Business
CEOs of Wells Fargo and Pfizer caution the U.S. could lose its edge to China without innovation

Albert Bourla, CEO of Pfizer, Charlie Scharf, Wells Fargo & Company CEO and Kathy Warden, Northrop Grumman Chair & CEO speak during the Invest in America Forum on Oct. 15, 2025.
Aaron Clamage | CNBC
Wells Fargo CEO Charlie Scharf and Pfizer CEO Albert Bourla sounded the alarm Wednesday over the potential for the the U.S. to lose its competitive edge to China, but said artificial intelligence could help America maintain its lead.
Speaking at CNBC’s inaugural Invest in America Forum in Washington, D.C., the two executives said that while the U.S. still leads in many sectors, inconsistent policy and underinvestment is ceding ground to China. AI, they said, poses both risks and benefits for the U.S. economy.
Scharf said AI will likely reduce the size of workforces — but will boost productivity.
“We will likely have less people, absolutely,” Scharf said. “When we look at the tools that we’ve implemented just for people that are coding, you see 20%, 30%, 40% improvement in coders. We haven’t reduced our head count by 20%, 30% or 40%. We’re actually doing more than we otherwise would have been able to do.”
Wells Fargo big bank peers like JPMorgan and Goldman Sachs are already hiring fewer people because of AI advancements.
Scharf also said the financial sector is poised for major regulatory changes despite an ongoing political stalemate in Washington.
“We ultimately do expect significant changes in capital requirements, liquidity requirements,” he said. “We do expect to see changes which will allow people in the industry, not just big banks and medium-sized banks, but smaller banks as well, to do more in these [local] communities.”
Bourla, meanwhile, expressed concern about China’s growing strength in biotechnology and pharmaceuticals, pointing to a surge in research and development spending, regulatory reforms and a national strategy focused on life sciences.
“They [China] filed more patents this year than the U.S.,” Bourla said. “That’s never happened in history. Five years ago, the split was 90%-10%. … The gap is closing, but they probably will become [better than us] unless we get our act together.”
Bourla urged the U.S. to shift focus from trying to slow China’s progress toward improving its own productivity and innovation.
“We spend more time trying to think about how to slow down China rather than think how we can become better than them,” Bourla said. “We need to have regulatory changes here. We need to have stability. Tariffs and pricing was not helping.”
Pfizer recently agreed to a drug pricing deal with the Trump administration as part of a broader effort to remove long-standing uncertainties around pricing, Medicaid reimbursements and distribution. As part of the agreement, Pfizer secured a three-year exemption from pharmaceutical-specific tariffs, contingent on additional investments in U.S. manufacturing.
“Tariffs and the uncertainty of drastic correction of U.S. pricing — with this deal, we are removing both uncertainties,” Bourla said Wednesday.
He also called artificial intelligence the next frontier for medicine, predicting that AI will revolutionize drug discovery by dramatically accelerating timelines for finding treatments for diseases like Alzheimer’s and cancer.
“We tried for years to find cures … AI will make it happen,” Bourla said.
Business
Planning For Retirement? EPFO’s 5 Major Changes Will Impact Your Pension

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These reforms highlight EPFO’s attempt to modernise pension services and make retirement planning more secure, transparent and flexible

EPFO has revised pension calculation based on average salary of last 5 years.
In a move that could significantly impact the retirement savings of millions of salaried employees, the Employees’ Provident Fund Organisation (EPFO) has announced five changes to the Employees’ Pension Scheme (EPS). These revisions are intended to simplify pension access, increase benefits, and improve portability for members across the country.
Pension To Be Calculated On Average Salary
The most crucial change concerns the method of pension calculation. Earlier, the pension was determined based on the employee’s last drawn salary. Under the revised rule, it will now be calculated on the average salary of the last 60 months of employment. This ensures a fair and realistic computation, especially for employees whose salary increased gradually over time. Though this provision has been in effect since September 1, 2014, EPFO has now issued a clear clarification for its implementation.
Pension Ceiling Raised To Rs 15,000 Per Month
In a major relief for pensioners, EPFO has doubled the maximum pension limit from Rs 7,500 to Rs 15,000 per month. This step follows a Supreme Court directive and is expected to benefit retirees whose pensions were earlier capped despite higher contributions and earnings. With this revision, eligible pensioners will receive the actual calculated amount without any upper limitation.
Minimum Pension Age Lowered To 50 Years
Responding to the needs of employees seeking financial assistance earlier than retirement, the minimum age for drawing pension has been reduced from 58 to 50 years. Members can now opt for early pension from the age of 50. However, EPFO has clarified that choosing an early pension may lead to a marginal reduction in the monthly payout. The flexibility could prove useful in cases of health issues, employment loss, or personal emergencies.
Faster Pension Claims Through Digital Platforms
In an effort to cut down processing time and enhance transparency, EPFO has strengthened its digital services. Pension claim forms, supporting documents, and approval processes can now be completed online via the EPFO website or mobile app. What earlier took months is now expected to be resolved within weeks. This shift gained momentum during the pandemic, when digital transactions became essential.
Seamless Pension Portability For Job Changers
To facilitate employees who frequently change jobs, EPFO has simplified pension portability. Under the new system, service periods from previous and current employers will be automatically consolidated while calculating pension benefits. This prevents loss of service years and ensures continuity. The unified portal enables smooth transfer of EPS data, benefiting employees in dynamic sectors like startups, IT, and freelancing.
These reforms highlight EPFO’s attempt to modernise pension services and make retirement planning more secure, transparent and flexible. The changes are applicable to EPS members earning up to Rs 15,000 per month. Those earning higher salaries may explore voluntary pension contributions through the EPFO portal. Members are advised to log in to their accounts regularly to review their pension status and contributions.
October 21, 2025, 20:21 IST
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Business
Donald Trump tariffs: US 40% trans-shipment levy intended for China could end up hitting Asean supply chains including India; Moody’s flags risks – The Times of India

The 40 per cent trans-shipment tariff recently announced by the United States is expected to create significant compliance challenges for companies in India and the ASEAN region, particularly in sectors such as machinery, electrical equipment and semiconductors, Moody’s Ratings said on Tuesday.In July, US President Donald Trump imposed the tariff on goods deemed to have been transshipped, adding to broader country-level tariffs. Moody’s noted that the administration has yet to clarify the precise definition of trans-shipment, though the measures appear aimed at products originating in China and routed through third countries with lower duties, as per news agency PTI.“The lack of clarity around the trans-shipment tariff poses risks to ASEAN economies. If the US maintains a narrow interpretation—targeting only minimally processed Chinese goods re-exported to the US—the impact may be limited. However, a broader approach, covering goods with any significant Chinese input, could damage the Asia-Pacific supply chain,” the report said.Moody’s highlighted that private sector exporters will likely face heightened due diligence and certification requirements, needing to prove “substantial transformation” of goods to avoid penalties. The sectors most exposed include machinery, electrical equipment, semiconductors, and consumer optical products, with trans-shipped goods concentrated in intermediate inputs rather than final consumer items.Trans-shipment, a legal practice involving the transfer of goods through hubs such as ports and rail terminals, supports logistical efficiency and supply chain flexibility. However, it can also be used to obscure product origin to evade tariffs—a concern the US seeks to address with this new measure.While Moody’s indicated that Asean’s manufacturing competitiveness will largely remain intact, noting lower labour costs and ongoing “China+1” diversification strategies, the rating agency warned that the tariff could disrupt regional supply chains and increase operational costs for companies heavily reliant on Chinese inputs.Countries most exposed include Vietnam, Malaysia, and Thailand, given their deep integration with Chinese supply chains, with key sectors facing potential credit pressures spanning electronics, solar energy, automotive, machinery, and semiconductors.India could face similar compliance and operational challenges in sectors such as machinery, electrical equipment and consumer optical products, including semiconductors.The move signals the US administration’s increased scrutiny of global trade flows, especially concerning tariff evasion, and may compel companies to reassess sourcing, certification, and logistical arrangements across Asia-Pacific markets.
Business
Industrial leasing boom: India’s top 8 cities see 28% rise; Delhi-NCR leads with 11.7 million sq ft – The Times of India

Leasing of industrial and warehousing spaces across India’s eight major cities surged 28 per cent to a record 37 million sq ft during January-September 2025, driven by robust demand in Delhi-NCR, according to real estate consultancy CBRE. In comparison, total leasing across these top cities—including Delhi-NCR, Bengaluru, Mumbai, Hyderabad, Chennai, Pune, Kolkata, and Ahmedabad—stood at 28.8 million sq ft in the same period of 2024.As per news agency PTI, CBRE’s latest ‘India Market Monitor Q3 2025 – Industrial & Logistics’ report highlighted that Delhi-NCR accounted for the largest share of leasing activity at 11.7 million sq ft, followed by Bengaluru at 5.7 million sq ft and Hyderabad at 4.6 million sq ft.
Collectively, these three cities contributed 59 per cent of total space take-up. Mumbai and Kolkata registered leasing of 4.2 million sq ft and 3.8 million sq ft, respectively.Anshuman Magazine, chairman & CEO – India, South-East Asia, Middle East & Africa at CBRE, said, “The demand is largely led by the expansion of Third-Party Logistics (3PL) providers and the accelerated deployment of quick commerce. Companies are increasingly focused on supply chain optimisation and resilience, driving a mandate for sophisticated, high-specification Grade A assets that support automation and reduce last-mile friction.”As per PTI, Ram Chandnani, managing director, advisory & transaction services, India at CBRE, added that this momentum is expected to continue as businesses focus on optimising supply chains and expanding their footprints.During the January-September period, new supply reached 23.8 million sq ft, with institutional investor-backed developers continuing to expand. Bengaluru, Chennai, and Mumbai together accounted for 62 per cent of the total new supply in the first nine months of the year, the report noted.
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