India's rise

Yellen hails 'step forward' in China ties, Goldman predicts India will overtake U.S. economy, and more [What makes a subscription to The Week so valuable now? Click here.]( [The Week Logo]( [Subscribe to The Week magazine]( [Subscribe to The Week magazine]( Daily business briefing 1. [Yellen hails 'step forward' in tense China ties at end of Beijing trip]( Treasury Secretary Janet Yellen concluded a high-stakes visit to Beijing on Sunday that had included 10 hours of talks with top Chinese economic officials. Her first real interactions with Chinese President Xi Jinping's newly installed economic team were "direct, substantive and productive," Yellen said in a press conference Sunday, and her trip marked a "step forward" in the Biden administration's efforts to stabilize rocky relations between the world's top two economies, though "significant disagreements" remain. Yellen told Chinese officials the U.S. has no interest in decoupling from China's economy, and could be flexible on export restrictions of advanced microchips and other technology. Her warm reception contrasted with the chillier tone of Secretary of State Antony Blinken's recent trip to Beijing. [[The Wall Street Journal]( [The Washington Post]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Yellen+hails+'step+forward'+in+tense+China+ties+at+end+of+Beijing+trip&body=Read the story here: utm_campaign=business_briefing_newsletter_20230710&utm_source=business_briefing_newsletter) 2. [India will overtake U.S. economy by 2075, Goldman projects]( India, the world's fifth-largest economy by gross domestic product (GDP), will jump to the No. 2 position in the next 50 years, Goldman Sachs economists predict. Thanks largely to its progress in technology and innovation, investments in infrastructure, and a large pool of young workers, India will leapfrog Germany, Japan and the U.S. by 2075, coming in second only to China, according to a report by Goldman Sachs Research's India economist Santanu Sengupta. According to Goldman's projections, China will have a GDP of $57 trillion in 50 years versus India's $52.5 trillion and the U.S.'s $51.5 trillion. [[CNBC]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=India+will+overtake+U.S.+economy+by+2075,+Goldman+projects&body=Read the story here: utm_campaign=business_briefing_newsletter_20230710&utm_source=business_briefing_newsletter) Advertisement from wisebread [Earn $200 After Spending $500]( [Advertisement from wisebread]( 3. [Schumer calls on FDA to investigate caffeine levels in influencer-backed energy drink]( Senate Majority Leader Chuck Schumer (D-N.Y.) is asking the Food and Drug Administration to launch an investigation into PRIME, an energy drink with elevated levels of caffeine. "One of the summer's hottest status symbols for kids is not an outfit or a toy — it's a beverage," Schumer said Sunday. "But buyer and parents beware, it's a serious health concern for the kids it so feverishly targets." PRIME launched in 2022, and is backed by YouTubers Logan Paul and KSI. The sugar-free beverage has 200 milligrams of caffeine per 12 ounces, the equivalent of roughly six cans of Coke. Too much caffeine can lead to heart problems, anxiety, and digestive issues, and the drink has been banned from schools in the United Kingdom and Australia. PRIME representatives said they offer another drink called PRIME Hydration, which is caffeine-free, and PRIME itself is labeled as "not recommended for children under 18." [[The Associated Press]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Schumer+calls+on+FDA+to+investigate+caffeine+levels+in+influencer-backed+energy+drink&body=Read the story here: utm_campaign=business_briefing_newsletter_20230710&utm_source=business_briefing_newsletter) 4. [Stock futures edge down ahead of inflation data]( Stock futures were down slightly Monday morning as the second-quarter earnings season kicked off. Futures for the Dow Jones Industrial Average were down 0.1%, while those for the S&P 500 dropped 0.3%. Nasdaq futures were down 0.4%. The market is bracing for inflation data expected Wednesday, which could help inform the Federal Reserve's next move on interest rate hikes. Last week's jobs report "showed that hiring is beginning to ease," said Barron's, but wage growth remains high, and that "reaffirmed expectations that the Fed will hike rates next week." Quarterly earnings reports from "finance behemoths" including JPMorgan Chase and Citi are also expected this week. [[CNBC]( [Barron's]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Stock+futures+edge+down+ahead+of+inflation+data&body=Read the story here: utm_campaign=business_briefing_newsletter_20230710&utm_source=business_briefing_newsletter) Advertisement from wisebread [Earn $200 After Spending $500]( [Advertisement from wisebread]( 5. [Powerball jackpot rises to an estimated $650 million]( With no winners on Saturday, the Powerball jackpot for Monday's drawing is up to an estimated $650 million. The jackpot was last hit in April, and Monday's top prize is the ninth largest in Powerball history. The odds of winning Monday's jackpot are 1 in 292,201,338, Powerball said, and if there is a winner, they will be able to select an annuitized prize or a lump sum payment estimated at $328.3 million. The largest-ever Powerball jackpot was hit in November 2022, when a California resident won $2.04 billion. Powerball drawings are held on Mondays, Wednesdays, and Saturdays, with tickets available in 45 states as well as Washington, D.C., Puerto Rico, and the U.S. Virgin Islands. [[CBS News]( [Share to Facebook]( [Share to Twitter]( [Send in email](mailto:?Subject=Powerball+jackpot+rises+to+an+estimated+$650+million&body=Read the story here: utm_campaign=business_briefing_newsletter_20230710&utm_source=business_briefing_newsletter) [Read more business stories at theweek.com]( MOST POPULAR [Related image]( [Did Americans have anything to celebrate on Independence Day?]( Theara Coleman [Related image]( [Secret Service investigating after cocaine found in White House]( Brigid Kennedy [Related image]( [Brain disease linked to head injuries diagnosed in female athlete for first time]( Justin Klawans [Related image]( [The troubling rise of review bombing]( Theara Coleman [Related image]( [The movement to make A/C energy efficient]( Devika Rao [Speed reads banner] [Article image]( [The United Methodist Church has lost 20% of U.S. congregations in schism over LGBTQ rules]( July 10, 2023 [Article image]( [Northern lights expected to be visible in 17 states on Thursday]( July 10, 2023 [Article image]( [Top BBC broadcaster suspended after allegedly paying teen for sexually explicit photos]( July 9, 2023 [Article image]( [At least 22 killed following airstrike in Sudan as civil war looms]( July 9, 2023 [Read more of today's best articles at theweek.com]( [What makes a subscription to The Week so valuable now? 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