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Days after Trump won his way to the White House, becoming the 47th President of the United States, the US Federal Reserve slashed the interest rates by 25 basis points, bringing them within the range of 4.5-4.75%. This is the second time this year that the Fed has lowered the interest rates, after cutting them down by 50 basis points in September 2024. u Fed chair Jerome Powell noted that monetary policy remains tight as inflation remains elevated at 2.4% as of September 2024, slightly above the 2% mark set by the commission. However, the Fed remained optimistic about the current state of the economy. "The Committee seeks to achieve maximum employment and inflation at 2% over the longer run. The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate," the FOMC (Federal Open Market Committee) noted in its press release. The rate cut was along widely anticipated lines, although experts were wary of the Fed's way ahead, given that Donald Trump has been elected as the US President. In the past, he has, on multiple occasions, expressed his desire to yield greater influence on the Fed, apart from publicly criticizing Powell. However, Powell continued to stand his ground, noting that Trump cannot legally sack him. He believed in keeping the Fed independent, at least until his tenure as governor ends in 2028. He highlighted that even if he is explicitly asked by Trump to quit, he won't do so. <h2>Trump's regime to inch up inflation?</h2> Trump's electoral promises, if translated into policies, could spell disaster for the Fed's effort to curtail inflation. Reportedly, Trump has promised to levy aggressive tariffs against US trading partners, particularly China, and even extend his 2017 tax cuts. This could mean higher levels of the federal deficit, which would push up prices, wages, and hence, inflation, even as the Fed tries to consistently bring it under control. Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities, notes that it wasn't a surprise when the US Fed cut interest rates by 25 basis points (bps) to 4.75%. The Fed had given enough clues, and the market too had anticipated these rate cuts. "However, what was surprising was how the <keyword id="23863852" type="General" weightage="20" keywordseo="US-10-year-bond-yields" source="keywords">US 10-year bond yields</keyword> moved over the last one and a half months, which have been rising relentlessly from 3.6% to almost 4.5% despite the 50 bps cut in the last Fed meeting. It seems that the market is anticipating slower rate cuts going ahead, and maybe there are even chances of inflation rising. The bond yields have cooled off and slipped below the 4.335% mark. This should be bullish for emerging markets like India," he added.

US Fed cuts interest rates by 25 bps, Powell notes Trump's victory to have no impact on policy decisions

No one's going to sound an alarm, blast out a text message, or shoot you an email about it, but the US economy is undergoing a historic shift. We are leaving one long period of expansion — what economists refer to as a "supercycle" — and entering a very different one.Over the past 15 years, the economy has been characterized by weak demand and low interest rates — a decade-and-a-half hangover from the Great Recession. Now, experts tell me, that is coming to an end. The world has changed, and we are entering an era of higher growth, creeping inflation, and geopolitical instability that will reroute the flow of money around the world. A new era has arrived, but it's going to be bumpy.The good news is that this new era looks as if it will be unencumbered by some of the problems that put a ceiling on growth during the previous era. The most salient feature of the old period, economists say, was the risk of deflation — the possibility that a lack of demand would cause wages and prices to spiral downward, a trap that is <a target="_blank" href="https://www.businessinsider.com/inflation-economy-deflation-unemployment-job-market-recession-outlook-paul-krugman-2024-7">extremely difficult to escape</a>. In an effort to avoid that fate, policymakers in Washington pushed interest rates down to zero and encouraged <a target="_blank" href="https://www.businessinsider.com/softbank-crashing-investments-uber-wework-monopoly-failure-2019-11">all kinds</a> of <a target="_blank" href="https://www.businessinsider.com/charlatans-show-up-when-wall-street-stock-market-gets-weird-2021-3">risky</a> <a target="_blank" href="https://www.businessinsider.com/twilight-of-tech-gods-recession-stock-market-crash-silicon-valley-2022-5">behavior</a> <a target="_blank" href="https://www.businessinsider.com/bill-ackmans-big-pharma-trade-is-making-wall-street-a-super-awkward-place-2014-10">among</a> investors, businesses, and everyday consumers. Investors trying to reach their benchmarks "had to creep out on the risk spectrum," Josh Hirt, a senior economist at Vanguard, tells me. "Supercheap debt," he says, made it easy for businesses to "overexpand and overhire."The pro-risk environment had some earth-shifting consequences. Silicon Valley put the internet on our phones, China blew a massive bubble in its property market, and the world started investing in renewable energy. But low interest rates did little to boost demand, and the economy consistently grew slower than it did before the crash, never notching above 3% GDP growth. It was only after the massive government stimulus, spurred by the pandemic, that the economy reached escape velocity, pushing up wages and starting to grow at a healthy clip.Now, economists say, we're entering a supercycle that will be characterized by three sweeping forces. First, higher interest rates will reward savers, making it more expensive to take risks. Second, geopolitical and economic volatility will generate inflationary effects, reintroducing the specter of soaring prices. And third, industrial planning will be increasingly influenced by national-security concerns, altering supply chains across industries. How low interest rates wind up settling will establish a new gravitational pull in global markets, recalibrating the forces that determine where the economy is most likely to grow — and where investment is most likely to flow.The new supercycle "puts the economy in a completely new era," says Silas Myers, the CEO of Mar Vista Investments, which oversees $4 billion in assets. He warns that an entire generation of investors, lenders, and entrepreneurs have failed to embrace the "profound impact" that the new economic era will have on their businesses."We were in a time that was less demanding and more forgiving," Myers says. "But that time is ending."One of the clearest signs that a new economic supercycle has arrived is when the financial rules go topsy-turvy. The previous supercycle was ushered in when the Federal Reserve, in response to the destruction caused by the financial crisis, cut its benchmark interest rate to 0% — the first time the central bank went all the way to the bottom.The structural shift sent shockwaves throughout the world. Yields on Treasury bonds tanked, meaning investors had to start taking some serious risks if they wanted to make money. This new adventurism pushed stocks higher and higher. Capital went flying into China and other emerging markets in record amounts — some $1 trillion in 2010 alone. Venture capitalists sank billions into companies like Juicero and <a target="_blank" href="https://www.businessinsider.com/wework-adam-neumann-apartment-startup-investment-silicon-valley-vc-apocalypse-2022-8">WeWork</a> that had no viable plan to turn a profit. And with interest rates so low, companies could suddenly load up on debt: From 2007 to 2017, global nonfinancial corporate debt doubled, to $66 trillion. Until the pandemic hit, inflation and wage growth both remained below 3.9%. The world had changed. Now, with the arrival of a new supercycle, money managers are once again being forced to adapt to a changing set of economic realities. Normally, when the Fed hikes interest rates rapidly, the stock market tanks. But that's no longer true. From 2022 to 2024, as the benchmark federal funds rate shot up to 5.5% from 0.5%, the Nasdaq 100 and the S&amp;P 500 soared by 23% and 22%. Higher interest rates also failed to spur widespread layoffs or crater the economy. <a target="_blank" href="https://www.businessinsider.com/jobs-report-labor-market-hiring-layoffs-quits-recession-sahm-rule-2024-8">Unemployment has stayed below 4.3%</a>, and GDP growth has remained solid, <a target="_blank" href="https://www.businessinsider.com/gdp-gross-domestic-product-second-quarter-2024-us-economy-2024-7">defying fears of a recession</a>. In short, something has scrambled the natural interactions of the marketplace. It's as if you put your hand over a hot stove and your fingers turned ice cold.One explanation for the economy's topsy-turvy behavior is a change in what economists call the neutral interest rate — the optimal point for encouraging growth without triggering inflation. After the financial crisis in 2008, the economy was so weak that the neutral rate went to zero to encourage money to flow more freely. But now the market's weird nature may be signaling that the neutral rate has risen above the Fed's ideal target of 2%. That would explain why the Fed's higher rates are no longer putting the brakes on growth. Fueled by the post-pandemic government stimulus, the economy's baseline has shifted. Over at Vanguard, Hirt and his colleagues predict that the neutral rate will stay higher for the foreseeable future, eventually settling at about 3.5%."Even if we do dip below 3.5%, the Fed will be anchored at that higher rate," Hirt says. "If the economy were to experience weakness and we have to cut rates, we still don't think that means taking rates back to zero."Unless you're a boomer, you've probably never experienced a world with this high a neutral rate. It changes the nature of risk, which changes what people decide to do with money on micro and macro levels. If you can get a decent return parking your money in ultrasafe government debt, why risk investing it in a startup or stomach the stock market's volatility? This isn't to say no one will be out here taking risks with their cash — it will just flow in different directions. That's because consumers are in a better place now than they were in the era that emerged after the Great Recession.The economy is "an extraordinarily diverse and dynamic animal," Joe Quinlan, the chief market strategist at Bank of America, assured clients in a recent note. It's "a $28 trillion hydra-headed behemoth that beats to the tune of many different sectors." As the Fed's higher rates were putting a strain on rate-sensitive sectors like housing — which makes up 16% of the economy — Big Tech and travel-starved households were spending money fast and loose. The experience showed that overall consumption can continue to rise even when significant swaths of the economy are struggling.So what can we expect from the new economic supercycle? Like every cycle, it will have its upsides and downsides. Rising interest rates will make loans more expensive, forcing businesses to make more-thoughtful decisions about debt. But they'll also boost savings accounts and interest income. In addition, a faster-growing economy will tighten the labor market, empowering workers to continue to fight for a larger slice of the pie. Since 2019, the bottom 10% of earners have seen a wage increase of 13%.Shifting away from the "grow at all costs" mindset of the previous supercycle has also incentivized governments — especially in the developed world — to do more to police markets and protect consumers. Whether it's capping the price of drugs or enforcing antitrust rules more aggressively, polls suggest Americans want to see <a target="_blank" href="https://prospect.org/economy/2024-08-27-polling-voters-action-corporate-power/">more limits</a> on <a target="_blank" href="https://today.yougov.com/economy/articles/47798-most-americans-oppose-monopolies-and-support-antitrust-laws">corporate power</a> and <a target="_blank" href="https://www.pewresearch.org/short-reads/2021/07/20/56-of-americans-support-more-regulation-of-major-technology-companies/">more regulation</a> to safeguard citizens. For the first time in years, the Federal Trade Commission has begun going after pharmaceutical middlemen, opposing mergers between grocery giants, and taking big swings at Big Tech.The new supercycle will also have profound consequences worldwide, upending how and where money is most likely to flow. In China, the debt bubble that formed in the property sector during the previous cycle is sucking cash away from <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-stimulus-plan-wall-street-stock-market-economy-2024-9">businesses and households</a>, undermining China's bid to become the world's leading economic superpower. And with Europe growing more slowly than the US, foreign investors are steering more of their money to America. In the second quarter of this year, foreign investors owned $8.2 trillion worth of US Treasury bonds, up by 7.3% from a year earlier. Foreign investment is also soaring in US corporate bonds (up by 9.8%) and US equities (up by 23%). Quinlan says he expects the US economy to continue outperforming the rest of the world, given the fiscal and demographic challenges facing the European Union, Japan, and China. In an era of increasing instability, when former sources of growth are flailing, the United States is widely viewed as the safest place to find returns."Not lost on investors is the fact that the US economy remains among the most competitive, innovative, and resilient in the world," Quinlan wrote in a recent note to investors. "Aerospace or agriculture, energy or entertainment, transportation or technology, goods or services — pick any sector or activity, and there's a good chance the US leads the rest of the world. All of this has helped fuel demand among foreign investors for US securities of all stripes." America's economic diversification is also expected to give it a leg up in one of the most volatile features of the new era: trade conflict. The US and China are already battling for control over critical industries like <a target="_blank" href="https://www.businessinsider.com/china-xi-jiinping-future-tech-global-economy-semiconductors-military-failing-2022-9">semiconductors</a>, <a target="_blank" href="https://www.businessinsider.com/china-crushing-us-america-battle-energy-evs-batteries-tech-war-2023-5">batteries</a>, and <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">electric cars</a> — and the tit for tat will be especially costly for less diversified economies. Germany's dependence on manufacturing, for example, places its most essential industries on a collision course with China's ambitions. And while the United States is well positioned to weather the storm, that doesn't mean it won't be rough. The world has never faced a challenge like the skyrocketing flow of exports from China up and down the value chain. It's a dynamic that threatens to imbalance international trade by flooding the market with cheap goods of all kinds. <a target="_blank" href="https://www.businessinsider.com/china-shock-explainer-us-economy-trade-dumping-supply-glut-yellen-2024-4">China Shock 2.0</a> "will not go down easily," Quinlan tells me.For over a decade we have become accustomed to the economy working a certain way — if this, then that. As a new supercycle emerges, investors, businesses, and governments that structured themselves around the old model may experience acute shocks. To succeed in this unfamiliar new world, they'll have to adjust their expectations and find ways to harness the supercycle's opportunities. It's the economic equivalent of natural selection: As the economy evolves, those who adapt will be most likely to survive. The days of economic growth are back. The future belongs to those who can grow with it.<a target="_blank" rel="" href="https://www.businessinsider.com/author/linette-lopez">Linette Lopez</a> is a senior correspondent at Business Insider.

America is entering a new 'economic supercycle'

India could see a shift in foreign direct investment (FDI) trends in the second term of Donald Trump (Trump 2.0) as President of the United States, says a research report by the State Bank of India. The report highlighted that under his first term, Trump 1.0, the Trump administration made sweeping regulatory changes aimed at attracting investments back to the U.S., which impacted FDI inflows globally, including India. It added that if similar policies are reintroduced in Trump 2.0 also, it could create challenges for emerging markets like India, which rely on FDI as a significant driver of economic growth. Notably, a recent Kotak report highlighted that a complete Republican control over all arms of the US government would mean increased US earnings via corporate tax cuts, higher tariffs on imports into the US and greater US fiscal deficits. The first two could spell doom for emerging markets like India and China, since foreign investors will make a beeline for investing more money in the US markets, which will come at the cost of intense selloff in emerging markets. However, higher fiscal deficits will eventually lead to the dollar weakening after the initial euphoria dies down. "India may see shifts in foreign direct investments (FDIs) during Trump 2.0. The Trump 1.0 administration saw significant regulatory changes aimed at attracting investments back to the US," the SBI report stated. However, given that India has been gradually diversifying its sources of FDI (foreign direct investments), this trend could serve as a buffer against any potential decline. Moreover, domestic institutional investors have been stepping up big time, maintaining some balance to the massive exodus of FIIs over the past month. So far in November 2024, FIIs have withdrawn Rs 19,849 crores from the cash segment in Indian markets, while DIIs have poured in Rs 14,014.18 crores as of November 10th, 2024. "India is no longer dependent on the traditional sources of FDI inflows... unlike the recent past, FDI is now coming in many new sectors," noted the SBI report. Unlike a decade ago, when most FDI inflows came from a limited number of traditional sectors, India is now attracting investment in a wide array of industries, including renewable energy, sea transport, medical devices, and surgical appliances. Data suggests over the last 24 years, i.e., between April 2000 and June 2024, FDIs have poured in $1,013.4 billion in the Indian economy. Out of this, 67%, i.e., $689.88 billion, has come in just the last 10 years. The report added there are up to 12 emerging sectors showing strong FDI interest, which could help offset any loss of inflows in conventional sectors if there is a shift in global investment patterns under another Trump administration. In the last financial year, the top 5 sectors that have received the highest quantum of FDI inflow include the services sector (finance, banking, insurance, and business) which makes up about 16% of the inflows. This is followed computer software &amp; hardware, which constitute around 15% of total FDI flows. Trading and telecommunications follows with a share of 6% each, and Automobile Industry comes next with a 5% share. In the short term, the potential for increased U.S. tariffs, more restrictive H-1B visa policies, and a stronger dollar could bring some volatility to India's trade and investment landscape. However, in the long term, these challenges might also encourage India to expand its manufacturing capabilities, diversify export markets, and focus on becoming economically more self-reliant. Notably, India has maintained a merchandise trade surplus with the U.S. despite tariffs imposed during Trump's first term. This indicates that Indian exports have remained resilient, and there is potential to strengthen this trade relationship further by capitalizing on emerging sectors and reducing dependency on traditional industries. Suman Chowdhury, Executive Director &amp; Chief Economist, Acuité Ratings &amp; Research Limited cautions that in the medium to long term, the trade relationship with the US may see a structural improvement. "Higher tariff and trade restrictions in the US with China should translate into better opportunities for exports of manufactured goods from India", he adds.

FDIs may shift to US under Trump 2.0 but it is unlikely to severely impact FDIs inflow to India, says SBI Report

The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> announced the decision of the newly formed six-member MPC (<keyword id="19913109" type="General" weightage="20" keywordseo="Monetary-Policy-Committee" source="keywords">Monetary Policy Committee</keyword>) today, following the conclusion of the three-day meeting, which began on October 7, 2024. Treading along expected lines, RBI rate-setting panel left the repo rate unchanged at 6.5% for the 10th consecutive time, in its 51st meeting today. The decision was made by a majority, with 5 out of 6 members voting for leaving the rate unchanged. This is the fourth bi-monthly monetary policy review for FY25, and the first since three external members were appointed to the panel earlier this month. The tenure of the previous three members had come to an end on October 4, 2024. While the outgoing members include Ashima Goyal (emeritus professor, Indira Gandhi Institute of Development Research), Shashanka Bhide (honorary senior advisor, National Council of Applied Economic Research); and Jayanth R. Varma(professor, Indian Institute of Management, Ahmedabad), the income members are Ram Singh (Director, Delhi School of Economics), Saugata Bhattacharya, an economist; and Nagesh Kumar (Director and chief executive, Institute for Studies in Industrial Development). <h2>Wait and Watch </h2>RBI also changed its policy stance to neutral, while remaining committed to growth and bringing down inflation to its target of 4%. This means that at present, the bank is not inclined to either increase or decrease the interest rates, but will take a call depending on macroeconomic conditions and prevailing factors. "Taking all these factors into consideration, the real GDP growth for 2024-25 is projected at 7.2%, with Q2 at 7%, Q3 at 7.4% and Q4 at 7.4%", he said. As for inflation, Das highlighted that headline inflation had softened significantly in July and August and even food inflation experienced a certain degree of correction during these two months. Keeping this in mind, CPI inflation for 2024-25 i.e. current year is projected at 4.5%, with Q2 at 4.1%, Q3 at 4.8% and Q4 at 4.2%. CPI for first quarter of next financial year i.e. 2025-26 is estimated at 4.3%. "It's with a lot of effort that inflation horse has been brought to the stable, i.e. closer to the target and within the tolerance span, compared to its place or heightened levels two years ago. We have to be very careful about opening the gate, as the horse may simply hold again. We must keep the horse in tight leash, so that we do not lose control", Das added. Most economists had anticipated a change in the central bank's current policy stance of 'withdrawal of accommodation'. This policy stand indicates that any interest rate cuts are presently off the table. However, given the ongoing geopolitical crisis and Fed's jumbo rate cut by 50-basis points last month, RBI may bring about a cut in interest rates, sooner than later. However, since food inflation remains high at 5.42% as of July 2024, experts had also estimated that now might not have been a good time for RBI to bring down interest rates. Moreover, PMI (purchase managers index) indices, which help in gauging the health of manufacturing and service sectors in the country, presently stand at a multi-month low, and even the core sector output is witnessing a contraction after 42 straight months. As Suman Chowdhury, Executive Director &amp; Chief Economist, Acuité Ratings &amp; Research had highlighted, the current circumstances are not really conducive for RBI to opt for any affirmation action towards an easier monetary policy. "While the fear of the inflation “elephant” may have subsided with the CPI headline print well within 4.0% over the last two months and a favorable monsoon, the concerns around the stability of food inflation still linger among policy makers. The RBI may wait till December 2024 or February 2025 to make a rat cut, he continued. <h2>Housing sector rejoices</h2>From the point of view of homebuyers, the relatively affordable home loan interest rate regime will continue at a critical time for the Indian housing market - the festive season - amid rising housing prices and tapered sales. Q3 2024 saw average housing prices rise by a cumulative 23% in the top 7 cities even as average prices in these markets collectively rose to approximately Rs 8,390 per sq. ft. by Q3 2024-end, from Rs 6,800 per sq. ft. in Q3 2023. "The unchanged home loan rates are much-needed demand support in the ongoing festive quarter. We are expecting faster sales momentum in Q4 2024 when compared to the preceding quarter. This year's festive quarter may see similar demand to that seen in this period a year ago, if not higher. Over 1.27 lakh units were sold across the top 7 cities back in Q4 2023. Unchanged interest rates will play and important role in achieving and maintaining this momentum", says Anuj Puri, Chairman - ANAROCK Group

RBIs MPC meet concludes today: Repo rate left unchanged at 6.5%

The vulnerable GOP congressman convinced that economic interest voters will save him from the Trump and abortion backlash

The <keyword id="19987636" type="General" weightage="20" keywordseo="Bihar-government" source="keywords">Bihar government</keyword> is making serious efforts to give a fillip to <keyword id="23049947" type="General" weightage="20" keywordseo="small-scale-and-medium-enterprises" source="Orion">small-scale and medium enterprises</keyword> which would play a crucial role in the overall <keyword id="352701" type="General" weightage="20" keywordseo="economic-development" source="Orion">economic development</keyword> of the state, a top official of the Industries department said. Around Rs 2,900 crore have been disbursed to nearly 74,540 beneficiaries under two schemes, one of which was launched only last year, for promoting Micro, Small and Medium Enterprises ( <keyword id="19910977" type="General" weightage="100" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) in the state, the official said. <keyword id="19903647" type="General" weightage="20" keywordseo="bihar" source="keywords">Bihar</keyword> has a strong MSME base. To promote innovation ecosystem and unlock the enormous entrepreneurial potential of the state, the Mukhya Mantri Udyami Yojana (MMUY) and <keyword id="23049946" type="General" weightage="20" keywordseo="Bihar-Laghu-Udyami-Yojana" source="keywords">Bihar Laghu Udyami Yojana</keyword> (BLUY) were launched in 2018 and 2023 respectively focusing on promotion of MSMEs in the state. "A total of Rs 2,697 crore was disbursed to 34,441 beneficiaries from 2018 till now under MMUY. Similarly, till date Rs 200 crore of the first instalment has been disbursed to 40,099 beneficiaries under BLUY", Secretary, Department of Industries, Bandana Preyashi told PTI. On the one hand, Bihar is getting big ticket investments for major manufacturing units and on the other hand, the state government is also enabling an ecosystem where the MSMEs can thrive on the ground level for the benefit of the rural economy, Preyashi said. The Bihar Laghu Udyami Yojana aims to provide job opportunities to at least one member of poor families whose monthly income is less than Rs 6,000 a month, she said. The state government is providing Rs 2 lakh to each beneficiary in three instalments to set up and run micro and small industrial and processing units, Preyashi said. The government's objective is promotion of MSMEs through awareness, training and handholding support, the Industries secretary said. The state government is encouraging entrepreneurs and investors through the provision of a safe and sound work environment and basic infrastructural facilities which include land, roads, electricity, and water availability, she said. The Industries secretary further said, "With new policies of the state government, Bihar is witnessing significant investment promotion activities, reinforcing its position as an emerging business and industrial hub in the country. During the Bihar Business Connect 2023, 278 companies signed MoUs, committing to investments totalling Rs 50,530 crore." the secretary said. The state government has implemented the Bihar Industrial Investment Promotion Policy (BIPP), Bihar Logistics Policy 2023, Ethanol Production Incentive Policy 2021 and Textile and Leather Policy 2022 to promote industrial growth and investment in the state. "Under these policies, stage-1 clearance was given to 481 applications, with a proposed investment amount of Rs 4,512.85 crore. A total of 175 units were given clearance for financial incentives with an investment of Rs 2,195.10 crore, an all-time high, since the inception of the state investment promotion policies," she said. In 2023-24, 255 startups were recognized in the state and a total of Rs 11.92 crore has been disbursed as seed funding to these startups. From April 2023 to January 2024, Bihar Industrial Area Development Authority (BIADA) allotted plots/sheds to 427 units having a total investment size of Rs 6,145 crore covering 492 acres of land and also creating 35,224 employment in the state, said the secretary. "Infrastructure development in industrial areas was given top priority. Funds of Rs 409.33 crore were approved under Part I and Rs 212.68 crore for construction of unity mall under special assistance to states in 2023-24. In the current financial year of 2024-25,149 units have been granted stage I clearance for a proposed investment amount in Rs 3,950.48 crore in Bihar State Investment Promotion Board", she said. At present, Bihar's proposal to establish a multi-sector Special Economic Zone (SEZ) in Nawanagar and Kumarbagh has been approved by the Government of India. "Authorities concerned are also working on the establishment of Export Promotion Councils (EPCs) in Bihar that will help Bihari Exporters to expand their businesses to international markets", said the secretary. Bihar Chief Minister <keyword id="19907431" type="General" weightage="20" keywordseo="nitish-kumar" source="keywords">Nitish Kumar</keyword> on August 3 this year laid the foundation stone for Rs 1,600 crore cement grinding unit of Ambuja Concrete North Private Limited, a subsidiary of Adani group's Ambuja Cements, in Warisaliganj block in Nawada district. This is considered the largest investment in the state by a cement industry player. "The project is expected to create 250 direct jobs and 1,000 indirect jobs on the site. The project will meet the growing infrastructure needs of Bihar. Adani Group has decided to invest additional Rs 5,500 crore in Bihar in various sectors, including cement manufacturing (in Muzaffarpur), logistics (near Patna) and projects related to agro-industry in Araria, Kishanganj and Begusarai. A total of 40,000 employment will be generated by these investments", said the statement issued by the CMO after the conclusion of the event on August 4.

Bihar government disburses Rs 2,900 crore to 74,540 beneficiaries for promoting MSMEs: Official

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.how</li></ul>Hello there! If you're planning on ordering some takeout this weekend, don't use your work account. Meta fired employees for <a target="_blank" rel="noopener" href="https://www.businessinsider.com/meta-employees-react-grubhub-meal-credit-firings-2024-10">abusing its $25 Grubhub meal perk</a>.In today's big story, Taylor Swift has a new book coming out, but how she's doing it might <a target="_blank" href="https://www.businessinsider.com/taylor-swift-disrupt-publishing-industry-eras-tour-book-2024-10">create some bad blood with publishers</a>.What's on deck:<ul><li>Markets: Generative AI is helping Wall Street firms better navigate <a target="_blank" href="https://www.businessinsider.com/why-finance-giants-goldman-sachs-blackstone-perfect-search-generative-ai-2024-10">the mountains of data they're sitting on</a>.</li><li>Tech: Unpacking a <a target="_blank" href="https://www.businessinsider.com/asml-tsmc-earnings-demand-ai-chips-2024-10">wild few days for the chip industry</a>.</li><li>Business: AWS CEO says 9 out of 10 employees are 'excited' about RTO, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/amazon-office-policy-aws-ceo-employees-rto-five-days-2024-10">leaked transcript shows</a>.</li></ul>But first, the publishers are going to hate, hate, hate.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Book publishing (Taylor's version)</h2><div type="image" title="Taylor Swift with money and her book" height="1000" width="2000" msid="114354269" hostid="261" sizebytes="183206"></div>Taylor Swift's "Eras Tour" returns tonight in Miami, but the megastar's influence and power were already on display earlier this week.On Tuesday, Swift announced plans to self-publish "The Eras Tour Book," a behind-the-scenes look at her record-breaking tour that'll be released exclusively at Target on Black Friday.It's the latest example of the billionaire <a target="_blank" href="https://www.businessinsider.com/taylor-swift-disrupt-publishing-industry-eras-tour-book-2024-10">bucking traditional business norms</a>, writes Business Insider's Samantha Grindell and Madeline Berg.From her music to her tour and the accompanying movie, Swift often avoids industries' typical power players and takes <a target="_blank" href="https://www.businessinsider.com/taylor-swift-reaches-billionaire-status-amid-monumental-eras-tour-bloomberg-2023-10">a more do-it-yourself approach</a>. The benefits are twofold: Creative control and more money for herself.Which is why Swift's announcement is such a bummer for the publishing industry.News of a Taylor Swift book should have sent a publisher jumping for joy at the potential revenue. (Rest assured, it will be a bestseller.)Big stars like Swift are exactly who book publishers are banking on these days. Instead of unknown authors, books by celebrities are viewed as a better bet.But Swift shaking off publishers to do it herself could inspire other celebrities to follow in her self-publishing footsteps, upending the business. And while few, if any, have such devoted fans, that doesn't mean they won't try.<div type="image" title="Photo of Taylor Swift flexing a bicep onstage at the Eras tour" height="1500" width="2000" msid="114354276" hostid="261" sizebytes="119526"></div>In the meantime, Swift's tour returns to the US as the economy is on the cusp of nailing its soft landing.Last time around, Swift helped prop up an economy battling inflation, slow wage growth, and <a target="_blank" href="https://www.businessinsider.com/how-is-us-economy-recession-outlook-2023-6">overall bad vibes</a>.Things are in much better shape now. With one interest-rate cut in the books and more (hopefully) on the way, most experts view the risk of a recession as firmly in the rearview mirror.But even so, Miami, New Orleans, and Indianapolis — her remaining US tour dates — won't mind Swift coming to town. The artist's impact on local economies is eye-popping. The revenue generated for local businesses in Glendale, Arizona, the kickoff location for the tour last year, reportedly <a target="_blank" href="https://www.businessinsider.com/taylor-swift-starts-eras-tour-glendale-arizona-swift-city-2023-3">rivaled what the Super Bowl brought in</a>.In total, last year's 53-show run in the US generated <a target="_blank" href="https://www.businessinsider.com/taylor-swift-eras-tour-helped-us-economy-2023-9">an estimated $4.6 billion in US consumer spending</a>.All that spending does come with some risks. "Mega-events" like Swift concerts create demand shock among consumers <a target="_blank" href="https://www.businessinsider.com/inflation-outlook-olympics-taylor-swift-us-economy-fed-rate-cuts-2024-8">that could push inflation higher</a>, according to UBS. And with a <a target="_blank" href="https://www.businessinsider.com/inflation-september-cpi-consumer-price-index-federal-reserve-interest-rates-2024-10">hotter-than-expected September inflation report</a>, we're not fully out of the woods.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Israel says it killed Hamas leader and <a target="_blank" href="https://www.businessinsider.com/israel-says-killed-hamas-chief-yahya-sinwar-oct-7-mastermind-2024-10">Oct. 7 mastermind Yahya Sinwar</a>.</li><li>China triggered more stimulus measures, even as it says its economy is<a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/china-economy-3q-gdp-growth-stock-market-stimulus-2024-10"> showing 'stable growth'</a>.</li><li>TikTok's next big move: Helping creators launch product lines by <a target="_blank" href="https://www.businessinsider.com/tiktok-is-matching-creators-with-manufacturers-to-make-custom-products-2024-10">connecting them with suppliers</a>.</li><li>Mark Cuban will campaign for Kamala Harris <a target="_blank" href="https://www.businessinsider.com/kamala-harris-mark-cuban-campaign-swing-states-sec-chair-2024-10">in 3 key swing states</a>.</li><li>Sam Altman risks <a target="_blank" rel="noopener" href="https://www.businessinsider.com/sam-altman-openai-c-suite-ceo-leadership-changes-2024-10">spreading himself too thin at OpenAI</a>.</li><li>The head of Cubist's centralized high-speed trading unit <a target="_blank" href="https://www.businessinsider.com/cubist-systemic-strategies-centralized-hft-unit-head-vibhav-bukkapatanam-out-2024-10">is out after less than a year</a>.</li><li>The cofounder of GroupMe and Blade is <a target="_blank" rel="noopener" href="https://www.businessinsider.com/groupme-splice-cofounder-steve-martocci-supplement-industry-suppco-2024-10">back with a new startup</a>.</li><li>Apple is still waiting for a killer app for the Apple Vision Pro. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/apple-vision-pro-app-problem-developers-2024-10">It may have to wait for some time.</a></li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="A search bar with sparkle emojis on it, on top of a background with money, a Wall St. sign and stock numbers." height="1500" width="2000" msid="114354282" hostid="261" sizebytes="285240"></div><ol><li>Wall Street is searching for answers in its data. Generative AI can help. Financial firms sit on mountains of data, but it's not always easily accessible. Wall Street firms are waking up to the power of using generative AI to help them navigate their massive internal databases. From Goldman Sachs to Blackstone, <a target="_blank" href="https://www.businessinsider.com/why-finance-giants-goldman-sachs-blackstone-perfect-search-generative-ai-2024-10">here's how they are doing it</a>.</li><li>Betting odds favor Trump. Investors are adjusting accordingly. Prediction markets like Polymarket and Kalshi now favor former President Donald Trump winning the election. That's meant movement across assets <a target="_blank" href="https://markets.businessinsider.com/news/stocks/donald-trump-trade-rally-betting-markets-kamala-harris-bitcoin-djt-2024-10">investors believe Trump will have a big impact on</a>, like bitcoin, the US dollar, and bank stocks.</li><li>Blackstone isn't a bank, but it's sure starting to look like one. Private lending is now the private-equity giant's largest business by assets, up 22% over the past year. COO Jon Gray said it's <a target="_blank" href="https://www.businessinsider.com/blackstone-third-quarter-earnings-private-credit-insurance-unit-aum-2024-10">"very early days" for the credit juggernaut</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="The TSMC (Taiwan Semiconductor Manufacturing Company) logo seen on the Taiwanese semiconductor contract manufacturing and design company building in Hsinchu. (" height="683" width="1024" msid="114354273" hostid="261" sizebytes="60052"></div><ol><li>What ASML and TSMC's roller-coaster earnings can tell us. It's been a bumpy week for AI, with a downbeat earnings report from ASML followed by blockbuster results from TSMC. Still, the chip boom is far from over; analysts told BI they expect <a target="_blank" href="https://www.businessinsider.com/asml-tsmc-earnings-demand-ai-chips-2024-10">continued AI-chip growth in the short to medium term</a>.</li><li>Be nice to the Tesla bots. The realization that the Optimus robots at Tesla's "We Robot" event last week were remotely controlled sparked criticism from onlookers. But top Nvidia exec Rev Lebaredian told BI that robots interacting with humans — even with help from engineers — <a target="_blank" href="https://www.businessinsider.com/nvidia-praises-tesla-ai-optimus-robot-remote-control-concerns-2024-10">is an "amazing advancement" that shouldn't be "demeaned."</a></li><li>Uber's "super app" dreams live on. Uber considered making a bid for travel site Expedia, The Financial Times reported this week. The potential deal would bring the company closer to <a target="_blank" href="https://www.businessinsider.com/expedia-deal-could-push-uber-closer-khosrowshahi-super-app-vision-2024-10">CEO Dara Khosrowshahi's vision of becoming a one-stop app for transportation and delivery</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Happy cloud with Amazon logo on it." height="1500" width="2000" msid="114354274" hostid="261" sizebytes="156180"></div><ol><li>AWS CEO addresses Amazon's new return-to-office policy. Matt Garman said nine out of 10 employees were "excited" to get back to the office as he explained the reasoning behind the five-day RTO mandate at an all-hands held Thursday. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/amazon-office-policy-aws-ceo-employees-rto-five-days-2024-10">A transcript leaked to BI</a> also shows he said there were days when his team "didn't really accomplish anything" because of remote work.</li><li>Netflix beat earnings expectations again. The streamer added more than 5 million new subscribers and notched $9.83 billion in quarterly revenue, <a target="_blank" href="https://www.businessinsider.com/netflix-new-subscriber-numbers-beat-expectations-2024-10">surpassing analysts' predictions</a>. Not very long ago, it was reasonable to wonder how Netflix would pay its bills. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/netflix-profit-cash-burn-debt-turnaround-2024-10">Not anymore</a>.</li><li>Texas' economy is on California's heels. While California still has the highest GDP in the US, Texas is close behind. By wooing big companies and new residents, <a target="_blank" href="https://www.businessinsider.com/california-economic-growth-slipping-behind-texas-gdp-corporate-residents-2024-10">Texas has supercharged its economic growth</a> — but in doing so, has left some residents fed up and priced out.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>American Express and other companies report earnings.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

Taylor Swift is flexing her economic muscles again with the return of her tour and a new book

Amid the ongoing geopolitical tension, the <keyword id="19904988" type="General" weightage="20" keywordseo="energy-sector" source="keywords">energy sector</keyword> will continue to face challenge while the <keyword id="20468174" type="General" weightage="20" keywordseo="consumer-goods" source="keywords">consumer goods</keyword>, automotive, healthcare is set to expand in 2025, highlighted a report 'Industry Outlook 2025' by <keyword id="20618515" type="General" weightage="100" keywordseo="Economist-Intelligence-Unit" source="keywords" meta.keywordsubtype="org" meta.entityname="Economist Intelligence Unit" meta.hostid="261" meta.entityid="Economist Intelligence Unit">Economist Intelligence Unit</keyword>. The report noted that the Fossil fuel markets will continue to face risks from geopolitical conflicts, particularly in the Middle East and Ukraine. However, investments in <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> will remain strong, especially in China, as the world pushes toward cleaner and more sustainable energy sources. The report said "Fossil-fuel markets will continue to face <keyword id="20064250" type="General" weightage="20" keywordseo="geopolitical-risks" source="keywords">geopolitical risks</keyword> amid conflicts in the Middle East and Ukraine, but investment into renewables will remain strong, particularly in China." It also added that the financial sector faces a mixed outlook with falling interest rates anticipated to narrow bank profit margins, potentially leading to smaller dividend payouts for shareholders. Yet, regulatory easing could provide relief, with the Basel III endgame likely seeing further delays, softening the impact on banking institutions amid a challenging economic landscape. For the consumer goods and retailing the report added that the Global retail volumes are forecast to grow by 2.2 per cent in 2025, thanks to easing inflation. However, stricter regulations on online retailing will target high-volume, low-price retailers, to ensure fair competition and consumer protection. It said "Global retail volumes will expand by 2.2 per cent, helped by disinflation, but regulations around online retailing will tighten further" As per report, the <keyword id="20359760" type="General" weightage="20" keywordseo="automotive-sector" source="keywords">automotive sector</keyword> is set for a record year, it said "After a difficult few years, annual new-vehicle sales will reach a record 97.2m units in 2025. This includes a 2 per cent rise in new car sales, a 4 per cent increase in commercial vehicle sales, and a significant 16 per cent growth in <keyword id="19963112" type="General" weightage="20" keywordseo="electric-vehicle-sales" source="keywords">electric vehicle sales</keyword>, reflecting the sector's recovery and the shift toward cleaner mobility. In technology the report added more countries will adopt satellite internet, although the primary users will be enterprise clients, including military and maritime sectors. Amazon's Project Kuiper will challenge the existing market dominance of Starlink and EutelSat OneWeb, offering more competition and potential growth in satellite connectivity. The resulting tensions will continue to affect investment into production and market entry, with companies taking advantage of government incentives to build out more flexible supply chains. <keyword id="23684177" type="General" weightage="20" keywordseo="investment-in-technology" source="keywords">Investment in technology</keyword>, particularly artificial intelligence (AI), will also be strong as projects gather pace. However, technology companies will face pressure from several directions as regulations tighten (particularly in Europe), investors become more impatient for profits and their energy usage comes under more scrutiny.

Consumer goods, auto and healthcare sector to expand but energy may face challenge in 2025: Report

<ul class="summary-list"><li>Jeremy Ng and Amanda Misso bought the first floor of a 1950s house in Singapore for about $1.34 million.</li><li>The house had previously been split into 7 bedrooms and was rented out to foreign workers.</li></ul>After three years in their condo in Geylang, a neighborhood in the eastern region of <a target="_blank" class="" href="https://www.businessinsider.com/singapore-lifestyle-food-shopping-malls-weather-heat-misconceptions-2023-9">Singapore</a>, Jeremy Ng and Amanda Misso were on the hunt for a new space.While they were keen to stay in the same part of the city, they wanted something with a bit more character than the typical, run-of-the-mill apartment.It took about 20 viewings before they settled on a first-floor residential unit in Joo Chiat, a quaint neighborhood known for its <a target="_blank" class="" href="https://www.businessinsider.com/shophouses-singapore-renovation-figment-coliving-spaces-before-after-photos-2022-4">colorful shophouses</a>, cozy cafés, and quaint boutiques. There's a wide array of food options nearby, from <a target="_blank" class="" href="https://www.businessinsider.com/best-chicken-rice-singapore-hawker-maxwell-tian-tian-review-michelin-2023-12">hawker fare</a> to <a target="_blank" class="" href="https://www.businessinsider.com/chef-left-michelin-restaurant-open-hawker-prawn-noodles-singapore-2024-10">fancy restaurants</a>.<div type="image" title="A couple poses for a photo" height="960" width="1280" msid="115324789" hostid="261" sizebytes="132218"></div>Built in the 1950s, the couple's 1,900-square-foot unit isn't quite a <a target="_blank" class="" href="https://www.businessinsider.com/coliving-shophouse-experience-figment-tenants-singapore-2022-4">shophouse</a> but features a similar layout thanks to its narrow frontage and long floor plan."In the 1950s, if you had bought it, you would have bought both floors as a single unit," Misso, 35, told Business InsiderBut over the years, the house — along with other homes that sit in the same row — had been split into separate upstairs and downstairs units, she said. Now, they have neighbors living above.<div type="image" title="The exterior of the house." height="960" width="1280" msid="115324797" hostid="261" sizebytes="80562"></div>"Sometimes, when you go to viewings, every other condo looks the same. The same windows, the same layout," Misso, who works in finance, said. "This was something that came up that was a bit out of the blue."<h2 id="21bf64fc-f307-40ca-b0d4-4e663e4e415a">Turning a rundown unit into a home</h2><a target="_blank" class="" href="https://www.businessinsider.com/singapore-urban-planner-regrets-liu-thai-ker-architect-bicycle-squatter-2024-7">Singapore</a> — tied with Zurich — is the most expensive city to live in, according to The Economist Intelligence's <a target="_blank" class="" href="https://www.economist.com/graphic-detail/2023/11/29/these-are-the-worlds-most-expensive-cities">Worldwide Cost of Living survey</a> in 2023. The city-state was ranked first place in nine of the past 11 years.Housing is expensive, largely because the country is small; Singapore's total land mass measures about 284 square miles. Despite that, it has one of the highest homeownership rates in the world, at nearly 90%, according to the <a target="_blank" class="" href="https://knowledge.uli.org/-/media/files/research-reports/2024/uli-hai-report-2024.pdf?rev=fa8ccf919aab4719b7c11b5818f9436a&amp;hash=4C197578A9232F6CAB93EE954CAE4717">2024 Home Attainability Index</a> published by the Urban Land Institute Asia Pacific Centre for Housing.Most people in Singapore live in <a target="_blank" rel="" class="" href="https://www.businessinsider.com/see-inside-public-housing-singapore-hdb-million-dollars-blue-zone-2023-11">public housing apartments,</a> known as HDB flats. In recent years, the success of the country's public housing plan has seen prices of these flats <a target="_blank" class="" href="https://www.straitstimes.com/singapore/housing/number-of-million-dollar-hdb-flats-resold-hit-all-time-high-in-june-prices-up-18-srx-99co">soaring above $1 million Singapore dollars</a>, or about $743,000.<div type="image" title="The primary living area." height="854" width="1280" msid="115324801" hostid="261" sizebytes="52130"></div>About a fifth of the country's resident population lives in private housing, which includes condominiums and landed property. The median price of private homes in Singapore was 13.5 times that of the median annual household income of $97,124, per the Home Attainability Index report.The couple had chanced upon the listing while browsing for homes online, Ng, 44, told BI. The large, rectangular floor plan drew them in.The unit had been divided into seven different rooms and was being rented out to foreign workers, he said: "It was very rundown — it looked nothing like this."<div type="image" title="A collage of an old bathroom and a dirty bedroom in the house." height="1080" width="1440" msid="115324807" hostid="261" sizebytes="21260"></div>It was still tenanted when the couple showed up to tour the unit, Ng, who works in hospitality and entertainment, said."When we came in, the agent was trying to show us the bedrooms. He wanted to knock on every bedroom door to open it, and we were like, 'It's OK, we don't even need to see those,'" Misso said. "Because we're going to gut everything anyway, we just needed to see what had to be done."The couple paid almost $1.8 million Singapore dollars, or about $1.34 million, for the property in 2022.<div type="image" title="A shelf dedicated to vinyl records." height="960" width="1280" msid="115324791" hostid="261" sizebytes="43458"></div>Despite the extent of the work required, the renovations went smoothly. In addition to an <a target="_blank" class="" href="https://www.businessinsider.com/interior-design-trends-that-are-making-your-home-look-dated-2021-5">interior designer</a>, the couple also had an architect to help them plan the space."This would have been our fourth place together, and we kind of already knew the functionalities we wanted in the house, so we built the space around it," Misso said.For instance, the couple knew they wanted a large dining and kitchen area where they could have an island counter. While the master bedroom would have an ensuite, they wanted a Jack and Jill bathroom for the other two bedrooms.<div type="image" title="The bathroom." height="1280" width="854" msid="115324802" hostid="261" sizebytes="55108"></div>They also wanted to preserve some of the house's original features, like the red brick wall that runs along the hallway and into the courtyard in the back.That got them thinking about using other pops of colors to brighten their space, Ng said.They went with olive green cabinets for the kitchen and got a dining table in a matching shade.<div type="image" title="The kitchen features pops of color." height="854" width="1280" msid="115324793" hostid="261" sizebytes="22764"></div>To spice things up, they opted for an icy blue water dispenser, which occupies a prime position in the center of their kitchen island. An orange sculptural lamp hangs overhead."Our previous place was more <a target="_blank" class="" href="https://www.businessinsider.com/make-home-look-mid-century-for-cheap-according-to-designers">mid-century</a> and grunge. Now when our friends come by, they're always like, 'Oh, it's so different!'" Misso said.It took about eight months for the renovation to be completed.<div type="image" title="The master bedroom." height="854" width="1280" msid="115324804" hostid="261" sizebytes="22402"></div>"This was a bit different from what we were used to when we renovated our condo," Misso said. "Even after we moved in, we were still mending a few things, which we didn't realize we needed to until we moved in."The couple estimates that they spent about SG$500,000 on the entire renovation.<h2 id="8c7ed784-62af-4994-aa3d-85dafcc27621">Simple in the front, party in the back</h2>The living room and the study are located in the front part of the house. Bedrooms are off to the left, and a long corridor covered with a skylight leads to the open kitchen and the courtyard in the back.<div type="image" title="A long corridor that leads from the primary living area to the kitchen and dining space, which is at the back of the house." height="854" width="1280" msid="115324811" hostid="261" sizebytes="104490"></div>And it's the back of the house that the two of them love."I think the front is more functional. It's really just a living room where we watch TV, but I think the back is where we spend quite a bit of time," Misso said. "We have dinners here, and when we have friends over, they hang out here. I think everybody just naturally gravitates here."Likewise, for Ng, the dining area is his favorite.<div type="image" title="Three paintings hand along the walls of the dining space." height="1280" width="854" msid="115324795" hostid="261" sizebytes="60274"></div>"I'm quite pleased with how it turned out because, in our previous place, our dining area was on the balcony to <a target="_blank" class="" href="https://www.businessinsider.com/how-to-make-bedroom-look-bigger-tips-interior-designer-2023-3">maximize the space,</a>" he said. "So here, it's so nice to still be able to do things, have a drink, and have everyone gather around here."Automated metal shutters flank a glass brick wall that separates the courtyard from the back alley, where the couple sometimes hosts barbecue parties.<div type="image" title="A bike parked by a glass brick wall, flanked by two automated shutter doors." height="853" width="1280" msid="115324814" hostid="261" sizebytes="72306"></div>Thanks to the shutters, the courtyard also functions as a mini motorcycle garage for the couple's bikes: A gray Vespa scooter and a black Triumph motorbike."Everyone who sees them goes, 'Amanda, your bike is so cute!' And I'm like, 'That's not mine,'" Misso said. She rides the black Triumph.The shutters offer a streamlined way for the couple to park their bikes."So what happens is one bike comes in and goes out, while the other one comes in and reverses out," Misso said.<div type="image" title="The dining space." height="960" width="1280" msid="115324790" hostid="261" sizebytes="80768"></div>Ng started riding as a teenager, and Misso picked it up some years ago. For them, riding is a more economical and convenient way of getting around the city compared to <a target="_blank" class="" href="https://www.businessinsider.com/singapore-car-expensive-city-buy-certificate-of-entitlement-millennial-cost-2024-1">driving a car</a>."It's so much easier to get to work in the morning and come home in the evening when you're not stuck in traffic," Misso said. Now both of their commutes to work are about 15 minutes.<div type="image" title="Two bikes parked in a courtyard by a small plant." height="854" width="1280" msid="115324805" hostid="261" sizebytes="130606"></div>As much as they love their house, there's just one tiny thing they wish they'd changed about the place."It's just that the bathroom mirror in the master bedroom is a bit too far from you. So when you're doing your makeup or something, you've got to lean in quite a bit because our vanity top is quite big," Misso said. "It's such a small thing, but I look at it every day."Have you recently bought and renovated your dream home? If you've got a story to share, get in touch with me at <a target="_blank" href="mailto:agoh@businessinsider.com">agoh@businessinsider.com</a>.

A millennial couple in Singapore spent 8 months turning a rundown unit into their dream home. Take a look inside.

<ul class="summary-list"><li>Dollar dominance faces key challenges in the future, Brookings researchers said.</li><li>The think tank pointed to four forces that could be make the greenback less attractive. </li></ul>There are a handful of challenges to the dollar's top status in financial markets, according to researchers from the Brookings Institution.In a recent <a target="_blank" class="" href="https://www.brookings.edu/articles/the-changing-role-of-the-us-dollar/">note</a>, the think tank pointed to the US dollar's shifting status in global financial markets, with the use of the <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-imf-stealth-erosion-global-us-dollar-forex-reserves-sanctions-2024-6">greenback declining steadily </a>over the past several decades. While the <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-currency-war-trade-usd-reserves-explained-2024-5">dollar still dominates</a> central bank reserves and world trade, the currency accounted for 59% of all global reserves at the start of 2024, down from 71% of reserve in 1999, according to estimates from the International Monetary Fund.<div type="image" title="Dollar's share of global reserves graph" height="1138" width="1145" msid="112816893" hostid="261" sizebytes="59508"></div>Meanwhile, the share of nontraditional currency reserves has edged higher. Currencies like the Australian dollar, the Swiss franc, and Chinese yuan accounted for 11% of all central bank reserves at the start of this year, up from 2% recorded in 1999, per IMF data.<div type="image" title="Share of nontraditional currency reserves" height="1162" width="1151" msid="112816894" hostid="261" sizebytes="62210"></div>That decline has sparked some fear among investors that the dollar could soon be ousted from its top-dog position in financial markets. While most experts say that <a target="_blank" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-war-usd-yuan-china-russia-brics-currency-2024-7">likely isn't happening anytime soon</a>, the think tank said the dollar's dominant status faces key challenges, pointing to four factors in particular.<h2 id="eb86da1f-7f18-4189-b9a3-3748f015a7bb">1. US sanctions</h2>The US began implementing sanctions on Russia and its allies after Moscow began its invasion of Ukraine in 2022. That's sparked a de-dollarization drive in Russia and other BRICS nations, which have suggested they're looking to shift away from the dollar as a reaction to Western trade restrictions.Russia, in particular, has taken steps to heavily de-dollarize its economy, with the nation adopting a <a target="_blank" href="https://www.businessinsider.com/dedollarization-russia-china-yuan-ruble-exchange-rate-benchmark-new-sanctions-2024-6">yuan-to-ruble exchange rate</a>, proposing a <a target="_blank" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-dominance-currencies-brics-china-russia-india-putin-2023-7">rival currency to the greenback</a>, and reportedly spearheading an <a target="_blank" href="https://www.businessinsider.com/dedollarization-russia-actively-working-brics-local-currencies-platform-us-dollar-2024-6">alternative payment platform</a> that wouldn't be reliant on the dollar.China, which saw its companies hit with <a target="_blank" href="https://home.treasury.gov/news/press-releases/jy2546">secondary sanctions</a> from the US Treasury last week, has also signaled a shift away from the dollar, <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-china-yuan-cny-trade-usd-sanctions-protection-reserve-currency-2024-5">promoting its yuan as an alternative</a>."If the United States is capricious with sanctions, acts unilaterally, and fails to develop a doctrine of economic statecraft, the dollar could be dethroned," Brookings researchers said, citing <a target="_blank" class="" href="https://www.businessinsider.com/economic-sanctions-russia-us-dollar-dominance-yellen-alternative-yuan-dedollarization-2023-4">comments</a> from US Treasury Secretary Janet Yellen.<h2 id="eff7251a-f1be-40d0-8494-5988c77ddab7">2. US debt</h2>The US's rising debt load could make currency holders more wary of the dollar, especially if there are concerns that the US may not be able to pay back its dues.While the US debt balance hasn't yet breached unsustainable levels, the government's rapid pace of spending has done little to ease markets. Fitch, for instance, <a target="_blank" href="https://www.businessinsider.com/fitch-downgrades-us-credit-rating-deficit-debt-ceiling-2023-8#:~:text=Fitch%20downgraded%20the%20US's%20credit,the%20debt%20limit%20until%202025.">downgraded the US</a><a target="_blank" class="" href="https://www.businessinsider.com/fitch-downgrades-us-credit-rating-deficit-debt-ceiling-2023-8#:~:text=Fitch%20downgraded%20the%20US's%20credit,the%20debt%20limit%20until%202025."> credit rating</a> last year, citing a "steady deterioration in standards of governance.""Bickering over appropriations, Congress has shut the government down several times. Further political instability could erode investor confidence in the dollar," the researchers said.<h2 id="c18d8d68-8ac9-451c-b2c2-8ff5942f963f">3. Improved payment technology</h2>More advanced payment systems have made it easier to exchange nontraditional currencies. That could weigh on demand for the US dollar, which has traditionally been seen as the most attractive medium of exchange."Typically, converting such currencies to dollars, and vice versa, has been easier and cheaper than exchanging them for one another. But China and India, for example, will soon no longer need to exchange their respective currencies for dollars to conduct trade cheaply. Rather, exchanging renminbi for rupees directly will become cheaper. Consequently, the reliance on 'vehicle currencies,' particularly the dollar, will decline," Eswar Prasad, a senior fellow at the Brookings Institution, said in a previous note.<h2 id="0b9967af-c144-471b-8ee3-4faf7baad925">4. Central bank digital currencies</h2>Digital currencies issued by central banks could also make it easier and cheaper to nontraditional currencies. China is developing one such <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/dollar-dominance-outlook-china-india-digital-currency-race-fed-innovation-2024-1">CBDC</a>, and CIPS, China's Cross-border Interbank payment system, has been "growing rapidly" over the past few years, the think-tank noted.The Fed has created its own instant payment network, but hasn't moved to create a CBDC, with Powell suggesting last year that a <a target="_blank" class="" href="https://www.federalreserve.gov/faqs/is-fednow-replacing-cash-is-it-a-central-bank-digital-currency.htm">digital currency would require approval from lawmakers</a>. That means the US risks falling behind other countries, where digital payment tech is rapidly developing, Brookings researchers said.Still, despite warnings, most currency experts <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-war-currency-usd-dominance-china-yuan-economy-2024-5">do not believe de-dollarization</a> is a near-term threat to the US or its currency. At the moment, there are no close competitors to the greenback in financial markets — and countries that try to de-dollarize anyway <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-war-usd-yuan-china-russia-brics-currency-2024-7">risk a host of economic consequences</a>, like slower growth and lost investment value, one commodities vet told Business Insider.

The 4 forces that will challenge the dominance of the dollar, according to economic researchers

A recent study by <keyword id="19898366" type="General" weightage="20" keywordseo="harvard" source="keywords">Harvard</keyword> and the <keyword id="23109326" type="General" weightage="20" keywordseo="european-university-of-rome" source="keywords">European University of Rome</keyword> has uncovered a striking connection between early-life exposure to <keyword id="55910" type="General" weightage="100" keywordseo="air-pollution" source="Orion">air pollution</keyword> and economic outcomes in adulthood. Published in the Proceedings of the <keyword id="21125238" type="General" weightage="20" keywordseo="national-academy-of-sciences" source="keywords">National Academy of Sciences</keyword>, the <a href="https://www.pnas.org/doi/10.1073/pnas.2401882121" data-type="tilCustomLink">research</a> highlights how infants exposed to higher levels of fine particulate air pollution (PM2.5) are likely to earn less as adults, with the most significant impacts observed in the Midwest and South of the United States. “This study takes a big step toward filling the knowledge gap on the crucial link between environmental factors and long-term economic outcomes,” said Francesca Dominici, lead author and professor at Harvard. The findings underscore how environmental pollution, particularly air quality, plays a significant role in shaping not just public health but economic mobility and well-being later in life. <div type="Article" hostid="261" msid="112921592" title="Indoor air pollution poses greater health risk than outdoor: Experts" mstype="2" mssubtype="0"></div> <h2>Key findings </h2>The study focused on US individuals born between 1978 and 1983, analysing their PM2.5 exposure from 1980 to 2010, and compared it to their earnings in 2014-2015 when they were between 31 and 37 years old. The results were telling: a one-unit increase in PM2.5 exposure was associated with a 1.146% decrease in <keyword id="23109325" type="General" weightage="20" keywordseo="economic-earnings" source="Orion">economic earnings</keyword>, measured using a statistic called <keyword id="23109327" type="General" weightage="20" keywordseo="Absolute-Upward-Mobility" source="Orion">Absolute Upward Mobility</keyword> (AUM). The data revealed that this impact was not uniform across the country. Midwestern and Southern regions saw the highest negative effects, suggesting regional disparities in both air quality and its long-term economic impacts. <h2>Call for action </h2>The authors argue that these findings should encourage the creation of stringent national air quality standards, as well as targeted interventions to address pollution in highly affected regions. Luca Merlo, co-lead author, emphasised the importance of addressing both environmental and economic inequalities through integrated policies. This research builds on growing evidence of the far-reaching consequences of air pollution, further solidifying the argument that improving air quality is not only vital for public health but also for fostering economic growth and opportunity. <div type="Article" hostid="261" msid="112853990" title="India saw 19.3% drop in particulate pollution in 2022, adding 51 days to life expectancy: Report" mstype="2" mssubtype="0"></div>

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