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Hello everyone! Good day!
Let us dive into some news from past week
China’s economic struggle
China experienced sluggish growth in 2023, marking its weakest annual growth rate compared to the past three decades. The International Monetary Fund (IMF) chief highlighted issues like the property sector, high local government debt, demographic changes, and a "loss of confidence". Global uncertainties and the lingering impact of COVID-19 took a toll on China. Major developers like Evergrande and Country Garden left projects incomplete, leaving buyers at a loss and causing a decline in property prices, impacting the real estate market. China experienced its first export decline since 2016. Unemployment surged to a record high among those aged 16 to 24, affecting over one in five young individuals. Additionally, China's population decreased by 2.08 million (0.15%) to 1.409 billion, according to the National Bureau of Statistics.
A positive note was seen only in the state-subsidized auto sector, benefiting from a shift to electric vehicles. BYD, a domestic manufacturer, even overtook Tesla as the world's best-selling electric vehicle maker in the fourth quarter. Looking forward, the World Bank predicts China's growth to slow further to 4.5 percent this year.
Ram Mandir brings more jobs and business opportunities to Ayodhya
The hospitality, travel, and tourism industry is expected to gain maximum in the form of investment and jobs as devotees are expected to flock to the temple town in the coming months. As the town expects an average footfall of 3-4 lakh people daily, it is expected that 20,000-25,000 jobs will be created in the aforementioned sectors. Not only Ayodhya, the nearby destinations like Lucknow, Prayagraj, Varanasi, and Allahabad are also expected to see an influx of devotees.
​The hospitality sector is witnessing a major share of investments as projects of 50 major hotel brands are already underway in Ayodhya. At the Global International Summit held at Lucknow, 102 intent agreements were signed worth 18000 crores and currently, there are 126 ready-to-be-implemented projects related to tourism.
Several banks have reached out to the Ram Mandir Trust to initiate the process of opening bank accounts, and this week the South-based private bank Karnataka Bank inaugurated a branch in Ayodhya, foreseeing its rise as a tourist hotspot. The Ram Mandir Trust has collected approximately Rs 3,500 crore in total bank deposits by March 2023.
World Economic Forum 2024
The World Economic Forum (WEF) concluded at Davos, Switzerland, and was attended by more than 2800 delegates from across the world. The major discussions happened around achieving security and cooperation in a fractured world, creating growth and jobs for a new era, artificial intelligence as a driving force for the economy and society, and a long-term strategy for climate, nature, and energy. The 5-day meeting was attended by global heads academics and corporate leaders.
Sam Altman, OpenAI CEO, navigated the complexities of AI's future at Davos, revealing its potential to reshape economies and societies. Ukraine’s President Volodymyr Zelenskyy called on business leaders to invest in Ukraine citing the number of business-friendly reforms made by the country despite the ongoing war. As the United States is looking forward to electing the next President, various European leaders expressed concern over a possible second term for Donald Trump as US President.
As far as India is concerned, the country was able to attract investors, being the most populous country in the world. At the global meeting, the states of Karnataka, Maharashtra, and Telangana closed agreements for investments worth trillions of dollars.
More news from the week ...
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Pakistan retaliates to Iran's strike: Iran strikes Pakistan, citing it as a warning and retaliation for the Revolutionary Guards' ballistic missile attack near the Pakistan border. Despite Iran's justification, Pakistan vehemently condemns the airstrike within its borders, branding it an unprovoked airspace violation. In response, Pakistan's air force retaliates with strikes on suspected fighter positions in Iran.
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Oxfam report, 2024 brings to light the rising inequality between the rich and the poor – The report published this month states that the wealth of 5 richest men in the world doubled since 2020, whereas 5 billion people have been made poorer. On one hand, Oxfam predicts a trillionaire by 2034, while on the other, ending poverty could take another 200 years
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Companies justifying AI impact for recent layoffs – More layoffs are expected this year in tech companies including giants like Google, Amazon, etc. according to official reports. Companies cite AI and challenges to achieve profitability for the recent round of firing.
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Flight delays and cancellations amid fog hit passengers in Delhi – Dense fog which hit North India caused flight delays and cancellations. The airport most hit was the country’s largest airport, Indira Gandhi International, New Delhi.
Check out the awesome content from Ambrela
Visual of the Week
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Source: TOI
Apple inaugurated a 15-floor office, in Bengaluru, one of the biggest offices of Apple featuring dedicated collaboration and wellness lab spaces, with Caffe Macs accommodating up to 1,200 employees and parking for 740 cars. The facility operates entirely on renewable energy, aiming for the highest LEED certification. The Bengaluru office encompasses diverse roles in software, hardware, services, IS&T, operations, and customer support.
Test you knowledge !
What was the first product from Apple?
[A] Apple I
[B] Macintosh
[C] Lisa
[D] Altair
The Apple Computer 1 (later known predominantly as the Apple I), an 8-bit motherboard-only personal computer designed by Steve Wozniak was the first product from Apple. It was released by the Apple Computer Company (now Apple Inc.) in 1976.
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Macintosh from Apple was the iconic user-friendly computer with a graphical interface and mouse that revolutionized personal computing in the 1980s.
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Lisa, developed by Apple in 1983 is a desktop computer considered as the first mass market personal computer operable through a graphical user interface.
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The Altair 8800 is a microcomputer designed by MITS (Micro Instrumentation and Telemetry Systems Inc) in 1974 and is based on the Intel 8080 CPU.
Do you know, how the life cycle of an investor would be?
Check out this video👇
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