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Yahoo
a day ago
- Business
- Yahoo
Why Visa's chief economist agrees with Elon Musk on the need to have more kids
Listen and subscribe to Opening Bid on Apple Podcasts, Spotify, YouTube, or wherever you find your favorite podcasts. Tesla (TSLA) CEO Elon Musk is outspoken about the need for more children to boost population growth, and Visa (V) chief economist Wayne Best agrees that something needs to be done. 'We have to be careful that we're still going to be productive and allow for a labor force that will allow this economy to grow,' he told Yahoo Finance Executive Editor Brian Sozzi on a new episode of the Opening Bid podcast (see video above; listen below). 'If we don't have additional kids in the future, that's going to create some challenges.' Best has over three decades of experience examining and forecasting in the economics field. He has been Visa's chief economist for more than 35 years. 'Part of our longer-term forecast as we think about the potential growth of this economy, which is, frankly, very much determinant-based on the size of the labor force,' he added. Despite population growth of up to 5% in the past, a slowdown signals 'those days are long gone,' and in their stead is a slower growth season that the US has to prepare for, Best said. Musk has not shied away from his participation in contributing to population growth. In the past, he has allegedly offered to father children with women, used the service of surrogates, and struck up secret deals, all of which are related to expanding his family. At last count, he is the father of 14 children and has frequently taken to X (formerly Twitter) to champion having children, with dispatches that declare "having children is saving the world." In the early days of his time running DOGE in the Trump administration, he was often photographed on the job with his four-year-old son, known as "Lil X." The apple doesn't fall too far from the tree in the Musk family. His mother recently advised people to have children even if they can't afford them, declaring they 'add value to your life." The slowing birth rate in the US is undeniable. In 2022, the Bureau of Labor Statistics reported an average of 1.66 births per woman, down from 1.88 in 2012 and 2.02 in 2022. Part of the reason for the decline is likely related to the costs associated with raising children. Lending Tree recently reported that raising a child for 18 years will cost parents $279,674 on average, with those expenses in four US states, including Hawaii, costing over $300,000. However, with nearly 12,000 people expected to turn 65 daily between 'now and the end of the decade,' according to Best, 'it really comes down to immigration and what the outlook for that looks like.' Yahoo Finance's Invest conference is coming soon — register here The southern part of the country has benefited from domestic and international migration, he said. It has experienced population growth of 5.6% since 2020, and nearly 78% of the jobs created in the US over the past five years were in the South, per Best. 'If you look at the growth of the South, in terms of the population, nearly 84% of it came from international migration,' he added. That population change is one element, and the other 'is because these new entrants coming in need more types of stores [and] places where they're going to spend,' Best continued. 'The whole South has transformed themselves from a couple decades ago.' Three times each week, Yahoo Finance Executive Editor Brian Sozzi fields insight-filled conversations and chats with the biggest names in business and markets on Opening Bid. You can find more episodes on our video hub or watch on your preferred streaming service. Grace Williams is a writer for Yahoo Finance.
Yahoo
a day ago
- Business
- Yahoo
Why Visa's chief economist agrees with Elon Musk on the need to have more kids
Listen and subscribe to Opening Bid on Apple Podcasts, Spotify, YouTube, or wherever you find your favorite podcasts. Tesla (TSLA) CEO Elon Musk is outspoken about the need for more children to boost population growth, and Visa (V) chief economist Wayne Best agrees that something needs to be done. 'We have to be careful that we're still going to be productive and allow for a labor force that will allow this economy to grow,' he told Yahoo Finance Executive Editor Brian Sozzi on a new episode of the Opening Bid podcast (see video above; listen below). 'If we don't have additional kids in the future, that's going to create some challenges.' Best has over three decades of experience examining and forecasting in the economics field. He has been Visa's chief economist for more than 35 years. 'Part of our longer-term forecast as we think about the potential growth of this economy, which is, frankly, very much determinant-based on the size of the labor force,' he added. Despite population growth of up to 5% in the past, a slowdown signals 'those days are long gone,' and in their stead is a slower growth season that the US has to prepare for, Best said. Musk has not shied away from his participation in contributing to population growth. In the past, he has allegedly offered to father children with women, used the service of surrogates, and struck up secret deals, all of which are related to expanding his family. At last count, he is the father of 14 children and has frequently taken to X (formerly Twitter) to champion having children, with dispatches that declare "having children is saving the world." In the early days of his time running DOGE in the Trump administration, he was often photographed on the job with his four-year-old son, known as "Lil X." The apple doesn't fall too far from the tree in the Musk family. His mother recently advised people to have children even if they can't afford them, declaring they 'add value to your life." The slowing birth rate in the US is undeniable. In 2022, the Bureau of Labor Statistics reported an average of 1.66 births per woman, down from 1.88 in 2012 and 2.02 in 2022. Part of the reason for the decline is likely related to the costs associated with raising children. Lending Tree recently reported that raising a child for 18 years will cost parents $279,674 on average, with those expenses in four US states, including Hawaii, costing over $300,000. However, with nearly 12,000 people expected to turn 65 daily between 'now and the end of the decade,' according to Best, 'it really comes down to immigration and what the outlook for that looks like.' Yahoo Finance's Invest conference is coming soon — register here The southern part of the country has benefited from domestic and international migration, he said. It has experienced population growth of 5.6% since 2020, and nearly 78% of the jobs created in the US over the past five years were in the South, per Best. 'If you look at the growth of the South, in terms of the population, nearly 84% of it came from international migration,' he added. That population change is one element, and the other 'is because these new entrants coming in need more types of stores [and] places where they're going to spend,' Best continued. 'The whole South has transformed themselves from a couple decades ago.' Three times each week, Yahoo Finance Executive Editor Brian Sozzi fields insight-filled conversations and chats with the biggest names in business and markets on Opening Bid. You can find more episodes on our video hub or watch on your preferred streaming service. Grace Williams is a writer for Yahoo Finance. Sign in to access your portfolio
Hi Dubai
30-05-2025
- Business
- Hi Dubai
Identifying Prime Locations to Set Up Your Business in Dubai
Dubai continues to strengthen its position as a top global hub for business. With its visionary leadership, strong economic policies, and open-door approach to global investors, the city keeps drawing attention. But have you ever wondered why so many entrepreneurs are choosing Dubai to launch their businesses? Or what makes one business district more appealing than another? A closer look reveals some striking numbers. Over 30,000 new companies registered in the city between January and June 2023, according to Invest in Dubai. Free zones played a major role in this growth. DMCC alone welcomed 2,692 new businesses last year, now housing over 24,000 members. The center contributes 11% of all foreign direct investment (FDI) into Dubai and 7% of its GDP. DIFC saw 1,451 new registrations in 2023, taking its total to 5,523 companies. JAFZA reported Dhs713 billion in non-oil trade in 2024 and is now home to over 11,000 businesses. Meanwhile, DAFZ supports more than 3,000 businesses with a tax-free environment, full foreign ownership, and repatriation of profits. What does all this tell us? Dubai's ability to consistently attract companies reflects its solid diversification strategy. Today, oil contributes less than 1% to the UAE's GDP. This means the focus has clearly shifted to innovation, services, and future-ready sectors—good news for new businesses. Mainland or Free Zone: Which Route Should You Take? One of the first decisions an entrepreneur needs to make is where to register: on the mainland or in a free zone. It's not just about geography. This decision affects ownership, taxes, licensing, and how easily you can trade. Mainland companies: Can trade across the UAE and internationally Allow 100% foreign ownership for most activities Require a physical office (costs vary from AED 30,000 to AED 150,000 annually) Free zone companies: Offer 100% foreign ownership and 0% corporate tax (if compliant) Provide flexible office options starting from AED 10,000 per year Usually complete setup in 5 days to 2 weeks Historically limited to international trade, though recent rules allow mainland branches through Dual Licenses Table: Mainland vs. Free Zone Setup Aspect Mainland Free Zone Ownership Up to 100% (some sectors require Emirati partner) 100% Market Access Full UAE and global Mainly global; mainland via Dual License Corporate Tax 9% (from 2024) 0% (if compliant) Office Space Mandatory physical office Shared/flexible options Setup Time Longer (weeks to months) Faster (5 days to 2 weeks) Customs Duties Applied Exempt within zone Local Sponsor Optional (AED 10,000-25,000) Not required What Kind of Business License Do You Need? The type of license you apply for depends on your business activity. Dubai's DET and the Ministry of Economy recognize six primary license categories covering over 2,000 activities: Commercial : For trading, import/export, retail : For trading, import/export, retail Professional : For services like consultancy, law, education : For services like consultancy, law, education Industrial : For manufacturing and production : For manufacturing and production E-Trader : For home-based or online sellers : For home-based or online sellers Dual License: For operating across the mainland and free zones Each free zone also offers its own licensing structure. For instance: DMCC offers Trading, General Trading, SPV, Crypto, and Gaming licenses DIFC categorizes licenses by financial activities (from Category 1 to 5), and also issues AI, FinTech, and Innovation licenses DAFZ offers Talent Pass for freelancers in media, tech, and education Looking at license distribution helps us understand where Dubai is heading. On the mainland, the majority of licenses issued in Q1 and H1 2022 were professional (55%+), marking a shift toward a service-based economy. Compare this to November 2018, when commercial licenses made up 62.3%. Dubai Mainland License Trends License Type Q1 2022 H1 2022 Professional 14,057 (57%) 25,109 (55%) Commercial 10,605 (43%) 20,544 (45%) Free zones are seeing similar transitions, but with a stronger focus on innovation. For example: DMCC saw 129 new companies in its Crypto Centre and 48 in Gaming DIFC added 316 FinTech firms in 2023, now totaling 902 DFSA issued 154 new licenses in 2024, with a 75% spike in wealth management firms Top Locations for Different Business Types If you're unsure where to start your business journey, here's how Dubai's business districts break down by type and specialization: Mainland Business Hubs Bur Dubai & Deira : These remain the most popular for new businesses. In H1 2022, Bur Dubai alone saw 31,604 licenses. : These remain the most popular for new businesses. In H1 2022, Bur Dubai alone saw 31,604 licenses. Top areas within : Al Fahidi, Al Marrar, Burj Khalifa, Port Saeed, Al Barsha 1 : Al Fahidi, Al Marrar, Burj Khalifa, Port Saeed, Al Barsha 1 Best for: General trading, retail, consultancy, education, legal services Specialized Free Zones DIFC : Focused on finance, FinTech, AI, and innovation. Offers subsidized Innovation License. Office rents range from AED 150–300/sqft/year. : Focused on finance, FinTech, AI, and innovation. Offers subsidized Innovation License. Office rents range from AED 150–300/sqft/year. DMCC : Known for commodities but growing in crypto, AI, and e-commerce. Based in JLT with office rents between AED 50–200/sqft/year. : Known for commodities but growing in crypto, AI, and e-commerce. Based in JLT with office rents between AED 50–200/sqft/year. JAFZA : Ideal for manufacturing, logistics, and large-scale trading. Located next to Jebel Ali Port. Supports over 11,000 businesses. : Ideal for manufacturing, logistics, and large-scale trading. Located next to Jebel Ali Port. Supports over 11,000 businesses. DAFZ: Best for aviation, tech, fashion, logistics. Located at Dubai International Airport. Offers freelancing-friendly Talent Pass. Factors That Should Guide Your Location Choice There's more to choosing your business location than just licensing or rent. Have you considered how infrastructure, workforce, or connectivity might impact your operations? Infrastructure & Connectivity : Dubai offers world-class roads, ports, and airports. The UAE also ranks top globally for its digital infrastructure, making it ideal for tech-driven businesses. : Dubai offers world-class roads, ports, and airports. The UAE also ranks top globally for its digital infrastructure, making it ideal for tech-driven businesses. Talent Pool : With 88.5% of the population being expats, Dubai provides a diverse, skilled workforce. Visa reforms like the Golden Visa help retain top talent. : With 88.5% of the population being expats, Dubai provides a diverse, skilled workforce. Visa reforms like the Golden Visa help retain top talent. Costs : Mainland license: AED 20,000–50,000 Free zone license: AED 10,000–50,000 (often includes office) Office rent: Varies significantly (see examples below) : Sample Office Costs (Annual) Area Average Rent Downtown Dubai AED 1.5M Business Bay AED 372,000 Deira AED 45,787 DIFC AED 150–300/sqft JLT AED 50–200/sqft Other Costs : Company setup: AED 8,000–15,000 Visa fees: AED 3,000–7,000 Permits: AED 5,000–10,000 : Dubai's "Invest in Dubai" platform simplifies the setup process for both mainland and free zone businesses. It's also worth noting that free zones often allow quicker setup and offer bundled packages that reduce the hassle. Building Your Business in the Right Place Dubai's business-friendly environment, strong infrastructure, and regulatory flexibility make it an ideal place for new ventures. But your location decision can influence everything from operations to growth. Should you go mainland for direct market access? Or does a free zone align better with your industry and cost structure? Use this framework to guide your choice: Target Market : Local consumers vs. global trade? : Local consumers vs. global trade? Industry Needs : Are you in FinTech, manufacturing, or consultancy? : Are you in FinTech, manufacturing, or consultancy? Cost Structure : Can you afford Downtown rent, or would JLT be smarter? : Can you afford Downtown rent, or would JLT be smarter? Operational Model: Would a hybrid setup (Dual License) give you more freedom? Whichever route you choose, Dubai offers the ecosystem, talent, and tools to help your business thrive. But success in this city isn't just about choosing the right location—it's about knowing exactly what kind of legacy you want to build. Also read, Can Foreigners Really Own 100% of a Business in the UAE? Here's the Truth Explore the evolution of foreign ownership restrictions in the UAE, from their historical roots to the groundbreaking 2020 reforms and the sectors that still require local ownership. Best Digital Tools for Small Businesses in the UAE Discover essential digital tools every small business in the UAE needs to thrive—plus government support that helps them grow smarter and faster. DP World Invests $2.5 Billion to Expand Global Logistics Network Across Four Continents DP World is investing $2.5 billion in 2025 to expand its global logistics network, launching major infrastructure projects across India, Africa, South America, and Europe in a bid to meet surging demand for more resilient and integrated supply chain solutions.
Daily Mirror
07-05-2025
- Entertainment
- Daily Mirror
Prince Harry issues statement on 'apathetic world' days after explosive royal outburst
Prince Harry has been seen at a special event - his first public appearance since his bombshell interview, where he spoke out about his non-existent relationship with his father, the King Prince Harry has talked about "fearless leadership" in an "apathetic world" on his first public appearance since his bombshell BBC interview. The Duke of Sussex, on his son Prince Archie's sixth birthday, travelled to Las Vegas for an onstage discussion to launch a new initiative for The Diana Award. There he heralded young leaders for standing up for themselves, just days after speaking out about his relationship with his father, the King. Last week, after losing a Court of Appeal challenge over his security arrangements in the UK, the duke gave a sit-down interview in which he said the King will not speak to him and he does not know how much longer his father, who is being treated for cancer, has left. But speaking at the event in Las Vegas, he described how young people have an openness about mental health "that previous generations struggled to express". He told fellow panellists Sikander 'Sonny' Khan, from Michigan, US, and Christina Williams, from Jamaica, who are Diana Legacy Award winners: "We're in an era now where we are looking for more companies to be serving the greater good – the majority, not the minority. "Every single young person has potential. From a younger generation standpoint, in an apathetic world, there's more empathy in this generation than I've ever seen before… It's the empathy, the authenticity, the truth, the honesty and the fearlessness… "When they stand up for themselves, and stand up in their communities… That is what we need. We need fearless leadership. So I tip my hat to both of you and what you represent." The Pledge To Invest drive by the Diana Award, the charity set up in memory of Harry and the Prince of Wales's late mother, aims to encourage businesses to sign up to invest in youth leadership. Harry said: "Far too many young people are locked out of leadership pipelines because we've failed to build truly inclusive and accessible pathways.' He added: 'This generation isn't waiting for permission to lead – they are already doing it. They bring emotional intelligence, social awareness, and an honesty about mental health that previous generations struggled to express. "What sets them apart isn't just their boldness, but their refusal to settle for the status quo… If we're serious about a better future, we need to stop underestimating them and start listening." Harry's appearance comes just after he lost his Court of Appeal challenge over his security arrangements while in the UK, and said in the TV interview he "can't see a world in which I would be bringing my wife and children back to the UK". He expressed hopes of a reconciliation with his family and told the BBC his court defeat was a 'good old-fashioned establishment stitch-up' and that he could not see how he could bring his wife and children safely back to the UK. The duke said the protection given members of the monarchy was a form of 'control', saying: "I think what really worries me more than anything else about today's decision, depending on what happens next, it set a new precedent that security can be used to control members of the family. And effectively, what it does is imprison other members of the family from being able to choose a different life."
Daily Mirror
30-04-2025
- Entertainment
- Daily Mirror
Prince Harry to miss out on son Archie's birthday for Las Vegas trip in honour of Diana
The Duke is set to miss out on his son Prince Archie's special day when he turns 6 on May 6 - but it's all for a very important reason, as he honours his late mother, Princess Diana Prince Harry loves nothing more than being a dad to Prince Archie and Princess Lilibet - but he is set to miss out on a major milestone next month as he honours his late mother, Princess Diana. On May 6, Harry and Meghan's son Archie will celebrate his 6th birthday. But his father will be away from the family home and instead he will be in Las Vegas to launch a new youth initiative with the Diana Award. Given that Archie's special day falls on a Tuesday - and he will likely be at school - Harry and Meghan will likely hold a weekend celebration instead. And the Duke will no doubt make sure he FaceTime his son to mark the occasion. Harry is heading to Vegas to launch the Pledge To Invest drive, which aims to put a spotlight on the future of youth leadership and how forward-thinking businesses can support it. He will meet with two young people, who are holders of The Legacy Award in memory of his late mother - Sikander 'Sonny' Khan, from Michigan in the US, and Christina Williams, from Jamaica. Sikander works in artificial intelligence at Microsoft and also heads up the Paani Project, an organisation that supports diverse humanitarian efforts in Pakistan, including the construction of over 20,000 wells. Christina, meanwhile, is an attorney and advocate from Jamaica who champions youth empowerment and marginalised groups' equitable access to education, healthcare and technology. Harry will also be joined by Paul Fippsat, President of Global Customer Operations at ServiceNow, at the event, which is being hosted by Dr Tessy Ojo, the CEO of the Diana Award. Dr Ojo said: "Companies that invest in youth leadership today are cultivating the workforce, innovators and consumers of tomorrow. "The Diana Award is proud to launch Pledge To Invest - an opportunity for forward-thinking businesses to make a strategic, measurable and high-impact investment in the future of youth leadership. "For over 25 years, The Diana Award has invested in young people, empowering them to tackle the pressing issues of our time." Mr Fipps, meanwhile, said he is "proud to partner with Prince Harry, the Duke of Sussex, and The Diana Award to provide a platform that encourages other business leaders to invest in young people". The Diana Award is an international award that honours young people who work to improve the lives of others. The award was launched in 1999 by the former UK Prime Minister Gordon Brown in honour of the late Princess. Both Harry and his brother Prince William regularly attend Diana Awards events. In March this year, the future King attended the awards ceremony at the Science Museum in London. In his touching speech, William spoke of remembering his mother through the work he and his wife Princess Kate are committed to. He said, "She taught me that everyone has the potential to give something back; that everyone in need deserves a supporting hand in life. "That legacy is something that both Catherine and I have sought to focus on through our work, as have the 50,000 young people who have received a Diana Award over the past 25 years. "I am so proud to see this belief of my mother's manifested in the amazing young people receiving the Legacy Award tonight." Shortly after William's speech, Harry also made a virtual appearance at the awards from his home in California. He spoke with the award recipients, virtually, to celebrate their accomplishments. Notably, Prince William departed before his brother's appearance.
