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1. Gautam Adani plans to invest $10 billion in US energy, infrastructure to create up to 15,000 jobs  Moneycontrol
2. 'To create 15,000 jobs': Gautam Adani to invest $10 billion into US energy and infra, congratulates Donald Trump  Hindustan Times
3. 'Congratulations Donald Trump': Gautam Adani says his group will invest $10 billion in US energy, infra p  The Times of India
4. Adani commits $10 billion in U.S. energy, infra projects  The Hindu
5. Adani Group commits $10 bn in US energy, infrastructure projects  The Economic Times

1. Delhi air pollution: AQI ‘severe’ again; thick smog reduces visibility. Schools to be closed soon?  Hindustan Times
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3. Flights Impacted, Trains Running Late As ‘Severe’ Smog Chokes Delhi, Visibility Dips  News18
4. Delhi air pollution: City chokes as AQI level reaches 'severe' category  The Times of India
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Want to attract and convert more customers? Here's what you need to know.

U.K. consumer rights group ‘Which?’ is filing a legal claim against Apple under competition law on behalf of some 40 million users of iCloud, its cloud storage service. The collective proceeding lawsuit, which is seeking £3 billion in compensation damages (around $3.8 billion at current exchange rates), alleges that Apple has broken competition rules by […]

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Vatican a lansat o serie de servicii noi bazate pe inteligență artificială pentru Bazilica Sf. Petru, permițând acces virtual la comorile arhitecturale din perioada Renașterii și tururi îmbunătățite pentru vizitatori – zilnic aproximativ 40.000-50.000 de oameni. Noile experiențe au fost prezentate în pregătirea pentru Anul Sfânt sau Jubileul Bisericii Catolice din 2025, care are loc ...

The post Servicii AI pentru Bazilica Sf. Petru lansate de Vatican înainte de anul jubiliar appeared first on Forbes Romania.

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The post Vânzările globale de automobile electrice și hibride, în creștere cu 35% în octombrie appeared first on Forbes Romania.

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Kabanov, P B; Abdi, W; Biggin, A J; Bilot, I; van der Boon, A; Gouwy, S; Grasby, S; Minions, N; Percival, J; Thallner, D; Twemlow, C; VandenBerg, R. Geological Survey of Canada, Open File 8940, 2023, 13 pages, https://doi.org/10.4095/331201
<a href="https://geoscan.nrcan.gc.ca/images/geoscan/gid_331201.jpg"><img src="https://geoscan.nrcan.gc.ca/images/geoscan/gid_331201.jpg" title="Geological Survey of Canada, Open File 8940, 2023, 13 pages, https://doi.org/10.4095/331201" height="150" border="1" /></a>

A silent crisis of ‘serial returns’ is eroding retail profit margins as uncovered in the Annual Returns Benchmark Report 2024 conducted by returns specialists ZigZag, in partnership with Retail Economics.

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1. Phil Spencer Discusses Microsoft’s Xbox Handheld and Mobile Store Plans  Thurrott.com
2. “I think the ball is moving in the right direction." Xbox head Phil Spencer confirms Microsoft mobile game store delay amid Apple, Google regulations in interview  Windows Central
3. Microsoft is still in the market for video game acquisitions  Windows Central

<span class="bold">Sponsored</span>: In the inaugural women’s competition, riders pioneered new lines with innovative tech from Samsung Galaxy.
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Donald Trump’s policies risk making the US dollar a source of global instability Expert comment LToremark 13 November 2024

Although Trump favours a weaker exchange rate, his policies are likely to have the opposite effect. The risk is that the US dollar could become too strong, which is bad news for the global economy.

President-elect Donald Trump has a dollar problem. In recent months he has shown a clear preference for a weaker exchange rate to support the competitiveness of US exports and help reduce the US trade deficit. And yet, as the market has sensed since the US election, the much more likely outcome is that his policies end up strengthening the greenback. The risk is that the US dollar – which is expensive already – becomes more obviously overvalued, and this could increase the risk of global financial instability. 

The dollar has been on a rollercoaster ride in the past few decades. From 2002 until 2011, for example, the dollar weakened by around 30 per cent in inflation-adjusted, trade-weighted terms, according to BIS data. Yet in the years since 2011, the dollar has strengthened and is now at a more appreciated level than at any time since 1985.

What shapes this rollercoaster, broadly speaking, is the global balance of economic vitality: when the US economy gains momentum relative to the rest of the world, the dollar tends to strengthen; and vice versa. 

After China joined the WTO in 2001, the balance of economic vitality shifted decisively away from the US, in favour of China and other emerging economies. This was the decade of the commodity boom: the longest, biggest peacetime increase in commodity prices in nearly 200 years during which a sustained surge in China’s economy supported GDP growth across the developing world. The dollar weakened as a result.

But after 2011, a combination of factors – including the eurozone crisis and its aftermath, together with the sagging of the Chinese economy – tipped the balance of economic vitality back in favour of the US. The dollar strengthened once again.

And since both the European and Chinese economies remain very fragile, the balance of economic vitality seems likely to keep favouring the US dollar.

Two more considerations also point to a stronger US dollar under a second Trump administration.

The first is the exchange rate implications of Donald Trump’s proposed tariffs on imports. When the US imposes tariffs on a trading partner, the foreign exchange market tends to sell that trading partner’s currency, forcing it to weaken to offset the dollar-price increase induced by the tariff. This helps explain why the Chinese renminbi depreciated by some 10 per cent in 2018 after Trump began imposing trade restrictions on China in January of that year. 

More widespread tariffs on a whole range of US trading partners should therefore strengthen the dollar more broadly.

A stronger dollar should also result from the macroeconomic framework Trump seems likely to deliver. He will certainly want to extend his 2017 tax cuts beyond 2025 when they are currently due to expire, so a more sustained loosening of US fiscal policy seems likely. Since boosting the US economy will create inflationary pressure, the market will expect interest rates to end up higher than they might otherwise be. The resulting combination of looser fiscal and tighter monetary policy tends to be a stronger currency.

The dollar probably has a fair amount of room to keep going up, since it is not obviously overvalued just yet. The US current account deficit – the broadest measure of a country’s trade deficit, and a rough but useful measure of financial vulnerability – was a little over 3 per cent of GDP last year. 

This is around half the level it reached in 2006, just before the 2008 global financial crisis, meaning the risks arising from an overvalued dollar may be for the latter part of Trump’s second presidency.

A strengthening dollar is also not great news for the rest of the world economy. A strong dollar tends to depress global trade growth, restrict developing countries’ access to international capital markets, and make it more difficult for countries whose currencies will be weakening to keep inflation under control.

If and when the dollar becomes unsustainably expensive, a further problem will present itself: how to deal with an overvalued currency without risking a lot of financial dislocation.

This problem last occurred in early 1985, when the dollar was universally reckoned to be dangerously dear. At that time the US was able to call on trading partners who depended on the US security umbrella – the UK, Germany, France and Japan – to negotiate the ‘Plaza Accord’, which coordinated a series of interventions in the foreign exchange market that allowed the dollar to decline in a measured way.  

It is virtually unimaginable that something similar could be negotiated today, not least because Chinese policymakers believe that the post-Plaza strengthening of the yen in the late 1980s led to an economic disaster for Japan. Beijing will not play ball.

Without much scope for a negotiated decline in the dollar, more chaotic alternatives seem likely. 

One is that the market decides suddenly that it no longer has an appetite for expensive dollar-denominated assets, and this might lead to a messy adjustment in the foreign exchange market.