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World Tourism Day 2024: Exploring the 10 most peaceful countries on Earth

<ul class="summary-list"><li>Several countries have implemented, or are considering, the right to disconnect after work hours.</li><li>There are clear mental health benefits to healthy workplace boundaries.</li></ul>In the past few years, there has been a keen interest in legally giving employees the right to <a target="_blank" class="" href="https://www.businessinsider.com/impact-of-out-of-hour-emails-employee-wellbeing-2021-7">fully log off after</a> work.Having no duty to respond or check calls and emails can be a relief for employees who feel the expectation to be constantly available for their bosses' every request.However, some workplace analysts are not convinced a blanket ban on out-of-hours communication is the key to a healthy work-life balance — and it could even backfire.<h2 id="3bf68885-efdc-4180-93d4-8c0f8a903a35">A growing global trend</h2>So far, in varying forms, at least 17 countries around the world have implemented laws to prevent bosses from contacting their employees outside of business hours.In France, <a target="_blank" class="" href="https://www.businessinsider.com/the-truth-about-frances-work-email-ban-2014-4">where the trend emerged</a>, workers are under no obligation to work at home, and ignoring calls outside work hours is no grounds for discipline. In Portugal, <a target="_blank" class="" href="https://www.businessinsider.com/portugal-digital-nomad-labor-laws-boss-cant-text-after-hours-2021-11">it has been illegal for employers to text their staff out of hours since 2021</a>.In August, Australia joined the list with a new law allowing people to ignore their boss' emails after 5 p.m. The UK may not be far behind with the Labour government's <a target="_blank" class="" href="https://www.bbc.co.uk/news/articles/cn4711jg34vo">"right to switch off" guidance</a>.Similar bills have been considered in bills considered in New York, Washington, and California.The laws have led to fines. In 2018, for instance, the French arm of UK pest-control company Rentokil had to pay €60,000 ($64,000) to a former employee for asking him to leave his phone on when he wasn't working.Elouisa Crichton, an employment partner at Dentons, an international law firm, told Business Insider that a 5 p.m. email cutoff is "a bit of a blunt instrument and arguably puts the emphasis in the wrong place.""It's more about the expectation to respond," she said.<h2 id="4a0e2a32-4da1-496d-ae2a-34294a5aa419">Mental health benefits</h2>There are clear mental health benefits to healthy workplace boundaries.A January report from Gallup, previously reported by <a target="_blank" class="" href="https://www.businessinsider.com/employee-engagement-productivity-remote-work-hybrid-burnout-managers-office-expectations-2024-1">BI, estimated that </a>a lack of <a target="_blank" rel="" href="https://www.businessinsider.com/return-to-office-company-culture-how-to-improve-employee-engagment-2023-10">employee engagement</a> at work may cost the US economy nearly $2 trillion in <a target="_blank" rel="" href="https://www.businessinsider.com/employees-back-to-the-office-what-the-data-really-says-2023-9">lost productivity each year</a>.Professor Sir Cary Cooper, a professor of organizational psychology and health at the Manchester Business School, told BI that the right to disconnect guidance is largely a way to try to fight <a target="_blank" class="" href="https://www.businessinsider.com/employee-engagement-productivity-remote-work-hybrid-burnout-managers-office-expectations-2024-1">burnout among employees</a>.Working on weekends and vacations is "just not healthy," Cooper said, but has become normalized, especially since working from home has become so common, and people find it harder to disconnect after the workday.Bosses also set precedents, whether they realize it or not, if they send emails at all hours, Cooper said. It doesn't matter if they tell their staff not to respond until the morning."You're going to worry them," Cooper said. "Wait until the morning."If it truly cannot wait for some reason, bosses should write the email but set a delay so that it sends the next working day."If it makes you feel better to do it on a Saturday morning to your staff, do it," Cooper said. "But don't send it."Crichton said right-to-disconnect rules are likely to draw attention to excessive workloads in some industries and lead to tribunal claims linked to work-related stress."While the code may not revolutionize workplace practices overnight, it signals growing recognition of the need for balance in the digital work environment," she said.<h2 id="be42a1d1-2336-4afd-ae0d-50d573462dbb">Keeping things flexible</h2>However, there are downsides. If <a target="_blank" class="" href="https://www.businessinsider.com/signs-of-toxic-workplace-how-identify-spot-interview-2024-3">a workplace is toxic</a>, a ban on evening emails would do little to help.Cooper said that when attempting to improve a company's culture, you also don't want to eliminate flexible working altogether. This is when strict laws can do more harm than good.In his work on the book "Flexible Work: Designing our Healthier Future Lives," Cooper found that people have wanted flexible work for a long time. It's something that predates the pandemic and the global shift toward remote working."If you want to work flexibly, you might go pick your kids up from school at 3:30, spend time with them, and then work at night," Cooper said. "But if you're not allowed to deal with emails after 5 o'clock or in the evenings, weekends, or whatever, it's not giving you the flexibility you need."Instead of a blanket ban, flexible guidance can help implement a working day that will look different for everyone.Jeri Doris, the SVP of people at the HR and payroll platform Justworks, told BI that people should shift how they broadly view their work-life balance.Rather than seeing it as balancing time at work and time off, Doris said the focus should be on how to sustain a level of performance you are proud of."I think that that will look and feel differently for everybody," Doris told BI."Where do you do your best work? Is it at night? Is it in the morning?" she said."What routines and systems and norms do you need to have in order for you to show up in these moments when your energy battery is full? Hybrid work may be whatever it looks like for you."

Bans on out-of-hours work calls and emails are looming. They could bring trouble as well as peace.

<ul class="summary-list"><li>Donald Trump's US election win is fueling hope for an end to the rift between the PGA Tour and LIV Golf.</li><li>The launch of the Saudi-backed LIV tour has led to significant disruption in the sport.</li></ul>Donald Trump's return to the White House is fueling hope of an end to the divide between the PGA Tour and the Saudi-backed LIV Golf League.Golf star Rory McIlroy suggested earlier this week that Trump and Elon Musk could help accelerate a deal between the two tours, which have been embroiled in <a target="_blank" class="" href="https://www.businessinsider.com/pga-tour-liv-golf-billy-horschel-will-zalatoris-hypocrites-2022-8">an at-times bitter spat</a> with each other since LIV Golf <a target="_blank" class="" href="https://www.livgolfmediahub.com/mediaguide">launched in 2022</a>.Speaking to Sky Sports News, McIlroy, a four-time major-winner, said: "He's got Elon Musk, who I think is the smartest man in the world, beside him. So he might be able to do something if we can get Musk involved, too."The Northern Irishman, who has been a vocal critic of LIV Golf, added: "I think from the outside looking in, it's probably a little less complicated than it actually is.""But obviously, Trump has a great relationship with Saudi Arabia. He's got a great relationship with golf. He's a lover of golf. So, maybe. Who knows?" he said, adding: "But I think as the president of the United States again, he's probably got bigger things to focus on than golf."Feuds between the PGA Tour and LIV Golf, which is funded by Saudi Arabia's Public Investment Fund, had broken out over the huge amounts of money being thrown at LIV recruits and questions over their eligibility for major tournaments and international competitions.The tours announced a tentative framework agreement aimed at bringing the sides together in 2023, but that has seemingly stalled.Trump, a keen golfer who owns golf properties around the world, spoke about the split on <a target="_blank" class="" href="https://podcasts.apple.com/us/podcast/week-10-donald-trump/id1584409759?i=1000675644778">Bill Belichick's Let's Go podcast</a> earlier this week."I do think we should have one tour," Trump said."I think it'll come together. I could certainly help it.""I would say it would take me the better part of 15 minutes to get that deal done," he added.

Trump's election win fuels hope of a peace deal between the PGA Tour and LIV Golf

<ul class="summary-list"><li>Business leaders are speaking out on Election Day — including Starbucks founder Howard Schultz.</li><li>Schultz and JP Morgan's Jamie Dimon called for unity. Neither has endorsed a candidate.</li></ul>Election Day has finally come, and executives at some of the biggest companies are speaking out — with former Starbucks CEO Howard Schultz urging a peaceful transition of power and Elon Musk reiterating his support for Donald Trump to the end.Major players like Musk and Blackstone CEO Stephen Schwarzman have <a target="_blank" class="" href="https://www.businessinsider.com/which-billionaires-support-donald-trump-campaign#steve-schwarzman-2">previously endorsed former President Trump</a>. On the other side, <a target="_blank" class="" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8#michael-bloomberg-4">business heavyweights</a> like billionaire Shark Tank star <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-mark-cuban-campaign-swing-states-sec-chair-2024-10">Mark Cuban</a> and LinkedIn cofounder Reid Hoffman have been campaigning for Vice President Kamala Harris.While some business leaders have been voicing their political opinions ahead of Election Day, others have been reluctant: As Business Insider's Bryan Metzger recently wrote, some of that <a target="_blank" class="" href="https://www.businessinsider.com/jamie-dimon-bill-gates-ceo-avoid-criticizing-trump-2024-10">hesitancy could be driven by fears of retribution from Trump</a> if he's reelected — or could simply be based on the belief that wading into politics is bad for business.Here's what some of the biggest business leaders in the US are saying Tuesday ahead of the election results:<h2 id="2def0177-407a-4684-b191-b59992c8a4c0">Former Starbucks CEO Howard Schultz</h2><div type="image" title="Howard Schultz" height="2000" width="3000" msid="114994483" hostid="261" sizebytes="90930"></div><a target="_blank" class="" href="https://www.businessinsider.com/starbucks-coffee-howard-schultz-steve-jobs-bill-gates-acquired-podcast-2024-6">Howard Schultz</a>, who served several tenures as CEO of Starbucks over the course of four decades, <a target="_blank" class="" href="https://www.linkedin.com/posts/howardschultz_we-do-not-know-yet-the-path-america-will-activity-7259321042072936451-SONT?utm_source=share&amp;utm_medium=member_desktop">took to LinkedIn</a> on Tuesday to emphasize the gravity of this election and urge a peaceful transition of power."Make no mistake, this election is the most consequential decision our citizenry will take," Schultz wrote in his post."Once every vote is counted and certified, we must accept the results of the election and ensure the peaceful transition of power," he said. "In an age of rapid information distribution infecting so many of us with false narratives and lies, we have to remind each other of our founding ethos as a country."While the former CEO has not announced his support of a presidential candidate this election cycle, he previously <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-billionaire-howard-schultz-endorses-biden-for-president-2020-9">endorsed Joe Biden in 2020</a> and <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-ceo-howard-schultz-endorses-hillary-clinton-2016-9">Hillary Clinton in 2016.</a><h2 id="c7bb2462-e280-4964-84de-5af18eb3cdd0">LinkedIn cofounder Reid Hoffman</h2><div type="image" title="reid hoffman" height="2784" width="4176" msid="114994464" hostid="261" sizebytes="523510"></div><a target="_blank" class="" href="https://www.businessinsider.com/reid-hoffman">Reid Hoffman</a>, who cofounded LinkedIn and is now a partner at VC firm Greylock Partners, posted a <a target="_blank" class="" href="https://x.com/reidhoffman/status/1853590670218506599">video message on X</a> on Tuesday to <a target="_blank" class="" href="https://x.com/reidhoffman/status/1815103690912723274">reiterate his support</a> of Harris."My message for American voters and Russian bots: don't vote for the guy too busy selling you a scamcoin," Hoffman wrote on X above his video message. Trump launched his <a target="_blank" class="" href="https://x.com/realDonaldTrump/status/1846326266011762820">own crypto coin, $WLFI</a>, in October, following <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-going-for-crypto-bro-vote-world-liberty-financial-2024-9?utm_campaign=business-sf&amp;utm_source=twitter&amp;utm_medium=social">his foray into the decentralized finance market</a> with the crypto exchange platform, World Liberty Financial."Vote for Vice President Harris, who knows how to put business —and the American people — first," Hoffman's post said."She understands the importance of founders," Hoffman said of Harris in his video, adding, "She wants founders to succeed. And just for the country, not for her."<h2 id="60b847de-6405-451a-8d80-80908abc8781">Tesla and SpaceX CEO Elon Musk</h2><div type="image" title="Elon Musk smirking" height="2001" width="3000" msid="114994470" hostid="261" sizebytes="314740"></div>One of <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-superpac-donations-politics-2024-10">Trump's most outspoken supporters</a> and <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-america-super-pac-2024-10">biggest donors</a>, billionaire SpaceX and <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Tesla CEO Elon Musk</a> continued his steady stream of posts on X on Tuesday.In addition to re-posting several pro-Trump messages from other X users, Musk wrote a few election-related posts of his own.In response to a video of MSNBC's Joe Scarborough criticizing Trump supporters and listing a number of Trump's more extreme statements, <a target="_blank" class="" href="https://x.com/elonmusk/status/1853820794083647548">Musk wrote</a>, "The legacy media hope that a hoax a day keeps DJT away. It won't work."The billionaire <a target="_blank" class="" href="https://x.com/elonmusk/status/1853691543007137814">wrote another post</a> speculating that Trump will win Pennsylvania in a landslide if the same number of the state's Republicans vote in person for Trump this year as they did in 2020.<h2 id="2edf3c98-1b95-4c92-af6c-1f0adcf75720">Billionaire venture capitalist Vinod Khosla</h2><div type="image" title="Vinod Khosla." height="2020" width="3030" msid="114994462" hostid="261" sizebytes="340034"></div><a target="_blank" class="" href="https://www.businessinsider.com/openai-vinod-khosla-fixing-ai-image-2024-10">Vinod Khosla</a>, an OpenAI investor and founder of Sun Microsystems, has <a target="_blank" class="" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8#vinod-khosla-7">pledged his support for Harris</a>. His name is <a target="_blank" class="" href="https://www.vcsforkamala.org/signatories">one of hundreds</a> on the list of <a target="_blank" class="" href="https://www.businessinsider.com/tech-investors-raise-money-for-kamala-harris-over-zoom-2024-8">VCs for Kamala</a>.On Monday, Khosla made his opinions about Trump clear on X, <a target="_blank" class="" href="https://x.com/vkhosla/status/1853476975169732827">criticizing the former president</a> for suggesting he may support Robert F. Kennedy Jr.'s call to ban some vaccines.Khosla, who has <a target="_blank" class="" href="https://x.com/vkhosla/status/1815096257867923740">previously tussled with Musk</a>, responded on Monday to <a target="_blank" class="" href="https://x.com/elonmusk/status/1853329249614131365">a post from the X owner</a> that suggested all independent and swing voters are siding with Trump."Plain wrong," Khosla <a target="_blank" class="" href="https://x.com/vkhosla/status/1853584790609633640">wrote in response to Musk</a>. "I am an independent that isn't voting for Trump."<h2 id="b0378ce8-c632-491e-bde9-e9905a3ec8a3">Cantor Fitzgerald CEO Howard Lutnick</h2><div type="image" title="A man stands at a Trump/Vance podium" height="2769" width="4300" msid="114994465" hostid="261" sizebytes="238422"></div>Howard Lutnick, the CEO of financial services company Cantor Fitzgerald and cochair of Trump's transition team, reaffirmed his support of the former president in identical Election Day posts on X and Truth Social."Today is the day. I am proud to vote for President <a target="_blank" class="css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1loqt21" href="https://x.com/realDonaldTrump">@realDonaldTrump</a>," Lutnick <a target="_blank" class="" href="https://x.com/howardlutnick/status/1853792377086828718">wrote</a>. "He will protect the American workforce, unleash our country's ingenuity, and strengthen our economy. Join me in going to the polls and we will Make America Great Again."Lutnick has suggested to <a target="_blank" rel=" nofollow" class="" href="https://www.inquirer.com/news/pennsylvania/howard-lutnick-donald-trump-transition-committee-20241023.html">The Philadelphia Inquirer</a> and to the <a target="_blank" rel=" nofollow" class="" href="https://www.ft.com/content/8a8a470d-4bf6-4ac5-9f25-ad546eee31af">Financial Times</a> that loyalty to Trump will be one of the most important factors in deciding possible appointees for a second Trump administration.And the Wall Street financier's name has been floated as a <a target="_blank" class="" href="https://www.businessinsider.com/who-will-be-in-trump-cabinet-billionaires-buiness-leaders-2024-5#howard-lutnick-4">potential member of Trump's Cabinet</a> for roles including Treasury Secretary or US ambassador in Jerusalem, according to <a target="_blank" rel=" nofollow" class="" href="https://www.bloomberg.com/news/articles/2024-09-05/howard-lutnick-emerges-as-trump-s-no-1-salesman-on-wall-street?embedded-checkout=true">Bloomberg</a>.<h2 id="dc2eb88c-c930-44c2-9d96-aa9959bb918b">JP Morgan Chase CEO Jamie Dimon</h2><div type="image" title="Jamie Dimon" height="562" width="1000" msid="114994476" hostid="261" sizebytes="23796"></div>JP Morgan Chase CEO Jamie Dimon hasn't publicly endorsed a candidate this year, but he called in a statement for all Americans to rally behind whoever's elected next."Our country is now concluding one of the hardest fought and at times divisive elections in our recent history," Dimon said."Soon it will be time for all of us to unite behind our president-elect and all of our national leaders. We must begin the work of bringing our nation together and focusing on the pressing economic and global issues before us." Dimon's wife, <a target="_blank" class="" href="https://www.businessinsider.com/judith-dimon-door-to-door-michigan-canvassing-votes-kamala-harris-2024-11">Judith Kent, was on the campaign trail for Kamala Harris</a> over the weekend.<h2 id="40098c61-dfdc-420a-b85d-2cfc49e9516b">Oculus VR founder Palmer Luckey</h2><div type="image" title="Palmer Luckey, founder of Oculus and Anduril Industries, speaks during The Wall Street Journal's WSJ Tech Live conference in Laguna Beach, California on October 16, 2023." height="2009" width="3013" msid="114994478" hostid="261" sizebytes="346272"></div><a target="_blank" class="" href="https://www.businessinsider.com/who-is-palmer-luckey">Palmer Luckey</a> — who founded defense tech company Anduril as well as VR company Oculus, which he later sold to Meta for $2 billion — urged people to get out and vote on Tuesday."Pokemon Go to the Polls!" Luckey <a target="_blank" class="" href="https://x.com/PalmerLuckey/status/1853833958313873758">wrote on X</a>.Luckey was <a target="_blank" class="" href="https://www.businessinsider.com/billionaire-palmer-luckey-profile-trump-facebook-meta-ten-takeaways-2024-8">one of few tech executives to support Trump</a> during his first presidential campaign, and has <a target="_blank" class="" href="https://www.tabletmag.com/feature/american-vulcan-palmer-luckey-anduril">criticized other Big Tech leaders</a> for only jumping on the Trump bandwagon later in the game.The sometimes controversial billionaire, who has said that his <a target="_blank" class="" href="https://x.com/PalmerLuckey/status/1791264464135942354">"big league support for Donald Trump is no secret,"</a> has also been criticizing the Harris-Walz campaign's Fortnite Map <a target="_blank" class="" href="https://x.com/PalmerLuckey/status/1853195620506652898">on X</a> in recent days.<h2 id="d29c4181-4a9e-44c5-84dc-5b7d5a1ca15d">Meta CTO Andrew Bosworth</h2><div type="image" title="Meta' CTO Andrew Bosworth" height="2691" width="3969" msid="114994487" hostid="261" sizebytes="670952"></div><a target="_blank" class="" href="https://www.businessinsider.com/facebook-meta-executive-andrew-boz-bosworth-metaverse-2021-11">Andrew Bosworth</a>, Meta's chief technology officer, posted on Threads Tuesday about his excitement that the <a target="_blank" class="" href="https://www.businessinsider.com/political-text-message-spam-election-stop-2024-11">political texting spree is coming to an end</a>."Happy no more political text messages day, to those who celebrate!" Bosworth <a target="_blank" class="" href="https://www.threads.net/@boztank/post/DB_waAiPa4K">wrote on Threads</a>, adding in a follow-up message, "(I voted weeks ago by mail. Go vote, if you haven't already)."<h2 id="1513d187-6021-4c9a-99fa-8953a7d997f3">Manufacturing and business leaders weigh in</h2>The National Association of Manufacturers and more than 600 business leaders from across the manufacturing sector <a target="_blank" class="" href="https://nam.org/600-manufacturing-and-business-leaders-pledge-to-work-with-next-president-urge-national-unity-ahead-of-americas-250th-anniversary-32528/?stream=series-press-releases">released a letter</a> on Tuesday addressed to the "president-elect," whoever that may be.In it, the leaders pledge to work with the incoming president, while stressing the importance of national unity and a peaceful transition of power."The days following a hard-fought election have always been a time for healing, finding common ground and renewing our focus on what unites us as a people," the letter said. "The peaceful transition of power is a hallmark of our democracy and is essential to ensuring continued confidence in the rule of law—a commitment that has made America exceptional."The letter's signatories include executives at major companies, including General Motors, Eli Lilly, Lockheed Martin, General Mills, Johnson &amp; Johnson, Penske, and Panasonic.

Company executives are speaking out on Election Day: Starbucks' Howard Schultz calls for a peaceful transition of power

The strongest tie between the US and China is unraveling.For decades, Wall Street and corporate America have chased the promise of the ascendant Chinese consumer. As regular Chinese households got richer, there was money to be made selling them everything from fried chicken to Fendi. US companies like Starbucks, Apple, and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nike-faces-record-streak-of-losses-as-china-concerns-linger-1032574432">Nike</a> jumped in to gobble up market share. Sure, there were some boycotts and busts, but the trend line for returns was up and to the right. And as long as the Chinese consumer's glorious rise was as inevitable as the Chinese Communist Party claimed, gains would multiply. That was the story. It was gospel. But now it's falling apart.The once-flowering Chinese consumer is languishing. US companies are losing market share to China-based rivals. Beset by political and economic forces, American brands can no longer count on China for growth. That changes the risk calculus. Why invest heavily in a market that's boxing you out? Without the promise of profits, American firms are also becoming less willing to go to bat for China — to reinforce the idea that China's market is crucial to the success of their futures. Beijing is finding itself increasingly friendless in Washington — and the weight of the US-China relationship is shifting from constructing mutually beneficial economic ties to balancing antagonistic national security interests. Rather than try to resurrect the Chinese consumer and, by extension, reestablish critical economic ties with America, though, its leader, Xi Jinping, doesn't seem to care."Xi doesn't wake up every day, look at the economy, and panic," Lee Miller, the founder of the survey firm China Beige Book told me. "He thinks they're doing what they need to do, and it's painful medicine."What China needs to do, in Xi's mind, is make itself indestructible and indispensable. That means supporting state-owned enterprises and other domestic firms, giving them a leg up in the market as they compete against foreign firms for a piece of China's shrinking economic pie. It means getting the rest of the world addicted to China's products — not just cheap manufactured goods but also advanced technology 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-ai-wreak-havoc-america-world-economy-2024-6">AI</a> and the commodities that make up the downstream of its supply chain, such as gallium and germanium. Self-sufficiency for me, but not for thee. It is a strategy so imbalanced that it dares the rest of the world to do something about it. And it does not include Chinese people getting hooked on frappuccinos made by an American company.Part of the peace between China and the US has been the notion that we can do business with one another even though we don't share the same values. The US strives to be an open society; China is increasingly closed. We may butt heads in the South China Sea, over Taiwan, over resources across the globe, but it was money that kept us together. Without access to the Chinese consumer, US stakeholders have less reason to see China as a market and more reason to see it as a menace.<h2>No demand</h2>After pandemic lockdowns ended in 2023, the Chinese economy experienced what is known on Wall Street as a "dead cat bounce." Picture a dead cat being dropped: It may rebound off the ground a bit, but after that, it's going nowhere. Similarly, China's decimated economy got a bit of a pickup once COVID restrictions ended in 2023, but a year later, things look bleak. Beijing's 5% GDP growth target — once seen as a slam dunk — is now openly in doubt. Debt in the property market is still dragging the economy down, and the government's bets on an export boom don't seem to be paying off. Prolonged deflation erodes the value of China's currency and ultimately means it has to sell more exports to make the same amount of money. Unemployment for Chinese young people between the ages of 16 and 24 spiked to 17.1% in July, forcing a new class of (often) overeducated graduates to compete for low-wage jobs. They're being called <a target="_blank" href="https://www.reuters.com/world/china/rotten-tail-kids-chinas-rising-youth-unemployment-breeds-new-working-class-2024-08-21/">"rotten tail kids."</a> Brutal.In previous downturns, the Chinese Communist Party reacted by shooting the money gun — spending on infrastructure, housing, and keeping people employed. This kept the wheels turning, but each turn left the country with a larger pile of debt. There is only one way to get off a ride like this, and it's a painful period of paying down debt that can obliterate demand in an economy. Xi has decided to put down the money gun without doing anything to aid average Chinese households as the economy shrinks. Xi told party members in July to show "unwavering faith" in his grand economic strategy, but he has paid them in dust. Earlier this month, in an unusual divergence from Xi's policy, the former head of the People's Bank of China, Yi Gang, said that the government should engage in some kind of stimulus to reach its already-softened growth targets. The inflation that does exist in the economy, as the Carnegie Endowment fellow <a target="_blank" href="https://x.com/michaelxpettis/status/1833022599712113044c">Michael Pettis noted</a>, is being driven by higher food prices due to shortages — hardly a sign that things could be turning around. American companies have been feeling this burn. At the beginning of this year, China's Apple <a target="_blank" href="https://www.businessinsider.com/apple-new-iphone-16-china-market-sales-glowtime-2024-9#:~:text=The%20downward%20trend%20has%20continued,drop%20in%20the%20second%20quarter.">iPhone sales fell 24%</a>, and they've been trending down ever since. Starbucks, which has more than 7,300 stores in China, <a target="_blank" href="https://www.businessinsider.com/why-starbucks-is-struggling-in-china-sales-prices-competition-coffee-2024-8">saw comparable store sales</a> — revenue generated by a retail location relative to its performance in the past — fall 14% in the second quarter. <a target="_blank" href="https://www.businessinsider.com/nikes-sales-to-fall-this-year-as-turnaround-plan-continues-2024-6">Nike's China woes</a> have contributed to its year-to-date nearly 30% stock slump. F<a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">oreign car companies are getting crushed, too</a>. Tesla — yes, even Tesla — saw its <a target="_blank" href="https://www.ft.com/content/5efcef9f-645d-44cb-96cf-9cd19719d4aa">share of the Chinese electric-vehicle market</a> decline from 9% to 6.5% in the first seven months of the year. In response to the reports, CEO Elon Musk said: "Believing the news is silly. Our Shanghai factory is running at max capacity." In other words: not no. In a recent <a target="_blank" href="https://www.uschina.org/reports/2024-member-survey?utm_campaign=Marketing_Cloud&amp;utm_medium=email&amp;utm_source=News+Release+2024+Member+Survey&amp;%20utm_content=https%3a%2f%2fwww.uschina.org%2freports%2f2024-member-survey">US-China Business Council member survey</a>, China's economic growth came in as American companies' second-biggest concern about the country — a "real constraint that was somewhat unthinkable only a few years ago." The council said that a quarter of its members cited "insufficient demand or overcapacity as the No. 1 constraint on profitability this year."What money Chinese consumers are still able to spend is increasingly going to companies that grew up in their home country. Domestic Chinese phone makers are eating Apple's lunch, with Huawei's smartphone <a target="_blank" href="https://www.businessinsider.com/apple-new-iphone-16-china-market-sales-glowtime-2024-9#:~:text=The%20downward%20trend%20has%20continued,drop%20in%20the%20second%20quarter.">sales surging 70%</a> in the first three months of the year. Starbucks opened its first China store in 1999 and used to be seen as a <a target="_blank" href="https://www.joebm.com/vol9/649-DM1003.pdf">status symbol</a>, but now it has <a target="_blank" href="https://www.scmp.com/business/companies/article/3273882/starbucks-feels-chill-china-prices-vibes-lose-favour-thrifty-coffee-fans">stiffer competition from Chinese brands</a> like Luckin and Cotti Coffee. This is no accident; it's part of Xi's plan to rid China of foreign dependence and influence. In the <a target="_blank" href="https://www.uschina.org/reports/2024-member-survey?utm_campaign=Marketing_Cloud&amp;utm_medium=email&amp;utm_source=News+Release+2024+Member+Survey&amp;%20utm_content=https%3a%2f%2fwww.uschina.org%2freports%2f2024-member-survey">US-China Business Council survey</a>, 80% of respondents said that "China's industrial policies are strengthening companies that were previously uncompetitive," and competition from Chinese rivals came in as the third-highest concern about doing business there. Yes, US companies are still making money in China. But it's <a target="_blank" href="https://businessinsider.com/china-has-found-another-way-to-hurt-usa-inc-2024-3">increasingly uncomfortable</a>, and the Magic 8 Ball says the outlook is not good.<h2>Ya gotta have friends (in Washington)</h2>America's elite financial firms will still publicly tell you they expect to keep investing in China even though the investment-banking business in the country has, as JPMorgan CEO Jamie Dimon recently said, <a target="_blank" href="https://www.ft.com/content/25d17ea1-17e8-4f6a-9da4-9f726970d4e4">"fallen off a cliff</a>." Behind closed doors, however, Wall Street power players are singing a much different tune. It's not just the pressure from the economy — it's also the political climate. It's hard to do business in a country where <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-hiding-bad-data-economy-debt-real-estate-2023-8">data</a> and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/missing-chinese-ceo-stock-plunge-cooperate-government-probe-china-renaissance-2023-2">people</a> keep disappearing. Wall Street's change of attitude is reflected in the flow of money into China: Foreign direct investment is at a 30-year low, and from June to (as best we can tell) early August, investors pulled $12 billion from China's stock market. This could make 2024 China's first year of equity outflows. But we won't know for sure because, given the equity dumping, <a target="_blank" href="https://www.ft.com/content/6e7a4129-d365-4905-8d9b-cc3f5ada5187">China decided last month to stop publishing data</a> showing net investment flows from foreign funds into mainland stocks.The declining Sino-Wall Street links are of particular note, not because I think the people of Shanghai and Beijing will miss drinking Moutai with Goldman Sachs bankers but because Wall Street is a powerful ally in Washington. They arrange meetings between stakeholders and talk up the benefits of the cross-Pacific relationship. Once upon a time, Ray Dalio, the founder of Bridgewater Associates, the biggest hedge fund in the world, would tell anyone — global politicians, investors, anyone who read one of his many books or blog posts — about China's bright future. Now he's telling everyone he's minimizing his exposure to the country and that there will be no <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-18/dalio-sees-real-issues-in-china-keeps-small-exposure?utm_source=website&amp;utm_medium=share&amp;utm_campaign=twitter">"beautiful deleveraging"</a> for China. This is the last thing Beijing needs seeping into the minds of US policymakers. One former East Asia State Department official told me China is sending CCP delegations to DC like mad, but no one will meet with them. Without allies, Washington is a lonely (or hostile) place for foreign governments, especially when those foreign governments have crafted an economic strategy that can potentially disadvantage our economy."We're heading into another trade war no matter who is president," Miller told me. "The economic model Xi wants is not compatible with the rest of the world. The mindset is to look at it from a national security perspective rather than an economic perspective."There are distinctions between what a President Kamala Harris and a President Donald Trump would mean for that trade war, though. Harris' camp would pursue a more incremental strategy, targeted toward protecting industries tied to tech and national security, and more in concert with our allies — a group the <a target="_blank" href="https://chinamediaproject.org/the_ccp_dictionary/us-west/">CCP has begun pejoratively calling "US-West."</a> It's an attempt to paint the US as dragging its allies along with our trade policies kicking and screaming. Trump would create more chaos and disunity between the US and its allies, which serves Beijing in the trade wars. However, he'll likely surround himself with China advisors who are much more aggressive and have a wider array of opinions on how to attack the Chinese economy — a bull in a china shop strategy, if you will. For Beijing, the problem is that this fractious group will be more likely to trip over its red line: Taiwan — and Trump lacks the attention span and temperament to stop them. The CCP has a plan for how to deal with a trade war, a kinetic war over Taiwan is much more worrisome for them and the entire planet. White House aside, Beijing has a blind spot here. The former State Department official told me that CCP officials don't fully understand the amount of power Congress wields. And Congress has become stridently anti-China. Even the <a target="_blank" href="https://www.politico.com/news/2024/09/13/house-republicans-china-wall-street-00179056">Republicans on the House Financial Services Committee</a> — once willing to let Wall Street invest freely in the Chinese economy — cannot agree about how stringent to make limitations on investing there. Some want to go hard; others want to go harder. The bipartisan House Select Committee on China has no problem firing warning shots at some of China's last corporate allies, the semiconductor companies. China's own attempts to develop a <a target="_blank" href="https://www.businessinsider.com/china-xi-jiinping-future-tech-global-economy-semiconductors-military-failing-2022-9">domestic-chip supply chain</a> still lag behind the state of the art, so it needs US companies like Broadcom and Nvidia. Those companies, in turn, love the billions they make in China. But in a <a target="_blank" href="https://x.com/committeeonccp/status/1835753593367912600?utm_source=substack&amp;utm_medium=email">series of tweets</a>, the Select Committee urged the Biden administration to ignore semiconductor lobbyists working in Washington."We urge the Biden Administration to maintain the strong export controls put in place in October 2022," it said. "Weakening these measures would raise serious concerns about safeguarding U.S. technological leadership and our national security.""If these [semiconductor] CEOs believe that current US export control policy is bad for the US economy and our national security," it continued, "then they must make that case publicly, perhaps before a congressional committee."Miller told me that a tech decoupling between the US and China isn't a problem for Congress anymore — it's a goal. "A lot of this is talking to US companies who have a big share in China and are saying, 'You can't do this to us,'" he said. "Well, guess what? There are tradeoffs. Right now, we're not paying a high enough price for the right policy."The price of this shift cannot be quantified in corporate profits. It cannot be quantified in dollars at all. Cordell Hull, the US Secretary of State from 1933 to 1944 and recipient of the Nobel Peace Prize, <a target="_blank" href="https://www.businessinsider.com/trump-helping-american-farmers-could-start-trade-war-2018-4">once said</a>, "Unhampered trade dovetailed with peace; high tariffs, trade barriers, and unfair competition with war." Putting national security, rather than economic cooperation, at the center of the US-China relationship centers it in a space where the two great economic powers are antagonistic. It gives corporations, already under financial pressure as China's economy declines, even less reason to act as interlocutors encouraging stability between Washington and Beijing. It leaves us living in a more precarious world.<a target="_blank" rel="" href="https://www.businessinsider.com/author/linette-lopez">Linette Lopez</a> is a senior correspondent at Business Insider.

We're losing the one thing that's keeping the peace between America and China

<ul class="summary-list"><li>My long-distance partner and I <a target="_blank" class="" href="https://www.businessinsider.com/mom-took-pay-cut-move-houston-boston-worth-it-2024-9">moved to Massachusetts</a> thinking it was a great place to merge lives.</li><li>We advanced our careers in Boston but found it to be too expensive and not a great fit for us.</li></ul>My partner and I began our long-distance relationship on opposite coasts — I in Lake Tahoe and she in New York — but we wanted to merge our lives somewhere new after a few years together.We spent months <a target="_blank" class="" href="https://www.nbcnews.com/better/lifestyle/these-are-2019-s-best-states-live-here-s-what-ncna1019556">researching</a> where we'd like to move and build an ideal future. Eventually, we set our sights on <a target="_blank" href="https://www.businessinsider.com/best-states-to-live-in-ranked-2024-8">Massachusetts</a>.For years, places like US News &amp; World Report have named it the best state to live in because of its consistently high ratings in common <a target="_blank" href="https://www.businessinsider.com/us-cities-best-quality-of-life-ranked-2024-2">quality-of-life metrics</a>, like affordability and residents' overall happiness.We were even more convinced once we saw videos of New England's brilliant foliage in the fall — I pictured our lives there as part "Gilmore Girls" and part <a target="_blank" class="" href="https://www.businessinsider.com/day-in-the-life-small-town-from-hallmark-movies-2024">Hallmark movie</a> with a dash of rain-soaked cobblestone.We headed to Massachusetts' capital, Boston, in the summer of 2019 once I'd secured a job and signed up for classes at <a target="_blank" href="https://www.businessinsider.com/harvard-freshman-what-my-first-day-of-classes-was-like-2023-9">Harvard</a>.<h2 id="3ce755d2-c43c-4c0a-8169-b1ab126ba064">The city wasn't what we expected, and we struggled to get used to it</h2><div type="image" title="Rainy brick wakway with fallen autumn leaves in Boston with skyscrapers in background" height="3333" width="5000" msid="114157159" hostid="261" sizebytes="1534598"></div>The city certainly had beauty, but I soon realized just how divergent our experiences were against our expectations.Massachusetts has <a target="_blank" href="https://www.forbes.com/advisor/mortgages/cost-of-living-by-state/">high rent</a> costs in certain areas, and Boston's generally <a target="_blank" href="https://www.nbcboston.com/news/local/boston-cost-of-living-young-people/3434605/">high cost of living</a> meant we weren't able to build our savings while living there.Our paychecks mostly went to our $3,000-per-month Boston apartment that had been sold to us as a "luxurious living space for young professionals" but was actually small and outdated.Each day, I headed to work on an agonizing commute, navigating potholes and aggressive drivers through a city with some of the <a target="_blank" class="" href="https://www.nbcboston.com/news/local/boston-traffic-delays-ranked-4th-worst-in-us-and-8th-worst-worldwide-report-shows/3409481/">worst traffic in the world</a>. Then, I'd pay to park my car in a garage that cost about a quarter of our rent each month.Although Boston offers many public transportation options, my partner (a born-and-raised New Yorker) found them unreliable at times. Between the round-the-clock traffic and limited green spaces in the city, fresh air sometimes felt nonexistent.We struggled socially, too. My family says I'm so outgoing that I befriend every barista and grocery cashier I meet, so I was shocked when I experienced an inability to connect with the people I met in Boston. Coming from out of state, we often felt like we were viewed as outsiders.Even our cats, confined to a too-small apartment with views of a similarly run-down building beside us, seemed to feel it: Boston wasn't for us.<h2 id="f5670272-4a55-43cf-9714-78c6a51c30e1">After 2 years, we headed to the suburbs to heal</h2>While in Boston, my partner advanced her career in veterinary medicine and I got a decent education. But by 2021, we knew we had to leave — the two years since our August 2019 <a target="_blank" class="" href="https://www.businessinsider.com/boston-portland-chicago-new-job-where-move-rto-higher-pay-2023-11">move to Boston</a> felt like a decade each.The city had exhausted us, and we resented it, but we hadn't lost hope in the state just yet. So, we sought out a slower pace of living about an hour west in the lesser-known <a target="_blank" class="" href="https://www.businessinsider.com/guaranteed-basic-income-monthly-payments-housing-boston-suburb-somerville-massachusetts-2024-4">Massachusetts suburb</a> of Sudbury.Once we moved, our rent cost $550 less a month — our apartment was spacious and nicer, with updated appliances and in-unit laundry. We also had scenic views since our windows overlooked a dog park and a forest.The air in Sudbury felt fresher as we were surrounded by more green spaces. Although our community was smaller than it was in Boston, the people we met felt kinder, more closely knit, and more welcoming.We stayed there for over two years until we moved to a Las Vegas suburb in December 2023 to be closer to family in need, but we're still grateful for our time in Sudbury.Despite the downsides we experienced, we have a lot to thank Boston for, too. We grew into adulthood and advanced our careers there — and the city taught us we really need space and serenity in order to flourish.

We thought Massachusetts was the perfect place to build a life. Boston let us down, but we found peace elsewhere in the state.

Veteran <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> opener <keyword id="19953204" type="General" weightage="20" keywordseo="Shikhar-Dhawan" source="keywords">Shikhar Dhawan</keyword> announced his retirement from all forms of <keyword id="19919646" type="General" weightage="20" keywordseo="cricket" source="keywords">cricket</keyword> two years after he last donned the national jersey, saying that he leaves the scene a content man after representing the country in all three formats. The 38-year-old made his international debut in 2010 in an ODI against Australia in Visakhapatnam and his last India game was also a 50-over match, against Bangladesh in 2022. "As I close this chapter of my cricketing journey, I carry with me countless memories and gratitude. Thank you for the love and support! Jai Hind!," <keyword id="19978622" type="General" weightage="20" keywordseo="dhawan" source="keywords">Dhawan</keyword> said in a post on 'X'. "It's important to turn the page to move forward in life and that's why I am announcing my retirement from international and domestic cricket. As I bid goodbye to my cricket journey, I have peace in my heart that I played for so long," he said. Dhawan appeared in 34 Tests, 167 ODIs and 68 T20Is for India but had fallen out of favour in the last couple of years due to patchy form and emergence of younger opening talents like Yashasvi Jaiswal and Shubman Gill. His best came in the 50-over format in which he amassed 6793 runs at an average of 44.11, including 17 hundreds and 39 fifties. He averaged 40.61 for his 2315 Test runs, which featured seven centuries. "I am standing at a point in my life where when I look back, I see only memories, and when I look ahead, I see a new world. I had just one goal in life, to play for India, and I made it happen," he said. "I am very thankful to DDCA (Delhi and Districts Cricket Association), the <keyword id="19901245" type="General" weightage="20" keywordseo="BCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="BCCI" meta.hostid="261" meta.entityid="BCCI">BCCI</keyword> and my fans. And that's why I tell myself, don't be sad that you won't play for India again but be happy that you played for your country. And that's the biggest thing for me, that I played," he said in his concluding remarks in the social media post. At his peak, the Delhi swashbuckler was a sight to behold with his range of strokes and ability to hit powerfully. He is a bonafide IPL legend, appearing in 222 matches, that yielded 6769 runs, including two hundreds and 51 half centuries. His 768 fours in the tournament are the highest by any batter and he also holds the distinction of being the first to hit consecutive hundreds in the event. He was a part of the title-winning Sunrisers Hyderabad team in the 2016 season. He has also played for Delhi, Mumbai and Punjab. Of these, he captained Delhi and Punjab at various stages of his career. He had appeared for Punjab this season but played in only five matches owing to fitness issues. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a> <a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a> <a href="https://www.businessinsider.in/business/auto/news/audi-q8-facelift-launched-in-india-with-a-1-17-crore-price-tag/slidelist/112707701.cms">Audi Q8 facelift launched in India with a ₹1.17 crore price tag</a>

Veteran India opener Shikhar Dhawan announces retirement, says 'I have peace in my heart'

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<ul class="summary-list"><li>JPMorgan CEO Jamie Dimon said US adversaries want to dismantle the world order.</li><li>The bank chief said the Russia-Ukraine and Israel-Gaza conflicts could escalate into World War III.</li></ul>Jamie Dimon says <a target="_blank" class="" href="https://www.businessinsider.com/americas-rivals-pressure-same-time-russia-china-iran-north-korea-2024-9">US adversaries</a> want to topple the world order, and the Russia-Ukraine and Israel-Hamas conflicts could explode into a new world war.China and Russia are "clearly talking about dismantling the system" established by Western nations after World War II, and "the risk of this is extraordinary," the JPMorgan CEO said at the Institute for International Finance's annual meeting in Washington, DC on Thursday. Business Insider obtained a recording of his comments.Dimon emphasized the risk that global warfare could break out, citing his historical knowledge and a recent Washington Post article that said, "World War III has already begun.""You already have battles on the ground being coordinated in multiple countries," the billionaire banker said. The fighting could diminish and peace deals might be struck, but "mistakes happen," he said."So, to me, we shouldn't be naive," Dimon said. "We can't take the chance this will resolve itself. We have to make sure that we are involved in doing the right things to get it resolved properly for the sake of the free democratic Western world for the next 100 years."Dimon underlined the difficulty of preparing for <a target="_blank" class="" href="https://www.businessinsider.com/global-economy-israel-iran-war-oil-growth-inflation-hurricane-china-2024-10">what might lie ahead</a>. "We run scenarios that would shock you. I don't even want to mention them."The bank chief pointed to Russian President Vladimir Putin's war against Ukraine as a particularly grave threat."We have to be quite clear that we can't have a bad outcome there," he said. "We've never had a situation where a man is threatening nuclear blackmail," adding: "If that doesn't scare you, it should."Dimon also said the spread of nuclear weapons technology was the "biggest risk mankind faces." He said that if Iran secures a nuclear bomb then many other countries will too, "and then folks, it's just a matter of time before these things are going off in major cities around the world."Dimon has been <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/ray-dalio-jamie-dimon-billionaire-investors-world-war-iii-outlook-2023-11">sounding the alarm</a> on global threats for a while. In JPMorgan's third-quarter earnings this month, he <a target="_blank" class="" href="https://www.businessinsider.com/jpmorgan-earnings-q3-jamie-dimon-economy-geopolitics-banking-wall-street-2024-10">said</a> geopolitical conditions were "treacherous and getting worse." How the conflicts are resolved could have "far-reaching effects on both short-term economic outcomes and more importantly on the course of history," he added.Ray Dalio, another Wall Street billionaire and a financial historian, <a target="_blank" class="" href="https://www.businessinsider.com/ray-dalio-israel-hamas-world-war-middle-east-politics-linkedin-2023-10">said</a> last October that the chance of a world war involving the US and China had jumped from 35% to 50% over the previous two years.

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We're losing the one thing that's keeping the peace between America and China

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