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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

In a bid to support meritorious and deserving Indian students to pursue their higher education without having to worry about funds, the government today announced the <keyword id="23831216" type="General" weightage="100" keywordseo="PM-Vidyalaxmi-scheme" source="keywords">PM-Vidyalaxmi scheme</keyword>. Here's all you need to know about it: The scheme will cover students who secure admission to one of the top 860 higher educational institutions in the country. In effect, this is set to benefit over 22 lakh students annually. You can apply for this loan via a soon-to-be launched consolidated PM-Vidyalaxmi portal. The loan application will be entirely digital and will not require collateral or assets to be pledged in place of a loan or even a guarantor. For loans up to Rs 7.5 lakh, the government will provide a 75% credit guarantee. If your family's annual income is up to Rs 8 lakh, you are eligible for receiving loans up to Rs 10 lakh at an interest rate of up to 3% lower rates. This support will be offered to around 1 lakh students every year, and those who opt for technical or professional courses from government-run institutions will be given preference for the same. The government has already set aside Rs 3,600 crore for the same, to be utilized between 2024 and 2031, benefiting 7 lakh students in this period. All eligible students whose family's annual income falls below the Rs 4.5 lakh threshold will receive a full subsidy on interest payable. As for which higher education institutions (HEIs) will qualify, it will depend on recent NIRF (National Institutional Ranking Framework) rankings. This will include: <ul><li>All centrally governed institutions</li><li>Public and private institutions that have made it to NIRF's top 100 rankings in the overall, category, and domain-specific categories</li><li>All state government HEIs that are ranked between 101 and 200 in <keyword id="22759868" type="General" weightage="20" keywordseo="NIRF-rankings" source="keywords">NIRF rankings</keyword> will also be eligible.</li></ul> <h2>Rising cost of education</h2> Data from NSSO (National Sample Survey Office) highlights that the average expenditure on education in India has doubled in the last decade. Per the All India Survey on Higher Education 2020-21, the tuition fees for engineering courses in most private institutions have already risen by 50% over the past 10 years. Education inflation currently stands high, at about 11–12%. The demand for educational loans is also inching up steadily. Per RBI data, as of September 20, 2024, the total quantum of outstanding education loans stood at Rs 62,389 crore, up 2.8% from Rs 60,715 crore in September 2023. India's largest lender, the State Bank of India, leads the education loan bandwagon, with disbursals worth Rs 10,860 crore in FY24.

Lack of funds stopping you from pursuing higher education? The government can come to rescue

<ul class="summary-list"><li>SpaceX launched its mission to rescue the two Starliner astronauts — but it didn't go entirely according to plan.</li><li>The company's Falcon 9 rocket has been grounded after a booster landed in the wrong place.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/spacex-elon-musk">SpaceX's</a> workhorse rocket has been grounded for the third time in three months after malfunctioning during a mission to rescue two astronauts stuck in space.The Crew-9 mission <a target="_blank" class="" href="https://www.businessinsider.com/spacex-launches-half-empty-dragon-spaceship-boeing-astronaut-crew-return-2024-9">successfully reached the International Space Station on Sunday</a> as it prepares to bring home the <a target="_blank" class="" href="https://www.businessinsider.com/boeing-nasa-starliner-astronauts-stuck-in-space-2024-6">astronauts left stranded by Boeing's Starliner</a> — but the launch didn't go entirely to plan.In a post on X on Sunday, SpaceX wrote that its Falcon 9 rocket's second-stage booster experienced an "off-nominal deorbit burn" that caused it to land outside the targeted area.SpaceX said it would resume launches once it had got to the bottom of the issue, with the Federal Aviation Administration (FAA) requesting an investigation. The regulator said no public injuries or property damage had occurred due to the landing.It's the third time SpaceX's reusable rocket has been grounded in the last three months.The Falcon 9 was grounded in July after a mishap with the booster caused a batch of Starlink satellites to burn up in orbit. This was the company's first mission failure in more than seven years.The rocket was also briefly grounded by the FAA in August after failing an attempt to land back on Earth. The issues come as <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-spacex-beef-with-regulators-over-starship-launch-delay-2024-9">SpaceX and Musk clash with the FAA</a> over the regulator's investigations into the company and the pace at which it is green-lighting rocket launches.SpaceX slammed the FAA in September after the fifth launch of its Starship rocket was delayed by two months, with Elon Musk claiming that humanity will "never get to Mars if this continues."Musk also accused the regulator of playing favorites, arguing it should <a target="_blank" class="" href="https://www.businessinsider.com/faa-chief-boeing-and-spacex-should-be-treated-the-same-2024-9">punish Boeing over the issues with its Starliner spacecraft</a> rather than fine SpaceX for "trivia."The Crew-9 mission traveled to the ISS half-empty as it <a target="_blank" class="" href="https://www.businessinsider.com/spacex-launches-half-empty-dragon-spaceship-boeing-astronaut-crew-return-2024-9">prepared to bring home the two astronauts left stranded on the space station</a> by Boeing's Starliner.NASA astronauts Butch Wilmore and Suni Williams were due to return home aboard Starliner several months ago, but glitches with Boeing's spacecraft on its maiden crewed flight <a target="_blank" class="" href="https://www.businessinsider.com/how-stranded-astronauts-return-nasa-boeing-starliner-spacex-crew-dragon-2024-8">led NASA to decide to send it home empty</a>.SpaceX stepped in, and will now bring the two astronauts back to Earth aboard the Crew Dragon spacecraft in February at the earliest.SpaceX won its contract to supply the ISS at the same time as Boeing but has <a target="_blank" class="" href="https://www.businessinsider.com/starliner-stuck-space-threatens-boeing-plans-rival-elon-musk-spacex-2024-8">raced ahead of its rival in the space race</a>.Musk has <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-too-many-non-technical-managers-starliner-boeing-2024-5">frequently taunted Boeing over the issues with the aerospace giant's space program</a>, saying the company had too many "non-technical managers."SpaceX did not respond to a request for comment, sent outside normal working hours.

Another setback for Elon Musk's SpaceX after mishap with NASA rescue mission 

With heavy, torrential rains currently lashing south India, particularly Bangalore and Chennai, life in these metros has reached a complete standstill. While there is little you can do to control nature's ongoing fury, you can safeguard your precious two- and four-wheelers, which have little respite or protection from the ongoing vagaries of rains and floods. During heavy rains, the first in line of damage is your vehicle's engine, which could cost you a bomb! If the water enters the engine's cylinder, it can cause it to seize and leave it beyond repair. Another common damage your vehicles can face during such times is <keyword id="23605837" type="General" weightage="20" keywordseo="electrical-failure" source="keywords">electrical failure</keyword> since water seepage can cause shorting of the electrical components, including the battery, alternator, and wiring systems. Then there's moisture seepage, which can affect your vehicle's braking and fuel systems. <h2><keyword id="20224622" type="General" weightage="20" keywordseo="motor-insurance" source="keywords">Motor Insurance</keyword> to the Rescue</h2> While a comprehensive motor insurance policy might protect you against accidents, thefts, and other third-party liabilities, they might fall short when it comes to safeguarding your vehicles from damages caused by natural calamities like heavy rain. As such, you can opt for a few add-ons over and above your regular motor policy to ensure you don't end up spending a hefty amount from your pockets if your vehicles need repair. "In Chennai and Bangalore, the recent heavy rains have led to several challenges, causing multiple vehicles and home damage. Urban flooding is a phenomenon now being witnessed in most metropolitan cities. Cases of vehicles being swept away in floods have also been seen, leading to total loss" Vivek Chaturvedi, CMO and Head of Direct Sales, Go Digit General Insurance "While comprehensive motor insurance policies protect your vehicle against damage from natural disasters such as floods, cyclones, and heavy rains, you should consider add-on covers like engine protection, zero depreciation, <keyword id="22024865" type="General" weightage="20" keywordseo="roadside-assistance" source="keywords">roadside assistance</keyword>, return to invoice, and consumables. These options help cover the costs of repairing or replacing vehicle parts and any injuries or damage from accidents," he continues. Here's a ready reckoner of all add-ons you can consider: 1. <keyword id="23605835" type="General" weightage="20" keywordseo="engine-protection-cover" source="keywords">Engine Protection Cover</keyword>: This cover protects your wallet from costly repairs in case your vehicle's engine is severely damaged. 2. Zero Depreciation Cover/Bumper-to-Bumper Cover: While servicing your claims, insurers generally deduct depreciation or regular wear and tear on your vehicle. This add-on guarantees you a claim without any deduction for wears and tears. 3. Roadside Assistance Cover: You never know when your vehicle might be stalled. This cover offers repair at the site, towing, and alternative travel if one’s car is stuck on waterlogged roads. It can also include services like fuel delivery, battery replacement, or flat tire repair. 4. Tire Protection Cover: It offers repair or replacement of tires damaged due to cuts, bursts, or bulges during wet, hazardous conditions. Says Kalpesh Chavan, Senior Vice President &amp; Product Head of Elephant (Corporate Insurance Wing of Alliance Insurance Brokers), "EV owners should additionally also opt for battery protection cover and electric surge secure add-on. This add-on protects the electronic pieces and circuits of electric vehicles from any short circuits, electrical arcing, or leakage, especially through water entry." <h2>Don't crank up the engine. </h2>Got a vehicle that's flooded with water? Don't try to start it forcefully. If you do so, the insurance company can decline your claim for all the damage caused by attempting to start such a flooded engine. Your best bet in such cases is to wait till the water subsides and then try revving up the engine. Chavan adds that most car owners need to take into account how disaster-prone their area is and end up estimating the wrong coverage amount for their cars. Inadequate study of the terms and conditions of the policy may lead to claim rejections when most needed. But most importantly, if your vehicle's insurance is up for renewal, do not delay or procrastinate to do the same. Or else your car could become uninsured during the most critical periods. Maintaining up-to-date records and documentation is of the essence; missing documents may trigger unwarranted delays in the processing of claims.

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

Huileng Tan

Lack of funds stopping you from pursuing higher education? The government can come to rescue

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Another setback for Elon Musk's SpaceX after mishap with NASA rescue mission

Tom Carter

Facing vehicle damage during heavy rains? Here's how motor insurance can come to your rescue

Ira Alok Puranik

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