India’s Economy Surpasses That Of Great Britain

Mr. Shah is a Schwarzman Scholar at Tsinghua University specializing in economics and a former McKinsey consultant.

As Theresa May returned home from her unsuccessful visit to India, she would bear witness to another relegation for the UK: India’s economy will be larger than the UK’s, for the first time in more than 100 years. This dramatic shift has been driven by India’s rapid economic growth over the past 25 years as well as Britain’s recent woes, particularly with the Brexit. Once expected to overtake the UK GDP in 2020, the surpasso has been accelerated by the nearly 20% decline in the value of the pound over the last 12 months, consequently UK’s 2016 GDP of GBP 1.87 trillion converts to $2.29 trillion at exchange rate of ~GBP 0.81 per $1, whereas India’s GDP of INR 153 trillion converts to $2.30 trillion at exchange rate of ~INR 66.6 per $1. Furthermore, this gap is expected to widen as India grows at 6 to 8% p.a. compared to UK’s growth of 1 to 2% p.a. until 2020, and likely beyond. Even if the currencies fluctuate that modify these figures to rough equality, the verdict is clear that India’s economy has surpassed that of the UK based on future growth prospects.

This marks a significant landmark in India’s economic history, whose story over the last 150 years can be split into three parts: a period of divergence, of relative stagnation and a period of convergence with respect to the economy of the UK. Divergence begins with the UK’s industrial revolution in the 18th century to India’s independence in 1947 when the UK’s growth significantly outpaced India’s. The period of stagnation extended from 1947 to 1991 where both India and the UK grew at roughly the same rate. This was despite India being independent, and was predominantly due to India’s misinformed choice of pursuing a closed, centrally planned, socialist economy. Convergence began in 1991, when India finally implemented market reforms, and continues to this day. During this period India has experienced much faster economic growth than the UK and has finally in 2016 overtaken it in absolute terms, although is still less than one-fifth that of the UK in per capita terms.

History teaches us that milestones are important, that they can help clarify and bring to light underlying long-term trends, as well as encourage people to shed their biases. Japan’s victory over Russia in 1905 is an illustrative example: The event helped break the conception of the inability of the East to militarily defeat a western power and also highlighted the economic rise of Japan that had gradually taken place over the second half of the 19th century. India’s overtaking of the UK’s GDP in 2016 could serve as a similar moment.

Official Site of Shanghai Financial Center

When you begin planning your wedding guest list, sit down with your fiancé and discuss what general wedding size you envision. Do you prefer a cozy affair or a huge party with every co-worker and distant relative present?

Then, write down a list of the people you definitely want to invite, and those you might include if you opt for a larger celebration. Don’t forget to give each set of parents a certain number of guests to invite. Keep in mind, you don’t need to feel obligated to invite all your parents’ friends or your friends’ children. Your wedding guest list should be about your greatest hits, not your latest hits.

As you build your guest list, keep in mind the following:

1. Traditionally, the guest list is divided equally between the bride and groom, but this also depends on the actual number of people each side of the family wishes to invite.

2. The general rule of thumb says to figure that only 80 percent of those invited will attend. However, don’t count on it.

3. If the bride’s family is paying for the wedding and the groom’s family wants to invite more guests than the original estimate, the groom’s family may offer to pay a proportional share of reception expenses.

4. It’s okay to invite an unmarried, unattached person without adding “and guest” to the invitation. It is not appropriate, however, to invite one-half of a married couple, one-half of a couple living together, or one-half of an engaged couple. If a single person is on the guest list and you know he or she is seeing someone seriously, it’s thoughtful to invite both.

5. If you don’t want children at the wedding or reception, don’t invite them. A wedding invitation only requests the presence of the people whose names actually appear on the envelope. If guests ask if they can bring their kids, give a diplomatic answer, such as, “Unfortunately, we can only invite a specific number of guests and are at the limit.” Then, be sure you don’t allow any exceptions. Your friends who were turned down will be upset to see other people’s children at the wedding.

6. Think carefully about sending wedding invitations to people you know cannot attend. This can look like a solicitation for wedding gifts. If there are people you would like to inform about the wedding but you know cannot attend, you can send them a wedding announcement the day after the wedding. Of course, if there are people you know will not or cannot attend, but who might feel slighted if they did not receive an invitation, then by all means send one.

7. Cutting back on your list is never easy and it always comes down to a judgment call, balancing who wanted the person invited and the relationship. You should never be in a position of having to cut close friends from your guest list. If you find yourself having to do that, you might want to consider scaling back on the design concept for the wedding reception.

Wells Fargo Account Openings Fall For Third Month

Figures cap a difficult week, after regulators impose sanctions for other failings.

Wells Fargo has said the number of customers opening accounts has dropped sharply for a third consecutive month — underlining the scale of the fallout from the recent scandal over its sales tactics.

Customers opened 41 per cent fewer Wells Fargo current accounts in November than they did a year ago and made 45 per cent fewer credit card applications.

These figures cap another difficult week for the bank, which is trying to restore trust after thousands of its employees — under pressure to meet internal sales targets — created as many as 2m “phantom” accounts for customers without their knowledge or consent.

On Tuesday, US authorities barred Wells Fargo, the third-largest lender in the country with $1.9tn in assets, from establishing new international units or from buying companies that are not banks, after it failed a regulatory test for reasons unrelated to the sales debacle.

Watchdogs warned that they were not satisfied with the bank’s “living will” — its plan to wind down in an orderly manner in the event of a crisis.

Wells, which had its first attempt at formulating a living will plan rejected earlier this year, is the first US bank to have regulatory sanctions imposed on it as a result of a second failure.

However, analysts said the financial hit from the drop in account openings should be limited, unless the downward trend continued for several months. Wells has around 23m primary checking customers.

In November, the drop-off in new account openings eased modestly compared with the previous month, when current account openings declined 44 per cent and credit card applications were down 50 per cent.

Nevertheless, the sales scandal — together with the regulatory backlash over Wells’ unsatisfactory living will — has undermined the retail-focused bank’s reputation for steering clear of the compliance problems that engulfed many all Street rivals.

John Shrewsberry, Wells’ chief financial officer, acknowledged: “It’s designed to pick up whatever the regulatory supervisors are feeling, or understanding or experiencing at that time.” But he added: “If we do a very thorough job . . . I think that we would have achieved the objective.”

Other metrics that Wells disclosed on Friday showed signs of improvement. Customers closed 13 per cent fewer checking accounts in November than they did in the previous month.

Mary Mack, who runs Wells’ community banking division, said the latest declines were “as expected”. “I’m really focused on getting things right for the long term,” she said, adding that “customer experience scores” had also improved.

A new repercussion of the account opening scandal emerged earlier this week when Prudential Financial became the first outside company to take action over it: the insurer suspended a distribution deal with Wells while it assesses how its life policies were sold by the bank.

Financial markets seemed unconcerned by the account opening numbers, though. Shares in Wells were little changed in Friday morning New York trading.

They remain up 22 per cent since the US election, partly because investors believe that the compliance burden on the bank will become lighter under the Trump administration.

Are Black Friday And Cyber Monday Really The Biggest Sales Days Of The Year?

More U.S. shoppers rushed to their mobile devices, rather than physical stores, on Black Friday than ever before, spending a record $1.2 billion from their phones and tablets and $3.34 billion overall. Maybe that’s no surprise as the mobile-crazy generation takes over the buyer’s market.

But Black Friday and Cyber Monday may be getting a run for their retail-coveted money. Single’s Day — China’s biggest online shopping day — finally made its way to the U.S. and is gaining momentum. Earlier this month, Chinese e-commerce behemoth Alibaba said Singles Day sales reached $17.8 billion, up from $14.3 billion last year.

U.S. retailers are hoping for a bit of that November 11 magic. “The amount of [U.S.] retailers every year who have come on board for Singles Day is growing,” says Jennifer Wang, cofounder of online shopping recommendation site Dealmoon. “Now most have heard of it, and it’s one of the biggest holidays for them to prepare.”

Next year you might be buying up department store deals earlier than ever before.