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<keyword id="19991358" type="General" weightage="100" keywordseo="Indian-markets" source="keywords">Indian markets</keyword> are navigating choppy waters as global economic shifts, from rate cuts to evolving political climates, create new pressure points across the financial landscape, according to a recent report by ANI attributed originally to the Union Bank of India. The domestic stock and bond markets showed signs of strain, with <keyword id="19910363" type="General" weightage="20" keywordseo="bond-yields" source="keywords">bond yields</keyword> witnessing slight adjustments. India’s 10-year government bond yield dipped to 6.82%, a decrease from the previous session, reflecting cautious investor sentiment as the markets react to shifting global indicators. Meanwhile, the 5-year bond yield remained steady at 6.76%, a signal of lingering hesitation amid economic unpredictability. In the currency market, the rupee faced a notable decline, ending the day at ₹84.3725 against the US dollar, slipping from its prior close of ₹84.2800. Market analysts point to significant capital outflows as a key factor, with investors moving funds to perceived safer assets overseas. This migration has weighed heavily on the rupee, underlining the currency’s vulnerability in an environment of global economic flux. India’s stock market bore the brunt of this volatility, with key indices falling over 1%, effectively erasing the gains of a previous rally. This abrupt drop reportedly reflects renewed investor anxiety, largely triggered by the recent <keyword id="20189882" type="General" weightage="20" keywordseo="US-presidential-election" source="keywords">US presidential election</keyword> results. Experts suggest that the election has introduced a fresh layer of uncertainty, not only for the US economy but for global markets, impacting everything from policy decisions to investor sentiment. Analysts are also keeping a close eye on upcoming decisions by central banks, which will likely shape the path forward for the Indian equities market. Commodities showed contrasting trends, with Brent crude prices falling on lower demand expectations, as economic indicators point toward cautious spending globally. Gold, on the other hand, experienced a modest rise as investors sought refuge in safe-haven assets, highlighting a shift towards risk aversion among market participants. Globally, major central banks made coordinated efforts to sustain economic growth, with the Bank of England (BoE) announcing a 25 basis-point cut, lowering its benchmark rate to 4.75%. The BoE’s Monetary Policy Committee (MPC) largely backed this move to counter inflation, which has been declining, albeit gradually. Across the Atlantic, the US Federal Reserve mirrored this action with its own 25 basis-point cut, a sign of confidence in the ongoing economic recovery. Both rate cuts, though modest, signal a global trend towards caution as economies work to balance growth with stability. In Asia, the People’s Bank of China (PBoC) maintained its supportive stance. Governor Pan Gongsheng sought to reassure foreign investors by reaffirming the PBoC’s commitment to growth-oriented policies. Pan emphasized enhanced communication and pledged to open China’s financial services sector further, aiming to attract more international participants. Europe, meanwhile, faced mixed economic signals. Germany reported a steep 2.5% drop in industrial production in September, signalling a slowdown in manufacturing, while the Eurozone saw a mild 0.5% rise in retail sales, reflecting cautious consumer optimism in the region. Adding another layer to the global economic landscape, the European Union’s Climate Change Service warned that 2024 could be the hottest year on record, underscoring urgent climate challenges just as the UN COP29 climate summit approaches. The summit, set to take place in Azerbaijan, aims to rally increased funding for climate action, though tempered expectations linger in light of recent US political shifts. On the domestic front, Niti Aayog CEO BVR Subrahmanyam spoke about India’s potential role in pivotal global trade agreements, specifically the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These partnerships, Subrahmanyam suggested, could bolster India’s Micro, Small, and Medium Enterprises (MSME) sector, which currently accounts for 40% of India’s exports, offering a strategic advantage for Indian trade in an interconnected world. As the Indian markets digest these developments, experts believe continued volatility could be the theme for the coming months. (with ANI inputs)

Indian markets under pressure as global rate cuts stir uncertainty, new report says

London: Universities and student groups on Tuesday urgently lobbied British Prime Minister <keyword id="19906889" type="General" weightage="20" keywordseo="Rishi-Sunak" source="keywords">Rishi Sunak</keyword> to safeguard the country's <keyword id="21659184" type="General" weightage="100" keywordseo="post-study-visa" source="keywords">post-study visa</keyword> offer, which has been dominated by Indians to gain work experience for around two years at the end of their university degree. Amid reports that Sunak is considering either restricting or ending the <keyword id="20616105" type="General" weightage="20" keywordseo="Graduate-Route" source="keywords">Graduate Route</keyword> to curtail soaring migration statistics ahead of a general election, a group of nearly 30 university vice-chancellors and the <keyword id="21760521" type="General" weightage="20" keywordseo="national-indian-students-and-alumni-association" source="keywords">National Indian Students and Alumni Association</keyword> (NISAU) UK have issued detailed letters of appeal to 10 Downing Street. They list a series of factors in favour of keeping the Graduate visa scheme unchanged, including the benefits that international students bring to the UK economy in a competitive global higher education marketplace. "Modelling by consultancy London Economics shows that a single cohort has a net economic benefit of GBP 37 billion to the UK economy; as well as through the soft power that Britain's international graduates generate for the country over time, including through furthering ties of trade and diplomacy," reads the NISAU UK letter addressed to Sunak. "Indeed, 70 per cent of <keyword id="19971660" type="General" weightage="20" keywordseo="Indian-students" source="keywords">Indian students</keyword> have told us that the ability to gain meaningful work experience is a critical element in their decision to choose between competing international destinations, of which the UK is one... the Graduate Route allows the opportunity to gain this work experience for a temporary period. It is non-extendable and does not count towards permanent settlement. This means that neither students nor Graduate visa holders should be considered 'immigrants' in the context of the long-term picture of migration," it notes. Their appeal comes a week after the influential <keyword id="20609895" type="General" weightage="20" keywordseo="Migration-Advisory-Committee" source="keywords" meta.keywordsubtype="org" meta.entityname="Migration Advisory Committee" meta.hostid="83" meta.entityid="Migration Advisory Committee">Migration Advisory Committee</keyword> (MAC) advised the government to let the scheme continue as it found no abuse of this post-study work offer. It also confirmed that Indians topped its tally, accounting for 89,200 visas between 2021 and 2023, or 42 per cent of the overall grants, and were likely to be "most affected by any restriction on the Graduate Route". In their letter to Sunak, universities in the north of England — from Sunderland to Sheffield, Leeds to Lancaster, Liverpool to Teesside, Bradford to Huddersfield, and York to Newcastle — said they will all be harmed by the removal or reduction of this visa as it is an "intrinsic part of the educational offer that has made the UK so attractive to brilliant students from all around the world". "The Graduate Visa Route is regarded by students in key markets like India as an integral part of their educational experience. The MAC review made clear that the removal of this route would make the UK less attractive and thus would cause considerable financial detriment to universities around the country," reads their joint letter. "International student tuition fee income has long cross-subsidised underfunded research and has increasingly become critical to cross-subsidise the teaching of UK undergraduate students because of the frozen tuition fee. Universities cannot continue to absorb the costs of teaching UK undergraduates without some form of alternative funding source," they caution. On top of their visa fees, international students who find work and start businesses contribute billions of pounds in income tax, national insurance and VAT annually. The university chiefs point out that they are also usually net contributors to the National Health Service (NHS) through the NHS surcharge. The Russell Group of the UK's leading universities issued its appeal over the weekend, with CEO Tim Bradshaw warning that there has already been a 10 per cent decline in international applications for post-graduate courses starting this September in the wake of the clampdown on students being able to bring dependant family members. "A further restriction on international students would not only be unnecessary — as numbers are already falling — but also damaging, resulting in less spending in local communities, fewer opportunities for domestic students and less UK research," he noted in a letter to Sunak. Members of his own Cabinet are believed to be opposed to any changes to the Graduate scheme, but the British Prime Minister is having to balance pressures from the right of the governing Conservatives who are single-minded in their demands to curb all forms of legal as well as illegal migration levels ahead of an election later this year.

Universities, student groups lobby PM Sunak to keep UK's post-study visa scheme unchanged

US presidential candidate <keyword id="19918985" type="General" weightage="20" keywordseo="Donald-Trump" source="keywords">Donald Trump</keyword> has gone from suggesting that immigrants were poisoning the blood of the country to saying that he would welcome immigrants from “nice” countries like Denmark, Switzerland and Norway to his most recent plans of automatically granting green cards to <keyword id="22128571" type="General" weightage="20" keywordseo="foreign-graduates" source="keywords">foreign graduates</keyword> of US colleges in a rather short duration of time. Feeling a little whiplashed, anyone? Securing a green card in the US is a Herculean task whose difficulty is probably comparable to capturing and bringing back Cerberus. And this legal permanent residence, which can sometimes take decades, is only the first step to becoming a US citizen. Many Indians have tried, whether it’s through residing and working for decades, navigating rather lengthy paperwork or marrying someone who is already a US citizen. Sadly, many have failed too. However, should Donald Trump become the President of the United States again (and decide to keep his word), Indian students might actually have an easier time getting a green card. In a surprising shift from his previous stance on immigration, former President Donald Trump has unveiled a bold plan to automatically grant green cards to foreign graduates of US colleges if re-elected. This announcement, made during a podcast interview with Silicon Valley investors, marks a departure from Trump's traditionally tough rhetoric on immigration. During the podcast hosted by Chamath Palihapitiya and others, Trump expressed his commitment to retaining talent educated in American universities. He argued passionately for granting green cards as a standard benefit for graduates, regardless of the institution they attended. Trump emphasised that this policy should encompass graduates from renowned institutions like Harvard and MIT as well as from junior colleges across the country. “It’s so sad when we lose people from Harvard, MIT, the greatest schools, and lesser schools that are phenomenal schools also,” Trump lamented on the All-In Podcast. “I think you should get, automatically, as part of your diploma, a green card to be able to stay in this country and that includes junior colleges, too.” A green card affords its holder permanent residency rights in the United States and represents a crucial step towards citizenship. Trump's proposal, if enacted, could potentially introduce hundreds of thousands of new applicants for citizenship annually. Adding to the exodus of Indians who have already migrated to the US, over 200,000 Indian nationals are enrolled in institutes across the US in 2024, setting a new record. In fact, the significant surge in Indian students seeking education in the country between 2022-23 represented an unprecedented 35% increase from the year before that. The former US president specifically mentioned India and China, highlighting how talented individuals were unable to stay in the US because of current <keyword id="22151110" type="General" weightage="20" keywordseo="visa-policies" source="keywords">visa policies</keyword>. We can see how this may show him in a favourable light for green card aspirants. And while we’re not one to look a gift horse in the mouth, it is important to remember that Trump has made his discriminatory nature very public in several instances. Immigration has been a hot topic in the US political arena for decades. However, in recent years, the political right and others have been more divided than ever on this issue. Republicans have been calling for stringent immigration policies and strict border protections. Therefore, even if Trump does deliver what he promises, the packaging will most likely have fine print that might continue to make it difficult for students to attain green cards. In fact, the presidential candidate’s campaign press secretary, Karoline Leavitt, has already clarified that Trump's proposal would only apply to thoroughly vetted college graduates who can “make significant contributions” to America and would not undercut American wages or workers. She emphasised that Trump has outlined the most aggressive vetting process in US history to exclude "all communists, radical Islamists, Hamas supporters, America haters and public charges." Anyhow, Trump’s proposal starkly contrasts with Trump's previous hardline stance on immigration, which had been a cornerstone of his political platform. During his presidency, Trump advocated for stringent immigration policies, including the largest deportation campaign in US history, aimed at undocumented migrants, and building a wall on the southern borders of the country. Trump intensified restrictions on legal immigration amid the pandemic and his final year in office. He proposed halting all immigration to the US and deporting foreign students who didn't attend some in-person classes. A month before the 2020 election, Trump once more moved to tighten regulations on the <keyword id="20773661" type="General" weightage="20" keywordseo="H-1B-visa" source="keywords">H-1B visa</keyword> program. He has also criticised the H-1B visa program, which tech companies favour for hiring foreign skilled workers, as detrimental to American prosperity. The H-1B visa is a non-immigrant visa allowing US firms to employ foreigners in specialised occupations requiring theoretical or technical expertise. At a recent campaign event in Wisconsin, Trump criticised Biden's immigration policies, particularly lambasting a new program allowing undocumented spouses of US citizens to apply for permanent residence without leaving the country. Trump characterised immigration under Biden as an "invasion" and argued against discussing amnesty, urging instead for measures to halt what he perceives as an influx of unauthorised migrants. Estimates from the Department of Homeland Security suggest that approximately 11 million migrants currently reside in the US without authorization, a statistic that has been central to Trump's arguments against leniency in immigration policy.

Donald Trump strikes again: Ex-President proposes automatic green cards for foreign graduates of US colleges

<ul class="summary-list"><li>Some expat Indians are moving back home to launch companies of their own.</li><li>India's booming market size, internet growth, and post-pandemic spending is driving their decision.</li></ul>Nithin Hassan, 41, has always been fascinated with building something of his own.As a child in India, he would get in trouble for dismantling electronics around the house just so he could peek inside.In college, in true <a target="_blank" class="" href="https://www.businessinsider.com/startups-to-bet-your-career-on-in-2024-2024-2">startup</a> fashion, he started working on a small business out of his parent's garage in Bengaluru, assembling computers for friends and family.It was the early 2000s and the internet was not the trove of knowledge it is today — Hassan was relying on books to learn. Finding mentorship and the right guidance was a challenge, too.Everyone around Hassan told him that going to the <a target="_blank" class="" href="https://www.businessinsider.com/resume-tips-google-software-engineer-skills-experience-careers-software-tech-2024-3">US for a master's degree</a> was the next big opportunity. So he did.Over the next 16 years, he put his startup plans on hold and worked at some of the world's biggest companies, including Amazon, Microsoft, and Meta.<div type="image" title="Nithin Hassan" height="2450" width="3266" msid="113831978" hostid="261" sizebytes="215682"></div>But the pandemic felt like a turning point. And its aftermath made India look like a lab-designed business environment: It had just become the world's most populous country, the pandemic had created <a target="_blank" class="" href="https://economictimes.indiatimes.com/news/economy/indicators/private-consumption-continues-to-be-supported-by-pent-up-demand-finance-ministry/articleshow/99069973.cms?from=mdr">pent-up demand</a> for consumer products, and growing internet adoption made commerce more scalable, he said.So Hassan left behind about $500,000 in annual pay at Meta to move back to Bengaluru in December 2023 with his wife and two children. He has since launched two startups.Hassan is part of a group of <a target="_blank" class="" href="https://www.businessinsider.com/i-moved-back-to-india-after-living-abroad-for-decade-2024-9">expat Indians moving back</a> home to venture out on their own. As such, he's also part of a decades-long trend of reverse migration back to India.The trend began in the 1990s and picked up at the turn of the century, driven by the economic collapse in 2008, said Binod Khadria, the president of Global Research Forum on Diaspora and Transnationalism. Many of those who returned to India for work were largely working for multinational companies.Today, the impetus for the move often looks a bit different: It's driven by factors like unstable visa policies and economic recessions, which lead to uncertainty when it comes to jobs and duration of stay in these destinations.Many returnees find work in tech, but the finance, retail, and climate sectors also absorb a large number of expat Indians, Khadia said. And some of the returnees are heading back to India to start companies of their own.India is undergoing a startup explosion. The country reported over<a target="_blank" href="https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2043805"> 140,800 recognized startups</a> at the end of June — nearly 50,000 more than last year — and credited them with creating 1.6 million direct jobs.To be sure, not all of these companies will make it big — and some do still stumble, like <a target="_blank" class="" href="https://inc42.com/features/what-are-the-current-problems-being-faced-by-oyo/">Oyo </a>and <a target="_blank" class="" href="https://www.businessinsider.com/blackrock-hsbc-funds-byjus-startup-valuation-zero-edtech-india-raveendran-2024-6">Byju's</a>. But the chaos, where even established startups are trying and failing, makes India a fair playing field for new entrants, Hassan said.Business Insider spoke to six <a target="_blank" class="" href="https://www.businessinsider.com/india-vc-wants-see-5-traits-new-founders-fundraising-antler-2024-8">first-time founders </a>about why they have recently returned to India after spending several years, or even an adult life, abroad.<h2 id="0e4a3c47-ba19-4690-8b52-c6bfece1c81d">Fastest-growing economy</h2>The health of the economy and interest from investors are fueling the entrepreneurship boom.<a target="_blank" class="" href="https://www.businessinsider.com/india-billionaire-karan-adani-plans-challenge-china-dominance-seaports-2024-8">India's economic growth</a> in 2023 — 8.2% — was the fastest of all large economies worldwide. That's led to greater purchasing power, which lets companies, including startups, sell more.India's inflation rate of about 3.5% is well below its annual wage growth of 9.6%. This makes inflation less of a challenge than it is for slower-growing peers, where consumer-focused businesses have been <a target="_blank" class="" href="https://www.businessinsider.com/economy-jobs-report-sentiment-consumers-elections-recession-inflation-mortgage-rates-2024-9">hurt by high prices</a>.Investors are getting in on the action.From 2015 to 2021, the number of <a target="_blank" class="" href="https://www.businessinsider.com/sequoia-capital-vc-firm-split-china-india-2023-6">unique investors in India</a> nearly quadrupled, though the number is tracking much lower this year, per PitchBook."Other than a slight downturn in 2022 and 2023 due to global macroeconomic factors, VC funding has been consistently growing in India," said Ben Mathias, a managing partner at Vertex Ventures Southeast Asia &amp; India.Besides funding, domestic developments have encouraged founders and VCs too, Mathias said.The Indian government's Universal Payment Interface system has spurred consumers and businesses to pay online, and <a target="_blank" class="" href="https://www.bcg.com/press/2june2022-digital-payments-in-india-projected-to-reach-10-trillion-by-2026">40% of all digital payments</a> globally happen in India today, the partner said.Programs like Startup India, which provides founders benefits like tax exemption, easier compliance, and funding support, have made creating a company smoother.Devyani Parameshwar worked in the microfinance and fintech space in India in the 2010s before heading to the UK and Africa. She returned to India in 2022 to launch a financial management venture."It's changed dramatically. I remember standing in line at various ministries in Delhi trying to get meetings and then trying to get answers and it wasn't easy in the past," she said of her memories of India.Now, she can use an online platform to ask the country's central bank and banking regulator questions.It's easier than ever for foreign companies to invest in India, which means startups have a clearer exit path through acquisition — something VCs think hard about before entering new markets or writing checks.<h2 id="e5dd7b6f-a09f-4ff2-84c1-5907de96dc5e">Market ripe for the taking</h2>For Rohan Bhide, who spent most of his college and professional life <a target="_blank" class="" href="https://www.businessinsider.com/worked-in-big-tech-before-launching-my-own-startup-engineer-2024-9">preparing to launch something of his own</a>, a trip home in 2017 while he was studying in the US was a turning point.Indian telecom giant Reliance had recently launched a cheap unlimited data plan, which spiked Indian internet adoption. India was charting among the countries with the highest online transactions."That really, really drew my attention," said Bhide, who worked at Meta after graduation. "It was my dream come true — a huge market, a huge user base, and at the same time, the ability to adopt technology was incredible."Bhide returned to India in January, leaving behind about $580,000 in total compensation at ticketing platform StubHub. He and a cofounder are working on launching a consumer tech product later this year.<div type="image" title="Rohan Bhide" height="2304" width="3072" msid="113831979" hostid="261" sizebytes="218468"></div>Most Indians grew up wanting to work at a multinational company — but that's changing, Bhide said.Freelancing, running your own business, or working for a startup is much more socially acceptable now, because people see the success of other Indian startups. The country has the third-largest number of "unicorns" — companies worth $1 billion or more — with 64, per PitchBook.<h2 id="7f423804-745b-4e04-a250-839e01663f09">Boom in entrepreneurship culture</h2>A lot has changed since Hassan first wanted to launch his hardware startup in the early 2000s.Tech hot spots like Bengaluru and Gurugram have seen a boom in entrepreneurship culture in the last few years, with meet-ups, networking mixers, and even morning walks with like-minded builders.<div type="image" title="man standing in front of mountains in USA" height="2268" width="3024" msid="113831980" hostid="261" sizebytes="141132"></div>Dhruv Anand, who left Google in the US to move back to India in 2021 to launch an <a target="_blank" class="" href="https://www.businessinsider.com/ai-startups-most-promising-2024-9">AI startup</a>, said that there were lots of other founders and mentors to help guide him."If you want to figure out who's the right chartered accountant to talk to, who's the right lawyer to help you draft agreements, all of that stuff is very easy," Anand said."It's been a really, really supportive community," Bhide said. There are people "telling you about their entire lives just because they want to help you and they're hoping that you pass the favor onto the next person who moves to India and wants to start their own company."<h2 id="3c8bff36-e855-4530-9b44-bcc7f36b0825">Not everything is perfect</h2>Although these founders made the decision to return to India, that doesn't mean they no longer see the benefits of operating in the US.Ruchit Garg founded an agriculture startup in Silicon Valley in 2016, with a focus on supporting farmers around the globe. In 2019, he returned to India, where his late grandfather worked as a farmer.Garg has been building in India ever since, but he says its startup ecosystem cannot yet compete with the Valley's decades of experience."The overall ecosystem was more mature back in Silicon Valley. It's still one of the best places for entrepreneurs. India isn't there yet, although it's growing pretty drastically," he said.Despite efforts to digitalize key processes, many bureaucratic challenges persist.For most founders, after living in US cities where populations are a fraction of those in Mumbai and Bangalore, congested roads and poorer air quality are also everyday annoyances.But India provides some big perks, including affordable domestic help and the appeal of building solutions for problems they witness firsthand."It's a different joy to be able to build for problems that you feel for very personally," Parameshwar, the fintech founder, said. When she worked in Africa, she needed translators. Now, she can speak with her users herself.Bhide said the general sentiment among local founders is shifting from "Build from India" to "Build for India."For some founders, being surrounded by family and the culture they grew up in was another selling point.Niranjan Vemulkar moved back to India in 2015 and later founded a digital legacy planning platform.He said that he never fully felt at home in the US, where he lived for over a decade."For us, it was the fact that we wanted to raise a family in an environment where the children would have access to the grandparents and Indian culture," Vemulkar said. "The fact that you could come back to India, start something of your own and figure things out in an ecosystem which was potentially booming for startups, was just a cherry on the cake."Are you in India and have a story to share about the tech and entrepreneurship landscape? Please reach out at shubhangigoel@insider.com

Some techies are leaving cushy Silicon Valley jobs to launch startups at home in India

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Are you ready for some football?! The NFL season kicks off tonight with the reigning Super Bowl Champions/Taylor Swift's favorite team, the Kansas City Chiefs, playing the Baltimore Ravens. If you're like many Americans, you might be placing a bet on the action. I wrote about why sports gambling's rise <a target="_blank" href="https://www.businessinsider.com/sports-gambling-weird-quirks-bets-nfl-nba-draftkings-fanduel-2024-9">has also made it a bit weird</a>.In today's big story, where the US economy is headed <a target="_blank" href="https://www.businessinsider.com/jobs-interest-rate-cuts-recession-outlook-federal-reserve-soft-landing-2024-9">could finally be answered with Friday's jobs report</a>.What's on deck:<ul><li>Markets: Nvidia investors should be <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-outlook-technical-analysts-eye-danger-zone-levels-2024-9">focused on these two numbers</a>.</li><li>Tech: This healthcare startup's got a VC CEO doing <a target="_blank" href="https://www.businessinsider.com/healthcare-weirdest-startup-commure-blank-check-general-catalyst-hemant-taneja-2024-9">whatever it takes for it to succeed</a>.</li><li>Business: Inside America's wildest — and most lucrative — <a target="_blank" href="https://www.businessinsider.com/mass-torts-lawsuits-lawyers-settlements-strippers-hard-partying-money-2024-9">lawsuits</a>.</li></ul>But first, one data point to rule them all.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">All eyes on jobs</h2><div type="image" title="George Washington stands warily behind a fork in the road sign." height="877" width="1754" msid="113099191" hostid="261" sizebytes="144538"></div>It's so close you can almost taste it.The Federal Reserve is finally on the precipice of cutting interest rates. We're less than two weeks out from the Fed's September 18 meeting where the central bank is set to provide Americans with some much-needed relief.But one hurdle remains between now and then: Friday's job report.While the data won't jeopardize the central bank's decision to cut rates, it will help it decide how deep it will go. More broadly, a weak or strong report will also provide color on whether <a target="_blank" href="https://www.businessinsider.com/jobs-interest-rate-cuts-recession-outlook-federal-reserve-soft-landing-2024-9">the economy is headed toward a soft or crash landing</a>, write Business Insider's Juliana Kaplan, Madison Hoff, and Ayelet Sheffey.The last jobs report before the Fed's decision was always bound to be a big one. But August's report became even more important after how things went last go around.<a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-july-labor-market-economic-data-2024-7">Unemployment unexpectedly jumped to 4.3%</a> and fewer jobs were added than economists expected in July's report. Coupled with some weak manufacturing data and shaky earnings, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-selloff-today-jobs-report-recession-unemployment-tech-earnings-2024-8">the stock market started melting down</a>.Ultimately, the market was able to rally back. But the fear of the US slipping into a recession still remains. Friday's job report could go a long way in dispelling those fears or emboldening them.<div type="image" title="Photo illustration of Jerome Powell" height="750" width="1000" msid="113099194" hostid="261" sizebytes="41878"></div>Regardless of Friday's report, it's important to remember cutting interest rates won't create economic miracles.If unemployment spikes for a second month in a row, the Fed could offer a deeper rate cut than the typical 25 basis points. But it takes time for the effects of the policy to work its way through the economy.Bigger also isn't necessarily better when it comes to rate cuts. If the Fed believes it needs to take drastic measures, that's a bad sign for the state of the economy. And don't expect rate cuts <a target="_blank" href="https://markets.businessinsider.com/news/stocks/fed-interestrate-cuts-stock-market-bull-run-upside-outlook-jpmorgan-2024-9">to send stocks soaring</a>.I don't blame you if you're sick of this back-and-forth economy. Experts have waffled to and fro about where things are headed for more than a year.But at least Friday represents the end of the tunnel. The question is if it'll be bright or dark.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Elon Musk tweeted something <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-hitler-tucker-carlson-advertisers-2024-9">even he can't defend</a>.</li><li>Longtime Unilever media exec Luis Di Como is leaving <a target="_blank" href="https://www.businessinsider.com/unilever-top-media-exec-luis-di-como-leave-amid-restructuring-2024-9">amid a broader shake-up of the business</a>.</li><li>Russia built a secret trade channel with India, <a target="_blank" href="https://www.businessinsider.com/russia-india-payment-issues-us-west-sanctions-rupees-ukraine-war-2024-9">leaked documents</a> show.</li><li><a target="_blank" href="https://www.businessinsider.com/millennium-technology-prize-baliga-semiconductor-invention-igbt-changed-world-2024-9">Meet the professor</a> who just won the Millennium Technology Prize — and $1.1 million.</li><li>A top New York official was <a target="_blank" href="https://www.businessinsider.com/linda-sun-new-york-governor-top-aide-salted-ducks-china-2024-9">paid off by China</a> with salted ducks, a job for her cousin, and millions to her husband's business: DOJ.</li><li>Barron Trump is <a target="_blank" href="https://www.businessinsider.com/barron-trump-attending-new-york-university-college-2024-9">going to NYU</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo illustration of Jensen Huang" height="1000" width="1333" msid="113099203" hostid="261" sizebytes="150634"></div><ol><li>Nvidia's two all-important numbers. After a volatile few days of trading, technical analysts are looking at the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-outlook-technical-analysts-eye-danger-zone-levels-2024-9">psychological $100 level and then the 200-day moving average</a>, which is just below $90. If Nvidia's share price drops below the latter, "NVDA's market leadership status may be lost," LPL technical strategist Adam Turnquist told BI.</li><li>The latest casualty of AI: Oil prices. Goldman Sachs analysts believe the tech will improve logistics and boost oil recovery. Even with the higher demand to power AI, the increased supply <a target="_blank" href="https://markets.businessinsider.com/news/commodities/ai-oil-prices-productivity-logistics-supply-demand-energy-goldman-sachs-2024-9">will drive prices down over the next decade</a>. But the "Dr. Doom" economist sees oil prices going the other way amid <a target="_blank" href="https://markets.businessinsider.com/news/commodities/economy-oil-prices-outlook-stagflation-israel-iran-war-nouriel-roubini-2024-9">deepening conflicts in the Middle East</a>.</li><li>The road to November will be rocky for stocks. Market vet Ed Yardeni sees market "choppiness" in the lead up to the US presidential election. But don't worry. Record highs could be back on the menu, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-presidential-election-ed-yardeni-gridlock-selloff-2024-9">depending on how things go</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Photo illustration of Hemant Taneja." height="1500" width="2000" msid="113099197" hostid="261" sizebytes="249928"></div><ol><li>The weirdest startup in healthcare has a blank check from a top VC firm. Usually, startups must fight tooth and nail to prove they're worthy of investors' attention. The healthcare startup Commure has an unusual advantage: its cofounder is the CEO of General Catalyst. He'll do <a target="_blank" href="https://www.businessinsider.com/healthcare-weirdest-startup-commure-blank-check-general-catalyst-hemant-taneja-2024-9">whatever it takes</a> to see the startup win.</li><li>How to survive online in the age of AI. AI models and chatbots are changing how online information is consumed, affecting website traffic. In order to stay relevant in this new digital ecosystem, website owners need speed and <a target="_blank" href="https://www.businessinsider.com/frontier-content-survive-online-ai-2024-9">exclusive "frontier content"</a> their viewers can't get anywhere else.</li><li>Apple and Meta can't stop fighting over who's in charge of protecting the kids. Everyone and their mother is mad at Mark Zuckerberg's company for contributing to the youth mental health crisis. Meta says it should be up to the App Store to verify users' ages, but <a target="_blank" href="https://www.businessinsider.com/meta-apple-feud-app-store-child-teen-mental-health-2024-9">Apple won't budge</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A skull in the middle of objects that have been subject to mass torts." height="1800" width="2400" msid="113099201" hostid="261" sizebytes="797548"></div><ol><li>You may be entitled to financial compensation. Mass torts allow hundreds of thousands of people to seek damages for harm caused by things like asbestos, contaminated water, or carcinogenic baby powder. <a target="_blank" href="https://www.businessinsider.com/mass-torts-lawsuits-lawyers-settlements-strippers-hard-partying-money-2024-9">Here's how they took over America's courts</a>.</li><li>ESPN's Big Apple betting dreams. The sports network is <a target="_blank" href="https://www.businessinsider.com/espn-bet-new-york-launch-online-sports-betting-fanduel-draftkings-2024-9">launching ESPN Bet in New York</a> as football season begins. Though the betting app may be regaining some momentum, it's going to be tough to beat FanDuel and DraftKings.</li><li>Andreessen Horowitz says adios to Miami. The VC firm has reportedly <a target="_blank" href="https://www.businessinsider.com/andreessen-horowitz-leaves-miami-florida-office-report-2024-9">abandoned its South Florida office</a> just two years into a five-year lease, a sign that the recent tech and crypto migration to Miami may be short-lived.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>You don't have to be a millionaire to retire before 50, an accountant says. <a target="_blank" href="https://www.businessinsider.com/accountant-retired-before-50-without-1-million-savings-2024-9">Here's how she did it</a>.</li><li>Why 'fake heiress' Anna Sorokin, quietly released from house arrest, can <a target="_blank" href="https://www.businessinsider.com/anna-sorokin-house-arrest-dancing-with-the-stars-ankle-monitor-2024-9">compete in 'Dancing With the Stars'</a> with an ankle monitor.</li><li>Raising Cane's just offered a rare glimpse into its finances — <a target="_blank" href="https://www.businessinsider.com/raising-canes-revenue-private-debt-offering-todd-graves-net-worth-2024-9">and the chicken-finger giant is growing like crazy</a>.</li><li>This leaked 2007 DoubleClick pitch deck is set to play a central role in <a target="_blank" href="https://www.businessinsider.com/leaked-deck-doubleclick-acquisition-pitch-google-adtech-antitrust-trial-2024-9">Google's blockbuster adtech antitrust trial</a>.</li><li>George R. R. Martin criticized the changes made by 'House of the Dragon' <a target="_blank" href="https://www.businessinsider.com/george-rr-martin-house-of-the-dragon-changes-criticism-maelor-2024-9">in a quickly deleted blog post</a>.</li><li>Airbnb CEO Brian Chesky says women founders say they can't go 'founder mode' like men and <a target="_blank" href="https://www.businessinsider.com/airbnb-ceo-brian-chesky-women-say-cant-go-founder-mode-2024-9">that it needs to change</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Court hearing in Donald Trump's Jan. 6 case after Supreme Court ruled acts covered by presidential immunity.</li><li>Toronto International Film Festival (TIFF) begins.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

US economy's fate hangs on jobs report as Fed decides how deep cuts will go

<keyword id="21333142" type="General" weightage="100" keywordseo="Indias-population" source="keywords">India's population</keyword> is projected to peak in the early 2060s at about <keyword id="22386427" type="General" weightage="20" keywordseo="1-7-billion" source="keywords">1.7 billion</keyword> and then decline by 12%, but the country will remain the world's most populous throughout the century, the <keyword id="19896118" type="General" weightage="20" keywordseo="United-Nations" source="keywords" meta.keywordsubtype="org" meta.entityname="United Nations" meta.hostid="153" meta.entityid="United Nations">United Nations</keyword> has said. The World Population Prospects 2024 report, released on Thursday, said that the world's population is expected to continue growing over the coming 50-60 years, reaching a peak of around 10.3 billion people in the mid-2080s, significantly up from 8.2 billion in 2024. After peaking, the global population is projected to start declining gradually, falling to 10.2 billion people by the end of the century. India, which surpassed <keyword id="19894886" type="General" weightage="20" keywordseo="China" source="keywords">China</keyword> as the world's most populous nation last year, will continue to hold that position through 2100. "The population of India, which is expected to remain the world's largest throughout the century, will likely decline by 12% after reaching its peak in the early 2060s at about 1.7 billion," the <keyword id="19898339" type="General" weightage="20" keywordseo="UN" source="keywords">UN</keyword> report published by the United Nations Department of Economic and Social Affairs (DESA), <keyword id="271075" type="General" weightage="20" keywordseo="population-division" source="Orion">Population Division</keyword> said. According to the report, India's population in 2024 is projected at 1.45 billion and this will peak to 1.69 billion in 2054. After this, India's population is projected to decline to 1.5 billion by the end of the century in 2100, but the country will still remain the most populous nation on Earth. Responding to a question by PTI on population projections for India, Senior Population Affairs Officer, Population Division, <keyword id="6355835" type="General" weightage="20" keywordseo="un" source="Orion">UN</keyword> DESA Clare Menozzi said at a press conference that "India is currently the largest country in the world in terms of population, and it is projected to stay so throughout the century. The population is currently estimated at 1.45 billion, and it's supposed to increase further to 1.69 billion. "It's supposed to peak around the 2060s in size and then it starts to slightly decline. So by the end of the century, India is projected to be around 1.5 billion, but will still the largest country in the world by a large margin." The report said that China's population, currently 1.41 billion in 2024, will fall to 1.21 billion in 2054 and further decline to 633 million by 2100. "It is anticipated that China, the country currently with the world's second-largest population, will likely experience the largest absolute population loss between 2024 and 2054 (204 million)," followed by <keyword id="6355311" type="General" weightage="20" keywordseo="Japan" source="Orion">Japan</keyword> (21 million) and <keyword id="6358826" type="General" weightage="20" keywordseo="Russia" source="Orion">Russia</keyword> (10 million). "Longer-range population projections are more uncertain" for China, it said. "However, due to its large size and sustained low level of fertility, China is also likely to record the largest population decline of any country through the end of the century (786 million people). By 2100, China is projected to have lost more than a half of its current population and to have returned to a population size comparable to that recorded in the late 1950s (50% probability)." Responding to a question on the significantly low population projection for China, Director of the Population Division at UN DESA John Wilmoth said that "it really relates to the level of fertility that's observed currently in China. The current number is right around one birth per woman on average over a lifetime." "Given that you need 2.1 births to maintain the current population without migration, if fertility levels remain at such a low level, even if they come up slightly, any fertility level if it's below two, or especially below 1.8 or below 1.5, you're really getting into low levels of fertility and it produces a long run decline that's quite significant. And that's true for China. It's true for some other countries in this analysis," Wilmoth said. Currently, nearly one-fifth of all countries and areas, including China, Italy, the Republic of Korea and Spain, are experiencing what is sometimes referred to as "ultra-low" fertility, with fewer than 1.4 live births per woman over a lifetime. The report added that the global fertility rate currently stands at 2.25 live births per woman, down from 3.31 births in 1990. "More than half of all countries and areas globally have fertility below the replacement level of 2.1 live births per woman. This is the level required for a population to maintain a constant size in the long run (without migration), with each generation being followed by another of roughly equal size," it said. Pakistan is projected to overtake the US as the third-largest country in the world, with a population of 389 million in 2054. Currently, the US is the third largest country in the world with a population of 345 million and in 2054, it will be the fourth largest with 384 million people. Pakistan will remain the third largest country in the world, with a population of 511 million people in 2100. The report said that the estimated likelihood that the world's population will peak within the current century is very high, with a probability of 80%, a major change in UN projections from a decade ago, when this probability was around 30%. The size of the world's population in 2100 is now expected to be 6%smaller - or about 700 million people fewer - than anticipated a decade ago. In about 126 countries and areas, the population is likely to continue growing through 2054, potentially reaching a peak later in the century or beyond 2100. This group includes several of the world's most populous countries: India, Indonesia, Nigeria, Pakistan and the United States of America. In 2023, the global number of deaths among children under age 5 fell below 5 million for the first time in recent history. However, 95% of such deaths took place in the 126 countries with populations that are still growing, including the Democratic Republic of the Congo, India, Nigeria and Pakistan. The report added that globally, life expectancy at birth reached 73.3 years in 2024, an increase of 8.4 years since 1995. Further reductions in mortality are projected to result in an average longevity of around 77.4 years globally in 2054. Since 2022, life expectancy has returned to levels observed before the emergence of the coronavirus disease in nearly all countries and areas. At the height of the COVID-19 pandemic during 2020 and 2021, global life expectancy at birth fell to 70.9 years, down from 72.6 in 2019. The report said that by 2080, persons aged 65 or older will outnumber children under 18. "By the late 2070s, the number of persons at ages 65 years and higher globally is projected to reach 2.2 billion, surpassing the number of children (under age 18). By the mid-2030s, it is projected that there will be 265 million persons aged 80 years or older, more than the number of infants (1 year of age or less)," it said.

India's population to peak in early 2060s to 1.7 billion before declining: UN

<keyword id="22215344" type="General" weightage="20" keywordseo="German-businesses" source="keywords">German businesses</keyword> see <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> as a very "stable place" to <keyword id="19954634" type="General" weightage="20" keywordseo="invest" source="keywords">invest</keyword>, said the country's Ambassador <keyword id="20424857" type="General" weightage="20" keywordseo="philipp-ackermann" source="keywords">Philipp Ackermann</keyword> on Friday, while anticipating increased German <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> in India after the India-EU Free <keyword id="19900989" type="General" weightage="20" keywordseo="trade" source="keywords">Trade</keyword> Agreement resolves tax and tariff "impediments". In an interview with ANI, Ackermann also informed about the possible visit of German Chancellor Olaf Scholz in October this year, during which <keyword id="20766370" type="General" weightage="20" keywordseo="business-relations" source="keywords">business relations</keyword> and trade relations would be on the agenda. Ackerman noted that migration will also be a key item for discussion. Speaking on the sidelines of the release of the German India Business Outlook 2024 survey, Ackerman said, "The survey has given us an impression that <keyword id="22215345" type="General" weightage="100" keywordseo="german-business-in-india" source="Orion">German business in India</keyword> is extremely bullish on India. The surveys found that almost 80% of German businesses want to expand their businesses, want to reinvest, build up more factories, and invest more in India." "The German businesses see enormous potential in the Indian market. It sees the very impressive growth rates of India. That makes them very happy. After elections again, they find it a very stable place to invest," the ambassador expressed. Philipp Ackermann termed the long-pending India-EU Free Trade Agreement a "game changer". He mentioned that no specific deadline has been set for signing the Free Trade Agreement, stating that "it will take some time." "There is no deadline because the <keyword id="20000557" type="General" weightage="20" keywordseo="FTA" source="keywords">FTA</keyword> relationship is very complicated and it has to take time. We have now seen the ninth round, if I'm not mistaken, which just finished a day or two ago. We are in the process of negotiating the German government is very much behind this," he said "We feel that the FTA is very important for our business; it will be even more so if it is a game changer. So I'm very hopeful that at some stage we come to a conclusion, but don't ask me about the timeline. I think it will take some time," he added. When asked what impact the FTA will have on the Indo-German trade relationship, the envoy said that tariffs and taxes are one of the reasons German companies say might impede investment, and with an FTA, the tariff side will be solved. "For many German companies, an FTA will bring a clear solution and regulation on tariffs and trade and it would be a great gift for their business," he added. The proposed trade deal with the EU is one of the most complex FTAs being negotiated by India. There has been no breakthrough despite several rounds of talks. On June 17, 2022, the European Union relaunched negotiations with India for a Free Trade Agreement, and launched separate negotiations for an Investment Protection Agreement and an Agreement on Geographical Indications (GIs). The mandator also gave details about the possible visit of German chancellor Olaf Scholz, saying the chancellor will travel to Delhi and parts of his cabinet, including the German ministers, will accompany him and sit down with their Indian counterparts to develop coming programmes and projects and the roadmap. "So we expect that to happen in the second half of October sometime. The dates have not been finalised yet. But it is a very, very good moment to sit down, compare notes, and say, Where is this apprenticeship going?" he added. "We will try to develop the future of this partnership during these consultations. Other items on the agenda are certainly business relations and trade relations, but also migration, which is a very interesting issue within and certainly does politics as usual," he said.

German businesses see India as a stable place to invest, says German ambassador Philipp Ackermann

For employees, a job is about more than just the paycheck—elements like work-life balance, career development and a positive <keyword id="20375714" type="General" weightage="20" keywordseo="workplace-environment" source="keywords">workplace environment</keyword> play crucial roles. This broader perspective extends to a national level too, with highly <keyword id="20614079" type="General" weightage="20" keywordseo="skilled-professionals" source="keywords">skilled professionals</keyword> increasingly drawn to countries that offer a more inclusive and progressive atmosphere. A recent study from Washington State University underscores this notion, revealing that European countries which embraced <keyword id="20026331" type="General" weightage="100" keywordseo="same-sex-marriage" source="keywords">same-sex marriage</keyword> saw a significant boost in retaining their top talent. This shift had considerable economic repercussions, particularly in influencing the flow of skilled workers to the United States. <cmsannotation type="cmsannotation" annotationid="Uncovering the link between marriage equality and skilled labour retention" comment="subhead" text="Uncovering the link between marriage equality and skilled labour retention">Uncovering the link between <keyword id="1660336" type="General" weightage="20" keywordseo="marriage-equality" source="Orion">marriage equality</keyword> and <keyword id="22603926" type="General" weightage="20" keywordseo="skilled-labour-retention" source="Orion">skilled labour retention</keyword></cmsannotation> The study, recently published in AEA Papers and Proceedings, analysed 20 years of data on H-1B visas—those coveted permits for immigrants with advanced degrees and specialised skills. The research team’s choice to focus on EU countries was a strategic one, leveraging the shared labour market within this political and economic union for a more precise analysis of marriage equality’s effects. The EU also provided a natural experiment: by 2019, roughly half of the 27 member states had legalised same-sex marriage, while the remaining 14 had not, creating a perfect control group for comparison. The results revealed that from 2000 to 2019, as 13 EU countries adopted same-sex marriage laws, the U.S. experienced a 21% decline in new H-1B visas from these countries. This trend persisted despite differences in enactment dates and economic conditions across the EU. The study also considered the effect of the U.S. recognising foreign same-sex marriages in 2013. Notably, this policy change slowed the decrease in H-1B visa admissions from EU countries with existing marriage equality laws, such as The Netherlands, Belgium and Spain. Koroles Awad, a Ph.D. candidate in economics at WSU, emphasised that <keyword id="21934841" type="General" weightage="20" keywordseo="inclusive-policies" source="keywords">inclusive policies</keyword> make countries more attractive to skilled labour. This finding underscores the broader economic benefits of marriage equality beyond just social progress. Awad further noted that marriage equality could act as a non-monetary incentive for attracting and retaining highly sought-after skilled workers, particularly in STEM fields. Building on previous U.S. studies showing that same-sex couples and households led by women were more likely to relocate to states recognising same-sex marriage, this new research broadens the understanding of how inclusive policies affect migration patterns. Although this study doesn’t address the sexual orientation of H-1B visa holders, it clearly indicates that the appeal of inclusive environments is a significant factor for skilled professionals.

Inclusivity pays off: Countries with same-sex marriage retain skilled professionals more effectively, per study

After more than a year of intense political tangling, the <keyword id="43633" type="ORGANIZATION" weightage="20" keywordseo="US-senate">US Senate</keyword> has passed a bill that lifts the existing per-country cap on the number of permanent-residency permits issued to legal immigrants, potentially paving the way for Indians waiting in decades-long lines to breathe easier. But there's a catch. Several, actually. It's the Senate vs House lawmakers' versioning problem. Aparna Bhatnagar, an Indian living in Stamford, Connecticut who's been in the "queue forever" places the developments in context. "This version has to reconcile with the previous version that the House passed. It's still a long way to go and by that time the new ruling party will take over. Let's wait and watch," she told IANS. The "previous version" that Bhatnagar refers to is the aFairness for High-Skilled Immigrants Act' which passed the House of Representatives in 2019 - 365 to 65 votes. What passed the Senate late Wednesday night was a similar piece of legislation sponsored by Senator Mike Lee (Republican, Utah), not the exact one passed by the House. Senator Lee's state Utah, incidentally, is the new magnet for the nearshoring business model in the US. The Senate and the House bills will now have to be layered onto each other and a combo version will have to pass both the House and Senate before being sent over to the White House. Current US rules limit any one country to 7 per cent of all employment-based green cards. Indians make up more than 600,000 of those whose paperwork is approved but are waiting. The US State Department awards about 140,000 Green Cards a year but does not have caps on how many applications get approved each year - creating a demand supply asymmetry that puts millions of legal immigrants on a perpetual waitlist. "It is indeed a great decision by the Senate. Fingers crossed because the House has to pass the bill with the added amendments," Rashi Bhatnagar, an Atlanta resident told IANS. Anirban Das, who has been through the grind and began an advocacy group called Skilled Immigrants in America (SIIA), points to the coming challenges, in a tweet. "We need to work to get this passed in the House. I hope everyone can come together knowing this is the right thing to do." The swirling anxiety centers around the carve outs in the Senate version of the bill, coming from various Republican Senators opposed to the legislation in its current avatar. Sen. Rand Paul (Republican, Kentucky) has inserted provisions for nurses from the Philippines and is demanding new restrictions on firms that employ half of their workers on H1B visas. Sen. Rick Scott (Republican, Florida) added two more into the mix: A new limit for the next 10 years on the overall number of immigrants on H1B visas who can receive Green Cards and another which could slash immigration from China. "While I recognize the sincerity of all members and senators struggling to find solutions, unfortunately the provisions sent to the House by the Senate yesterday most likely make matters worse, not better," said Rep. Zoe Lofgren, chairwoman of the House Judiciary subcommittee on immigration, who sponsored the House bill. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/sbis-mobile-banking-app-is-down-for-the-third-time-in-last-30-days/articleshow/79548953.cms">SBI’s mobile banking app is down for the third time in 30 days — digital services take a hit for the 25th time this year</a> <a href="https://www.businessinsider.in/business/corporates/news/ultratech-cements-5477-crore-expansion-plan-is-a-sign-that-birla-is-betting-on-a-faster-economic-recovery/articleshow/79549626.cms">UltraTech Cement's ₹5,477 crore expansion plan is a sign that Birla is betting on a faster economic recovery</a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-directs-hdfc-bank-to-suspend-its-digital-business-and-new-credit-cards-amid-rising-incidents-of-outages/articleshow/79542055.cms">RBI tells HDFC Bank to stop new digital launches and selling new credit cards after recent outages of online banking</a>

Indians hopeful as US Senate passes bill to lift cap on the number of Green Cards per country to clear massive backlog

<ul class="summary-list"><li><keyword id="1362260" type="PERSON" weightage="60" keywordseo="Palm-Beach-County">Palm Beach County</keyword>'s grew twice as fast as the US average over the past decade.</li><li>This has accelerated during the pandemic as remote workers sought a sunnier climate during lockdown.</li><li>Three locals explained why both people and businesses are flocking to the county.</li></ul><keyword id="6357385" type="LOCATION" weightage="60" keywordseo="florida">Florida</keyword> has been one of the few states to see real economic progress during the pandemic.<a href="https://www.businessinsider.com/florida-growth-jobs-economy-population-new-york-pandemic-employment-miami-2021-4">Both businesses and companies have flocked to the US' third-largest state</a> over the past year because of its pro-business environment, including a lack of personal-income tax, alongside its sunny climate that made it an alluring place to spend lockdown.And <a href="https://www.businessinsider.com/wealthy-move-to-vacation-towns-long-term-during-pandemic-2021-2">Palm Beach County</a>, located just north of Miami, has stood out. Elliott Management is planning on moving its headquarters there, Citadel Securities based its trading-floor's COVID-19 bubble at a hotel there, and hundreds of families have relocated to the county.Read more: <a href="https://www.businessinsider.com/ibm-new-york-city-agile-office-remote-work-hybrid-2021-4">IBM is hunting for a smaller NYC office now that 80% of its employees won't come in every day. It's a sign of the times.</a>Insider spoke to parties involved in the local <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, including the mayors of <keyword id="398561" type="CITY" weightage="60" keywordseo="Boca-Raton">Boca Raton</keyword>, <keyword id="332058" type="CITY" weightage="60" keywordseo="West-Palm-Beach">West Palm Beach</keyword>, and <keyword id="89445" type="COMPANY" weightage="60" keywordseo="Palm-Beach">Palm Beach</keyword> town, to understand what's driving people to move to the area.<h2>'We punch above our weight in terms of business strength'</h2>Palm Beach County has been working to drive a <keyword id="56025" type="ORGANIZATION" weightage="60" keywordseo="Migration">migration</keyword> of businesses for around 10 years, Kelly Smallridge, CEO of the county's Business Development Board (BDB), told Insider.<div type="image" title="West Palm Beach" height="1060" width="2121" msid="82655712" hostid="261"></div>The county realized that executives were buying second houses or coming for vacations in Florida, but owned a large business in another state. So the BDB approached them about bringing their business to Florida, Smallridge said."That initiative has turned out to be the most lucrative economic development initiative in the last 40 years," Smallridge said.The BDB isn't the only group actively recruiting businesses to move to the county. West Palm Beach mayor Keith James told Insider that the city had been reaching out to financial-services companies for years - not just in <keyword id="6355838" type="LOCATION" weightage="60" keywordseo="new-york">New York</keyword> but in other Northeast states including Vermont and Connecticut, alongside some companies as far afield as California."We've seen tremendous interest in companies relocating to Boca Raton," Scott Singer, the mayor of Boca Raton, told Insider.He said the city had been fielding "plenty" of inbound calls, but that it had also launched targeted advertising in the New York, Chicago, and San Francisco markets, including promoting its technology business hub.The three mayors told Insider they had especially noticed increasing levels of interest from venture capital, private equity, hedge fund, and financial-services companies, feeding into a state-wide trend.<div type="image" title="360 rosemary related companies office building west palm beach" height="1999" width="2666" msid="82655714" hostid="261"></div>Hedge fund <a href="https://www.businessinsider.com/miami-florida-office-space-demand-leasing-microsoft-citadel-elliott-management-2021-1">Elliott Management</a> is in final-stage talks to move its headquarters from Manhattan to West Palm Beach, while Maryland-based mortgage company <a href="https://www.bdb.org/index.php?src=pages&amp;ref=financialservicesices">New Day USA</a> is leasing 50,000 square feet of office space as a second headquarters in the city.And <a href="https://www.businessinsider.com/citadel-remote-summer-internship-wisconsin-resort-palm-beach-2020-8">Ken Griffin's Citadel Securities</a> chose Palm Beach's Four Seasons as the location for its trading floor's COVID-19 bubble in April 2020.Almost 2,500 financial-service firms have offices in the county, employing 37,000 people in total, according to the <a href="https://www.bdb.org/index.php?src=pages&amp;ref=financialservicesices">BDB</a>.But other industries are growing, too. <a href="https://www.wpb.org/home/showpublisheddocument/569/637194293849430000">West Palm Beach</a> is targeting the marine and medical industries for future growth, while Singer said that Bacon Raton has been a tech hub for decades, noting that <a href="https://www.bocahistory.org/our-history-ibm/">IBM</a> developed the first personal computer there in 1981.<div type="image" title="Palm Beach's marina" height="1060" width="2121" msid="82655715" hostid="261"></div>Singer said Boca Raton had the number of corporate headquarters you'd expect from a city of four or five times its size. These include the headquarters of The Office Depot, ADT, and Bluegreen Vacations."We punch above our weight in terms of business strength," Singer said.<div type="image" title="ADT's HQ" height="863" width="1727" msid="82655716" hostid="261"></div>The county also has a <a href="https://www.pbconventioncenter.com/">350,000 square foot convention center</a> with 19 meeting rooms for businesses to hold events, conferences, and trade shows.<div type="image" title="Palm Beach County Convention Center" height="400" width="800" msid="82655718" hostid="261"></div><a href="https://www.businessinsider.com/florida-growth-jobs-economy-population-new-york-pandemic-employment-miami-2021-4">Florida doesn't have a personal-income tax</a> but it has a variety of other business benefits, too, Troy McLellan, CEO of Boca Raton's Chamber of Commerce, said.He said Boca Raton has a "rich entrepreneurial environment" and "an ecosystem that supports business and entrepreneurs," in part thanks to actions of Florida Gov. Ron DeSantis. He also points to the collaboration between groups such as the Palm Beach's BDB, the regional Chamber, and Enterprise Florida.Boca Raton alone has three college campus that create a pipeline of intellectual capital for businesses relocating to the area, McLellan said.<div type="image" title="Florida Atlantic University campus" height="1065" width="1420" msid="82655723" hostid="261"></div>There are a lot of transport developments either in place or in the pipeline for Palm Beach County, too.The county has an international airport, which more than six million passengers pass through each year. Even the most northern part of the county, Jupiter, is located just 90 minutes' drive from Miami and Fort Lauderdale airports for a wider range of long-haul flights.Boca Raton also has its own general aviation airport, while West Palm Beach is planning to launch a study into the feasibility of direct flights from the city to the Caribbean to benefit its marine sector.And traveling from West Palm Beach to the rest of Florida is getting easier after it was connected to Miami through <a href="https://www.businessinsider.com/virgin-trains-investor-wes-edens-interview-brightline-florida-passenger-rail-2019-4">Brightline</a>, a rail system with investments from Richard Branson's Virgin, John Boyd of the Boyd Company said. The route will be expanded to include Orlando and its airport as well as Tampa, too.<div type="image" title="Brightline train" height="1900" width="3800" msid="82655724" hostid="261"></div>This transport network is luring both businesses and people to the county.Singer said there had been "tremendous interest" from executives with businesses overseas, who wanted to open offices or even locate to Boca Raton because of its transport links. Meanwhile, West Palm Beach <a href="https://www.wpb.org/government/development-services/economic-development/why-west-palm-beach">says</a> it has "one of Florida's most walkable central business districts," reducing the need to commute.<h2>People were already migrating - but the pandemic sped this up</h2>Not only have businesses been moving to the county but people have flocked there, too.Palm Beach County's population grew by around 14.2% over the past decade, according to estimates from the <a href="https://www.census.gov/programs-surveys/popest/technical-documentation/research/evaluation-estimates/2020-evaluation-estimates/2010s-counties-total.html">US Census Bureau. </a>This is almost double the rate of overall US population growth. Its population sits at around 1.5 million, making it Florida's third-largest county by population and second-largest by size.This growth isn't just because of the natural population increases that you would expect over time. There has also been soaring rates of both domestic and international migration. The county's net migration was around 11,500 in 2020, according to US Census Bureau estimates - compared to a net migration loss of 23,625 for New York County, which has a similar population.<div type="image" title="West Palm Beach" height="1833" width="2444" msid="82655725" hostid="261"></div>Florida is traditionally <a href="https://www.businessinsider.com/personal-finance/best-cities-achieve-early-retirement-2020-11">associated with retirees</a> but McLellan said this trend <a href="https://www.businessinsider.com/wealthy-move-to-vacation-towns-long-term-during-pandemic-2021-2">seems to be fading as more</a> and more families and young high-flyers move to the area.Many of these migrants are coming from the Northeast. Around two in five people moving to Palm Beach County come from the New York City area, per a <a href="https://f.hubspotusercontent20.net/hubfs/2931123/Emerging%20Areas%20in%20SE%20Florida%20(2).pdf">report by Unacast</a>. But some also come from cities like Boston, Chicago, and San Francisco, or even from countries like India and Brazil, Boyd said.<a href="https://www.forbes.com/assets/billionaires/billionaires-2020-map/?v=5">Forbes</a> identifies Palm Beach County as Florida's billionaire hub. The 2,600-square-mile county has around 44 billionaires, Smallridge said. This is roughly as many as there are in the entirety of Los Angeles, <a href="https://www.businessinsider.com/where-do-billionaires-live-top-cities-worldwide-ranked-2019-5">according to Wealth-X's 2020 Billionaire Census</a>, and includes Interactive Brokers founder Thomas Peterffy, hedge-fund manager David Tepper, and food-and-drink entrepreneur Jude Reyes, per <a href="https://www.forbes.com/assets/billionaires/billionaires-2020-map/?v=5">Forbes</a>.It's also the home of <a href="https://www.businessinsider.com/inside-trump-mar-a-lago-club-photos-2018-1">Mar-a-Lago</a>, the US's second-largest mansion, owned by former President Donald Trump.<div type="image" title="Mar a Lago better" height="2000" width="2666" msid="82655727" hostid="261"></div>The county also has around 71,000 millionaire households, Smallridge said. <a href="https://www.businessinsider.com/larry-ellison-tearing-down-palm-beach-mansion-staying-in-hawaii-2021-4">Oracle Founder Larry Ellison</a> recently bought an $80 million house in the county, though he plans to stay living in Hawaii full-time, and fashion designer <a href="https://www.businessinsider.com/a-list-of-all-the-powerful-people-moving-to-florida-right-now-2021-1#tommy-hilfiger-9">Tommy Hilfiger</a> sold his house in Greenwich, Connecticut to move to Palm Beach.Danielle Moore, the mayor of the town of Palm Beach, said it had a reputation as "the hometown of 'captains of industry,'" which she said motivated even more people to move there.People had already been migrating to the county before the pandemic but COVID-19 forced people to address their work-life balance, alongside the deterioration of office culture, the mayors said.Alongside companies opening up offices in the city, the rise in remote working during the pandemic has led to digital nomads flocking to the county.Moore said the town of Palm Beach was experiencing the lowest inventory of available homes "in decades," and house prices across the county have gone up <a href="https://www.zillow.com/palm-beach-county-fl/home-values/">around 10%</a> over the past year as more and more people relocate.<div type="image" title="West Palm Beach housing" height="2016" width="3024" msid="82655730" hostid="261"></div>Some of these people are incredibly wealthy. Sales of million-dollar single-family homes in Palm Beach County increased by more than 140% year over year, according to the <a href="https://www.businessinsider.com/wealthy-move-to-vacation-towns-long-term-during-pandemic-2021-2">2021 Luxury Outlook report by Sotheby's International Realty</a>.Florida has remained largely open during the pandemic compared to other states. This led to people choosing to make Florida their primary residence for the pandemic."People can work from anywhere, so why not work from paradise?" Singer said."That trend is likely to continue because <a href="https://www.businessinsider.com/ibm-ceo-on-return-to-work-and-hybrid-remote-plans-think-2021-5">the office environment of New York City</a> is not what it was," he said. He added that <a href="https://www.businessinsider.com/new-york-income-tax-wealthy-florida-cuomo-miami-budget-2021-4">New York State was also hiking its taxes</a>."When they were closed down, we had plenty of recreation space and great weather year-round, and people are understanding more and more that this is where they want to be," he added.<div type="image" title="West Palm Beach marina" height="1060" width="2121" msid="82655733" hostid="261"></div>Alongside retirees, Florida is also associated with seasonal residents who move to the state for the colder winter months, and Moore said that the town of Palm Beach's population more than doubles during the peak season.But when people relocated to Florida, many started enrolling their children at nearby schools, and soon found themselves settled down in the state, Smallridge said.Palm Beach County's median age is 43.6, "and that number is probably going to stay steady even as we all age because younger people are being born and coming here every day," Singer said.The climate has attracted people, too. The county has an average temperature of 75 degrees Fahrenheit, compared to 53 degrees Fahrenheit for <a href="https://en.climate-data.org/north-america/united-states-of-america/new-york/new-york-1091/">New York State</a>, <a href="https://discover.pbcgov.org/pages/pbc_facts.aspx">hasn't had snow since 1978</a>, and has <a href="https://discover.pbcgov.org/pages/pbc_facts.aspx">around 47 miles of coastline</a>.<div type="image" title="Palm Beach" height="1155" width="2310" msid="82655734" hostid="261"></div>"Most executives will go take a swim in the beach before they even go to work," Smallridge said. "They never have to shovel snow and they don't have to ride with the subway."But even as more people migrate to the county, some to work remotely while others to work for the companies opening new offices in the area, this trend is ultimately creating more employment opportunities for local residents, James said. He added that West Palm Beach has offered financial incentives to companies moving to the city based on the number of jobs they create, including <a href="https://www.wpb.org/home/showpublisheddocument/569/637194293849430000">expedited permit reviews and tax exemptions</a>.McLellan, meanwhile, said Boca Raton was trying to create a pipeline of future talent for businesses in the area, and that the Chamber was working to discourage residents from migrating away from the city.Ultimately Palm Beach County is positioning itself as not just a major financial-services hub, but also a destination for families, young graduates, and high-flying execs to move to.This is perhaps best summed up by West Palm Beach's tagline: "business, life, balanced."

Palm Beach County has around 44 billionaires. The super-rich are flocking there for business opportunities, convenient transport links, and a chance to live in 'paradise.'

<ul><li>Business Insider India spoke to Sachin Chawla, Vice President – India &amp; APAC, MongoDB, who shared interesting insights from a MongoDB study of 2,000 developers and <keyword id="1178139" type="General" weightage="20" keywordseo="it-decision-makers" source="Orion">IT decision makers</keyword>. </li><li>The report revealed that a majority of the respondents (63%) describe their organisation’s data architecture as complex and 86% believe this complexity is a limiting factor when it comes to innovation. </li><li>In India, the need to meet regulatory constraints, and pressure to create new products and features were listed as the biggest contributors to data complexity, which has knock-on effects on application development.</li></ul>MongoDB, the modern, general purpose database platform, recently conducted a survey of 2,000 developers and IT decision makers (ITDMs) across Asia. The study analysed why <keyword id="6361043" type="General" weightage="20" keywordseo="software" source="Orion">software</keyword>-driven innovation, despite being a key priority, continues to be a challenging goal for many organisations. The survey points to a number of factors, including how off-the-shelf software or a blind leap to <keyword id="11929101" type="General" weightage="20" keywordseo="cloud" source="Orion">cloud</keyword> does not guarantee innovation. Business Insider India spoke to Sachin Chawla, Vice President – India &amp; APAC, MongoDB, about key insights from the study. He also discussed why data complexity and innovation tax have become key challenges for enterprises in India. The historical statement - “Software is eating the world” came out over a decade ago. 10 years down the line, despite being predominantly software-driven, why are organisations still struggling with software-based innovation? Recently at MongoDB World, I heard an amazing statistic. By 2025, analytics firm IDC believes that over 750 million digital apps and services will be developed and deployed – three times what has been developed in the past 40 years. That’s a huge number, and there are millions of developers, complex webs of software and, of course, ever growing data to make this happen. Building these applications, while minimising complexity and successfully harnessing that data, are some of the biggest challenges and opportunities we see for businesses in India. But we know the future is not distributed evenly. Some companies are succeeding and thriving in this new world, and some are not. Why is that? Well, one important, and surprising reason is that for many businesses, the foundational infrastructure they use to power these applications has not really changed in a long time. In our recent survey of 2,000 technology professionals across geographies including India, 86% of technologists reported that working with data is still the hardest part of building and evolving applications. The report also brought to the fore that the majority of the respondents (63%) describe their organisation’s data architecture as complex and 86% believe this complexity is a limiting factor when it comes to innovation. Could you give us an example to elucidate this better? The relational data model was invented more than 40 years ago. It’s an amazing piece of technology, but it simply wasn’t designed for modern, globally distributed use cases or the huge volume and variety of data that modern applications need. So, developers are often forced to spend considerable time and effort patching legacy technologies, along with modern tech, to deliver what the customer wants. Needless to say, it is hard and expensive. Add to this the complexity introduced by niche solutions and the multiple database options offered by cloud players. All these factors lead customers into an architecture that is an integration and a management nightmare. Some of the key consequences of this failure to innovate, according to the technologist we spoke to, include, the inability to respond to competitors, to enter new markets, and to use data-driven insights to compete. 57% percent of respondents in your survey reported that use of the cloud had helped them innovate, but 26% said the cloud made innovation harder. That’s an interesting finding. Could you elaborate on this? Cloud is often approached as an innovation accelerator. There is no doubt that migrating to the cloud offers massive advantages to businesses of all sizes, but these advantages become apparent only when done right. What I mean by that is when you move an existing application to the cloud, in most cases, the benefit is only realised if you re-factor, re-architect or redesign your app fully and not just lift and shift. Our research found that <keyword id="3788055" type="General" weightage="20" keywordseo="cloud-migration" source="Orion">cloud migration</keyword> and digital transformations don’t always help overcome innovation blockers, in fact for many companies they make it harder – we believe lift and shift is one reason for that. I see a lot of organisations falling into this trap. But deep-rooted legacy architectural problems on prem (on premise) are still problems in the cloud. For example, if your application and the underlying database are not designed to scale horizontally, moving it to the cloud won't solve the scalability problem. Add to that the complexity organisations introduce in their architecture by having multiple databases for different use cases. It creates a massive management and skill problem and blocks agility. No wonder, 60% of the respondents said that <keyword id="860946" type="General" weightage="20" keywordseo="digital-transformation" source="Orion">digital transformation</keyword> efforts increased the complexity of working with data. The very nature of digital transformation almost always mandates a move to the cloud, where it’s simple to develop and deploy new software – which can be a boon or a curse, because it also makes it easy to inadvertently create a massively complex architecture for the reasons mentioned above. These findings argue for increased attention to the migration and management of data during digital transformation initiatives. How best can ‘Innovation tax’ be defined and some of the biggest challenges that are stopping organisations to innovate? Simply put, innovation tax is the drag on the speed of innovation, which is caused by an inability to manage the data complexity in an organisation. How quickly a company can develop and deploy new solutions and applications is often a key factor in determining its success in the digital era. This has increased the strategic importance of developers, who have become the driving force for innovation. However, our research found that, today, many developers are being held back from driving this innovation because of an environment that is riddled with technical debt, needlessly complex data architectures, and wildly different frameworks, toolchains, and programming languages. Tell us about other findings in the report that are unique to India. We found that most regions across APAC (Asia-Pacific) are in broad agreement about the key themes – data is difficult to work with, innovation is incredibly important and complexity is getting in the way. However, interestingly, we found that the India market seems to have the most intense response. For example, in India, the largest percentage of respondents (86%) agreed that working with data is the most difficult element of their job owing to the sheer complexity of the data architecture. We also saw that Indian respondents were the most likely to say that developing new, innovative applications and features is critical to innovation (96%). This echoes what I’ve seen on the ground – the teams here are laser-focused on the massive opportunity that software and innovation can deliver and they’re very attuned to the challenges that will get in the way. Interestingly, in India the biggest contributor to data complexity (which as we've seen has knock-on effects to application development) were listed as the need to meet regulatory constraints and pressure to create new products and features. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/payment-solutions-company-twid-raises-12-million-in-series-a-funding-from-rakuten-capital-google-and-others/articleshow/93319069.cms" style="">Payment solutions company Twid raises $12 million in series A funding from Rakuten Capital, Google and others</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/inflation-weather-and-more-push-july-services-sector-growth-to-a-4-month-low/articleshow/93315248.cms" style="">Inflation, weather and more push July services sector growth to a 4-month low</a>

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