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Singapore, May 26 (ANI): After Germany entered recession, Singapore fears slipping into a 'technical recession' in the second quarter as the country's exports outlook weakened following a slowdown in global demand, Channel NewsAsia (CNA) reported citing economists. Singapore's economy is heavily dependent on exports, which has been weakening after several agencies earlier forecasted a slowdown in global economies in 2023. "There remains a high risk that the economy slips into a technical recession, either in (the second quarter) or in the second half of the year," CNA, Singapore's state broadcaster reported Shivaan Tandon from <keyword id="110414" type="General" weightage="50" keywordseo="capital-economics" source="Orion">Capital Economics</keyword>, as saying. A technical recession is often defined as two consecutive quarters of negative growth in the real GDP. "While advanced economies have held up better than initially expected, we expect that resilience to fade in the second half of the year which will weigh heavily on demand for Singapore's exports," he added. He further stated that these dynamic raises the risk of a technical recession given the export-driven nature of Singapore's economy. These comments came after the official data for the first quarter showed the economy declined 0.4 per cent, reported CNA. This marks a reversal from the 0.1 per cent growth in the fourth quarter of 2022, leaving the economy at risk of a technical recession which is defined as two consecutive quarter-on-quarter contractions. Singapore's small and open economy relies heavily on trade, but external demand has been weakening amid a slowdown in the global economy, still-strong inflationary pressures and a downturn in the global semiconductor industry. The country's key non-oil domestic exports (NODX) have since chalked up a seven-month losing streak. Authorities on Thursday also downgraded the 2023 forecasts for NODX following a "worse-than-expected" performance in the first quarter. Meanwhile, <keyword id="199376" type="General" weightage="50" keywordseo="maybank" source="Orion">Maybank</keyword> economists Chua Hak Bin and Lee Ju Ye, with the weaker performance in the external-oriented sector, see Singapore's economy stagnating, instead of staging a rebound, in the coming quarters, according to CNA. They added that Singapore may slip into a technical recession "if the boost from China's reopening fails to materialise in the second quarter". Earlier, the German economy was in recession in early 2023 after household spending in Europe's economic engine finally succumbed to the pressure of high inflation, according to Reuters. Gross domestic product fell by 0.3 per cent in the first quarter of the year when adjusted for price and calendar effects, a second estimate from the statistics office showed on Thursday. This follows a decline of 0.5 per cent in the fourth quarter of 2022. A recession is commonly defined as two successive quarters of contraction, as per the report in Reuters. Germany's Finance Minister <keyword id="1084060" type="General" weightage="50" keywordseo="christian-lindner" source="Orion">Christian Lindner</keyword>, on Thursday, said that the GDP data showed "surprisingly negative signals." He added that comparing Germany with other highly developed economies, the economy was losing the potential for growth. "I don't want Germany to play in a league in which we have to relegate ourselves to the last positions," Lindner said, referring to the forecasts of the International Monetary Fund, which predicted a recession in 2023 only in Germany and Britain among European countries, according to Reuters. (ANI)

After Germany enters recession, fears in Singapore of 'technical recession'

Corporate <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> is indicating cautious <keyword id="6357342" type="General" weightage="20" keywordseo="hiring" source="Orion">hiring</keyword> in the March quarter of 2023 as concerns rise over the possible <keyword id="6357558" type="General" weightage="20" keywordseo="recession" source="Orion">recession</keyword> and steady inflation, a survey said on Thursday. According to the ManpowerGroup Employment <keyword id="23268" type="General" weightage="100" keywordseo="outlook" source="Orion">Outlook</keyword> Survey, based on interviews with nearly 3,030 public and private employers, hiring intentions will decrease in the quarter both on a year-on-year and quarter-on-quarter basis. During the quarter, 48 per cent employers expect to increase their staffing levels, 16 per cent anticipate a decrease in hiring intent and 34 per cent do not anticipate any change in hiring, resulting in a net employment outlook of 32 per cent. When compared to the same period last year (January-March 2022), hiring sentiments have weakened by 17 percentage points and by 22 percentage points when compared to the previous quarter. "Employers are cautious due to the impending recession and deepening global slowdown which also created a stir in the IT sector during the previous quarter," Sandeep Gulati, Managing Director, <keyword id="12093048" type="General" weightage="50" keywordseo="manpowergroup-india" source="Orion">ManpowerGroup India</keyword> said. Citing reports, Gulati said 33 per cent of Indian CEOs have implemented a hiring freeze. "India may be impacted in the short term but in a country with the GDP net growth of 7 per cent, the market is expected to see a balanced approach with growth in the tech sector and startups," he said. "Consolidation of smaller startups dovetailing into the larger ones coupled with a measured approach to funding is expected to be the flavour driving the economy in 2023," he said, adding that "with India all set to host the G20 leaders' summit for the first time, we expect a lot to change in the employment-related scenario in the course of the year." As per the survey, hiring prospects have weakened in all four regions when compared with the previous quarter and the same time last year. Employers in all four regions expect to grow payrolls during the first quarter of 2023. North shows a strong hiring pace where the net employment outlook stood at 36 per cent followed by the West at 32 per cent while the outlook for the South and East was 29 per cent and 26 per cent, respectively. Digital roles will continue to drive most demand. Organizations in the IT industry and Finances and Real Estate report the most optimistic Outlook (39 per cent), followed by Consumer Goods and Services (37 per cent). "Skill gap continues to be a major constraint in the hiring intent and until it is addressed by corporates and educational institutes' combined efforts, growth in the employment rate will be in single digit," added Gulati. Globally, employers in 38 of 41 countries and territories anticipate a net positive hiring outlook. However, hiring confidence continues to drop across countries as concerns rise over the possible recession and steady inflation. Hiring managers across APAC (Asia Pacific) anticipate strong hiring sentiment with a net employment outlook of 25 per cent but slowing hiring intentions. Singapore with a net employment outlook of 33 per cent topped the list, followed by Australia (32 per cent), and India (32 per cent). Japan (8 per cent) and Taiwan (11 per cent) reported the most cautious employment outlook. "There's no denying that the headwinds that economists have been forecasting are beginning to impact labour markets," Jonas Prising, Chairman &amp; CEO of ManpowerGroup said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/salesforce-lays-off-over-7000-workers-as-it-hired-too-many-people-in-pandemic/articleshow/96752525.cms">Salesforce lays off over 7,000 workers as it hired 'too many people' in pandemic</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/japanese-startups-look-overseas-as-domestic-market-shrinks/articleshow/96756948.cms">Japanese startups look overseas as domestic market shrinks</a>

India Inc may go cautious on hiring as recession, slowdown looms: Manpower Employment Outlook

By Gurdip Singh Singapore, Jun 7 () The much-needed vaccine to combat the coronavirus will take at least one year before it becomes available widely, Singapore Prime Minister Lee Hsien Loong said on Sunday, urging the people to "learn to live" with COVID-19 for a long time. He asked Singaporeans to play their part in limiting the spread of the virus by maintaining personal hygiene, wearing masks, observing safe distancing rules and avoiding crowded gatherings. "It will take at least a year, probably longer, before vaccines become widely available," said Lee in the first of six national broadcasts on Singapore's future after the COVID-19 pandemic in the coming days. We will have to learn to live with COVID-19 for the long term, as we have done in the past with other dangerous infectious diseases, like tuberculosis," Lee said. The prime minister also highlighted Singapore's progress in tackling the COVID-19 pandemic. New cases in the wider community have come down and the situation in foreign workers living in dormitories has stabilised, Lee said. This has allowed the country to ease strict circuit breaker measures, he said, adding that the contact tracing and testing will be stepped up to detect the coronavirus cases earlier, isolate their contacts, and prevent clusters from forming. "If all goes well and the outbreak remains firmly under control, we will ease up further (on measures to control the spread of coronavirus), and resume more activities as soon as possible," he said. The prime minister said that beyond the public health impact, COVID-19 had become a serious economic, social and political problem. "It is in fact the most dangerous crisis humanity has faced in a very long time... We are in a totally unprecedented situation," he said. Pointing to the global economy having virtually ground to a halt, Lee said the governments have spent trillions of dollars to support businesses, economies and jobs, but still tens of millions of jobs have been lost. Singapore's domestic economy has also taken a severe hit. The country's gross domestic product is likely to shrink by between 4 and 7 per cent - its worst contraction ever. Singapore's economy depends heavily on international trade and investments, which were already slowing down before the pandemic hit. "Now this slowdown will happen faster, and go further," Lee said. The government has spent billions of dollars to save jobs and keep businesses afloat, and is doing so without having to borrow. On Friday, parliament passed a second supplementary supply Bill, bringing government spending on four COVID-19 support packages to Singapore dollars 92.9 billion or nearly 20 per cent of the country's GDP. These will require a Singapore dollars 52 billion draw from Singapore's past reserves. "But even for us, this level of spending is hard to sustain. More importantly, these measures cannot shield us from the tectonic shifts taking place in the global economy," Lee conceded. The world will not return to the open and connected global economy of the past anytime soon, he said, adding that the movement of people will be more restricted, and health checks and quarantines will be the norm. Industries that depend on travel, like aviation, hotels and tourism, will take a long time to get back on their feet, and may never recover fully, Lee said, pointing out that it would no longer be easier to travel easily as has been happening. Countries will also strive to become less dependent on one another, especially for essential goods and services such as food or critical medical supplies, the prime minister said. "This will have strategic implications. Countries will have less stake in each other's wellbeing. They will fight more over how the pie is shared, rather than work together to enlarge the pie for all. It will be a less prosperous world, and also a more troubled one. All these changes will impact Singapore greatly and mean that the next few years will be a disruptive and difficult time," he cautioned. But the prime minister said Singapore will emerge stronger and better from the crisis. Singapore has an international reputation built up over decades, a headstart on preparing for the uncertainties ahead, and plans in place to help Singaporeans cope with the challenges, he said. Singapore Ministers will share more details at later broadcast as a follow up to the prime minister's Sunday broadcast. Broadcasts have been scheduled between June 9 and June 20 by Deputy Prime Minister Heng Swee Keat, Senior Ministers Teo Chee Hean and Tharman Shanmugaratnam, Trade and Industry Minister Chan Chun Sing and National Development Minister Lawrence Wong. GS MRJ MRJ

Coronavirus vaccine will take minimum 1 year to be available widely: Singapore PM Lee

<ul><li>The Chennai-based banking solutions provider has doubled its revenue in the last 3 years. </li><li>Its flagship product is a lot like Infosys’ Finacle, but Maveric is a much smaller company offering fewer services. </li><li>The company is looking to double its revenue and employee in next 3 years, founder Ranga Reddy told Business Insider. </li></ul>A rare bright spot in India’s struggling economy is a little known banking technology solutions provider, Maveric Systems. It is all set to hire 900 engineers in Chennai and Bengaluru over the next three years-- 210 of those appointments will take place before January. Maveric has been around for nearly two decades but the growth rate moved to a higher orbit in 2015 when it added new services to the portfolio leading to impressive growth. It started with application assurance but the addition new digital services -- like customer acquisition, servicing a bank’s website, app, and ATM interface-- has improved the pace of growth. “Not just building the interface but providing analytics, product distribution, customer onboarding and customer service,” founder Ranga Reddy told Business Insider. The revenue has doubled in the last three years-- a compounded annual growth rate of 30%--- and the founder is gunning for twice as much in the next three years. The annual revenue at the end of March 2019 was ₹330 crore or $47 billion and the target is $100 million in the next three years. The focus is not just the topline, but profitability too. “While moving from 13% EBITDA (earnings before interest, tax, depreciation, and amortisation) to 16.5% EBITDA last financial year. We want to improve EBITDA to over 20% in the next 3 years,” he said. For that, the company will need people. “Primary growth will be in data and digital technologies. Typically, we will bet on any talent that is maverick in nature. We need about 5 to 10 leadership roles and we are scouting for people in the Middle East, APAC (Asia-Pacific) and Singapore with understanding in both banking and technology,” explained Reddy who was consultant for 16 years before he began Maveric. ‘Can’t be a billion dollar company and don’t want to be’ At a time when headline valuation of even loss-making startups is breaking billions, here is a business owner who is not looking to encash stake either through funding or an IPO. “I have grown through sweat, not equity,” Reddy quipped when probed on the issue. Unlike many of the startups, this company broke even in just three years. He has enough cash, and is now looking to acquire companies. “We are chasing to acquire companies to expand our capabilities, both in data and product space. Companies that can convert monolithic applications into micro solutions. The focus is primarily based on customer reach and competency. We can pay up to $30 million,” Reddy said adding that he would prefer firms that have a reach in Europe. Maveric already has an international presence-- in Singapore, London, Dubai, Mexico City, and Bahrain-- but it wants to expand further. It boasts of some of the top banks in the Middle East like Samba, Al Rajhi , Bank Al Bilad, Saudi Hollandi and many others are among its clientele. SEE ALSO: <a href="https://www.businessinsider.in/yes-bank-plans-to-grow-25-by-2020/articleshow/71105078.cms" data-type="tilCustomLink" target="_blank">YES Bank wants to customize branches, digitize customer acquisition to grow at a breakneck speed of 25%</a>

No slowdown for Maveric Systems which is looking to hire 210 engineers by January and has $30 million for acquisition

<ul><li>The growth in India’s air travellers has flat-lined for the first time in over four years.</li><li>Too many planes got grounded in March 2019 due to the crises at Boeing and Jet Airways.</li><li>As the number of flights reduced, airfares in India shot through the roof.</li></ul> India's airlines were betting on a long-period of spectacular growth not very long back. But all those hopes have come crashing down in March as passenger traffic flat-lined last month, for the first time in over four years. A lot of it has to do with the crises at Boeing and Jet Airways. Airlines across countries, not just in India, had to park their <keyword id="1852115" type="PERSON" weightage="20" keywordseo="Boeing-737-MAX">Boeing 737 Max</keyword> -- a total of 387 planes around the world-- planes after <a href="https://www.businessinsider.in/the-worst-outcome-for-boeing-after-two-deadly-crashes-involving-its-737-max-8-aircraft-could-lead-airlines-to-lose-trust-in-the-company-an-expert-says/articleshow/68441687.cms" data-type="tilCustomLink" target="_blank">two tragic crashes</a> in less than five months. Both Jet Airways and SpiceJet were affected because they had the 737 Max in their fleet. In India, <a href="https://www.businessinsider.in/as-jet-remains-grounded-indian-airlines-are-increasing-their-fleets-to-rein-in-surging-ticket-prices/articleshow/68986272.cms" data-type="tilCustomLink" target="_blank">cash-strapped Jet Airways</a> kept losing planes to unpaid lessors to a point where the country's oldest private airline had its final take off last week. As the number of flights decreased, airfares in India shot through the roof. Airports in Delhi, Mumbai, and Bengaluru have been choked repeatedly. The fall in passenger traffic was inevitable. The signs of a slowdown were visible in the last few months, the growth rate fell to single digits in January and February 2019, far lower compared to the peak growth of 30% witnessed in 2015-2016. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
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 While local low-cost airlines like IndiGo have cashed in on the crisis at Jet, the choices have been limited for international travellers. There is only one Indian airline, the state-owned Air India, that is serving medium to long-haul destinations like Europe, North America, and Australia. That has meant that other foreign airlines flying to and from India have benefitted from the rising airfares. SEE ALSO: <a href="https://www.businessinsider.in/as-jet-remains-grounded-indian-airlines-are-increasing-their-fleets-to-rein-in-surging-ticket-prices/articleshow/68986272.cms" data-type="tilCustomLink" target="_blank">As Jet remains grounded, Indian airlines are increasing their fleets to rein in surging ticket prices</a>

The crises at Boeing and Jet Airways has brought India's air traffic growth to a grinding halt

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Samantha Lee/Business Insider</div></div></div><ul><li><a href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a>'s stock shed nearly half of its value from November to January after the chipmaker delivered <a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-q3-earnings-2018-11-1027732465">disappointing third-quarter results</a> and later <a href="https://www.businessinsider.com/nvidia-earnings-q4-2019-2019-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">cut its fourth-quarter revenue guidance</a>.</li><li>But shares recovered a bit as its fourth-quarter results topped Wall Street estimates and after it beat out Intel in the race for acquiring <a href="https://markets.businessinsider.com/stocks/mellanox_technologies-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Mellanox Technologies.</a></li><li>To distill the latest arguments for and against investing in Nvidia, Markets Insider asked the Wall Street analysts carrying the stock's highest and lowest price targets the same questions.</li><li><a href="https://markets.businessinsider.com/stocks/nvda-stock?utm_source=markets&amp;utm_medium=ingest">Watch Nvidia trade live.</a></li></ul>Nvidia has sparked extreme views among Wall Street analysts. The bulls say Nvidia is a dominant player in many segments including data center, professional visualization (pro-vis) and automotive.However, bears say Nvidia's valuation has gotten out of control and that it faces pretty decent competition in the data-center market. Nvidia shares shed 57% of their value from October to January after the chipmaker delivered <a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-q3-earnings-2018-11-1027732465">disappointing third-quarter results</a> and later <a href="https://www.businessinsider.com/nvidia-earnings-q4-2019-2019-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">cut its fourth-quarter revenue guidance</a>. The company cited excess of mining graphics processing units (GPUs) following the crypto-currency boom, and declining macroeconomic conditions, particularly in China, for its underperformance. But shares recovered a bit as Nvidia's fourth-quarter results topped Wall Street's expectations and after the company beat out Intel in the race for acquiring <a href="https://markets.businessinsider.com/stocks/mellanox_technologies-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Mellanox Technologies,</a> a supplier of computer-networking products. That deal is widely seen as a <a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-mellanox-bet-grab-piece-174-billion-market-2019-3-1028020176">strategic bid</a> that can help the chipmaker grab an even bigger piece of the growing data-center market. Shares settled at $165.56 apiece on Thursday - 43% below their record high set in October. To be sure, Wall Street analysts are still pretty bullish on the name. Among those surveyed by Bloomberg, 29 have a "buy" rating, nine recommend "hold," and three say "sell."The SunTrust analyst William Stein is the biggest Nvidia bull on Wall Street, according to Bloomberg data. He carries a $210 price target. (Ho Kang-Wei, an analyst from the Singapore-based Phillip Securities, has a price target of $274 on Nvidia, but he hasn't updated any of his recommendations since May.)Meanwhile, Abhinav Davuluri, an analyst at Morningstar, is the biggest bear on the chipmaker, with a $120 price target. (The Exane BNP Paribas analyst David Connor also has a $120 target, but he didn't respond to a request for comment.)These interviews have been edited for clarity and length.Get the latest Nvidia stock price<a href="http://markets.businessinsider.com/stock/NVDA-Quote"> here &gt;&gt;</a>

Wall Street's biggest Nvidia bull and bear debate how crypto, data-center competition, and the China slowdown will impact the chip giant

<div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="REUTERS/Kevin Zhao" title_caption="People's Liberation Army soldiers perform during a rehearsal of a musical drama titled " The="" Road="" of="" Revival="" in="" class="zoomin" href="https://static-ssl.businessinsider.com/image/54c79fe6eab8eaca301b2297-960/pla-screams.jpg"></a>REUTERS/Kevin ZhaoPeople's Liberation Army soldiers perform during a rehearsal of a musical drama titled "The Road of Revival" in 2009.</div></div></div>Morgan Stanley just came out with a fresh chartbook looking through Asia's debt situation again. It's safe to say that it's still looking grim.
While all eyes are on Europe, falling inflation (and the threat of full-blown deflation) are major hazards in Asia, too. When economies grow more slowly, if they can't slow their debt accumulation down by the same pace, those liabilities get bigger and bigger in comparison to GDP. Paired with rocketing corporate debt, it looks very ugly. 
Morgan Stanley's analysts looked at 10 countries in Asia ex-Japan (AXJ) - Singapore, China, Hong Kong, Korea, Thailand, India, the Philippines, Indonesia, Taiwan and Malaysia.

The Global Slowdown Is Making Asia's Debt Mountain Even Worse

NEW DELHI: <keyword id="2573" type="CITY" weightage="40" keywordseo="Air-India">Air India</keyword> (AI) is all set to join the world's largest airline grouping company— <keyword id="137192" type="ORGANIZATION" weightage="80" keywordseo="Star-Alliance">Star Alliance</keyword>, this June, making it the first airline company from India to be part of a global chain of carriers. The move, according to AI CMD Rohit Nandan, will bring immense benefits to Indian fliers from day one as they will be able to earn-and-burn miles, get access to lounges across the globe and enjoy seamless connectivity across the globe. 
 
"Almost all the requirements for joining Star are complete. Some work, mostly related to IT, will be completed by mid-May. Then we are set," said Nandan. 
 
Star Alliance CEO Mark F Schwab said that the CEOs of Star's member airlines will meet in London on June 22 or 23 to have an endorsement vote on AI's entry into the fold. "Once all airline endorse the move, AI should be in Star by July. We conducted a safety review of AI and are very pleased with the results. We are very happy with the progress made by AI," the CEO said. 
 
Star had put AI's entry on hold three years back due to apprehensions expressed by other carriers. Asked what had changed from then, Schwab said: "It's a very different AI. They have been through a difficult merger process. But they have a strong management team that led to substantial improvements in the airline," said Schwab, while complimenting the leadership of Nandan — AI's first successful CMD in years. 
 
While AI has shown improvement, the fact remains Star desperately needed a member from India to take on the ever-increasing might of Gulf carriers. Together, Emirates and Etihad will soon transfer the real hubs of Indian travel to Dubai and Abu Dhabi, respectively. 
 
To effectively counter this challenge, AI will now tweak its schedules to become more attractive for passengers and wean them away from the Gulf carriers. "AI will tweak its schedules to align their flight timings with those of the 13 Star members which currently fly into India. A similar attempt will be made to provide seamless connectivity at foreign airports also by coordinating arrival and departure of flights with schedules of other Star members," Schwab said. 
 After becoming a part of Star, it will be expected to deliver service standards that its counterparts like <keyword id="6368386" type="COMPANY" weightage="40" keywordseo="Singapore-Airlines">Singapore Airlines</keyword> and <keyword id="71561" type="CITY" weightage="40" keywordseo="Lufthansa">Lufthansa</keyword>, AI is working on that front — something which has not been its core strength in past two decades. "We have asked IATA to undertake quarterly passenger satisfaction surveys and have undertaken a customer service improvement program with Star. The results are encouraging and we are focusing on few areas where the survey shows we need improvement. We have also started taking direct passenger surveys and get about 900 responses daily," said Nandan. The quality of inflight entertainment programming needs improvement while passengers expressed satisfaction with hardware areas like seat comfort, leg room and meals. "We are aiming to delight our guests. AI has what it takes to be among the best airlines in the world and it will get there," said Nandan. 
 
Star Alliance is the largest of the three big networks in the world, followed by OneWorld and SkyTeam. Star's market share is 26%, thanks to having 26 member airlines with almost 22,000 daily flights to 1,328 airports in 195 countries. 
 
India remains crucial for global airlines as it is the fastest growing international travel market in the world. Currently, 37 million passengers fly in and out of India a year, a figure growing in double digits constantly for over a decade now — even during the global slowdown. While Indian carriers have a 33% market share, Gulf carriers account for 17%. 
 
Star has a 13% share of the international traffic to and from India. The British Airways-led OneWorld and Air France-KLM-led SkyTeam have 8% share each. Clearly with a whopping 71% market share of the world's fastest growing international travel market going to airlines not part of any alliance, the three biggies are desperate to get a share of this pie.

Air India To Join Star Alliance In July

<keyword id="19895063" type="General" weightage="100" keywordseo="India" source="keywords">India</keyword> is well positioned to be a driver of greater wealth, according to a <keyword id="22444977" type="General" weightage="20" keywordseo="global-wealth" source="keywords">global wealth</keyword> report by <keyword id="19896306" type="General" weightage="20" keywordseo="Boston-Consulting-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Boston Consulting Group" meta.hostid="153" meta.entityid="Boston Consulting Group">Boston Consulting Group</keyword> (BCG). In 2023, India generated roughly $590 billion in new <keyword id="22367734" type="General" weightage="20" keywordseo="financial-wealth" source="keywords">financial wealth</keyword>, marking its largest increase in the history. India will add about $730 billion annually to the overall growth of the region through 2028. The report says <keyword id="19894886" type="General" weightage="20" keywordseo="China" source="keywords">China</keyword> and India are positioned to drive global <keyword id="20231223" type="General" weightage="20" keywordseo="wealth-creation" source="keywords">wealth creation</keyword>, "Notably, China and India are positioned to drive wealth creation, having collectively generated $588 billion in financial wealth in 2023. India is expected to add about $730 billion annually to the overall growth by 2028," said Yashraj Erande, India Leader Financial Services, BCG. Financial wealth in the Asia-Pacific region grew by only 5.1% in 2023, predominantly due to a slowdown in wealth creation in China. However, the report anticipates a significant increase through 2028, with the Asian region likely to contribute nearly 30% of new financial wealth by 2028. The report also observed that global net wealth registered a growth of 4.3% in 2023, following a decline of 4% in 2022. Much of this growth was due to a rebound in the financial market, as financial wealth, a subset of global net wealth, rose by almost 7% after a 4% decline in 2022. Looking ahead, the report estimates that $92 trillion of financial wealth will be created over the next five years. It also noted that Generative AI (GenAI) will play a crucial role in the digital transformation of <keyword id="21006652" type="General" weightage="20" keywordseo="wealth-managers" source="keywords">wealth managers</keyword>, with use cases along the entire value chain. "The financial wealth market has seen an uptick in the last year since its slump in 2022. The trajectory has been fairly well but not as good as it was between 2014-2021. For the wealth creation market to go back to its previous era the condition should continue to be favourable" added Erande. The report also highlighted that financial wealth in North America and Western Europe bounced back in 2023. Supported by strong equity markets, North America was among the fastest-growing regions, accounting for over 50% of all new financial wealth in 2023. The recovery was not as strong in Western Europe, where financial wealth rose by 4.4%. "Wealth creation resumed in 2023--but even so, wealth managers cannot afford to stand still. To capitalize on growing global wealth, industry players, among others, will need to set a clear digital transformation strategy and leverage GenAI to manage costs and improve client experience," said Michael Kahlich, a managing director and partner at BCG and a co-author of the report. The report stated that the most remarkable growth dynamics emerged in the United Arab Emirates (UAE). The UAE is currently the world's seventh-largest booking centre and is expected to surpass the Channel Islands and the Isle of Man as the sixth-largest by 2028. Hong Kong's anticipated rise to become the top global financial hub was stalled by a temporary but significant slowdown in Chinese inflow. Singapore now appears to be in a position to challenge Hong Kong's rise over the long term. Switzerland remains the largest booking centre worldwide, growing in line with its historical average of 4.8% and gaining the most wealth in absolute dollar terms. However, Switzerland and other European cross-border booking centres, including the UK and Luxembourg, are growing at a slower pace than Singapore, the UAE, and the US. This shift is occurring mostly because of a stronger demand for geographic diversification, reflecting a continued surge in wealth generation in Middle Eastern and Asian markets.

India and China to drive new wealth creation globally, Asia to contribute 30% of new wealth, says BCG report

<ul class="summary-list"><li> Pinpoint Asset Management is a Hong Kong-based hedge fund with offices in Shanghai and Singapore.</li><li>The firm was founded 25 years ago and runs a China-focused fund and a multi-strategy offering.</li></ul>After a couple of years of poor performance and dwindling assets, Hong Kong-based Pinpoint Asset Management has surged so far in 2024.According to HSBC's Hedge Weekly report, the firm's China fund gained more than 2% through the first two weeks of April to bring its year-to-date returns to just under 8%. The firm's multi-strategy fund was up 1.8% for the month through April 15, to bring its 2024 gains to 6%. The S&amp;P 500 through the same period was up roughly 6.7%.Each fund manages more than $1 billion at the 25-year-old firm that originally began in Shanghai. Founder and chief investment officer Wang Qiang runs both funds. The firm, which also has an office in Singapore, did not return requests for comment.The China fund had a run of poor performance given the country's economic slowdown. In 2023, the fund lost more than 6%. According to HSBC, the fund was also down more than 13% the year prior. The performance so far in 2024 has beaten out other funds focused on the region — Hedge Fund Research's China index was up just 0.43% through the end of March.The firm's younger multi-strategy offering returned less than 1% in 2023 and lost money in 2022, trailing U.S.-based competition that <a target="_blank" href="https://www.barrons.com/articles/citadel-portfolio-ken-griffin-hedge-fund-51674472108">soared during these years.</a> The fund is part of a <a target="_blank" href="https://www.businessinsider.com/asia-multi-strat-hedge-funds-booming-tapping-middle-east-talent-2024-4">growing subset of Asia-based multi-strategy managers</a> that are competing with American giants like Citadel and Millennium for local talent.The manager took the step of <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-11-15/hedge-funds-copy-citadel-fee-model-in-fight-for-top-asia-traders">introducing a pass-through fee structure</a> to pay for portfolio manager compensation recently in order to keep up.

China hedge fund Pinpoint is bouncing back in 2024 after years of poor performance

<ul class="summary-list"><li>Taiwan's chip boom is expected to drive a surge in the number of millionaires on the island, according to UBS.</li><li>The island's semiconductor sector, led by TSMC, is bolstering its economy and exports.</li></ul>Taiwan's status as the world's chip hub has kept the island's economy resilient.The industry is so hot that Taiwan is expected to mint many new US-dollar millionaires in the next five years, according to <a target="_blank" href="https://www.ubs.com/content/dam/assets/wm/global/insights/doc/global-wealth-report.pdf">Swiss bank UBS' annual wealth report,</a> released on Wednesday.Taiwan was home to nearly 790,000 US dollar millionaires last year. This number could surge by 47% to about 1.16 million millionaires by 2028, UBS predicts, leading the 56 global markets the bank analyzed in its report.That said, the size of Taiwan's millionaire population pales when compared to the US.The US was home to nearly 22 million millionaires last year, per UBS. That number is expected to grow 16% to 25.5 million millionaires over the next five years.UBS attributes Taiwan's wealth growth to its semiconductor chip industry, which is "set to reap the rewards of the boom in artificial intelligence."Taiwan is home to <a target="_blank" rel="" href="https://markets.businessinsider.com/stocks/tsm-stock">Taiwan Semiconductor Manufacturing Company, or TSMC,</a> the world's largest contract chipmaker and the sole supplier of key advanced chips to Apple and Nvidia, among others.<h2 id="a8196cc2-9848-4900-b815-9efd1cf4b783">Chip rush boosts wealth but widens inequality</h2>Even though UBS expects a huge jump in the number of millionaires in Taiwan, much of the island's 23 million population is not likely to benefit from the AI craze.UBS' data shows wealth inequality widened by about 10% in Taiwan from 2008 to 2023.The median net worth in Taiwan stood at $110,521 per adult in 2023, according to UBS. The average net worth was nearly three times that amount at $302,551.This means people at the top of the scale got a lot richer than those further down the totem pole over that time period, skewing average wealth upward.<a target="_blank" href="https://ws.dgbas.gov.tw/Download.ashx?u=LzAwMS9VcGxvYWQvNDY0L3JlbGZpbGUvMTA4NTQvMjMzMTE4LzgxNDE1MGJjLTM4Y2MtNDkzMS05NGNlLWYwYTFjZTA2ZjFkYS5wZGY%3d&amp;n=MjAyMiBOQVRJT05BTCBXRUFMVEgucGRm&amp;icon=.pdf">Official data </a>from Taiwan confirms the trend, showing that the <a target="_blank" href="https://focustaiwan.tw/business/202404290021">wealth gap</a> between the top 20% and bottom 20% of households has widened fourfold over three decades.Taiwan's Gini coefficient, which measures inequality, also widened from 1991 to 2021, when the last two official wealth surveys were conducted.<h2 id="b4ffc276-07b7-40ba-81ba-877f8f9318f6">Taiwan's tech sector growth is outpacing the non-tech sector</h2>One key trend contributing to wealth inequality in Taiwan is that its tech industry is doing better than industries not related to tech.TSMC's performance has soared on the back of the AI rush, with its <a target="_blank" href="https://investor.tsmc.com/english/quarterly-results/2024/q2">second-quarter sales</a> growing 40% over a year ago — beating analyst expectations. On Monday, <a target="_blank" href="https://www.businessinsider.com/chip-tsmc-taiwan-semiconductor-trillion-market-cap-nvidia-ai-asml-2024-7">TSMC ADRs listed on the New York Stock</a> Exchange briefly crossed the $1 trillion valuation mark.It's not just TSMC. The rise of the chip behemoth has created an entire tech ecosystem in Taiwan, much of which is centered on hardware.This ecosystem has been driving Taiwan's economy even amid longstanding geopolitical uncertainty as China claims the island as its territory. The country's <a target="_blank" href="https://focustaiwan.tw/business/202404300023">GDP</a> grew 6.5% in the first quarter of the year from a year ago. This was boosted by exports of <a target="_blank" href="https://think.ing.com/snaps/taiwan-first-quarter-gdp-beat-forecasts-on-the-strength-of-net-exports/">machinery and electrical equipment, </a>which surged nearly 28% from a year ago. However, domestic demand growth was modest, growing just 1% over the same period.Ma Tieying, a senior economist at Singapore's DBS bank, wrote in a note on Wednesday that she expects the world's AI drive to continue fuelling demand for high-performance chips from Taiwan.However, recovery in non-tech traditional manufacturing is expected to continue to be a drag due to the economic slowdown in China, which accounts for about one-third of Taiwan's total exports, Ma added.

The AI chip race is minting thousands of new millionaires in Taiwan, but not everyone is benefiting

<ul class="summary-list"><li>Restaurant chain Guzman y Gomez went public in Australia, raising $162 million.</li><li>Thursday's IPO is Australia's largest in nearly a year, with shares up 36% from the offer price.</li></ul>Asia's version of <a target="_blank" href="https://www.businessinsider.com/chipotle-boy-bowl-promo-vest-wearing-finance-bros-2024-6">Chipotle </a>— a Mexican fast-casual chain called Guzman y Gomez — just went public in Australia.Shares of the quick-service restaurant began trading on the Australian Securities Exchange on Thursday. The initial public offering brings GYG's valuation to 2.2 billion Australian dollars, or $1.47 billion.The IPO is Australia's biggest in nearly a year. The Sydney-based chain sought to raise about $162 million, or about one-sixth of the company's value, through the limited-sale offering.In the first few hours after trading, the company's shares climbed 36% from the offer price of about $15.According to GYG's prospectus, the company will use the money to expand to more than 1,000 outlets in Australia over the next two decades. <a target="_blank" href="https://www.businessinsider.com/mcdonalds-ai-voice-order-technology-drive-thrus-2024-6">McDonald's</a> and <a target="_blank" href="https://www.businessinsider.com/restaurant-brands-that-pe-firm-roark-capital-owns-subway-dunkin-2024-6">Subway</a> have about 970 and 1220 restaurants in Australia, respectively.GYG was founded by a former hedge fund trader, Steven Marks, in Sydney in 2005. It now has 185 restaurants in Australia, 17 in Singapore, five in Japan, and four in the US. The company said it notched $506 million in sales last year."We are still early in our mission to reinvent fast food and change the way the masses eat," Marks said in a statement to Business Insider.In comparison, <a target="_blank" href="https://www.businessinsider.com/chipotle-quick-service-fewer-people-order-ahead-speed-fast-restaurant-2024-4">Chipotle</a> has 3,400 restaurants across North America and Europe. The <a target="_blank" href="https://www.businessinsider.com/chipotle-burrito-bowl-hacks-half-scoops-double-meat-hyphen-robot-2023-9">US-based Mexican fast food chain</a> is valued at $94 billion and posted a revenue of nearly $10 billion last year. Chipotle owns and operates all of its restaurants, unlike GYG, which follows a franchise model. Franchisors make money from an annual licensing fee and take a percentage of the location's revenue.<h2 id="cb0e7da6-c17e-4e01-8c31-4214b233616c">Mixed analyst sentiment</h2>Despite the chain's growth in the last two decades, some analysts are bearish.In a Wednesday note before the IPO, <a target="_blank" href="https://www.morningstar.com.au/insights/stocks/250416/is-guzman-y-gomez-the-next-mcdonalds">Morningstar analysts</a> valued the stock at 15 Australian dollars a share. They said that the offer price of 22 Australian dollars was expensive, given that GYG is at a far earlier stage than heavyweight competitors like McDonald's and Domino's. And they're not sure GYG can follow through on its plan to open 1,000 stores.GYG is backed by TDM Growth Partners, Barrenjoey Private Capital, Aware Super, Cooper Investors, Hyperion Asset Management, Firetrail Investments, and QVG Capital."The company and its highly conflicted investors and advisors have decided that A$2.2 billion is a reasonable valuation of this business," Michael Hutchens, the founder of financial modeling company Modano, <a target="_blank" href="https://www.linkedin.com/posts/michaelhutchens_the-upcoming-guzman-y-gomez-ipo-will-further-activity-7206836945283391488-ZcPu/">wrote in a post on LinkedIn</a>."This is irrespective of fact that it is struggling to make money and would in fact have gone broke over the past year if it didn't quietly do a pre-IPO raising of A$135 million," Hutchens wrote.GYG joins 11 other companies that have listed on the ASX so far this year. The ASX has seen a big slowdown in IPOs in the last few years as pandemic stimulus payments ended and the central bank raised interest rates to calm inflation. The <a target="_blank" href="https://www.asx.com.au/blog/listed-at-asx/asx-capital-markets-2023-year-in-review-and-2024-outlook">number of floats in 2023 was 45</a>, compared to <a target="_blank" href="https://www.asx.com.au/blog/investor-update/2023/asx-capital-markets-2022-a-year-in-review">107 in 2022 and a record 241 listings in 2021</a>.GYG's shares are not open to the general public. They are only available to institutional investors, eligible employees and franchise holders, and retail clients of brokerages who have been allocated GYG shares, the company said in a pre-IPO release.

Asia's answer to Chipotle is now a $1.5 billion public company 

<ul class="summary-list"><li>The West has tried for more than two years to cripple Moscow's finances by way of sanctions.</li><li>But the West hasn't blocked all Russian banks' access to SWIFT due to potential global impact.</li></ul>When Russia first invaded Ukraine, the West slapped Moscow with swathes of sanctions in an attempt to cripple its finances and force it to end the war quickly.However, more than two years later, the war is ongoing and the Kremlin is touting its <a target="_blank" href="https://www.businessinsider.com/russias-economy-roaring-start-sanctions-stock-markets-putin-central-bank-2024-4">robust economy.</a>But it's not because the sanctions are not effective. It's really because the West hasn't gone all the way. There's one major thing the West could, but won't, do: kill all Russian banks' access to the Society for Worldwide Interbank Financial Telecommunications, or SWIFT.<h2 id="1b0f6063-804e-487a-8e55-39b22b26b104">The West hasn't gone all in to block Russian access to SWIFT</h2>From February to May 2022, the <a target="_blank" href="https://www.businessinsider.com/us-eu-announce-some-russian-banks-removed-from-swift-2022-2">US and European Union</a> repeatedly moved to block some Russian banks' access to SWIFT — but spared those that process international oil and gas payments.That's because Russia is a major energy exporter, so abruptly cutting off all its banks' access would have a massive knock-on impact globally."There'd be a lot of collateral damage that would affect non-Russian banks and other banks in the international banking system," Alex Capri, a senior lecturer at the National University of Singapore, told Business Insider.The international banking system is interconnected. <a target="_blank" href="https://www.tradefinanceglobal.com/en-sg/trade-finance/">Trade financing</a> involving multiple parties moves down complex supply chains as commodities move from the supplier to the end buyer."If you paralyze the entire Russian banking system, there'll be other banks around the world that will take the brunt of it as well, because they finance trade and other commodities," said Capri, who described cutting off the access of all Russian banks as "the nuclear option."However, if things get "really bad," such as in a rapid expansion of the war in Ukraine, the West could "absolutely" double down and shut the Russian banks from SWIFT, added Capri, who was the regional leader of KPMG's international trade and customs practice in Asia Pacific and a former international trade specialist at the US Customs Service.But it may not come to such a step after all.<h2 id="aadb4ad3-b1f6-46a1-922a-66137f818f77">'Russia's economy is in deep, deep trouble'</h2>Despite the West's frustration with how Russia's economy still appears to be holding up, the sanctions appear to be finally working.This is in part due to secondary sanctions. The West has tightened its restrictions <a target="_blank" rel="" href="https://www.businessinsider.com/china-biggest-banks-stop-russia-payments-icbc-ccb-boc-2024-2">against companies in third-party countries </a>that still do business with Russia.So while Russia has been able to hang on to its economy so far, the economy is in "deep, deep trouble" in the medium term, Richard Portes, an economics professor at London Business School, told BI.Portes cited the scaling back of Russia's "natural trade partners" — those near the country geographically — as a major stumbling stone."Russia is not trading with Europe, so the opportunities, the possibilities for profitable, sensible trade, are very limited," Portes told BI.While Russia has managed to pivot most of its oil exports from Europe — previously its single largest market — to <a target="_blank" href="https://www.businessinsider.com/russia-economy-divert-oil-exports-europe-india-china-circumvent-sanctions-2023-12">India and China,</a> such a move comes with costs that include lower selling prices and logistical challenges."These alternatives cannot properly, effectively, efficiently, productively replace trading with Europe," Portes said.Human capital and investment are also flowing out due to Russia's <a target="_blank" href="https://www.businessinsider.com/russian-economy-brain-drain-labor-shortage-workforce-exodus-capital-flight-2023-9">brain drain</a> and the West's restrictions on investment and trade."In five years, you're going see a really disastrous slowdown in the Russian economy," said Portes, who called for stronger sanctions enforcement.<h2 id="493819ca-3fb9-4443-82f4-8bab3ebb9124">Russia cannot create foreign reserves</h2>One key reason why Russia's economy is unlikely to hold up is due to the finite nature of its reserves."Russia can compensate for a fall in revenues from natural resource exports using its gold and currency reserves, as well as the effect of shrinking imports," Alexander Kolyandr, a financial analyst, wrote in a post for the <a target="_blank" href="https://carnegieendowment.org/politika/92158">Carnegie Endowment for International Peace</a> on April 9. "But reserves are not infinite, and there is a limit to how far imports can contract."Portes agreed with this stance."Unless there was a big increase in the oil price or some other windfall, they would have major problems financing imports over the next couple of years in the near-term future," Portes said.In a reflection of how financially isolated Russia has become, the country has limited options other than the Chinese yuan for its reserves, the Central Bank of Russia said in a <a target="_blank" href="https://www.cbr.ru/StaticHtml/File/159640/kgo_2023.pdf">report in March.</a>In April 2022, Russia's central bank governor Elvira Nabiullina warned <a target="_blank" rel="" href="https://www.businessinsider.com/russian-central-banker-warns-country-reserves-finite-nabiullina-ukraine-war-2022-4">Russia's reserves</a> can't last forever."A significant problem is that they are running out of foreign exchange reserves, and you can't create foreign reserves," Portes added.

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