Growing Geo-political Tensions and threat of War

 Kobad Ghandy

The world capitalist economies go through a cycle of boom and bust. There was the dot com boom at the turn of the century, followed by the crisis in 2008; then again in 2020 a downturn which was camouflaged by the pandemic; all predict a serious downturn in the world economies in 2025, or latest 2026. Now, given the stagflation worldwide there are not likely to be any boons; only busts and maybe some weak recoveries (if at all). Global GDP Growth is anyhow already anaemicprojected to be 2.5% in 2023/24 (with advanced economies falling to 1%) and 3% in 2025.[i] The IMF Chief says the world risks falling into a slow-growth rut. These slow growth rates are coupled with a major geo-political shift – the first since WWII.

Till now the US has beenthe unquestioned economic power; but now that is being challenged by China. Already the G7 account for only 22% of word GDP, while China and allies in BRICS accountfor 34% OF WORLD GDP[ii].

Due to the East Asia Crisis the WTO has cut trade outlook: WTO expects the volume of global merchandise trade to increase by 2.7% in 2024 and by 3% in 2025. Tariff walls are coming up like never before making a joke of free trade; primarily to stop cheap Chinese goods that are flooding world markets Growing trade wars will lead to hot wars in the future.

Low growth, high debt, and escalating wars topped the agenda of the IMF annual meeting, but finance leaders spent much of their energy worrying about the potential impact of a return of Trump to power due to his protectionist policies.

Today the G7 accounts for 22% of world GDP; while China and the BRICS accounts for 34% of world GDP.[iii] Also, as per the same report, world trade in dollars has dropped from being 70% of the total to 58% of the total over the past two decades.

Let us now look at these two blocs in greater detail and the relationships brewing.

WESTERN BLOC

First let us see the US, the driver of the world economy since WWII.

 

 

The USA

The United States’ nominal GDP was USD 27,721 billion in 2023 or nearly 28 trillion dollars.  GDP per capita was USD 82,715 compared to the global average of USD 10,589. Average real GDP growth was 2.3% over the last decade.The U.S. accounted for 26% of the global economy in 2023 in nominal terms, and about 15.5% in PPP terms.[iv] Yet the economy is not on sound footings:

Faced with a massive public debt of $ 36 trillion and interest payments of over $1 trillion every four months the US economy, though, at present, growing at 2.8%, is said to be heading towards a recession. The total US debt at end 2023 was a massive $ 160 trillion (inclusive of the Medicare debt and Unfunded liabilities).[v]  Not surprisingly the FED cut interest rates by half a point in 2024 to 4.5%,[vi] yet the outgoings in the form of interest is exceedingly high. Cumulative payments on the national debt of the US is expected to increase from $76 billion in FY24 to $80 bn in FY 25. Interest costs so far in FY25 are the fourth-largest spending category for the federal government — outpacing outlays for Medicare, income security, veterans’ benefits and services, and education.[vii] Interest payments is nothing but putting money into the hands of the moneybags,  rather than the people.

No wonder it is reported that 144 million households are moving towards bankruptcy.  Major US companies are also in crisis with profits crashing: Kitco news reported : Blackstone Q4 2023 profits crashed 73% as real estate values crumbled; Bank of America earnings were down 56%; City Group’s was down 17.3%; J.P.Morgan’s earnings were down 15%.  and Blackrock was down 9%. It further warned that a banking crisis looms, with the Citizen’s Bank having already failed last November. The US is caught in a catch 22 situation – it cannot significantly raise interest rates without sinking the economy; it cannot significantly reduce interest rates without destroying the dollar. The next banking crisis will lead to a major crash of the $.Meanwhile, the poverty rate is growing – from 8% earlier to 12% today[viii]

The US is drowning in debt. People are in debt and have to do 2-3 jobs to pay off their loans with the cost-of-living skyrocketing; credit card debt has peaked and interest on it is about 20%, massive trade and budget deficits with the public debt at $ 36 trillion; With interest rates high govt outgoing with interest have reached. unmanageable levels[ix].

The US military-Industrial Complex does not want  the Ukraine war to end. US military spending increased 15%  —- the fastest since the Iraq war. Now it is  $ 1 trillion on defence of which half goes to the defence contractors. Three warning signs for the US economy:  i) The S&P 500 is 10%abve the July peak; ii) Dow Jones up 4 fold & iii)  Gold up 8 fold. If inflation surges, banks will go bust and the FED will go back to QE (Quantative Easing) . The economy is headed for stagflation.

Canada

Canada GDP growth rate is 2% but the population increase is 3.2% due to immigration. Thus, it is defacto in recession, with jobs being lost daily and real estate having gone down 5% y-o-y. In fact, for every 4 houses sold, 10 new ones come up.

Japan

Japan’s economy is facing stagflation and the value of the yen is declining vis-à-vis the $. As Japan’s government slides into uncertainty and the ruling alliance loses its majority, the yen crashed to a three-month low. Amidst economic headwinds, a terse security situation fuelled by an assertive China and a nuclear armed North Korea, Japan is in flux. The Liberal Democratic Party and its junior coalition partner had 225 seats – down from 279 – while the chief opposition party had 148 seats – up from 98, butstill short of a majority of 233. Japan, with a stagnant economy and an aging population is in for a long period of political instability. It has ceased to be a major player on the world chessboard inspite of its economic clout. And unlike other developed countries it has few immigrant workers, who are not encouraged to come to the country.

The EU

In Europe, Italy and Greece have a debt to GDP ratio of about 150%; one of the highest in the world. In Sweeden the right-wing government has increased fivefold the amount allocated to send immigrants home – to $ 34,000.[x]The EU is pressing ahead with EV tariffsof 45% on Chinese products. In a vote 10 EU members backed tariffs; 5 voted against and 12 abstained.[xi]In retaliation Beijing targeted EU brandy while France complained to the WTO. [xii] The ECB (European Central Bank) just lowered rates for the third timethis year;and eyes more cuts as Eurozone economies sag.[xiii] Meanwhile the German economy is in a mess and its largest and most prestigious company, Volkswagen, has closed down three plants in the country and cut its staff in other units.  Its economy grew at 0.2% in the July -Sept quarter; contracting 0.3% in the previous three months.  These economic doldrums are both the product and a reflection of the ongoing crisis in the biggest employer in Europe’s largest economy – Volkswagen. For the first timein its 87-year history the iconic automaker is set to close 3 of its major factories in the country.  The plan to shut downits factories and layoff tens of thousands of workers is part of VW’s desperate bid to stay competitive in Europe amidst sliding sales and increased competition from China. VW, the second biggest car maker in the world (after Toyota) has for decades epitomised German manufacturing prowess. Its deepening troubles are now set to have a domino effect across the German automotive industrywhich accounts for 5% of the country’s GDP and employs 8 lakhs. A spokesperson for the German VDA (business association) said “we are not experiencing a crisis in the automotive industry; we are experiencing a crisisin Germany as a business location”. A study commissioned by the BDI (FEDERATION of German Industries) concluded that more than 20% of Germany’s industrial output is at risk; primarily due to high energy costs and shrinking markets.  There are 3 reasons for what ails the Germaneconomy: dependence on Russian gas; the delayin the car industry in embracing electrics; & its struggling tech push. Politically an election looms – the winners are likely to be the Cristian Democrats and the far-right Alternative for Germany.

Also, the French and UK economies have been contracting for several quarters.  The new UK government hasintroduced the biggest tax rise since 1993.[xiv] Frances’ national debt, at 3 trillion euros is 112% of its GDP; has a trade deficit of 6 bn euros per month. Italy’s fiscal deficit is 100 bn euros – 138% of its GDP; its economy relies basically on Chinese tourism which has been badly hit[xv] Both France and Italy are on the brink, and could destablaise entire Europe.

With most countries moving to the right the Dutch govt approves new steps tocurb immigration – including re-introduction of border checks, restrictions on family members of those granted asylum, cutting the numbers of temporary visas, and declaring parts of the war-ravagedSyria safe, so that authorities can reject asylum seekers. The announcement came a week after EU leaders looked at ways to tackle immigration and turn the 27-member bloc into fortress Europe.[xvi]

WESTERN ECONOMIES IN ATROPHY

So one sees the main western economies in a state of atrophy. It is only China’s growth, which too has slowed, that keeps the motor of capitalism running. These woes are accompanied by right wing and neo-fascist governments in most countries coming to power. The social democratic parties that dominated most governments of Europe post WWII are on the wane, as are the influence of left forces worldwide, though peoples’ conditions continue to deteriorate.

This is resulting in growing contradictions for the limited cake. This particularly is to be seen between the West and China. The victory of Trump will only bring the situation to a boil. Even before he was elected, he announced he would impose tariffs on all imports and not just Chinese.  He is known to have been waging an economic war against China (the US’s biggest economic contender) by imposing tariffs of 60% on all Chinese imports and appointing anti-China hawks in his administration.

Without funds the US government is resorting to QE (Quantitative Easing) through printing notes; resulting in inflation.  Pension funds are at 6-7%; bond rates are falling and of the $ 1.87 trillion Japan has in US treasury bonds, Japan sold $ 60 bn (while China has sold about $ 50bn). Over the last two decades dollar transactions worldwide have dropped from 70% to 58%. The waning of the $ is inevitable which is bound to destabalise the entire system; as the US will not go down quietly. Besides there is no other currency totake its place.

Since 2016 the US has put 70 sanctions on Chinese tech companies and even banned thousands of officials from entering the US or interaction with US companies. But China has not only survived but thrived like in Artificial Intelligence. Chinese AI companies dominate the top 12. Only one US company (IBM) make it to the top 5. China shifted to focuson domestic consumption; making it even stronger. Eg Huawei – by 2010, 845 of the top telecom companies were working with Huawei, reaching over 170 countries. Inspite of the sanctions. Then, in an unprecedented action, on Dec 1 2018, Huawei chief (a Chinese citizen) was arrested by US authorities for allegedly violating US sanctions by selling to Iran. She was held under house arret for three years. As a result, by 2021 revenue declined by 30%; by 2022 net profits collapsed by 77%. Huawei then started to develop other industries; within 5 years the bulk of the revenue was from China. Last year Huawei revenue was $ 100 bn; more than Oracle. Though smaller than Samsung it spends twice its amount on R & D.

THE CHINESE POWERHOUSE

China comprises 30% of the world economy. In the first nine months of 2024 China’s GDP grew at 4.8%. In the first half of this year, 26,870 new foreign-invested companies were set up in China – an increase of 14.2% over the previous year. Foreign investments over the past decade reached $ 70 bn. [xvii]China has become the main centre for the capitalist world; with the other major powers in stagnation, it is China with its huge GDP and growth that acts as the defacto motor for sustaining capitalism internationally.   It also has a near monopoly on the sources of critical minerals. Afterall in 2024 China’s nominal GDP was over $18 trillion to India’s under $ 4 trillion. China stood at number two after the US which had a GDP of $29 trillion but a growth rate of just 2.8%. Germany was third at just $4.7 trillion but had a growth rate of zero percent. At the rate China is growing it will soon outstrip the US. It is already ahead in terms of PPP. In addition, China has a huge trade surplus with most countries.

 

Not surprisingly China is seeking to soar up its defences in the world and particularly its backyard in the South China Sea. China deployed 125 warplanes, an aircraft carrier and their ships around Taiwan simulating the sealing off of key ports, that underscores the tense situation in the Taiwan Straits.

China has an edge in most new technologies as well as with solar manufacturing. It controls 97% of polysilicon production and 80% of solar modules – making it difficult for any other country to compete. In fact, inspiteof the said hostility, India imported $ 7 bn worthof solar equipment from China in 2023-24.

Even though the Chinese economy has also been slowing it pumped in a $ 1.4 trillion stimulus which is attracting all foreign investors away from India – already facing a record net outflow Rs.1.3lakh crores since October this year. The Chinese stimulus package came one day after the US Fed and the Bank of England cut interest rates by 25 basis points (for the second time in 2024).

Still today it is only the Chinese economy that poses a challenge to that of the US where in PPP terms it has even surpassed that of the US by as much as 15-20%.[xviii] The GDP figures show it all.Slowly, but surely, due to its growing economic clout it is quietly extending its markets throughout the world – obviously not to the liking of the US which sees this as an existential threat.

In fact, on Oct 1 2024 the Chinese President upped the ant, by stating that Taiwan “is Chinese sacred territory”.

GROWING TARIFF WARS

Raising tariffs led to the Great Depression in the 1930s and finally WWII. The same thing is happeningtoday. Though the world economy is not yet in a crisis (like the 1930s), yet protectionist walls are coming up all over the world; mostly to stem the penetration of cheap Chinese goods. Growing tariff restrictions can finally end up in wars. Infact hot wars are a mere extension of trade wars, which we seealready flaring up in many parts of the world – Ukraine, West Asia for now; the Taiwan Straits in the future.

The bulk of thetariff wars are primarily against cheap Chinese EVs (Electronic vehicles) which are flooding world markets. The EU imposed 50% tariffs on Chinese EVs; China retaliated by imposing tariffs on French brandy and cognac. Chinese tariffs vary from 17 to 34%, imposed on Italy’s luxury goods, Denmark’s dairy products, German cars, Spain’s pork and Mediterranean wine.

The trade wars are mostly directed against Chinese goods with the US in the lead. While the West yells from the rooftops about free trade, in fact, the US has sanctioned 84 countries in the last two decades. And Trump is threatening to push the world to the brink. Already he hasstated that, on his very first day in office, he will impose 25% tariffs on goods from Mexico and Canada; and raise tariffs on all importsof Chinese goods by 10% above existing levels and upto 60% onmany Chinese imports. He did the same in the first term he was in power, many of which were carried forward by the Biden administration.

Immediately after Trump’s announcement, the Canadian dollar fellby 1.2% against the US $and the Mexican peso fell by 2%. The US imports 4.3  million barrels of oil per day from Canada; also cars machineryand wood. America also imports the majority of its cars and car parts from Mexico and electronics, sports equipment, machinery toys, furniture and plastics from China. In his first term CNN reported Trump implemented tariffs on $ 380 billion worth of goods from China. These,in fact, affected the US consumer the most. The Peterson Institute for International Economics has estimatedTrump’s proposed tariffs will cost the US household an additional $ 2,600 per year and more.

In retaliation against high US tariffs China has cut off $ 34 bn from the US farming industry. The US farming industry is facing an unprecedented crisis as China shifts its imports to Brazil and Argentina. Corn exports from the US dropped 71% and Soyabean 13%.

The crisis began in 2018 when China imposed heavy tariffs on US agri products retaliating against US tariffs on $ 300 bn of Chinese goods. American farmers faced a $ 3.6 bn annual loss in soyabean exports and $ 9 bn loss in corn exports.  US exports to China dropped from 36 million tonnes in 2016 to 26 million tonnes last year. There has been a $ 5 bn reduction in US exports to China of corn and soya; conditions already bad, will further worsen under Trump for the US. Tariff wars are hotting up not only with the US but also Europe, particularly in the EV markets.

Though there is some overlap between the two (with major US TNCs having a base in China) it is basically these two blocs that stand confronting each other; more particularlyUS vs China; with both forging alliances worldwide.

GROWING DANGER OF WAR

The giant insurance company, Lloyds,says geo-political conflict is a systemic risk for high insurance being charged on the closure of many trade routes. It added that Europe could lose as much as $ 3.4 trillion. The major shipping routes: 1) Straits of Hormoz (30% of the oil) 2) Straits of Malacca (40%); 3) Strait of Taiwan; 4) Suez Canal; & thePanama Canal most face problems like that of the Houthis in the Suez, and many vessels are forced to take longer routes around Africa or South America. In addition, Russia has stopped gas to EU pushing up energy costs to unsustainable levels.Russia is also the global leader in Uranium enrichment; while the US has to import all its uranium stock. China too has 17 nuclear power plants. China has also opened a $1.3 bn mega port in Peru – US’s backyard. [xix]

At present there are basically three major flash points – 1) Ukraine 2) Middle East and 3) Taiwan and South East Asia

Ukraine is already said to have lost over 70,000 people in the war and 12 lakhs injured. While it is reported that Russia has also facedabout onelakh casualties – dead or wounded. This is the first time a European country is being used as cannon fodder in a war to promote US interests. As the war approaches its 1000^th day, and Russia grinds deeper into Ukraine, the US has told Zelensky to strike deep within Russia using their missiles. Poverty in Ukraine has increased by about 2 million to reach 9 million due to the war out of a total population of 38 million. While the people on both sides suffer it is the US arms dealers who are reaping in the moolah. It is estimated that the Russians have also lost between 60,000 o 1 lakh people.

Yet the warappears to drag on with the West supporting Ukraine and the Russians using North Korean troops to fight their war. The US wants a Europe without Russia and increases its pressure on Russians; Russia has already occupied what was large tracts of Ukraine (Russian-speaking parts – 34% of the population speak Russian).

In a bid to prevent the collapse, the US has increased its intervention in Ukraine. Biden has just allowed Ukraine to use US missiles within Russia. Biden is proving to be as right-wing as Trump and has ordered these strikes to his puppet in Ukraine.The war is being sustained basically at the behest of the US. But Putin has warned the west that a nuclear strike would ensue if they gave the greenlight to Ukraine to use long-range western weapons to strike deep inside Russia.[xx] Now the US has given the permission (Nov 18 2024); so, it is to be seen how Russia retaliates.

Then again in the Middle East the massive attack of Isreal on Lebanon, Turkey and Iran is nothing but an extension of the US war effort, with Isreal acting as its stooge.By end Sept over 2000 Palestinians have been killed and thousands injured when pagers and walkie talkies and rectums of goats exploded.  Isreal therefore draws no distinction between military and civilian targets. Most killed were infact children. Isreal has been attacking Lebanonat random, against Houthis in Yemen, supported by US forces in the region. In Syria the US killed 37 supposed IS operatives – there are 900 US troops physically stationed in Syria.[xxi]

The new NATO Chief, Mark Rutte, is a hawk backing the war in Ukraine and the Middle east and even went so far as say he would bring Ukraine into NATO.Then in one of the deadliest attacks by Isreal in Northern Gaza in end October at least 87 people were killed and 40 injured. Also classified documents were leaked of an Israeli[xxii] plan to attack Iran.And then again on Oct 25^th Israeli strikes killed 73 across Gaza strip, including three journalists in South Lebanon.UNICEF has said thousands of children in Gaza re dying of pain as Israel curtails medical evacuation.Finally, in retaliation, on Oct 1, Iran launched 200 ballistic missiles against Israel, with Isreal hitting back on Oct 26^th.  Meanwhile one lakh Palestinians were trapped in Israel’s North Gaza offensive toward end Oct. The fascist Israeli rulers further passed two Bills to ban UN relief work for Palestinian refugees from operating in Isreal.[xxiii] Like Ukraine the Israelis cannot take a single step without US support and armaments.

And as the war here continues fuelled by the US, the latter is keen of opening a third front in the Taiwan region to draw in the Chinese into direct confrontation, with APEC FUNDING $ 567 MILLION TO Taiwan. In what the US calls a “pivot to Asia” it is only matter of time before the US provokes trouble in the East.

And as we go to the press China just shuts down the $34 billion farm imports from the US. Shifts its imports to Bazil and Argentina. Trade wars are hotting up with every passing day – it is only a matter of time before the US flexes its military muscle, when it gets beaten in the trade wars with China.

Meanwhile, India’s ruling classes have been playing a dubious role sitting on the fence, but, historically it has been more close to the West, though it is a member of BRICS. Others should beware that the Indian government does not become a trojan horse of the US in the BRICS forum. Till now it has been playing a low-key role and is rarely even heard of. But our Brahminical rulers have mastered the art of Chankya style statecraft – putting on a face of an innocent rabbit, while baring its fangs like a fox on the sly.

India and Indian big business is controlled by thousands of threads to western/foreign (Dollar) capital. So, for example, the cumulative assets under custody of FIIs in debt, equity, AIF, mutual funds, and hybrid funds crossed $1 trillion for the first time, marking a 26.7% increase since the beginning of the year.[xxiv]Such a level of dependence has never taken place in the past. Inaddition, total FDI inflows in the country in the FY 2023-24 is $70.95 bn. Such foreign penetration comes with huge not only economic but political and social reciprocation. We all have to bare the costs!!!

If we now turn to the big business houses money flows into Adani companies who dominates the Indian scenario due to his political links. So, for example, Adani, in the first quarter of 2021, cornered  23 per cent of the Mauritius-to-India funds; Mauritius is nothing but a tax haven to park illicit money, which flows back as foreign investment. Then if we turn to foreign investment in our major big business houses we find that in Reliance FIIs stood at as much as 27% of the share capital. [xxv]Also in the Tata group stocks, FIIs hold up to 27% stake.[xxvi]. In Birla’s FII amount to 6% and in Mahindra’s 41%. But such direct investment is only one form of control, others take the form of tech control/ patents, control over markets, etc etc. In fact the Adani Group has planned a $10 bn investment in Maharashtra with Isreal Tower Semiconductors – two mafia establishments joining hands to rob our country and people!

Then again this is not all: The external debt keeps skyrocketing now reaching $ 625 bn. Of this 55% is in dollars and theinterest paid onthis in the year 2022-23 was a huge $49 bn. Not only this, India has huge NRI deposits the flow of which doubled in the first half of this year to $ 10 bn; taking the total at end sept 2024 to $ 151 bn. The returns on these NRI investments are high, as they prefer India were they enjoy vast concessions.  If one totals up the foreign penetration and the returns that accrue to them – the figure will be staggering.

So, though India may be a member of the BRICS, it is tied hand and foot to western(US) capital. But with BRICS set to expand with 13 more countries applying including US allies, geo-politics of the world is set for a major shift. China without challenging the West militarily is slowly expanding its markets throughout the world. In other words, reducing the US pie.

India has no role to play in international geo-politics though it keeps thumping its chest as a ‘vishvaguru’. Let alone asserting itself on the global plane India has not even an iota of self-respect,to demand the billions of dollars the British looted, in the form of reparations from the British who destroyed our country through over 200 years of loot.On this not a word; they only puff their chests against the weak. The loss is not only economic, making our country one of the poorest in the world, but also social and cultural. It is an imperialist – Brahminical fusion that dominated the economic, political and cultural life of the country. It is a toxic mix, strangulating our people for centuries and continuing today in varied forms, even after so-called independence.

We, the people of India must stand up and throw off this (imperialist-Brahminical) yoke that still envelopes us – not just politically but also in our daily lives. The first demand could be that the people of our country be paid $ 100 billion in reparations by the imperialists (particularly the British)for the 200 years of loot– ie each family of our country (not our rulers) be paid roughly Rs.22,000– the modus operandi of payment to be planned by a team of experts and social activists from both India and the UK.  Let us make this a rallying call throughout the country.

CALL :You blood-thirstybritish robbers& Indian collaborators return the loot. (The original robber-barons may be dead and gone but their descendantsare very much enjoying its fruits even today and also continuing the loot in new and varied forms – they can and should pay up!)

As we go to the press Rusia has just unleashed its most deadly weapon  – the Oreshisk missiles which can raise entire cities to dust as it unleashes a temperature of 4000degrees centigrade  (heat of the su is 500 ).  Russia has already taken 200 sq kms of Ukraine and over 90,000 Ukrainian soldiers have deserted. Ukraine cannot fight the war for a single day without US/NATO SUPPORT. The US has spent $123 bn on nuclear arms over the last three years.- there is no saying where things will go when Trump takes power.

[i] Richard Wolff Video W T Finance 11/11/2024

[ii] Indian Express Oct 12 2024

[iii]Video, Richard Wolff; WT Finance; Nov 11 2024

[iv]Wikipedia : Economy of theUited States

[v] Video Geopolitical Economy Report August 11 2024

[vi] Indian Express Sept 19 2024

[vii]PeterG Petrson Foundation ”How much interest do we pay on the National Debt”

[viii] Video ThikBRICS  Nov 29 2024

[ix] David Hunter on the Jay Martin Shiw No 27 2024

[x] Indian Express Sept 15 2024

[xi] IE Oct 5 2024

[xii] IE Oct 9 2024

[xiii] IE Oct 18 2924

[xiv] IE Oct 31 2024

[xv] Oct 282024 video by Len petrova

[xvi] IE oct 26 2024

[xvii]IE  Oct 30 2024

[xviii]Wikipedia  It says the economy is comprised of :state-owned-enterprises; mixed ownership enterprises and as well as a large private sector companies, (contributes about 60% of GDP),

[xix] Video: Eurodollar University ; Nov 30 2024

[xx]IE Sept 20 2024

[xxi]IE Sept 30 2024

[xxii]IE Oct 21 2024

[xxiii]IE Oct 30 2024

External debt as a ratio to GDP rose marginally to 20.6%, from 19.8 %,  (BS  sept 26 202

[xxiv]Ravindra SonavaneOctober 07, 2024 / 12:22 I

[xxv]Press Trust of India; New Delhi; Oct 22 2020

[xxvi]News, Trending News, Bains Aug 11, 2024