns adding to poor mental health</h2>According to the study, concerns about body shape were another major factor contributing to poor mental health outcomes. This finding aligns with global trends showing that body image issues are increasingly common among young people, fueled in part by the portrayal of unattainable beauty standards on social media platforms. The government’s response to these findings emphasises the need for a comprehensive, society-wide effort to tackle youth mental health issues. In a joint statement released by Singapore’s Health, Education, and Social and Family Development ministries, officials said that the study's findings reaffirm the government’s strategy to address mental health challenges among the youth. This strategy, known as the National Mental Health and Well-Being Strategy, was launched in October of last year and advocates for a whole-of-society approach to <keyword id="20492818" type="General" weightage="20" keywordseo="mental-health-awareness" source="keywords">mental health awareness</keyword> and intervention. The ministries further noted that the survey results are consistent with those of previous research on mental health, suggesting that these issues are widespread and not confined to isolated cases. The findings also call attention to the need for continued collaboration between government agencies, healthcare providers, and educational institutions to better support youth who are struggling with mental health issues. (With PTI inputs)

One-third of young people in Singapore facing symptoms of depression, anxiety, or stress: IMH study

<ul class="summary-list"><li>The price of gold hit all-time highs this week.</li><li>Falling interest rates and rising geopolitical tensions boost gold's appeal as a safe haven asset.</li></ul>The price of <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/gold-price">gold</a> has soared this year.The precious metal hit a record high of $2,772 per troy ounce this week and has risen in six of the past seven weeks.With year-to-date gains of about 33%, gold returns have outpaced the broader stock market, including the tech-heavy <a target="_blank" class="" href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a>, by about 10 percentage points.And since the bull market in stocks began in October 2022, gold has outpaced equity gains, returning 67% compared to the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500's</a> return of about 63%, according to data from YCharts.Those superior returns make the metal one of the world's hottest investments.The largest gold ETF, the SPDR Gold Shares, has $78 billion in assets under management and has seen about $5 billion of inflows in the past six months, according to data from ETF.com.Physical gold is also having a moment. Costco has consistently sold out of gold bars when they become available on their website and Wells Fargo estimates that <a target="_blank" class="" href="https://www.businessinsider.com/costco-gold-bars-silver-coins-monthly-sales-wells-fargo-bullion-2024-4">Costco sells up to $200 million in gold bars</a> and silver coins to its members each month.It's been a perfect storm for the yellow metal, and the outlook suggests more gains ahead. Here's what's going on.<h3 id="5edb3548-699e-4d4d-ba18-d306c30fcf12">Demand from central banks</h3>Global central banks have been on a gold-buying spree over the past few years.According to the World Gold Council, central banks purchased a record 483 tons of gold in the first half of the year. Central banks from Turkey, India, and China topped the list of the biggest buyers.Part of the surge in demand is from countries that want to diversify their holdings away from the US dollar. "We believe that the tripling in central bank purchases since mid-2022 on fears about US financial sanctions and US sovereign debt is structural and will continue," <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/gold-price-outlook-buy-continued-rally-next-year-2025-goldman-2024-9">Goldman Sachs said</a> in a note last month.This dynamic has been on display since Russia invaded Ukraine in 2022, as America sought to inflict maximum economic damage on Russia via sanctions. But it's harder to implement sanctions against a country that is less reliant on the dollar, and one way to be less reliant on the dollar is to buy gold.It is a dynamic that the US should be closely monitoring, according to economist Mohamed El-Erian.El-Erian wrote <a target="_blank" class="" href="https://www.ft.com/content/b5fb1e6b-bb8d-4ab5-9c92-f1f6fc40a54b?utm_source=substack&amp;utm_medium=emailhttps://www.ft.com/content/b5fb1e6b-bb8d-4ab5-9c92-f1f6fc40a54b?utm_source=substack&amp;utm_medium=email">in an op-ed for the FT</a> this week that the persistent rise in gold "captures an increasingly persistent behavioural trend among China and 'middle power' countries.""There is also interest in exploring possible alternatives to the dollar-based payments system that has been at the core of the international architecture for some 80 years."Russia has had some success with this, as it's managed to navigate its economy away from a full-fledged downturn after the US imposed wide-ranging sanctions in 2022.Russia's ability to steer its de-dollarized economy away from a crisis could give other countries confidence to lessen their dependence on the dollar, which ultimately benefits gold."What is at stake here is not just the erosion of the dollar's dominant role but also a gradual change in the operation of the global system," El-Erian said. "As it develops deeper roots, this risks materially fragmenting the global system and eroding the international influence of the dollar and the US financial system.<h3 id="8959c97e-7efe-42f8-a1a3-3fa362c5ac51">Geopolitical tensions</h3>Gold is <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/gold-safe-haven-treasurys-us-national-debt-bofa-fiscal-expansion-2024-10">considered a safe haven asset</a> due to its long-standing history as a stable store of value.So when geopolitical tensions rise, investors tend to flock to the shiny metal, and right now, there is no shortage of reasons to be worried.From Russia's war against Ukraine to the escalating clashes in the Middle East to China's long-running threat against Taiwan's independence, geopolitical tensions are rising, not falling.What's more, soaring US debt means that Treasurys—another historical safe haven asset—might not be so risk-free anymore."Gold looks to be the last 'safe haven' asset standing, incentivising traders including central banks to increase exposure," <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/gold-safe-haven-treasurys-us-national-debt-bofa-fiscal-expansion-2024-10">Bank of America said</a> in a note this month. <h3 id="29ec9208-7951-47bd-89c8-75f2d6320ca9">The Trump trade</h3>The <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/donald-trump-trade-rally-betting-markets-kamala-harris-bitcoin-djt-2024-10">Trump trade has picked up steam recently</a> as the former president's odds of winning the election have risen, and gold has been a big beneficiary.That's because a potential Trump presidency is expected to be accompanied by a soaring government deficit and a fast-growing pile of debt, which would further drive concerns about a rebound in inflation and the sustainability of the US dollar."If you're worried about fiscal profligacy, financial repression, and attacks on Fed independence, gold would be an attractive asset," economist Davix Oxley of Capital Economics said on Friday.Even if Trump doesn't win the election, the deficit is likely to grow, setting gold up well for more gains, according to Interactive Brokers chief strategist Steve Sosnick."It's not as though either candidate is preaching fiscal discipline, and the Fed seems willing to keep cutting even if inflation remains a bit above target. So there is a thought that gold could be a viable alternative if rates rise and the economy remains sound. And if the economy isn't sound it could still be a good store of value," Sosnick told Business Insider."<h3 id="dadb04c2-defd-4fe4-a269-2b48d277b4de">Interest rates</h3>According to data from the World Gold Council, falling interest rates have historically benefited gold prices, with the commodity rising as much as 10% in the six months after the Federal Reserve's first rate cut.With the Fed expected to cut interest rates multiple times over the next year, lower rates should serve as a tailwind for gold prices.While interest rates<a target="_blank" class="" href="https://www.businessinsider.com/mortgage-rate-increase-since-federal-reserve-cut-interest-rates-housing-2024-10"> actually jumped since the Fed's first rate cut</a> last month, with the 10-year Treasury yield hitting its highest level since July this week, gold prices have continued to rise.That's a sign that gold investors are more focused on the global interest-rate path, which is pointing lower as global central banks look poised to loosen monetary policy.The People's Bank of China cut rates by 25 basis points this week, while the Bank of Canada cut by 50 basis points. The European Central lowered rates by 25 basis points last week, and economists say they see the Bank of England <a target="_blank" class="" href="https://www.cnbc.com/2024/10/22/why-economists-see-the-uk-cutting-interest-rates-more-substantially.html">set to deliver bigger rate cuts</a> than previously expected by markets.

How gold became one of the world's hottest investments

<ul class="summary-list"><li>Climate change is increasing the severity of natural disasters — and home insurance prices.</li><li>For those moving to a climate-risk state, there are some steps you can take to protect your home.</li></ul>Finding an affordable home in a red-hot real estate market is already a tremendous feat.And now, in addition to rapidly rising prices, home buyers are increasingly worried about another factor: climate change.According to Zillow, more than 80% of home buyers considered climate risks — including flood, wildfire, and hurricane — when shopping for a house.In particular, climate change complicates the homebuying process by sending <a target="_blank" href="https://www.businessinsider.com/climate-change-homeowners-insurance-premium-costs-crisis-skyrocketing-states-hurricanes-2024-10">home insurance premiums skyrocketing</a>. As storms and other natural disasters become more destructive, home insurance providers are raising rates or pulling out of certain states altogether, according to insurance company Insurify.According to Holden Lewis, a home insurance expert at NerdWallet, climate change is hitting states such as California, Florida, North Carolina, Tennessee, Virginia, Texas, Oklahoma, Kansas, and Nebraska the hardest — and wildly disrupting these states' home insurance markets.If you're looking to purchase a house in these high-risk markets, here's what you need to know about rapidly rising home insurance rates.<h2 id="4ca151ec-b6df-44db-821b-3b925503bc08">How to navigate the insurance landscape when moving</h2>As climate change exacerbates the frequency and severity of natural disasters, homes are at higher risk of damage. Insurance companies in turn are raising prices to cover the higher costs of covering claims and reinsurance, or insurance for insurance companies.According to financial data firm Bankrate, the national average cost of home insurance is $2,285 a year for up to $300,000 of dwelling coverage. But in high climate-risk states such as Nebraska, Florida, and Oklahoma, average annual premiums range from $4,835 to $5,655.It might seem obvious, one step homebuyers can take to avoid surprises is consider home insurance costs early in the homebuying process, Lewis said. As insurance premiums increase, they can materially impact your monthly housing payments and push a home out of your affordability zone.Prospective buyers shopping for homes in a new state are especially prone to insurance sticker shock, according to Lewis. For example, if you're thinking of moving from Ohio to Texas, you might not be aware that the average homeowners insurance rate in cyclone-prone Texas is $3,916 a year — $2,600 more than in Ohio, Lewis pointed out.Still, climate-risk states remain popular. According to <a target="_blank" href="https://www.uhaul.com/Articles/About/U-Haul-Announces-Top-Growth-States-Of-2023-30660/">U-Haul</a>, Texas and Florida received the highest influx of new residents in 2023.Many of these newcomers might not have done their homework on the home insurance market before moving to the state, according to Stephanie L., homeowner and lifelong Florida resident who asked not to use her full last name for privacy reasons.There's a lack of consumer awareness of the financial risk extreme weather brings, in Stephanie's opinion. "If you purchase a beautiful home on a river, you have to understand that with the way storms come in, you could be at risk," Stephanie told Business Insider in an interview.Even within climate-risk states, you can minimize your home's exposure to extreme weather and bring down insurance premiums by researching the local neighborhood.When Stephanie bought her house, she picked a location in the Jacksonville metropolitan area, which has less exposure to hurricane risk than other areas of the Sunshine state."We definitely looked for high and dry, not in a flood zone, and not in a hurricane evacuation zone," Stephanie said.Indeed, Jacksonville home insurance premiums are significantly lower than Florida's state average of $5,527, with homeowners paying an average of $2,705 a year for insurance according to Bankrate.Next, when it comes by a natural disaster, you want to ensure that the insurance policy can fully cover rebuilding costs. Many policies offer dwelling coverage limits in line with the market value of the house, but that's not always sufficient coverage, according to Lewis."The market value of the house the day before a fire or storm might be less than the actual cost to rebuild it to current building codes," Lewis said.For prospective homebuyers, Lewis recommends clarifying the dwelling coverage limit with the insurance agent and shopping around for available policies.Also important to note is that flood coverage often isn't included in standard homeowners insurance policies. This is an important consideration if you're looking to buy a house in an area prone to hurricanes."If water is rising, say from a river, or storm surge, then a standard homeowners policy will not cover that damage," Lewis said.Stephanie purchased flood insurance in addition to her regular homeowners insurance when she purchased a home."I also have a separate flood policy even though I'm not in a floodplain," she said. "When you're not in a flood zone, flood insurance is pretty affordable."Although Stephanie isn't at high risk for flooding, she still wants to be prepared for the worst. It's not a bad idea to go the extra mile and purchase extra insurance when it comes to buying a home in Florida, even if you're not directly in a flood zone.In addition to hurricane-prone Gulf Coast states, regions like western North Carolina, eastern Tennessee, and southern Virginia are flooding hotspots, according to Lewis.Lastly, homeowners also should consider how inflation will drive up home insurance costs, especially as concerns over inflation loom high in today's economy. An inflationary environment will increase the cost of building materials and construction, Lewis pointed out.As a result, it may be a good idea to review your coverage every year or two to evaluate the status of your coverage, Lewis said."Talk to the agent, maybe even talk to a general contractor just to find out, 'Hey, am I still covered? Do I still have enough coverage to pay to rebuild this home?'" Lewis suggested.For those considering buying a home in a state with high levels of climate risk, taking these precautions during the homebuying process can help you protect your investment.

Buying a home in one of these 9 climate-risk states? Here's how to deal with spiking home insurance rates from someone who lives in one

<ul class="summary-list"><li>Saudi leader Mohammed bin Salman welcomed Donald Trump's first election win.</li><li>But this time round, Gulf leaders may be wary about his victory.</li></ul>Donald Trump's first trip as US president to Saudi Arabia in 2017 was a <a target="_blank" class="" href="https://www.businessinsider.com/trump-orb-shoes-sword-dancing-toby-keith-saudi-arabia-foreign-trip-2017-5">lavish spectacle.</a>He joined a traditional sword dance, had his image projected onto the Ritz Carlton in Riyadh, and signed a multibillion-dollar arms deal with the kingdom.At the time, leaders like Saudi Arabia's Crown Prince Mohammed bin Salman lavished praise on him and welcomed his brash style, particularly toward Iran.Now, however, attitudes toward Iran have changed, and Gulf leaders' reactions to Trump's reelection as US president will likely be less enthusiastic.<div type="image" title="Saudi Arabia's King Salman, second on the left, and Donald Trump, second on the right, participate in a sword dance in Riyadh." height="717" width="1024" msid="115265072" hostid="261" sizebytes="62242"></div>"Gulf Arab states have concerns about Trump being unpredictable and the risks of having him back in the White House," Giorgio Cafiero, CEO of consultancy Gulf State Analytics, told Business Insider.Of particular concern, said Cafiero, is the fear that Trump could inflame the Middle East <a target="_blank" class="" href="https://www.businessinsider.com/middle-east-spiraling-year-after-hamas-october-7-israel-iran-2024-10">at a time when it is on the brink </a>of all-out regional war.<h2 id="6a9133ec-4750-4651-ae73-3a8a615836c6">The Middle East on the brink</h2>The threat of an all-out regional war in the Middle East was triggered by <a target="_blank" class="" href="https://www.businessinsider.com/israel-military-superiority-lacks-strategic-vision-iran-lebanon-gaza-war-2024-10">Hamas terrorist attacks on Israel</a> on October 7, 2023.In response, Israel has sought to destroy Hamas and its ally, the Lebanese militia Hezbollah. It's launched attacks on Gaza and Lebanon that have devastated the Iran-backed groups and resulted in tens of thousands of civilian casualties.The war could escalate into a direct conflict between Israel and Iran, with Iran launching missile attacks on Israel twice this year, and Israel responding with strikes on targets in the Islamic Republic.President Joe Biden provided military backing to Israel after October 7 and tried to persuade its prime minister, Benjamin Netanyahu, to scale back Israel's response.Trump, during his term in office, backed controversial Israeli policies such as West Bank settlements and had a warm relationship with Netanyahu.Some in the region are concerned he'd offer Israel even stronger support for its wars than Biden, said Cafiero."His first administration had a highly Israel-centered foreign policy in the region and there are many open questions about how he'll approach the wars in Gaza and Lebanon after his second term begins in January 2025," he added.<h2 id="b7a3a45f-2097-4821-9973-4e038b84885b">MBS is likely wary</h2>Saudi's ruler, Crown Prince Mohammed, is increasingly wary that the war between Israel and Iran's<a target="_blank" href="https://www.businessinsider.com/attacks-iran-militia-allies-the-biden-administration-in-a-bind-2024-1"> network of regional militias</a> could escalate further, pulling in the kingdom and other Gulf states.The region is a patchwork of allegiances, with the Gulf states and Israel broadly aligned with the US while Iran is aligned with Vladimir Putin's Russia.In September,<a target="_blank" class="" href="https://www.businessinsider.com/iran-strike-saudi-oil-sites-in-revenge-for-israeli-attack-2024-10"> Iran, through backchannels, </a>warned Saudi leaders that the kingdom's energy sector would be targeted if it allowed Israel to use Saudi airspace for attacks on Iranian oil or nuclear sites."How Trump will go about addressing such disagreements is unclear, but his unpredictable nature must be causing some policymakers in the GCC [Gulf Cooperation Council] to have some concerns about what it will be like working with his second administration," said Cafiero.Mahjoob Zweiri, a fellow at the Middle East Council on Global Affairs, said that world leaders have to realize that Trump is not the same man he was during his first presidency."His time in power has changed him, and his approach has evolved," he <a target="_blank" class="" href="https://mecouncil.org/blog_posts/trumps-return-and-implications-for-the-middle-east/">said</a>. "Another significant point is his naturally rebellious political stance, which challenges the conventional norms of both domestic and foreign policy."In other words, he has a strong, personal perspective on events, and he imposes it."<div type="image" title="An Israeli bomb detonates on a hillside in southern Lebanon" height="683" width="1024" msid="115265076" hostid="261" sizebytes="58518"></div><h2 id="dd4d5b1f-edb9-41c9-bed3-5509e44ade38">A fragile peace</h2>Amid growing tensions, Crown Prince Mohammed has been trying to maintain Saudi Arabia's fragile truce with Iran.In 2023, <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-middle-finger-to-biden-iran-peace-deal-brokered-by-china-2023-3">China brokered a resumption in diplomatic</a> relations between the longtime regional foes that have held despite the new wave of conflict sweeping the region.The Saudi ruler on Monday hosted Muslim leaders in Riyadh, where, <a target="_blank" class="" href="https://www.timesofisrael.com/at-riyadh-summit-saudi-crown-prince-backs-iran-accuses-israel-of-genocide/">according to reports, </a>he described Israel's attacks on Palestinian civilians as a "genocide" and condemned its attacks on Iran.Both Trump and Biden had sought to broker a deal to normalize ties between Saudi Arabia and Israel, but the future of the deal appears at best uncertain amid regional hostility to Israel's campaign.Analysts say Crown Prince Mohammed believes that tamping down regional conflict is crucial for achieving his <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-vision-2030-projects-trillion-value-neom-2024-9">grand ambitions of transforming</a> Saudi Arabia's economy as part of his Vision 2030 Project.He's also concerned about potential Iranian ballistic missile attacks, and domestic anger at Israel in Saudi Arabia, executive vice president of the Washington, DC-based Quincy Institute Trita Parsi <a target="_blank" class="" href="https://edition.cnn.com/2024/11/12/middleeast/saudi-mbs-accuses-israel-genocide-gaza-intl/index.html">told CNN.</a>"Now that there is much uncertainty in the region with direct Iran-Israel confrontations moving toward a point of becoming increasingly normalized, and the Trump 2.0 factor, Riyadh and Tehran have been signaling to each other that they remain committed to the Beijing-brokered diplomatic deal," said Cafiero.If the Iran-Israel confrontation intensifies and the US gets pulled in, it's unclear if Trump would respect Saudi Arabia's wish to remain on the sidelines."If Trump puts you in a situation where you have to decide [which side to take] because he's going against Iran, it's a big problem," a senior Arab diplomat told <a target="_blank" href="https://archive.is/GpzGl#selection-2385.0-2385.224">The Financial Times this week.</a> "Trump is not the kind of guy who takes 'no' for an answer."

Saudi Arabia's ruler used to be one of Trump's biggest fans. This time it's complicated.

<ul class="summary-list"><li>European stocks are pricing in a Trump win, Barclays said.</li><li>Exporters have underperformed the broader European market by 15% since spring.</li></ul>With the US election less than two weeks away, European stocks have already been pricing in a Donald Trump victory, according to Barclays.The firm noted that a basket of European exporters — or those companies most vulnerable to tariffs — has underperformed the benchmark European Stoxx 600 by 15% since early spring.Barclays says this is reflective of investors preemptively bracing for Trump's tariff policy, which has been a cornerstone of his presidential-election platform, under the expectation he will win.<div type="image" title="Barclays chart showing how stocks exposed to tariffs have underperformed the broader index" height="1670" width="2136" msid="114514786" hostid="261" sizebytes="87238"></div>"Tariff concerns have been a drag on EU equities' relative performance year-to-date," Barclays analysts led by Emmanuel Cau wrote on Wednesday. "In the event of a full-blown trade war, we could see up to a high single-digit drag on EPS growth with Germany, Italy, Cap Goods, Autos, Beverages, Tech, Chemicals most at risk."Barclays did note that some European firms have relocated production to the US since 2018, which could somewhat limit the impact of Trump's trade policy on the whole market. But it's still worried about the possible side effects."The second-order impact through lower growth and higher inflation (i.e. stagflation) could be more severe, in particular in the case of retaliation and a trade war," Barclays wrote.The US will also feel the impact. The firm forecasts Trump tariffs will be a 3.2% drag on S&amp;P 500 earnings-per-share next year, with the most negative impact affecting materials, discretionary, industrials, technology, and healthcare. Beyond that, retaliatory measures would generate an additional 1.5% hit to forward EPS.The note suggested a possible rebound for Europe's markets if Kamala Harris wins. Her policy would also boost clean and renewables in the region, which have also underperformed on the chances of a Trump win.

One global market is already pricing in a Trump victory

<ul class="summary-list"><li>Hewlett Packard Enterprise CEO Antonio Neri prioritizes diversity, equity, and inclusion.</li><li>Neri's DEI focus contrasts with companies like <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-layoffs-dei-leader-email-2024-7">Microsoft</a> and <a target="_blank" class="" href="https://www.businessinsider.com/john-deere-ditches-dei-policies-conservative-activists-lgbtq-pride-pronoun-2024-7">John Deere</a> reducing such efforts.</li></ul>Hewlett Packard Enterprise CEO Antonio Neri started his career at the company as a "Customer Service Engineer" in a call center nearly 30 years ago. Today, that experience informs his commitment to diversity, equity, and inclusion."Intentionality is important," Neri said in a recent interview with Business Insider.HPE has a workforce of more than 62,000 — double the size of Nvidia's, but it has nowhere near the <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-earnings-party-investors-cult-investing-memes-2024-9">name recognition</a>, especially since it split off from HP in 2015. HP makes computer printers for homes and offices. HPE provides data center and cloud service services and technology to businesses.Focusing on company culture was number two on Neri's list of top three priorities across the company this year, he told BI, and diversity plays a big part. (Innovation was number one).That sets him apart in the fast-shifting climate for corporate DEI. The list of companies ranking DEI that high may be shrinking. <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-layoffs-dei-leader-email-2024-7">Microsoft</a> laid off one of its diversity, equity, and inclusion teams earlier this year, citing "changing business needs."In August, <a target="_blank" class="" href="https://www.businessinsider.com/companies-cutting-dei-activist-backlash-harley-davidson-deere-tractor-supply-2024-8">Harley Davidson</a> announced an end to its effort to buy from diverse suppliers, and <a target="_blank" class="" href="https://www.businessinsider.com/john-deere-ditches-dei-policies-conservative-activists-lgbtq-pride-pronoun-2024-7">John Deere</a> said in July it would not "participate in or support external social or cultural awareness parades, festivals, or events."A survey by the executive search firm Bridge Partners of 400 C-suite and HR leaders at companies with either at least $25 million in revenue or 250 employees found that the number of employers who said they had increased their DEI investments in the past year dropped to 66% in 2024 from 77% in 2023. Roughly one in four executives expressed a belief that <a target="_blank" class="" href="https://www.businessinsider.com/companies-data-driven-strategies-tools-refine-dei-belonging-efforts-decisions-2024-10">DEI programs were a fad</a>."My first job at HP was in a call center where we had 21 different languages and probably 40 different nationalities and every gender — every presence you can imagine," Neri said. "That was a fun place to work and we were a very high-performance team. So, to me, this is a natural way to do things," he continued.When he took over the CEO job in 2018, all 12 of Neri's direct reports were male. It took seven years, but that group is now 50% female and so is HPE's board. Across the company, women hold nearly 28% of director-level or above positions, according to the company's 2023 ESG report.Neri said he addresses DEI initiatives at the company in internal quarterly leadership discussions and company surveys multiple times a year. He's received no pushback on the company's efforts in this area, he said. On top of diversifying hiring, Neri likes to see employees moving up the ranks relatively fast."We need to look for the diamond in the rough in order to challenge people to continue to grow," he said. The younger generations, he said are often more "restless" for challenge.HPE measures and rewards managers based on the diversity of their hiring, retention, and promotion of employees — especially at higher levels.Letting employees coast in their comfort zones isn't on the agenda. In fact, he credits his rise to CEO in part to people who recognized his talent early on and pushed him into promotions he wasn't necessarily looking for.<h2 id="377dd04a-d95a-4a57-bac1-8797746cfffd">The CEO role has changed</h2>The 57-year-old CEO wants a diverse workforce that stays with the company and moves up the ranks. And those goals are baked into managers' performance metrics."Ultimately it's a part of succession planning. Who's going to be the next CEO down the road? It could be somebody from inside," Neri said.Neri took over the top spot at HPE from Meg Whitman, formerly CEO of eBay and current US ambassador to Kenya, seven years ago, and he said his experience of the job is very different from hers."The role of CEO has changed dramatically from what we knew a decade ago," Neri said. CEOs are asked to take positions now on issues that matter to employees.He wants to hear strong opinions internally too, he said, and he's not afraid to follow them and fail fast when it comes to innovation. "I need people to have an opinion. If you're sitting on the sideline, that means you're you're not contributing your best," he said.

Why one cloud CEO is redoubling DEI initiatives as some companies waver

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/trump-won-election-what-that-means-for-elon-musk-2024-11">Elon Musk and Donald Trump are both enthusiastic </a>about space exploration opportunities amid a desire to slash regulations.</li><li>It's not yet clear how powerful Musk's role in the new Trump administration will be.</li></ul>Now that <a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">president-elect Donald Trump</a> is set to return to power in the US, Elon Musk's plans for sending humans beyond Earth's orbit may be more likely to come to fruition.Space industry experts told Business Insider that Musk's influence over Trump could help advance <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-could-help-deregulate-tech-amid-a-trump-victory-2024-11">his business interests</a>, including sending the first crewed mission to Mars."I'm hugely optimistic about what's going to happen in space now," Michelle Hanlon, executive director of the Center for Air and Space Law at the University of Mississippi School of Law, told Business Insider.Hanlon's optimism isn't unfounded, especially if Trump's second term focuses on space as much as his first.During his first term, from 2017 to 2021, Trump's administration founded <a target="_blank" class="" href="https://www.businessinsider.com/space-force-guardian-nick-hague-spacex-rocket-iss-2024-2">the Space Force</a>, re-launched the National Space Council, and established NASA's Artemis program. This program is set to return astronauts to the moon and lay the groundwork for the first crewed mission to Mars.But space isn't the only interest Trump and Musk share. They also want to slash government regulations.<h2 id="b873fb1d-647e-4cdf-a3ef-7d9a7adb04e7">Musk's 'Department of Government Efficiency'</h2>Trump has said that he would cut 10 regulations for every new one his administration creates.Musk and his businesses, meanwhile, have <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-spacex-faa-overtime-regulations-2024-9">clashed with regulators</a>, including the National Highway Traffic Safety Administration and the Federal Aviation Administration."There is a lot of waste and needless regulation in government that needs to go," Musk wrote on <a target="_blank" class="" href="https://x.com/elonmusk/status/1830829538118381574">X</a> after Trump announced that he planned to put the billionaire at the helm of a <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-rally-elon-musk-save-department-government-efficiency-2024-10">new "department of government efficiency."</a>It's unclear how much influence Musk would have over regulations if this department came to fruition. Trump's trust in Musk to run such a department, however, is a testament to the pair's burgeoning relationship.The two men teamed up on the campaign trail, with Musk contributing millions to Trump's reelection campaign and appearing with him at a <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-pennsylvania-america-pac-donald-trump-harris-2024-11">rally in Pennsylvania</a>.In his election-night victory speech, Trump praised Musk for <a target="_blank" class="" href="https://www.businessinsider.com/why-spacex-starship-launch-five-huge-deal-space-travel-2024-10">SpaceX's Starship</a> vehicle, designed to shuttle the first humans to Mars, and for the company's Starlink internet satellites, which are designed to offer fast, cheap internet to remote locations worldwide.<a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-calls-zelenskyy-erdogan-influence-2024-11">Musk also joined a call</a> between Trump and Ukrainian President Volodymyr Zelenskyy on Friday — underscoring how influential Musk could be once Trump returns to office, <a target="_blank" class="" href="https://www.axios.com/2024/11/08/musk-trump-zelensky-ukraine-call?stream=top&amp;utm_source=alert&amp;utm_medium=email&amp;utm_campaign=alerts_all">Axios</a> reported.Whether that influence translates to Trump founding a new "department of government efficiency" for Musk, though, is unclear.<div type="image" title="Elon Musk jumps for joy at Trump's recent rally in Butler, Pennsylvania." height="1279" width="2000" msid="115101302" hostid="261" sizebytes="117830"></div>SpaceX and Musk did not respond to a request for comment. A spokesperson for Trump's campaign said that Musk's ideas and efficiency will benefit federal bureaucracy but his role in Trump's administration remains under wraps."It's a crazy situation, but you can't just create a new department," Deborah Sivas, the director of the Environmental Law Clinic at Stanford, told BI. She said Congress would have to approve it, which may be more likely since Republicans won the Senate majority.Changing a government agency's powers or rules, Sivas said, requires making new rules or passing a law through Congress. That can take months, and it's not guaranteed to work.So, it's unlikely that Musk would be able to single-handedly eliminate key steps in <a target="_blank" class="" href="https://www.businessinsider.com/spacex-texas-starship-launch-site-development-challenges-2019-6">regulatory processes</a>, like the typical environmental review requirement for building a new rocket launchpad."I think Elon Musk will be more likely in the background, whispering in his ear," Sivas said of the billionaire's relationship with Trump."Is he going to be able to <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-spacex-autocratic-style-success-politics-harm-2024-9">influence space policy</a>? Yes, no question," Hanlon said, adding that she sees that as a "good thing" because of Musk's experience.In other arenas, like environmental regulation, Sivas isn't so sure."I feel like he should stay in his business lane and stay out of the government lane," Sivas said. "When you put those two together, it's like putting church and state together."<h2 id="879d5f64-5325-4a92-9196-db627a3cb3e9">Smoothing potholes on the road to Mars</h2>Even if Musk can't change regulations, a space-friendly Trump administration could smooth the path to Musk's goal of building a city on Mars.Musk recently <a target="_blank" class="" href="https://x.com/elonmusk/status/1832550322293837833">said</a> that he plans to launch Starships to Mars for the first time in just two years. If those flights go well, he said that the first human crews would follow four years from now."That's a pretty ambitious timeline," George Nield, former associate administrator of the FAA's Office of Commercial Space Transportation, told BI. To meet it would probably require "different regulatory frameworks or contractual arrangements than we've used in the past," he added.<div type="image" title="Elon Musk with former president Donald Trump" height="2633" width="3949" msid="115101300" hostid="261" sizebytes="148502"></div>"If anybody can do it, it will be Elon Musk," Hanlon said. But the government can help, she said, by making regulators more efficient.To help even further, she added, "It can become a policy of the US government to support commercial flight to Mars."With Trump's interest in Starship, the chances of that look better than ever.Regulations aren't the only obstacle. There are still a lot of technical hurdles to overcome before we can reach Mars, Nield said.The moon, on the other hand, is more achievable, and Trump has had his eye on it. Weeks after Musk endorsed Trump, the president-elect <a target="_blank" class="" href="https://www.reuters.com/world/us/trump-victory-expected-boost-musks-mars-dream-2024-11-08/">told reporters</a> that the moon was the first step toward his ultimate goal to reach Mars.<h2 id="60abc973-d957-4dd0-8d46-da0596ffb8e2">The next moon landing</h2>For the Artemis program's first human moon landing, NASA plans to launch four astronauts toward the moon using its Space Launch System and Orion spaceship.In lunar orbit, the ship would meet up with SpaceX's Starship, which would carry two astronauts to the moon's surface, putting boots in the lunar dust for the first time since 1972.The date for that mission has been repeatedly pushed back, with September 2026 being NASA's current target.There's no indication that Trump is considering this, but if he wants a faster moon landing, he could ditch the NASA hardware and send astronauts aboard Starship alone, Nield said."If we see rapid progress with Starship and encouragement from the administration and Congress, I don't see any reason why that couldn't happen in a small number of years," Nield said.

What Trump's second term means for space and why one expert is 'hugely optimistic'

Shares of fintech firm <keyword id="181441" type="General" weightage="20" keywordseo="One97-Communications" source="Orion">One97 Communications</keyword> -- the owner of <keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords">Paytm</keyword> brand -- jumped 5 per cent on Thursday morning after the company received the government's approval for downstream investment in wholly-owned subsidiary <keyword id="22960487" type="General" weightage="20" keywordseo="Paytm-Payments-Services-Ltd-" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm Payments Services Ltd." meta.hostid="261" meta.entityid="Paytm Payments Services Ltd.">Paytm Payments Services Ltd.</keyword> The stock climbed 5 per cent to Rs 565 on the BSE. At the NSE, it surged 4.98 per cent to Rs 564.80. The company will reapply for a <keyword id="6640986" type="General" weightage="20" keywordseo="payment-aggregator" source="Orion">payment aggregator</keyword> (PA) licence, a regulatory filing said on Wednesday. "We would like to inform you that <keyword id="20410230" type="General" weightage="20" keywordseo="PPSL" source="keywords">PPSL</keyword> has received approval from the government of India, <keyword id="156153" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="Orion">Ministry of Finance</keyword>, Department of Financial Services, vide its letter dated August 27, 2024, for downstream investment from the company into PPSL. "With this approval in place, PPSL will proceed to resubmit its PA application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners," Paytm filing said. The Reserve Bank of India (RBI) had rejected Paytm's PA licence permit application in November 2022 and instructed the company to reapply with Press Note 3 compliance under the foreign direct investment norms. As per Press Note 3, the government had made its prior approval mandatory for investments from nations that share land borders with India.

Paytm shares jump 5% on receiving government's nod for investment in Paytm Payments Services

<ul class="summary-list"><li>Economist Steve Hanke still thinks the US is on track for a recession early next year.</li><li>That's due to a recent contraction in the money supply, which preceded past downturns, he told NYSE TV Live.</li></ul>The US economy is still likely to slow into a <a target="_blank" class="" href="https://www.businessinsider.com/recession-outlook-hard-landing-economy-inflation-job-market-signal-slowdown-2024-8">recession</a> next year — and Trump's election victory may have just made the economic outlook even more challenging, according to top economist <a target="_blank" class="" href="https://www.businessinsider.com/recession-outlook-hard-landing-economy-inflation-fed-rates-steve-hanke-2024-7">Steve Hanke</a>.The Johns Hopkins professor, who's warned of a coming downturn for months, said he was sticking to his 2025 recession call in an <a target="_blank" class="" href="https://www.youtube.com/watch?v=XTxY-QAj9_Q">interview with NYSE TV Live</a> on Friday. That's mainly due to a concerning trend in the <a target="_blank" class="" href="https://www.businessinsider.com/money-supply-recession-unemployment-inflation-us-economy-outlook-jeremy-siegel-2023-12">money supply</a>, he said, referring to the total volume of money flowing around markets and the economy.M2, one class of the money supply, shrank from mid-2022 to March 2024, according to Federal Reserve data. That's a rare trend that's only happened four times over the last century, and has ended in a recession in every instance, Hanke said.The M2 money supply started to re-expand this year, rising 2.47% year-per-year at the end of September. But that rate remains well-below the 6% growth Hanke thinks is needed to maintain inflation at the Fed's target rate — a sign, in his view, that the economy is growing too slowly."My view is that the economy is going to continue to slow down and probably will experience a recession next year," Hanke said."The fuel for the economy, to make it simple, is the money supply. And what's going on in the money supply? And if you get significant changes in it, you get significant changes in nominal GDP," he later added.Trump's protectionist economic policies also impose a "big negative" for the economy, Hanke said.Economists say some aspects of Trump's agenda, like his plan to levy steep <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-how-shoppers-and-small-businesses-are-stocking-up-2024-11">tariffs</a> on US imports, are expected to boost <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tariffs-chips-could-create-more-american-jobs-increase-prices-2024-11">economic growth</a>, something that would challenge Hanke's recession outlook. Also, the policies are seen by some as <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11,">inflationary</a>, which complicates the deflation piece of Hanke's argument.But, if tariffs raise costs for consumers, that could actually backfire on the US economy, Hanke said, as higher prices could lead consumers to demand fewer goods."It's very clear. If you put tariffs on imports, it's like putting a sales tax on those imports. And if you put a sales tax on something, what happens? People don't demand as much of it," he added.Trump has pushed back on the idea that his economic plan would be inflationary, and has maintained that his policies will actually lower prices for Americans. He implemented tariffs during his first term as president without a significant inflation increase, but economists note that his tariff plans this time around are far more wide-reaching, explaining the difference in inflation forecasts.Most forecasters, though, still anticipate a soft-landing for the US economy, with <a target="_blank" class="" href="https://www.businessinsider.com/inflation-october-cpi-consumer-price-index-federal-reserve-interest-rates-2024-11">inflation</a> trending closer to the Fed's target rate, while <a target="_blank" class="" href="https://www.businessinsider.com/gdp-gross-domestic-product-third-quarter-economy-2024-10">economic growth</a> has remained solid. Consumer prices rose 2.6% on a yearly basis in October, slightly hotter than last month's levels, but on par with expectations. Real <a target="_blank" class="" href="https://www.businessinsider.com/category/gdp">GDP</a>, meanwhile, is estimated to grow at a 2.5% clip over the fourth quarter, according to the Atlanta Fed's latest GDPNow reading.

Why one veteran economist is doubling down on his 2025 recession call after Trump's victory

<ul class="summary-list"><li>The 2024 election cycle has been a brutal assault on our text message inbox.</li><li>Political groups seem to keep texting even after you reply, "STOP!"</li></ul>It's <a target="_blank" class="" href="https://www.businessinsider.com/what-to-watch-for-election-day-harris-trump-congress-2024-11">Election Day</a> in the United States, and that means that come Wednesday morning, about half the country will be miserable, and half will be elated. One guy in <a target="_blank" class="" href="https://www.businessinsider.com/polymarket-election-predictions-trump-harris-pop-culture-bets-2024-10">France who bet $30 million on Trump winning</a> will feel something. There's also a chance that, as in 2020, our nation will groggily awaken to no result, existing in frantic limbo for a few days.But whatever that outcome is, one thing will unify both sides: Those awful campaign text messages will finally stop.For the past few months, my phone has been under constant assault from groups pleading for donations or trying to get me to click on shady-seeming links. I've gotten the messages from both sides — all sides, even.If you, too, have felt bombarded with political texts, you're not alone. The CEO of a big texting platform <a target="_blank" class="" href="https://rumbleup.com/blog/digital-dialogues-political-texting-in-2024">said in May that he expected</a> 50% more political texts to be sent by Election Day this year when compared to 2022 — more than 25 billion of them.What's most vexing is that it seems impossible to get them to stop. <a target="_blank" class="" href="https://www.wsj.com/tech/personal-tech/political-text-messages-stop-17cf2abb">Joanna Stern for The Wall Street Journal</a> recently wrote about how she replied '"STOP" to one message, and then got 100 more. She spoke to people who worked at political texting firms, who confirmed her suspicions: If you reply "STOP," it can just confirm to these outfits that your number is active.You might not get any more texts from the specific group or political action committee that sent the text you responded to, but the campaign texting service now knows your number is active — and can sell your number to a different candidate or group.The result is like plucking a gray hair — pull one, and more sprout up in its place.<div type="image" title="screenshot of text messages" height="965" width="1286" msid="114991382" hostid="261" sizebytes="47390"></div><h2 id="49092f4a-b0ac-4081-8507-603e9274da3e">What the political text rules say</h2>The Federal Trade Commission <a target="_blank" class="" href="https://www.fcc.gov/rules-political-campaign-calls-and-texts#:~:text=Political%20Robotexts&amp;text=If%20you%20are%20receiving%20texts,if%20you%20reply%20%22STOP.%22">makes rules</a> around robocalls and robotexts: They're exempt from the federal "Do Not Call" list, but there are other rules they have to follow — political messages sent by an autodialer require "the called party's express consent." But messages sent manually don't require an opt-in, so that's why you get so many messages saying, "Hi, Katie! It's Suzie from thus-and-so candidate."The FTC says you can report receiving texts you didn't ask for by forwarding the messages to 7726, or "SPAM."(A moment here to acknowledge all the Android users who are going to tell me that Android is much better at filtering out these spammy messages than the <a target="_blank" class="" href="https://www.businessinsider.com/apple-iphone-mac-products-great-classic-boring-2023-11">iPhone</a>. I see you, I acknowledge you, I respect you. Please do not email me telling me I should switch to Android.)This is an election where one of the biggest topics was <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-inflation">prices at the grocery store</a> — a tangible pain point Americans feel in their everyday lives. But what about a different kind of pain — the pain of getting a text and thinking it's going to be something exciting, and then it's just political spam? Awful.The good news is, I'm sure by 2028, <a target="_blank" class="" href="https://www.businessinsider.com/openai-chatgpt-perplexity-election-hub-ai-information-risks-2024-11">AI will have solved</a> all of this

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