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Mr Biden told African leaders the resource-rich continent of more than 1.4 billion people had been “left behind for much too long”. “But not anymore,” Mr Biden added. “Africa is the future.” Mr Biden used the third and final day of a visit to Angola – his long-awaited, first trip to sub-Saharan Africa as president – to travel to the coastal city of Lobito and tour an Atlantic port terminal that’s part of the Lobito Corridor railway redevelopment. Mr Biden described it as the largest US investment in a train project outside America. The US and allies are investing heavily in the project that will refurbish nearly 1,200 miles of train lines connecting to the mineral-rich areas of Congo and Zambia in central Africa. The corridor, which likely will take years to complete, gives the US better access to cobalt, copper and other critical minerals in Congo and Zambia that are used in batteries for electric vehicles, electronic devices and clean energy technologies that Mr Biden said would power the future. China is dominant in mining in Congo and Zambia. The US investment has strategic implications for US-China economic competition, which went up a notch this week as they traded blows over access to key materials and technologies. The African leaders who met with Mr Biden on Wednesday said the railway corridor offered their countries a much faster route for minerals and goods – and a convenient outlet to Western markets. “This is a project that is full of hope for our countries and our region,” said Congo President Felix Tshisekedi, whose country has more than 70% of the word’s cobalt. “This is not just a logistical project. It is a driving force for economic and social transformation for millions of our people.” The leaders said the corridor should spur private-sector investment and improve a myriad of related areas like roads, communication networks, agriculture and clean energy technologies. For the African countries, it could create a wave of new jobs for a burgeoning young population. Cargo that once took 45 days to get to the US – usually involving trucks via South Africa – would now take around 45 hours, Mr Biden said. He predicted the project could transform the region from a food importer to exporter. It’s “something that if done right will outlast all of us and keep delivering for our people for generations to come,” he said. The announcement of an additional $600 million took the U.S.’s investment in the Lobito Corridor to 4.0 billion dollars (£3.15 billion).NEW YORK , Dec. 6, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global home services market size is estimated to grow by USD 6.54 trillion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 40.34% during the forecast period. Increasing influence of digital media is driving market growth, with a trend towards increasing number of startups entering the market. However, high competition among vendors poses a challenge. Key market players include Amazon.com Inc., Angi Inc., AskforTask Inc., Frontdoor Inc., Gapoon Online Consumer Services Pvt. Ltd., Helpling GmbH and Co. KGA, Home Depot Inc., Home Reno Pte. Ltd., Johns Lyng Group Ltd., MyClean Inc., Oneflare Pty Ltd., Paintzen Inc., Porch.com Inc., SC Pointer Systems Srl, Super Home Inc., TaskEasy Inc., Taskrabbit Inc., The ServiceMaster Co. LLC, Urbanclap Technologies India Pvt. Ltd., and Zauba Technologies and Data Services Pvt. Ltd.. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now Key Market Trends Fueling Growth The home services market is experiencing significant growth due to an increase in seed funding for startups. For instance, Urban Company and Housejoy, both tech-enabled home services marketplaces, have raised substantial investments in recent years. Urban Company secured Series F funding of USD255 million in June 2021 , while Housejoy raised USD35 million in 2020. These funds are being used to expand their business operations. Startups are attracting consumers with attractive offers and interactive platforms. Airtasker, Askfortask, and Housejoy are some startups offering general services, connecting consumers to service providers for short-term, non-professional projects. Handy, Helpling, and MyClean are examples of startups providing on-demand home cleaning services through online booking. Houzz Inc., The Porch Company, and Pro.com help consumers connect with professional contractors for various household improvement projects. The rise in the number of startups is a major factor driving the growth of the home services market. These companies are offering innovative solutions, making it more convenient for consumers to access home services. The availability of a wide range of services under different categories is also contributing to the market's growth. Overall, the home services market is expected to continue growing due to the increasing number of startups and the investments they are receiving. Home services market is witnessing significant trends with the rise of virtual versions of physical entities on platforms like Microsoft Azure. This includes maintenance, repair, and improvement activities for homes, covering cleaning, landscaping, plumbing, electrical work, remodeling, and more. Homeowners, renters, and property managers prioritize safety, comfort, aesthetic appeal, and energy efficiency. Ageing housing stock and DIY trends call for technological disruptions, regulatory difficulties, labour shortages, and price wars. Seasonal variations impact demand for services like plumbing, electrical repairs, HVAC maintenance, appliance repairs, home improvement, renovations and remodeling, carpentry and woodworking, and cleaning services. Environmental considerations are a growing concern, with eco-friendly practices and energy-efficient solutions gaining popularity. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market Challenges The home services market is characterized by intense competition among regional and international players. Factors driving competition include acquisitions, expansions, and marketing efforts. New startups entering the market are expected to intensify competition. The market is highly fragmented with numerous unorganized vendors, leading to issues such as inconsistent service quality, lack of transparency, and delayed performance. These challenges, along with price wars among vendors, may erode profit margins and force smaller businesses to exit. Additionally, local brick-and-mortar stores pose significant competition. These factors may hinder the growth of the global home services market. In the Home Services Market, providing safety, comfort, and aesthetic appeal to consumers' homes is crucial. However, challenges such as ageing housing stock, DIY trends, changing lifestyles, and regulatory difficulties persist. Labour shortages and technological disruptions also impact the industry, with environmental considerations and price wars adding to the complexities. Plumbing services, electrical repairs, HVAC maintenance, appliance repairs, home improvement, renovations, and remodeling, carpentry and woodworking, cleaning services, and healthcare offerings continue to be in demand. Digitalization, through e-commerce platforms and cloud-based solutions, has disrupted traditional business models. Companies like Ginger, One Medical, Zimmber, Timesaverz, and others have entered the fray, offering non-cellular healthcare, internet-based services, and m-commerce platforms. Smartphones have become essential tools for consumers and businesses alike, enabling on-demand services and real-time communication. Insights into how AI is reshaping industries and driving growth- Download a Sample Report Segment Overview This home services market report extensively covers market segmentation by 1.1 Home care and design 1.2 Repair and maintenance 1.3 HWB 1.4 Others 2.1 APAC 2.2 North America 2.3 Europe 2.4 South America 2.5 Middle East and Africa 1.1 Home care and design- The home care and design segment generates revenue through services including interior designing, pest control, deep cleaning, sofa cleaning, laundry services, glasswork, woodwork, waterproofing, masonry, and carpentry. This market is fragmented with numerous small and large players offering various home care and design services. For instance, TaskRabbit Inc. Provides house cleaning and furniture assembly, Helpling offers cleaning and furniture assembly in multiple cities, Cleanly specializes in laundry and dry-cleaning, and Serviz offers a wide range of cleaning services. Amazon also entered the market with offerings in deep cleaning, carpet cleaning, tile cleaning, grout cleaning, and gutter cleaning. The market's growth is driven by an increasing number of vendors and their business expansions in the segment. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data ( - ) Research Analysis The Home Services Market is experiencing significant growth in the digital age, with the rise of online platforms and cloud-based solutions transforming the industry. Services such as home cleaning, landscaping, maintenance, repair, and improvement activities are now easily accessible through non-cellular and m-commerce platforms. The Internet and digitalization have made it possible for consumers to book appointments, track progress, and manage their homes more efficiently. Homeowners can now avail of services like plumbing, electrical work, and remodeling through e-commerce platforms, offering convenience and transparency. Companies have embraced cloud-based solutions like Microsoft Azure to offer virtual versions of their services, allowing for remote consultations and virtual assessments. The physical entity of home services is being complemented by these digital offerings, providing a more comprehensive and convenient experience for consumers. Services like Ginger, One Medical, and Zimmber, among others, are leading the charge in this digital transformation. They cater to various needs, from health and welfare to home cleaning and maintenance. Timesaverz and similar platforms are making it easier for homeowners to manage their homes and schedules, while healthcare providers are leveraging technology to offer telemedicine and remote consultations. The future of home services is a blend of physical and digital offerings, providing consumers with greater convenience, accessibility, and value. Market Research Overview The Home Services Market is a dynamic and growing industry that caters to various needs of homeowners, renters, and property managers. This market includes a wide range of services such as home cleaning, landscaping, plumbing, electrical work, remodeling, and maintenance activities. With the increasing trend of digitalization and e-commerce, the market has seen the emergence of mobile and m-commerce platforms, cloud-based solutions, and virtual versions of physical entities. Non-cellular devices like smartphones have become essential tools for booking appointments and managing services online. The market serves diverse customer segments, including homeowners, renters, and property managers, who seek to ensure safety, comfort, aesthetic appeal, and maintenance of their homes. The Ageing Housing Stock and DIY trends present opportunities for growth, while regulatory difficulties, labour shortages, and technological disruptions pose challenges. Environmental considerations and price wars are also significant factors influencing the market. Services offered include plumbing, electrical repairs, HVAC maintenance, appliance repairs, home improvement, renovations and remodeling, carpentry and woodworking, and various cleaning services such as house cleaning, carpet cleaning, window cleaning, and gutter cleaning. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation Type Home Care And Design Repair And Maintenance HWB Others Geography APAC North America Europe South America Middle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/ SOURCE TechnavioUS Defense Secretary Lloyd Austin arrived in Japan on Sunday in his last trip to the Indo-Pacific as the Pentagon chief, as he seeks to cement the Biden administration's policy legacy of deepening regional alliances and partnerships. Austin arrived at Yokota Air Base near Tokyo, kicking off the Asia swing that has excluded an anticipated stop in South Korea, another key US ally, in the aftermath of President Yoon Suk Yeol's botched martial law attempt last week. During the trip through Wednesday, the secretary is scheduled to meet with Japanese Prime Minister Shigeru Ishiba and Defense Minister Gen Nakatani, visit a US aircraft carrier and meet with American troops, and observe a military exercise involving Australian forces, according to a senior US defense official. "The secretary's trip is going to be highlighting how much the Department (of Defense) has achieved with Japan, a key treaty ally, over the last four years to advance peace, stability and prosperity in the Indo-Pacific," the official told reporters. "We are continuing to build on these accomplishments, and the next three days will give us a chance to see some of them in person and in implementation." Austin plans to meet Ishiba and Nakatani separately on Tuesday to take stock of progress that the two countries have made in recent years and underscore the importance of the alliance, the official said. Other events include his visit to the USS George Washington nuclear-powered aircraft carrier at the Yokosuka Naval Base and his observation of a US-Japan military exercise where Australian forces are participating for the first time. The secretary's trip to Japan comes as Washington sees Tokyo as vital to its "new convergence" efforts to bring together US allies and partners in fit-for-purpose groupings to promote a shared vision for a "free and open" Indo-Pacific. "New convergence of allies and partners, who share a vision for a free and open Indo-Pacific, and (of) the stronger and more resilient and more capable, networked partnerships is strengthening deterrence in the region, and Japan is emerging as a common denominator of that network," the official said. The cancellation of Austin's visit to Seoul has added to concerns that the aftermath of the short-lived martial law imposition could affect security coordination between Seoul and Washington on North Korea's evolving nuclear and missile threats. After the martial law episode, Seoul and Washington also postponed a session of the Nuclear Consultative Group, the allies' key nuclear deterrence platform, and a related exercise originally slated to take place in Washington last week. US officials have expressed "grave concern" over the martial law declaration though they reiterated that America's commitment to the alliance with South Korea remains "ironclad." (Yonhap)How to protect your communications through encryption
US President-elect Donald Trump on Wednesday nominated Jared Isaacman, a billionaire online payments entrepreneur and the first private astronaut to conduct a spacewalk, as the next head of NASA. The nod raises questions about potential conflicts of interest, given Isaacman's financial ties to SpaceX chief Elon Musk, who is set to co-chair a government efficiency commission and is one of Trump's closest advisors. Isaacman, 41, the founder and CEO of Shift4 Payments, has emerged as a leading figure in commercial spaceflight through his high-profile collaborations with SpaceX. He made history in September by stepping out of a Crew Dragon to gaze at Earth from the void of space while gripping the spacecraft's exterior, during the first-ever spacewalk carried out by non-professional astronauts. "I am delighted to nominate Jared Isaacman, an accomplished business leader, philanthropist, pilot and astronaut, as Administrator of the National Aeronautics and Space Administration (NASA)," Trump wrote on Truth Social. "Jared will drive NASA's mission of discovery and inspiration, paving the way for groundbreaking achievements in Space science, technology, and exploration." The groundbreaking spacewalk was part of the Polaris program, a collaboration between Isaacman and SpaceX that is set to include three missions in total. Financial terms of the partnership remain under wraps but Isaacman reportedly poured $200 million of his own money into leading the 2021 all-civilian SpaceX Inspiration4 orbital mission, his first foray into space. A staunch supporter of SpaceX and Musk, Isaacman frequently praises the company and its vision on social media platform X. "There will inevitably be a thriving space economy -- one that will create opportunities for countless people to live and work in space," Isaacman said in an X post after Trump's announcement. "At NASA, we will passionately pursue these possibilities." Isaacman, a Pennsylvania native, founded the business that became Shift4 Payments from his family's basement at just 16. A skilled aviator, he is qualified to fly military aircraft, has performed at airshows, and set a world record for an around-the-world flight. The nomination comes at a delicate juncture for the storied US space agency, with experts anticipating significant shifts in direction during Trump's second term. The Artemis program, which aims to return astronauts to the Moon, may face scrutiny as Trump has repeatedly voiced a preference for prioritizing a direct mission to Mars. Also possibly on the chopping block is the massive, NASA-owned Space Launch System (SLS) Moon rocket, which has been criticized for being exorbitantly expensive due to its lack of reusability, in contrast with SpaceX's Starship, which is designed to be reusable but remains a prototype. If Isaacman is confirmed by the Senate, his ties to SpaceX could invite heightened scrutiny of future contracting decisions. NASA currently has agreements with both SpaceX and Jeff Bezos's Blue Origin to develop lunar lander systems -- a dual-source approach Isaacman has criticized, citing budgetary constraints and SpaceX's capabilities. In a recent op-ed for Space News, Peter Juul of the Progressive Policy Institute called upon Congress to require dual-source contracting to "preserve competition in the commercial space industry and preempt any attempt by Musk to entrench SpaceX as a de facto monopoly for commercial space services." Still, as a daring entrepreneur in an era of expanding public-private partnerships in space, Isaacman's appointment has drawn praise in some quarters. "The Planetary Society shares his vision of bold exploration in space, and, should he be confirmed, we look forward to working with him," Casey Dreier, the nonprofit's chief of space policy, told AFP. ia/aha
Just about everyone dreams about cars they wish they could own, and there’s no better time than the holidays to make a list of vehicles you’d love to have in your driveway. The car pros at Edmunds rounded up five of their favorite dream-worthy vehicles. But rather than just list the most outlandish and expensive exotics, they focused on highlighting models that are expensive but not so pricey that it’d be completely unrealistic for you to own one one day. The vehicles are ordered in ascending order of price and include destination fees. Off-road trucks look fantastic and are extremely capable. What truck enthusiast wouldn’t have one topping their wish list? The king of the hill for 2025 is the F-150 Raptor R. The regular Raptor is already impressive, and the R takes it to the next level with a bonkers 720-horsepower supercharged 5.2-liter V8 engine, upgraded Fox dual-value shock absorbers, and massive 37-inch all-terrain tires. An R-specific grille and hood are also part of the R’s upgrades. Thankfully, the Raptor R isn’t all bark and bite. It also has plenty of features to make it a livable truck for daily driving. Standard features include leather upholstery, cooling front seats, a premium sound system, and a surround-view camera to help make this big truck easier to park. Starting Price: $112,825 Few sedans can match the Mercedes-Benz S-Class for opulence, luxury and prestige. This grand sedan showcases nearly every luxury, technology and performance innovation that Mercedes-Benz has concocted. Everything you touch inside is likely covered in leather, heated, or bathed in disco-worthy ambient light. A novel could be written about all of the S-Class’ luxury and comfort features, but one of the most notable is the E-Active Body Control system. It scans the road surface ahead and adjusts the suspension to deliver the best ride possible. The S-Class also boasts an extensive list of advanced safety features and has an augmented reality head-up display that projects images that appear to float in front of the car. For the ultimate S-Class, get the 791-horsepower AMG S 63 E Performance model. Starting Price: $118,900 Who needs a European exotic car when the Corvette ZR1 is just as capable? A sports car fanatic’s wish list wouldn’t be right without the ZR1. The new Corvette hit a record-setting top speed of 233 mph, making it the fastest car ever built by an American automaker and the fastest current production car priced under $1 million, according to Chevrolet. The top speed record was possible thanks to the ZR1’s turbocharged 5.5-liter V8 engine that cranks out a staggering 1,064 horsepower. Its carbon-fiber aero package kept it glued to the track by generating over 1,200 pounds of downforce at top speed. Chevrolet also says the ZR1 can accelerate through the quarter mile in less than 10 seconds. We expect the Corvette ZR1 to go on sale in early 2025. Estimated starting price: $150,000 Does your wish list include a big and powerful SUV? If it does, the Escalade-V should top it. The big Caddy roars like a muscle car thanks to its supercharged 6.2-liter V8 that churns out 682 horsepower and helps it hit 60 mph in just 4.4 seconds. The Escalade-V also boasts enormous 24-inch wheels and large Brembo brakes that help bring the three-ton SUV to a stop. But the Escalade-V isn’t only about brute power. It also has three rows of seating, plenty of cargo space and offers impressive tech like Super Cruise, a hands-free highway driving system, and an enormous 55-inch curved display that spans the dashboard. Starting Price: $161,990 What if we told you there was a car that could outpace almost anything on a drag strip, keep up with high-end sports cars on a racetrack, and be comfortable enough for daily errands? Well, if that sounds amazing, add the Air Sapphire to your dream list. The Air Sapphire is a high-performance electric luxury sedan made by Lucid, an electric vehicle startup. It’s one of the most powerful production cars in the world, producing an astonishing 1,234 horsepower from its three electric motors. Lucid says it has a top speed of 205 mph and can rocket to 60 mph in a mind-numbing 1.9 seconds. You can adjust the vehicle’s setting for exceptional track performance or simply provide a comfortable ride around town. Starting price: $250,500 Edmunds says Even if you can’t afford any of these vehicles, you can still picture one sitting in your driveway or imagine yourself cruising around town in it. And who knows, maybe holiday magic will give you the opportunity to own one in the future.Mr Biden told African leaders the resource-rich continent of more than 1.4 billion people had been “left behind for much too long”. “But not anymore,” Mr Biden added. “Africa is the future.” Mr Biden used the third and final day of a visit to Angola – his long-awaited, first trip to sub-Saharan Africa as president – to travel to the coastal city of Lobito and tour an Atlantic port terminal that’s part of the Lobito Corridor railway redevelopment. Mr Biden described it as the largest US investment in a train project outside America. The US and allies are investing heavily in the project that will refurbish nearly 1,200 miles of train lines connecting to the mineral-rich areas of Congo and Zambia in central Africa. The corridor, which likely will take years to complete, gives the US better access to cobalt, copper and other critical minerals in Congo and Zambia that are used in batteries for electric vehicles, electronic devices and clean energy technologies that Mr Biden said would power the future. China is dominant in mining in Congo and Zambia. The US investment has strategic implications for US-China economic competition, which went up a notch this week as they traded blows over access to key materials and technologies. The African leaders who met with Mr Biden on Wednesday said the railway corridor offered their countries a much faster route for minerals and goods – and a convenient outlet to Western markets. “This is a project that is full of hope for our countries and our region,” said Congo President Felix Tshisekedi, whose country has more than 70% of the word’s cobalt. “This is not just a logistical project. It is a driving force for economic and social transformation for millions of our people.” The leaders said the corridor should spur private-sector investment and improve a myriad of related areas like roads, communication networks, agriculture and clean energy technologies. For the African countries, it could create a wave of new jobs for a burgeoning young population. Cargo that once took 45 days to get to the US – usually involving trucks via South Africa – would now take around 45 hours, Mr Biden said. He predicted the project could transform the region from a food importer to exporter. It’s “something that if done right will outlast all of us and keep delivering for our people for generations to come,” he said. The announcement of an additional $600 million took the U.S.’s investment in the Lobito Corridor to 4.0 billion dollars (£3.15 billion).
Expect stocks to climb as Thanksgiving approachesWhite House says at least 8 US telecom firms, dozens of nations impacted by China hacking campaign
By Stephanie Lai and Hadriana Lowenkron, Bloomberg News Donald Trump says he is selecting venture capitalist David Sacks of Craft Ventures LLC to serve as his artificial intelligence and crypto czar, a newly created position that underscores the president-elect’s intent to boost two rapidly developing industries. “David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas,” Trump said Thursday in a post on his Truth Social network. Trump said that Sacks would also lead the Presidential Council of Advisors for Science and Technology. In Sacks, Trump is tapping one of his most prominent Silicon Valley supporters and fundraisers for a prime position in his administration. Sacks played a key role in bolstering Trump’s fundraising among technology industry donors, including co-hosting an event at his San Francisco home in June, with tickets at $300,000 a head. He is also closely associated with Vice President-elect JD Vance, the investor-turned-Ohio senator. Sacks is a venture capitalist and part of Silicon Valley’s “PayPal Mafia.” He first made his name in the technology industry during a stint as the chief operating officer of PayPal, the payments company whose founders in the late 1990s included billionaire entrepreneur Elon Musk and investor Peter Thiel. After it was sold to eBay, Sacks turned to Hollywood, where he produced the 2005 satire Thank You for Smoking. Back in Silicon Valley, he founded workplace communications company Yammer, which was bought by Microsoft Corp. in 2012 for $1.2 billion. He founded his own venture capital firm, Craft Ventures, in 2017 and has invested in Musk-owned businesses, including SpaceX. Sacks said on a recent episode of his All-In podcast that a “key man” clause in the agreements of his venture firm’s legal documents would likely prevent him from taking a full-time position, but he might consider an advisory role in the new administration. A Craft spokeswoman said Sacks would not be leaving Craft. In his post, Trump said Sacks “will safeguard Free Speech online, and steer us away from Big Tech bias and censorship.” Protecting free speech is a keen interest of Sacks. He regularly speaks about “woke” interests that try to muzzle unpopular opinions and positions. The new post is expected to help spearhead the crypto industry deregulation Trump promised on the campaign trail. The role is expected to provide cryptocurrency advocates a direct line to the White House and serve as a liaison between Trump, Congress and the federal agencies that interface with digital assets, including the Securities and Exchange Commission and the Commodity Futures Trading Commission. Trump heavily campaigned on supporting crypto, after previously disparaging digital assets during his first White House term, saying their “value is highly volatile and based on thin air.” The president-elect on Thursday said Sacks would “work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S.” During the campaign, Trump spoke at a Bitcoin conference, accepted crypto campaign donations and met with executives from Bitcoin mining companies and crypto exchanges multiple times. Trump’s desire to give priority to the digital asset industry is also reflected in his close allies and cabinet selections, including his Commerce secretary pick, Howard Lutnick, and Treasury secretary nominee Scott Bessent. On the AI front, Sacks would help Trump put his imprint on an emerging technology whose popular use has exploded in recent years. Sacks is poised to be at the front lines in determining how the federal government both adopts AI and regulates its use as advances in the technology and adoption by consumers pose a wide array of benefits as well as risks touching on national security, privacy, jobs and other areas. The president-elect has expressed both awe at the power of AI technology as well as concern over the potential harms from its use. During his first term, he signed executive orders that sought to maintain US leadership in the field and directed the federal government to prioritize AI in research and development spending. As AI has become more mainstream in recent years and with Congress slow to act, President Joe Biden has sought to fill that void. Biden signed an executive order in 2023 that establishes security and privacy protections and requires developers to safety-test new models, casting the sweeping regulatory order as necessary to safeguard consumers. A number of technology giants have also agreed to adopt a set of voluntary safeguards which call for them to test AI systems for discriminatory tendencies or security flaws and to share those results. Trump has vowed to repeal Biden’s order. The Republican Party’s 2024 platform dismissed Biden’s executive order as one that “hinders AI Innovation, and imposes Radical Leftwing ideas on the development of this technology.” Sacks can be expected to work closely with Musk, the world’s richest person and one of the president-elect’s most prominent supporters. Musk is also a player in the AI space with his company xAI and a chatbot named Grok — efforts which pit him against Silicon Valley’s giants — and he stands to wield significant influence within the incoming administration. The appointment won’t require Sacks to divest or publicly disclose his assets. Like Musk, Sacks will be a special government employee. He can serve a maximum of 130 days per year, with or without compensation. However, conflict of interest rules apply to special government employees, meaning Sacks will have to recuse himself from matters that could impact his holdings. Sacks’s Craft Ventures is known more for enterprise software investing than for crypto, but it has made a few crypto investments, including BitGo and Bitwise. Still, Sacks has firm opinions on the sector. Speaking last month on All-In, Sacks praised a bill on crypto regulation that had passed in the U.S. House but not the Senate earlier this year. The Financial Innovation and Technology for the 21st Century Act would regulate certain types of digital assets as a commodity, regulated by the Commodity Futures Trading Commission. “The crypto industry basically wants a really clear line for knowing when they’re a commodity and they want commodities to be governed, like all other commodities, by the CFTC,” he said on the November podcast. He also disparaged some of the Securities and Exchange Commission’s positions on crypto under its chair, Gary Gensler. “The days of Gensler terrifying crypto companies,” he said. “Those days are about to be over.” Earlier this week, Trump nominated crypto advocate Paul Atkins to lead the SEC. With assistance from Zoe Ma, Bill Allison, Sarah McBride, Anne VanderMey and stacy-marie ishmael. ©2024 Bloomberg L.P. Visit bloomberg.com. Distributed by Tribune Content Agency, LLC.
BEIJING , Dec. 8, 2024 /PRNewswire/ -- At the end of 2024, we take a look back at the Chinese economy's performance this year. China's domestic GDP grew by 5.3 percent year-on-year in the first quarter, 4.7 percent in the second quarter and 4.6 percent in the third quarter this year, with an average growth rate of 4.8 percent in the first three quarters. Since September, as a package of incremental policies continues to yield its effects, China's economy maintains an upward trend. Overall, we are fully confident in achieving our economic growth goal this year. The country's economic performance has been hard-won. Externally, transformations around the world unseen in a century are unfolding at a greater pace, with global economic growth remaining sluggish, and the complexity, severity and uncertainty of the external environment on the rise. At home, domestic demand is insufficient, social expectations remain weak and there are difficulties associated with structural adjustments. The situation is severe and complex, and the task is difficult and weighty. However, under the strong leadership of the Communist Party of China Central Committee with Comrade Xi Jinping at its core, Chinese localities and government agencies are more confident and are taking solid steps to deliver outcomes. The results underscore that "fundamentals of the Chinese economy, and favorable conditions such as a vast market, strong economic resilience and great potential remain unchanged." Huge market, vast space Markets are the scarcest resource. The modernization achieved by 1.4 billion Chinese people has resulted in the addition of a new super-large market larger than those of all developed countries combined. The new development paradigm will enable China to fully unlock its market potential and create greater demand for other countries. With a new car rolling off production line on November 14 , China's annual production of new energy vehicles (NEVs) surpassed the 10 million milestone, becoming the first country in the world to do so. Behind the number is China's robust supply and demand. In the first 10 months, China's production and sales of NEVs grew by 33 percent and 33.9 percent year-on-year, respectively. China continues to take the lead in the electrification and intelligence transformation of the automotive industry, which is attributed to the supply, policy support and demand advantage in the ultra-large market. Markets bring valuable business opportunities. Take cars for example. By the end of June, China had 345 million cars, but the country's car ownership level per 1,000 residents is less than half of that in developed countries. Additionally, China's NEV ownership is only 24.72 million, which means continuous demand in the future. Markets breed competition advantages. China's vast market contributes to the formation of "economy of scale" and "economy of scope," which generates greater profits for enterprises and reduces innovations costs, and also helps provide a large number of application scenarios and boost the large-scale application of innovations. China leads the world in batteries, motors and electronic control technologies, while its intelligent cockpits and intelligent driving are internationally advanced. Thanks to the benign interactions between supply and demand, the industrialization of new technologies and new products is speeding up. Strong resilience, solid basis Resilience strengthens self-belief. China has come to where it is today after overcoming all kinds of difficulties and challenges. Foreign trade is an important barometer in this regard. In the first 10 months of the year, China's foreign goods trade rose by 5.2 percent year-on-year to reach a new high compared with the same period historically. The improvement in the quality and efficiency of the country's foreign trade against the backdrop of shrinking external demand reflects China's economic resilience. This resilience originates from China's solid manufacturing basis and industrial chain advantages. "We could not do what we do without them," Apple CEO Tim Cook said of Chinese suppliers during his third visit to the Chinese mainland this year, as over 80 percent of Apple's 200 major suppliers have set up factories in China . China has the world's most comprehensive industrial categories and a well-rounded industrial system, with the scale of manufacturing industry ranking top for 14 consecutive years. The high-end, intelligent and green development of the manufacturing sector continues to strengthen the stability of the country's industrial and supply chain. In the first three quarters, the manufacturing industry contributed 32.2 percent to the country's economic growth, up 11.2 percentage points. China moved up to 11th place in the ranking of the world's most innovative economies. The basis is solid, and risks and challenges are not to be feared. Resilience also comes from excellent policy adjustments. The nation has been strengthening counter-cyclical adjustments, accelerating the implementation of major national strategies and the development of securities capabilities in key areas while supporting large-scale equipment upgrades and trade-in policies for consumer goods with robust measures, boosting the stabilization of the property market and galvanizing the capital market. The government has also put forward a package of measures to dissolve local government debt risks. This year, a series of existing policies continue to produce effects and incremental policies are being effectively implemented, jointly helping the economy stabilize. Vast potential, strong momentum China's economy has vast potential and many advantages and favorable conditions for sustaining long-term development momentum. China has been the world's second-largest economy for many years, but still has vast development potential in terms of per capita and structure. China's per capita GDP remains relatively low, and the country's amount of infrastructure per capita is only 20-30 percent of that of developed countries. In 2023, China's urbanization rate, which measures the ratio of permanent urban residents relative to the total population, reached 66.2 percent by the end of 2023. Estimates show that each percentage point increase in the urbanization rate could drive 1 trillion yuan ( $137.55 billion ) in investment. Currently, both China's fiscal deficit ratio and government debt ratio are low, and the country's policy toolbox remains well-stocked. The potential also lies in elementary resources. China's human resources in science and technology ranked first in the country and the average length of education received by new entrants into the workforce has increased to 14 years, turning the demographic dividend into a talent dividend. In addition, overall sufficient social capitals, vast room for the highly efficient use of land and the vast unleashing of the potential of digital elements provide solid foundational support. This potential also comes from the huge market. The country's population of over 1.4 billion and middle-income population of over 400 million support a large-scale, diverse and huge domestic market. Accelerating the building of a unified national market will improve overall economic operation efficiency and continuously unleash the potential of domestic demand. Overall, China is a country with vast territory, a large population and unbalanced and uncoordinated development. This is a shortcoming, but also represents potential and a driving force for future development. Sparking vitality and building synergy through reform is essential to continuously unleashing development potential. From implementing regulations for fair competition reviews, accelerating the legislative process of the law on the promotion of the private economy and formulating normal communication mechanisms between governments and enterprises, to releasing a new national negative list for foreign investment and removing all market access restrictions for foreign investors in the manufacturing sector, China's reforms in key fields continue to deepen this year and high-level opening-up advances in an in-depth way. The third plenary session of the 20th Central Committee of the Communist Party of China adopted the Resolution of the CPC Central Committee on Further Deepening Reform Comprehensively to Advance Chinese Modernization. Driven by reform of the economic system, China is correspondingly boosting reform in other fields, and the internal development momentum and vitality will continue to strengthen. Reviewing allows a clear understanding of the situation and better moving forward. While some major economies experience low growth rates and high inflation this year, China is expected to achieve its economic growth target of around 5 percent, and continue to contribute around 30 percent to world economic growth. This stable performance underlines the fact that China's economy will continue to remain on a positive trajectory over the long run. The story was originally published on the front page of the People's Daily on December 8, 2024 View original content: https://www.prnewswire.com/news-releases/global-times-peoples-daily-article-says-favorable-conditions-for-chinas-economic-development-remain-unchanged-302325568.html SOURCE Global Times