Hello! I'm Phil Rosen, reporting from New York City. Expect to see the market move today in response to the Fed's preferred inflation gauge, Personal Consumption Expenditures, which will be released at 8:30am. Economists surveyed by Bloomberg expect to see a rise of 0.5% in January from the prior month, which would be the biggest leap since the middle of last year.The Fed has to take today's data — alongside the resilient job market and robust consumer spending — into account in deciding the right dosage for its next interest rate hike(s). Dictating the direction of the American economy is a tough gig. Even the most savvy of financial veterans can't know for sure what levers trigger what outcomes, and with the US economy at stake, there's a lot of pressure to make the right call. All that's to say it's no surprise that we're seeing conflicting views among Fed officials on next steps. If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/stocks/recession-inflation-investing-economy-fed-markets-rate-hikes-unemployment-cleveland-2023-2?_gl=1*ygjndu*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3NzE3NTc5My42MDcuMS4xNjc3MTgwMzU3LjAuMC4w"></a>1. In the Fed minutes released this week, the central bank's own economists have started to sound the alarm on a recession. Among other warnings, officials said <a href="https://markets.businessinsider.com/news/stocks/fed-economists-outlook-recession-stocks-real-estate-prices-inflation-unemployment-2023-2?_gl=1*1wd59vq*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3NzE3NTc5My42MDcuMS4xNjc3MTgwNDIzLjAuMC4w">inflation's not going away anytime soon</a>."The staff still viewed the <a href="https://markets.businessinsider.com/news/stocks/fed-economists-outlook-recession-stocks-real-estate-prices-inflation-unemployment-2023-2?_gl=1*1wd59vq*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3NzE3NTc5My42MDcuMS4xNjc3MTgwNDIzLjAuMC4w">possibility of a recession</a> sometime this year as a plausible alternative to the baseline," the minutes read.In November, the same experts said odds were roughly equal to a coin toss regarding whether the US economy would tip into a downturn. But now, the economists are also highlighting the <a href="https://markets.businessinsider.com/news/stocks/fed-economists-outlook-recession-stocks-real-estate-prices-inflation-unemployment-2023-2?_gl=1*1wd59vq*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3NzE3NTc5My42MDcuMS4xNjc3MTgwNDIzLjAuMC4w">ballooning pressure on asset prices</a>. Currently, S&amp;P 500 companies remain overvalued. In their words: "The forward price-to-earnings ratio for S&amp;P 500 firms remained above its median value despite the <a href="https://markets.businessinsider.com/news/stocks/recession-inflation-investing-economy-fed-markets-rate-hikes-unemployment-cleveland-2023-2?_gl=1*ygjndu*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3NzE3NTc5My42MDcuMS4xNjc3MTgwMzU3LjAuMC4w">decline in equity prices over the past year</a>."Jerome Powell, for his part, has insisted that the Fed's 2% inflation target is set in stone. But <a href="https://markets.businessinsider.com/news/stocks/recession-inflation-investing-economy-fed-markets-rate-hikes-unemployment-cleveland-2023-2?_gl=1*ygjndu*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3NzE3NTc5My42MDcuMS4xNjc3MTgwMzU3LjAuMC4w">that dogmatism could cause a lot of pain</a> for Americans and the economy. For the central bank to reach that inflation goal, it would need to create a deep recession and more than double the unemployment rate, according to a recent paper from the Cleveland Fed.The authors of the <a href="https://markets.businessinsider.com/news/stocks/recession-inflation-investing-economy-fed-markets-rate-hikes-unemployment-cleveland-2023-2?_gl=1*ygjndu*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3NzE3NTc5My42MDcuMS4xNjc3MTgwMzU3LjAuMC4w">report</a> see inflation hovering at 2.75% by the end of 2025. Based on their models, they added that<a href="https://markets.businessinsider.com/news/stocks/recession-inflation-investing-economy-fed-markets-rate-hikes-unemployment-cleveland-2023-2?_gl=1*ygjndu*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3NzE3NTc5My42MDcuMS4xNjc3MTgwMzU3LjAuMC4w"> the unemployment rate would have to climb to 7.4%</a> for one year if the 2% inflation target is to be achieved. The jobless rate today stands at 3.4%.DataTrek Research cofounder Nicholas Colas wrote in a Thursday note that the paper is a sign that the Fed could consider a change to its policy path. The economists are suggesting that <a href="https://markets.businessinsider.com/news/stocks/recession-inflation-investing-economy-fed-markets-rate-hikes-unemployment-cleveland-2023-2?_gl=1*ygjndu*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3NzE3NTc5My42MDcuMS4xNjc3MTgwMzU3LjAuMC4w">the economy would be better off</a> if policymakers moderated their inflation target, Colas explained, and that doing so wouldn't alter long-term inflation expectations that much. "The Fed may <a href="https://markets.businessinsider.com/news/stocks/recession-inflation-investing-economy-fed-markets-rate-hikes-unemployment-cleveland-2023-2?_gl=1*ygjndu*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3NzE3NTc5My42MDcuMS4xNjc3MTgwMzU3LjAuMC4w">change its inflation target</a> at some point, but that will only happen after a recession is well underway and inflation is coming down quickly," Colas said. "In that scenario, stocks are lower than they are today. We will have <a href="https://markets.businessinsider.com/news/stocks/recession-inflation-investing-economy-fed-markets-rate-hikes-unemployment-cleveland-2023-2?_gl=1*ygjndu*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY3NzE3NTc5My42MDcuMS4xNjc3MTgwMzU3LjAuMC4w">other things to worry about</a> at that point besides whether the Fed's inflation target should be 2.0 or 2.75 percent."How realistic do you think the Fed's 2% inflation target is? How long will it take the economy to get there? Tweet me (<a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a>) or email me (<a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>) to let me know. In other news:<a href="https://markets.businessinsider.com/news/stocks/jamie-dimon-jpmorgan-soft-landing-recession-russia-ukraine-war-china-2023-2"></a><div type="image" title="P Morgan CEO Jamie Dimon looks on during the inauguration of the new French headquarters of US' JP Morgan bank on June 29, 2021 in Paris" height="3526" width="7052" msid="98210780" hostid="261" sizebytes="1333984"></div>2. US stock futures fall early Friday, lining the major benchmarks up for another losing week, though the PCE inflation reading due later could shake things up. Meanwhile, the incoming Bank of Japan chief signaled rates will stay ultra-low — at least for now. <a href="https://markets.businessinsider.com/premarket" target="_blank" rel="noopener noreferrer">Here are the latest market moves.</a> 3. Earnings on deck: BASF, Aristocrat Leisure, and more, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting</a>.4. Insider asked four tech experts how to invest in artificial intelligence without getting sucked into the hype. The veteran investors shared their ideas for betting on the sector that's been the hottest trend in the stock market. <a href="https://www.businessinsider.com/ai-stocks-artificial-intelligence-investing-expert-picks-strategy-2023-2">Get the full details</a>.5. The stock market rally could lose steam because investors are becoming increasingly risk-averse. Longer-term Treasury rates are moving higher, reflecting a risk-off sentiment in the market, according to DataTrek Research: <a href="https://markets.businessinsider.com/news/stocks/stock-market-rally-investors-fed-treasury-bonds-datatrek-inflation-yields-2023-2">"As long as real yields stay at current levels or increase further, equities may not be able to stage a sustainable rally."</a>6. JPMorgan CEO Jamie Dimon said a soft landing for the US economy remains a possibility. Speaking with CNBC, the Wall Street executive pointed to the Fed's quantitative tightening and geopolitical conflicts as reason for concern — <a href="https://markets.businessinsider.com/news/stocks/jamie-dimon-jpmorgan-soft-landing-recession-russia-ukraine-war-china-2023-2">all of which make him see the path forward as scary and uncertain.</a>7. There's a salad crisis in the UK. Supermarkets are rationing tomatoes and cucumbers thanks to soaring energy prices and bad weather. <a href="https://markets.businessinsider.com/news/commodities/energy-prices-salad-shortage-crisis-uk-supermarket-ration-tomatoes-cucumbers-2023-2">In the meantime, the UK's environment secretary suggested Britons should look to turnips instead.</a>8. This batch of overlooked stocks can help you hedge against underrated recession risks, according to UBS. The firm's analysts shared 40 cheap, high-quality dividend stocks to buy to protect your portfolio in an earnings downturn. <a href="https://www.businessinsider.com/cheap-dividend-stocks-to-buy-recession-investing-risk-outlook-ubs-2023-2">See the full list</a>. 9. Comerica Bank's chief economist breaks down why home prices will continue their slide through most of 2023. West coast cities of the US will see the worst price drop-offs, Bill Adams explained — <a href="https://www.businessinsider.com/housing-market-crash-los-angeles-sf-bay-area-home-prices-2023-2">and it's because of these three reasons</a>.10. Wayfair fell 23% Thursday in one of its worst-ever trading sessions. Shares crashed after the company said in its latest earnings report that it lost 5 million customers last year - <a href="https://markets.businessinsider.com/news/stocks/wayfair-stock-price-earnings-loses-5-million-customers-sales-furniture-2023-2">in addition to posting a big annual loss of $1.3 billion.</a> Curated by Phil Rosen in New York. Feedback or tips? Tweet <a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a> or email <a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>.Edited by Max Adams (<a href="https://twitter.com/maxradams?lang=en" target="_blank" rel="noopener">@maxradams</a>) in New York and Hallam Bullock (<a href="https://twitter.com/hallam_bullock" target="_blank" rel="noopener">@hallam_bullock</a>) in London.

Fed economists say the central bank will have to cause serious pain to Americans and the economy if it sticks to its current path

<ul class="summary-list"><li>The war in Ukraine, inflation, and supply-chain issues are making food prices surge in Nigeria.</li><li>Rising costs mean some households are skipping meals or cutting back on favorites like jollof rice.</li><li>The Jollof Index tracks the cost of making the dish as a way of looking at Nigerian food prices.</li></ul>LAGOS, Nigeria — On a normal day, Adeniyi Shoremi would eat three square meals. Breakfast for Shoremi — who lives in Lagos, Nigeria — would be bread, eggs, and a chocolate milkshake. For lunch, he would eat fufu (balls of dough made from cassava) with vegetable soup.And for dinner, he would have jollof rice, a dish popular across West Africa prepared with rice, tomatoes, peppers, and other vegetables, as well as chicken, beef, or fish.But recently, the 28-year-old has started skipping lunch or dinner because of the rising cost of food.Shoremi told Insider that skipping meals made it hard to do his agricultural job."That can affect my productivity, you see," Shoremi said. "I own a plantain plantation, and the nature of my job requires me to be very active."He worries about malnutrition, saying: "I'm also not happy that I no longer get to eat my jollof rice as often as I would like to."<h2>'I may not always have enough to eat'</h2>Food prices in Nigeria have skyrocketed since the start of the war in Ukraine in February because of higher fuel prices and supply-chain issues related to the conflict. An unstable exchange rate and historic issues with the country's supply chain add to the pressure.Shoremi has loved jollof rice since he was a child. His mom always prepared it for celebrations or when she wanted to cheer him and his siblings up.<div type="image" title="Vendor surrounded by bags of rice at a market." height="4480" width="6720" msid="93280017" hostid="261"></div>But the cost of preparing the dish has risen sharply in recent months, according to <a href="https://www.sbmintel.com/wp-content/uploads/2022/07/202207_Jollof-Index.pdf">the Jollof Index</a>, a measure from the Lagos research and consultancy firm SBM Intelligence, which tracks the cost of the dish's ingredients as a way of studying Nigeria's food prices.The average price of preparing a pot of jollof rice jumped 8.3% to 9,311 nairas, or $22, in the second quarter of 2022, from 8,595 nairas in the first quarter. Shoremi buys and cooks his own food, which is unusual for a single man living alone in Lagos: Many would prefer to eat out. He told Insider cooking had been more cost-effective but that's changing."Not too long ago, my monthly food allowance was 50,000 nairas," he said. "Out of this sum, I'd buy rice and other grains, tubers, beans, cooking oils, proteins, and other necessary condiments. But right now, that amount is not enough." SBM Intelligence's head of research, Ikemesit Effiong, said rising prices could cause many Nigerian households to cut down on their protein intake."Some will reduce the frequency of meat or chicken consumption and transition to cheaper but fast-rising alternatives like fish," he said.Shoremi now focuses on buying only essential goods and getting basic nutrients."I prioritize the staples such as grains, legumes, and tubers, like yam and potatoes," he said. "And then I cut back on condiments which are quite expensive." He added: "I buy everything in moderate quantities, unlike how I used to. This helps me to ensure that I have a fairly balanced diet, even though I may not always have enough to eat whenever I wanted."<h2>'People are not buying as much food as they used to'</h2>At Mile 12 International Market, one of Lagos' most popular, with a wide variety of food at wholesale prices, even the best deals are costlier than they used to be. <div type="image" title="Local venders at 12 International Market." height="4480" width="6720" msid="93280022" hostid="261"></div>Alhaji Ibrahim's store sells rice and other grains, beans, and lentils.He told Insider a 50-kilogram bag of rice was selling for 33,000 nairas in June. In January, that same bag sold for just 27,000 nairas. He sees fewer customers thanks to significant price hikes."The country is hard nowadays. And so people are not buying as much food as they used to buy. Instead, they complain about prices getting too high," he said."But we don't fix prices upwards just for the fun of it," he added, saying he couldn't afford to sell at a loss.He doesn't worry about shoppers deserting his shop altogether, he said: "Nigerians will always eat rice, no matter what, even if it means eating less of it."But he's concerned about people buying smaller amounts "because that is certainly slowing down my business," he said, adding: "I have a family to take care of with some proceeds from this business."At another Lagos market, Oyingbo Market, traders told Insider a basket of tomatoes had surged in price from an average of 13,000 nairas in February to 21,000 nairas in June. The price of a carton of chicken has risen significantly to 21,500 nairas, they said.And jollof ingredients are just one part of the story. Statistics from Nigeria's National Bureau of Statistics showed that <a href="https://nigerianstat.gov.ng/elibrary/read/1241183">food inflation was 19.5%</a> in May this year. And there are chances of a higher uptick over the coming months.<h2>No quick fixes</h2>Inflation means the proportion of people's income spent on food in Nigeria "stands at a breathtaking 60%, according to our figures," Effiong said.That means households have less money to use for savings and other spending, he said."This means many Nigerians are constrained from participating in two of the known drivers of personal-wealth creation and wider economic-value creation," he added. "This slow atrophying of economic growth bodes ill for overall national development."Samuel Bamidele, the head of research and intelligence at Lagos' Phillips Consulting Limited, said there were no quick fixes to the crisis."There are a myriad of issues that are driving up food prices in Nigeria," he said, adding that the country's internal food supply chain faced "structural challenges, including high insecurity, unstable exchange rate, high cost of transportation due to high energy prices, bad road networks, paucity of input resources such as seedling and fertilizers, financing, and a poor, poor irrigation system."Since 2015, food inflation has been hovering in the double digits because of these issues, he said.And Nigeria imports a high proportion of agricultural goods, he added, which means that "distortions from the global environment come at a high cost."Unless something changes dramatically with the tumult in the global economy thanks to the high energy prices and the Russia-Ukraine crisis, he said: "The era of single-digit food inflation may be behind us".

Popular Nigerian foods like jollof rice are getting more expensive &mdash; and it's forcing locals to change their diets, and even eat less

The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) can argue its case strongly with the Central government as to why the <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> was not controlled at 4 per cent, said experts. The RBI's Monetary Policy Committee (MPC) will meet on November 3 to discuss what it would tell the Centre as to why it was not able to restrain the inflation. The RBI may also sound out the Central government as to the course of inflation as well as the reasons as to why it may be at the elevated levels. In <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>, the retail inflation rose to 7.41 per cent in September. Experts were of the view that a combination of global and local (glocal) factors -- geopolitical developments, crop production, reduction in crude oil production and the resulting price increase and depreciating rupee -- are expected to heat up the prices. The RBI on its part is trying to contain the inflation by increasing the repo rate -- the rate at which it lends to the banks. The central bank has increased the repo rate by 190 basis points in recent times and the last one was by 50 basis points last month. "There is a strong case for the RBI arguing that (a) inflation has primarily been caused by supply side shocks with global commodity prices having an impact (b) rupee depreciation has added to imported inflation (c) the RBI on its part was proactive in raising rates even between two policies as it did in May when it saw things were going out of hand post Ukraine war and (d) there have been some measures like increase in goods and services tax (GST) which has added to inflation that was happening in parallel," Madan Sabnavis, Chief Economist, Bank of Baroda, told IANS. "Therefore, there is an explanation as to why inflation was high. But the central bank has been acting to bring it down through the instruments it has like repo and CRR (cash reserve ratio). It has succeeded in lowering surplus liquidity too which can be proved," Sabnavis added. "The RBI can say that inflation is due to supply side constraints a nd excess liquidity," says K. Ramasubramanian, retired General Manager, RBI, and a forex advisor. "In addition, there was a huge sale of forex almost Rs 3 lakh crore to maintain the exchange rate. Inflation which was more than the target continuously for three quarters is estimated to come around 6 per cent by three more quarters. Interest rates (repo rate) have been increased almost 1.9 per cent. As such the MPC may only be constrained to say that the present steps taken need some more time for having a positive impact to reduce inflation. This is subject to the time inconsistency impact," he added. The RBI has scheduled the November 3 meeting of MPC under Section 45ZN of the RBI Act. As per the said Section, when the RBI fails to meet the inflation target, it shall send a report to the central government listing: (a) the reasons for failure to achieve the inflation target; (b) remedial actions proposed to be taken by it; and (c) an estimate of the time-period within which the inflation target shall be achieved pursuant to timely implementation of proposed remedial actions. As per the RBI Act the MPC shall determine the Policy Rate required to achieve the inflation target. Further as per the RBI Act, the central bank shall organise at least four meetings of the MPC in a year. Announcing the credit policy RBI Governor Shaktikanta Das said: "There are also upside risks to food prices. Cereal price pressure is spreading from wheat to rice due to the likely lower kharif paddy production. "The lower sowing for kharif pulses could also cause some pressures. The delayed withdrawal of monsoon and intense rain spells in various regions have already started to impact vegetable prices, especially tomatoes. These risks to food inflation could have an adverse impact on inflation expectations." According to the RBI Governor, the Indian basket crude oil price was around $104 per barrel in H1:2022-23 and expected to be around $100 per barrel in H2: 2022-23. "Taking into account these factors, the inflation projection is retained at 6.7 per cent in 2022-23, with Q2 at 7.1 per cent; Q3 at 6.5 per cent; and Q4 at 5.8 per cent, with risks evenly balanced. CPI (consumer price index) inflation is projected to further reduce to 5.0 per cent in Q1:2023-24," Das said. However, one has to see the RBI's prediction as to crude oil prices ($100 per barrel) as the oil producing countries have announced a cut in their production and the international prices going up. Economists and common man have a different take on the RBI's expectations on inflation. "Presently inflation does appear unlikely that it will move downwards for two sets of factors. The increase in oil price and rupee depreciation has potential to increase imported inflation," Sabnavis had told IANS earlier. "Second, there have been some shortfalls in kharif production which will mean an increase in prices. Also the late withdrawal of rain has affected vegetable crops and also adversely affected the harvest of rice and oilseeds in some regions." The reduction in sown area for rice and pulses during Kharif season is expected to feed inflation in the coming months. The overall sown acreage for the Kharif season has declined by 0.8 per cent at the end of September 30, 2022 as compared to last year, the Bank of Baroda said in a recent report. "The inflation rate will be 6.5-7 per cent in FY23 and 5.5-6 per cent in FY24," Sabnavis had remarked. The RBI Governor had said the communication with the central government is a privileged one and it will not made public by the Bank. Das also said there no legal stipulation on the frequency of the communication between RBI and the government. He had earlier said the inflation rate is expected to come down to four per cent in two years time. There are many uncertainties. The RBI has pegged the inflation rate at 6.7 per cent for FY23. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/apple-surges-to-add-178-billion-in-market-value-as-4th-quarter-earnings-help-drive-a-turnaround-in-the-stock-market/articleshow/95153518.cms">Apple surges to add $178 billion in market value as 4th-quarter earnings help drive a turnaround in the stock market</a> <a href="https://www.businessinsider.in/stock-market/news/the-fed-will-hike-rates-too-far-and-tip-the-global-economy-into-a-recession-survey-of-economists-says/articleshow/95151308.cms">The Fed will hike rates too far and tip the global economy into a recession, survey of economists says</a> <a href="https://www.businessinsider.in/thelife/news/see-inside-an-almost-1-million-prefab-tiny-home-village-near-seattle-trying-to-solve-the-ongoing-homelessness-crisis/slidelist/95153993.cms">See inside an almost $1 million prefab tiny home village near Seattle trying to solve the ongoing homelessness crisis</a>

RBI can argue its case on inflation control say experts

Mumbai, Feb 4 () Reserve Bank of India Governor Shaktikanta Das headed six-member rate setting panel started its three-day brainstorming meeting on Tuesday in the backdrop of Union Budget projecting a widening of fiscal deficit amid slowing economy and hardening inflation.
 The Monetary Policy Committee (MPC), which announces the benchmark lending rate (repo) on bi-monthly basis, has been tasked by the government to tame retail inflation based on Consumer Price Index (CPI) at 4 per cent (+,- 2 per cent).
 The retail inflation that for several months remained in the comfort zone of the central bank has started inching up and crossed the 7 per cent mark during December 2019, mainly due to spiralling prices of vegetables.
 Experts said the MPC members are going to have a tough time as slowing economy makes the case for reduction in repo rate, while rising inflation and higher fiscal deficit will require the central bank to either hike the rate or maintain a status quo.
 The sixth bi-monthly monetary policy statement for 2019-20 will be announced at 1145 hours on Thursday.
 The government has estimated India's gross domestic product (GDP) at 5 per cent in the current financial year owing to both domestic as well as global factors amid weakening consumption demand in the country.
 In December, the retail inflation also peaked to a five-year high of 7.3 per cent, mainly due to costlier vegetables, specifically onion and tomato.
 In its previous monetary policy review in December, the RBI had decided for a status quo, leaving the repo unchanged at 5.15 per cent on concerns of rising inflation.
 While presenting the Union Budget on February 1, Finance Minister Nirmala Sitharaman projected the fiscal deficit to widen to 3.8 per cent of the GDP against the earlier estimate of 3.3 per cent.
 A higher fiscal deficit in simple terms means the government will go in for more market borrowing leading to hardening of interest rate which in turn will put pressure on inflation. NKD CS DRR

RBI's rate setting panel starts meeting amid rising inflation, slowing GDP

<ul class="summary-list"><li>Canarian fare is simple, traditional, and prominently features fresh seafood and local volcanic wine.</li><li>I've been visiting the <keyword id="12132952" type="UNKNOWN" weightage="60" keywordseo="canary-islands" source="Orion">Canary Islands</keyword> for 15 years. Here's my list of the best places to eat and drink.</li></ul>After living in Spain for more than a decade, I've realized the best of the country's gastronomy scene isn't fine dining or haute cuisine but, rather, simple dishes. The way I love to eat on the Canary Islands is exactly how the locals do: shared tapas, fresh seafood, and classic comfort foods made from locally sourced ingredients. Most Spanish restaurants on the islands are owned and run by locals, especially the smaller guachinches, which are traditional, unassuming Canarian restaurants with home-cooked local food — some even make their own wines.Guanchinche is named for the original inhabitants of the island, Guanches, and when the word is in the name of a restaurant, I always know I'm in for a great local meal. Keep reading for more tips, must-try foods, and the best places to eat.<h2>An introduction to the Canary Islands' best local foods and wines</h2><div type="image" title="Two people sampling wine in a lava field on Lanzarote, Canary Islands" height="5149" width="6865" msid="90060688" hostid="261"></div>The most popular local foods are hearty and unpretentious, like boiled potatoes with a savory mojo picón sauce made from garlic, pepper, and cumin. I love the hot kick the mojo picón gives the potato dish, <a href="https://www.gobiernodecanarias.org/agp/icca/temas_calidad/papas/" target="_blank" rel="nofollow noopener sponsored">papas arrugadas</a>, which translates to "wrinkled potatoes" (the best ones are boiled until the skin wrinkles). Mojo picón comes in red or green, and I always buy a few jars to take home.Another of my favorite foods to eat on the Canary Islands is <a href="https://www.gobiernodecanarias.org/agp/icca/temas_calidad/gofio/" target="_blank" rel="nofollow noopener sponsored">gofio</a>, a mixture of toasted cereals and lentils, crushed by a stone with a dash of salt. Local residents consider gofio a superfood that's been known as a <a href="https://www.abc.es/espana/canarias/abci-gofio-canarias-superalimento-ayudo-colon-llegar-nuevo-mundo-201903282155_noticia.html" target="_blank" rel="nofollow noopener sponsored">Canarian staple</a> for hundreds of years. I like it for breakfast as an alternative to cereal, bread, or oats. Ask if your hotel serves it if they offer a breakfast buffet. Locally cultivated cheese is another must. My favorite is Majorero al Pimenton, a goat cheese edged with paprika. You can also find it without paprika, simply, Queso Majorero, but I crave that added flavor. The islands also tend to have fresh, affordable seafood, prepared simply and just grilled with salt, garlic, and olive oil, or served in soup. The island is known for its mussels, clams, octopus, and a type of cichlid fish called Vieja.I pair all these delights with local wine, cultivated on all seven of the main islands with <a href="https://www.gobiernodecanarias.org/agp/icca/temas_calidad/vinos/dopIslasCanarias.html" target="_blank" rel="nofollow noopener sponsored">11 designations of origin</a>. Expect to sample red, white, and rose varieties with mineral hints thanks to the volcanic soil in which the grapes are grown. Many of these wines never leave the islands, not even for mainland Spain, so I always try to sip as many as possible.<h2>The best Canary Islands restaurants</h2><div type="image" title="A seafood dish on large plate resembling a seashell." height="3840" width="5119" msid="90060690" hostid="261"></div>Noi, TenerifeI usually find the Canary Islands best for simple, tasty meals, but I do appreciate the more elevated and intimate dining experience <a href="https://www.noirestaurante.com/" target="_blank" rel="nofollow noopener sponsored">Noi</a> offers (the restaurant has just eight tables).Located in Tenerife's capital, Santa Cruz, the menu is limited but offers unique takes on fresh Canarian cuisine, especially seafood. Sample velvety foie with seasonal mushrooms or grilled scallops with beer-yeast butter and seaweed salad — they'll melt in your mouth.<div type="image" title="Cooked beef in a small white dish." height="3840" width="5119" msid="90060691" hostid="261"></div>Guachinche El Talegazo, TenerifeMunching on the barbecued meats and grilled Canarian cheese at this no-frills local spot is one of my favorite things to do when I'm ravenous after a long hike.<a href="https://www.facebook.com/Guachinche-El-Talegazo-1403026063355202/" target="_blank" rel="nofollow noopener sponsored">Guachinche El Talegazo</a> is especially apt for lunch thanks to its modest, sunny outdoor garden, and eating here makes me feel as if I'm dining in a friend's backyard — I love the inviting familiarity of the restaurant. The staff doesn't really speak English here, so brush up on your Spanish.<div type="image" title="A hand holding a fork to pick up the meat in a Canarian dish." height="3840" width="5119" msid="90060693" hostid="261"></div>La Trastienda de Chago, Gran CanariaI usually visit <a href="https://www.facebook.com/La-Trastienda-De-CHAGO-1449224748716502/" target="_blank" rel="nofollow noopener sponsored">La Trastienda de Chago</a>, a wine bar and tapas restaurant after checking out some of the rockier beaches and natural swimming pools on this island's northern coast. It's as quaint as the northern village in which it resides, Gáldar, with a welcoming, cozy ambiance.There are just a few tables indoors and outdoors and I enjoy the Canarian wines this restaurant offers from its ever-evolving wine list. Tasting wines I haven't heard of is one of the best ways I discover new volcanic favorites. And though it's not the most elaborate dish on the menu, I swear by the tomato salad, prepared with locally grown vegetables that are fresh and delicious.<div type="image" title="A man holding a large pan of paella" height="2880" width="3840" msid="90060694" hostid="261"></div>El Caldero, Gran CanariaFull disclosure: Paella isn't a Canarian specialty. It hails from the Mediterranean region of Valencia. But <a href="https://onlinelicor.es/restaurante-el-caldero-los-mejores-arroces-del-sur-de-gran-canaria/" target="_blank" rel="nofollow noopener sponsored">El Caldero</a> is my favorite place on the Canaries for paella thanks to its ultra-fresh seafood and ample menu — the restaurant offers almost 20 types of paella.If you're not in the mood for rice, the fideua (similar to paella but made with small noodles) or the Galician octopus are other savory options I frequently order at this oceanfront arrocería.<div type="image" title="The outside of a restaurant in a white building with seating underneath grass umbrellas in front." height="5504" width="7338" msid="90060695" hostid="261"></div>La Bodeguita del Medio, LanzaroteA tapas spot not to be confused with the restaurant of the same name in Havana, Cuba, <a href="https://www.tripadvisor.es/Restaurant_Review-g652122-d1674518-Reviews-La_Bodeguita_del_Medio-Teguise_Lanzarote_Canary_Islands.html" target="_blank" rel="nofollow noopener sponsored">La Bodeguita del Medio </a>offers typical delights like papas arrugadas, meatballs, ham, and Canarian cheese. I like to visit this spot with my partner or a group of friends for an easy, delicious meal of many small, shared plates — exactly how tapas should be enjoyed. I prefer to sit outside and watch the world go by, but inside is small and homey for a more intimate vibe.<div type="image" title="A seafood dish on a white plate." height="4401" width="5868" msid="90060696" hostid="261"></div>La Puntilla, Lanzarote <a href="https://www.lapuntillacomidas.es/" target="_blank" rel="nofollow noopener sponsored">La Puntilla</a> has one of the best cheese plates I've found in Lanzarote. All the cheese comes from the island, as do many of the restaurant's salty, strong volcanic wine offerings.La Puntilla also has La Marinera on the menu, a local blond ale from Nao Brewery, which was my first introduction to the island's locally brewed beer that has since become a favorite. I usually pair my drinks with whatever the catch of the day and head to the outdoor terrace to admire the fishing boats puttering around Arrecife's docks.<div type="image" title="The view of a man and woman sitting at an outdoor terrace of a restaurant from inside." height="5399" width="7198" msid="90060698" hostid="261"></div>La Vaca Azul, Fuerteventura<a href="http://www.vacaazul.es/en/" target="_blank" rel="nofollow noopener sponsored">La Vaca Azul </a>is one of my preferred restaurants on all of the Canary Islands thanks to its mouthwatering seafood and charming rooftop terrace that has sunset views of crashing Atlantic waves. I usually stop in after visiting nearby El Cotillo Beach in the north of the island.A plate of fresh mussels paired with a Canarian white wine is my go-to order, but getting the mahi-mahi baked under a thick layer of sea salt is my top choice when I need something more substantial. Skip the outdoor tables out front and instead head to the rooftop, which is a hidden gem.<div type="image" title="A meal of cooked rib chops on top of vegetables in a small white plate." height="1365" width="1820" msid="90060699" hostid="261"></div>Restaurante Marabu, FuerteventuraOn the southern side of the island, <a href="https://e-marabu.com/en/" target="_blank" rel="nofollow noopener sponsored">Restaurante Marabu</a> is a large, airy restaurant with a beautiful shaded garden. I love that the space meshes traditional ambiance and cuisine with a contemporary twist, such as offering international options alongside typical Canarian cuisine and seafood. Day or night, I always eat in the garden, circled by a volcanic stone wall amid scattered palm trees and wine barrels.<div type="image" title="A dessert cake alongside several pieces of shortbread on a plate drizzled with sauce." height="3840" width="5119" msid="90060700" hostid="261"></div>Restaurante Los Telares, La GomeraLocated on the site of a sustainable farm and museum El Etnografico, <a href="https://www.etnograficolagomera.com/saborea/" target="_blank" rel="nofollow noopener sponsored">Restaurante Los Telares</a> is one of the few places on the Canary Islands where you can tour an eco-farm, wander a museum, do gourmet tastings, and dine on a beautiful outdoor terrace all on one property.The restaurant sources ingredients directly from the on-site farm, and you can buy some of its products to take home, such as cheeses, wine, spices, sauces, honey, and jams. Sample the traditional dishes, or taste more creative recipes infused with local ingredients, like vegetable curry with banana flower made with bananas grown on the restaurant's farm.<div type="image" title="A small restaurant with red tables and chairs behind it in front of a grassy mountain range." height="3699" width="4932" msid="90060702" hostid="261"></div>Bar Terraza Pedro, La GomeraThe food at <a href="https://www.facebook.com/Bar-Terraza-Pedro-Casa-Creativa-Hermigua-581579078993975/" target="_blank" rel="nofollow noopener sponsored">Bar Terraza Pedro</a> is straightforward, but the views certainly aren't. This cozy spot has a gorgeous outdoor seating area overlooking the craggy mountains, giving you not only a taste of Canarian cuisine but peaceful nature, too.After sampling most of the menu options, my go-to dishes are almogrote, a Canarian-style cheese and pepper paste, one of the most popular dishes local to La Gomera, and the eggplant with local honey for the perfect blend of sweet and savory.<div type="image" title="A large stone building with a vineyard behind it." height="5504" width="7338" msid="90060703" hostid="261"></div>La Casa del Volcán, La PalmaLocated in a beautiful, freestanding building made from volcanic rock, <a href="http://www.lacasadelvolcan.es/" target="_blank" rel="nofollow noopener sponsored">La Casa del Volcán</a> specializes in wines and cuisine harvested directly on the island. Some of the wines come from the restaurant's very own vines. I'll indulge in all types of gastronomic experiences here: a spontaneous wine tasting, picking up a bottle or two to go, or dining on traditional dishes seasoned with volcanic salt. I sometimes stop in just for dessert to sample sweet treats made with local bananas.<div type="image" title="A two pieces of meat grilling on a plate." height="4719" width="6292" msid="90060704" hostid="261"></div>Guachinche Aguadara, El HierroCarnivores shouldn't miss this modest restaurant serving hearty Canarian cuisine. <a href="https://www.facebook.com/guachincheaguadara/" target="_blank" rel="nofollow noopener sponsored">Guachinche Aguadara</a> is the place to go when you want to chow down on a plate of tender, seasoned pork ribs that melt in your mouth, and while the dishes aren't what I'd consider refined — don't expect innovative, epicurean offerings here — the grilled sausages and beef are some of the best meat and pork meals I've had on the island.If I'm on a budget, I'll pair my meat with the house wine, a D.O. Tacoronte, which costs just 6 euros for a half-bottle. Though the outdoor terrace is bare-bones, the sunset views are so stunning it doesn't matter.La Pasada, El Hierro One of my favorite restaurants in the Canarias when I'm on a budget, <a href="https://www.facebook.com/Restaurante-La-Pasada-690948084290181/?ref=page_internal" target="_blank" rel="nofollow noopener sponsored">La Pasada</a> offers delights like fried octopus, pineapple stuffed with shrimp, and garlic soup at a low price. There are just a few tables indoors and a small outdoor terrace, the latter of which being where I prefer to dine so I can easily admire the sea and mountain views alongside my meal.<a href="https://www.insider.com/everything-you-need-to-know-about-traveling-to-canary-islands-spain" target="_blank" rel="noopener">View Insider's comprehensive guide to visiting the Canary Islands.</a>

I've been eating my way through the Canary Islands for 15 years. Here's where I go for fresh seafood, tender meat, and volcanic wine.

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">(AP Photo/Rebecca Blackwell)A woman holding a sign with the Spanish message: "Oil country, and the people without money," protests fuel price hikes in Mexico City, January 3, 2017.</div></div></div>While the protests in Mexico against the country's fuel price hikes have pulled back from <a href="http://www.businessinsider.com/enrique-pena-nieto-response-mexico-gas-price-protests-gasolinazo-2017-1" target="_blank">the extremes seen earlier this month</a>, demonstrations have continued in <a href="http://www.reforma.com/aplicacioneslibre/articulo/default.aspx?id=1024743&amp;md5=2fb8c34b3358e57432ea7a8062e9f74d&amp;ta=0dfdbac11765226904c16cb9ad1b2efe&amp;lcmd5=645188bf2b9196e2f387664e31964c9f" target="_blank">recent days</a>.The prices increases, between <a href="http://www.businessinsider.com/r-mexico-says-gasoline-prices-to-rise-as-much-as-201-percent-in-january-2016-12" target="_blank">14% and 20% for gasoline and diesel</a>, have animated public anger in Mexico in a way that previous unpopular policies haven't, and as those hikes begin to push other prices up, that frustration looks set to endure.Tortillas - flour or corn disks cooked and adorned in myriad ways by millions of Mexicans every single day - are likely to become the next flash point.Mexico City-based daily Reforma reported that a number of food products had gone up in price during the first two weeks of January, with tortilla prices going up by <a href="http://mexiconewsdaily.com/news/growth-forecast-down-pesos-value-down/" target="_blank">as much as 18%</a>.During the second week of January, Hermengildo Jimenez, a tortilla maker at a small shop in a working-class area of Mexico City, <a href="https://www.ft.com/content/d2b73384-d7c1-11e6-944b-e7eb37a6aa8e" target="_blank">told</a> the Financial Times during the second week of January that a painful 17% price increase in the price of a kilo, about 2.2 pounds, of tortillas could be coming in the next few days.That increase would take prices at Hermengildo's shop from 12 pesos to 14 pesos, or about $0.64 - a not insignificant increase, given that the minimum daily wage in Mexico has only recently <a href="http://www.wsj.com/articles/mexicos-minimum-wage-set-to-rise-nearly-10-1483185607" target="_blank">risen to 80 pesos</a>."It'll have to go up. The petrol price rise affects us too," Hermengildo's brother, Jose Antonio, <a href="https://www.ft.com/content/d2b73384-d7c1-11e6-944b-e7eb37a6aa8e" target="_blank">told the FT</a>. "The mill that grinds the corn uses gas as well."<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Tomas BravoPeople queue to buy tortillas outside Granada market in Mexico City, Mexico, January 10, 2017.</div></div></div>By the end of that week, <a href="http://www.jornada.unam.mx/2017/01/14/politica/002n1pol" target="_blank">according</a> to Mexican daily La Jornada, the average price for a kilo of tortillas at traditional outlets had exceeded 13 pesos, marking a 2.3% increase over the first 13 days of the month and a 5% jump over January 2016.In seven of every 10 cities, tortillas were selling for above the average of 13.12 pesos, La Jornada <a href="http://www.jornada.unam.mx/2017/01/14/politica/002n1pol" target="_blank">reported</a>, with peaks of 17 pesos in northern border cities Mexicali and Nogales and the southwest coastal city of Acapulco, among other places.A tour of stores done <a href="http://www.elfinanciero.com.mx/monterrey/productos-de-canasta-basica-registran-alza-en-los-precios.html" target="_blank">by El Financiero</a> found that prices for a number of staple food goods had gone up.Jalapeño chilies in some places had gone up 100%, from 6 pesos a kilo in June 2016 to 12 pesos this month. Beans have gone from 13 pesos a kilo to 16 pesos a kilo during January, while white rice has risen more than 10% so far this year, from 6 pesos a kilo at the start of this month to 7 pesos a kilo during the second week of the month.Some goods - like avocados, sugar, or tomatoes - have seen their <a href="http://www.elfinanciero.com.mx/monterrey/productos-de-canasta-basica-registran-alza-en-los-precios.html" target="_blank">prices fall</a> in some places, however.<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Tomas BravoA woman buys tomatoes in a groceries stall at Granada market in Mexico City, Mexico, January 10, 2017.</div></div></div>The combination of a <a href="http://www.businessinsider.com/r-mexico-says-gasoline-prices-to-rise-as-much-as-201-percent-in-january-2016-12" target="_blank">move to a market-pricing scheme</a> and <a href="http://www.businessinsider.com/enrique-pena-nieto-response-mexico-gas-price-protests-gasolinazo-2017-1" target="_blank">a long-delayed</a> price increase have contributed to the drastic nature of this month's price increase, which comes at a time when inflation - spurred on by the peso's slide against the dollar - hit a <a href="https://www.theguardian.com/world/2017/jan/09/mexico-gasoline-price-protest-gasolinazo?CMP=share_btn_tw" target="_blank">two-year high of 3.36%</a> this month and is expected to climb higher this year.Mexican President Enrique Peña Nieto has said the fuel price increases must go forward, and even though the benefits of the fuel subsidies that are being ended mostly accrued to the wealthiest households, the knock-on effects of those hikes have hit many Mexicans in their wallets, spurring the protests that have continued throughout the month."I don't have a car, but I use public transport. When gasoline goes up, food goes up, everything goes up," 40-year-old Armando Galicia, who works at a convenience store in Mexico City, <a href="http://www.wsj.com/articles/mexicos-minimum-wage-set-to-rise-nearly-10-1483185607" target="_blank">told</a> The Wall Street Journal at the end of last year."It's an economic issue," Manuel Lopez, a mechanic who had to sell his car amid Mexico's economic doldrums, <a href="https://www.theguardian.com/world/2017/jan/04/gasolinazo-mexico-gasoline-price-hike-protests-petrol" target="_blank">told The Guardian</a> at the start of January.<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Edgard GarridoProtesters block the entrance to a gas station as they take part in a demonstration at Tlalpan avenue against the rising prices of gasoline enforced by the Mexican government, in Mexico City, January 3, 2017.</div></div></div>"Salaries are not very good. If gasoline goes up, it provokes an inflation in the cost of the items we consume daily," Lopez said. "The first thing that gets hit are people's pocketbooks.""It's not because we all have cars. When gasoline prices go up, everything else goes up: tortillas, public transportation, everything," Hector Pérez, a sales manager at an insurance company, <a href="https://www.theguardian.com/world/2017/jan/09/mexico-gasoline-price-protest-gasolinazo?CMP=share_btn_tw" target="_blank">told The Guardian</a> a few days later.In an effort to ease public outrage, Peña Nieto <a href="http://jornadabc.mx/tijuana/09-01-2017/pacto-economico-para-enfrentar-desafios-dice-pena" target="_blank">announced a pact</a> with business groups and unions to avoid disproportionate prices increases as a result of the fuel price hike, but the proposal was so slight on detail that a major business lobby <a href="https://www.ft.com/content/d2b73384-d7c1-11e6-944b-e7eb37a6aa8e" target="_blank">refused</a> to sign. Some observers <a href="https://www.ft.com/content/d2b73384-d7c1-11e6-944b-e7eb37a6aa8e" target="_blank">said</a> the deal amounted to little more than political posturing.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson ReutersMexican President Enrique Peña Nieto delivers a speech during a welcome ceremony at the National Palace in Mexico City, Mexico, November 4, 2016.</div></div></div>With elevated fuel prices <a href="http://www.negociosreforma.com/aplicacioneslibre/articulo/default.aspx?id=1024786&amp;md5=82c337e25bb675b0cddc08fa8450ec1c&amp;ta=0dfdbac11765226904c16cb9ad1b2efe&amp;lcmd5=763cd52f6f050543dbe33ada4f0f4097&amp;v=3" target="_blank">projected to continue</a> into the summer, along with resultant rises in the prices of food and public transportation, anger with Peña Nieto's government - over not only fuel price hikes but also the <a href="http://www.animalpolitico.com/2017/01/adquisitivo-poder-mexicanos-pena/" target="_blank">declining</a> purchasing power of the peso and a <a href="http://www.businessinsider.com/homicides-drug-related-killings-in-mexico-in-2016-2016-12" target="_blank">spike in violence</a> that seems to be sweeping the nation - seems likely to last through gubernatorial elections this summer and potentially through the presidential election in mid-2018.At stake this summer is the governorship of Mexico state, which Peña Nieto's party has held for 80 years, and the presidential candidacy of Andres Lopez Manuel Obrador, a leftist populist who has seized on the current government's myriad shortcomings, has been riding high in recent weeks."People are very upset," Rodolfo Soriano-Nuñez, a sociologist and political commentator, <a href="http://www.americamagazine.org/content/dispatches/mexico-gasoline-hike-fuels-broad-outrage" target="_blank">told</a> The National Catholic Review. "I haven't seen such an outburst of nationwide anger in many years." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/donald-trump-ford-factory-mexico-us-louisville-kentucky-assembly-lincoln-2016-11">Trump said he prevented a Ford factory from leaving the US - but the company says the move was never planned</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="J3MHJvNzE6fxnFj_lloyp1iFPtNCE5yy" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

The pain Mexicans are feeling at the gas pump is spreading to their stomachs

<div class="KonaFilter image-container display-table"><div><div class="image on-image">SoulCycleThe retreats include activities like mindfulness meditation, healing workshops, and s'mores by the campfire.</div></div></div><ul class="summary-list"><li>Trendy New York City-based cycling studio <a href="https://www.soul-cycle.com/">SoulCycle</a> is now <a href="https://skift.com/2019/11/08/soulcycle-launches-wellness-retreats-to-keep-pace-with-a-shifting-market/">offering wellness retreats</a>, Skift reported.</li><li>The <a href="https://retreatsbysoulcycle.splashthat.com/">retreats will include activities like mindfulness exercises</a>, breathing workshops, sessions with an acupuncturist and Reiki master, morning movement sessions, s'mores and stargazing by the campfire, and SoulCycle classes.</li><li>The first retreat was held in October at a luxury hotel in <a href="https://www.businessinsider.com/category/austin">Austin</a> and <a href="https://luckyarrowretreat.com/">a retreat hotel in the Texas wilderness</a> with yurts, cabins, a pool, and a beer garden.</li><li>Prices and dates for future retreats have not been disclosed, but the company says the next retreat will host between 20 and 30 people.</li><li><a href="https://www.businessinsider.com/category/las-vegas">Las Vegas</a> has been named as one of the potential destinations for the next retreat in 2020.</li><li>SoulCycle's expansion into wellness retreats aligns with the trend of <a href="https://www.businessinsider.com/equinox-luxury-active-travel-wellness-tourism-booming-2019-11">fitness companies moving into hospitality and travel</a> as part of the <a href="https://www.businessinsider.com/wealthy-travelers-spending-habits-wellness-tourism-retreats-self-care-2019-6">growing $639 billion wellness tourism industry.</a></li><li><a href="https://www.businessinsider.com/">Visit Business Insider's homepage for more stories.</a></li></ul><a href="https://www.businessinsider.com/category/soulcycle">SoulCycle</a>, the trendy New York City-based cycling studio that <a href="https://www.soul-cycle.com/series/">charges between $28 and $40 per class</a>, is <a href="https://skift.com/2019/11/08/soulcycle-launches-wellness-retreats-to-keep-pace-with-a-shifting-market/">now offering wellness retreats,</a> Skift reported.The retreats, hosted in partnership with luxury <keyword id="6354692" type="UNKNOWN" weightage="60" keywordseo="Travel">travel</keyword> company Black Tomato, will include activities like mindfulness exercises, breathing workshops, morning movement sessions, s'mores and stargazing by the campfire, and of course, SoulCycle classes.Prices, dates, and locations haven't yet been disclosed, but the first official retreat will be in 2020, according to the brand.<div class="KonaFilter image-container display-table"><div><div class="image on-image">SoulCycleThe retreats are meant to "recharge your soul."</div></div></div>Each retreat will be led by one of SoulCycle's senior instructors and curated to the instructor's personality, areas of interest, and the destination, according to the brand.<h2>The first retreat was held at a luxury hotel in Austin with yoga mats in every room, and a wilderness retreat with yurts and cabins</h2>SoulCycle held a three-day kick-off retreat in Austin and Texas Hill Country at the end of October.Led by SoulCycle master instructor Melanie Griffith and senior instructor Bevin Prince, the retreat included mindfulness exercises, breathing workshops with an acupuncturist and Reiki master, s'mores and stargazing by the campfire, morning movement sessions, and cycling classes, the brand told Business Insider.<div class="KonaFilter image-container display-table"><div><div class="image on-image">SoulCycleSoulCycle held its pilot retreat in Texas in October.</div></div></div>In Austin, guests stayed at the Kimpton Van Zandt hotel, <a href="https://www.hotelvanzandt.com/boutique-hotel-amenities/">a four-star boutique hotel with a rooftop pool</a> that supplies yoga mats in every room. Part of the retreat also included SoulCycle classes at a local Austin studio.And in the Texas wilderness, they were lodged at the Lucky Arrow Retreat, a 15-acre property with yurts and private cabins, a SoulCycle representative said.<div class="KonaFilter image-container display-table"><div><div class="image on-image">SoulCycleThe first SoulCycle retreat was held in both Austin and the Texas wilderness.</div></div></div>While Texas was the kick-off for SoulCycle's wellness retreat experience, in 2020 the fitness company will start offering retreats to paying customers. The cost of future trips will vary based on the destination and length of the trip, according to the brand. <a href="https://www.businessinsider.com/category/las-vegas">Las Vegas</a> is one of the potential destinations for the next retreat in 2020.SoulCycle CEO Melanie Whelan said in a press release that they launched the retreats because customers were constantly asking for "more experiential ways" to spend time with each other and the instructors."With <a href="https://retreatsbysoulcycle.splashthat.com/">Retreats by SoulCycle</a>, we're giving our community another opportunity to devote attention to themselves and deepen their ties to one another over the span of multiple days in a beautiful setting, outside of the day-to-day hustle," Whelan said.<h2>SoulCycle and other fitness companies want to 'recharge your soul' ... and take over your lives</h2>The Retreats by SoulCycle website poses a question: "Ready to recharge your soul?"That lofty goal embodies the trend of fitness companies expanding well beyond ordinary gyms <a href="https://www.businessinsider.com/fitness-studios-become-place-for-community-identity-2019-8">into full-fledged lifestyle brands</a>, as Business Insider's Bethany Biron recently reported."These fitness brands have become a gathering place - both a community gathering place and a social gathering place - in addition to just going to the gym to work out," Josh Ginsberg, CEO and cofounder of marketing consultancy Zignal Labs, told Biron.<div class="KonaFilter image-container display-table"><div><div class="image on-image">SoulCycle</div></div></div>Equinox, the luxury gym, moved into hospitality earlier this year by <a href="https://equinox-hotels.com/">opening a five-star Equinox Hotel</a> in New York City's new Hudson Yards neighborhood. And now it's <a href="https://www.businessinsider.com/equinox-luxury-active-travel-wellness-tourism-booming-2019-11">expanding into the luxury travel sector</a> by offering tours like a $2,000 running trip through Italy and a $6,000 hiking trip through Morocco.Both Equinox and SoulCycle are part of the Related Companies portfolio, which is <a href="https://www.businessinsider.com/soulcycle-equinox-owner-stephen-ross-issues-response-trump-fundraiser-backlash-2019-8">owned by billionaire Stephen Ross</a>. Earlier this year, Ross faced criticism for planning to host a fundraiser for President Donald Trump, resulting in <a href="https://markets.businessinsider.com/news/stocks/equinox-soulcycle-face-backlash-over-chairmans-trump-ties-2019-8-1028427679">threats to boycott both brands.</a> SoulCycle <a href="https://www.businessinsider.com/soulcycle-boycott-working-attendance-down-2019-9">reportedly saw a decline in attendance</a> in the month following news of the proposed fundraiser.SoulCycle's CEO released <a href="https://twitter.com/soulcycle/status/1159188670081114113/photo/1?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1159188670081114113&amp;ref_url=https%3A%2F%2Fwww.businessinsider.com%2Fsoulcycle-equinox-owner-stephen-ross-issues-response-trump-fundraiser-backlash-2019-8">a statement on Twitter</a> at the time saying the company <a href="https://www.businessinsider.com/soulcycle-equinox-owner-stephen-ross-issues-response-trump-fundraiser-backlash-2019-8">did not endorse or support the fundraising event.</a>"Consistent with our policies, no company profits are used to fund politicians," Whelan wrote. "... Mr. Ross is a passive investor and is not involved in the management of SoulCycle."The evolution of these fitness companies dovetails with a fast-growing $639 billion industry: wellness tourism. <a href="https://www.businessinsider.com/wealthy-travelers-spending-habits-wellness-tourism-retreats-self-care-2019-6">Wealthy travelers are increasingly looking for wellness summits</a>, spirituality retreats, and resorts that focus on self-care rather than beach parties and all-night clubbing.According to a 2018 Global Wellness Tourism Economy study, the <a href="https://globalwellnessinstitute.org/press-room/press-releases/new-study-reveals-wellness-tourism-now-a-639-billion-market/">wellness tourism industry is expected to be worth $919 billion</a> by 2022 - and clearly companies like SoulCycle and Equinox are hoping to get their slice of the pie <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/why-palm-oil-is-so-cheap-2019-11">Why palm oil is so cheap</a></h3> <div> </div> </div>

SoulCycle is launching wellness retreats with meditation sessions and breathing workshops to 'recharge your soul,' and it's part of a skyrocketing $639 billion industry

A local's ultimate guide to visiting Dubai

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://www.gettyimages.com/license/503650822">Getty Images</a>Netflix CEO Reed Hastings</div></div></div>Netflix has by far the most loyal subscribers of its competitors, according to <a href="http://www.einnews.com/pr_news/321428028/parks-associates-announces-update-to-ott-subscriber-churn-rates-for-netflix-hulu-and-amazon-users">new research</a> by Parks Associates.Analysts found that Netflix subscribers were much less likely to cancel than those of Hulu or Amazon Prime Video. Netflix has now captured 52% of US broadband households, and in the last year, only 9% of its subscriber base has canceled, Parks Associates found.Contrast this with Hulu (14% of US broadband households), which saw a full half of its current subscriber base cancel in the last year. That's a lot of turnover for a service that is still growing. Why does Hulu have such high churn?One reason could be that people are loyal to content, Michael Callahan, who used to be in charge of customer service at Hulu, told Business Insider in December. Callahan says the surest way to keep viewers is to create blockbuster original shows - the kind they just can't live without. This is one reason Netflix, Amazon, and Hulu are all pouring money into originals.Hulu recently released its marquee show "The Path," which stars Aaron Paul in his first TV show since "Breaking Bad." The critical reception has so far been positive, and the show <a href="http://www.rottentomatoes.com/tv/the-path/">has a 82% rating on Rotten Tomatoes</a>.Lisa Holme, Hulu's head of content acquisitions, told Business Insider that the company thinks of originals as "brand-defining" shows, whereas licensed shows are what keeps the subscribers entertained on a day-to-day basis. Both are critical to Hulu's success, she said.<h2>Aggressive spending</h2>Netflix, for its part, has been spending aggressively on original content in 2016, and Netflix executives have characterized it as the best investment for the company moving forward. Netflix will release <a href="http://www.businessinsider.com/new-netflix-original-content-in-2016-would-take-25-days-to-watch">600 hours of original content this year</a>, including 31 original shows.The other big service Parks Associates looked was Amazon Prime Video, which is bundled in with other services like free two-day shipping under the "Amazon Prime" umbrella. This makes it an imperfect comparison, but Prime Video has snagged 24% of households, with 19% of that base having canceled in the last year, according to Parks Associates.Here is a chart of the data:<div class="KonaFilter image-container display-table"><div><div class="image on-image">Parks Associates</div></div></div>Netflix's ability to retain subscribers in the US will be a key going forward, as many analysts have predicted further slowdown in subscriber growth in the US, at the market becomes saturated. Netflix missed Wall Street estimates for US subscriber growth last quarter, though it <a href="http://www.businessinsider.com/netflix-q4-earnings-result-2016-1">greatly exceeded</a> estimates internationally.One potential concern for Netflix's retention is a <a href="http://www.businessinsider.com/netflix-will-increase-prices-in-may-2016-4">price hike</a> that will begin in May. 17 million or more people will see their prices go up (by $2 or $1) over the coming months, according to estimates by UBS. And while many people claim they will cancel because of it (15% of those surveyed by JPMorgan), only 3%-4% actually will, according to UBS. Netflix reports its earnings on Monday, April 18. Disclosure: Jeff Bezos is an investor in Business Insider through hispersonal investment company Bezos Expeditions. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/nba-putting-ads-jerseys-logo-corporate-2016-4">NBA owners have just agreed to put ads on jerseys</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="44azR1MjE6ZYMOFHHRi1qKgyB47MPc_y" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Netflix's subscribers are much more loyal than Hulu and Amazon Prime's

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Greece doesn't mean a lot to the US economy.However, the tiny country in the periphery of the eurozone has hijacked the headlines with its financial problems. With Greece now missing debt payments while <a href="http://www.businessinsider.com/euro-falls-after-greek-referendum-no-vote-2015-7">edging closer to exiting the euro currency</a>, the story has never been more compelling.But economists agree: Greece is not a big deal to the US."[T]he risks of contagion to the US economy and financial system are small," <a href="http://www.businessinsider.com/monday-scouting-report-july-6-2015-2015-7">Capital Economics' Julian Jessop explained</a>. "The direct links between the US and Greece (whose economy now accounts for a trivial 0.3% of global output) are obviously tiny. However, even exports to the EU as a whole only represented 1.5% of US GDP last year."BNP Paribas' Paul Mortimer-Lee estimates that <a href="http://www.businessinsider.com/little-impact-on-us-economy-from-greece-2015-6">US exports to Greece</a> account for about 0.006% of the US economy.Importantly, the financial ties are also minimal. This is reassuring as hidden exposures sometimes pop up on bankbooks."Bank for International Settlements Figures show that the exposures of US banks to Greece amounts to $12.7 billion, or just 0.04% of total cross border claims," <a href="http://www.businessinsider.com/little-impact-on-us-economy-from-greece-2015-6">Mortimer-Lee wrote</a> in a research note."The collapse of one or more large European banks could have a major impact on the US, but we would expect that risk to be much smaller than in 2012, when Greece was last close to the brink," Jessop added. "US financial institutions are now in better shape and have had plenty of time to mitigate their exposure."So it's pretty clear that the impact of Greece's worst-case scenarios would hurt the US economy by that much.But would even a small impact affect monetary policy? This is an important question as the Federal Reserve is preparing to tighten monetary policy with interest-rate hikes. Here's Jessop:"The Federal Reserve is preparing to tighten monetary policy as the US economy has recovered substantially since the financial crisis. But could turmoil in the eurozone triggered by Greece cause the Fed to balk? Here's Jessop again: "The Fed would, of course, be reluctant to hike rates for the first time since 2006 in the midst of another global financial crisis triggered by Greek exit from the euro. However, we do not expect contagion from developments in Europe to be severe enough to prevent the US central bank from pressing ahead with a September lift-off, provided domestic fundamentals continue to strengthen ... [T]he Fed's decision will ultimately depend on domestic economic data and fundamentals. The labour market is buoyant and wage and core price pressures are picking up, meaning that it is increasingly hard to justify keeping rates at emergency lows of close to zero. A crisis in far-away Greece is unlikely to change this."Some folks might actually argue turmoil in Greece could actually be a good thing for the US. Should things deteriorate across the eurozone, there may be more demand for safety in US Treasury securities, which could help keep the US financial market liquid and long-term interest rates low.Ultimately, while the Greek story is a fascinating one, it just doesn't really move the needle in the US economy. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/bankrupt-detroit-make-a-comeback-2014-2">Here's What The People Of Detroit Think About Their Bankrupt City</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="trY3Nrazr86-JmN0o2JmfpQcRhfeEmGA" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

What Greece means to the US economy

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Greece doesn't mean a lot to the US economy.However, the tiny country in the periphery of the eurozone has hijacked the headlines with its financial problems. With Greece now missing debt payments while <a href="http://www.businessinsider.com/euro-falls-after-greek-referendum-no-vote-2015-7">edging closer to exiting the euro currency</a>, the story has never been more compelling.But economists agree: Greece is not a big deal to the US."[T]he risks of contagion to the US economy and financial system are small," <a href="http://www.businessinsider.com/monday-scouting-report-july-6-2015-2015-7">Capital Economics' Julian Jessop explained</a>. "The direct links between the US and Greece (whose economy now accounts for a trivial 0.3% of global output) are obviously tiny. However, even exports to the EU as a whole only represented 1.5% of US GDP last year."BNP Paribas' Paul Mortimer-Lee estimates that <a href="http://www.businessinsider.com/little-impact-on-us-economy-from-greece-2015-6">US exports to Greece</a> account for about 0.006% of the US economy.Importantly, the financial ties are also minimal. This is reassuring as hidden exposures sometimes pop up on bank books."Bank for International Settlements Figures show that the exposures of US banks to Greece amounts to $12.7 billion, or just 0.04% of total cross border claims," <a href="http://www.businessinsider.com/little-impact-on-us-economy-from-greece-2015-6">Mortimer-Lee wrote</a> in a research note."The collapse of one or more large European banks could have a major impact on the US, but we would expect that risk to be much smaller than in 2012, when Greece was last close to the brink," Jessop added. "US financial institutions are now in better shape and have had plenty of time to mitigate their exposure."So, it's pretty clear that the impact of Greece's worst-case scenarios would hurt the US economy by that much.But would even a small impact affect monetary policy? This is an important question as the Federal Reserve is preparing to tighten monetary policy with interest rate hikes. Here's Jessop:"The Federal Reserve is preparing to tighten monetary policy as the US economy has recovered substantially since the financial crisis. But could turmoil in the eurozone triggered by Greece cause the Fed to balk? Here's Jessop again: "The Fed would, of course, be reluctant to hike rates for the first time since 2006 in the midst of another global financial crisis triggered by Greek exit from the euro. However, we do not expect contagion from developments in Europe to be severe enough to prevent the US central bank from pressing ahead with a September lift-off, provided domestic fundamentals continue to strengthen... [T]he Fed's decision will ultimately depend on domestic economic data and fundamentals. The labour market is buoyant and wage and core price pressures are picking up, meaning that it is increasingly hard to justify keeping rates at emergency lows of close to zero. A crisis in far-away Greece is unlikely to change this."Some folks might actually argue turmoil in Greece could actually be a good thing for the US. Should things deteriorate across the eurozone, there may be more demand for safety in US Treasury securities, which could help keep US financial market liquid and long-term interest rates low.Ultimately, while the Greek story is a fascinating one, it just doesn't really move the needle in the US economy. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/prevent-blisters-jogging-running-shoes-sneakers-athletic-shoelace-hole-2015-5">Someone figured out the purpose of the extra shoelace hole on your running shoes - and it will blow your mind</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="lyNnMwdToPHeoBdqEnriXIBVrqyIR6er" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

What Greece means to the US

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters/Henry RomeroDonald Trump and Mexican President Enrique Peña Nieto arrive for a press conference in Mexico City.</div></div></div>US President Donald Trump's <a href="http://www.businessinsider.com/trump-deportation-plan-mexico-2017-2" target="_blank">antagonism toward Mexico</a> is a relatively new challenge for the US's southern neighbor.Despite Trump's aggressive posture, Mexicans face a number of domestic issues affecting their way of life.The <a href="http://www.businessinsider.com/mexico-homicides-in-2016-under-enrique-pena-nieto-2017-2" target="_blank">rising violence in the country</a> is perhaps the most visible, but stagnant wages and declining purchasing power have also had significant impact.The Mexican government raised the country's daily minimum salary at the beginning of January, boosting it from 73.04 pesos to 80.04 pesos - or from about $3.52 to $3.86 based on exchange rates at the time.To many Mexicans - dreading looming fuel-price increases they <a href="http://www.businessinsider.com/mexico-fuel-food-gas-price-increases-protests-2017-1" target="_blank">expected to raise food prices</a> and other costs - the increase was <a href="https://www.wsj.com/articles/mexicos-minimum-wage-set-to-rise-nearly-10-1483185607" target="_blank">unimpressive</a>. And for the <a href="http://internacional.elpais.com/internacional/2016/12/08/mexico/1481224214_357441.html" target="_blank">7 million Mexican workers</a> earning the minimum salary at the end of 2016, that wage hike may amount to little.At the end of 2016, the recommended food basket - which includes food for a family of two adults and two minors - cost a total <a href="http://www.animalpolitico.com/2017/01/adquisitivo-poder-mexicanos-pena/" target="_blank">of 218.06 pesos</a>, or $10.52, a day.Based on the previous minimum salary, 73.04 pesos, one worker could only afford to buy 33.5% of basic necessary food goods, <a href="http://www.animalpolitico.com/2017/01/adquisitivo-poder-mexicanos-pena/" target="_blank">according</a> to Mexican news site Animal Politico.<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Edgard GarridoA woman cooks inside her home at Pueblo de Santa Fe neighborhood in Mexico City, July 23, 2015.</div></div></div>In comparison, in January 2013, the month after President Enrique Peña Nieto took office, the <a href="http://www.animalpolitico.com/2017/01/adquisitivo-poder-mexicanos-pena/" target="_blank">minimum daily salary</a> was 64.76 pesos, or $5.04 at the time, while the basic food basket was 171.86 pesos, or $13.34 - meaning one daily minimum salary could buy 37.7% of the basic family basket of goods.While in nominal terms there has been a 12.8% increase in the minimum salary, Animal Politico notes, through the end of 2016 prices have gone up 26.9%."In only the last three years 11.11% of [Mexicans'] purchasing power has been lost," Tania L. Montalvo <a href="http://www.animalpolitico.com/2017/01/adquisitivo-poder-mexicanos-pena/" target="_blank">wrote</a>.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Tomas BravoA woman buys tomatoes in a groceries stall at Granada market in Mexico City, Mexico, January 10, 2017.</div></div></div>Overall growth in incomes and purchasing power has been stagnant for some time.Mexican family income has risen 1,129% since 1987, based on the minimum salary. Yet, factoring in inflation, their purchasing power has fallen.The amount that would purchase 1.5 basic food baskets in 1987 would buy just one-third of one today, <a href="http://www.animalpolitico.com/2017/01/adquisitivo-poder-mexicanos-pena/" target="_blank">according</a> to Animal Politico.More broadly, while per-person GDP grew 98.7% between 1960 and 1980, between 1994 and 2014, it grew just 18.6%.Wages, adjusted for inflation, rose only 2.3% between 1994 and 2012, <a href="http://www.businessinsider.com/mexicans-get-paid-less-for-their-work-than-any-other-developed-country-2015-7" target="_blank">according to a 2014 report</a> by the left-leaning Center for Economic and Policy Research.In 2014, <a href="http://data.worldbank.org/indicator/SI.POV.NAHC?locations=MX" target="_blank">53.2% of the country</a> lived below the national poverty line by the broadest measure of poverty, meaning <a href="http://www.businessinsider.com/carlos-slim-and-mexicos-wealth-gap-2015-8" target="_blank">they lacked</a><a href="http://www.businessinsider.com/carlos-slim-and-mexicos-wealth-gap-2015-8" target="_blank"> sufficient</a> "disposable income to acquire the basic food basket and make necessary expenses for health, education, clothing, housing, and transport, even if all of their home's disposable income was used exclusively for the acquisition of these goods and services."<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Tomas BravoPeople queue to buy tortillas outside Granada market in Mexico City, Mexico, January 10, 2017.</div></div></div>These money woes come despite the time Mexicans put in on the job.In terms of hours worked and wages earned, Mexico is at the back of the pack among countries in the Organization for Economic Cooperation and Development.Mexican laborers worked, on average, a total of <a href="https://data.oecd.org/emp/hours-worked.htm" target="_blank">2,246 hours</a> in 2015, the most of the 35 OECD member countries. But those workers earned on average a total of <a href="https://data.oecd.org/earnwage/average-wages.htm#indicator-chart" target="_blank">only $14,867</a>, the lowest in the OECD and far behind second-to-last Hungary, where workers made 19,999 in 2015.US workers labored, on average, for 1,790 hours in 2015, bringing home $58,714.Mexicans have raised legal objections to the country's paltry wages."The situation is serious to such a degree that it violates what's stipulated in the Constitution," Gerardo Esquivel, an economics professor in Mexico City and at Harvard, <a href="http://www.businessinsider.com/mexicans-get-paid-less-for-their-work-than-any-other-developed-country-2015-7" target="_blank">told El Daily Post</a> at the end of 2015. "The minimum salary must guarantee a decent standard of living."<div class="KonaFilter image-container display-table"><div><div class="image on-image">(AP Photo/Ivan Pierre Aguirre)Workers manufacture car dash mats at a maquiladora belonging to the TECMA group in Ciudad Juarez, Mexico, December 27, 2013.</div></div></div>Last year, Maria de la Luz Gregorio - who travels four or five hours to and from work at a restaurant in Mexico City each day - <a href="http://internacional.elpais.com/internacional/2016/12/08/mexico/1481224214_357441.html?id_externo_rsoc=TW_CM" target="_blank">mentioned her concerns</a> about her wages and the uncertainty they left her in to a group of lawyers at the restaurant.Those lawyers considered her situation and believed she would have success in court if they invoked Article 123 of the Mexican constitution, which says that "the minimum salaries should be sufficient to satisfy the normal necessities of a family head, of the material, social, cultural nature and to provide the obligatory education for the children."Their case was dismissed by a judge for reasons of jurisdiction, but other human-right leaders have raised alarm about the dire economic conditions many Mexican workers face."Decent work ... is the motor of progress and social prosperity, grand aspirations that are common to all humanity," Luis Raul Gonzalez Perez, the president of Mexico's National Human Rights Commission (CNDH), <a href="http://www.proceso.com.mx/472209/debe-salario-minimo-fortalecerse-permitir-a-familias-vivir-dignamente-cndh" target="_blank">said</a> at the end of January.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Edgard GarridoProduce pickers wait for a bus as they travel to work in a neighborhood in San Quintin in Baja California state, Mexico, March 31, 2015.</div></div></div>"Men and women workers have the right to enjoy material well-being and economic security to satisfy the needs inherent in their dignity."In a mid-February statement, the CNDH also <a href="http://www.cndh.org.mx/sites/all/doc/Comunicados/2017/Com_2017_053.pdf" target="_blank">cited</a> constitutional standards for human dignity that necessitated adjusting the current minimum salary."The standards of human rights are already given, they point unequivocally to the evident relation between the minimum salary and fundamental liberties," Gonzalez Perez said in the <a href="http://www.cndh.org.mx/sites/all/doc/Comunicados/2017/Com_2017_053.pdf" target="_blank">statement</a>. "The commitments made on the matter by our country are binding."During a seminar at Mexico's National Autonomous University, Enrique Provencio, a researcher at the university's program for the study of development, <a href="http://aristeguinoticias.com/1702/mexico/salario-minimo-lejos-de-lograr-una-vida-digna-cndh/" target="_blank">said</a> that the inability to live a dignified life hindered the exercise of democracy.Restoring the balance, Provencio said, would require labor-reform legislation with an emphasis on salaries. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/tax-mexico-imports-goods-trump-exports-2017-1">These are the foods that would be affected by a 20% tax on Mexican goods</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5hZW5hOTE6kh9u6PZMeL3iLX3GREv4ux" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Mexico's wages are so paltry that human-rights and legal groups are sounding the alarm

NEW DELHI: Back in April 2012, S&amp;P downgraded its outlook on India to BBB- (negative from stable) and since then the Indian government has managed to revive growth, attain fiscal consolidation and also bring down inflation. 
 
“We expect rating agencies to upgrade their outlook for India sooner rather than later,” BofA-ML said in a report authored by Indranil Sen Gupta and Abhishek Gupta. 
 
“We also thought the April 2012 S&amp;P outlook downgrade was unwarranted. With Moody’s downgrading their Brazil outlook last night, key EM peers are seeing downgrades,” added the report. 
 
Last week India pitched for a rating upgrade by international credit agency Moody’s, citing steps unveiled in the Budget 2014-15 to keep the fiscal deficit in check and provide impetus to growth. 
 Moody’s has assigned ‘Baa3’ rating to India, with a stable outlook, which suggests possibility of an upgrade. According to Moody’s, “the rating reflects high domestic savings and adequate <keyword id="6368276" type="COMPANY" weightage="80" keywordseo="Foreign-exchange">foreign exchange</keyword> reserves and the challenges posed by large fiscal deficits, recurrent inflation and weak infrastructure.” 
 
BofA-ML has identified top 5 compelling reasons for an outlook upgrade for India: 
 
Growth bottoming out: 5.5% FY15, 6.5% FY16, 7.5% FY18 
 
The slowdown in growth has largely been driven by the global down cycle rather than domestic structural issues. In fact, growth is bottoming out far higher than Brazil or Russia. This is why we always found concern that India would fall out of BRICs in 2012 to be baseless. In fact, BofA-ML believes that India should emerge as the second-largest EM after China by 2019. 
 
The global investment bank continues to reiterate its standing view that India’s potential growth is about 7.5%. It says, “We never thought that potential growth should be raised to 8-9% just because an upcycle pushed growth up to 8.4% during 2004-08.” 
 
 
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Inflation peaking off: 8.5% in August, but 6% in 2016 
 
BofA-ML also believes that inflation is largely ‘imported’ rather than being home-grown for all the lament about India’s ‘inflation problem’. “As we have often highlighted, the RBI’s growth-inflation trade-off has been far better than most EM peers,” it says. 
 
In any case, the global investment bank thinks that inflation is peaking. “Although we have higher-than consensus inflation forecasts (8.5% in August, 7.8% consensus; 8% in July, 7.4% consensus, 8% actual), this is driven by a temporary spike in tomato prices on poor rains. This will reverse with the seasonal rainfall deficit down to 11 per cent of normal,” it says. 
 
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Twin deficit risks overdone 
 Risks from twin deficits have proved overdone. <keyword id="6355261" type="POSITION" weightage="80" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="6390789" type="COMPANY" weightage="100" keywordseo="Jaitley">Jaitley</keyword> has expectedly stuck to the fiscal deficit target of 4.1% of GDP set in the February Budget. There are risks to his fiscal deficit target as: (1) tax projections are ambitious; (2) Fed tapering may make divestment difficult; and (3) FY14 expenditures were deferred to the current fiscal year. 
 At the same time, this will likely not impact the government’s Rs4958bn net borrowing, as it has also inherited a large cash surplus of Rs1284bn with the RBI from the previous <keyword id="26374" type="ORGANIZATION" weightage="80" keywordseo="UPA-government">UPA government</keyword>. 
 
 
 
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RBI to buy FX to guard against contagion; hold Rs58-62/USD 
 BofA-ML continues to expect Governor <keyword id="6355561" type="PERSON" weightage="80" keywordseo="Rajan">Rajan</keyword> to buy FX at Rs58+/USD to guard against contagion as Governors Jalan and Reddy did. This is reversing the policy mistake of completely unsustainable appreciation by stopping to buy FX reserves in 2H09-1H11. 
 
As import cover plummeted, that led to a 50% depreciation later. This will likely stabilize Rs58-62/USD. “Any emerging market today is going to look at the currency volatility and say ‘whatever money comes in, I’m going to be careful about it, I am going to build some reserves’..,” Governor Rajan reiterated last week. 
 
RBI to cut rates even if Fed hikes; 75 bps cut February onwards 
 
BofA-ML believes that the RBI can cut rates even if the Fed hikes rates from September 2015, with Governor Rajan recouping FX reserves. “We see it cutting policy rates by 75-100bp starting in February, even if Fed Chair Janet Yellen hikes from September 2015, as our US economists expect,” it says.

Top Five Reasons Why Rating Agencies Should Upgrade India Outlook: BofA-ML

<div class="KonaFilter image-container"><div class="image">Aniruddh Chaturvedi</div></div> 
Aniruddh Chaturvedi came from Mumbai to Carnegie Mellon University in Pittsburgh, Penn., where he is majoring in computer science. This past summer he interned at a tech company in <keyword id="6357722" type="COMPANY" weightage="60" keywordseo="silicon-valley">Silicon Valley</keyword>.
During two years in the U.S., Chaturvedi has been surprised by various aspects of society, as he explained last year in a <a href="https://www.quora.com/How-Americans-Are-Different/What-facts-about-the-United-States-do-foreigners-not-believe-until-they-come-to-America/answer/Aniruddh-Chaturvedi">post on Quora</a>.
Chaturvedi offered his latest thoughts on <keyword id="20819" type="ENTERTAINMENT" weightage="60" keywordseo="America">America</keyword> in an email to Business Insider.
The most surprising things about America: 
<ul>
<li>Nobody talks about grades here. </li>
<li>Everyone is highly private about their accomplishments and failures. Someone's performance in any field is their performance alone. This is different compared to <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword> where people flaunt their riches and share their accomplishments with everybody else.</li>
<li>The retail experience is nowhere near as fun/nice as it is in India. Because labor is cheap in India, there is always someone who will act as a "personal shopper" to assist you with holding your clothes, giving suggestions, etc. In America, on the other hand, even if you go to a Nordstrom or Bloomingdales, there is almost nobody to help you out while you're shopping. Shopping in America is more of a commodity / chore than it is a pleasurable activity </li>
<li>This may be biased/wrong because I was an intern, but at least in the tech world, nobody wants to put you under the bus for something that you didn't do correctly or didn't understand how to do. People will sit with you patiently till you get it. If you aren't able to finish something within the stipulated deadline, a person on your team would graciously offer to take it off your plate.</li>
<li>The same applies to school. Before I came to the United States, I heard stories about how students at Johns Hopkins were so competitive with each other that they used to tear important pages from books in the library just so other students didn't have access to it. In reality, I experienced the complete opposite. Students were highly collaborative, formed study groups, and studied / did assignments till everyone in the group "got it". I think the reason for this is that the classes are / material is so hard that it makes sense to work collaboratively to the point that students learn from each other. </li>
<li>Strong ethics - everyone has a lot of integrity. If someone cannot submit their completed assignment in time, they will turn in the assignment incomplete rather than asking for answers at the last minute. People take pride in their hard work and usually do not cheat. This is different from students from India and China as well as back home in India, where everyone collaborates to the extent that it can be categorized as cheating.</li>
<li>Rich people are thin/ well maintained, poor people are fat. This stems from the fact that cheap food is fatty, rich people don't eat cheap food - they tend to eat either home-cooked food which is expensive or eat at expensive / healthy places. Unfortunately, it is expensive to be healthy in America.</li>
<li>Fat people are not respected much in society. Being fat often has the same connotations as being irresponsible towards your body. If you're thin (and tall, but not as much), people will respect you a lot more and treat you better. You will also receive better customer service if you're well maintained. This extends my previous point which mentioned that if you're thin, you're statistically likely to be rich. Reason why I know this is that I went down from being 210lbs to 148-150lbs. The way people started treating me when I was thin was generally way better than the way I was treated when I was fat. As a small example, the Starbucks baristas were much nicer to me and made me drinks with more care / love. </li>
<li>Girls are not very promiscuous, contrary to most Hollywood films</li>
<li>Almost every single person in America has access to basic food, clothing, water and sanitation. I haven't been to states like Louisiana and cities like Detroit, but from what I can tell, nobody is scrambling for the basic necessities required for sustenance. </li>
<li>Dearth of African Americans in technical fields. This probably stems from the fact that they aren't given enough opportunity, broken families, etc. I'm pretty sure you can extend upon this if you'd like.</li>
<li>It's expensive to have brick houses in America, contrary to India where brick houses are the norm</li>
<li>Emphasis on physical fitness / being outdoorsy - this is more of a California thing but I noticed families going on biking trips, boat trips, hiking, camping, barbecuing, etc. Americans take pride in the natural beauty of their surroundings and tend to make the most of it</li>
<li>Americans waste a lot of food. It is very easy to buy in bulk because it's so much cheaper and as a result a lot of wastage occurs. </li>
<li>Obsession with coffee - Starbucks, Dunkin' etc is crowded with office-goers and students every morning. I don't understand why they can't drink or make coffee before leaving for work. Such a waste of money! ($5/day * 5days / week * 52weeks/year)!</li>
<li>Split families, not having married parents, etc is not seen differently than the contrary. </li>
<li>Support towards the LGBT community - it's fairly normal to be part of the LGBT community; it's not considered a mortal sin if you like someone in your own gender or if you aren't comfortable being male/female/etc. Proof of this is the LGBT Pride Day held in every city etc. </li>
<li>Smoking weed is seen the same as smoking cigarettes. </li>
</ul>
And here are some more things he found surprising about America, <a href="https://www.quora.com/How-Americans-Are-Different/What-facts-about-the-United-States-do-foreigners-not-believe-until-they-come-to-America/answer/Aniruddh-Chaturvedi">excerpted from his post last summer on Quora</a> :
The way that stores price their products makes no apparent economic sense, and is not linear at all.
For example, at a typical store: - 1 can of coke : $1.00 - 12 cans of coke : $3.00 - 1 Häagen-Dazs ice cream bar : $3.00 - 12 Häagen-Dazs ice cream bars : $7.00
The return policy on almost everything: None of my friends back in India believed me when I told them that you can literally buy anything, including food, and return it within ninety days for a full refund even if you don't have a specific reason for doing so (most stores actually have a "Buyer's Remorse" category under Reason for Return options while returning the product).
The pervasiveness of fast food and the sheer variety of products available: The typical supermarket has at least a hundred varieties of frozen pizza, 50 brands of trail mix, etc. I was just astounded by the different kinds of products available even at small gas station convenience stores. 
Soda being cheaper than bottled water: It makes no sense that carbonated and flavored water with HFCS are cheaper than regular water, but hey, that's just how it is.
The fact that there are full service rest stops with decent chain restaurants and big supermarkets every couple of miles on interstate highways 
Fruit and vegetable prices, as compared to fast food prices:
- Bag of grapes : $6.00 - Box of strawberries : $5.00 - 1 lb tomatoes : $3.00 - McChicken : $1.00 - [McDouble] : $1.00
Unlimited soda refills:
The first time (and one of the last times...) I visited McDonalds in 2007, the cashier gave me an empty cup when I ordered soda. The concept of virtually unlimited soda refills was alien to me, and I thought there was a catch to it, but apparently not. Slightly digressing, I've noticed that the typical fountain machine has a huge selection, including Pepsi, Pepsi Max, Sprite, Sprite Zero, Hi-C, Powerade, Lemonade, Raspberry Lemonade (and/or their coca-cola counterparts)... The list goes on. This may not seem like much, but it is actually a lot more compared to the 3-4 options (coca-cola, sprite, fanta, limca) that most Indian soda fountain machines have. 
Serving Sizes: American serving sizes are HUGE! I've noticed that entree sizes are huge as well. I am by no means a small eater, but it usually takes me at least 1.5 meals to finish the entree. 
US Flag displayed everywhere: I was surprised to see that the US flag is displayed in schools, on rooftops of houses, etc. India has very strict rules governing the display and use of the national flag. Also, something that struck out to me was how it was completely normal to wear the US flag or a US flag-like pattern as a bikini. 
Over-commercialization of festivals: I'm not denying that festivals like Diwali and Eid aren't extremely commercialized in India, but America takes it to a whole new level. Black Friday, Cyber Monday, etc., and an almost year-round sale of Christmas, Halloween, Easter, etc. items.
An almost-classless society: I've noticed that most Americans roughly have the same standard of living. Everybody has access to ample food, everybody shops at the same supermarkets, malls, stores, etc. I've seen plumbers, construction workers and janitors driving their own sedans, which was quite difficult for me to digest at first since I came from a country where construction workers and plumbers lived hand to mouth. 
Also, (almost) all sections of society are roughly equal. You'll see service professionals owning iPhones, etc. as well. This may be wrong but part of it has to do with the fact that obtaining credit in this country is extremely easy. Anybody can buy anything, for the most part, except for something like a Maserati, obviously. As a result, most monetary possessions aren't really status symbols. I believe that the only status symbol in America is your job, and possibly your educational qualifications.
Chaturvedi ended his post with a link to a video of "<a href="https://www.youtube.com/watch?v=IhnUgAaea4M#action=share">America F--- Yeah</a>" from the movie "<a href="http://www.amazon.com/Team-America-Unrated-Widescreen-Collectors/dp/B0007Y08IS">Team America</a>."

The Most Surprising Things About America, According To An Indian International Student

<div class="image-container float_right"><div class="image">Aniruddh Chaturvedi</div></div>Aniruddh Chaturvedi came from Mumbai to Carnegie Melon University in Pittsburgh, Penn., where he is majoring in computer science. This past summer he interned at a tech company in <keyword id="6357722" type="COMPANY" weightage="60" keywordseo="silicon-valley">Silicon Valley</keyword>.
During two years in the U.S., Chaturvedi has been surprised by various aspects of society, as he explained last year in a <a href="https://www.quora.com/How-Americans-Are-Different/What-facts-about-the-United-States-do-foreigners-not-believe-until-they-come-to-America/answer/Aniruddh-Chaturvedi">post on Quora</a>.
Chaturvedi offered his latest thoughts on <keyword id="20819" type="ENTERTAINMENT" weightage="60" keywordseo="America">America</keyword> in an email to Business Insider.
The most surprising things about America:
<ul>
<li>Nobody talks about grades here. </li>
<li>Everyone is highly private about their accomplishments and failures. Someone's performance in any field is their performance alone. This is different compared to <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword> where people flaunt their riches and share their accomplishments with everybody else.</li>
<li>The retail experience is nowhere near as fun/nice as it is in India. Because labor is cheap in India, there is always someone who will act as a "personal shopper" to assist you with holding your clothes, giving suggestions, etc. In America, on the other hand, even if you go to a Nordstrom or Bloomingdales, there is almost nobody to help you out while you're shopping. Shopping in America is more of a commodity / chore than it is a pleasurable activity </li>
<li>This may be biased/wrong because I was an intern, but at least in the tech world, nobody wants to put you under the bus for something that you didn't do correctly or didn't understand how to do. People will sit with you patiently till you get it. If you aren't able to finish something within the stipulated deadline, a person on your team would graciously offer to take it off your plate.</li>
<li>The same applies to school. Before I came to the United States, I heard stories about how students at Johns Hopkins were so competitive with each other that they used to tear important pages from books in the library just so other students didn't have access to it. In reality, I experienced the complete opposite. Students were highly collaborative, formed study groups, and studied / did assignments till everyone in the group "got it". I think the reason for this is that the classes are / material is so hard that it makes sense to work collaboratively to the point that students learn from each other. </li>
<li>Strong ethics — everyone has a lot of integrity. If someone cannot submit their completed assignment in time, they will turn in the assignment incomplete rather than asking for answers at the last minute. People take pride in their hard work and usually do not cheat. This is different from students from India and China as well as back home in India, where everyone collaborates to the extent that it can be categorized as cheating.</li>
<li>Rich people are thin/ well maintained, poor people are fat. This stems from the fact that cheap food is fatty, rich people don't eat cheap food — they tend to eat either home-cooked food which is expensive or eat at expensive / healthy places. Unfortunately, it is expensive to be healthy in America.</li>
<li>Fat people are not respected much in society. Being fat often has the same connotations as being irresponsible towards your body. If you're thin (and tall, but not as much), people will respect you a lot more and treat you better. You will also receive better customer service if you're well maintained. This extends my previous point which mentioned that if you're thin, you're statistically likely to be rich. Reason why I know this is that I went down from being 210lbs to 148-150lbs. The way people started treating me when I was thin was generally way better than the way I was treated when I was fat. As a small example, the Starbucks baristas were much nicer to me and made me drinks with more care / love. </li>
<li>Girls are not very promiscuous, contrary to most Hollywood films</li>
<li>Almost every single person in America has access to basic food, clothing, water and sanitation. I haven't been to states like Louisiana and cities like Detroit, but from what I can tell, nobody is scrambling for the basic necessities required for sustenance. </li>
<li>Dearth of African Americans in technical fields. This probably stems from the fact that they aren't given enough opportunity, broken families, etc. I'm pretty sure you can extend upon this if you'd like.</li>
<li>It's expensive to have brick houses in America, contrary to India where brick houses are the norm</li>
<li>Emphasis on physical fitness / being outdoorsy — this is more of a California thing but I noticed families going on biking trips, boat trips, hiking, camping, barbecuing, etc. Americans take pride in the natural beauty of their surroundings and tend to make the most of it</li>
<li>Americans waste a lot of food. It is very easy to buy in bulk because it's so much cheaper and as a result a lot of wastage occurs. </li>
<li>Obsession with coffee — Starbucks, Dunkin' etc is crowded with office-goers and students every morning. I don't understand why they can't drink or make coffee before leaving for work. Such a waste of money! ($5/day * 5days / week * 52weeks/year)!</li>
<li>Split families, not having married parents, etc is not seen differently than the contrary. </li>
<li>Support towards the LGBT community — it's fairly normal to be part of the LGBT community; it's not considered a mortal sin if you like someone in your own gender or if you aren't comfortable being male/female/etc. Proof of this is the LGBT Pride Day held in every city etc. </li>
<li>Smoking weed is seen the same as smoking cigarettes. </li>
</ul>
And here are some more things he found surprising about America, <a href="https://www.quora.com/How-Americans-Are-Different/What-facts-about-the-United-States-do-foreigners-not-believe-until-they-come-to-America/answer/Aniruddh-Chaturvedi">excerpted from his post last summer on Quora</a> :
The way that stores price their products makes no apparent economic sense, and is not linear at all.
For example, at a typical store: - 1 can of coke : $1.00 - 12 cans of coke : $3.00 - 1 Häagen-Dazs ice cream bar : $3.00 - 12 Häagen-Dazs ice cream bars : $7.00
The return policy on almost everything: None of my friends back in India believed me when I told them that you can literally buy anything, including food, and return it within ninety days for a full refund even if you don't have a specific reason for doing so (most stores actually have a "Buyer's Remorse" category under Reason for Return options while returning the product).
The pervasiveness of fast food and the sheer variety of products available: The typical supermarket has at least a hundred varieties of frozen pizza, 50 brands of trail mix, etc. I was just astounded by the different kinds of products available even at small gas station convenience stores. 
Soda being cheaper than bottled water: It makes no sense that carbonated and flavored water with HFCS are cheaper than regular water, but hey, that's just how it is.
The fact that there are full service rest stops with decent chain restaurants and big supermarkets every couple of miles on interstate highways 
Fruit and vegetable prices, as compared to fast food prices:
- Bag of grapes : $6.00 - Box of strawberries : $5.00 - 1 lb tomatoes : $3.00 - McChicken : $1.00 - [McDouble] : $1.00
Unlimited soda refills:
The first time (and one of the last times...) I visited McDonalds in 2007, the cashier gave me an empty cup when I ordered soda. The concept of virtually unlimited soda refills was alien to me, and I thought there was a catch to it, but apparently not. Slightly digressing, I've noticed that the typical fountain machine has a huge selection, including Pepsi, Pepsi Max, Sprite, Sprite Zero, Hi-C, Powerade, Lemonade, Raspberry Lemonade (and/or their coca-cola counterparts)... The list goes on. This may not seem like much, but it is actually a lot more compared to the 3-4 options (coca-cola, sprite, fanta, limca) that most Indian soda fountain machines have. 
Serving Sizes: American serving sizes are HUGE! I've noticed that entree sizes are huge as well. I am by no means a small eater, but it usually takes me at least 1.5 meals to finish the entree. 
US Flag displayed everywhere: I was surprised to see that the US flag is displayed in schools, on rooftops of houses, etc. India has very strict rules governing the display and use of the national flag. Also, something that struck out to me was how it was completely normal to wear the US flag or a US flag-like pattern as a bikini. 
Over-commercialization of festivals: I'm not denying that festivals like Diwali and Eid aren't extremely commercialized in India, but America takes it to a whole new level. Black Friday, Cyber Monday, etc., and an almost year-round sale of Christmas, Halloween, Easter, etc. items.
An almost-classless society: I've noticed that most Americans roughly have the same standard of living. Everybody has access to ample food, everybody shops at the same supermarkets, malls, stores, etc. I've seen plumbers, construction workers and janitors driving their own sedans, which was quite difficult for me to digest at first since I came from a country where construction workers and plumbers lived hand to mouth. 
Also, (almost) all sections of society are roughly equal. You'll see service professionals owning iPhones, etc. as well. This may be wrong but part of it has to do with the fact that obtaining credit in this country is extremely easy. Anybody can buy anything, for the most part, except for something like a Maserati, obviously. As a result, most monetary possessions aren't really status symbols. I believe that the only status symbol in America is your job, and possibly your educational qualifications.
Chaturvedi ended his post with a link to a video of "<a href="https://www.youtube.com/watch?v=IhnUgAaea4M#action=share">America F--- Yeah</a>" from the movie "<a href="http://www.amazon.com/Team-America-Unrated-Widescreen-Collectors/dp/B0007Y08IS">Team America</a>."

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