{"currentHostUrl":"https://www.ndtvprofit.com","primaryHostUrl":"https://www.ndtvprofit.com","httpStatusCode":200,"pageType":"home-page","data":{"collection":{"updated-at":1711094313425,"collection-cache-keys":["c/49/15316"],"slug":"home","fallback":false,"name":"Home Page","data-source":"manual","automated":false,"template":"default","rules":{},"summary":"Home collection to store all the home page collection","id":15316,"total-count":16,"collection-date":null,"items":[{"id":25704,"associated-metadata":{"layout":"NEW_TheLatest"},"type":"collection","name":"Today’s Latest","slug":"the-latest","template":"section","metadata":{"view-layout":[{"id":9,"name":"New_ListWithSideBar","key":"new-list-with-side-bar"}],"vidible-playlist-id":null,"section":[{"id":11486,"name":"The Latest"}]},"collection-date":null,"summary":null,"automated":false,"collection-cache-keys":["c/49/25704"],"items":[{"id":16284,"associated-metadata":{},"type":"collection","name":"Top Stories","slug":"above-the-fold","template":"default","metadata":{"view-layout":null,"vidible-playlist-id":null,"cover-image":{},"display-name":"Top Stories","ndtv-playlist-id":"https://dai.google.com/linear/hls/event/QuU6z3GSTDaXuLL9Hs5A5Q/master.m3u8"},"collection-date":null,"summary":null,"automated":false,"collection-cache-keys":["c/49/16284"],"items":[{"id":"3db7392f-e911-49da-a83c-baace254c793","associated-metadata":{},"type":"story","story":{"author-name":"Pratiksha Thayil","headline":"Auto And Financials Top Picks For Next Fiscal, Say Analysts","slug":"markets/auto-and-financials-top-picks-for-next-fiscal-say-analysts","last-published-at":1711629182330,"alternative":{},"sections":[{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null}],"hero-image-metadata":{"mime-type":"image/jpeg","focus-point":[1436,958],"width":2872,"file-size":380046,"file-name":"adam-smigielski-K5mPtONmpHM-unsplash.jpg","height":1915},"published-at":1711629182330,"summary":"Benchmark equity indices pared some gains in the final hour of the session, but still managed to close the last week of the financial year over 1% higher. ","id":"3db7392f-e911-49da-a83c-baace254c793","hero-image-s3-key":"bloombergquint/2023-08/271a4f00-8d16-487f-b7ad-b6bdd0edd53c/adam_smigielski_K5mPtONmpHM_unsplash.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/3db7392f-e911-49da-a83c-baace254c793/element/5a2b5a42-aa1d-4ca5-89c3-ea3ac814b43d","type":"text","family-id":"bd497be5-e965-493f-8c89-a63a07675832","title":"","id":"5a2b5a42-aa1d-4ca5-89c3-ea3ac814b43d","metadata":{},"subtype":null,"text":"
As markets end the last day of the financial year in green, analysts expect the auto and financial sectors to be the top picks for the new fiscal starting next week.
\"We are heading towards an all-time high trajectory. Also, looking at the broad-based bank action in the large-cap and mid-cap space, that clearly shows that these momentums can extend further,\" said Rajesh Palviya, senior vice president of technical and derivatives research at Axis Securities Ltd.
On the first day of April, there is going to be a new all-time high trajectory for Nifty and this rally could extend to the 22,700–22,800 level, he said.
One of the top picks for the upcoming financial year is the auto sector, which has grown by over 15% this year.
Benchmark equity indices pared some gains in the last hour of Thursday's session but still managed to close the last week of the financial year over 1% higher. The NSE Nifty 50 ended 219.85 points, or 0.99%, higher at 22,343.50, while the S&P BSE Sensex closed 639.16 points up, or 0.88%, at 73,635.48.
"},{"description":"","image-metadata":{"width":1152,"height":648,"mime-type":"image/png","file-size":66276,"file-name":"NIFTY AUTO.png"},"page-url":"/story/3db7392f-e911-49da-a83c-baace254c793/element/31ee935f-a0a3-4289-9cff-71d700bde4ff","type":"image","family-id":"92670b5b-48a3-473e-b799-9e9a7ce6484f","image-attribution":"","title":"\"I would like to bet my money on the auto sector. We all know next week that auto numbers will be pouring in for the month of March and at the same time, the numbers are going to be good,\" said Sunny Agarwal, head of fundamental equity research at SBICap Securities Ltd. Mahindra and Mahindra Ltd. and Eicher Motors Ltd. are his top bets in the sector.
Foreign investors often lean towards large caps, according to Jonathan Schiessl, deputy chief investment officer of Westminster Asset Management. The financial sector is his pick.
\"The reality is that foreign investors play in a fairly small pool and tend to stick to the larger stuff... I think the best way of playing in India remains financials,\" said Schiessl. However, he leans more towards the private banks, as they give access to a broad number of sectors and also play into the Indian growth story.
According to Schiessl, Indian equity markets have performed well. Markets don't fall due to high valuations, but due to some triggers, he said. He also expects the markets to move higher as foreign investors expect the Narendra Modi government to continue being in power. Another reason for the markets to grow is that Chinese markets are still looking difficult, according to him.
Chinese markets are not picking up and India is the natural beneficiary, said Mihir Vora, chief investment officer of Trust Mutual Fund. However, there is no major increase in contributions from foreign investors, he said.
"},{"description":"","page-url":"/story/3db7392f-e911-49da-a83c-baace254c793/element/2b9b5b53-0064-49e2-bc36-ac6cbbc03d5f","type":"title","family-id":"4b61906c-e33c-4d4f-9405-5037eb0b3104","title":"","id":"2b9b5b53-0064-49e2-bc36-ac6cbbc03d5f","metadata":{},"subtype":null,"text":"Watch The Full Video Here:"},{"description":"","page-url":"/story/3db7392f-e911-49da-a83c-baace254c793/element/cf72ecbb-b48c-443a-af14-d12effe59f71","type":"youtube-video","family-id":"774463e0-2858-4240-b9a8-be7cd58734b9","title":"","id":"cf72ecbb-b48c-443a-af14-d12effe59f71","url":"https://www.youtube.com/watch?v=035kHPkBOL8","embed-url":"https://www.youtube.com/embed/035kHPkBOL8","metadata":{},"subtype":null},{"description":"","page-url":"/story/3db7392f-e911-49da-a83c-baace254c793/element/d697bedf-e52d-4301-8ab7-5c767b4defa1","type":"text","family-id":"6fb89828-6c32-40f2-829a-322b7a6b8f61","title":"","id":"d697bedf-e52d-4301-8ab7-5c767b4defa1","metadata":{},"subtype":null,"text":"Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.
"}],"card-updated-at":1711629172163,"content-version-id":"05ad002b-4044-411a-b2d3-bd0f2636fa51","card-added-at":1711627355693,"status":"draft","id":"772a4754-3643-4792-af2f-53db57d14b36","content-id":"772a4754-3643-4792-af2f-53db57d14b36","version":39,"metadata":{"social-share":{"shareable":true,"title":"Auto And Financials Top Picks For Next Fiscal, Say Analysts","message":"Benchmark equity indices pared some gains in the final hour of the session, but still managed to close the last week of the financial year over 1% higher. ","image":{"key":"bloombergquint/2024-03/05c03bb4-ec05-4421-97d1-4d5d36b6c46c/NIFTY_AUTO.png","url":null,"attribution":"","caption":null,"metadata":{"width":1152,"height":648,"mime-type":"image/png","file-size":66276,"file-name":"NIFTY AUTO.png"}}},"attributes":{}}}],"author-id":1849740,"first-published-at":1711629182330,"story-template":"text","authors":[{"slug":"pratiksha-thayil","social":{},"name":"Pratiksha Thayil","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1849740,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"card-share":{"shareable":true}}}},{"id":"cd07629a-5fb4-43fd-bcbf-da2dd89d9d93","associated-metadata":{},"type":"story","story":{"author-name":"Sai Aravindh","headline":"Budget To Propel Markets Further: Samir Arora","slug":"markets/budget-2024-to-propel-markets-further-says-samir-arora","last-published-at":1711629107116,"alternative":{},"sections":[{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null}],"hero-image-metadata":{"width":1600,"height":900,"mime-type":"image/png","file-size":1409921,"file-name":"Copy of Untitled Design.png"},"published-at":1711629107116,"summary":"Arora is overweight on the financial sector despite the recent regulatory actions.","id":"cd07629a-5fb4-43fd-bcbf-da2dd89d9d93","hero-image-s3-key":"bloombergquint/2024-03/4545d788-aa60-459c-9faa-6c747b255193/Copy_of_Untitled_Design.png","cards":[{"story-elements":[{"description":"","page-url":"/story/cd07629a-5fb4-43fd-bcbf-da2dd89d9d93/element/752b378a-5465-4f7f-9d72-e058180f7223","type":"text","family-id":"0bd6d587-226d-4f1d-aacf-269dd41f2aaa","title":"","id":"752b378a-5465-4f7f-9d72-e058180f7223","metadata":{},"subtype":null,"text":"The \"transformational budget\" that is expected after the Lok Sabha election provides a bullish case for the markets, according to Helios Capital's Samir Arora.
Despite being a market with volatility, equity markets will be higher than the current level at the end of the next two to three months, the fund manager told NDTV Profit.
"}],"card-updated-at":1711613224339,"content-version-id":"bf00f253-4edd-4617-9354-41099bf874d0","card-added-at":1711607783029,"status":"draft","id":"53519be1-5e47-4a23-9293-be4330daad03","content-id":"53519be1-5e47-4a23-9293-be4330daad03","version":61,"metadata":{"social-share":{"shareable":true,"title":"Budget To Propel Markets Further: Samir Arora","message":"Arora is overweight on the financial sector despite the recent regulatory actions.","image":{"key":"bloombergquint/2024-03/4545d788-aa60-459c-9faa-6c747b255193/Copy_of_Untitled_Design.png","url":null,"attribution":null,"caption":"(Souce: company website)
There is no need to fine-tune the view on the market in case that it will be negative, the fund manager said. \"Let's just go for the budget and decide then.\"
The fourth-quarter results in April will not be great for information technology and regular consumer diet companies, Arora cautioned. \"But the consumer sector in India is not dead.\"
He is overweight on the financial sector, despite the recent regulatory actions. These actions have led to a correction, but on a month-on-month basis, it has not been bad, he said. \"It's good that some of these releases from the balloon have happened without disrupting the markets at a bigger level.\"
"}],"card-updated-at":1711613224339,"content-version-id":"6c3bc812-fe55-4957-911c-378d44601805","card-added-at":1711612684096,"status":"draft","id":"5947bd35-9431-4b0c-9f02-07b2d8a25f43","content-id":"5947bd35-9431-4b0c-9f02-07b2d8a25f43","version":5,"metadata":{"social-share":{"shareable":true,"title":"Budget To Propel Markets Further: Samir Arora","message":"Arora is overweight on the financial sector despite the recent regulatory actions.","image":{"key":"bloombergquint/2024-03/4545d788-aa60-459c-9faa-6c747b255193/Copy_of_Untitled_Design.png","url":null,"attribution":null,"caption":"(Souce: company website)
(Souce: company website)
So Samir, would it be a spate of good afternoons from now on until let's say the next few months or could it be a volatile period?
","answer":"Samir Arora: So even if it is volatile, we are taking in that at the end of two or three months or more it'll be higher than today. In the sense that I am going into the budget being bullish. So what are my reasons for feeling bullish on budget, although there was this feeling that I had before that maybe when the election results are announced, you know, we should rein in some bullishness because whatever news the world is waiting for would have come out. But the thing is that I'm bullish on the budget because Mr Modi himself keeps saying that it will be a transformational budget number one. So if he's saying, there's something they will do, which I think will be related to, otherwise it'll be a letdown and there was no need for him to use these words, again and again.
Second is that in the last budget, I mean this February interim budget, the government said that next year, the fiscal deficit target will be reduced to some four point, 5% or something which looks a bit tough, but it is directionally they will reduce. So if you are going to directionally reduce the deficit, but also make it transformational, that can only happen if you can't just cut in the investments or the government or cut subsidies or cut capital then that is not transformational in any way. So the only way it works is if you want to cut the deficit but have it transformational, which mostly has to do with either big reforms or big spending, that you have to do something to PSUs, and my guess is you take one or two PSUs and you sell them off completely or announced that you would sell them off completely and separately, you do some reforms relating to some new investments, some new labour policies, something else to be able to justify that label, but forgetting about new things and they do which normally we find that their impact on the ground takes five years, three years, none of that happens immediately. I think the only way this can be done is by doing whatever it takes to keep the sentiment of the market high and then taking advantage of that to privatise one or two PSUs and over time sell down some of them into the market. So then the investments can be maintained while still cutting or keeping the deficit in check, or lowering it as their own guidance or their own plan.
"},"subtype":"q-and-a","text":"So Samir, would it be a spate of good afternoons from now on until let's say the next few months or could it be a volatile period?
Samir Arora: So even if it is volatile, we are taking in that at the end of two or three months or more it'll be higher than today. In the sense that I am going into the budget being bullish. So what are my reasons for feeling bullish on budget, although there was this feeling that I had before that maybe when the election results are announced, you know, we should rein in some bullishness because whatever news the world is waiting for would have come out. But the thing is that I'm bullish on the budget because Mr Modi himself keeps saying that it will be a transformational budget number one. So if he's saying, there's something they will do, which I think will be related to, otherwise it'll be a letdown and there was no need for him to use these words, again and again.
Second is that in the last budget, I mean this February interim budget, the government said that next year, the fiscal deficit target will be reduced to some four point, 5% or something which looks a bit tough, but it is directionally they will reduce. So if you are going to directionally reduce the deficit, but also make it transformational, that can only happen if you can't just cut in the investments or the government or cut subsidies or cut capital then that is not transformational in any way. So the only way it works is if you want to cut the deficit but have it transformational, which mostly has to do with either big reforms or big spending, that you have to do something to PSUs, and my guess is you take one or two PSUs and you sell them off completely or announced that you would sell them off completely and separately, you do some reforms relating to some new investments, some new labour policies, something else to be able to justify that label, but forgetting about new things and they do which normally we find that their impact on the ground takes five years, three years, none of that happens immediately. I think the only way this can be done is by doing whatever it takes to keep the sentiment of the market high and then taking advantage of that to privatise one or two PSUs and over time sell down some of them into the market. So then the investments can be maintained while still cutting or keeping the deficit in check, or lowering it as their own guidance or their own plan.
(Souce: company website)
In some sense, they seem to be walking the talk on a few things. The borrowing numbers that have come out yesterday for the first half are very reasonable and conservative so to say?
","answer":"Samir Arora: So we're waiting for the real budget to happen and the main thing is if you put all these three things together, nobody asked them today to say whether the budget is transformational or not. Nobody was voting for them on that basis in the sense, I don't think the issue in the election this time, for there is no issue because there is no opposition. But in general, this is all being done because they believe in these things or they want to do these things and therefore you won't see, one could be that it's an election thing to say that we will do these things, but nobody's asking them on you know, a particular expectation because of that votes will be given to the to the BJP.
Therefore, it's being done of their own choice and their own vision or whatever for the future. Therefore I think that there's a reasonable chance that from their side they will attempt a transformational budget. Now on that day, we might find that oh, this is not practical or this is too far into the future, we'll see on that day. That's why I'm saying from today, there is no need to fine tune this. You know, the view on the market that I will be negative in between because it may be volatile because the initial news of the election is already known. Let's just go for the budget and decide on that day what we want to do in terms of changing our net. That is all that you know we change in these events.
"},"subtype":"q-and-a","text":"In some sense, they seem to be walking the talk on a few things. The borrowing numbers that have come out yesterday for the first half are very reasonable and conservative so to say?
Samir Arora: So we're waiting for the real budget to happen and the main thing is if you put all these three things together, nobody asked them today to say whether the budget is transformational or not. Nobody was voting for them on that basis in the sense, I don't think the issue in the election this time, for there is no issue because there is no opposition. But in general, this is all being done because they believe in these things or they want to do these things and therefore you won't see, one could be that it's an election thing to say that we will do these things, but nobody's asking them on you know, a particular expectation because of that votes will be given to the to the BJP.
Therefore, it's being done of their own choice and their own vision or whatever for the future. Therefore I think that there's a reasonable chance that from their side they will attempt a transformational budget. Now on that day, we might find that oh, this is not practical or this is too far into the future, we'll see on that day. That's why I'm saying from today, there is no need to fine tune this. You know, the view on the market that I will be negative in between because it may be volatile because the initial news of the election is already known. Let's just go for the budget and decide on that day what we want to do in terms of changing our net. That is all that you know we change in these events.
(Souce: company website)
But Samir, (in) the last one-and-a-half months, the regulatory talk. I'm not seeing just the government piece, but the regulatory action is kind of being a key disruption for the markets as well. Have you read into a bunch of developments?
","answer":"Samir Arora: Actually (it) is really good. First of all, it is good in the sense that they have done whatever it led to some correction but at the end of the day, this month has not been bad like March. You know if I look at you in the market, it is up some 1% or whatever month-to-date. So at the end of the day, the correction has happened intra-month, and maybe some, you know, stocks may have fallen more or less but basically you have dealt with the first round of nervousness related to these things, but handled by the market well. So now it doesn't matter and it's good that some of this release of air from a balloon has happened without disrupting the whole market at a bigger level. So it's actually good that it happened.
"},"subtype":"q-and-a","text":"But Samir, (in) the last one-and-a-half months, the regulatory talk. I'm not seeing just the government piece, but the regulatory action is kind of being a key disruption for the markets as well. Have you read into a bunch of developments?
Samir Arora: Actually (it) is really good. First of all, it is good in the sense that they have done whatever it led to some correction but at the end of the day, this month has not been bad like March. You know if I look at you in the market, it is up some 1% or whatever month-to-date. So at the end of the day, the correction has happened intra-month, and maybe some, you know, stocks may have fallen more or less but basically you have dealt with the first round of nervousness related to these things, but handled by the market well. So now it doesn't matter and it's good that some of this release of air from a balloon has happened without disrupting the whole market at a bigger level. So it's actually good that it happened.
(Souce: company website)
In hindsight…
","answer":"Samir Arora: But (in) hindsight means see, that day, I could have also felt that you know, I should cut my exposure, reduce my net in my long short front because I had decided that I am going to do everything now based on budget because I am really betting a little bit more in the sense of saying that the budget will be a key part for the next round of whatever happens, although broadly, I've always maintained that to get 13-15% type index returns, you don't need a new event every day. You can just get that normal ongoing growth of corporate earnings and everything but still, you know, you have to see okay, what is the next thing we are excited about in life, and that was the budget rather than getting confused in between that there was this little bit of pressure on mid and small caps and then in the end this month is not bad. So it's okay.
"},"subtype":"q-and-a","text":"In hindsight…
Samir Arora: But (in) hindsight means see, that day, I could have also felt that you know, I should cut my exposure, reduce my net in my long short front because I had decided that I am going to do everything now based on budget because I am really betting a little bit more in the sense of saying that the budget will be a key part for the next round of whatever happens, although broadly, I've always maintained that to get 13-15% type index returns, you don't need a new event every day. You can just get that normal ongoing growth of corporate earnings and everything but still, you know, you have to see okay, what is the next thing we are excited about in life, and that was the budget rather than getting confused in between that there was this little bit of pressure on mid and small caps and then in the end this month is not bad. So it's okay.
(Souce: company website)
I want to know the Samir Arora view on the argument that some people were bearish make about how there are telltale signs, promoter exits happening in a flurry, valuations looking expensive, so on so forth, and why therefore, the markets should come off and not just have a small corrective move. What is your analysis?
","answer":"Samir Arora: By the way, I also feel that the results in April will be not so great in actually two sectors. One is I.T. for sure and one is regular consumer normal consumer type companies. So in that same way, what is left you know, you have to keep doing new things and new sectors. So big picture, broadly in the next 15-30 days, is not good. But the consumer thing to me doesn't look like anybody can say that therefore the consumer sector in India is dead, which broadly I'm saying a little bit for the IT sector, but for the consumer sector you it's okay. You know, if it corrects a little, that's why I'm saying don't get confused day-to-day on what might happen in 15-20 days here or there, because it’s quite possible that the results in some of the sectors are disappointing or some people may say, we have already discounted, we have non-discounted. But coming to your question, that the correction should be more severe. Why, if the world was doing badly and we were doing well, that could have been one reason, but that's not the case. Actually, we are underperforming the world this year. World means U.S.and all.
Second is one way of looking at it is that if our recent returns are very high as compared to our say 5-10 year results, then you could say recent results are very high. Therefore there'll be a correction. Just like if you would say that recent performance of the market is very high. Therefore it's you know, beyond normal, or you could say the other way around that the recent performance of the market is very bad, therefore, it's a good time to invest. Now, you may please check on your system if you see the last two-year returns of the market. It's very similar to the last five year terms of the market. Last two years, which means calendar ‘22 and calendar ‘23 combined. The combined is less than 15% per annum and that is the same as the last five year time return and the last 15-year time return, the last 20-year time returns, which are in the 15-ish 14 to the 15% type in rupee terms, annual returns.
So by chance this time the last few years returns are the same as the last 5-10 years, so you can't get a signal from that. Now of course you could say I won’t look at the last two years. I will look at the last one year, then of course it's much higher. But what I'm saying is normally if you look at it one reason for ‘23 being very good was because ‘22 was very bad and therefore if you just do broadly this thing, it doesn't look that you're coming at some great high point, just like it doesn't look that you're coming at some really extraordinarily cheap level. So therefore it's a normal market which also is a fair market. It is not that every market should be very cheap before you buy. Maybe you don't get re-rating anymore. Mostly you will not get and you get the earnings growth and that earnings growth is a mid teen type range, I believe so you get that kind of return, what is so unreasonable about it.
"},"subtype":"q-and-a","text":"I want to know the Samir Arora view on the argument that some people were bearish make about how there are telltale signs, promoter exits happening in a flurry, valuations looking expensive, so on so forth, and why therefore, the markets should come off and not just have a small corrective move. What is your analysis?
Samir Arora: By the way, I also feel that the results in April will be not so great in actually two sectors. One is I.T. for sure and one is regular consumer normal consumer type companies. So in that same way, what is left you know, you have to keep doing new things and new sectors. So big picture, broadly in the next 15-30 days, is not good. But the consumer thing to me doesn't look like anybody can say that therefore the consumer sector in India is dead, which broadly I'm saying a little bit for the IT sector, but for the consumer sector you it's okay. You know, if it corrects a little, that's why I'm saying don't get confused day-to-day on what might happen in 15-20 days here or there, because it’s quite possible that the results in some of the sectors are disappointing or some people may say, we have already discounted, we have non-discounted. But coming to your question, that the correction should be more severe. Why, if the world was doing badly and we were doing well, that could have been one reason, but that's not the case. Actually, we are underperforming the world this year. World means U.S.and all.
Second is one way of looking at it is that if our recent returns are very high as compared to our say 5-10 year results, then you could say recent results are very high. Therefore there'll be a correction. Just like if you would say that recent performance of the market is very high. Therefore it's you know, beyond normal, or you could say the other way around that the recent performance of the market is very bad, therefore, it's a good time to invest. Now, you may please check on your system if you see the last two-year returns of the market. It's very similar to the last five year terms of the market. Last two years, which means calendar ‘22 and calendar ‘23 combined. The combined is less than 15% per annum and that is the same as the last five year time return and the last 15-year time return, the last 20-year time returns, which are in the 15-ish 14 to the 15% type in rupee terms, annual returns.
So by chance this time the last few years returns are the same as the last 5-10 years, so you can't get a signal from that. Now of course you could say I won’t look at the last two years. I will look at the last one year, then of course it's much higher. But what I'm saying is normally if you look at it one reason for ‘23 being very good was because ‘22 was very bad and therefore if you just do broadly this thing, it doesn't look that you're coming at some great high point, just like it doesn't look that you're coming at some really extraordinarily cheap level. So therefore it's a normal market which also is a fair market. It is not that every market should be very cheap before you buy. Maybe you don't get re-rating anymore. Mostly you will not get and you get the earnings growth and that earnings growth is a mid teen type range, I believe so you get that kind of return, what is so unreasonable about it.
(Souce: company website)
Okay, now, just one more question. Before we take that break and your portfolio allocation shows that you are underweight on I.T. But did I hear Samir Arora say that the I.T. sector is dead?
","answer":"Samir Arora: Well, I have been zero weight since 2022 July and underweight since Jan ‘22 and all my life and for that I'm overweight on I.T. and even ran a big IT fund even in India, one in Asia. So I don't know whether it is dead or not. But it is not doing well and the issues are more than just you know, what happened this month that month kind of thing. It is a serious issue. But broadly, I always believed that the Indian IT companies do not properly guide and I saw that many times in my life, so I don't listen to them or ask them what it is. I draw my conclusions from the big picture in this case and the big picture is against I.T. and so there are many reasons for that. First is that these Indian I.T. guys are not hiring themselves.
They aren’t even having the decency to honour on-campus recruitment, I mean, how much more signal do you want that they don't see the potential. Second is we broadly know that AI is getting a lot of investment, what is the true objective of AI? One could be that you are doing things which human beings could not do. Let us say some drug discovery, some new metal discovery for which the accelerated computing as required and AI is required. God knows what is required. But the second is to replace jobs and the replacement jobs and to bring things on shore and near shore and, you know, a fight between different countries and hacking and everything means that one purpose of that AI is to replace jobs and those jobs that you replace are of people who use computers. It is very difficult, although that is also being tried. By doing, say autonomous driving, that you're trying to replace jobs of people who didn't use a computer. But at the first level it will be that a computer can replace a job of a person using a computer. The big picture has to shrink. So don't tell me that we have all these cost reduction orders which have a very different margin profile, very big projects they are announced but that is you can multiply an order by 15 years and call it a $1 billion order or if you multiply by five years, it will be a $500 million order and then you can always have an option for that company to break it after seven years. All you have to do is get a $50 million a year order and you say it's a 1 billion order because it's for 20 years.
But between you and the company there is an exit after eight years. They are not telling us all that and I don't believe in cost cutting orders being immediately good. They might be good one day in the end when you cut the costs and you move those guys offshore or what have you done with them. But in the big picture I don't like it but the second reason is, other sectors are doing well and I have $100. So why should I bother? If nothing else was doing well, I’ll be forced to say, is it discounted, is it not discounted, has it fallen too much. Now I say why, first I should have a reason and the stocks haven't done so badly. They did badly in my first year of not having them. In the second year they have done actually well. So they have not hurt me only because some other sorts also did well like Zomato or HPCL or whatever worked for me. So that same money. Why am I banging my head in a complicated situation, since many other stocks are going well and the amount is the same, put in here or you put it there. So unless it really pains me, I don't need to go to the stage of analysing if it is discounted or non discounted, will the third quarter be better because the stocks haven't done badly. Actually it's not that I have hugely gained relative to an index. But I don't like it right now.
"},"subtype":"q-and-a","text":"Okay, now, just one more question. Before we take that break and your portfolio allocation shows that you are underweight on I.T. But did I hear Samir Arora say that the I.T. sector is dead?
Samir Arora: Well, I have been zero weight since 2022 July and underweight since Jan ‘22 and all my life and for that I'm overweight on I.T. and even ran a big IT fund even in India, one in Asia. So I don't know whether it is dead or not. But it is not doing well and the issues are more than just you know, what happened this month that month kind of thing. It is a serious issue. But broadly, I always believed that the Indian IT companies do not properly guide and I saw that many times in my life, so I don't listen to them or ask them what it is. I draw my conclusions from the big picture in this case and the big picture is against I.T. and so there are many reasons for that. First is that these Indian I.T. guys are not hiring themselves.
They aren’t even having the decency to honour on-campus recruitment, I mean, how much more signal do you want that they don't see the potential. Second is we broadly know that AI is getting a lot of investment, what is the true objective of AI? One could be that you are doing things which human beings could not do. Let us say some drug discovery, some new metal discovery for which the accelerated computing as required and AI is required. God knows what is required. But the second is to replace jobs and the replacement jobs and to bring things on shore and near shore and, you know, a fight between different countries and hacking and everything means that one purpose of that AI is to replace jobs and those jobs that you replace are of people who use computers. It is very difficult, although that is also being tried. By doing, say autonomous driving, that you're trying to replace jobs of people who didn't use a computer. But at the first level it will be that a computer can replace a job of a person using a computer. The big picture has to shrink. So don't tell me that we have all these cost reduction orders which have a very different margin profile, very big projects they are announced but that is you can multiply an order by 15 years and call it a $1 billion order or if you multiply by five years, it will be a $500 million order and then you can always have an option for that company to break it after seven years. All you have to do is get a $50 million a year order and you say it's a 1 billion order because it's for 20 years.
But between you and the company there is an exit after eight years. They are not telling us all that and I don't believe in cost cutting orders being immediately good. They might be good one day in the end when you cut the costs and you move those guys offshore or what have you done with them. But in the big picture I don't like it but the second reason is, other sectors are doing well and I have $100. So why should I bother? If nothing else was doing well, I’ll be forced to say, is it discounted, is it not discounted, has it fallen too much. Now I say why, first I should have a reason and the stocks haven't done so badly. They did badly in my first year of not having them. In the second year they have done actually well. So they have not hurt me only because some other sorts also did well like Zomato or HPCL or whatever worked for me. So that same money. Why am I banging my head in a complicated situation, since many other stocks are going well and the amount is the same, put in here or you put it there. So unless it really pains me, I don't need to go to the stage of analysing if it is discounted or non discounted, will the third quarter be better because the stocks haven't done badly. Actually it's not that I have hugely gained relative to an index. But I don't like it right now.
(Souce: company website)
You are clearly overweight on financial services unless I'm very wrong. The flexi-cap fund allocation, which I'm an investor in, by the way, standard disclaimer. 37% weightage. That's a large weightage for a sector which is trying to perform but not quite able to?
","answer":"Samir Arora: Thank you very much for investing. I'm not the fund manager of that fund. But broadly speaking, we are all overweight in financials at Helios, including my offshore fund, and the number one reason for that is that the stocks, by the way this year, are not doing badly if you leave out HDFC Bank, the others are like State Bank (of India) is up some I think 17-18% and ICICI is up some 10-11% and this is when the market is up 4% and so maybe even this month HDFC Bank is being compared to the market.
So broadly speaking, the big picture for financials has always been that they are generally going much more than the GDP and earnings growth are in the 15-20% type range. Now for this year and for the last one or two years because they've done badly. The logic has also been that if you think that the market is up a lot, and you know you're still getting these shocks at say one and a half two year old prices. They have definitely underperformed and their valuations are at their lowest that they have been in the last many years. I think because of HDFC Bank overhang in the sense that HDFC bank hasn't done well. It has put other value issues also in check.
Separately, there were these regulatory issues and some shocks but if nothing else, again, we don't have some of them, we only had Paytm. That issue is also over and has been absorbed by the performance. If you look at the mutual fund in India, whether you look at inception to date or months to date or year to date, it has outperformed the benchmark which is NSE 500, which means it has broadly outperformed 70-80% of the funds or 60% of the funds, because not all funds outperform the benchmark. So the big picture, having these has in no way hurt the performance, and there are fundamental reasons for supporting it. So again, as we said, there's no reason to rethink or reconsider any of this.
"},"subtype":"q-and-a","text":"You are clearly overweight on financial services unless I'm very wrong. The flexi-cap fund allocation, which I'm an investor in, by the way, standard disclaimer. 37% weightage. That's a large weightage for a sector which is trying to perform but not quite able to?
Samir Arora: Thank you very much for investing. I'm not the fund manager of that fund. But broadly speaking, we are all overweight in financials at Helios, including my offshore fund, and the number one reason for that is that the stocks, by the way this year, are not doing badly if you leave out HDFC Bank, the others are like State Bank (of India) is up some I think 17-18% and ICICI is up some 10-11% and this is when the market is up 4% and so maybe even this month HDFC Bank is being compared to the market.
So broadly speaking, the big picture for financials has always been that they are generally going much more than the GDP and earnings growth are in the 15-20% type range. Now for this year and for the last one or two years because they've done badly. The logic has also been that if you think that the market is up a lot, and you know you're still getting these shocks at say one and a half two year old prices. They have definitely underperformed and their valuations are at their lowest that they have been in the last many years. I think because of HDFC Bank overhang in the sense that HDFC bank hasn't done well. It has put other value issues also in check.
Separately, there were these regulatory issues and some shocks but if nothing else, again, we don't have some of them, we only had Paytm. That issue is also over and has been absorbed by the performance. If you look at the mutual fund in India, whether you look at inception to date or months to date or year to date, it has outperformed the benchmark which is NSE 500, which means it has broadly outperformed 70-80% of the funds or 60% of the funds, because not all funds outperform the benchmark. So the big picture, having these has in no way hurt the performance, and there are fundamental reasons for supporting it. So again, as we said, there's no reason to rethink or reconsider any of this.
(Souce: company website)
Most certainly, which is a fair argument. But I was just wondering if there are question marks around the point of potential NIM compression and so on and so forth, you know, bother; they don't?
","answer":"Samir Arora: It is so because the stock prices have massively underperformed. Second is even if you look at this year, first of all, obviously, because of all these things, maybe the stocks haven't done well. Secondly, if you look at going forward, can we expect 15-14% type or even 13% type number from HDFC Bank for sure, you will get that I think and not one company in I.T.. and mostly other than these new consumer type companies, none of the other guys are growing 15%. Maybe some of them will grow because their margins might go up or something commodity price cut or something, but broadly 15% that growth is a valuable number not for the highest growth stock that you can find.
But for a reasonable part of the portfolio which we call high confidence in reasonable return. You are not expecting every stock to be like these new Zomato type companies where you expect that the revenue will go 30-40% per annum for many years. You need both kinds of stocks and it's these financials that fit perfectly in our stocks which we call high confidence and reasonable return. Once in a while they don't give that return like HDFC Bank didn’t give last year. But even in ‘22 it gave. by the way, it outperformed the market by seven % in ‘22 calendar year which may be much less than what ICICI and SBI made. But you have two levels of expectation from a stock. One is you do well relative to your industry,but if nothing else at least do better than my benchmark, because the objective is to beat the benchmark properly.
"},"subtype":"q-and-a","text":"Most certainly, which is a fair argument. But I was just wondering if there are question marks around the point of potential NIM compression and so on and so forth, you know, bother; they don't?
Samir Arora: It is so because the stock prices have massively underperformed. Second is even if you look at this year, first of all, obviously, because of all these things, maybe the stocks haven't done well. Secondly, if you look at going forward, can we expect 15-14% type or even 13% type number from HDFC Bank for sure, you will get that I think and not one company in I.T.. and mostly other than these new consumer type companies, none of the other guys are growing 15%. Maybe some of them will grow because their margins might go up or something commodity price cut or something, but broadly 15% that growth is a valuable number not for the highest growth stock that you can find.
But for a reasonable part of the portfolio which we call high confidence in reasonable return. You are not expecting every stock to be like these new Zomato type companies where you expect that the revenue will go 30-40% per annum for many years. You need both kinds of stocks and it's these financials that fit perfectly in our stocks which we call high confidence and reasonable return. Once in a while they don't give that return like HDFC Bank didn’t give last year. But even in ‘22 it gave. by the way, it outperformed the market by seven % in ‘22 calendar year which may be much less than what ICICI and SBI made. But you have two levels of expectation from a stock. One is you do well relative to your industry,but if nothing else at least do better than my benchmark, because the objective is to beat the benchmark properly.
(Souce: company website)
But one last question, more importantly. How do you wrap your head around these new-age investments? In the past you had told me very wisely about how you're awarding fintechs. Now I hear Deepinder Goyal say that Blinkit might disrupt Zomato, Zomato might not stay. I'm just trying to think when you think about it from an investing angle. How do you think about this?
","answer":"Samir Arora: First of all both Zomato and Paytm we thought we bought at good prices. Zomato, we bought at 52 rupees and Paytm at some 510 or 520. This was November 23, whatever, whenever it was ‘22 or ‘23, I have forgotten now. These were after the big falls in both the stocks that Paytm from that price went to Rs 900 or Rs 1,000 or whatever and now it's gone back again. But coming to Zomato I think I was one of the early ones to realise that the management had changed and was willing to bet on that and second that Blinkit is a good thing. People used to talk about the fact that why does anybody need a 20-minute delivery and what are these things that you need? I used to say it doesn't matter. If you get everything in 20 minutes, you want it urgently. But if you have it with you in 20 minutes, what is wrong with that and that expansion of the list of things that can be sold without really thinking that it's super urgent because you're buying it, it's coming to you, you're paying the same price. So how does it matter that it comes in 20 minutes rather than scheduling a delivery for the next day and the fact that people would say that no, the local Kirana guy can do it and I have to say what local Kirana guy, if a big company can do it at the same price they will get better bargaining, they will get better margins from the manufacturer.
They will be open for maybe 20 hours in a day, whereas the local fellow will open maybe at 10am and shut at 8pm or something. These guys can open at 6am and be open till 4am or 3am In the night. So these were easy things to do. Now this thing about disruption. This is management talk. I listen to it. Oh my God, he is disrupting his own. Now, the growth is there. Execution is top class and now even valuation broadly can be justified if you go out a few years and just treat it like a consumer company. But also there is this issue about the fact that if you grow strongly, there is a lot of interest by us and others not for the whole portfolio. This part of the portfolio we call the other way around, reasonable confidence in high return. In the first group you say high confidence in reasonable return. Our only difference with the world and which has made me survive for 20 years with dignity is that I don't have any stock which has high confidence in high return and people who have high confidence in high return are the ones who mostly blow up. So we call the second group reasonable confidence in high return. So it's okay for that category.
"},"subtype":"q-and-a","text":"But one last question, more importantly. How do you wrap your head around these new-age investments? In the past you had told me very wisely about how you're awarding fintechs. Now I hear Deepinder Goyal say that Blinkit might disrupt Zomato, Zomato might not stay. I'm just trying to think when you think about it from an investing angle. How do you think about this?
Samir Arora: First of all both Zomato and Paytm we thought we bought at good prices. Zomato, we bought at 52 rupees and Paytm at some 510 or 520. This was November 23, whatever, whenever it was ‘22 or ‘23, I have forgotten now. These were after the big falls in both the stocks that Paytm from that price went to Rs 900 or Rs 1,000 or whatever and now it's gone back again. But coming to Zomato I think I was one of the early ones to realise that the management had changed and was willing to bet on that and second that Blinkit is a good thing. People used to talk about the fact that why does anybody need a 20-minute delivery and what are these things that you need? I used to say it doesn't matter. If you get everything in 20 minutes, you want it urgently. But if you have it with you in 20 minutes, what is wrong with that and that expansion of the list of things that can be sold without really thinking that it's super urgent because you're buying it, it's coming to you, you're paying the same price. So how does it matter that it comes in 20 minutes rather than scheduling a delivery for the next day and the fact that people would say that no, the local Kirana guy can do it and I have to say what local Kirana guy, if a big company can do it at the same price they will get better bargaining, they will get better margins from the manufacturer.
They will be open for maybe 20 hours in a day, whereas the local fellow will open maybe at 10am and shut at 8pm or something. These guys can open at 6am and be open till 4am or 3am In the night. So these were easy things to do. Now this thing about disruption. This is management talk. I listen to it. Oh my God, he is disrupting his own. Now, the growth is there. Execution is top class and now even valuation broadly can be justified if you go out a few years and just treat it like a consumer company. But also there is this issue about the fact that if you grow strongly, there is a lot of interest by us and others not for the whole portfolio. This part of the portfolio we call the other way around, reasonable confidence in high return. In the first group you say high confidence in reasonable return. Our only difference with the world and which has made me survive for 20 years with dignity is that I don't have any stock which has high confidence in high return and people who have high confidence in high return are the ones who mostly blow up. So we call the second group reasonable confidence in high return. So it's okay for that category.
(Souce: company website)
(Bloomberg) -- Treasuries slipped while S&P 500 futures fluctuated on the last trading day of the quarter as Federal Reserve Governor Christopher Waller poured cold water on the path to lower interest rates.
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/95a1c41c-a0a6-4220-8e35-22b003c4b16d","type":"text","family-id":"c801e938-7290-4fd6-abc9-a4561514bf4f","title":"","id":"95a1c41c-a0a6-4220-8e35-22b003c4b16d","metadata":null,"subtype":null,"text":"In a speech titled, “There’s Still No Rush,” Waller said the Fed still needs to see lower inflation before easing monetary policy. Two-year Treasury yields rose five basis points and the dollar strengthened. US stock futures were little changed after the S&P 500 closed at a record yesterday.
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/6185ada0-0d11-4934-86f8-b5255d869353","type":"text","family-id":"cf404e41-2ff4-4727-9f7f-d40e26d16924","title":"","id":"6185ada0-0d11-4934-86f8-b5255d869353","metadata":null,"subtype":null,"text":"“Market easing expectations for the Fed still need to adjust,” Win Thin and Elias Haddad, strategists at Brown Brothers Harriman wrote in a note.
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/50d738c6-53f6-4d7c-9cf6-f82c36b75c25","type":"text","family-id":"2d5699ff-828c-444e-9184-d93973c4538d","title":"","id":"50d738c6-53f6-4d7c-9cf6-f82c36b75c25","metadata":null,"subtype":null,"text":"Still, stock markets are on cusp of closing out blockbuster gains for the quarter. MSCI’s global equity index has soared 8% in the past three months, supported by rallies in the US, Japan and the frenzy for artificial intelligence. Data on US economic growth and jobless claims are scheduled later today. The Fed’s preferred inflation gauge — the core personal consumption expenditures price index — is due on Friday, when markets will be closed.
"},{"description":"","image-metadata":null,"page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/cab8afda-8e71-4c0b-aaee-d49ca0ba63a5","type":"image","family-id":"21b05944-8917-4b94-bd85-46fcb1d6b010","image-attribution":"","title":"","id":"cab8afda-8e71-4c0b-aaee-d49ca0ba63a5","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/a6fff78d-90ce-48b6-89ba-586b6e4626e2/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ixcxF2Tl9d_U/v2/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/917f71cd-2de7-4a58-ac90-867b762e1ea5","type":"text","family-id":"5d57149c-c47f-49d9-9e34-b7800c9fd0d9","title":"","id":"917f71cd-2de7-4a58-ac90-867b762e1ea5","metadata":null,"subtype":null,"text":"“No one wants to make bold moves heading into a high-impact data release that drops on a public holiday,” said Kyle Rodda, senior market analyst at Capital.Com Inc. “A hot inflation print raises pretty meaningful downside risks for equities given the fears that price growth could be accelerating, if not re-anchoring higher.”
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/84d6626a-c181-445f-bb1b-12d398b3a0e1","type":"text","family-id":"5b59e77f-b5e0-4ce0-abae-1b9f8004978f","title":"","id":"84d6626a-c181-445f-bb1b-12d398b3a0e1","metadata":null,"subtype":null,"text":"In Europe, the Stoxx 600 added 0.3%, marking a four-day winning streak. The rally in European stocks has broadened out this month beyond the biggest names on the benchmark such as ASML Holding NV and Novo Nordisk A/S, unlike the US where the gains remain concentrated in big tech stocks.
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/0573294a-18b2-4b7a-8f62-c5accbdcc975","type":"text","family-id":"48d38a87-10f7-4845-abe9-ad7362d4855f","title":"","id":"0573294a-18b2-4b7a-8f62-c5accbdcc975","metadata":null,"subtype":null,"text":"Meanwhile, the euro fell to a five-week low and traded below $1.08 as the dollar strengthened.
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/3684bafd-cceb-4771-a773-e85745dc41f1","type":"text","family-id":"827bdaec-1423-47eb-8efb-3b17c3c884a2","title":"","id":"3684bafd-cceb-4771-a773-e85745dc41f1","metadata":null,"subtype":null,"text":"Waller pointed to a strong US economy and robust hiring as further reasons the Fed has room to wait to gain confidence that inflation is on a sustained path toward the 2% target. “In my view, it is appropriate to reduce the overall number of rate cuts or push them further into the future in response to the recent data,” he said in prepared remarks Wednesday before the Economic Club of New York.
"},{"description":"","image-metadata":null,"page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/f449136c-977d-4ae8-b481-785fc2264479","type":"image","family-id":"d4342eae-04f5-4eb0-945f-36cb4ff93aa5","image-attribution":"","title":"WATCH: Mark Cudmore and Anna Edwards break down today’s key themes for analysts and investors.Source: Bloomberg","id":"f449136c-977d-4ae8-b481-785fc2264479","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/653d9672-d308-45f4-a1f9-8dba5bd0be5a/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iBuKF5mPlKNs/v3/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/e4039e15-ccc4-469c-9908-d12f9b8b6dcb","type":"text","family-id":"d6c3ca79-2a26-4cae-be3e-043cfb8b4ab0","title":"","id":"e4039e15-ccc4-469c-9908-d12f9b8b6dcb","metadata":null,"subtype":null,"text":"Key events this week:
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/9256e81b-cd05-42b2-bb25-5ef4ec6ebfa6","type":"text","family-id":"f9a876c6-0677-4523-860a-941ffe99aa06","title":"","id":"9256e81b-cd05-42b2-bb25-5ef4ec6ebfa6","metadata":null,"subtype":null,"text":"Stocks
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/a40cf60f-f25f-4d8a-a148-c79b1201f428","type":"text","family-id":"5dbb9a46-36c9-4ee5-a403-023e0a7b026e","title":"","id":"a40cf60f-f25f-4d8a-a148-c79b1201f428","metadata":null,"subtype":null,"text":"Currencies
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"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/f2cd6a92-5f64-42cf-b04e-206dfda8dba9","type":"text","family-id":"928cbe13-efa6-4203-8a47-aa948225a311","title":"","id":"f2cd6a92-5f64-42cf-b04e-206dfda8dba9","metadata":null,"subtype":null,"text":"This story was produced with the assistance of Bloomberg Automation.
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/244355ec-4261-4275-a986-f10231b62302","type":"text","family-id":"dbe04962-38de-4944-9679-11f1edc950fd","title":"","id":"244355ec-4261-4275-a986-f10231b62302","metadata":null,"subtype":null,"text":"--With assistance from Michael Msika, Julien Ponthus, Tassia Sipahutar and Jan-Patrick Barnert.
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/02b90cb0-8ce5-498b-96db-e1bdc0e6c53f","type":"text","family-id":"5fa2278d-479a-478b-9a40-9a27b02e52f6","title":"","id":"02b90cb0-8ce5-498b-96db-e1bdc0e6c53f","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
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"}],"card-updated-at":1711580284873,"content-version-id":"05ead926-2e45-4898-a6df-b8f4d2845e81","card-added-at":1711580284873,"status":"draft","id":"57704765-a54a-413e-b541-8f47753df635","content-id":"57704765-a54a-413e-b541-8f47753df635","version":77,"metadata":{"social-share":{"shareable":true,"title":"Bonds Fall And Stocks Waver On Rate-Cut Pushback: Markets Wrap","message":"Track the global equity, currency and commodity markets here.","image":{"key":"bloombergquint/2024-03/a6fff78d-90ce-48b6-89ba-586b6e4626e2/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1669193,"first-published-at":1711585668703,"story-template":"syndicated","authors":[{"slug":"kit-rees-3","social":{},"name":"Kit Rees","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669193,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["markets"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-27/stock-market-today-dow-s-p-live-updates","imported-card-id":"57704765-a54a-413e-b541-8f47753df635","card-share":{"shareable":true}}}},{"id":"578d3464-9cb9-4d6f-8183-f03309daf5f7","associated-metadata":{},"type":"story","story":{"author-name":"Anjali Rai","headline":"Financial Year Recap: How Indian Markets Outscored Global Counterparts","slug":"business/fy24-recap-how-indian-markets-outscored-global-counterparts","last-published-at":1711623058082,"alternative":{"home":{"default":{"headline":"How Indian Markets Outscored Global Counterparts","hero-image":null}}},"sections":[{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"notifications","name":"Notifications","section-url":"https://www.ndtvprofit.com/notifications","id":16055,"parent-id":null,"display-name":"Notifications","collection":{"slug":"notifications","name":"Notifications ","id":32342},"data":null}],"hero-image-metadata":{"mime-type":"image/jpeg","focus-point":[800,450],"width":1600,"file-size":461822,"file-name":"Till up Exterior front view of NSE signage, logo at office building in BKC, Bandra Kurla Complex. (Source Vijay Sartape BQ Prime) National Stock Exchange. 280623 (2).jpeg","height":900},"published-at":1711623058082,"summary":"A lot of investors do struggle with high valuations, resulting in some money staying on the sidelines, says Citi Research.","id":"578d3464-9cb9-4d6f-8183-f03309daf5f7","hero-image-s3-key":"bloombergquint/2024-03/9601cd16-ed9d-45e5-9529-34671c349101/Till_up_Exterior_front_view_of_NSE_signage__logo_at_office_building_in_BKC__Bandra_Kurla_Complex___S.jpeg","cards":[{"story-elements":[{"description":"","page-url":"/story/578d3464-9cb9-4d6f-8183-f03309daf5f7/element/3d82bf56-2800-45a7-b830-d9a3134a5434","type":"text","family-id":"c6b364fc-1498-476b-8d91-4344bdc28dcb","title":"","id":"3d82bf56-2800-45a7-b830-d9a3134a5434","metadata":{},"subtype":null,"text":"In the financial year 2024, the Indian Headline Index notably outperformed several major global peers, including the Dow Jones Industrial Average, Euro Stoxx 50, FTSE 100, Hang Seng and KOSPI.
Conversely, domestic Indian indices lagged behind the Nikkei, Nasdaq Composite and S&P 500 during the same period.
"},{"description":"","page-url":"/story/578d3464-9cb9-4d6f-8183-f03309daf5f7/element/5948da3c-db13-4360-b8f9-34daea81a588","type":"text","family-id":"6d015150-fe74-45bc-b442-02151b0b155a","title":"","id":"5948da3c-db13-4360-b8f9-34daea81a588","metadata":{},"subtype":null,"text":"Investors' interest in India remains very high, given the increased weightage of the country in MSCI indices, even as the high valuations continue to weigh on sentiments, according to a Citi Research report.
Reasons for a favourable bias on India are secular growth outlook particularly relative to peers, supportive macro, expectation of policy continuity in an election year, financialisation of savings, it said.
However, a lot of investors do struggle with high valuations, resulting in some money staying on the sidelines, Citi Research said.
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"},{"description":"","page-url":"/story/578d3464-9cb9-4d6f-8183-f03309daf5f7/element/3f5fbdca-ea1e-414e-a154-8ea970a1cede","type":"text","family-id":"44d683ee-c337-42d2-ac3e-9192c409aca4","title":"","id":"3f5fbdca-ea1e-414e-a154-8ea970a1cede","metadata":{"linked-story-id":"d701ec06-3dd4-4e59-8bc4-0cce0b4b21e9","linked-story":{"headline":"Lok Sabha Elections: How Foreign Investors Navigated The Last Five Polls","story-content-id":"d701ec06-3dd4-4e59-8bc4-0cce0b4b21e9","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"d701ec06-3dd4-4e59-8bc4-0cce0b4b21e9","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Lok Sabha Elections: How Foreign Investors Navigated The Last Five Polls"},{"description":"","page-url":"/story/578d3464-9cb9-4d6f-8183-f03309daf5f7/element/01ceff08-2656-4dfa-8f05-1b847709698a","type":"text","family-id":"ca7cde9d-f5eb-4120-9000-c93576ade55b","title":"","id":"01ceff08-2656-4dfa-8f05-1b847709698a","metadata":{},"subtype":null,"text":"Throughout the fiscal year, the Nifty 50 has consistently reached new peaks, with milestones such as surpassing 19,000 points in June, climbing to 20,000 and 21,000 levels in September and December respectively. January saw another significant leap as it crossed the 22,000 mark.
December marked a historic moment as the market capitalisation of Indian listed companies on the National Stock Exchange crossed $4 trillion for the first time.
There has been a notable increase in activity within the Indian primary market as companies capitalise on the bullish market conditions to raise funds.
"},{"description":"","page-url":"/story/578d3464-9cb9-4d6f-8183-f03309daf5f7/element/e4519b75-69f2-4deb-b285-065e8ceb2a68","type":"text","family-id":"1b336f49-4bc4-4ec9-886b-4b35d107ecce","title":"","id":"e4519b75-69f2-4deb-b285-065e8ceb2a68","metadata":{"linked-story-id":"6ada7b89-f861-44c9-9c8d-b364b758c461","linked-story":{"headline":"India's Market Cap Above $4 Trillion Amid Positive Sentiment Ahead Of General Election","story-content-id":"6ada7b89-f861-44c9-9c8d-b364b758c461","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"6ada7b89-f861-44c9-9c8d-b364b758c461","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"India's Market Cap Above $4 Trillion Amid Positive Sentiment Ahead Of General Election"}],"card-updated-at":1711615305042,"content-version-id":"3878b23d-e59f-48aa-bb81-e593d1e17ca9","card-added-at":1711609688015,"status":"draft","id":"41e19977-28c2-4138-81f3-9b95dcfdd375","content-id":"41e19977-28c2-4138-81f3-9b95dcfdd375","version":29,"metadata":{"social-share":{"shareable":true,"title":"Financial Year Recap: How Indian Markets Outscored Global Counterparts","message":"A lot of investors do struggle with high valuations, resulting in some money staying on the sidelines, says Citi Research.","image":{"key":"bloombergquint/2024-03/9601cd16-ed9d-45e5-9529-34671c349101/Till_up_Exterior_front_view_of_NSE_signage__logo_at_office_building_in_BKC__Bandra_Kurla_Complex___S.jpeg","url":null,"attribution":null,"caption":"The NSE building in Mumbai. (Source: Vijay Sartape/NDTV Profit)
Despite being India's most-watched sport, revenue of Indian Premier League teams have stayed stubbornly stagnant for the past four years.
With the share from central pool remaining largely constant over the broadcaster deal period, a stagnant growth for the teams' revenues can be attributed to a lackluster growth in sponsorships, merchandise sales and ticket sales.
"},{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/a654792b-c825-43f3-93e3-9c67fdac951a","type":"title","family-id":"9003e1e3-ff15-4813-b6ac-d87b750ada21","title":"","id":"a654792b-c825-43f3-93e3-9c67fdac951a","metadata":{},"subtype":null,"text":"Stable Central Pool"},{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/1db0a339-0960-44b3-9e22-357bb73fe54b","type":"text","family-id":"ef1608d9-e1c0-4f1b-8e95-8308d1df0f61","title":"","id":"1db0a339-0960-44b3-9e22-357bb73fe54b","metadata":{},"subtype":null,"text":"Franchises earn a major part of their revenue from a central pool collected by the Board of Cricket Council in India, which is then distributed equitably among the teams.
This central pool is formed in a large part by the broadcasting fees collected for a fixed period, combined with sponsorship fees, and fees received from old and new franchises.
"},{"description":"","image-metadata":{"width":4000,"height":2250,"mime-type":"image/png","file-size":207904,"file-name":"REVENUE STREAMS FOR BCCI AND INDIVIDUAL TEAMS-01.png"},"page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/64d01cf4-8319-4432-baf9-01017a0eb4bf","type":"image","family-id":"d294ffef-873d-4dec-9095-62d9eef1d46c","image-attribution":"","title":"","id":"64d01cf4-8319-4432-baf9-01017a0eb4bf","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/cd57279e-cd7b-4dfd-b407-3588b719ffbe/REVENUE_STREAMS_FOR_BCCI_AND_INDIVIDUAL_TEAMS_01.png","metadata":{},"subtype":null},{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/ec3b2c3c-cee9-45eb-aaae-8183025fbc0f","type":"text","family-id":"6d938dda-25cf-4bfb-980e-11d71a2a236b","title":"","id":"ec3b2c3c-cee9-45eb-aaae-8183025fbc0f","metadata":{},"subtype":null,"text":"Half of the revenue generated by BCCI gets retained, while 45% is shared equally among the franchises, and the remaining 5% is distributed on the basis of the team's performance.
"}],"card-updated-at":1711534240653,"content-version-id":"88d4204e-fee9-4969-a923-0bcc72b148cc","card-added-at":1711430824474,"status":"draft","id":"48ca97c6-513a-41a3-8339-63b4b4689c1c","content-id":"48ca97c6-513a-41a3-8339-63b4b4689c1c","version":111,"metadata":{"social-share":{"shareable":true,"title":"IPL Teams' Revenue Stagnates Despite A Stable Central Pool","message":"The financial growth of individual teams depends on how each franchisee raise sales from non-broadcast revenues. So far, they have failed to develop this segment.","image":{"key":"bloombergquint/2024-03/cd57279e-cd7b-4dfd-b407-3588b719ffbe/REVENUE_STREAMS_FOR_BCCI_AND_INDIVIDUAL_TEAMS_01.png","url":null,"attribution":"","caption":null,"metadata":{"width":4000,"height":2250,"mime-type":"image/png","file-size":207904,"file-name":"REVENUE STREAMS FOR BCCI AND INDIVIDUAL TEAMS-01.png"}}},"attributes":{}}},{"story-elements":[{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/918a8d92-0f88-45c9-8a1f-5ef94ec803a4","type":"title","family-id":"e02fa246-a01e-4fb9-bbeb-caa0c0c7d468","title":"","id":"918a8d92-0f88-45c9-8a1f-5ef94ec803a4","metadata":{},"subtype":null,"text":"Central Pool To Bolster Revenue Further"},{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/59e214b5-475f-475d-8930-7e6f39138081","type":"text","family-id":"79fb2975-3d99-43a0-aefa-2f97087fd598","title":"","id":"59e214b5-475f-475d-8930-7e6f39138081","metadata":{},"subtype":null,"text":"A major part of the central pool is formed by broadcasting fees, which are set to be updated in the current year's results.
For the upcoming five-year period through 2027, Star India won the television broadcasting rights for Rs 4,700 crore a year, and Viacom18 - JioCinema won the digital format for Rs 4,800 crore a year.
This compares to the Rs 3,300 fees paid by Star India and Hotstar over CY18-22, who held the rights to television as well as digital broadcasting.
"},{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/f5e52f93-38b2-4ee7-a9d1-d410010fa28e","type":"text","family-id":"c60045eb-d52e-495c-bb65-1f75b05da0f3","title":"","id":"f5e52f93-38b2-4ee7-a9d1-d410010fa28e","metadata":{},"subtype":null,"text":"While the amount received from the central pool may thereby rise over the next reported financial results, the five-year period that follows may see further stagnation in franchise revenues should the trend in revenues from sponsorships, merchandise sales and ticket sales persist.
"},{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/1749749e-fc3f-4eb1-be0f-f56a08a0f728","type":"title","family-id":"44afc37a-cdc5-418c-8611-7a1f2271fdb0","title":"","id":"1749749e-fc3f-4eb1-be0f-f56a08a0f728","metadata":{},"subtype":null,"text":"Non-Core Revenue Plateaus Out"},{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/8bcd0d44-f30f-4652-a661-840614103924","type":"text","family-id":"a91d3a3c-ca15-42a5-9b0e-36fca3fe370f","title":"","id":"8bcd0d44-f30f-4652-a661-840614103924","metadata":{},"subtype":null,"text":"Massive broadcast rights deals drive core revenue, a guaranteed inflow that supports franchise valuations.
However, teams also have supplementary revenue streams independent of the central pool, such as sponsorship deals, ticket sales, and match rewards, which make up their non-core revenue.
Traditionally, these non-central pool revenues were expected to grow steadily, reflecting the increasing popularity and commercialisation of the IPL. Many teams had signed multi-year sponsorship deals with brands like Jio, Byju's, and Hero MotoCorp.
But despite the league's continued success, with viewership soaring and global interest intensifying, team revenues have hit a plateau.
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"},{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/343db961-9f3a-42f0-b01e-bf85bd5a13e2","type":"text","family-id":"366de592-eed2-40da-aa87-92e98862f014","title":"","id":"343db961-9f3a-42f0-b01e-bf85bd5a13e2","metadata":{},"subtype":null,"text":"A main reason for this might be the short format of the league.
\"The short format is a constraint to both stadium revenues on account of the low number of matches and team merchandise sales on account. While IPL teams do well on broadcasting and sponsorship revenue, match-day revenues lag global leagues due to IPL's short duration of about 2 months compared to global football leagues, which run through the year,\" according to a Jefferies report.
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The impact of stagnant non-core revenue extends beyond the ticket booths.
Franchises have not been so far able to scale up revenues on the non-BCCI front. Commercial revenues and stadium revenues have so far remained muted for Indian franchisees. Globally, this revenue is seen as significant compared to the central broadcasting revenue earned by many football franchisees.
Notwithstanding the exponential surge in the valuations and revenue of the IPL, the financial growth of individual teams depends on how each franchisee can raise sales from non-broadcast revenues. So far, they have failed to develop this segment, which includes merchandise, ticketing and other events.
"}],"card-updated-at":1711521249244,"content-version-id":"a77fe0c7-8160-4711-baea-f4301770ca90","card-added-at":1711445409802,"status":"draft","id":"9959fa92-6a3e-4858-a66b-ab18a00b908f","content-id":"9959fa92-6a3e-4858-a66b-ab18a00b908f","version":61,"metadata":{"social-share":{"shareable":true,"title":"IPL Teams' Revenue Stagnates Despite A Stable Central Pool","message":"The financial growth of individual teams depends on how each franchisee raise sales from non-broadcast revenues. So far, they have failed to develop this segment.","image":{"key":"bloombergquint/2024-03/ca7d0ea1-f81e-4adb-a544-ef6acc3734e1/REVENUE_MIX_ACROSS_GLOBAL_LEAGUES.png","url":null,"attribution":"","caption":null,"metadata":{"width":1920,"height":1080,"focus-point":[1690,83]}}},"attributes":{}}}],"author-id":1761280,"first-published-at":1711534252461,"story-template":"text","authors":[{"slug":"chinmay-vasdev","social":{"linkedin":{"url":"https://in.linkedin.com/in/chinmay-vasdev-51a2b4171","handle":"Chinmay Vasdev"}},"name":"Chinmay Vasdev","contributor-role":{"id":260,"name":"Author"},"avatar-url":"https://media.assettype.com/bloombergquint/2023-09/cef400b2-f909-40b4-bb99-1d088f1acaeb/chinmay.png","bio":"Chinmay Vasdev covers Business and Markets as a part of the research team. He is a graduate in Business Economics (Honours) from University of Delhi, and a post-graduate in journalism and mass communication from Xavier Institute of Communications, Mumbai. He holds prior experience in Visual Communication, and is interested in all aspects of film production, and all things numbers.","id":1761280,"avatar-s3-key":"bloombergquint/2023-09/cef400b2-f909-40b4-bb99-1d088f1acaeb/chinmay.png","twitter-handle":null},{"slug":"agnidev-bhattacharya","social":{"linkedin":{"url":"https://www.linkedin.com/in/agnidev-bhattacharya-65b772191/?originalSubdomain=in"}},"name":"Agnidev Bhattacharya","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":"Agnidev covers business, markets and corporate news for BQ Prime. He holds a bachelor's degree in journalism from Madras Christian College, and a postgraduate diploma in broadcast journalism from the Indian Institute of Journalism and New Media. When not tracking news, Agnidev likes reading about cinema and society.","id":1775987,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"card-share":{"shareable":true}}}},{"id":"3fc6f587-b4f7-4a0a-aa29-fe222412fcf9","associated-metadata":{},"type":"story","story":{"author-name":"Anjali Rai","headline":"Financial Year Recap: How Nifty50 Performed Compared To Gold, Bitcoin And Other Asset Classes","slug":"markets/fy24-recap-how-nifty50-performed-compared-to-gold-bitcoin-and-more","last-published-at":1711614615912,"alternative":{"home":{"default":{"headline":"FY24 Recap: How Nifty50 Performed Compared To Gold, Bitcoin And More","hero-image":null}}},"sections":[{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"notifications","name":"Notifications","section-url":"https://www.ndtvprofit.com/notifications","id":16055,"parent-id":null,"display-name":"Notifications","collection":{"slug":"notifications","name":"Notifications ","id":32342},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null}],"hero-image-metadata":{"mime-type":"image/jpeg","focus-point":[724,305],"width":1248,"file-size":577929,"file-name":"BSE Source_Vijay_Sartape_NDTV_Profit.jpg","height":702},"published-at":1711614615912,"summary":"The Nifty and the Sensex soared to new heights, with the Nifty rising over 5,000 points and surpassing the 22,000 mark and the Sensex breaching the 74,000 jumping over 15,000 points.","id":"3fc6f587-b4f7-4a0a-aa29-fe222412fcf9","hero-image-s3-key":"bloombergquint/2023-12/10fac50f-d4b5-469b-9e5f-d7fc757c15a3/BSE_Source_Vijay_Sartape_NDTV_Profit.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/6e30c423-2d00-4b13-a501-7f285e256344","type":"text","family-id":"d00a4d56-2ec2-484c-9e08-fdf686b9430b","title":"","id":"6e30c423-2d00-4b13-a501-7f285e256344","metadata":{},"subtype":null,"text":"As the financial year of 2024 draws to a close, investors are a happy lot. Various asset classes, from equities to cryptocurrencies, gave stellar returns during this period and some of this was fueled by the high global geopolitical tensions witnessed in the past 12 months.
The Nifty and the Sensex soared to new heights, with the former rising over 5,000 points and surpassing the 22,000 mark and the latter breaching 74,000 jumping over 15,000 points.
The traditional and alternative asset classes alike experienced substantial gains too. Gold, a traditional safe-haven asset, witnessed a surge hitting a new high.
Simultaneously, the cryptocurrency market, led by Bitcoin, achieved a new peak.
"},{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/eed65c4b-7825-4f81-b5ca-5ed05e23ed27","type":"title","family-id":"1e6396be-edd5-4d63-b2e1-d105fdbc70a5","title":"","id":"eed65c4b-7825-4f81-b5ca-5ed05e23ed27","metadata":{},"subtype":null,"text":"Nifty, Sensex & The Broader Markets"},{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/2bd894c7-448d-4816-82f5-4b7a8afb4faa","type":"text","family-id":"005259e4-5c75-4dd6-b51d-330c766d3972","title":"","id":"2bd894c7-448d-4816-82f5-4b7a8afb4faa","metadata":{},"subtype":null,"text":"Over the course of the past year, the S&P BSE Sensex has demonstrated notable strength, posting a gain of over 28%. Similarly, the Nifty 50 index has exhibited robust performance, recording a gain of over 31%.
"},{"description":"","embed-js":"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","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/646c09ab-e7a9-4794-8760-db8804cf0e71","type":"jsembed","family-id":"73947e3d-1811-49b4-9aae-4cf1ee05f85a","title":"","id":"646c09ab-e7a9-4794-8760-db8804cf0e71","metadata":{},"subtype":null},{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/249df579-849a-4320-951d-23d868aed51e","type":"title","family-id":"8b67102b-47dc-44ef-8263-d737776fdc69","title":"","id":"249df579-849a-4320-951d-23d868aed51e","metadata":{},"subtype":null,"text":"Gold Continues To Shine"},{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/c4d825a2-ddfe-41a6-ba6f-d802a699b0bd","type":"text","family-id":"445857b9-a437-4608-a6a2-403218b41b92","title":"","id":"c4d825a2-ddfe-41a6-ba6f-d802a699b0bd","metadata":{},"subtype":null,"text":"Gold hit a new high on March 21, 2024 after the U.S. Federal Reserve kept its key interest rate steady for the fifth straight time and continued to signal three rate cuts this year.
The yellow metal moved higher on the back of rate-cut hopes, according to analysts. The price of the MCX gold reached a new all-time high of Rs 66,679. It advance over 13% in the last 12-months, whereas Nifty 50 has seen an surge of over 27% during the period.
Morgan Stanley expects gold prices going up to $2,300 per ounce in 2024, but price action is likely to be choppy as uncertainties remain over U.S. data and rate cuts by the Federal Reserve.
However, if the 10-year real yields come down further, there is a scope for gold to move higher from the current level. The yellow metal also tends to rise after the first Fed rate cut, while elevated geopolitical and political risk in 2024 should also provide support, the research firm said in March 15 note.
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This achievement was notable as it was the first time since December 2021 when market capitalisation crossed $1 trillion mark, according to Bloomberg data.
During this surge, Ether, the second-largest token, witnessed a record high of $4,092 rallying a tad over 100%.
"},{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/817491c7-a8d0-487d-ab4a-c0f55f635c6d","type":"text","family-id":"a8334ea1-2cf2-49c9-9475-35413dda9c51","title":"","id":"817491c7-a8d0-487d-ab4a-c0f55f635c6d","metadata":{"linked-story-id":"c51a3852-a8c2-4b16-b1a0-5d48622eb832","linked-story":{"headline":"Bitcoin's Skyward Climb: Delving Into The Reasons For Crossing $50,000","story-content-id":"c51a3852-a8c2-4b16-b1a0-5d48622eb832","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"c51a3852-a8c2-4b16-b1a0-5d48622eb832","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Bitcoin's Skyward Climb: Delving Into The Reasons For Crossing $50,000"},{"description":"","embed-js":"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","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/680e3551-59f0-4071-9c2a-38f40baac03d","type":"jsembed","family-id":"46a6e41e-33b8-4d42-972d-c9908b7930e8","title":"","id":"680e3551-59f0-4071-9c2a-38f40baac03d","metadata":{},"subtype":null},{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/6d1bce4b-307c-446e-afac-5bfe7017f024","type":"title","family-id":"6cf1de57-6107-4f15-9f74-10484791d399","title":"","id":"6d1bce4b-307c-446e-afac-5bfe7017f024","metadata":{},"subtype":null,"text":"Rupee Outperforms Asian Peers"},{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/8c5a10c6-500e-41cf-89a5-97412aa11461","type":"text","family-id":"6dffb4e5-7752-4b4f-913e-1035f36005c5","title":"","id":"8c5a10c6-500e-41cf-89a5-97412aa11461","metadata":{},"subtype":null,"text":"The Indian rupee was the best-performing currency in Asia in the financial year, underpinned by factors like a reduction in the current account deficit and strong foreign exchange reserves.
The local currency has exhibited resilience, rebounding from its perceived low of Rs 83.50 against the dollar on November 11, 2023 and currently indicating signs of a sustained upward trend.
The Indian currency weakened by 1.42% in the last 12 months against the greenback. Meanwhile, the dollar index rose by 1.87% in the 12 months period.
"},{"description":"","embed-js":"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","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/b8826256-fab7-480a-b047-9de1da4e25d5","type":"jsembed","family-id":"c36090f6-91b3-4377-b2c1-b068b5df88fa","title":"","id":"b8826256-fab7-480a-b047-9de1da4e25d5","metadata":{},"subtype":null},{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/cbd5c562-7176-465d-bf7c-fa31fc042dc6","type":"title","family-id":"6390dcd4-d355-4d86-8a70-2c73014b302a","title":"","id":"cbd5c562-7176-465d-bf7c-fa31fc042dc6","metadata":{},"subtype":null,"text":"A Look At Bonds"},{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/c254d24b-6a4d-4096-a391-7903f42576d9","type":"text","family-id":"83734249-9dca-4935-95a7-53ca2a2b1a83","title":"","id":"c254d24b-6a4d-4096-a391-7903f42576d9","metadata":{},"subtype":null,"text":"The yield on the 10-year bond decreased after JPMorgan and Bloomberg emerging market indices inclusion and Union government announced a lower-than-expected borrowing plan for the first half of the next financial year.
The yield on the 10-year bond decreased 24 bps or 3.33% during the last 12-months.
Indian government bond inclusion in both the JPMorgan and Bloomberg emerging market indices would attract foreign inflows worth $40–50 billion annually, according to analysts.
Historically, such inclusions have led to increased investor interest and inflows, according to Venkatakrishnan Srinivasan, founder and managing partner at Rockfort Fincap LLP. “The extent of the increase would depend on various factors, including prevailing yields, expectations of rate cuts, investor sentiments, securities to be made available under the FAR route, and the attractiveness of Indian bonds compared to other investment options available to FPIs.”
"},{"description":"","embed-js":"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","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/e54f46b0-b0d5-41d3-b31a-b918fe221e94","type":"jsembed","family-id":"2a2639a7-8a69-49d0-af09-c45d5ef7334b","title":"","id":"e54f46b0-b0d5-41d3-b31a-b918fe221e94","metadata":{},"subtype":null},{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/0823fe61-079a-4a54-8d3e-2c577604d236","type":"text","family-id":"48487f63-a4a2-4adb-921e-6ff1ed2bac66","title":"","id":"0823fe61-079a-4a54-8d3e-2c577604d236","metadata":{"linked-story-id":"8ccf4f3f-396d-427e-ae23-3807a7f4e40a","linked-story":{"headline":"Indian Bond Market Could See $40-50 Billion Inflows","story-content-id":"8ccf4f3f-396d-427e-ae23-3807a7f4e40a","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"8ccf4f3f-396d-427e-ae23-3807a7f4e40a","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Indian Bond Market Could See $40-50 Billion Inflows"}],"card-updated-at":1711614604462,"content-version-id":"4e155fad-e59c-4714-b2a0-941574119d1f","card-added-at":1711595503144,"status":"draft","id":"55a0ffa1-886c-4a9c-8541-b773bd506099","content-id":"55a0ffa1-886c-4a9c-8541-b773bd506099","version":96,"metadata":{"social-share":{"shareable":true,"title":"Financial Year Recap: How Nifty50 Performed Compared To Gold, Bitcoin And Other Asset Classes","message":"The Nifty and the Sensex soared to new heights, with the Nifty rising over 5,000 points and surpassing the 22,000 mark and the Sensex breaching the 74,000 jumping over 15,000 points.","image":{"key":"bloombergquint/2023-12/10fac50f-d4b5-469b-9e5f-d7fc757c15a3/BSE_Source_Vijay_Sartape_NDTV_Profit.jpg","url":null,"attribution":null,"caption":"(Source: vecstock/freepik.com, Vijay Sartape/NDTV Profit)
An additional installment of devolution, or a transfer to states from the central pool of taxes, could have reduced the government's revenue receipts in February.
Data released by the Controller General of Accounts on Thursday showed a negative figure of Rs (-) 30,388 crore as net tax revenue for the month.
The Union government released two instalments of tax devolution amounting to Rs 1.42 lakh crore on the last day of the month of February.
This release was in addition to the tax devolution of an instalment of Rs 71,061 crore already made on Feb. 12, making it the third instalment in the same month.
The Union government's fiscal deficit till February expanded to 86.5% of the budgetary target for the current financial year, with one month still to go.
In value terms, the fiscal deficit comes up to Rs 15 lakh crore of the total limit set at Rs 17.34 lakh crore, or 5.8% of the GDP. In comparison, the government spent 82.8% over the corresponding period last year.
The current levels of fiscal deficit come amid a dip in revenue receipts and continued capital expenditure, as compared with the same period in the last fiscal.
The monthly increase in the fiscal deficit in February came up to Rs 3.98 lakh crore, rising significantly as the financial year draws to a close, according to data issued by the Controller General of Accounts on Thursday.
Details of the Union government's accounts, released by the Ministry of Finance, show that net tax revenue took a hit of Rs (-) 30,388 crore, which brought down the government's total receipts to Rs 22.09 lakh crore in February from Rs 22.17 lakh crore in January.
In terms of pace, capex rose in the second month of the final quarter. In February, the capex increased to Rs 84,426 crore, as compared with Rs 47,557 crore in January.
This puts the total capex spend in the current fiscal at Rs 8.05 lakh crore, or 84.8%, of the revised capex target of Rs 9.49 lakh crore. The corresponding level of capex made during the same period last year was 81.1%.
A comparison of key expenditure and revenue heads with their levels in the same period last year reveals that the government has maintained a tight lid on revenue expenditure.
"},{"description":"","page-url":"/story/789b6a29-33e3-4880-9d9e-abba26e588cf/element/cd643b77-9a16-4118-9c20-b9a75ef0b272","type":"text","family-id":"c8f29a2d-89eb-4229-8ab4-a6abe299090e","title":"","id":"cd643b77-9a16-4118-9c20-b9a75ef0b272","metadata":{},"subtype":null,"text":"The April–February period of the current fiscal, as compared with the same period last fiscal, showed the following:
Revenue receipts stood at 81.9% of the budgetary estimate of Rs 22.09 lakh crore, as against 84.3% achieved over the corresponding period last fiscal.
Total expenditure: 83.4% vs. 83.4%, maintaining the previous year's levels.
Revenue deficit: 87% vs. 83%.
Capex: 84.8% vs. 81.1%.
Net tax revenue: 79.6 vs. 83%.
Non-tax revenue: 95.9% vs. 95%, buoyed by a surplus dividend from the RBI earlier in the year.
Spend on major subsidies: 87% vs. 88%, led by the nutrient-based fertiliser subsidy, which has already exhausted the budgeted levels.
(Source: FinMin India/X)
The phase of margin expansion could be behind for makers of staples to soaps as prices of raw materials have started inching up again.
Wheat, sugar, cocoa, coffee, linear alkyl benzene used in detergents, palm as well as crude oil rose year-on-year in March. Except wheat, the commodities also jumped sequentially. But companies would be reluctant to take price hikes, considering the weak demand environment and intense regional competition, posing a risk to consensus margin assumption.
"},{"description":"","embed-js":"PGlmcmFtZSB0aXRsZT0iUmF3IE1hdGVyaWFsIFByaWNlcyBJbmNoaW5nIFVwLCBBZ2FpbiIgYXJpYS1sYWJlbD0iU3BsaXQgQmFycyIgaWQ9ImRhdGF3cmFwcGVyLWNoYXJ0LXAzNGJGIiBzcmM9Imh0dHBzOi8vZGF0YXdyYXBwZXIuZHdjZG4ubmV0L3AzNGJGLzEvIiBzY3JvbGxpbmc9Im5vIiBmcmFtZWJvcmRlcj0iMCIgc3R5bGU9IndpZHRoOiAwOyBtaW4td2lkdGg6IDEwMCUgIWltcG9ydGFudDsgYm9yZGVyOiBub25lOyIgaGVpZ2h0PSI0MDMiIGRhdGEtZXh0ZXJuYWw9IjEiPjwvaWZyYW1lPjxzY3JpcHQgdHlwZT0idGV4dC9qYXZhc2NyaXB0Ij4hZnVuY3Rpb24oKXsidXNlIHN0cmljdCI7d2luZG93LmFkZEV2ZW50TGlzdGVuZXIoIm1lc3NhZ2UiLChmdW5jdGlvbihhKXtpZih2b2lkIDAhPT1hLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdKXt2YXIgZT1kb2N1bWVudC5xdWVyeVNlbGVjdG9yQWxsKCJpZnJhbWUiKTtmb3IodmFyIHQgaW4gYS5kYXRhWyJkYXRhd3JhcHBlci1oZWlnaHQiXSlmb3IodmFyIHI9MDtyPGUubGVuZ3RoO3IrKylpZihlW3JdLmNvbnRlbnRXaW5kb3c9PT1hLnNvdXJjZSl7dmFyIGk9YS5kYXRhWyJkYXRhd3JhcHBlci1oZWlnaHQiXVt0XSsicHgiO2Vbcl0uc3R5bGUuaGVpZ2h0PWl9fX0pKX0oKTsNCjwvc2NyaXB0Pg==","page-url":"/story/91908068-d20a-4edb-b352-5b46477a5a05/element/1ca37d3f-2fa3-44ef-967e-351bc067fa91","type":"jsembed","family-id":"fe1f2a49-7682-48e6-8900-1e49dfef41d0","title":"","id":"1ca37d3f-2fa3-44ef-967e-351bc067fa91","metadata":{},"subtype":null},{"description":"","page-url":"/story/91908068-d20a-4edb-b352-5b46477a5a05/element/03f6c0f5-671b-41e4-9b43-b687a50490ad","type":"text","family-id":"0bd497ba-3b75-423f-8ffa-17271cc4bacc","title":"","id":"03f6c0f5-671b-41e4-9b43-b687a50490ad","metadata":{},"subtype":null,"text":"\"Our commodity basket is seeing about 8–10% inflation,\" Mayank Shah, vice-president of Parle Products, said. \"We aren't planning to hike prices immediately though as we are prioritising volume growth over margins.\"
Large companies generally have a hedging strategy to manage the price volatility. They pass on the costs gradually and not always immediately.
Cocoa, the key ingredient in chocolate, has seen a threefold surge in costs over the previous year due to lower production in key producing countries.
\"If we consider cocoa inflation, the inflationary pressures would be significantly higher,\" Shah said. \"However, currently we are well-hedged, so not factoring that into our calculations. In April, we will be in a better position to decide whether to absorb or pass on the cost burden.\"
Coffee inflation hit double digits, rising 15.3% over the previous year.
\"The forecasts are that they [coffee prices] will start to plateau towards the end of 2024,\" according to Sunil D'Souza, chief executive officer at Tata Consumer Products Ltd. \"But again, a forecast is a forecast. So, we will continue to move up and down along with coffee prices in order to maintain market share.\"
The other problem is intense competition.
Manish Aggarwal, director, Bikano, Bikanervala Foods Pvt Ltd says the company is \"closely monitoring\" the significant rise in input costs, particularly edible oil, over the last few months, which is beginning to exert pressure on margins. But the company has refrained from raising product prices and is absorbing the cost for now. \"Based on competitive market conditions, we will take a call on price hikes,\" said Aggarwal.
Analysts concur. Prices of linear alkyl benzene, for instance, have surged past $1,000 per tonne in the recent weeks, yet price hikes may prove to be challenging for companies, according to Kunal Vora, head of India equity research at BNP Paribas.
\"Our detergent price tracker shows prices declining for the first time on a year-on-year basis, while LAB prices have been gradually increasing for (the) past three quarters now,\" he said in a note on March 22.
The category has seen a 15% price hike over the past two years, with higher hikes in premium brands than mass brands. \"But as raw material prices stabilised, stiff competition from regional players, especially in low-unit packs, forced companies to cut prices. Now again, raw material prices are seeing an uptick, but raising prices may be difficult, in our view.\"
Palm oil prices rose 7.9% sequentially after staying range-bound for the past year even as it remains flattish on a year-on-year basis. Analysts at Motilal Oswal expect the recent spike could affect margins for Godrej Consumer Products Ltd. Hindustan Unilever Ltd.'s commodity basket may see a mixed bag of price fluctuation with high coffee prices offsetting the decrease in tea.
Simply put, the agricultural commodity basket is experiencing a significant uptick in inflation compared to non-agricultural commodities. According to the brokerage, there has been a year-on-year increase of 2.4% and a quarter-on-quarter increase of 1.7% in the agricultural commodities.
Crude oil prices have been range-bound for the last 30 days at around $85 a barrel even as it rose 2% year-on-year in March. Rising crude, coupled with rising prices of vinyl acetate monomer, could dent Asian Paints Ltd.'s margins in a muted business environment, according to Motilal Oswal.
Companies like Nestle India Ltd., TCPL, HUL, Colgate Palmolive India Ltd., Britannia Industries Ltd., Marico Ltd. and Dabur India Ltd. took significant price hikes in direct response to rising input costs last year. But the frequency of these increases slightly decreased this year as major raw material prices cooled.
In February, the consumer goods makers took only incremental price hikes of 2–6% across products, except soaps and edible oil. Coffee and toothpaste, however, have seen the steepest hikes of 9–10%, having not seen so in the peak of inflation. These changes are aimed to boost top-line growth hit by a sustained slowdown in demand. But renewed input cost pressures can negate the effect, and margins can come under pressure.
\"The food and refreshment division continues to see positive pricing with inflation in commodities like coffee and sugar resulting in declining volumes,\" HUL Chief Financial Officer Ritesh Tiwari said in a post-earnings call. The decrease in volumes during the October–December period is expected to continue into the March quarter on the back of price hikes.
\"Higher raw-material cost in the current environment is a new headwind,\" said BNP Paribas' Vora, pointing out that unrelenting inflationary pressure could reverse the \"meaningful\" gross margin expansion for most companies.
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A crackdown by the goods and services tax authorities has revealed 1,999 cases of false input-tax-credit claims worth over Rs 19,690 crore in the current financial year till January, NDTV Profit has learned.
In comparison, 1,940 cases worth Rs 13,175 crore were detected in a similar exercise in the previous financial year, according to data viewed by NDTV Profit. Of this, Rs 1,597 crore was recovered by authorities and 68 arrests were made. This is a 49% spike in the value of fake claims.
Such fake cases involve claims of ITC where there has been no real supply of goods or services, mostly through falsified invoicing.
The pace of recovery from these cases stands at 12.71%, lagging in Delhi and West Bengal, which have seen a high level of falsification in ITC claims.
The highest number of instances reported was in Gujarat (241 cases), followed by West Bengal (227 cases), Haryana (186), Assam (168), Rajasthan (143), Maharashtra (130), Karnataka (122) and Delhi (105).
Cracking down on fake ITC claims is an area the department is focusing on. It is an ongoing exercise that is widespread across sectors, an official with knowledge of the matter told NDTV on the condition of anonymity.
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The T+0 settlement in the Indian capital market that went into action on Thursday saw the participation of 63 members in the optional segment, the BSE said.
On the first day, as many as 41 members traded in 10 scrips and placed a total of 329 orders, which resulted in 90 trades, the bourse said in a statement. The number of unique investors using this facility stood at 49.
BSE and its clearing arm, Indian Clearing Corp., successfully launched the beta version of the T+0 settlement on Thursday. To begin with, the beta version offered an option for investors to transact in 25 securities in a T+0 settlement.
Designed to settle trades on the same day they are executed, the T+0 settlement facilitates quicker receipt of funds and securities in investor accounts, thereby reducing the risks associated with the time lag.
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The Securities and Exchange Board of India introduced a beta framework for the T+0 settlement cycle, which will be a continuous session between 9:15 a.m. and 1:30 p.m. Following this, the regulator will take one year to move to instant settlement by March next year.
The successful launch of the groundbreaking system is a significant step towards greater efficiency and reduced risk in our market, said BSE Managing Director and Chief Executive Officer Sundararaman Ramamurthy.
\"We are confident that this optional settlement cycle will contribute to the continued growth and development of the capital markets in India,\" he said.
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A Delhi court remanded Chief Minister Arvind Kejriwal to Enforcement Directorate custody for another four days in the liquor policy case on Thursday.
Special CBI judge Kaveri Baweja passed the order. The jailed Aam Aadmi Party chief will now be produced in the court on April 1 at 11:30 a.m.
The probe agency had sought further seven days of custody for Kejriwal.
During the hearing, Kejriwal alleged the ED is running an extortion racket and said the agency has failed to establish a money trail directly linking him.
\"This case has been going on for two years. Now I have been arrested, no court has found me guilty. CBI and ED have filed numerous pages in this case. My name appears only in four statements,\" he said.
Making its case for an extended remand, Additional Solicitor General SV Raju, who is representing the ED, said Kejriwal is giving evasive replies in the interrogation.
"},{"description":"","page-url":"/story/efc349a0-d7a2-4f16-8cff-89c0fd331eb1/element/da958e83-a86b-4790-9961-85fa1c3c587d","type":"text","family-id":"5eb84d21-c5ef-485d-a16b-5fe29605440d","title":"","id":"da958e83-a86b-4790-9961-85fa1c3c587d","metadata":{"linked-story-id":"6577a75b-a0ee-4ca1-bcd8-e61bb56ad80d","linked-story":{"headline":"At Strategy Meet, AAP Decides To Launch Another 'Main Bhi Kejriwal' Campaign","story-content-id":"6577a75b-a0ee-4ca1-bcd8-e61bb56ad80d","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"6577a75b-a0ee-4ca1-bcd8-e61bb56ad80d","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"At Strategy Meet, AAP Decides To Launch Another 'Main Bhi Kejriwal' Campaign"}],"card-updated-at":1711622517335,"content-version-id":"ba0e9ec0-6e74-4a05-9a17-3b541cdc698f","card-added-at":1711621300390,"status":"draft","id":"c932ca3c-4027-4c94-adb8-e4846ce456de","content-id":"c932ca3c-4027-4c94-adb8-e4846ce456de","version":13,"metadata":{"social-share":{"shareable":true,"title":"Arvind Kejriwal Remanded To ED Custody Till April 1","message":"The probe agency had sought further seven days of custody for Kejriwal.","image":{"key":"bloombergquint/2024-03/147a8dac-659d-4c2f-af9a-01fa33d19f98/_1x_1.jpg","url":null,"attribution":null,"caption":"Arvind Kejriwal. (Source: AAP)
The development comes a day after the AAP supremo failed to get a relief from the Delhi High Court on a plea challenging his arrest.
Justice Swarana Kanta Sharma gave time till April 2 to file a reply to Kejriwal's interim plea seeking release from the agency's custody.
The matter will be heard on April 3 and no adjournment shall be granted then, the court said.
"},{"description":"","page-url":"/story/efc349a0-d7a2-4f16-8cff-89c0fd331eb1/element/5674a0be-f598-4d4a-8d29-2e985f2f5af9","type":"text","family-id":"247092a8-3f48-4de3-aa37-d59a32c15250","title":"","id":"5674a0be-f598-4d4a-8d29-2e985f2f5af9","metadata":{},"subtype":null,"text":"Kejriwal had challenged his arrest by the ED in a money laundering case related to the now-scrapped liquor policy.
The Aam Aadmi Party chief was arrested on March 21, hours after the high court refused to grant him protection from coercive action by the anti-money laundering agency. The leader was subsequently remanded to the ED's custody till March 28 by a Delhi court.
The case pertains to the alleged corruption and money laundering in formulating and executing the Delhi government's excise policy for 2021–22, which was later scrapped.
"},{"description":"","page-url":"/story/efc349a0-d7a2-4f16-8cff-89c0fd331eb1/element/83778ba2-21b2-4712-b059-98daa3fb01ce","type":"text","family-id":"45e0dc0f-5976-4758-b05c-5e3aef2488b8","title":"","id":"83778ba2-21b2-4712-b059-98daa3fb01ce","metadata":{"linked-story-id":"349d331a-ce19-432c-a5f8-95d4da2f1ee4","linked-story":{"headline":"Arvind Kejriwal Arrest: No Relief From Delhi High Court, Next Hearing On April 3","story-content-id":"349d331a-ce19-432c-a5f8-95d4da2f1ee4","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"349d331a-ce19-432c-a5f8-95d4da2f1ee4","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Arvind Kejriwal Arrest: No Relief From Delhi High Court, Next Hearing On April 3"}],"card-updated-at":1711622616876,"content-version-id":"9193ff44-702d-4b1f-95b8-b1bca854e592","card-added-at":1711621858243,"status":"draft","id":"8a616c59-18f3-4a57-b3b5-be96b9a9186d","content-id":"8a616c59-18f3-4a57-b3b5-be96b9a9186d","version":6,"metadata":{"social-share":{"shareable":true,"title":"Arvind Kejriwal Remanded To ED Custody Till April 1","message":"The probe agency had sought further seven days of custody for Kejriwal.","image":{"key":"bloombergquint/2024-03/147a8dac-659d-4c2f-af9a-01fa33d19f98/_1x_1.jpg","url":null,"attribution":null,"caption":"Arvind Kejriwal. (Source: AAP)
Consumers will have to shell out more for chocolates amid the double whammy of falling cocoa output in the key producing region of Western Africa and record global prices of the delectable commodity.
Prices of the most important raw material for chocolate-making have more than tripled as a supply crunch grips the market. Cocoa futures surpassed $10,000 a tonne for the first time ever in March. This month alone, New York futures rose 60% to settle at $9,566 a tonne.
It's unlikely that the prices will come down before the next harvest, costing the likes of Cadbury-maker Mondelez, Nestle India, Hershey and Parle. Some consumer goods makers even attributed the current trend to the withholding of stocks by traders.
“It's a difficult situation,” Mayank Shah, vice-president, Parle Products Pvt., told NDTV Profit. “There's a shortage in (cocoa) production, but it isn't as low as what’s arriving at the ports. The dealers seem to be hoarding stocks, further compounding the problem in order to artificially jack up the prices.”
The sharp rise in prices started with bad weather and crop disease in Ivory Coast and Ghana. Supplies may worsen amid a shortage not seen in at least the last 60 years. In the first estimates for the crop year 2023-2024, the International Cocoa Organisation forecasts a massive supply deficit of 3.74 lakh tonne as compared with a deficit of 74,000 tonne a year ago due to lower production. ICCO expects production to fall by 11% to 4.5 million tonne.
Large chocolate companies were well-hedged last year, so they dealt with the price volatility without passing on the burden to consumers immediately. But they hiked prices by around 12-15% throughout the year and a similar strategy is likely to be adopted this time around as well.
Cocoa is climbing at a time when prices of sugar—the other crucial commodity—has risen 10.8% over the preceding year.
The fresh spike in commodity costs is prompting companies to rethink.
“We’re currently reviewing the situation,” Parle’s Shah said. \"One can expect to see a significant price hike post May unless prices come down.”
A Nestle India spokesperson also said they are monitoring the situation.
The Hershey Company CEO Michele Buck expects cocoa to limit earnings growth this year. But the company will be ramping up advertising and related consumer spend to boost sales. \"This period of historically high cocoa and sugar prices, while challenging, is no different,\" she said in her prepared remarks in February. \"We'll continue to invest across our brands.\"
Demand, however, is unlikely to take a hit as chocolates, especially of the premium variety, are seen as inflation-resistant.
In September last year, Desmond D'souza, senior director of sales at Mondelez India Foods Pvt., told NDTV Profit that it managed to sell more packs even as it had to raise prices to offset the pressure on margin.
Chocolate sales sustained double-digit growth for Nestle India, too.
Overall, chocolate consumption grew 30% in 2023 with average spend on the category growing 10%, much faster than the FMCG consumption growth, according to Kantar insights.
"},{"description":"","page-url":"/story/c213cff8-27fc-4121-a598-52404e316599/element/2a7b7353-f2cc-43a4-bfaf-eba917bb8f7d","type":"text","family-id":"84839db9-d884-4aa5-b019-ee44eb1ceb97","title":"","id":"2a7b7353-f2cc-43a4-bfaf-eba917bb8f7d","metadata":{"linked-story-id":"a1579417-965d-498e-97e6-ece7b6e13905","linked-story":{"headline":"Africa’s Cocoa Harvest Is Falling Short Just When Needed Most","story-content-id":"a1579417-965d-498e-97e6-ece7b6e13905","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"a1579417-965d-498e-97e6-ece7b6e13905","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Africa’s Cocoa Harvest Is Falling Short Just When Needed Most"}],"card-updated-at":1711628377932,"content-version-id":"f8747570-9d70-42ca-854f-b8179e38a238","card-added-at":1711519251381,"status":"draft","id":"10ef88d7-49e8-4ba8-948f-d8963cf8d5ff","content-id":"10ef88d7-49e8-4ba8-948f-d8963cf8d5ff","version":237,"metadata":{"social-share":{"shareable":true,"title":"Cocoa Crop Flop, High Prices To Pinch Pockets Of Chocolate Lovers","message":"Cocoa futures surpassed $10,000 a tonne for the first time ever in March.","image":{"key":"bloombergquint/2024-03/d2b357a2-bc92-465c-8192-b4afa47ce00c/denny_muller_mGP8gyGb8zY_unsplash.jpg","url":null,"attribution":null,"caption":"A box full of various chocolate bars. (Source: Unsplash)
L Catterton has partnered with former Unilever veteran Sanjiv Mehta to launch a new vehicle that will invest in consumer sector companies in the world's fastest-growing major economy.
Mehta will serve as the executive chairman of L Catterton's India division and will be involved in the firm's various global funds, the U.S.-based private equity giant said in a statement on Thursday.
Mehta, a veteran in the consumer goods sector, has worked at Unilever Plc. Group for almost three decades. He led its businesses in South Asia for years before joining as the chief executive officer and managing director of Hindustan Unilever Ltd. in 2013.
During his tenure, he oversaw a fivefold increase in the market cap of HUL to Rs 6.2 lakh crore, equating to $76 billion, making it India’s fifth largest company by market cap. Mehta quit the company in 2023.
The investment firm's plan reflects the confidence of investors in the country's favourable economic conditions and growth potential. It aligns with other global firms from Canadian pensions to sovereign wealth funds in the Middle East, who are investing billions of dollars in the country.
Blackstone Inc., the world’s largest alternative asset manager, also expects India and Japan to be its most active markets in Asia next year, based on capital allocation. The New York-based company acquired a stake in two domestic hospital chains last year. \"The economy seems to be decoupled from what’s going on in the rest of the world,\" Joe Baratta, Blackstone’s global head of private equity, told Bloomberg in an interview.
Backed by French luxury group LVMH Moet Hennessy Louis Vuitton, L Catterton has invested about $600 million to back firms in India, its key market in Asia, along with Japan and China, according to the company. It handles $35 billion of assets under management globally.
\"With India now having the world’s largest population and generating high GDP growth, there has never been a better time to deepen our commitment to the market,\" said L Catterton Global's co-CEO Michael Chu.
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Myntra has turned Ebitda positive in the past two quarters, owing to a rise in customers led by brand associations, according to the company.
In a blog post on Thursday, the Flipkart-owned fashion marketplace said it has turned Ebitda positive since the last quarter of the calendar year 2023 on the back of a growing customer base, domestic and international brand associations, tech-led innovations and a strong foothold among premium fashion-forward customers.
Myntra has tied up with brands like Mango, H&M, Ralph Lauren and Calvin Klein, among about 50 others, in 2023 and launched a differentiated app-in-app proposition for Gen Z, termed FWD.
The Bengaluru-based marketplace said it has been on a \"strong growth trajectory, growing faster than the online fashion market since the second half of 2023, with gross merchandise value growth nearing twice that of the market during the recent festive season.\"
It has also seen a 33% surge in monthly active users, rising from 4.5 crore in 2021 to about 6 crore by the end of 2023.
\"Accomplishing this feat while working in a profitable manner not only speaks volumes about our commitment... but is also a testament to the success of our customer-first approach, ability to invest in the right growth engines and financial resilience, which has held us in good stead,\" Myntra Chief Executive Officer Nandita Sinha said.
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The National Company Law Tribunal rejected on Thursday a plea by investors to halt Byju's' extraordinary general meeting that is scheduled for the next day.
The Bengaluru bench of the tribunal also rejected the request to appoint an independent person to oversee the meeting. The next hearing is scheduled for April 4.
Senior advocate Sudipto Sarkar, representing the investors, conveyed that they have been asked to attend the EGM to discuss increasing the authorised capital.
However, Sarkar emphasised that the EGM should not proceed at this time. During the current hearing, the investors' sole request is for the tribunal to first examine the matter before proceeding with the EGM. They are not seeking for the EGM to be nullified entirely, but to merely postpone it to a suitable time, he said.
Sarkar also mentioned that according to Byju's claims, the rights issue and all related formalities that opened on Jan. 29 should have been completed within 60 days, which is March 29. However, achieving this within the given timeframe seems unfeasible now, rendering the purpose of the EGM futile.
Lastly, investors alleged that the notice of the meeting was not sent to all stakeholders.
In late February, four investors, including MIH Edtech Investments B.V, Peak XV Partners Investments IV, Peak XV Partners Investments V, Sofina S.A., and General Atlantic Singapore TL Pte. filed a case with the National Company Law Tribunal against Byju's.
The plea filed targets 12 entities and individuals, including Byju's Founder Byju Ravindran, his wife Divya Gokulnath, and his brother Riju Raveendran, as per information available on the NCLT's website.
"},{"description":"","page-url":"/story/a9bbe320-d9b9-471c-91b9-70abde2af7d3/element/57bb418c-e2e0-4e7c-ae49-dbff1add6018","type":"text","family-id":"e3e5489d-7a28-4ab8-a297-3726abb255ca","title":"","id":"57bb418c-e2e0-4e7c-ae49-dbff1add6018","metadata":{"linked-story-id":"8a7d26f5-765f-4b69-a385-7d8e82133ddf","linked-story":{"headline":"BYJU's Shuts 30 Out Of 292 Tuition Centres","story-content-id":"8a7d26f5-765f-4b69-a385-7d8e82133ddf","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"8a7d26f5-765f-4b69-a385-7d8e82133ddf","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"BYJU's Shuts 30 Out Of 292 Tuition Centres"}],"card-updated-at":1711612016738,"content-version-id":"67f39a9f-6a2e-4a84-9501-190e862ba787","card-added-at":1711610691454,"status":"draft","id":"7c1252be-e235-4904-a849-ea0537089573","content-id":"7c1252be-e235-4904-a849-ea0537089573","version":25,"metadata":{"social-share":{"shareable":true,"title":"Byju's-Investor Dispute: NCLT Rejects Plea To Halt EGM","message":"The tribunal also rejected the request to appoint an independent person to oversee the meeting.","image":{"key":"bloombergquint/2022-11/77649348-2ea3-4273-b9f4-be5939dc724f/Byju_Raveendran.jpg","url":null,"attribution":null,"caption":"Byju Raveendran, founder of Byju's. (Source: Company)
Easing current account deficit and rising foreign exchange reserves reinforce India's improving external position. The current account balance is likely to clock a marginal surplus in the fourth quarter, with a deficit of sub-1% for the full fiscal year.
India's current account balance recorded a deficit of $10.5 billion (1.2% of the GDP) in the third quarter, lower than $11.4 billion (1.3% of the GDP) in the second quarter, according to data published by the RBI on Tuesday. It is set to ease further in the January–March period, aided by an improving merchandise trade deficit and resilient services exports.
The fourth-quarter current account is likely to turn into a mild surplus, largely due to better-than-expected performance for both goods and services exports so far, according to Madhavi Arora, lead economist at Emkay Institutional Equities, who forecasts the current account deficit at 0.8% of the GDP in FY24, with risks to the downside.
On a fiscal-year-to-date basis, core exports growth has been positive, while healthy services exports, including the meaty IT services and solidly emerging space of business consulting and financial services, have largely offset goods deficit, she explained.
Non-IT net exports have tracked more than 55% growth in FY24. This could spill on to FY25 as well, even as IT services exports growth could moderate to low single digit, and remittances may slow as well, Arora said.
\"The run-rate for Q1–Q3 FY24 and likelihood of a narrower trade (goods and services) deficit in Q4 backs our expectation that full-year FY24 CAD has room to ease below 1% of GDP,\" Radhika Rao, senior economist at DBS Bank, said. \"This, along with a spike in foreign reserves to a record high above $640 billion last week, reinforces the economy’s improving external position.\"
"},{"description":"","page-url":"/story/94fd25c1-f785-4840-8f1f-848c0a4038b0/element/c79153b9-d6ff-45e8-9f80-df08ff72ff9b","type":"title","family-id":"b357fb48-297f-4b55-800b-bd3894d8c171","title":"","id":"c79153b9-d6ff-45e8-9f80-df08ff72ff9b","metadata":{},"subtype":null,"text":"INR: An Appreciating Bias Ahead?"},{"description":"","page-url":"/story/94fd25c1-f785-4840-8f1f-848c0a4038b0/element/e15fd6c8-fcd9-4506-a9b9-0419bb435c71","type":"text","family-id":"f90f733b-d867-4b0a-a22d-5d4804c68222","title":"","id":"e15fd6c8-fcd9-4506-a9b9-0419bb435c71","metadata":{},"subtype":null,"text":"Supported by a substantial balance of payments surplus and the Fed rate-cut cycle, the rupee could continue to trade with an appreciating bias, according to Gaura Sengupta, economist at IDFC First Bank. The RBI intervention is likely to limit volatility in USD-INR, she said, with the USD-INR trading range in FY25 expected between 83 and 81.50.
Arora forecasts the USD-INR to trade in the range of 82.50–84.25 for Q1 FY25, with a base case of bullish-to-neutral DXY, and tactical RBI intervention keeping INR non-linear ahead and in the middle of the EM Asia pack.
A key risk to the USD-INR view is possible delay in Fed rate cut cycle, if U.S. core inflation pressures remain firm, Sengupta said.
"},{"description":"","page-url":"/story/94fd25c1-f785-4840-8f1f-848c0a4038b0/element/4bea7682-f0d6-4f81-968c-f726cd2ce146","type":"text","family-id":"d5697c9b-8c10-4148-9696-d0e60e315f43","title":"","id":"4bea7682-f0d6-4f81-968c-f726cd2ce146","metadata":{"linked-story-id":"b7361bd4-b297-49df-a3c5-12adc7af5383","linked-story":{"headline":"India Making Mistake Believing ‘Hype’ About Growth, Raghuram Rajan Says","story-content-id":"b7361bd4-b297-49df-a3c5-12adc7af5383","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"b7361bd4-b297-49df-a3c5-12adc7af5383","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"India Making Mistake Believing ‘Hype’ About Growth, Raghuram Rajan Says"}],"card-updated-at":1711607392572,"content-version-id":"fa3edafc-1cdb-41ed-8f07-2dc1750a9564","card-added-at":1711529725524,"status":"draft","id":"bfb51223-3a6f-402e-9be8-c04dd43b1f62","content-id":"bfb51223-3a6f-402e-9be8-c04dd43b1f62","version":89,"metadata":{"social-share":{"shareable":true,"title":"India External Sector Ends Fiscal 2024 On Strong Wicket","message":"On a fiscal-year-to-date basis, core exports growth has been positive, while healthy services exports have offset goods deficit, says Madhavi Arora.","image":{"key":"bloombergquint/2024-03/d366cf09-86a6-4f0f-8574-25b5a7686374/bernd_dittrich_06axNInHp_I_unsplash.jpg","url":null,"attribution":null,"caption":"(Source: Unsplash)
The energy sector has been on an upward trend for the last few months, with the Nifty Energy rising as much as 15.6% this year, according to Kenneth Andrade, chief investment officer of Old Bridge Mutual Fund.
On his choices in the energy sector, Andrade said: \"The contractors, capital goods companies and obviously, the commodities. And commodities is my favourite for now.\"
In terms of commodities, he is not just bullish on companies for fuel inputs but also on everything that goes into building the capex for the energy sector.
Among commodities, metals are also a good choice with a fairly large cycle and reasonable pricing, the CIO told NDTV Profit's Niraj Shah in an interview.
"},{"description":"","image-metadata":{"width":1152,"height":648,"mime-type":"image/png","file-size":68258,"file-name":"NIFTY ENERGY.png"},"page-url":"/story/fca3b697-6768-4d3c-b374-32fe8592c3fe/element/27615fef-0a9f-4526-affa-30d5591bfff8","type":"image","family-id":"9072435d-c206-41d3-bfc8-4a4c2f12f71c","image-attribution":"","title":"","id":"27615fef-0a9f-4526-affa-30d5591bfff8","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/da807e7a-706f-434e-b77c-8fcd4c4331e0/NIFTY_ENERGY.png","metadata":{},"subtype":null}],"card-updated-at":1711544233717,"content-version-id":"c4acb97a-961a-402d-a724-4f7021e238e4","card-added-at":1711536663282,"status":"draft","id":"c66383e9-441b-42e0-9844-a44c20437f7e","content-id":"c66383e9-441b-42e0-9844-a44c20437f7e","version":48,"metadata":{"social-share":{"shareable":true,"title":"Kenneth Andrade Sees Opportunity Across Energy Sector Value Chain","message":"Investors should look at the entire value chain and then see where there is opportunity to make long-term gains, he says.","image":{"key":"bloombergquint/2024-03/da807e7a-706f-434e-b77c-8fcd4c4331e0/NIFTY_ENERGY.png","url":null,"attribution":"","caption":null,"metadata":{"width":1152,"height":648,"mime-type":"image/png","file-size":68258,"file-name":"NIFTY ENERGY.png"}}},"attributes":{}}},{"story-elements":[{"description":"","page-url":"/story/fca3b697-6768-4d3c-b374-32fe8592c3fe/element/0230eeb1-e47f-43e8-adcd-ec2c69707d2a","type":"text","family-id":"1e992c51-4daf-47ef-a78d-60c36adb9be2","title":"","id":"0230eeb1-e47f-43e8-adcd-ec2c69707d2a","metadata":{},"subtype":null,"text":"He also gave an example of the power cycle between 2001 and 2017, where he said the government had decided to invest one-time gross domestic product of 2001 in power for the next 15 years.
This created many opportunities. Similarly, if the cycle is to be repeated today, then the \"size of opportunity is significant\", Andrade said.
The earnings cycle are back-ended and the stocks represent opportunity in the sector, according to Andrade. He suggested that investors should look at the entire value chain from developers to raw material providers and then see where there is opportunity to make long-term gains.
On the FMCG sector, Andrade said: \"These are very sustainable businesses that are out there, so they will consolidate around these levels.\" He said there had been a switch in investors as they are moving towards companies or sectors that are more scalable and currently, that's how the capital is moving.
In terms of specialty chemicals, Andrade said there would be a revival but when that will happen is still a question. He said pharmaceuticals had experienced a similar cycle and the only thing that can be done is to give these companies some time to recalibrate their business.
"}],"card-updated-at":1711598079854,"content-version-id":"a77e8c6e-2994-4ff8-861c-865064ca2735","card-added-at":1711537262709,"status":"draft","id":"e4675c10-0f79-4f5d-926e-a30b07fb1573","content-id":"e4675c10-0f79-4f5d-926e-a30b07fb1573","version":46,"metadata":{"social-share":{"shareable":true,"title":"Kenneth Andrade Sees Opportunity Across Energy Sector Value Chain","message":"Investors should look at the entire value chain and then see where there is opportunity to make long-term gains, he says.","image":{"key":"bloombergquint/2024-03/42f6d110-3d66-4122-af22-6812392cd33f/TGIF_kenneth_andrade.jpg","url":null,"attribution":null,"caption":"Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Kenneth, there is this whole conundrum that people have about whether earnings can match to the valuations given the economic cycle, both globally and locally. What's your sense about this push between the economic cycle versus the earnings cycle?
","answer":"Kenneth Andrade: As we have always seen in multiple cases, the earnings cycle is usually back-ended and stocks or price earnings multiples usually represent the opportunity that is there in that exact space. That's essentially what's playing out at this point in time.
So you will have to map that entire value chain from the developer right to the raw material providers, which are the commodity players and see essentially where the opportunity lies and which part of that value chain can be extremely valuable to own over a long-term perspective.
So every investor has got his favourite allocation. Now there is an investor who likes capex businesses or developers, but then the balance sheet size consistently continues to expand. These are companies or businesses, which attract a lot of bondholders. So obviously, their return on capital employed is very close to the cost of capital or it's an arbitrage between internal capital employed and cost of capital.
Then there's the capex good manufacturers and then the commodity manufacturers. And I think that entire cycle is going to play out as we go through the course of the next couple of years—all the way to 2030. And this is not just in India, but it happens across the world. And you can see the western world also trying to put serious capex into play and that “capex” is largely linked to power capex—that is energy capex—that's taking place. So I think that's the position that we are at, at this point in time and every part of this entire value chain is going to benefit quite substantially.
"},"subtype":"q-and-a","text":"Kenneth, there is this whole conundrum that people have about whether earnings can match to the valuations given the economic cycle, both globally and locally. What's your sense about this push between the economic cycle versus the earnings cycle?
Kenneth Andrade: As we have always seen in multiple cases, the earnings cycle is usually back-ended and stocks or price earnings multiples usually represent the opportunity that is there in that exact space. That's essentially what's playing out at this point in time.
So you will have to map that entire value chain from the developer right to the raw material providers, which are the commodity players and see essentially where the opportunity lies and which part of that value chain can be extremely valuable to own over a long-term perspective.
So every investor has got his favourite allocation. Now there is an investor who likes capex businesses or developers, but then the balance sheet size consistently continues to expand. These are companies or businesses, which attract a lot of bondholders. So obviously, their return on capital employed is very close to the cost of capital or it's an arbitrage between internal capital employed and cost of capital.
Then there's the capex good manufacturers and then the commodity manufacturers. And I think that entire cycle is going to play out as we go through the course of the next couple of years—all the way to 2030. And this is not just in India, but it happens across the world. And you can see the western world also trying to put serious capex into play and that “capex” is largely linked to power capex—that is energy capex—that's taking place. So I think that's the position that we are at, at this point in time and every part of this entire value chain is going to benefit quite substantially.
So would it be fair to assume that this could be a multi-year capex cycle? We might not be at the very beginning, but we are definitely far away from this capex cycle ending.
","answer":"Kenneth Andrade: Some of these numbers are a little hard to believe, but let me give you a small perspective from 2001 to 2017. That was probably a cycle that I have seen in my career.
I will talk about just one cycle out there which is the energy capex, which is power and the kind of power capacities that we put up at work out there. Between 2001 and 2015 or maybe 2016, India invested its one-time GDP of 2001 over the next 15 years in the power capacities. Think about it this way. For the next 15 years, if we are to replicate that cycle, the size of opportunity is significant. How do you capture that and where do you capture that and that's what the valuations of stocks are fortelling.
So we've gone beyond the value phase or valuation zone to be actually mapping some of these companies on the opportunity or the total addressable market that is there. That makes it very difficult in an environment like this for investors like us to try and pick the right businesses at the right valuations. So that's where we are in the cycle. We are just about probably starting and there's one large industry that always leads it. It is not just in India but anywhere in the world, it's basically the energy cycle. I'll give you a small structural size of how big this opportunity could be.
"},"subtype":"q-and-a","text":"So would it be fair to assume that this could be a multi-year capex cycle? We might not be at the very beginning, but we are definitely far away from this capex cycle ending.
Kenneth Andrade: Some of these numbers are a little hard to believe, but let me give you a small perspective from 2001 to 2017. That was probably a cycle that I have seen in my career.
I will talk about just one cycle out there which is the energy capex, which is power and the kind of power capacities that we put up at work out there. Between 2001 and 2015 or maybe 2016, India invested its one-time GDP of 2001 over the next 15 years in the power capacities. Think about it this way. For the next 15 years, if we are to replicate that cycle, the size of opportunity is significant. How do you capture that and where do you capture that and that's what the valuations of stocks are fortelling.
So we've gone beyond the value phase or valuation zone to be actually mapping some of these companies on the opportunity or the total addressable market that is there. That makes it very difficult in an environment like this for investors like us to try and pick the right businesses at the right valuations. So that's where we are in the cycle. We are just about probably starting and there's one large industry that always leads it. It is not just in India but anywhere in the world, it's basically the energy cycle. I'll give you a small structural size of how big this opportunity could be.
You are saying that what happened between 2001 and 2016, if the same gets replicated from 2024 or 2023, for the next 15 years, then the size of the opportunity is very large. As a result, you're not getting businesses at the right valuation. Some of the valuations have gone up.
","answer":"Kenneth Andrade: That's right.
"},"subtype":"q-and-a","text":"You are saying that what happened between 2001 and 2016, if the same gets replicated from 2024 or 2023, for the next 15 years, then the size of the opportunity is very large. As a result, you're not getting businesses at the right valuation. Some of the valuations have gone up.
Kenneth Andrade: That's right.
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
But if the cycle is so long, would you go out and buy some of these businesses even at higher valuations, because the opportunity size I mean, say for execution risks, the runway is very long?
","answer":"Kenneth Andrade: It depends upon what you want to choose and what you want to participate in. So obviously we are part of the cycle. We like the way the environment is playing out. I wouldn’t say we were very loaded on to some of these businesses, but yes, we have got a fair representation of some of these companies in our portfolio.
"},"subtype":"q-and-a","text":"But if the cycle is so long, would you go out and buy some of these businesses even at higher valuations, because the opportunity size I mean, say for execution risks, the runway is very long?
Kenneth Andrade: It depends upon what you want to choose and what you want to participate in. So obviously we are part of the cycle. We like the way the environment is playing out. I wouldn’t say we were very loaded on to some of these businesses, but yes, we have got a fair representation of some of these companies in our portfolio.
It's again, a very wide bucket the traditional energy, new energy, power financiers and ancilliers. It's a wide bucket. Maybe I missed something, but what within this whole gamut do you like more than the others?
","answer":"Kenneth Andrade: I think the contractors, the Capital goods companies and obviously the commodities. And commodities is my favourite for now.
"},"subtype":"q-and-a","text":"It's again, a very wide bucket the traditional energy, new energy, power financiers and ancilliers. It's a wide bucket. Maybe I missed something, but what within this whole gamut do you like more than the others?
Kenneth Andrade: I think the contractors, the Capital goods companies and obviously the commodities. And commodities is my favourite for now.
By commodities, do you mean, fossil fuels cum other aspects which are going into the energy sector?
","answer":"Kenneth Andrade: May not be fuel inputs, but everything else that goes into building out the capex. That's probably where we are. So everything in the metal cycle seems to be fairly large and quite reasonably priced, I would say.
"},"subtype":"q-and-a","text":"By commodities, do you mean, fossil fuels cum other aspects which are going into the energy sector?
Kenneth Andrade: May not be fuel inputs, but everything else that goes into building out the capex. That's probably where we are. So everything in the metal cycle seems to be fairly large and quite reasonably priced, I would say.
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Save for some special metals which might be going and which might be hard to get, the base metals and both ferrous non ferrous, would there be an overhang of a lack of clarity around China demand which might be stronger than the longer term demand scenario for these companies on the capex side?
","answer":"Kenneth Andrade: It's a little complicated when you bring in the Chinese environment and why they supply deflation into the economy. Now this is a complicated statement by itself. But if you notice what's happening globally, there's a reasonable amount of inflation which is there in the West and the same holds true for even India or other parts of the world.
Now the only country that's providing cheaper products into the marketplace right now, is companies from the Chinese economy. Now when you link that—their providing cheaper products into the global environment—to the Chinese stock market, lower prices results in lower profits for the Chinese, which leads to lower market capitalisations and that's what the entire Chinese economy is stuck with.
So our sense is that we may not continue this scenario in perpetuity and there may be a cycle somewhere between maybe in a year or two years, where this actually reverses. So in our limited understanding of capital cycles, the deflationary impact or the low prices that the Chinese have been supplying the world with, may not last into maybe for one year, maximum two years. And that will bring back pricing into virtually every product that is there on the ground and it could be inflationary, but it's very good for corporate profits. I think that's our take and that's why we like some part of the commodity basket extremely well.
"},"subtype":"q-and-a","text":"Save for some special metals which might be going and which might be hard to get, the base metals and both ferrous non ferrous, would there be an overhang of a lack of clarity around China demand which might be stronger than the longer term demand scenario for these companies on the capex side?
Kenneth Andrade: It's a little complicated when you bring in the Chinese environment and why they supply deflation into the economy. Now this is a complicated statement by itself. But if you notice what's happening globally, there's a reasonable amount of inflation which is there in the West and the same holds true for even India or other parts of the world.
Now the only country that's providing cheaper products into the marketplace right now, is companies from the Chinese economy. Now when you link that—their providing cheaper products into the global environment—to the Chinese stock market, lower prices results in lower profits for the Chinese, which leads to lower market capitalisations and that's what the entire Chinese economy is stuck with.
So our sense is that we may not continue this scenario in perpetuity and there may be a cycle somewhere between maybe in a year or two years, where this actually reverses. So in our limited understanding of capital cycles, the deflationary impact or the low prices that the Chinese have been supplying the world with, may not last into maybe for one year, maximum two years. And that will bring back pricing into virtually every product that is there on the ground and it could be inflationary, but it's very good for corporate profits. I think that's our take and that's why we like some part of the commodity basket extremely well.
How does that augur for the end user segments? For now, or at least the better part of 2023, some of these companies have benefited or shown earnings growth not because of volume growth necessarily but for margin expansion, presumably because of low costs. Does that change?
","answer":"Kenneth Andrade: Of course it will change. So if you essentially look at the way the environment keeps moving, margins keep moving from one part of the value chain to the other part. So when you had a commodity boom in 2020 and 2021, the converters suffer. And then you had the converters who did well in the last year or two because the commodity prices came off.
So margins will be always transitory but over a longer term cycle both benefit and that's why you'll have an economic expansion.
"},"subtype":"q-and-a","text":"How does that augur for the end user segments? For now, or at least the better part of 2023, some of these companies have benefited or shown earnings growth not because of volume growth necessarily but for margin expansion, presumably because of low costs. Does that change?
Kenneth Andrade: Of course it will change. So if you essentially look at the way the environment keeps moving, margins keep moving from one part of the value chain to the other part. So when you had a commodity boom in 2020 and 2021, the converters suffer. And then you had the converters who did well in the last year or two because the commodity prices came off.
So margins will be always transitory but over a longer term cycle both benefit and that's why you'll have an economic expansion.
You've constantly told me about the deleveraged corporate balance sheet and how that augurs well for India Inc’s capability to undertake capex. Hitherto, save for select sectors, we haven't seen the advent of private capex in a meaningful way. Does that change in FY25, or calendar year 2024?
","answer":"Kenneth Andrade: I think in 2025, you will definitely see the advent of private capex.
"},"subtype":"q-and-a","text":"You've constantly told me about the deleveraged corporate balance sheet and how that augurs well for India Inc’s capability to undertake capex. Hitherto, save for select sectors, we haven't seen the advent of private capex in a meaningful way. Does that change in FY25, or calendar year 2024?
Kenneth Andrade: I think in 2025, you will definitely see the advent of private capex.
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Why that belief, Kenneth?
","answer":"Kenneth Andrade: If you get on the ground, everyone's running out of capacity and if you have a government continuing to spend an incentivised capex, you will see that (private capex) come back very, very strongly.
"},"subtype":"q-and-a","text":"Why that belief, Kenneth?
Kenneth Andrade: If you get on the ground, everyone's running out of capacity and if you have a government continuing to spend an incentivised capex, you will see that (private capex) come back very, very strongly.
UBS has come up with a note about why the valuations could be premium for ABB going ahead. ABB India has gained over 6-7% in today’s session.
Kenneth, there could be different reasons why different stocks trade at the valuations that they do, but earnings growth, margin accretion and the long cycle seem to be the common points among all the expensive capex beneficiaries in the capital goods space. Do you believe these valuations could stay elevated for some of these businesses?
","answer":"Kennet Andrade: Usually when the cycles last, I think valuations will remain elevated for a very long period of time.
"},"subtype":"q-and-a","text":"UBS has come up with a note about why the valuations could be premium for ABB going ahead. ABB India has gained over 6-7% in today’s session.
Kenneth, there could be different reasons why different stocks trade at the valuations that they do, but earnings growth, margin accretion and the long cycle seem to be the common points among all the expensive capex beneficiaries in the capital goods space. Do you believe these valuations could stay elevated for some of these businesses?
Kennet Andrade: Usually when the cycles last, I think valuations will remain elevated for a very long period of time.
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Is lower valuation and low growth a new norm for FMCG companies in the bargain? We've just not seen them perform. I am moving tracks now.
","answer":"Kenneth Andrade: This is the new norm. I wouldn’t say low valuations. These are very sustainable businesses. So they will consolidate around these levels and if you look at the capital cycle, or the way money actually works, money is always directed towards faster growth. And you've got a situation or you've got an inflection point, wherein traditionally all FMCG and consumer names have always grown at double digits and the highest earnings growth has been probably closer to 20%. But that's no longer the norm right now.
And you got a shift in the way investors actually think about moving to something which is much more scalable, larger, etc. So that's how capital moves from one part of the market to the other, because there's so much visibility out there. Whether it is infrastructure or power or whether it's the capex cycle, there is a rationalisation and how you see portfolios actually change.
So 2010 to 2020 it was all about consumption because infrastructure, capital capex, etc., fell off the cliff. I think you are seeing a reversal of that entire cycle between 2022 and 2030 and maybe beyond that for a while. There's got to be some losers and those businesses are not losers. It is not because they're bad companies, but still they just have to go through a consolidation.
I think that what will happen with consumer businesses, they don't fall off the cliff. That is a reversal to me. If I remember this in 2006, 2007 and 2008, most of the FMCG businesses including Lever came down between 24-35 times earnings. So that's how you will see this environment also play out. I don't know what number they will settle at. But it could be a standard situation for companies like this.
"},"subtype":"q-and-a","text":"Is lower valuation and low growth a new norm for FMCG companies in the bargain? We've just not seen them perform. I am moving tracks now.
Kenneth Andrade: This is the new norm. I wouldn’t say low valuations. These are very sustainable businesses. So they will consolidate around these levels and if you look at the capital cycle, or the way money actually works, money is always directed towards faster growth. And you've got a situation or you've got an inflection point, wherein traditionally all FMCG and consumer names have always grown at double digits and the highest earnings growth has been probably closer to 20%. But that's no longer the norm right now.
And you got a shift in the way investors actually think about moving to something which is much more scalable, larger, etc. So that's how capital moves from one part of the market to the other, because there's so much visibility out there. Whether it is infrastructure or power or whether it's the capex cycle, there is a rationalisation and how you see portfolios actually change.
So 2010 to 2020 it was all about consumption because infrastructure, capital capex, etc., fell off the cliff. I think you are seeing a reversal of that entire cycle between 2022 and 2030 and maybe beyond that for a while. There's got to be some losers and those businesses are not losers. It is not because they're bad companies, but still they just have to go through a consolidation.
I think that what will happen with consumer businesses, they don't fall off the cliff. That is a reversal to me. If I remember this in 2006, 2007 and 2008, most of the FMCG businesses including Lever came down between 24-35 times earnings. So that's how you will see this environment also play out. I don't know what number they will settle at. But it could be a standard situation for companies like this.
Kenneth, two pockets have kind of stagnated for the last maybe couple of years. One of them is specialty chemicals, the toast of town until 2020-21. Suddenly, it has gone into hibernation as a bucket, save for maybe one or two specific pockets. What's the sense here? Do they make a comeback at some point of time and the survivors particularly of this current cycle?
","answer":"Kenneth Andrade: Of course, you will see them revive themselves. When, is the big question mark. And obviously, we are going through a supply glut in the international market, obviously driven by one particular country. So we will have to see how that environment plays out.
But these are situations that come through. So what happened in the early 20s is that you democratise capital for this industry. And this industry got capital. They have been able to set up capacities. Now they have to work on cost and they have to go out and get market share.
So this is a period of time where they actually consolidate their business and drop costs and go out and get incremental new consumers and customers and there is a lead time to all of this happening. I think we are going through that lead time. I'm pretty much sure that the next cycle that they will come through, they will come through faster.
So another industry that went through the cycle is pharmaceuticals. In 2015, it stopped and 2021-22-23 we saw a number of companies take out their previous cycle. That was a seven-year cycle.
So you have to give these companies time and when I say that, I don't mean stock prices time but you give these companies time to recalibrate their business, look at the business opportunity with a new lens, go out and get market share and once you get a market share, I think you get back to category dominance. And as an investor, you necessarily have to look for companies with category dominance and it will all come through, probably in the next two or three years.
"},"subtype":"q-and-a","text":"Kenneth, two pockets have kind of stagnated for the last maybe couple of years. One of them is specialty chemicals, the toast of town until 2020-21. Suddenly, it has gone into hibernation as a bucket, save for maybe one or two specific pockets. What's the sense here? Do they make a comeback at some point of time and the survivors particularly of this current cycle?
Kenneth Andrade: Of course, you will see them revive themselves. When, is the big question mark. And obviously, we are going through a supply glut in the international market, obviously driven by one particular country. So we will have to see how that environment plays out.
But these are situations that come through. So what happened in the early 20s is that you democratise capital for this industry. And this industry got capital. They have been able to set up capacities. Now they have to work on cost and they have to go out and get market share.
So this is a period of time where they actually consolidate their business and drop costs and go out and get incremental new consumers and customers and there is a lead time to all of this happening. I think we are going through that lead time. I'm pretty much sure that the next cycle that they will come through, they will come through faster.
So another industry that went through the cycle is pharmaceuticals. In 2015, it stopped and 2021-22-23 we saw a number of companies take out their previous cycle. That was a seven-year cycle.
So you have to give these companies time and when I say that, I don't mean stock prices time but you give these companies time to recalibrate their business, look at the business opportunity with a new lens, go out and get market share and once you get a market share, I think you get back to category dominance. And as an investor, you necessarily have to look for companies with category dominance and it will all come through, probably in the next two or three years.
Kenneth, does the same thing hold true for some aspects of pharmaceuticals. I mean, in some sense, the U.S. generic companies have made a first move in calendar year 2023. But CDMO, API and the likes have kind of stagnated now for a while. Do they kind of make a comeback too?
","answer":"Kenneth Andrade: You have already seen profits out there and they have made a historical high since 2015. I think in 2024, you will have most of the pharma companies facing the U.S. come through with extremely high profitability. I don't see this slowing down, at least for the next couple of years, because there is a lot of capex already on the ground.
A lot of registrations have been done and the best part of all of this is the Indian companies are gaining market share against the counterparts in the West. So it's a kind of an IT cycle playing out wherein Indian pharma companies are going to take their fair amount of market share in the international arena, whether the rest of the world market or the US. So I would watch that space. We're very optimistic about that part of the environment.
"},"subtype":"q-and-a","text":"Kenneth, does the same thing hold true for some aspects of pharmaceuticals. I mean, in some sense, the U.S. generic companies have made a first move in calendar year 2023. But CDMO, API and the likes have kind of stagnated now for a while. Do they kind of make a comeback too?
Kenneth Andrade: You have already seen profits out there and they have made a historical high since 2015. I think in 2024, you will have most of the pharma companies facing the U.S. come through with extremely high profitability. I don't see this slowing down, at least for the next couple of years, because there is a lot of capex already on the ground.
A lot of registrations have been done and the best part of all of this is the Indian companies are gaining market share against the counterparts in the West. So it's a kind of an IT cycle playing out wherein Indian pharma companies are going to take their fair amount of market share in the international arena, whether the rest of the world market or the US. So I would watch that space. We're very optimistic about that part of the environment.
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Are you going out on a limb and trying to take an early position into information technology or are you avoiding it? The commentary even from Accenture recently had no ray of hope if you will.
","answer":"Kenneth Andrade: So they're fairly mature companies. So let's divide them into large companies and small companies. The large companies are fairly mature businesses. Now to trade them at extremely high multiples may not be the right case to see them dip in terms of margins and retrace them back immediately, over the course of the next one or two years is extremely difficult.
So you have to grade yourself. They are going to be very stable businesses, a very stable part of your portfolio. If you expect some of the large IT companies to have a blue sky scenario, it may not be the case out there. So they are stable businesses, great for a part of the portfolio, look for kitchen-sinking in some of these companies, as new management comes in place. Take the opportunity of that and utilise that. So, when I come down to very stock-specific and stock-picking in this industry, I wouldn't categorise the entire industry as a buy.
"},"subtype":"q-and-a","text":"Are you going out on a limb and trying to take an early position into information technology or are you avoiding it? The commentary even from Accenture recently had no ray of hope if you will.
Kenneth Andrade: So they're fairly mature companies. So let's divide them into large companies and small companies. The large companies are fairly mature businesses. Now to trade them at extremely high multiples may not be the right case to see them dip in terms of margins and retrace them back immediately, over the course of the next one or two years is extremely difficult.
So you have to grade yourself. They are going to be very stable businesses, a very stable part of your portfolio. If you expect some of the large IT companies to have a blue sky scenario, it may not be the case out there. So they are stable businesses, great for a part of the portfolio, look for kitchen-sinking in some of these companies, as new management comes in place. Take the opportunity of that and utilise that. So, when I come down to very stock-specific and stock-picking in this industry, I wouldn't categorise the entire industry as a buy.
May I ask you what is it that you are most constructive on. Where is it that if you had a chance to put in money, currently, without bothering about when the return will come as long as the return is magnified, what would that bucket be?
","answer":"Kenneth Andrade: Let me break this down again. So we're at 3% or 3.5% of world GDP. And we are at 22-23% of population.
As we continue to grow, we have to take market share from the rest of the world. You have to go and figure out companies that will build their franchises in the rest of the world. That’s one element of all of it. We've seen how much wealth I.T. has gotten created. We've seen the dominance of Indian pharmaceutical businesses in the West. We've seen how Indian chemical companies have gone out and made their mark.
And from there, you'll see multiple businesses. I mean, we are the second-largest steel manufacturers in the world right now and we are growing capacity out there. So all of this is coming together quite nicely. Now pick up your franchise out there and this is the large trend that is playing out.
Domestically, infra businesses and utilities are expanding. If you put the numbers together, it's going to be a scale business out there. Now in that scale business you got to allocate your capital to parts of the value chain, where you feel comfortable with, and where you think the returns will be outlier. So these are two pockets that are there.
The third pocket is the consumer economy. I think that will come back. It might have a shorter cycle than the last time, but whenever it does come back you got to be a little ready for some of those businesses. Now, case in point—if you look at QSR businesses, they're going through a massive expansion in number of stores or capacity, but the market cap has just gone one way which is down. So look for these trends, look for a bottoming out of the entire cycle and just work your way around it.
So the first two are my priorities. The third one is essentially something that we're waiting and watching for.
"},"subtype":"q-and-a","text":"May I ask you what is it that you are most constructive on. Where is it that if you had a chance to put in money, currently, without bothering about when the return will come as long as the return is magnified, what would that bucket be?
Kenneth Andrade: Let me break this down again. So we're at 3% or 3.5% of world GDP. And we are at 22-23% of population.
As we continue to grow, we have to take market share from the rest of the world. You have to go and figure out companies that will build their franchises in the rest of the world. That’s one element of all of it. We've seen how much wealth I.T. has gotten created. We've seen the dominance of Indian pharmaceutical businesses in the West. We've seen how Indian chemical companies have gone out and made their mark.
And from there, you'll see multiple businesses. I mean, we are the second-largest steel manufacturers in the world right now and we are growing capacity out there. So all of this is coming together quite nicely. Now pick up your franchise out there and this is the large trend that is playing out.
Domestically, infra businesses and utilities are expanding. If you put the numbers together, it's going to be a scale business out there. Now in that scale business you got to allocate your capital to parts of the value chain, where you feel comfortable with, and where you think the returns will be outlier. So these are two pockets that are there.
The third pocket is the consumer economy. I think that will come back. It might have a shorter cycle than the last time, but whenever it does come back you got to be a little ready for some of those businesses. Now, case in point—if you look at QSR businesses, they're going through a massive expansion in number of stores or capacity, but the market cap has just gone one way which is down. So look for these trends, look for a bottoming out of the entire cycle and just work your way around it.
So the first two are my priorities. The third one is essentially something that we're waiting and watching for.
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.
"}],"card-updated-at":1711556460886,"content-version-id":"86f3246b-1a7d-4b95-a19a-a5c1be05668b","card-added-at":1711556398558,"status":"draft","id":"9d692a07-9731-47c8-9413-a02ffabb7d9e","content-id":"9d692a07-9731-47c8-9413-a02ffabb7d9e","version":4,"metadata":{"social-share":{"shareable":true,"title":"Kenneth Andrade Sees Opportunity Across Energy Sector Value Chain","message":"Investors should look at the entire value chain and then see where there is opportunity to make long-term gains, he says.","image":{"key":"bloombergquint/2024-03/42f6d110-3d66-4122-af22-6812392cd33f/TGIF_kenneth_andrade.jpg","url":null,"attribution":null,"caption":"Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
(Bloomberg) -- Luxury watchmaker Favre Leuba plans to unveil more than two dozen timepieces later this year, priced as much as 24,000 Swiss francs ($26,489), as part of a brand relaunch that seeks to expand the Swiss pioneer’s appeal beyond its majority Indian consumer base.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/826d3b7c-548c-4e0c-8e24-26fcb683e98a","type":"text","family-id":"ebbb900b-fdd4-486f-bc4e-cb8f0eb161b2","title":"","id":"826d3b7c-548c-4e0c-8e24-26fcb683e98a","metadata":null,"subtype":null,"text":"Watchmaker Abraham Favre started a workshop in Switzerland in the 18th century, laying the foundation of a business that would later tie-up with the Leuba family, giving birth to the Favre-Leuba brand. The company, which once owned the iconic Jaeger-LeCoultre, was one of the top innovators of the Swiss watch industry before the quartz crisis of the 1970s and ’80s forced it to pass through several hands.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/48ffcfba-6181-4a44-81cd-b39580556aa0","type":"text","family-id":"ce2213f3-ae89-4c34-bf02-7a86e6685bb5","title":"","id":"48ffcfba-6181-4a44-81cd-b39580556aa0","metadata":null,"subtype":null,"text":"India’s Tata conglomerate acquired the dormant Favre Leuba brand in late 2011 and launched new watches in India and other overseas markets. But their design aesthetic and marketing failed to win over a large following. It exchanged hands in a private transaction again last year, giving Indian watch retailer Ethos Ltd. and its parent KDDL Ltd. control of Favre Leuba.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/a4533200-42d8-4b09-943f-0e2547e4bbf8","type":"text","family-id":"8c4bf0b0-78e8-4ad7-a58b-de4f0259c6eb","title":"","id":"a4533200-42d8-4b09-943f-0e2547e4bbf8","metadata":null,"subtype":null,"text":"Favre Leuba stopped production about three years ago and some of those models are sold only in India by Ethos.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/22c7d969-1400-486b-b8b5-4161162da63d","type":"text","family-id":"02cc03e7-e735-49b2-9880-ff6a1a93873d","title":"","id":"22c7d969-1400-486b-b8b5-4161162da63d","metadata":null,"subtype":null,"text":"Grenchen-based Favre Leuba will release 26 new models at Geneva Watch Days in August, Chairman Patrik Paul Hoffmann told Bloomberg News in an interview on the outskirts of New Delhi.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/545027c4-22e6-4bed-952b-a30caf004783","type":"text","family-id":"ecdb528f-6fa7-4d31-8009-67254c996805","title":"","id":"545027c4-22e6-4bed-952b-a30caf004783","metadata":null,"subtype":null,"text":"The new collection is designed around three themes—air, sea and land—and utilizes three movements, which are the mechanical guts of the watch. “The production of the movements is going on, the production of cases is going on,” said Hoffmann, who previously served as CEO of Ulysse Nardin SA.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/f61bce90-60d9-4883-b4ca-98fbf810e14b","type":"text","family-id":"29ff49cd-2ddb-494f-aac1-f9676da86898","title":"","id":"f61bce90-60d9-4883-b4ca-98fbf810e14b","metadata":null,"subtype":null,"text":"Favre Leuba is spending 5 million Swiss francs initially for production and marketing of its new lineup, with plans to likely double that investment over the next year, Hoffman said, sitting at the rooftop terrace of Ethos headquarters.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/97953e96-6ca9-4bce-81c7-8e3854e22bc7","type":"text","family-id":"3a3d4984-2ec7-4cd1-bba2-406ba0fbedd0","title":"","id":"97953e96-6ca9-4bce-81c7-8e3854e22bc7","metadata":null,"subtype":null,"text":"“We start from zero,” Hoffman explained of the plan to refresh the watch firm’s entire catalog by drawing heavily from the brand’s rich history and adding evolutionary touches to its classic timepieces. In the 1960s, Favre Leuba developed one of the world’s first dive watches, named the Deep Blue, as well as an expedition model, Bivouac, that could measure altitude and air pressure.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/b338434c-9c0e-4c4a-a2f4-5af21e553f43","type":"text","family-id":"bdd894a7-7d0e-4e30-889a-60680706532f","title":"","id":"b338434c-9c0e-4c4a-a2f4-5af21e553f43","metadata":null,"subtype":null,"text":"Favre Leuba plans to eventually move assembly and movement building in-house, Hoffman said. For now, it’s using Manufacture la Joux-Perret SA and Chronode SA movements and collaborating with veteran designers such as Antoine Tschumi, who has helped create timepieces for Czapek & Cie and Louis Moinet, and Laurent Auberson, who’s worked for Zenith, Chronoswiss and Germany’s Lehmann Uhren.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/da0f5911-b2b0-44a6-b3c5-4b0c9bb22e44","type":"text","family-id":"ddf850d8-7438-455b-85e7-b76f09bf7cee","title":"","id":"da0f5911-b2b0-44a6-b3c5-4b0c9bb22e44","metadata":null,"subtype":null,"text":"The new watches will start at around 3,000 Swiss francs and go as high as 24,000 Swiss francs for a tourbillion in a stainless steel case. The US, Canada and Caribbean will be key markets for the brand, which also expects to sell in the Middle East and parts of Asia, including Japan, said Hoffmann.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/4f01c19f-b61f-48d6-90d3-80f138d8aa08","type":"text","family-id":"7860e361-96bd-4015-9293-34baaefccfc3","title":"","id":"4f01c19f-b61f-48d6-90d3-80f138d8aa08","metadata":null,"subtype":null,"text":"Favre Leuba will also leverage its deep-rooted history in India—it was the first Swiss timekeeper to enter the South Asian country in 1865. Hoffman said he plans to rope in Bollywood stars and cricketers for partnerships and marketing in India, where the company will open its first three boutiques and also sell through Ethos stores.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/426a7f8e-bc1c-40d0-9d34-8fcbe39bdd32","type":"text","family-id":"41e7e056-81ac-449e-9bb9-271684fd62eb","title":"","id":"426a7f8e-bc1c-40d0-9d34-8fcbe39bdd32","metadata":null,"subtype":null,"text":"Favre Leuba aims to make 4,000 watches in the first year and eventually wants to be able to ramp up production to an annual 100,000 units over a decade, according to Hoffman.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/3c8dc31a-4f6c-4fc8-9980-1e7cc7a349c0","type":"text","family-id":"f68c9ae7-d83c-4aca-bf93-f382e7d2cdca","title":"","id":"3c8dc31a-4f6c-4fc8-9980-1e7cc7a349c0","metadata":null,"subtype":null,"text":"So, who’s the average Favre Leuba customer? It’s someone who could be sporting a Rolex or a Panerai, but who’d understand Favre Leuba’s history and appreciates the subtleness of its new models, said Hoffmann. “It’s not somebody who says I need this because everybody else has it.”
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/202bfc07-872c-4a21-bdcb-dfbb12841f8c","type":"text","family-id":"040f3eee-a802-44c8-867e-032df28a76a1","title":"","id":"202bfc07-872c-4a21-bdcb-dfbb12841f8c","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/5d5400d8-d201-42f0-bb0c-8cc12e002616","type":"text","family-id":"90bb7bd1-ed95-4b96-9fa9-10d452c87c5d","title":"","id":"5d5400d8-d201-42f0-bb0c-8cc12e002616","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711602484281,"content-version-id":"3407fd51-25de-4a11-92b2-abb6c1294254","card-added-at":1711602484281,"status":"draft","id":"a46ecd88-e0b5-40be-aa1f-da5ab446820c","content-id":"a46ecd88-e0b5-40be-aa1f-da5ab446820c","version":1,"metadata":{"social-share":{"shareable":true,"title":"A Swiss Watchmaker With Deep Ties To India Is Back From The Dead—Again","message":"The new collection is designed around three themes—air, sea and land—and utilizes three movements.","image":{"key":"bloombergquint/2024-03/d4082501-fbc1-4af1-b0b0-736441c62ef3/_1x_1.jpg","url":null,"attribution":null,"caption":"Favre Leuba Bivouac, developed in 1962 with an aneroid barometer","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i4qSjtZO.WLo/v1/-1x-1.jpg","width":2200,"height":1467}}}}}],"author-id":1670557,"first-published-at":1711604114625,"story-template":"syndicated","authors":[{"slug":"sankalp-phartiyal-3","social":{},"name":"Sankalp Phartiyal","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1670557,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["pursuits"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-28/swiss-watch-brand-favre-leuba-relaunching-with-26-000-timepiece","imported-card-id":"a46ecd88-e0b5-40be-aa1f-da5ab446820c","card-share":{"shareable":true}}}},{"id":"0a460c04-9ae7-4045-80d2-d3be996639a9","associated-metadata":{},"type":"story","story":{"author-name":"Pallavi Nahata","headline":"Government's Borrowing Plan Likely To Support Easing Bond Yields","slug":"economy-finance/governments-borrowing-plan-likely-to-support-easing-bond-yields","last-published-at":1711609749947,"alternative":{},"sections":[{"domain-slug":null,"slug":"economy-finance","name":"Economy & Finance","section-url":"https://www.ndtvprofit.com/economy-finance","id":9609,"parent-id":null,"display-name":"Economy & Finance","collection":{"slug":"economy-finance","name":"Economy & Finance","id":22396},"data":null},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"notifications","name":"Notifications","section-url":"https://www.ndtvprofit.com/notifications","id":16055,"parent-id":null,"display-name":"Notifications","collection":{"slug":"notifications","name":"Notifications ","id":32342},"data":null}],"hero-image-metadata":{"width":889,"height":500,"mime-type":"image/jpeg","file-size":195070,"file-name":"1500x500.jpg","focus-point":null},"published-at":1711609749947,"summary":"The benchmark 10-year G-sec yield is expected to reduce to 6.8% in FY25, says Gaura Sengupta, economist at IDFC First Bank.","id":"0a460c04-9ae7-4045-80d2-d3be996639a9","hero-image-s3-key":"bloombergquint/2024-03/c8987127-1b1b-4d3f-bd5b-e5cc5ba0d105/1500x500.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/0a460c04-9ae7-4045-80d2-d3be996639a9/element/2ce1c0f5-c7c8-4819-a7d8-e4122569e86a","type":"text","family-id":"983613df-9dcd-47f0-a772-899c4c710013","title":"","id":"2ce1c0f5-c7c8-4819-a7d8-e4122569e86a","metadata":{},"subtype":null,"text":"Lower planned borrowings by the Union government in the first half of the next financial year threw up a positive surprise and is expected to help support a lower bond yield curve in the near term.
The G-sec borrowing calendar for the first half of the next fiscal threw mild surprises, with a lower proportion of total FY25 gross issuances compared to past years and the lowest since FY19.
The H1FY25 gross borrowing at Rs 7.50 lakh crore stands at 53.1% of Rs 14.13 lakh crore estimated for FY25 and 15.5% less than in the same period in FY24.
The benchmark 10-year G-sec yield is expected to reduce to 6.8% in FY25, according to Gaura Sengupta, economist at IDFC First Bank.
The move is likely to be aided by a confluence of factors. The demand-supply dynamic in FY25 is likely to be favourable for G-secs, with demand supported by India's inclusion into JP Morgan EM bond index and strong investor demand, Sengupta explained.
Lower-than-expected gross borrowings should support bonds across the curve in the near term, followed by lower inflation prints in H1FY25, according to Madhavi Arora, lead economist at Emkay Global.
However, much lower share of three-year and overall sub-seven-year tenor in H1 borrowing, reversion of system liquidity to positive in H1, and continued active/passive FPI inflows should augur well for the shorter end of the curve than the longer end, implying bull steepening in coming months, Arora explained.
Index inclusion is expected to bring FPI inflows of $30 billion from June-end onwards till April–May 2025, Sengupta said.
On the supply front, net G-sec issuance in FY25 is lower at Rs 10.5 lakh crore versus Rs 11 lakh crore in FY24. Indeed, it's likely that demand for G-sec will exceed supply, Sengupta said.
Some part of this demand will shift into the state development loans, whose supply is expected to remain elevated in FY25. State budgets imply net SDL supply of Rs 7.9 lakh crore in FY25 vs Rs 7.2 lakh crore in FY24.
"},{"description":"","page-url":"/story/0a460c04-9ae7-4045-80d2-d3be996639a9/element/96e3bcb1-6204-460e-9d5d-22fa40f4107c","type":"title","family-id":"188afe4d-721d-475c-bf13-879013fef843","title":"","id":"96e3bcb1-6204-460e-9d5d-22fa40f4107c","metadata":{},"subtype":null,"text":"Global Cues: Rate-Cut Cycle "},{"description":"","page-url":"/story/0a460c04-9ae7-4045-80d2-d3be996639a9/element/5337b5bf-7d2e-4edf-9f42-fa719587710f","type":"text","family-id":"de2977a2-b844-44a4-9e87-6cbef23d4182","title":"","id":"5337b5bf-7d2e-4edf-9f42-fa719587710f","metadata":{},"subtype":null,"text":"\"We are watching the evolution of the rate-cutting cycle globally and back home, as we restate that RBI will not precede the Fed in rate cuts,\" Arora said. The base argument of rising possibility of no-cut by Fed in 2024, if proved correct, could spill over into the RBI's reaction function and will be cyclically noisy for bonds and FX, she explained.
The RBI may still have to manage the problem of plenty, especially in H1FY25 with regards to finding a balance between FX and fixed income amid flows and healthy liquidity, thus ensuring that financial conditions don't turn too easy, Arora said.
"},{"description":"","page-url":"/story/0a460c04-9ae7-4045-80d2-d3be996639a9/element/f0f0ff91-f4fe-4144-b395-9e336e780be7","type":"text","family-id":"70a3cacb-74d7-4fa9-beb3-7902d071d723","title":"","id":"f0f0ff91-f4fe-4144-b395-9e336e780be7","metadata":{"linked-story-id":"f4a579ba-1ab5-481b-8c8d-47758295b704","linked-story":{"headline":"Current Account Deficit Eases To $10.5 Billion In October–December 2023","story-content-id":"f4a579ba-1ab5-481b-8c8d-47758295b704","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"f4a579ba-1ab5-481b-8c8d-47758295b704","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Current Account Deficit Eases To $10.5 Billion In October–December 2023"}],"card-updated-at":1711609394152,"content-version-id":"13783b43-560a-46e9-a16b-fc40e74ab1af","card-added-at":1711603864975,"status":"draft","id":"a7319d44-d58e-4daa-b680-622cebef2ff4","content-id":"a7319d44-d58e-4daa-b680-622cebef2ff4","version":67,"metadata":{"social-share":{"shareable":true,"title":"Government's Borrowing Plan Likely To Support Easing Bond Yields","message":"The benchmark 10-year G-sec yield is expected to reduce to 6.8% in FY25, says Gaura Sengupta, economist at IDFC First Bank.","image":{"key":"bloombergquint/2024-03/c8987127-1b1b-4d3f-bd5b-e5cc5ba0d105/1500x500.jpg","url":null,"attribution":null,"caption":"(Source: Ministry of Finance/X)
(Bloomberg) -- Russia’s seaborne crude exports clawed back about half of the previous week’s losses even though there’s growing evidence that sanctions are finally starting to stymie Moscow’s oil supply chain.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/5e1a290f-3d9a-40a2-bb19-a293c82fdd43","type":"text","family-id":"e8c6d9fb-aa4b-421e-a874-a3aae531d313","title":"","id":"5e1a290f-3d9a-40a2-bb19-a293c82fdd43","metadata":null,"subtype":null,"text":"The rebound came after maintenance work ended at Russia’s most important Baltic export terminal and storms that had repeatedly hit its main Pacific port in recent weeks began to abate. Those earlier disruptions left four-week average flows slightly below Russia’s first-quarter export target, tanker-tracking data compiled by Bloomberg show.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/bbcd319b-a339-448b-b7c9-2fb103554699","type":"text","family-id":"dddc5ff4-f715-45b4-9a54-2506ffc301fb","title":"","id":"bbcd319b-a339-448b-b7c9-2fb103554699","metadata":null,"subtype":null,"text":"Indian oil refiners — Moscow’s second-biggest customers after China since the 2022 invasion of Ukraine — will no longer accept tankers owned by state-run Sovcomflot PJSC because of the risks posed by recently intensified sanctions. That appears to have led to several vessels hauling Russian crude getting held up off the Asian nation’s coast, with others diverting to China.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/c685c5d5-2f01-4b0d-9c60-c2d126753437","type":"text","family-id":"c40282eb-07c2-40bd-a1cb-892ddc3cbb4f","title":"","id":"c685c5d5-2f01-4b0d-9c60-c2d126753437","metadata":null,"subtype":null,"text":"None of the ships designated by the US Treasury as carrying oil in breach of a Group of Seven price cap has loaded a cargo since it was added to a list of sanctioned vessels. Many have diverted to the Black Sea, where they have disappeared from tracking screens. Others are anchored near ports on Russia’s Baltic and Pacific coasts.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/31a26b67-5d19-4a0d-9eab-4d8e6f0f6e19","type":"text","family-id":"a6685f51-3177-4965-bf2a-a646a077abcd","title":"","id":"31a26b67-5d19-4a0d-9eab-4d8e6f0f6e19","metadata":null,"subtype":null,"text":"Still, for now, overall crude flows have not been reduced on any significant scale, with shipments in the week to March 24 rising by about 360,000 barrels a day. With a shadow fleet of tankers willing to haul Russian oil numbering at least 600 vessels, there are still plenty of ships to keep the oil flowing.
"},{"description":"","image-metadata":null,"page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/02b7462b-ccf1-42b9-b6e5-13f879d72d55","type":"image","family-id":"bbaff285-54f0-4b14-a342-b2cd03d194c7","image-attribution":"","title":"","id":"02b7462b-ccf1-42b9-b6e5-13f879d72d55","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/15b377fd-8ff0-4f35-8de8-6792f3423933/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i5n4HZnIifyE/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/45b70b60-ec82-4e5f-9b4b-9eec180b0e3f","type":"text","family-id":"abdb2b4e-aee6-443c-9e55-23adb353a482","title":"","id":"45b70b60-ec82-4e5f-9b4b-9eec180b0e3f","metadata":null,"subtype":null,"text":"The rebound in shipments has helped boost Moscow’s oil earnings. The gross value of crude exports recouped about half of the previous week’s drop, rising to $1.68 billion in the seven days to March 24 from $1.48 billion in the period to March 17. Four-week average income was also up, rising by about $15 million to $1.62 billion a week.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/b823bb39-edac-401b-a8d2-c1548bac7ce9","type":"text","family-id":"cfedb574-13e2-4a24-a8f1-41cee0b9265b","title":"","id":"b823bb39-edac-401b-a8d2-c1548bac7ce9","metadata":null,"subtype":null,"text":"Most of the backlog of Russia’s Sokol crude that built up after being turned away by Indian refiners has now been discharged. About 8.4 million barrels have been delivered to plants in China, with some 3.5 million barrels eventually finding their way back to India. One cargo was delivered to Pakistan.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/9e56bf84-5df9-44c1-a63b-53d290fd3802","type":"text","family-id":"f55a7b04-c740-4127-8356-fc360c7b22de","title":"","id":"9e56bf84-5df9-44c1-a63b-53d290fd3802","metadata":null,"subtype":null,"text":"That leaves about 5.5 million barrels yet to discharge, about half of which is also heading back toward India. All of the Sokol cargoes loaded so far this month have headed directly to China.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/ea828e69-4938-42d6-ae33-c8fc8257ae7b","type":"text","family-id":"1396ff43-cb6a-497e-b9fc-cd145b2c761e","title":"","id":"ea828e69-4938-42d6-ae33-c8fc8257ae7b","metadata":null,"subtype":null,"text":"Flows by Destination
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/77752552-5226-45e1-a3a3-55f5cd1778fa","type":"text","family-id":"23c026d3-b4e0-436a-b1a2-4fa8e9c378d8","title":"","id":"77752552-5226-45e1-a3a3-55f5cd1778fa","metadata":null,"subtype":null,"text":"Russia’s seaborne crude flows in the week to March 24 rose to 3.32 million barrels a day. However, the less volatile four-week average slipped for a second week, dropping by about 40,000 barrels a day to 3.24 million barrels a day.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/da51734b-2048-400e-84a1-ff3fcc8f172f","type":"text","family-id":"d44c616b-8e9d-4ebc-a0d7-616d4da44fed","title":"","id":"da51734b-2048-400e-84a1-ff3fcc8f172f","metadata":null,"subtype":null,"text":"Weekly shipments were about 260,000 barrels a day below the average seen in May and June, or about 40,000 barrels a day above Russia’s first quarter target that is part of the OPEC+ alliance’s broader effort to curb supplies and support prices. The four-week average was about the same amount below the target.
"},{"description":"","image-metadata":null,"page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/cac3c07f-8258-4ae6-b467-a08bbf42e7d1","type":"image","family-id":"3f9075ef-d4fb-4a19-b0ae-f0f6fd01de21","image-attribution":"","title":"","id":"cac3c07f-8258-4ae6-b467-a08bbf42e7d1","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/74c841d8-cbf1-4fd9-9bae-be7948d5a691/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iilwTgfNLAVk/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/e5c3eff3-66d3-42b5-9494-833ecb4d5c01","type":"text","family-id":"19707a34-cdba-4882-9562-f1bc1ca48e4a","title":"","id":"e5c3eff3-66d3-42b5-9494-833ecb4d5c01","metadata":null,"subtype":null,"text":"All figures exclude cargoes identified as Kazakhstan’s KEBCO grade. Those are shipments made by KazTransoil JSC that transit Russia for export through the Black Sea port of Novorossiysk and the Baltic’s Ust-Luga and are not subject to European Union sanctions or a price cap.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/3809e48f-c7db-407a-823f-33d7c6d0071d","type":"text","family-id":"e73c043a-3587-436e-a688-6fb6fdec8214","title":"","id":"3809e48f-c7db-407a-823f-33d7c6d0071d","metadata":null,"subtype":null,"text":"The Kazakh barrels are blended with crude of Russian origin to create a uniform export grade. Since Russia’s invasion of Ukraine, Kazakhstan has rebranded its cargoes to distinguish them from those shipped by Russian companies.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/5decd71e-1bea-4e4d-a5f7-df12677f85bd","type":"text","family-id":"0b276506-4e36-4567-94f2-a8ae8f6c0177","title":"","id":"5decd71e-1bea-4e4d-a5f7-df12677f85bd","metadata":null,"subtype":null,"text":"Asia
Observed shipments to Russia’s Asian customers, including those showing no final destination, edged higher to 2.93 million barrels a day in the four weeks to March 24, up from a revised 2.86 million in the previous four-week period.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/a30163c9-d7d5-4385-a938-9bdc55313780","type":"text","family-id":"73237d9c-bd49-4452-8ec8-e1d3f459de4f","title":"","id":"a30163c9-d7d5-4385-a938-9bdc55313780","metadata":null,"subtype":null,"text":"About 1.21 million barrels a day of crude was loaded onto tankers heading to China. The Asian nation’s seaborne imports are boosted by about 800,000 barrels a day of crude delivered from Russia by pipeline, either directly, or via Kazakhstan.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/4285a26c-04bd-483c-8f36-b7003de70856","type":"text","family-id":"cca490b0-ece4-4046-9634-23e7507ac908","title":"","id":"4285a26c-04bd-483c-8f36-b7003de70856","metadata":null,"subtype":null,"text":"Flows on ships signaling destinations in India averaged about 1.22 million barrels a day.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/878fda56-9521-443e-8854-aa6384250e78","type":"text","family-id":"46f085c1-bce8-4519-9a65-d553861177f3","title":"","id":"878fda56-9521-443e-8854-aa6384250e78","metadata":null,"subtype":null,"text":"Both the Chinese and Indian figures will rise as the discharge ports become clear for vessels that are not currently showing final destinations.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/cb3b0874-9b88-4779-bed3-ff045c83710c","type":"text","family-id":"8fa4189d-d587-4390-963b-6a74a2f080aa","title":"","id":"cb3b0874-9b88-4779-bed3-ff045c83710c","metadata":null,"subtype":null,"text":"The equivalent of about 385,000 barrels a day was on vessels signaling Port Said or Suez in Egypt, or are expected to be transferred from one ship to another off the South Korean port of Yeosu. Those voyages typically end at ports in India or China and show up in the chart below as “Unknown Asia” until a final destination becomes apparent. This figure includes stranded Sokol crude cargoes that are still waiting to discharge after failing to find homes in India since mid-December.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/caeb7984-9272-4aa8-a662-8fdf1cc71c32","type":"text","family-id":"ceca6b53-5f00-40dd-8327-90199347df1a","title":"","id":"caeb7984-9272-4aa8-a662-8fdf1cc71c32","metadata":null,"subtype":null,"text":"The “Other Unknown” volumes, running at about 80,000 barrels a day in the four weeks to March 24, are those on tankers showing no clear destination. Most of those cargoes originate from Russia’s western ports and go on to transit the Suez Canal, but some could end up in Turkey. Others could be moved from one vessel to another, with most such transfers now taking place in the Mediterranean, off the coast of Greece.
"},{"description":"","image-metadata":null,"page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/ffa430bc-18bb-49f6-bbfc-ffeadba22c62","type":"image","family-id":"f7f8f0c4-8bc0-4c2f-9200-3444bfe28b07","image-attribution":"","title":"","id":"ffa430bc-18bb-49f6-bbfc-ffeadba22c62","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/f4f6fab4-1b65-4274-a0ae-ecdb5e47ebd9/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ibIEmPxDlPNs/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/99704182-568e-42fd-8df5-0106c8aa5827","type":"text","family-id":"98d0c188-8c14-4133-a7f4-1ef4e3c33b7a","title":"","id":"99704182-568e-42fd-8df5-0106c8aa5827","metadata":null,"subtype":null,"text":"Europe and Turkey
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/987451d8-d109-46d9-9d34-881adb483d1a","type":"text","family-id":"7cdc0c76-3132-4ea5-9b88-36143baf55fb","title":"","id":"987451d8-d109-46d9-9d34-881adb483d1a","metadata":null,"subtype":null,"text":"Russia’s seaborne crude exports to European countries have ceased.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/d8a17515-df46-4715-96c0-ae78e702dbfa","type":"text","family-id":"d5c37fab-517d-424a-8921-4a1d5948f4a0","title":"","id":"d8a17515-df46-4715-96c0-ae78e702dbfa","metadata":null,"subtype":null,"text":"With flows to Bulgaria halted at the end of last year, Turkey is now the only short-haul market for shipments from Russia’s western ports.
"},{"description":"","image-metadata":null,"page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/81590ab3-0f61-4bbb-b2bd-00da2c12aae0","type":"image","family-id":"7a76b452-6c8e-4de2-b4a8-3d27224d1f15","image-attribution":"","title":"","id":"81590ab3-0f61-4bbb-b2bd-00da2c12aae0","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/2bff3da3-af1c-4101-9157-4e36956076b7/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i13asf6Hg_5Y/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/3f4575cc-988b-48a2-bb52-2222f0dd6aad","type":"text","family-id":"6d434da9-58a7-47b3-a7b7-5a5314a29582","title":"","id":"3f4575cc-988b-48a2-bb52-2222f0dd6aad","metadata":null,"subtype":null,"text":"Exports to Turkey slipped to about 290,000 barrels a day in the four weeks to March 24. That’s the lowest in six weeks and down from a revised 390,000 barrels a day in the period to March 17.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/222022eb-4b20-471e-9ba8-d80bac4f206e","type":"text","family-id":"d63aef06-e5b4-457c-bae6-9feeedada459","title":"","id":"222022eb-4b20-471e-9ba8-d80bac4f206e","metadata":null,"subtype":null,"text":"Vessel-tracking data are cross-checked against port agent reports as well as flows and ship movements reported by other information providers including Kpler and Vortexa Ltd.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/8a1b1ab4-d133-45ea-8ba5-c4bb9fa9164f","type":"text","family-id":"252ed88c-a2c2-4b5d-b4aa-acd0b7b722b0","title":"","id":"8a1b1ab4-d133-45ea-8ba5-c4bb9fa9164f","metadata":null,"subtype":null,"text":"Export Value
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/33043a13-902e-4386-b7db-717b2a6eb5f0","type":"text","family-id":"8041a8be-4fa6-4057-a214-bb0ddbe81699","title":"","id":"33043a13-902e-4386-b7db-717b2a6eb5f0","metadata":null,"subtype":null,"text":"Following the abolition of export duty on Russian crude, we have begun to track the gross value of seaborne crude exports, using Argus Media price data and our own tanker tracking.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/9ed66b13-7296-45e9-8aef-ea99d6db5104","type":"text","family-id":"62206100-67bb-46e2-a662-ec5eb71d7fcf","title":"","id":"9ed66b13-7296-45e9-8aef-ea99d6db5104","metadata":null,"subtype":null,"text":"The gross value of Russia’s crude exports recouped about half of the previous week’s drop, rising to $1.68 billion in the seven days to March 24 from $1.48 billion in the period to March 17. Four-week average income was also up, rising by about $15 million to $1.62 billion a week. The four-week average is still well off its peak of $2.17 billion a week, reached in the period to June 19, 2022. The highest it reached last year was $2 billion a week in the period to Oct. 22.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/6424c91f-620b-4cc4-8438-52f7a987fffd","type":"text","family-id":"c28d145d-8b36-4388-a366-cb92b7356058","title":"","id":"6424c91f-620b-4cc4-8438-52f7a987fffd","metadata":null,"subtype":null,"text":"During the first four weeks after the Group of Seven nations’ price cap on Russian crude exports came into effect in early December 2022, the value of seaborne flows fell to a low of $930 million a week, but soon recovered.
"},{"description":"","image-metadata":null,"page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/117098a4-847d-4ce5-b515-3e2373485aea","type":"image","family-id":"9d831f8d-044a-4fe6-bdfd-3ee0f8ce7d43","image-attribution":"","title":"","id":"117098a4-847d-4ce5-b515-3e2373485aea","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/7758876f-b2da-46a1-8efe-18432d4a4da4/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iq6324KHL3n4/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/e435e74a-2d99-46e8-9227-4f5399c45d38","type":"text","family-id":"fd5f8598-19a3-4c0b-8e95-36340908919d","title":"","id":"e435e74a-2d99-46e8-9227-4f5399c45d38","metadata":null,"subtype":null,"text":"The chart above shows a gross value of Russia’s seaborne oil exports on a weekly and four-week average basis. The value is calculated by multiplying the average weekly crude price from Argus Media Group by the weekly export flow from each port. For shipments from the Baltic and Arctic ports we use the Urals FOB Primorsk dated, London close, midpoint price. For shipments from the Black Sea we use the Urals Med Aframax FOB Novorossiysk dated, London close, midpoint price. For Pacific shipments we use the ESPO blend FOB Kozmino prompt, Singapore close, midpoint price.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/76b8f56c-18b4-4ddf-9bdc-2a69fa459412","type":"text","family-id":"6b486425-4827-41ef-bd36-8ff0c1fdb61a","title":"","id":"76b8f56c-18b4-4ddf-9bdc-2a69fa459412","metadata":null,"subtype":null,"text":"Export duty was abolished at the end of 2023 as part of Russia’s long-running tax reform plans.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/f115b264-5264-42be-a177-0c0bd629d1ee","type":"text","family-id":"e9fb84e3-d45f-44f2-80d6-6725efb57458","title":"","id":"f115b264-5264-42be-a177-0c0bd629d1ee","metadata":null,"subtype":null,"text":"Ships Leaving Russian Ports
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/d9385929-bd7e-4013-bf3f-f7a170b7eb58","type":"text","family-id":"12d0eb31-45c9-430e-9ef9-45fe85625cef","title":"","id":"d9385929-bd7e-4013-bf3f-f7a170b7eb58","metadata":null,"subtype":null,"text":"The following table shows the number of ships leaving each export terminal.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/3bed1066-fec5-4b85-9b00-0121442c1b29","type":"text","family-id":"1bcc98d0-c8a4-46b5-879c-195c0d84711b","title":"","id":"3bed1066-fec5-4b85-9b00-0121442c1b29","metadata":null,"subtype":null,"text":"A total of 31 tankers loaded 23.2 million barrels of Russian crude in the week to March 24, vessel-tracking data and port agent reports show. That was up by about 2.5 million barrels from the previous week.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/16ea61ac-6c3c-44ed-b462-d0ab0ab78c1d","type":"text","family-id":"676ba7d1-374e-4e5c-98bc-e1215e7fc61b","title":"","id":"16ea61ac-6c3c-44ed-b462-d0ab0ab78c1d","metadata":null,"subtype":null,"text":"High winds at the start of the week may have hampered shipments from Russia’s Pacific terminal at Kozmino. Winds were gusting above 30 miles per hour on two of the first three days of the period, according to data from visualcrossing.com.
"},{"description":"","image-metadata":null,"page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/b9d7c5b4-775f-4d08-92f1-8a29f8e79bed","type":"image","family-id":"9da10adb-6902-479f-9137-bd4a467acb98","image-attribution":"","title":"","id":"b9d7c5b4-775f-4d08-92f1-8a29f8e79bed","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/a551753e-25f5-4fe5-8167-0c12bc5bd300/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/imVqzNcJiDGc/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/fa39933f-576d-40ed-b068-bc9011f57314","type":"text","family-id":"ce05d82e-fe8b-4408-b20f-f56f3a6af56a","title":"","id":"fa39933f-576d-40ed-b068-bc9011f57314","metadata":null,"subtype":null,"text":"All figures exclude cargoes identified as Kazakhstan’s KEBCO grade. One cargo of KEBCO was loaded at Novorossiysk and one at Ust-Luga during the week.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/da71a50b-9ef9-425e-9dca-6c353d8f54f9","type":"text","family-id":"d2b78e41-41dc-4bfb-89e3-425460d15e13","title":"","id":"da71a50b-9ef9-425e-9dca-6c353d8f54f9","metadata":null,"subtype":null,"text":"NOTES
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/63a87ad4-d988-4001-8fb1-30d92e4c9c42","type":"text","family-id":"0f0eab09-0a53-4c5b-82bb-c4f4faf63ec2","title":"","id":"63a87ad4-d988-4001-8fb1-30d92e4c9c42","metadata":null,"subtype":null,"text":"Note: This story forms part of a weekly series tracking shipments of crude from Russian export terminals and the gross value of those flows. Weeks run from Monday to Sunday. The next update will be on Tuesday, April 2.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/1eaa7be1-c826-4125-845e-9a0e549cbb4d","type":"text","family-id":"1e9a8739-7c27-4b1d-ab7c-139bf4e3179b","title":"","id":"1eaa7be1-c826-4125-845e-9a0e549cbb4d","metadata":null,"subtype":null,"text":"Note: All figures exclude cargoes owned by Kazakhstan’s KazTransOil JSC, which transit Russia and are shipped from Novorossiysk and Ust-Luga as KEBCO grade crude.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/13107260-cf84-4abc-90ff-7144695d9f0b","type":"text","family-id":"96fbc0ab-ae12-4564-bc27-1efb8004b9be","title":"","id":"13107260-cf84-4abc-90ff-7144695d9f0b","metadata":null,"subtype":null,"text":"If you are reading this story on the Bloomberg terminal, click here for a link to a PDF file of four-week average flows from Russia to key destinations.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/3bfc48cb-210d-4d47-8cdf-408bf37d7431","type":"text","family-id":"ecdfd9ae-bdad-4753-8929-af83f94d8a35","title":"","id":"3bfc48cb-210d-4d47-8cdf-408bf37d7431","metadata":null,"subtype":null,"text":"--With assistance from Sherry Su.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/24868f9f-e3b4-4ace-8442-c420c7074da2","type":"text","family-id":"8d59c596-2484-4f15-878c-37834d17ef65","title":"","id":"24868f9f-e3b4-4ace-8442-c420c7074da2","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/88914531-850b-4c0b-a79b-7e50df7d19f5","type":"text","family-id":"01d04e2f-7721-48d6-af95-05d57c8f093b","title":"","id":"88914531-850b-4c0b-a79b-7e50df7d19f5","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711449735230,"content-version-id":"51e7189c-558d-4ddf-a81f-4cef203bd781","card-added-at":1711449735230,"status":"draft","id":"948453f1-5cae-4396-a2ee-88e0ae2e79bb","content-id":"948453f1-5cae-4396-a2ee-88e0ae2e79bb","version":35,"metadata":{"social-share":{"shareable":true,"title":"Russia’s Crude Shipments Rebound Even As Sanctions Snare Tankers","message":"Tanker bans are complicating some flows without yet hitting overall export levels.","image":{"key":"bloombergquint/2024-03/15b377fd-8ff0-4f35-8de8-6792f3423933/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1669537,"first-published-at":1711603719571,"story-template":"syndicated","authors":[{"slug":"julian-lee-4","social":{},"name":"Julian Lee","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669537,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["markets"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-26/russia-s-oil-exports-rebound-despite-the-bite-of-sanctions-on-tankers","imported-card-id":"948453f1-5cae-4396-a2ee-88e0ae2e79bb","card-share":{"shareable":true}}}}]}]},{"id":42394,"associated-metadata":{"layout":"NEW_MarketTicker"},"type":"collection","name":"Market Ticker","slug":"news-ticker","template":"breaking-news","metadata":{},"collection-date":null,"summary":null,"automated":false,"collection-cache-keys":["c/49/42394"],"items":[]},{"id":143985,"associated-metadata":{"layout":"Three_Col_Four_Stories"},"type":"collection","name":"Top Module Home Page - 2 Elements","slug":"top-module-home-page-2-elements","template":"default","metadata":{"cover-image":null},"collection-date":null,"summary":null,"automated":false,"collection-cache-keys":["c/49/143985"],"items":[{"id":16284,"associated-metadata":{},"type":"collection","name":"Top Stories","slug":"above-the-fold","template":"default","metadata":{"view-layout":null,"vidible-playlist-id":null,"cover-image":{},"display-name":"Top Stories","ndtv-playlist-id":"https://dai.google.com/linear/hls/event/QuU6z3GSTDaXuLL9Hs5A5Q/master.m3u8"},"collection-date":null,"summary":null,"automated":false,"collection-cache-keys":["c/49/16284"],"items":[{"id":"3db7392f-e911-49da-a83c-baace254c793","associated-metadata":{},"type":"story","story":{"author-name":"Pratiksha Thayil","headline":"Auto And Financials Top Picks For Next Fiscal, Say Analysts","slug":"markets/auto-and-financials-top-picks-for-next-fiscal-say-analysts","last-published-at":1711629182330,"alternative":{},"sections":[{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null}],"hero-image-metadata":{"mime-type":"image/jpeg","focus-point":[1436,958],"width":2872,"file-size":380046,"file-name":"adam-smigielski-K5mPtONmpHM-unsplash.jpg","height":1915},"published-at":1711629182330,"summary":"Benchmark equity indices pared some gains in the final hour of the session, but still managed to close the last week of the financial year over 1% higher. ","id":"3db7392f-e911-49da-a83c-baace254c793","hero-image-s3-key":"bloombergquint/2023-08/271a4f00-8d16-487f-b7ad-b6bdd0edd53c/adam_smigielski_K5mPtONmpHM_unsplash.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/3db7392f-e911-49da-a83c-baace254c793/element/5a2b5a42-aa1d-4ca5-89c3-ea3ac814b43d","type":"text","family-id":"bd497be5-e965-493f-8c89-a63a07675832","title":"","id":"5a2b5a42-aa1d-4ca5-89c3-ea3ac814b43d","metadata":{},"subtype":null,"text":"As markets end the last day of the financial year in green, analysts expect the auto and financial sectors to be the top picks for the new fiscal starting next week.
\"We are heading towards an all-time high trajectory. Also, looking at the broad-based bank action in the large-cap and mid-cap space, that clearly shows that these momentums can extend further,\" said Rajesh Palviya, senior vice president of technical and derivatives research at Axis Securities Ltd.
On the first day of April, there is going to be a new all-time high trajectory for Nifty and this rally could extend to the 22,700–22,800 level, he said.
One of the top picks for the upcoming financial year is the auto sector, which has grown by over 15% this year.
Benchmark equity indices pared some gains in the last hour of Thursday's session but still managed to close the last week of the financial year over 1% higher. The NSE Nifty 50 ended 219.85 points, or 0.99%, higher at 22,343.50, while the S&P BSE Sensex closed 639.16 points up, or 0.88%, at 73,635.48.
"},{"description":"","image-metadata":{"width":1152,"height":648,"mime-type":"image/png","file-size":66276,"file-name":"NIFTY AUTO.png"},"page-url":"/story/3db7392f-e911-49da-a83c-baace254c793/element/31ee935f-a0a3-4289-9cff-71d700bde4ff","type":"image","family-id":"92670b5b-48a3-473e-b799-9e9a7ce6484f","image-attribution":"","title":"\"I would like to bet my money on the auto sector. We all know next week that auto numbers will be pouring in for the month of March and at the same time, the numbers are going to be good,\" said Sunny Agarwal, head of fundamental equity research at SBICap Securities Ltd. Mahindra and Mahindra Ltd. and Eicher Motors Ltd. are his top bets in the sector.
Foreign investors often lean towards large caps, according to Jonathan Schiessl, deputy chief investment officer of Westminster Asset Management. The financial sector is his pick.
\"The reality is that foreign investors play in a fairly small pool and tend to stick to the larger stuff... I think the best way of playing in India remains financials,\" said Schiessl. However, he leans more towards the private banks, as they give access to a broad number of sectors and also play into the Indian growth story.
According to Schiessl, Indian equity markets have performed well. Markets don't fall due to high valuations, but due to some triggers, he said. He also expects the markets to move higher as foreign investors expect the Narendra Modi government to continue being in power. Another reason for the markets to grow is that Chinese markets are still looking difficult, according to him.
Chinese markets are not picking up and India is the natural beneficiary, said Mihir Vora, chief investment officer of Trust Mutual Fund. However, there is no major increase in contributions from foreign investors, he said.
"},{"description":"","page-url":"/story/3db7392f-e911-49da-a83c-baace254c793/element/2b9b5b53-0064-49e2-bc36-ac6cbbc03d5f","type":"title","family-id":"4b61906c-e33c-4d4f-9405-5037eb0b3104","title":"","id":"2b9b5b53-0064-49e2-bc36-ac6cbbc03d5f","metadata":{},"subtype":null,"text":"Watch The Full Video Here:"},{"description":"","page-url":"/story/3db7392f-e911-49da-a83c-baace254c793/element/cf72ecbb-b48c-443a-af14-d12effe59f71","type":"youtube-video","family-id":"774463e0-2858-4240-b9a8-be7cd58734b9","title":"","id":"cf72ecbb-b48c-443a-af14-d12effe59f71","url":"https://www.youtube.com/watch?v=035kHPkBOL8","embed-url":"https://www.youtube.com/embed/035kHPkBOL8","metadata":{},"subtype":null},{"description":"","page-url":"/story/3db7392f-e911-49da-a83c-baace254c793/element/d697bedf-e52d-4301-8ab7-5c767b4defa1","type":"text","family-id":"6fb89828-6c32-40f2-829a-322b7a6b8f61","title":"","id":"d697bedf-e52d-4301-8ab7-5c767b4defa1","metadata":{},"subtype":null,"text":"Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.
"}],"card-updated-at":1711629172163,"content-version-id":"05ad002b-4044-411a-b2d3-bd0f2636fa51","card-added-at":1711627355693,"status":"draft","id":"772a4754-3643-4792-af2f-53db57d14b36","content-id":"772a4754-3643-4792-af2f-53db57d14b36","version":39,"metadata":{"social-share":{"shareable":true,"title":"Auto And Financials Top Picks For Next Fiscal, Say Analysts","message":"Benchmark equity indices pared some gains in the final hour of the session, but still managed to close the last week of the financial year over 1% higher. ","image":{"key":"bloombergquint/2024-03/05c03bb4-ec05-4421-97d1-4d5d36b6c46c/NIFTY_AUTO.png","url":null,"attribution":"","caption":null,"metadata":{"width":1152,"height":648,"mime-type":"image/png","file-size":66276,"file-name":"NIFTY AUTO.png"}}},"attributes":{}}}],"author-id":1849740,"first-published-at":1711629182330,"story-template":"text","authors":[{"slug":"pratiksha-thayil","social":{},"name":"Pratiksha Thayil","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1849740,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"card-share":{"shareable":true}}}},{"id":"cd07629a-5fb4-43fd-bcbf-da2dd89d9d93","associated-metadata":{},"type":"story","story":{"author-name":"Sai Aravindh","headline":"Budget To Propel Markets Further: Samir Arora","slug":"markets/budget-2024-to-propel-markets-further-says-samir-arora","last-published-at":1711629107116,"alternative":{},"sections":[{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null}],"hero-image-metadata":{"width":1600,"height":900,"mime-type":"image/png","file-size":1409921,"file-name":"Copy of Untitled Design.png"},"published-at":1711629107116,"summary":"Arora is overweight on the financial sector despite the recent regulatory actions.","id":"cd07629a-5fb4-43fd-bcbf-da2dd89d9d93","hero-image-s3-key":"bloombergquint/2024-03/4545d788-aa60-459c-9faa-6c747b255193/Copy_of_Untitled_Design.png","cards":[{"story-elements":[{"description":"","page-url":"/story/cd07629a-5fb4-43fd-bcbf-da2dd89d9d93/element/752b378a-5465-4f7f-9d72-e058180f7223","type":"text","family-id":"0bd6d587-226d-4f1d-aacf-269dd41f2aaa","title":"","id":"752b378a-5465-4f7f-9d72-e058180f7223","metadata":{},"subtype":null,"text":"The \"transformational budget\" that is expected after the Lok Sabha election provides a bullish case for the markets, according to Helios Capital's Samir Arora.
Despite being a market with volatility, equity markets will be higher than the current level at the end of the next two to three months, the fund manager told NDTV Profit.
"}],"card-updated-at":1711613224339,"content-version-id":"bf00f253-4edd-4617-9354-41099bf874d0","card-added-at":1711607783029,"status":"draft","id":"53519be1-5e47-4a23-9293-be4330daad03","content-id":"53519be1-5e47-4a23-9293-be4330daad03","version":61,"metadata":{"social-share":{"shareable":true,"title":"Budget To Propel Markets Further: Samir Arora","message":"Arora is overweight on the financial sector despite the recent regulatory actions.","image":{"key":"bloombergquint/2024-03/4545d788-aa60-459c-9faa-6c747b255193/Copy_of_Untitled_Design.png","url":null,"attribution":null,"caption":"(Souce: company website)
There is no need to fine-tune the view on the market in case that it will be negative, the fund manager said. \"Let's just go for the budget and decide then.\"
The fourth-quarter results in April will not be great for information technology and regular consumer diet companies, Arora cautioned. \"But the consumer sector in India is not dead.\"
He is overweight on the financial sector, despite the recent regulatory actions. These actions have led to a correction, but on a month-on-month basis, it has not been bad, he said. \"It's good that some of these releases from the balloon have happened without disrupting the markets at a bigger level.\"
"}],"card-updated-at":1711613224339,"content-version-id":"6c3bc812-fe55-4957-911c-378d44601805","card-added-at":1711612684096,"status":"draft","id":"5947bd35-9431-4b0c-9f02-07b2d8a25f43","content-id":"5947bd35-9431-4b0c-9f02-07b2d8a25f43","version":5,"metadata":{"social-share":{"shareable":true,"title":"Budget To Propel Markets Further: Samir Arora","message":"Arora is overweight on the financial sector despite the recent regulatory actions.","image":{"key":"bloombergquint/2024-03/4545d788-aa60-459c-9faa-6c747b255193/Copy_of_Untitled_Design.png","url":null,"attribution":null,"caption":"(Souce: company website)
(Souce: company website)
So Samir, would it be a spate of good afternoons from now on until let's say the next few months or could it be a volatile period?
","answer":"Samir Arora: So even if it is volatile, we are taking in that at the end of two or three months or more it'll be higher than today. In the sense that I am going into the budget being bullish. So what are my reasons for feeling bullish on budget, although there was this feeling that I had before that maybe when the election results are announced, you know, we should rein in some bullishness because whatever news the world is waiting for would have come out. But the thing is that I'm bullish on the budget because Mr Modi himself keeps saying that it will be a transformational budget number one. So if he's saying, there's something they will do, which I think will be related to, otherwise it'll be a letdown and there was no need for him to use these words, again and again.
Second is that in the last budget, I mean this February interim budget, the government said that next year, the fiscal deficit target will be reduced to some four point, 5% or something which looks a bit tough, but it is directionally they will reduce. So if you are going to directionally reduce the deficit, but also make it transformational, that can only happen if you can't just cut in the investments or the government or cut subsidies or cut capital then that is not transformational in any way. So the only way it works is if you want to cut the deficit but have it transformational, which mostly has to do with either big reforms or big spending, that you have to do something to PSUs, and my guess is you take one or two PSUs and you sell them off completely or announced that you would sell them off completely and separately, you do some reforms relating to some new investments, some new labour policies, something else to be able to justify that label, but forgetting about new things and they do which normally we find that their impact on the ground takes five years, three years, none of that happens immediately. I think the only way this can be done is by doing whatever it takes to keep the sentiment of the market high and then taking advantage of that to privatise one or two PSUs and over time sell down some of them into the market. So then the investments can be maintained while still cutting or keeping the deficit in check, or lowering it as their own guidance or their own plan.
"},"subtype":"q-and-a","text":"So Samir, would it be a spate of good afternoons from now on until let's say the next few months or could it be a volatile period?
Samir Arora: So even if it is volatile, we are taking in that at the end of two or three months or more it'll be higher than today. In the sense that I am going into the budget being bullish. So what are my reasons for feeling bullish on budget, although there was this feeling that I had before that maybe when the election results are announced, you know, we should rein in some bullishness because whatever news the world is waiting for would have come out. But the thing is that I'm bullish on the budget because Mr Modi himself keeps saying that it will be a transformational budget number one. So if he's saying, there's something they will do, which I think will be related to, otherwise it'll be a letdown and there was no need for him to use these words, again and again.
Second is that in the last budget, I mean this February interim budget, the government said that next year, the fiscal deficit target will be reduced to some four point, 5% or something which looks a bit tough, but it is directionally they will reduce. So if you are going to directionally reduce the deficit, but also make it transformational, that can only happen if you can't just cut in the investments or the government or cut subsidies or cut capital then that is not transformational in any way. So the only way it works is if you want to cut the deficit but have it transformational, which mostly has to do with either big reforms or big spending, that you have to do something to PSUs, and my guess is you take one or two PSUs and you sell them off completely or announced that you would sell them off completely and separately, you do some reforms relating to some new investments, some new labour policies, something else to be able to justify that label, but forgetting about new things and they do which normally we find that their impact on the ground takes five years, three years, none of that happens immediately. I think the only way this can be done is by doing whatever it takes to keep the sentiment of the market high and then taking advantage of that to privatise one or two PSUs and over time sell down some of them into the market. So then the investments can be maintained while still cutting or keeping the deficit in check, or lowering it as their own guidance or their own plan.
(Souce: company website)
In some sense, they seem to be walking the talk on a few things. The borrowing numbers that have come out yesterday for the first half are very reasonable and conservative so to say?
","answer":"Samir Arora: So we're waiting for the real budget to happen and the main thing is if you put all these three things together, nobody asked them today to say whether the budget is transformational or not. Nobody was voting for them on that basis in the sense, I don't think the issue in the election this time, for there is no issue because there is no opposition. But in general, this is all being done because they believe in these things or they want to do these things and therefore you won't see, one could be that it's an election thing to say that we will do these things, but nobody's asking them on you know, a particular expectation because of that votes will be given to the to the BJP.
Therefore, it's being done of their own choice and their own vision or whatever for the future. Therefore I think that there's a reasonable chance that from their side they will attempt a transformational budget. Now on that day, we might find that oh, this is not practical or this is too far into the future, we'll see on that day. That's why I'm saying from today, there is no need to fine tune this. You know, the view on the market that I will be negative in between because it may be volatile because the initial news of the election is already known. Let's just go for the budget and decide on that day what we want to do in terms of changing our net. That is all that you know we change in these events.
"},"subtype":"q-and-a","text":"In some sense, they seem to be walking the talk on a few things. The borrowing numbers that have come out yesterday for the first half are very reasonable and conservative so to say?
Samir Arora: So we're waiting for the real budget to happen and the main thing is if you put all these three things together, nobody asked them today to say whether the budget is transformational or not. Nobody was voting for them on that basis in the sense, I don't think the issue in the election this time, for there is no issue because there is no opposition. But in general, this is all being done because they believe in these things or they want to do these things and therefore you won't see, one could be that it's an election thing to say that we will do these things, but nobody's asking them on you know, a particular expectation because of that votes will be given to the to the BJP.
Therefore, it's being done of their own choice and their own vision or whatever for the future. Therefore I think that there's a reasonable chance that from their side they will attempt a transformational budget. Now on that day, we might find that oh, this is not practical or this is too far into the future, we'll see on that day. That's why I'm saying from today, there is no need to fine tune this. You know, the view on the market that I will be negative in between because it may be volatile because the initial news of the election is already known. Let's just go for the budget and decide on that day what we want to do in terms of changing our net. That is all that you know we change in these events.
(Souce: company website)
But Samir, (in) the last one-and-a-half months, the regulatory talk. I'm not seeing just the government piece, but the regulatory action is kind of being a key disruption for the markets as well. Have you read into a bunch of developments?
","answer":"Samir Arora: Actually (it) is really good. First of all, it is good in the sense that they have done whatever it led to some correction but at the end of the day, this month has not been bad like March. You know if I look at you in the market, it is up some 1% or whatever month-to-date. So at the end of the day, the correction has happened intra-month, and maybe some, you know, stocks may have fallen more or less but basically you have dealt with the first round of nervousness related to these things, but handled by the market well. So now it doesn't matter and it's good that some of this release of air from a balloon has happened without disrupting the whole market at a bigger level. So it's actually good that it happened.
"},"subtype":"q-and-a","text":"But Samir, (in) the last one-and-a-half months, the regulatory talk. I'm not seeing just the government piece, but the regulatory action is kind of being a key disruption for the markets as well. Have you read into a bunch of developments?
Samir Arora: Actually (it) is really good. First of all, it is good in the sense that they have done whatever it led to some correction but at the end of the day, this month has not been bad like March. You know if I look at you in the market, it is up some 1% or whatever month-to-date. So at the end of the day, the correction has happened intra-month, and maybe some, you know, stocks may have fallen more or less but basically you have dealt with the first round of nervousness related to these things, but handled by the market well. So now it doesn't matter and it's good that some of this release of air from a balloon has happened without disrupting the whole market at a bigger level. So it's actually good that it happened.
(Souce: company website)
In hindsight…
","answer":"Samir Arora: But (in) hindsight means see, that day, I could have also felt that you know, I should cut my exposure, reduce my net in my long short front because I had decided that I am going to do everything now based on budget because I am really betting a little bit more in the sense of saying that the budget will be a key part for the next round of whatever happens, although broadly, I've always maintained that to get 13-15% type index returns, you don't need a new event every day. You can just get that normal ongoing growth of corporate earnings and everything but still, you know, you have to see okay, what is the next thing we are excited about in life, and that was the budget rather than getting confused in between that there was this little bit of pressure on mid and small caps and then in the end this month is not bad. So it's okay.
"},"subtype":"q-and-a","text":"In hindsight…
Samir Arora: But (in) hindsight means see, that day, I could have also felt that you know, I should cut my exposure, reduce my net in my long short front because I had decided that I am going to do everything now based on budget because I am really betting a little bit more in the sense of saying that the budget will be a key part for the next round of whatever happens, although broadly, I've always maintained that to get 13-15% type index returns, you don't need a new event every day. You can just get that normal ongoing growth of corporate earnings and everything but still, you know, you have to see okay, what is the next thing we are excited about in life, and that was the budget rather than getting confused in between that there was this little bit of pressure on mid and small caps and then in the end this month is not bad. So it's okay.
(Souce: company website)
I want to know the Samir Arora view on the argument that some people were bearish make about how there are telltale signs, promoter exits happening in a flurry, valuations looking expensive, so on so forth, and why therefore, the markets should come off and not just have a small corrective move. What is your analysis?
","answer":"Samir Arora: By the way, I also feel that the results in April will be not so great in actually two sectors. One is I.T. for sure and one is regular consumer normal consumer type companies. So in that same way, what is left you know, you have to keep doing new things and new sectors. So big picture, broadly in the next 15-30 days, is not good. But the consumer thing to me doesn't look like anybody can say that therefore the consumer sector in India is dead, which broadly I'm saying a little bit for the IT sector, but for the consumer sector you it's okay. You know, if it corrects a little, that's why I'm saying don't get confused day-to-day on what might happen in 15-20 days here or there, because it’s quite possible that the results in some of the sectors are disappointing or some people may say, we have already discounted, we have non-discounted. But coming to your question, that the correction should be more severe. Why, if the world was doing badly and we were doing well, that could have been one reason, but that's not the case. Actually, we are underperforming the world this year. World means U.S.and all.
Second is one way of looking at it is that if our recent returns are very high as compared to our say 5-10 year results, then you could say recent results are very high. Therefore there'll be a correction. Just like if you would say that recent performance of the market is very high. Therefore it's you know, beyond normal, or you could say the other way around that the recent performance of the market is very bad, therefore, it's a good time to invest. Now, you may please check on your system if you see the last two-year returns of the market. It's very similar to the last five year terms of the market. Last two years, which means calendar ‘22 and calendar ‘23 combined. The combined is less than 15% per annum and that is the same as the last five year time return and the last 15-year time return, the last 20-year time returns, which are in the 15-ish 14 to the 15% type in rupee terms, annual returns.
So by chance this time the last few years returns are the same as the last 5-10 years, so you can't get a signal from that. Now of course you could say I won’t look at the last two years. I will look at the last one year, then of course it's much higher. But what I'm saying is normally if you look at it one reason for ‘23 being very good was because ‘22 was very bad and therefore if you just do broadly this thing, it doesn't look that you're coming at some great high point, just like it doesn't look that you're coming at some really extraordinarily cheap level. So therefore it's a normal market which also is a fair market. It is not that every market should be very cheap before you buy. Maybe you don't get re-rating anymore. Mostly you will not get and you get the earnings growth and that earnings growth is a mid teen type range, I believe so you get that kind of return, what is so unreasonable about it.
"},"subtype":"q-and-a","text":"I want to know the Samir Arora view on the argument that some people were bearish make about how there are telltale signs, promoter exits happening in a flurry, valuations looking expensive, so on so forth, and why therefore, the markets should come off and not just have a small corrective move. What is your analysis?
Samir Arora: By the way, I also feel that the results in April will be not so great in actually two sectors. One is I.T. for sure and one is regular consumer normal consumer type companies. So in that same way, what is left you know, you have to keep doing new things and new sectors. So big picture, broadly in the next 15-30 days, is not good. But the consumer thing to me doesn't look like anybody can say that therefore the consumer sector in India is dead, which broadly I'm saying a little bit for the IT sector, but for the consumer sector you it's okay. You know, if it corrects a little, that's why I'm saying don't get confused day-to-day on what might happen in 15-20 days here or there, because it’s quite possible that the results in some of the sectors are disappointing or some people may say, we have already discounted, we have non-discounted. But coming to your question, that the correction should be more severe. Why, if the world was doing badly and we were doing well, that could have been one reason, but that's not the case. Actually, we are underperforming the world this year. World means U.S.and all.
Second is one way of looking at it is that if our recent returns are very high as compared to our say 5-10 year results, then you could say recent results are very high. Therefore there'll be a correction. Just like if you would say that recent performance of the market is very high. Therefore it's you know, beyond normal, or you could say the other way around that the recent performance of the market is very bad, therefore, it's a good time to invest. Now, you may please check on your system if you see the last two-year returns of the market. It's very similar to the last five year terms of the market. Last two years, which means calendar ‘22 and calendar ‘23 combined. The combined is less than 15% per annum and that is the same as the last five year time return and the last 15-year time return, the last 20-year time returns, which are in the 15-ish 14 to the 15% type in rupee terms, annual returns.
So by chance this time the last few years returns are the same as the last 5-10 years, so you can't get a signal from that. Now of course you could say I won’t look at the last two years. I will look at the last one year, then of course it's much higher. But what I'm saying is normally if you look at it one reason for ‘23 being very good was because ‘22 was very bad and therefore if you just do broadly this thing, it doesn't look that you're coming at some great high point, just like it doesn't look that you're coming at some really extraordinarily cheap level. So therefore it's a normal market which also is a fair market. It is not that every market should be very cheap before you buy. Maybe you don't get re-rating anymore. Mostly you will not get and you get the earnings growth and that earnings growth is a mid teen type range, I believe so you get that kind of return, what is so unreasonable about it.
(Souce: company website)
Okay, now, just one more question. Before we take that break and your portfolio allocation shows that you are underweight on I.T. But did I hear Samir Arora say that the I.T. sector is dead?
","answer":"Samir Arora: Well, I have been zero weight since 2022 July and underweight since Jan ‘22 and all my life and for that I'm overweight on I.T. and even ran a big IT fund even in India, one in Asia. So I don't know whether it is dead or not. But it is not doing well and the issues are more than just you know, what happened this month that month kind of thing. It is a serious issue. But broadly, I always believed that the Indian IT companies do not properly guide and I saw that many times in my life, so I don't listen to them or ask them what it is. I draw my conclusions from the big picture in this case and the big picture is against I.T. and so there are many reasons for that. First is that these Indian I.T. guys are not hiring themselves.
They aren’t even having the decency to honour on-campus recruitment, I mean, how much more signal do you want that they don't see the potential. Second is we broadly know that AI is getting a lot of investment, what is the true objective of AI? One could be that you are doing things which human beings could not do. Let us say some drug discovery, some new metal discovery for which the accelerated computing as required and AI is required. God knows what is required. But the second is to replace jobs and the replacement jobs and to bring things on shore and near shore and, you know, a fight between different countries and hacking and everything means that one purpose of that AI is to replace jobs and those jobs that you replace are of people who use computers. It is very difficult, although that is also being tried. By doing, say autonomous driving, that you're trying to replace jobs of people who didn't use a computer. But at the first level it will be that a computer can replace a job of a person using a computer. The big picture has to shrink. So don't tell me that we have all these cost reduction orders which have a very different margin profile, very big projects they are announced but that is you can multiply an order by 15 years and call it a $1 billion order or if you multiply by five years, it will be a $500 million order and then you can always have an option for that company to break it after seven years. All you have to do is get a $50 million a year order and you say it's a 1 billion order because it's for 20 years.
But between you and the company there is an exit after eight years. They are not telling us all that and I don't believe in cost cutting orders being immediately good. They might be good one day in the end when you cut the costs and you move those guys offshore or what have you done with them. But in the big picture I don't like it but the second reason is, other sectors are doing well and I have $100. So why should I bother? If nothing else was doing well, I’ll be forced to say, is it discounted, is it not discounted, has it fallen too much. Now I say why, first I should have a reason and the stocks haven't done so badly. They did badly in my first year of not having them. In the second year they have done actually well. So they have not hurt me only because some other sorts also did well like Zomato or HPCL or whatever worked for me. So that same money. Why am I banging my head in a complicated situation, since many other stocks are going well and the amount is the same, put in here or you put it there. So unless it really pains me, I don't need to go to the stage of analysing if it is discounted or non discounted, will the third quarter be better because the stocks haven't done badly. Actually it's not that I have hugely gained relative to an index. But I don't like it right now.
"},"subtype":"q-and-a","text":"Okay, now, just one more question. Before we take that break and your portfolio allocation shows that you are underweight on I.T. But did I hear Samir Arora say that the I.T. sector is dead?
Samir Arora: Well, I have been zero weight since 2022 July and underweight since Jan ‘22 and all my life and for that I'm overweight on I.T. and even ran a big IT fund even in India, one in Asia. So I don't know whether it is dead or not. But it is not doing well and the issues are more than just you know, what happened this month that month kind of thing. It is a serious issue. But broadly, I always believed that the Indian IT companies do not properly guide and I saw that many times in my life, so I don't listen to them or ask them what it is. I draw my conclusions from the big picture in this case and the big picture is against I.T. and so there are many reasons for that. First is that these Indian I.T. guys are not hiring themselves.
They aren’t even having the decency to honour on-campus recruitment, I mean, how much more signal do you want that they don't see the potential. Second is we broadly know that AI is getting a lot of investment, what is the true objective of AI? One could be that you are doing things which human beings could not do. Let us say some drug discovery, some new metal discovery for which the accelerated computing as required and AI is required. God knows what is required. But the second is to replace jobs and the replacement jobs and to bring things on shore and near shore and, you know, a fight between different countries and hacking and everything means that one purpose of that AI is to replace jobs and those jobs that you replace are of people who use computers. It is very difficult, although that is also being tried. By doing, say autonomous driving, that you're trying to replace jobs of people who didn't use a computer. But at the first level it will be that a computer can replace a job of a person using a computer. The big picture has to shrink. So don't tell me that we have all these cost reduction orders which have a very different margin profile, very big projects they are announced but that is you can multiply an order by 15 years and call it a $1 billion order or if you multiply by five years, it will be a $500 million order and then you can always have an option for that company to break it after seven years. All you have to do is get a $50 million a year order and you say it's a 1 billion order because it's for 20 years.
But between you and the company there is an exit after eight years. They are not telling us all that and I don't believe in cost cutting orders being immediately good. They might be good one day in the end when you cut the costs and you move those guys offshore or what have you done with them. But in the big picture I don't like it but the second reason is, other sectors are doing well and I have $100. So why should I bother? If nothing else was doing well, I’ll be forced to say, is it discounted, is it not discounted, has it fallen too much. Now I say why, first I should have a reason and the stocks haven't done so badly. They did badly in my first year of not having them. In the second year they have done actually well. So they have not hurt me only because some other sorts also did well like Zomato or HPCL or whatever worked for me. So that same money. Why am I banging my head in a complicated situation, since many other stocks are going well and the amount is the same, put in here or you put it there. So unless it really pains me, I don't need to go to the stage of analysing if it is discounted or non discounted, will the third quarter be better because the stocks haven't done badly. Actually it's not that I have hugely gained relative to an index. But I don't like it right now.
(Souce: company website)
You are clearly overweight on financial services unless I'm very wrong. The flexi-cap fund allocation, which I'm an investor in, by the way, standard disclaimer. 37% weightage. That's a large weightage for a sector which is trying to perform but not quite able to?
","answer":"Samir Arora: Thank you very much for investing. I'm not the fund manager of that fund. But broadly speaking, we are all overweight in financials at Helios, including my offshore fund, and the number one reason for that is that the stocks, by the way this year, are not doing badly if you leave out HDFC Bank, the others are like State Bank (of India) is up some I think 17-18% and ICICI is up some 10-11% and this is when the market is up 4% and so maybe even this month HDFC Bank is being compared to the market.
So broadly speaking, the big picture for financials has always been that they are generally going much more than the GDP and earnings growth are in the 15-20% type range. Now for this year and for the last one or two years because they've done badly. The logic has also been that if you think that the market is up a lot, and you know you're still getting these shocks at say one and a half two year old prices. They have definitely underperformed and their valuations are at their lowest that they have been in the last many years. I think because of HDFC Bank overhang in the sense that HDFC bank hasn't done well. It has put other value issues also in check.
Separately, there were these regulatory issues and some shocks but if nothing else, again, we don't have some of them, we only had Paytm. That issue is also over and has been absorbed by the performance. If you look at the mutual fund in India, whether you look at inception to date or months to date or year to date, it has outperformed the benchmark which is NSE 500, which means it has broadly outperformed 70-80% of the funds or 60% of the funds, because not all funds outperform the benchmark. So the big picture, having these has in no way hurt the performance, and there are fundamental reasons for supporting it. So again, as we said, there's no reason to rethink or reconsider any of this.
"},"subtype":"q-and-a","text":"You are clearly overweight on financial services unless I'm very wrong. The flexi-cap fund allocation, which I'm an investor in, by the way, standard disclaimer. 37% weightage. That's a large weightage for a sector which is trying to perform but not quite able to?
Samir Arora: Thank you very much for investing. I'm not the fund manager of that fund. But broadly speaking, we are all overweight in financials at Helios, including my offshore fund, and the number one reason for that is that the stocks, by the way this year, are not doing badly if you leave out HDFC Bank, the others are like State Bank (of India) is up some I think 17-18% and ICICI is up some 10-11% and this is when the market is up 4% and so maybe even this month HDFC Bank is being compared to the market.
So broadly speaking, the big picture for financials has always been that they are generally going much more than the GDP and earnings growth are in the 15-20% type range. Now for this year and for the last one or two years because they've done badly. The logic has also been that if you think that the market is up a lot, and you know you're still getting these shocks at say one and a half two year old prices. They have definitely underperformed and their valuations are at their lowest that they have been in the last many years. I think because of HDFC Bank overhang in the sense that HDFC bank hasn't done well. It has put other value issues also in check.
Separately, there were these regulatory issues and some shocks but if nothing else, again, we don't have some of them, we only had Paytm. That issue is also over and has been absorbed by the performance. If you look at the mutual fund in India, whether you look at inception to date or months to date or year to date, it has outperformed the benchmark which is NSE 500, which means it has broadly outperformed 70-80% of the funds or 60% of the funds, because not all funds outperform the benchmark. So the big picture, having these has in no way hurt the performance, and there are fundamental reasons for supporting it. So again, as we said, there's no reason to rethink or reconsider any of this.
(Souce: company website)
Most certainly, which is a fair argument. But I was just wondering if there are question marks around the point of potential NIM compression and so on and so forth, you know, bother; they don't?
","answer":"Samir Arora: It is so because the stock prices have massively underperformed. Second is even if you look at this year, first of all, obviously, because of all these things, maybe the stocks haven't done well. Secondly, if you look at going forward, can we expect 15-14% type or even 13% type number from HDFC Bank for sure, you will get that I think and not one company in I.T.. and mostly other than these new consumer type companies, none of the other guys are growing 15%. Maybe some of them will grow because their margins might go up or something commodity price cut or something, but broadly 15% that growth is a valuable number not for the highest growth stock that you can find.
But for a reasonable part of the portfolio which we call high confidence in reasonable return. You are not expecting every stock to be like these new Zomato type companies where you expect that the revenue will go 30-40% per annum for many years. You need both kinds of stocks and it's these financials that fit perfectly in our stocks which we call high confidence and reasonable return. Once in a while they don't give that return like HDFC Bank didn’t give last year. But even in ‘22 it gave. by the way, it outperformed the market by seven % in ‘22 calendar year which may be much less than what ICICI and SBI made. But you have two levels of expectation from a stock. One is you do well relative to your industry,but if nothing else at least do better than my benchmark, because the objective is to beat the benchmark properly.
"},"subtype":"q-and-a","text":"Most certainly, which is a fair argument. But I was just wondering if there are question marks around the point of potential NIM compression and so on and so forth, you know, bother; they don't?
Samir Arora: It is so because the stock prices have massively underperformed. Second is even if you look at this year, first of all, obviously, because of all these things, maybe the stocks haven't done well. Secondly, if you look at going forward, can we expect 15-14% type or even 13% type number from HDFC Bank for sure, you will get that I think and not one company in I.T.. and mostly other than these new consumer type companies, none of the other guys are growing 15%. Maybe some of them will grow because their margins might go up or something commodity price cut or something, but broadly 15% that growth is a valuable number not for the highest growth stock that you can find.
But for a reasonable part of the portfolio which we call high confidence in reasonable return. You are not expecting every stock to be like these new Zomato type companies where you expect that the revenue will go 30-40% per annum for many years. You need both kinds of stocks and it's these financials that fit perfectly in our stocks which we call high confidence and reasonable return. Once in a while they don't give that return like HDFC Bank didn’t give last year. But even in ‘22 it gave. by the way, it outperformed the market by seven % in ‘22 calendar year which may be much less than what ICICI and SBI made. But you have two levels of expectation from a stock. One is you do well relative to your industry,but if nothing else at least do better than my benchmark, because the objective is to beat the benchmark properly.
(Souce: company website)
But one last question, more importantly. How do you wrap your head around these new-age investments? In the past you had told me very wisely about how you're awarding fintechs. Now I hear Deepinder Goyal say that Blinkit might disrupt Zomato, Zomato might not stay. I'm just trying to think when you think about it from an investing angle. How do you think about this?
","answer":"Samir Arora: First of all both Zomato and Paytm we thought we bought at good prices. Zomato, we bought at 52 rupees and Paytm at some 510 or 520. This was November 23, whatever, whenever it was ‘22 or ‘23, I have forgotten now. These were after the big falls in both the stocks that Paytm from that price went to Rs 900 or Rs 1,000 or whatever and now it's gone back again. But coming to Zomato I think I was one of the early ones to realise that the management had changed and was willing to bet on that and second that Blinkit is a good thing. People used to talk about the fact that why does anybody need a 20-minute delivery and what are these things that you need? I used to say it doesn't matter. If you get everything in 20 minutes, you want it urgently. But if you have it with you in 20 minutes, what is wrong with that and that expansion of the list of things that can be sold without really thinking that it's super urgent because you're buying it, it's coming to you, you're paying the same price. So how does it matter that it comes in 20 minutes rather than scheduling a delivery for the next day and the fact that people would say that no, the local Kirana guy can do it and I have to say what local Kirana guy, if a big company can do it at the same price they will get better bargaining, they will get better margins from the manufacturer.
They will be open for maybe 20 hours in a day, whereas the local fellow will open maybe at 10am and shut at 8pm or something. These guys can open at 6am and be open till 4am or 3am In the night. So these were easy things to do. Now this thing about disruption. This is management talk. I listen to it. Oh my God, he is disrupting his own. Now, the growth is there. Execution is top class and now even valuation broadly can be justified if you go out a few years and just treat it like a consumer company. But also there is this issue about the fact that if you grow strongly, there is a lot of interest by us and others not for the whole portfolio. This part of the portfolio we call the other way around, reasonable confidence in high return. In the first group you say high confidence in reasonable return. Our only difference with the world and which has made me survive for 20 years with dignity is that I don't have any stock which has high confidence in high return and people who have high confidence in high return are the ones who mostly blow up. So we call the second group reasonable confidence in high return. So it's okay for that category.
"},"subtype":"q-and-a","text":"But one last question, more importantly. How do you wrap your head around these new-age investments? In the past you had told me very wisely about how you're awarding fintechs. Now I hear Deepinder Goyal say that Blinkit might disrupt Zomato, Zomato might not stay. I'm just trying to think when you think about it from an investing angle. How do you think about this?
Samir Arora: First of all both Zomato and Paytm we thought we bought at good prices. Zomato, we bought at 52 rupees and Paytm at some 510 or 520. This was November 23, whatever, whenever it was ‘22 or ‘23, I have forgotten now. These were after the big falls in both the stocks that Paytm from that price went to Rs 900 or Rs 1,000 or whatever and now it's gone back again. But coming to Zomato I think I was one of the early ones to realise that the management had changed and was willing to bet on that and second that Blinkit is a good thing. People used to talk about the fact that why does anybody need a 20-minute delivery and what are these things that you need? I used to say it doesn't matter. If you get everything in 20 minutes, you want it urgently. But if you have it with you in 20 minutes, what is wrong with that and that expansion of the list of things that can be sold without really thinking that it's super urgent because you're buying it, it's coming to you, you're paying the same price. So how does it matter that it comes in 20 minutes rather than scheduling a delivery for the next day and the fact that people would say that no, the local Kirana guy can do it and I have to say what local Kirana guy, if a big company can do it at the same price they will get better bargaining, they will get better margins from the manufacturer.
They will be open for maybe 20 hours in a day, whereas the local fellow will open maybe at 10am and shut at 8pm or something. These guys can open at 6am and be open till 4am or 3am In the night. So these were easy things to do. Now this thing about disruption. This is management talk. I listen to it. Oh my God, he is disrupting his own. Now, the growth is there. Execution is top class and now even valuation broadly can be justified if you go out a few years and just treat it like a consumer company. But also there is this issue about the fact that if you grow strongly, there is a lot of interest by us and others not for the whole portfolio. This part of the portfolio we call the other way around, reasonable confidence in high return. In the first group you say high confidence in reasonable return. Our only difference with the world and which has made me survive for 20 years with dignity is that I don't have any stock which has high confidence in high return and people who have high confidence in high return are the ones who mostly blow up. So we call the second group reasonable confidence in high return. So it's okay for that category.
(Souce: company website)
(Bloomberg) -- Treasuries slipped while S&P 500 futures fluctuated on the last trading day of the quarter as Federal Reserve Governor Christopher Waller poured cold water on the path to lower interest rates.
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/95a1c41c-a0a6-4220-8e35-22b003c4b16d","type":"text","family-id":"c801e938-7290-4fd6-abc9-a4561514bf4f","title":"","id":"95a1c41c-a0a6-4220-8e35-22b003c4b16d","metadata":null,"subtype":null,"text":"In a speech titled, “There’s Still No Rush,” Waller said the Fed still needs to see lower inflation before easing monetary policy. Two-year Treasury yields rose five basis points and the dollar strengthened. US stock futures were little changed after the S&P 500 closed at a record yesterday.
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/6185ada0-0d11-4934-86f8-b5255d869353","type":"text","family-id":"cf404e41-2ff4-4727-9f7f-d40e26d16924","title":"","id":"6185ada0-0d11-4934-86f8-b5255d869353","metadata":null,"subtype":null,"text":"“Market easing expectations for the Fed still need to adjust,” Win Thin and Elias Haddad, strategists at Brown Brothers Harriman wrote in a note.
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/50d738c6-53f6-4d7c-9cf6-f82c36b75c25","type":"text","family-id":"2d5699ff-828c-444e-9184-d93973c4538d","title":"","id":"50d738c6-53f6-4d7c-9cf6-f82c36b75c25","metadata":null,"subtype":null,"text":"Still, stock markets are on cusp of closing out blockbuster gains for the quarter. MSCI’s global equity index has soared 8% in the past three months, supported by rallies in the US, Japan and the frenzy for artificial intelligence. Data on US economic growth and jobless claims are scheduled later today. The Fed’s preferred inflation gauge — the core personal consumption expenditures price index — is due on Friday, when markets will be closed.
"},{"description":"","image-metadata":null,"page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/cab8afda-8e71-4c0b-aaee-d49ca0ba63a5","type":"image","family-id":"21b05944-8917-4b94-bd85-46fcb1d6b010","image-attribution":"","title":"","id":"cab8afda-8e71-4c0b-aaee-d49ca0ba63a5","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/a6fff78d-90ce-48b6-89ba-586b6e4626e2/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ixcxF2Tl9d_U/v2/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/917f71cd-2de7-4a58-ac90-867b762e1ea5","type":"text","family-id":"5d57149c-c47f-49d9-9e34-b7800c9fd0d9","title":"","id":"917f71cd-2de7-4a58-ac90-867b762e1ea5","metadata":null,"subtype":null,"text":"“No one wants to make bold moves heading into a high-impact data release that drops on a public holiday,” said Kyle Rodda, senior market analyst at Capital.Com Inc. “A hot inflation print raises pretty meaningful downside risks for equities given the fears that price growth could be accelerating, if not re-anchoring higher.”
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/84d6626a-c181-445f-bb1b-12d398b3a0e1","type":"text","family-id":"5b59e77f-b5e0-4ce0-abae-1b9f8004978f","title":"","id":"84d6626a-c181-445f-bb1b-12d398b3a0e1","metadata":null,"subtype":null,"text":"In Europe, the Stoxx 600 added 0.3%, marking a four-day winning streak. The rally in European stocks has broadened out this month beyond the biggest names on the benchmark such as ASML Holding NV and Novo Nordisk A/S, unlike the US where the gains remain concentrated in big tech stocks.
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/0573294a-18b2-4b7a-8f62-c5accbdcc975","type":"text","family-id":"48d38a87-10f7-4845-abe9-ad7362d4855f","title":"","id":"0573294a-18b2-4b7a-8f62-c5accbdcc975","metadata":null,"subtype":null,"text":"Meanwhile, the euro fell to a five-week low and traded below $1.08 as the dollar strengthened.
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/3684bafd-cceb-4771-a773-e85745dc41f1","type":"text","family-id":"827bdaec-1423-47eb-8efb-3b17c3c884a2","title":"","id":"3684bafd-cceb-4771-a773-e85745dc41f1","metadata":null,"subtype":null,"text":"Waller pointed to a strong US economy and robust hiring as further reasons the Fed has room to wait to gain confidence that inflation is on a sustained path toward the 2% target. “In my view, it is appropriate to reduce the overall number of rate cuts or push them further into the future in response to the recent data,” he said in prepared remarks Wednesday before the Economic Club of New York.
"},{"description":"","image-metadata":null,"page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/f449136c-977d-4ae8-b481-785fc2264479","type":"image","family-id":"d4342eae-04f5-4eb0-945f-36cb4ff93aa5","image-attribution":"","title":"WATCH: Mark Cudmore and Anna Edwards break down today’s key themes for analysts and investors.Source: Bloomberg","id":"f449136c-977d-4ae8-b481-785fc2264479","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/653d9672-d308-45f4-a1f9-8dba5bd0be5a/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iBuKF5mPlKNs/v3/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/e4039e15-ccc4-469c-9908-d12f9b8b6dcb","type":"text","family-id":"d6c3ca79-2a26-4cae-be3e-043cfb8b4ab0","title":"","id":"e4039e15-ccc4-469c-9908-d12f9b8b6dcb","metadata":null,"subtype":null,"text":"Key events this week:
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/9256e81b-cd05-42b2-bb25-5ef4ec6ebfa6","type":"text","family-id":"f9a876c6-0677-4523-860a-941ffe99aa06","title":"","id":"9256e81b-cd05-42b2-bb25-5ef4ec6ebfa6","metadata":null,"subtype":null,"text":"Stocks
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/a40cf60f-f25f-4d8a-a148-c79b1201f428","type":"text","family-id":"5dbb9a46-36c9-4ee5-a403-023e0a7b026e","title":"","id":"a40cf60f-f25f-4d8a-a148-c79b1201f428","metadata":null,"subtype":null,"text":"Currencies
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/a843c368-86bd-40f1-b247-d1d6fbebf3ea","type":"text","family-id":"e0d4dddc-d5b6-48c3-bb96-af7f5a576e6c","title":"","id":"a843c368-86bd-40f1-b247-d1d6fbebf3ea","metadata":null,"subtype":null,"text":"Cryptocurrencies
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/f426ff07-982d-4fab-b13a-5f9462393c15","type":"text","family-id":"0974bb01-eacb-4a3b-9140-63c0d9676679","title":"","id":"f426ff07-982d-4fab-b13a-5f9462393c15","metadata":null,"subtype":null,"text":"Bonds
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/ff7c686a-3432-40f4-9868-1989032b7461","type":"text","family-id":"87569ab5-9d60-4108-a5d3-f74844809e89","title":"","id":"ff7c686a-3432-40f4-9868-1989032b7461","metadata":null,"subtype":null,"text":"Commodities
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/f2cd6a92-5f64-42cf-b04e-206dfda8dba9","type":"text","family-id":"928cbe13-efa6-4203-8a47-aa948225a311","title":"","id":"f2cd6a92-5f64-42cf-b04e-206dfda8dba9","metadata":null,"subtype":null,"text":"This story was produced with the assistance of Bloomberg Automation.
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/244355ec-4261-4275-a986-f10231b62302","type":"text","family-id":"dbe04962-38de-4944-9679-11f1edc950fd","title":"","id":"244355ec-4261-4275-a986-f10231b62302","metadata":null,"subtype":null,"text":"--With assistance from Michael Msika, Julien Ponthus, Tassia Sipahutar and Jan-Patrick Barnert.
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/02b90cb0-8ce5-498b-96db-e1bdc0e6c53f","type":"text","family-id":"5fa2278d-479a-478b-9a40-9a27b02e52f6","title":"","id":"02b90cb0-8ce5-498b-96db-e1bdc0e6c53f","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/025a7919-675f-4a72-b6bd-c212a1f20d86/element/d60dff43-d67e-42d2-a6a1-3e6e53ee201f","type":"text","family-id":"6ed9af13-cc9d-4cf3-896c-97e902c3ce01","title":"","id":"d60dff43-d67e-42d2-a6a1-3e6e53ee201f","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711580284873,"content-version-id":"05ead926-2e45-4898-a6df-b8f4d2845e81","card-added-at":1711580284873,"status":"draft","id":"57704765-a54a-413e-b541-8f47753df635","content-id":"57704765-a54a-413e-b541-8f47753df635","version":77,"metadata":{"social-share":{"shareable":true,"title":"Bonds Fall And Stocks Waver On Rate-Cut Pushback: Markets Wrap","message":"Track the global equity, currency and commodity markets here.","image":{"key":"bloombergquint/2024-03/a6fff78d-90ce-48b6-89ba-586b6e4626e2/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1669193,"first-published-at":1711585668703,"story-template":"syndicated","authors":[{"slug":"kit-rees-3","social":{},"name":"Kit Rees","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669193,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["markets"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-27/stock-market-today-dow-s-p-live-updates","imported-card-id":"57704765-a54a-413e-b541-8f47753df635","card-share":{"shareable":true}}}},{"id":"578d3464-9cb9-4d6f-8183-f03309daf5f7","associated-metadata":{},"type":"story","story":{"author-name":"Anjali Rai","headline":"Financial Year Recap: How Indian Markets Outscored Global Counterparts","slug":"business/fy24-recap-how-indian-markets-outscored-global-counterparts","last-published-at":1711623058082,"alternative":{"home":{"default":{"headline":"How Indian Markets Outscored Global Counterparts","hero-image":null}}},"sections":[{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"notifications","name":"Notifications","section-url":"https://www.ndtvprofit.com/notifications","id":16055,"parent-id":null,"display-name":"Notifications","collection":{"slug":"notifications","name":"Notifications ","id":32342},"data":null}],"hero-image-metadata":{"mime-type":"image/jpeg","focus-point":[800,450],"width":1600,"file-size":461822,"file-name":"Till up Exterior front view of NSE signage, logo at office building in BKC, Bandra Kurla Complex. (Source Vijay Sartape BQ Prime) National Stock Exchange. 280623 (2).jpeg","height":900},"published-at":1711623058082,"summary":"A lot of investors do struggle with high valuations, resulting in some money staying on the sidelines, says Citi Research.","id":"578d3464-9cb9-4d6f-8183-f03309daf5f7","hero-image-s3-key":"bloombergquint/2024-03/9601cd16-ed9d-45e5-9529-34671c349101/Till_up_Exterior_front_view_of_NSE_signage__logo_at_office_building_in_BKC__Bandra_Kurla_Complex___S.jpeg","cards":[{"story-elements":[{"description":"","page-url":"/story/578d3464-9cb9-4d6f-8183-f03309daf5f7/element/3d82bf56-2800-45a7-b830-d9a3134a5434","type":"text","family-id":"c6b364fc-1498-476b-8d91-4344bdc28dcb","title":"","id":"3d82bf56-2800-45a7-b830-d9a3134a5434","metadata":{},"subtype":null,"text":"In the financial year 2024, the Indian Headline Index notably outperformed several major global peers, including the Dow Jones Industrial Average, Euro Stoxx 50, FTSE 100, Hang Seng and KOSPI.
Conversely, domestic Indian indices lagged behind the Nikkei, Nasdaq Composite and S&P 500 during the same period.
"},{"description":"","page-url":"/story/578d3464-9cb9-4d6f-8183-f03309daf5f7/element/5948da3c-db13-4360-b8f9-34daea81a588","type":"text","family-id":"6d015150-fe74-45bc-b442-02151b0b155a","title":"","id":"5948da3c-db13-4360-b8f9-34daea81a588","metadata":{},"subtype":null,"text":"Investors' interest in India remains very high, given the increased weightage of the country in MSCI indices, even as the high valuations continue to weigh on sentiments, according to a Citi Research report.
Reasons for a favourable bias on India are secular growth outlook particularly relative to peers, supportive macro, expectation of policy continuity in an election year, financialisation of savings, it said.
However, a lot of investors do struggle with high valuations, resulting in some money staying on the sidelines, Citi Research said.
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"},{"description":"","page-url":"/story/578d3464-9cb9-4d6f-8183-f03309daf5f7/element/3f5fbdca-ea1e-414e-a154-8ea970a1cede","type":"text","family-id":"44d683ee-c337-42d2-ac3e-9192c409aca4","title":"","id":"3f5fbdca-ea1e-414e-a154-8ea970a1cede","metadata":{"linked-story-id":"d701ec06-3dd4-4e59-8bc4-0cce0b4b21e9","linked-story":{"headline":"Lok Sabha Elections: How Foreign Investors Navigated The Last Five Polls","story-content-id":"d701ec06-3dd4-4e59-8bc4-0cce0b4b21e9","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"d701ec06-3dd4-4e59-8bc4-0cce0b4b21e9","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Lok Sabha Elections: How Foreign Investors Navigated The Last Five Polls"},{"description":"","page-url":"/story/578d3464-9cb9-4d6f-8183-f03309daf5f7/element/01ceff08-2656-4dfa-8f05-1b847709698a","type":"text","family-id":"ca7cde9d-f5eb-4120-9000-c93576ade55b","title":"","id":"01ceff08-2656-4dfa-8f05-1b847709698a","metadata":{},"subtype":null,"text":"Throughout the fiscal year, the Nifty 50 has consistently reached new peaks, with milestones such as surpassing 19,000 points in June, climbing to 20,000 and 21,000 levels in September and December respectively. January saw another significant leap as it crossed the 22,000 mark.
December marked a historic moment as the market capitalisation of Indian listed companies on the National Stock Exchange crossed $4 trillion for the first time.
There has been a notable increase in activity within the Indian primary market as companies capitalise on the bullish market conditions to raise funds.
"},{"description":"","page-url":"/story/578d3464-9cb9-4d6f-8183-f03309daf5f7/element/e4519b75-69f2-4deb-b285-065e8ceb2a68","type":"text","family-id":"1b336f49-4bc4-4ec9-886b-4b35d107ecce","title":"","id":"e4519b75-69f2-4deb-b285-065e8ceb2a68","metadata":{"linked-story-id":"6ada7b89-f861-44c9-9c8d-b364b758c461","linked-story":{"headline":"India's Market Cap Above $4 Trillion Amid Positive Sentiment Ahead Of General Election","story-content-id":"6ada7b89-f861-44c9-9c8d-b364b758c461","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"6ada7b89-f861-44c9-9c8d-b364b758c461","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"India's Market Cap Above $4 Trillion Amid Positive Sentiment Ahead Of General Election"}],"card-updated-at":1711615305042,"content-version-id":"3878b23d-e59f-48aa-bb81-e593d1e17ca9","card-added-at":1711609688015,"status":"draft","id":"41e19977-28c2-4138-81f3-9b95dcfdd375","content-id":"41e19977-28c2-4138-81f3-9b95dcfdd375","version":29,"metadata":{"social-share":{"shareable":true,"title":"Financial Year Recap: How Indian Markets Outscored Global Counterparts","message":"A lot of investors do struggle with high valuations, resulting in some money staying on the sidelines, says Citi Research.","image":{"key":"bloombergquint/2024-03/9601cd16-ed9d-45e5-9529-34671c349101/Till_up_Exterior_front_view_of_NSE_signage__logo_at_office_building_in_BKC__Bandra_Kurla_Complex___S.jpeg","url":null,"attribution":null,"caption":"The NSE building in Mumbai. (Source: Vijay Sartape/NDTV Profit)
Despite being India's most-watched sport, revenue of Indian Premier League teams have stayed stubbornly stagnant for the past four years.
With the share from central pool remaining largely constant over the broadcaster deal period, a stagnant growth for the teams' revenues can be attributed to a lackluster growth in sponsorships, merchandise sales and ticket sales.
"},{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/a654792b-c825-43f3-93e3-9c67fdac951a","type":"title","family-id":"9003e1e3-ff15-4813-b6ac-d87b750ada21","title":"","id":"a654792b-c825-43f3-93e3-9c67fdac951a","metadata":{},"subtype":null,"text":"Stable Central Pool"},{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/1db0a339-0960-44b3-9e22-357bb73fe54b","type":"text","family-id":"ef1608d9-e1c0-4f1b-8e95-8308d1df0f61","title":"","id":"1db0a339-0960-44b3-9e22-357bb73fe54b","metadata":{},"subtype":null,"text":"Franchises earn a major part of their revenue from a central pool collected by the Board of Cricket Council in India, which is then distributed equitably among the teams.
This central pool is formed in a large part by the broadcasting fees collected for a fixed period, combined with sponsorship fees, and fees received from old and new franchises.
"},{"description":"","image-metadata":{"width":4000,"height":2250,"mime-type":"image/png","file-size":207904,"file-name":"REVENUE STREAMS FOR BCCI AND INDIVIDUAL TEAMS-01.png"},"page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/64d01cf4-8319-4432-baf9-01017a0eb4bf","type":"image","family-id":"d294ffef-873d-4dec-9095-62d9eef1d46c","image-attribution":"","title":"","id":"64d01cf4-8319-4432-baf9-01017a0eb4bf","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/cd57279e-cd7b-4dfd-b407-3588b719ffbe/REVENUE_STREAMS_FOR_BCCI_AND_INDIVIDUAL_TEAMS_01.png","metadata":{},"subtype":null},{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/ec3b2c3c-cee9-45eb-aaae-8183025fbc0f","type":"text","family-id":"6d938dda-25cf-4bfb-980e-11d71a2a236b","title":"","id":"ec3b2c3c-cee9-45eb-aaae-8183025fbc0f","metadata":{},"subtype":null,"text":"Half of the revenue generated by BCCI gets retained, while 45% is shared equally among the franchises, and the remaining 5% is distributed on the basis of the team's performance.
"}],"card-updated-at":1711534240653,"content-version-id":"88d4204e-fee9-4969-a923-0bcc72b148cc","card-added-at":1711430824474,"status":"draft","id":"48ca97c6-513a-41a3-8339-63b4b4689c1c","content-id":"48ca97c6-513a-41a3-8339-63b4b4689c1c","version":111,"metadata":{"social-share":{"shareable":true,"title":"IPL Teams' Revenue Stagnates Despite A Stable Central Pool","message":"The financial growth of individual teams depends on how each franchisee raise sales from non-broadcast revenues. So far, they have failed to develop this segment.","image":{"key":"bloombergquint/2024-03/cd57279e-cd7b-4dfd-b407-3588b719ffbe/REVENUE_STREAMS_FOR_BCCI_AND_INDIVIDUAL_TEAMS_01.png","url":null,"attribution":"","caption":null,"metadata":{"width":4000,"height":2250,"mime-type":"image/png","file-size":207904,"file-name":"REVENUE STREAMS FOR BCCI AND INDIVIDUAL TEAMS-01.png"}}},"attributes":{}}},{"story-elements":[{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/918a8d92-0f88-45c9-8a1f-5ef94ec803a4","type":"title","family-id":"e02fa246-a01e-4fb9-bbeb-caa0c0c7d468","title":"","id":"918a8d92-0f88-45c9-8a1f-5ef94ec803a4","metadata":{},"subtype":null,"text":"Central Pool To Bolster Revenue Further"},{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/59e214b5-475f-475d-8930-7e6f39138081","type":"text","family-id":"79fb2975-3d99-43a0-aefa-2f97087fd598","title":"","id":"59e214b5-475f-475d-8930-7e6f39138081","metadata":{},"subtype":null,"text":"A major part of the central pool is formed by broadcasting fees, which are set to be updated in the current year's results.
For the upcoming five-year period through 2027, Star India won the television broadcasting rights for Rs 4,700 crore a year, and Viacom18 - JioCinema won the digital format for Rs 4,800 crore a year.
This compares to the Rs 3,300 fees paid by Star India and Hotstar over CY18-22, who held the rights to television as well as digital broadcasting.
"},{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/f5e52f93-38b2-4ee7-a9d1-d410010fa28e","type":"text","family-id":"c60045eb-d52e-495c-bb65-1f75b05da0f3","title":"","id":"f5e52f93-38b2-4ee7-a9d1-d410010fa28e","metadata":{},"subtype":null,"text":"While the amount received from the central pool may thereby rise over the next reported financial results, the five-year period that follows may see further stagnation in franchise revenues should the trend in revenues from sponsorships, merchandise sales and ticket sales persist.
"},{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/1749749e-fc3f-4eb1-be0f-f56a08a0f728","type":"title","family-id":"44afc37a-cdc5-418c-8611-7a1f2271fdb0","title":"","id":"1749749e-fc3f-4eb1-be0f-f56a08a0f728","metadata":{},"subtype":null,"text":"Non-Core Revenue Plateaus Out"},{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/8bcd0d44-f30f-4652-a661-840614103924","type":"text","family-id":"a91d3a3c-ca15-42a5-9b0e-36fca3fe370f","title":"","id":"8bcd0d44-f30f-4652-a661-840614103924","metadata":{},"subtype":null,"text":"Massive broadcast rights deals drive core revenue, a guaranteed inflow that supports franchise valuations.
However, teams also have supplementary revenue streams independent of the central pool, such as sponsorship deals, ticket sales, and match rewards, which make up their non-core revenue.
Traditionally, these non-central pool revenues were expected to grow steadily, reflecting the increasing popularity and commercialisation of the IPL. Many teams had signed multi-year sponsorship deals with brands like Jio, Byju's, and Hero MotoCorp.
But despite the league's continued success, with viewership soaring and global interest intensifying, team revenues have hit a plateau.
"},{"description":"","embed-js":"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","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/3e142386-d039-4468-b423-e5b58455e68e","type":"jsembed","family-id":"170e5ca6-cf1c-418e-8fed-058af0b3500f","title":"","id":"3e142386-d039-4468-b423-e5b58455e68e","metadata":{},"subtype":null},{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/d65876cc-0e75-4430-81f8-eca68c6a1128","type":"text","family-id":"e0fabd70-2561-4280-bd97-1c754f872370","title":"","id":"d65876cc-0e75-4430-81f8-eca68c6a1128","metadata":{},"subtype":null,"text":"Note: Revenues for 2022 and 2023 see the addition of Gujarat Titans and Lucknow Super Giants.
"},{"description":"","page-url":"/story/48e63205-f45c-4af7-a627-bc5b5220b6ff/element/343db961-9f3a-42f0-b01e-bf85bd5a13e2","type":"text","family-id":"366de592-eed2-40da-aa87-92e98862f014","title":"","id":"343db961-9f3a-42f0-b01e-bf85bd5a13e2","metadata":{},"subtype":null,"text":"A main reason for this might be the short format of the league.
\"The short format is a constraint to both stadium revenues on account of the low number of matches and team merchandise sales on account. While IPL teams do well on broadcasting and sponsorship revenue, match-day revenues lag global leagues due to IPL's short duration of about 2 months compared to global football leagues, which run through the year,\" according to a Jefferies report.
"}],"card-updated-at":1711521249244,"content-version-id":"4f5cb2f0-39f4-415b-b986-fd1a413c20c1","card-added-at":1711445543260,"status":"draft","id":"3e77b345-d309-4ad4-9e5d-fa585e55a81f","content-id":"3e77b345-d309-4ad4-9e5d-fa585e55a81f","version":67,"metadata":{"social-share":{"shareable":true,"title":"IPL Teams' Revenue Stagnates Despite A Stable Central Pool","message":"The financial growth of individual teams depends on how each franchisee raise sales from non-broadcast revenues. So far, they have failed to develop this segment.","image":{"key":"bloombergquint/2024-03/94c75ad3-9c50-4297-b222-048c9340f297/Narendra_new.jpg","url":null,"attribution":null,"caption":"Narendra Modi Stadium, Ahmedabad, Gujarat, India. (Photo: iplt20.com)
The impact of stagnant non-core revenue extends beyond the ticket booths.
Franchises have not been so far able to scale up revenues on the non-BCCI front. Commercial revenues and stadium revenues have so far remained muted for Indian franchisees. Globally, this revenue is seen as significant compared to the central broadcasting revenue earned by many football franchisees.
Notwithstanding the exponential surge in the valuations and revenue of the IPL, the financial growth of individual teams depends on how each franchisee can raise sales from non-broadcast revenues. So far, they have failed to develop this segment, which includes merchandise, ticketing and other events.
"}],"card-updated-at":1711521249244,"content-version-id":"a77fe0c7-8160-4711-baea-f4301770ca90","card-added-at":1711445409802,"status":"draft","id":"9959fa92-6a3e-4858-a66b-ab18a00b908f","content-id":"9959fa92-6a3e-4858-a66b-ab18a00b908f","version":61,"metadata":{"social-share":{"shareable":true,"title":"IPL Teams' Revenue Stagnates Despite A Stable Central Pool","message":"The financial growth of individual teams depends on how each franchisee raise sales from non-broadcast revenues. So far, they have failed to develop this segment.","image":{"key":"bloombergquint/2024-03/ca7d0ea1-f81e-4adb-a544-ef6acc3734e1/REVENUE_MIX_ACROSS_GLOBAL_LEAGUES.png","url":null,"attribution":"","caption":null,"metadata":{"width":1920,"height":1080,"focus-point":[1690,83]}}},"attributes":{}}}],"author-id":1761280,"first-published-at":1711534252461,"story-template":"text","authors":[{"slug":"chinmay-vasdev","social":{"linkedin":{"url":"https://in.linkedin.com/in/chinmay-vasdev-51a2b4171","handle":"Chinmay Vasdev"}},"name":"Chinmay Vasdev","contributor-role":{"id":260,"name":"Author"},"avatar-url":"https://media.assettype.com/bloombergquint/2023-09/cef400b2-f909-40b4-bb99-1d088f1acaeb/chinmay.png","bio":"Chinmay Vasdev covers Business and Markets as a part of the research team. He is a graduate in Business Economics (Honours) from University of Delhi, and a post-graduate in journalism and mass communication from Xavier Institute of Communications, Mumbai. He holds prior experience in Visual Communication, and is interested in all aspects of film production, and all things numbers.","id":1761280,"avatar-s3-key":"bloombergquint/2023-09/cef400b2-f909-40b4-bb99-1d088f1acaeb/chinmay.png","twitter-handle":null},{"slug":"agnidev-bhattacharya","social":{"linkedin":{"url":"https://www.linkedin.com/in/agnidev-bhattacharya-65b772191/?originalSubdomain=in"}},"name":"Agnidev Bhattacharya","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":"Agnidev covers business, markets and corporate news for BQ Prime. He holds a bachelor's degree in journalism from Madras Christian College, and a postgraduate diploma in broadcast journalism from the Indian Institute of Journalism and New Media. When not tracking news, Agnidev likes reading about cinema and society.","id":1775987,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"card-share":{"shareable":true}}}},{"id":"3fc6f587-b4f7-4a0a-aa29-fe222412fcf9","associated-metadata":{},"type":"story","story":{"author-name":"Anjali Rai","headline":"Financial Year Recap: How Nifty50 Performed Compared To Gold, Bitcoin And Other Asset Classes","slug":"markets/fy24-recap-how-nifty50-performed-compared-to-gold-bitcoin-and-more","last-published-at":1711614615912,"alternative":{"home":{"default":{"headline":"FY24 Recap: How Nifty50 Performed Compared To Gold, Bitcoin And More","hero-image":null}}},"sections":[{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"notifications","name":"Notifications","section-url":"https://www.ndtvprofit.com/notifications","id":16055,"parent-id":null,"display-name":"Notifications","collection":{"slug":"notifications","name":"Notifications ","id":32342},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null}],"hero-image-metadata":{"mime-type":"image/jpeg","focus-point":[724,305],"width":1248,"file-size":577929,"file-name":"BSE Source_Vijay_Sartape_NDTV_Profit.jpg","height":702},"published-at":1711614615912,"summary":"The Nifty and the Sensex soared to new heights, with the Nifty rising over 5,000 points and surpassing the 22,000 mark and the Sensex breaching the 74,000 jumping over 15,000 points.","id":"3fc6f587-b4f7-4a0a-aa29-fe222412fcf9","hero-image-s3-key":"bloombergquint/2023-12/10fac50f-d4b5-469b-9e5f-d7fc757c15a3/BSE_Source_Vijay_Sartape_NDTV_Profit.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/6e30c423-2d00-4b13-a501-7f285e256344","type":"text","family-id":"d00a4d56-2ec2-484c-9e08-fdf686b9430b","title":"","id":"6e30c423-2d00-4b13-a501-7f285e256344","metadata":{},"subtype":null,"text":"As the financial year of 2024 draws to a close, investors are a happy lot. Various asset classes, from equities to cryptocurrencies, gave stellar returns during this period and some of this was fueled by the high global geopolitical tensions witnessed in the past 12 months.
The Nifty and the Sensex soared to new heights, with the former rising over 5,000 points and surpassing the 22,000 mark and the latter breaching 74,000 jumping over 15,000 points.
The traditional and alternative asset classes alike experienced substantial gains too. Gold, a traditional safe-haven asset, witnessed a surge hitting a new high.
Simultaneously, the cryptocurrency market, led by Bitcoin, achieved a new peak.
"},{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/eed65c4b-7825-4f81-b5ca-5ed05e23ed27","type":"title","family-id":"1e6396be-edd5-4d63-b2e1-d105fdbc70a5","title":"","id":"eed65c4b-7825-4f81-b5ca-5ed05e23ed27","metadata":{},"subtype":null,"text":"Nifty, Sensex & The Broader Markets"},{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/2bd894c7-448d-4816-82f5-4b7a8afb4faa","type":"text","family-id":"005259e4-5c75-4dd6-b51d-330c766d3972","title":"","id":"2bd894c7-448d-4816-82f5-4b7a8afb4faa","metadata":{},"subtype":null,"text":"Over the course of the past year, the S&P BSE Sensex has demonstrated notable strength, posting a gain of over 28%. Similarly, the Nifty 50 index has exhibited robust performance, recording a gain of over 31%.
"},{"description":"","embed-js":"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","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/646c09ab-e7a9-4794-8760-db8804cf0e71","type":"jsembed","family-id":"73947e3d-1811-49b4-9aae-4cf1ee05f85a","title":"","id":"646c09ab-e7a9-4794-8760-db8804cf0e71","metadata":{},"subtype":null},{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/249df579-849a-4320-951d-23d868aed51e","type":"title","family-id":"8b67102b-47dc-44ef-8263-d737776fdc69","title":"","id":"249df579-849a-4320-951d-23d868aed51e","metadata":{},"subtype":null,"text":"Gold Continues To Shine"},{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/c4d825a2-ddfe-41a6-ba6f-d802a699b0bd","type":"text","family-id":"445857b9-a437-4608-a6a2-403218b41b92","title":"","id":"c4d825a2-ddfe-41a6-ba6f-d802a699b0bd","metadata":{},"subtype":null,"text":"Gold hit a new high on March 21, 2024 after the U.S. Federal Reserve kept its key interest rate steady for the fifth straight time and continued to signal three rate cuts this year.
The yellow metal moved higher on the back of rate-cut hopes, according to analysts. The price of the MCX gold reached a new all-time high of Rs 66,679. It advance over 13% in the last 12-months, whereas Nifty 50 has seen an surge of over 27% during the period.
Morgan Stanley expects gold prices going up to $2,300 per ounce in 2024, but price action is likely to be choppy as uncertainties remain over U.S. data and rate cuts by the Federal Reserve.
However, if the 10-year real yields come down further, there is a scope for gold to move higher from the current level. The yellow metal also tends to rise after the first Fed rate cut, while elevated geopolitical and political risk in 2024 should also provide support, the research firm said in March 15 note.
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This achievement was notable as it was the first time since December 2021 when market capitalisation crossed $1 trillion mark, according to Bloomberg data.
During this surge, Ether, the second-largest token, witnessed a record high of $4,092 rallying a tad over 100%.
"},{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/817491c7-a8d0-487d-ab4a-c0f55f635c6d","type":"text","family-id":"a8334ea1-2cf2-49c9-9475-35413dda9c51","title":"","id":"817491c7-a8d0-487d-ab4a-c0f55f635c6d","metadata":{"linked-story-id":"c51a3852-a8c2-4b16-b1a0-5d48622eb832","linked-story":{"headline":"Bitcoin's Skyward Climb: Delving Into The Reasons For Crossing $50,000","story-content-id":"c51a3852-a8c2-4b16-b1a0-5d48622eb832","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"c51a3852-a8c2-4b16-b1a0-5d48622eb832","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Bitcoin's Skyward Climb: Delving Into The Reasons For Crossing $50,000"},{"description":"","embed-js":"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","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/680e3551-59f0-4071-9c2a-38f40baac03d","type":"jsembed","family-id":"46a6e41e-33b8-4d42-972d-c9908b7930e8","title":"","id":"680e3551-59f0-4071-9c2a-38f40baac03d","metadata":{},"subtype":null},{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/6d1bce4b-307c-446e-afac-5bfe7017f024","type":"title","family-id":"6cf1de57-6107-4f15-9f74-10484791d399","title":"","id":"6d1bce4b-307c-446e-afac-5bfe7017f024","metadata":{},"subtype":null,"text":"Rupee Outperforms Asian Peers"},{"description":"","page-url":"/story/3fc6f587-b4f7-4a0a-aa29-fe222412fcf9/element/8c5a10c6-500e-41cf-89a5-97412aa11461","type":"text","family-id":"6dffb4e5-7752-4b4f-913e-1035f36005c5","title":"","id":"8c5a10c6-500e-41cf-89a5-97412aa11461","metadata":{},"subtype":null,"text":"The Indian rupee was the best-performing currency in Asia in the financial year, underpinned by factors like a reduction in the current account deficit and strong foreign exchange reserves.
The local currency has exhibited resilience, rebounding from its perceived low of Rs 83.50 against the dollar on November 11, 2023 and currently indicating signs of a sustained upward trend.
The Indian currency weakened by 1.42% in the last 12 months against the greenback. Meanwhile, the dollar index rose by 1.87% in the 12 months period.
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The yield on the 10-year bond decreased 24 bps or 3.33% during the last 12-months.
Indian government bond inclusion in both the JPMorgan and Bloomberg emerging market indices would attract foreign inflows worth $40–50 billion annually, according to analysts.
Historically, such inclusions have led to increased investor interest and inflows, according to Venkatakrishnan Srinivasan, founder and managing partner at Rockfort Fincap LLP. “The extent of the increase would depend on various factors, including prevailing yields, expectations of rate cuts, investor sentiments, securities to be made available under the FAR route, and the attractiveness of Indian bonds compared to other investment options available to FPIs.”
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An additional installment of devolution, or a transfer to states from the central pool of taxes, could have reduced the government's revenue receipts in February.
Data released by the Controller General of Accounts on Thursday showed a negative figure of Rs (-) 30,388 crore as net tax revenue for the month.
The Union government released two instalments of tax devolution amounting to Rs 1.42 lakh crore on the last day of the month of February.
This release was in addition to the tax devolution of an instalment of Rs 71,061 crore already made on Feb. 12, making it the third instalment in the same month.
The Union government's fiscal deficit till February expanded to 86.5% of the budgetary target for the current financial year, with one month still to go.
In value terms, the fiscal deficit comes up to Rs 15 lakh crore of the total limit set at Rs 17.34 lakh crore, or 5.8% of the GDP. In comparison, the government spent 82.8% over the corresponding period last year.
The current levels of fiscal deficit come amid a dip in revenue receipts and continued capital expenditure, as compared with the same period in the last fiscal.
The monthly increase in the fiscal deficit in February came up to Rs 3.98 lakh crore, rising significantly as the financial year draws to a close, according to data issued by the Controller General of Accounts on Thursday.
Details of the Union government's accounts, released by the Ministry of Finance, show that net tax revenue took a hit of Rs (-) 30,388 crore, which brought down the government's total receipts to Rs 22.09 lakh crore in February from Rs 22.17 lakh crore in January.
In terms of pace, capex rose in the second month of the final quarter. In February, the capex increased to Rs 84,426 crore, as compared with Rs 47,557 crore in January.
This puts the total capex spend in the current fiscal at Rs 8.05 lakh crore, or 84.8%, of the revised capex target of Rs 9.49 lakh crore. The corresponding level of capex made during the same period last year was 81.1%.
A comparison of key expenditure and revenue heads with their levels in the same period last year reveals that the government has maintained a tight lid on revenue expenditure.
"},{"description":"","page-url":"/story/789b6a29-33e3-4880-9d9e-abba26e588cf/element/cd643b77-9a16-4118-9c20-b9a75ef0b272","type":"text","family-id":"c8f29a2d-89eb-4229-8ab4-a6abe299090e","title":"","id":"cd643b77-9a16-4118-9c20-b9a75ef0b272","metadata":{},"subtype":null,"text":"The April–February period of the current fiscal, as compared with the same period last fiscal, showed the following:
Revenue receipts stood at 81.9% of the budgetary estimate of Rs 22.09 lakh crore, as against 84.3% achieved over the corresponding period last fiscal.
Total expenditure: 83.4% vs. 83.4%, maintaining the previous year's levels.
Revenue deficit: 87% vs. 83%.
Capex: 84.8% vs. 81.1%.
Net tax revenue: 79.6 vs. 83%.
Non-tax revenue: 95.9% vs. 95%, buoyed by a surplus dividend from the RBI earlier in the year.
Spend on major subsidies: 87% vs. 88%, led by the nutrient-based fertiliser subsidy, which has already exhausted the budgeted levels.
(Source: FinMin India/X)
The phase of margin expansion could be behind for makers of staples to soaps as prices of raw materials have started inching up again.
Wheat, sugar, cocoa, coffee, linear alkyl benzene used in detergents, palm as well as crude oil rose year-on-year in March. Except wheat, the commodities also jumped sequentially. But companies would be reluctant to take price hikes, considering the weak demand environment and intense regional competition, posing a risk to consensus margin assumption.
"},{"description":"","embed-js":"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","page-url":"/story/91908068-d20a-4edb-b352-5b46477a5a05/element/1ca37d3f-2fa3-44ef-967e-351bc067fa91","type":"jsembed","family-id":"fe1f2a49-7682-48e6-8900-1e49dfef41d0","title":"","id":"1ca37d3f-2fa3-44ef-967e-351bc067fa91","metadata":{},"subtype":null},{"description":"","page-url":"/story/91908068-d20a-4edb-b352-5b46477a5a05/element/03f6c0f5-671b-41e4-9b43-b687a50490ad","type":"text","family-id":"0bd497ba-3b75-423f-8ffa-17271cc4bacc","title":"","id":"03f6c0f5-671b-41e4-9b43-b687a50490ad","metadata":{},"subtype":null,"text":"\"Our commodity basket is seeing about 8–10% inflation,\" Mayank Shah, vice-president of Parle Products, said. \"We aren't planning to hike prices immediately though as we are prioritising volume growth over margins.\"
Large companies generally have a hedging strategy to manage the price volatility. They pass on the costs gradually and not always immediately.
Cocoa, the key ingredient in chocolate, has seen a threefold surge in costs over the previous year due to lower production in key producing countries.
\"If we consider cocoa inflation, the inflationary pressures would be significantly higher,\" Shah said. \"However, currently we are well-hedged, so not factoring that into our calculations. In April, we will be in a better position to decide whether to absorb or pass on the cost burden.\"
Coffee inflation hit double digits, rising 15.3% over the previous year.
\"The forecasts are that they [coffee prices] will start to plateau towards the end of 2024,\" according to Sunil D'Souza, chief executive officer at Tata Consumer Products Ltd. \"But again, a forecast is a forecast. So, we will continue to move up and down along with coffee prices in order to maintain market share.\"
The other problem is intense competition.
Manish Aggarwal, director, Bikano, Bikanervala Foods Pvt Ltd says the company is \"closely monitoring\" the significant rise in input costs, particularly edible oil, over the last few months, which is beginning to exert pressure on margins. But the company has refrained from raising product prices and is absorbing the cost for now. \"Based on competitive market conditions, we will take a call on price hikes,\" said Aggarwal.
Analysts concur. Prices of linear alkyl benzene, for instance, have surged past $1,000 per tonne in the recent weeks, yet price hikes may prove to be challenging for companies, according to Kunal Vora, head of India equity research at BNP Paribas.
\"Our detergent price tracker shows prices declining for the first time on a year-on-year basis, while LAB prices have been gradually increasing for (the) past three quarters now,\" he said in a note on March 22.
The category has seen a 15% price hike over the past two years, with higher hikes in premium brands than mass brands. \"But as raw material prices stabilised, stiff competition from regional players, especially in low-unit packs, forced companies to cut prices. Now again, raw material prices are seeing an uptick, but raising prices may be difficult, in our view.\"
Palm oil prices rose 7.9% sequentially after staying range-bound for the past year even as it remains flattish on a year-on-year basis. Analysts at Motilal Oswal expect the recent spike could affect margins for Godrej Consumer Products Ltd. Hindustan Unilever Ltd.'s commodity basket may see a mixed bag of price fluctuation with high coffee prices offsetting the decrease in tea.
Simply put, the agricultural commodity basket is experiencing a significant uptick in inflation compared to non-agricultural commodities. According to the brokerage, there has been a year-on-year increase of 2.4% and a quarter-on-quarter increase of 1.7% in the agricultural commodities.
Crude oil prices have been range-bound for the last 30 days at around $85 a barrel even as it rose 2% year-on-year in March. Rising crude, coupled with rising prices of vinyl acetate monomer, could dent Asian Paints Ltd.'s margins in a muted business environment, according to Motilal Oswal.
Companies like Nestle India Ltd., TCPL, HUL, Colgate Palmolive India Ltd., Britannia Industries Ltd., Marico Ltd. and Dabur India Ltd. took significant price hikes in direct response to rising input costs last year. But the frequency of these increases slightly decreased this year as major raw material prices cooled.
In February, the consumer goods makers took only incremental price hikes of 2–6% across products, except soaps and edible oil. Coffee and toothpaste, however, have seen the steepest hikes of 9–10%, having not seen so in the peak of inflation. These changes are aimed to boost top-line growth hit by a sustained slowdown in demand. But renewed input cost pressures can negate the effect, and margins can come under pressure.
\"The food and refreshment division continues to see positive pricing with inflation in commodities like coffee and sugar resulting in declining volumes,\" HUL Chief Financial Officer Ritesh Tiwari said in a post-earnings call. The decrease in volumes during the October–December period is expected to continue into the March quarter on the back of price hikes.
\"Higher raw-material cost in the current environment is a new headwind,\" said BNP Paribas' Vora, pointing out that unrelenting inflationary pressure could reverse the \"meaningful\" gross margin expansion for most companies.
"},{"description":"","page-url":"/story/91908068-d20a-4edb-b352-5b46477a5a05/element/f9cee65a-0312-43f9-a5a7-d1ce8bb16d77","type":"text","family-id":"de27f2e2-6c6b-48d5-9c78-92c114208f78","title":"","id":"f9cee65a-0312-43f9-a5a7-d1ce8bb16d77","metadata":{"linked-story-id":"a8729b76-e948-49a1-a873-7c8c3714c023","linked-story":{"headline":"Summer Ready: Ice Cream Makers Expand Capacity To Whip Up Growth","story-content-id":"a8729b76-e948-49a1-a873-7c8c3714c023","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"a8729b76-e948-49a1-a873-7c8c3714c023","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Summer Ready: Ice Cream Makers Expand Capacity To Whip Up Growth"}],"card-updated-at":1711624457675,"content-version-id":"c027413c-2a39-4540-bd9d-c760ced73065","card-added-at":1711554069385,"status":"draft","id":"fe0d73a9-3183-486c-ae65-c675b42d719e","content-id":"fe0d73a9-3183-486c-ae65-c675b42d719e","version":285,"metadata":{"social-share":{"shareable":true,"title":"Input-Cost Inflation Coming Back To Eat Into Consumer Goods Firms' Margins","message":"Large companies generally have a hedging strategy to manage the price volatility.","image":{"key":"bloombergquint/2024-03/f2ce9de6-6b11-4447-801f-c6857c64cd2b/FMCG_products_kept_on_shelves_inside_DMart.jpeg","url":null,"attribution":null,"caption":"FMCG products kept on shelves inside DMart. (Photo: Vijay Sartape/ Source: NDTV Profit)
A crackdown by the goods and services tax authorities has revealed 1,999 cases of false input-tax-credit claims worth over Rs 19,690 crore in the current financial year till January, NDTV Profit has learned.
In comparison, 1,940 cases worth Rs 13,175 crore were detected in a similar exercise in the previous financial year, according to data viewed by NDTV Profit. Of this, Rs 1,597 crore was recovered by authorities and 68 arrests were made. This is a 49% spike in the value of fake claims.
Such fake cases involve claims of ITC where there has been no real supply of goods or services, mostly through falsified invoicing.
The pace of recovery from these cases stands at 12.71%, lagging in Delhi and West Bengal, which have seen a high level of falsification in ITC claims.
The highest number of instances reported was in Gujarat (241 cases), followed by West Bengal (227 cases), Haryana (186), Assam (168), Rajasthan (143), Maharashtra (130), Karnataka (122) and Delhi (105).
Cracking down on fake ITC claims is an area the department is focusing on. It is an ongoing exercise that is widespread across sectors, an official with knowledge of the matter told NDTV on the condition of anonymity.
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The T+0 settlement in the Indian capital market that went into action on Thursday saw the participation of 63 members in the optional segment, the BSE said.
On the first day, as many as 41 members traded in 10 scrips and placed a total of 329 orders, which resulted in 90 trades, the bourse said in a statement. The number of unique investors using this facility stood at 49.
BSE and its clearing arm, Indian Clearing Corp., successfully launched the beta version of the T+0 settlement on Thursday. To begin with, the beta version offered an option for investors to transact in 25 securities in a T+0 settlement.
Designed to settle trades on the same day they are executed, the T+0 settlement facilitates quicker receipt of funds and securities in investor accounts, thereby reducing the risks associated with the time lag.
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The Securities and Exchange Board of India introduced a beta framework for the T+0 settlement cycle, which will be a continuous session between 9:15 a.m. and 1:30 p.m. Following this, the regulator will take one year to move to instant settlement by March next year.
The successful launch of the groundbreaking system is a significant step towards greater efficiency and reduced risk in our market, said BSE Managing Director and Chief Executive Officer Sundararaman Ramamurthy.
\"We are confident that this optional settlement cycle will contribute to the continued growth and development of the capital markets in India,\" he said.
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A Delhi court remanded Chief Minister Arvind Kejriwal to Enforcement Directorate custody for another four days in the liquor policy case on Thursday.
Special CBI judge Kaveri Baweja passed the order. The jailed Aam Aadmi Party chief will now be produced in the court on April 1 at 11:30 a.m.
The probe agency had sought further seven days of custody for Kejriwal.
During the hearing, Kejriwal alleged the ED is running an extortion racket and said the agency has failed to establish a money trail directly linking him.
\"This case has been going on for two years. Now I have been arrested, no court has found me guilty. CBI and ED have filed numerous pages in this case. My name appears only in four statements,\" he said.
Making its case for an extended remand, Additional Solicitor General SV Raju, who is representing the ED, said Kejriwal is giving evasive replies in the interrogation.
"},{"description":"","page-url":"/story/efc349a0-d7a2-4f16-8cff-89c0fd331eb1/element/da958e83-a86b-4790-9961-85fa1c3c587d","type":"text","family-id":"5eb84d21-c5ef-485d-a16b-5fe29605440d","title":"","id":"da958e83-a86b-4790-9961-85fa1c3c587d","metadata":{"linked-story-id":"6577a75b-a0ee-4ca1-bcd8-e61bb56ad80d","linked-story":{"headline":"At Strategy Meet, AAP Decides To Launch Another 'Main Bhi Kejriwal' Campaign","story-content-id":"6577a75b-a0ee-4ca1-bcd8-e61bb56ad80d","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"6577a75b-a0ee-4ca1-bcd8-e61bb56ad80d","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"At Strategy Meet, AAP Decides To Launch Another 'Main Bhi Kejriwal' Campaign"}],"card-updated-at":1711622517335,"content-version-id":"ba0e9ec0-6e74-4a05-9a17-3b541cdc698f","card-added-at":1711621300390,"status":"draft","id":"c932ca3c-4027-4c94-adb8-e4846ce456de","content-id":"c932ca3c-4027-4c94-adb8-e4846ce456de","version":13,"metadata":{"social-share":{"shareable":true,"title":"Arvind Kejriwal Remanded To ED Custody Till April 1","message":"The probe agency had sought further seven days of custody for Kejriwal.","image":{"key":"bloombergquint/2024-03/147a8dac-659d-4c2f-af9a-01fa33d19f98/_1x_1.jpg","url":null,"attribution":null,"caption":"Arvind Kejriwal. (Source: AAP)
The development comes a day after the AAP supremo failed to get a relief from the Delhi High Court on a plea challenging his arrest.
Justice Swarana Kanta Sharma gave time till April 2 to file a reply to Kejriwal's interim plea seeking release from the agency's custody.
The matter will be heard on April 3 and no adjournment shall be granted then, the court said.
"},{"description":"","page-url":"/story/efc349a0-d7a2-4f16-8cff-89c0fd331eb1/element/5674a0be-f598-4d4a-8d29-2e985f2f5af9","type":"text","family-id":"247092a8-3f48-4de3-aa37-d59a32c15250","title":"","id":"5674a0be-f598-4d4a-8d29-2e985f2f5af9","metadata":{},"subtype":null,"text":"Kejriwal had challenged his arrest by the ED in a money laundering case related to the now-scrapped liquor policy.
The Aam Aadmi Party chief was arrested on March 21, hours after the high court refused to grant him protection from coercive action by the anti-money laundering agency. The leader was subsequently remanded to the ED's custody till March 28 by a Delhi court.
The case pertains to the alleged corruption and money laundering in formulating and executing the Delhi government's excise policy for 2021–22, which was later scrapped.
"},{"description":"","page-url":"/story/efc349a0-d7a2-4f16-8cff-89c0fd331eb1/element/83778ba2-21b2-4712-b059-98daa3fb01ce","type":"text","family-id":"45e0dc0f-5976-4758-b05c-5e3aef2488b8","title":"","id":"83778ba2-21b2-4712-b059-98daa3fb01ce","metadata":{"linked-story-id":"349d331a-ce19-432c-a5f8-95d4da2f1ee4","linked-story":{"headline":"Arvind Kejriwal Arrest: No Relief From Delhi High Court, Next Hearing On April 3","story-content-id":"349d331a-ce19-432c-a5f8-95d4da2f1ee4","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"349d331a-ce19-432c-a5f8-95d4da2f1ee4","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Arvind Kejriwal Arrest: No Relief From Delhi High Court, Next Hearing On April 3"}],"card-updated-at":1711622616876,"content-version-id":"9193ff44-702d-4b1f-95b8-b1bca854e592","card-added-at":1711621858243,"status":"draft","id":"8a616c59-18f3-4a57-b3b5-be96b9a9186d","content-id":"8a616c59-18f3-4a57-b3b5-be96b9a9186d","version":6,"metadata":{"social-share":{"shareable":true,"title":"Arvind Kejriwal Remanded To ED Custody Till April 1","message":"The probe agency had sought further seven days of custody for Kejriwal.","image":{"key":"bloombergquint/2024-03/147a8dac-659d-4c2f-af9a-01fa33d19f98/_1x_1.jpg","url":null,"attribution":null,"caption":"Arvind Kejriwal. (Source: AAP)
Consumers will have to shell out more for chocolates amid the double whammy of falling cocoa output in the key producing region of Western Africa and record global prices of the delectable commodity.
Prices of the most important raw material for chocolate-making have more than tripled as a supply crunch grips the market. Cocoa futures surpassed $10,000 a tonne for the first time ever in March. This month alone, New York futures rose 60% to settle at $9,566 a tonne.
It's unlikely that the prices will come down before the next harvest, costing the likes of Cadbury-maker Mondelez, Nestle India, Hershey and Parle. Some consumer goods makers even attributed the current trend to the withholding of stocks by traders.
“It's a difficult situation,” Mayank Shah, vice-president, Parle Products Pvt., told NDTV Profit. “There's a shortage in (cocoa) production, but it isn't as low as what’s arriving at the ports. The dealers seem to be hoarding stocks, further compounding the problem in order to artificially jack up the prices.”
The sharp rise in prices started with bad weather and crop disease in Ivory Coast and Ghana. Supplies may worsen amid a shortage not seen in at least the last 60 years. In the first estimates for the crop year 2023-2024, the International Cocoa Organisation forecasts a massive supply deficit of 3.74 lakh tonne as compared with a deficit of 74,000 tonne a year ago due to lower production. ICCO expects production to fall by 11% to 4.5 million tonne.
Large chocolate companies were well-hedged last year, so they dealt with the price volatility without passing on the burden to consumers immediately. But they hiked prices by around 12-15% throughout the year and a similar strategy is likely to be adopted this time around as well.
Cocoa is climbing at a time when prices of sugar—the other crucial commodity—has risen 10.8% over the preceding year.
The fresh spike in commodity costs is prompting companies to rethink.
“We’re currently reviewing the situation,” Parle’s Shah said. \"One can expect to see a significant price hike post May unless prices come down.”
A Nestle India spokesperson also said they are monitoring the situation.
The Hershey Company CEO Michele Buck expects cocoa to limit earnings growth this year. But the company will be ramping up advertising and related consumer spend to boost sales. \"This period of historically high cocoa and sugar prices, while challenging, is no different,\" she said in her prepared remarks in February. \"We'll continue to invest across our brands.\"
Demand, however, is unlikely to take a hit as chocolates, especially of the premium variety, are seen as inflation-resistant.
In September last year, Desmond D'souza, senior director of sales at Mondelez India Foods Pvt., told NDTV Profit that it managed to sell more packs even as it had to raise prices to offset the pressure on margin.
Chocolate sales sustained double-digit growth for Nestle India, too.
Overall, chocolate consumption grew 30% in 2023 with average spend on the category growing 10%, much faster than the FMCG consumption growth, according to Kantar insights.
"},{"description":"","page-url":"/story/c213cff8-27fc-4121-a598-52404e316599/element/2a7b7353-f2cc-43a4-bfaf-eba917bb8f7d","type":"text","family-id":"84839db9-d884-4aa5-b019-ee44eb1ceb97","title":"","id":"2a7b7353-f2cc-43a4-bfaf-eba917bb8f7d","metadata":{"linked-story-id":"a1579417-965d-498e-97e6-ece7b6e13905","linked-story":{"headline":"Africa’s Cocoa Harvest Is Falling Short Just When Needed Most","story-content-id":"a1579417-965d-498e-97e6-ece7b6e13905","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"a1579417-965d-498e-97e6-ece7b6e13905","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Africa’s Cocoa Harvest Is Falling Short Just When Needed Most"}],"card-updated-at":1711628377932,"content-version-id":"f8747570-9d70-42ca-854f-b8179e38a238","card-added-at":1711519251381,"status":"draft","id":"10ef88d7-49e8-4ba8-948f-d8963cf8d5ff","content-id":"10ef88d7-49e8-4ba8-948f-d8963cf8d5ff","version":237,"metadata":{"social-share":{"shareable":true,"title":"Cocoa Crop Flop, High Prices To Pinch Pockets Of Chocolate Lovers","message":"Cocoa futures surpassed $10,000 a tonne for the first time ever in March.","image":{"key":"bloombergquint/2024-03/d2b357a2-bc92-465c-8192-b4afa47ce00c/denny_muller_mGP8gyGb8zY_unsplash.jpg","url":null,"attribution":null,"caption":"A box full of various chocolate bars. (Source: Unsplash)
L Catterton has partnered with former Unilever veteran Sanjiv Mehta to launch a new vehicle that will invest in consumer sector companies in the world's fastest-growing major economy.
Mehta will serve as the executive chairman of L Catterton's India division and will be involved in the firm's various global funds, the U.S.-based private equity giant said in a statement on Thursday.
Mehta, a veteran in the consumer goods sector, has worked at Unilever Plc. Group for almost three decades. He led its businesses in South Asia for years before joining as the chief executive officer and managing director of Hindustan Unilever Ltd. in 2013.
During his tenure, he oversaw a fivefold increase in the market cap of HUL to Rs 6.2 lakh crore, equating to $76 billion, making it India’s fifth largest company by market cap. Mehta quit the company in 2023.
The investment firm's plan reflects the confidence of investors in the country's favourable economic conditions and growth potential. It aligns with other global firms from Canadian pensions to sovereign wealth funds in the Middle East, who are investing billions of dollars in the country.
Blackstone Inc., the world’s largest alternative asset manager, also expects India and Japan to be its most active markets in Asia next year, based on capital allocation. The New York-based company acquired a stake in two domestic hospital chains last year. \"The economy seems to be decoupled from what’s going on in the rest of the world,\" Joe Baratta, Blackstone’s global head of private equity, told Bloomberg in an interview.
Backed by French luxury group LVMH Moet Hennessy Louis Vuitton, L Catterton has invested about $600 million to back firms in India, its key market in Asia, along with Japan and China, according to the company. It handles $35 billion of assets under management globally.
\"With India now having the world’s largest population and generating high GDP growth, there has never been a better time to deepen our commitment to the market,\" said L Catterton Global's co-CEO Michael Chu.
"}],"card-updated-at":1711621464789,"content-version-id":"086e47be-5299-4d4b-bbf3-b08ddef75a08","card-added-at":1711614970592,"status":"draft","id":"4267dc90-17b5-4893-988a-873ecf24e006","content-id":"4267dc90-17b5-4893-988a-873ecf24e006","version":40,"metadata":{"social-share":{"shareable":true,"title":"L Catterton Partners With Ex-HUL Chief Sanjiv Mehta For Its New India Unit","message":"Mehta will serve as the executive chairman of L Catterton's India division and will be involved in the firm's various global funds.","image":{"key":"bloombergquint/2024-03/36265ab1-0847-4428-aaa3-c4b425f16ed0/L_Catterton_Executive_Chairman_of_India_Sanjiv_Mehta.jpg","url":null,"attribution":null,"caption":"L Catterton Executive Chairman of India Sanjiv Mehta. (Source: Company release)
Myntra has turned Ebitda positive in the past two quarters, owing to a rise in customers led by brand associations, according to the company.
In a blog post on Thursday, the Flipkart-owned fashion marketplace said it has turned Ebitda positive since the last quarter of the calendar year 2023 on the back of a growing customer base, domestic and international brand associations, tech-led innovations and a strong foothold among premium fashion-forward customers.
Myntra has tied up with brands like Mango, H&M, Ralph Lauren and Calvin Klein, among about 50 others, in 2023 and launched a differentiated app-in-app proposition for Gen Z, termed FWD.
The Bengaluru-based marketplace said it has been on a \"strong growth trajectory, growing faster than the online fashion market since the second half of 2023, with gross merchandise value growth nearing twice that of the market during the recent festive season.\"
It has also seen a 33% surge in monthly active users, rising from 4.5 crore in 2021 to about 6 crore by the end of 2023.
\"Accomplishing this feat while working in a profitable manner not only speaks volumes about our commitment... but is also a testament to the success of our customer-first approach, ability to invest in the right growth engines and financial resilience, which has held us in good stead,\" Myntra Chief Executive Officer Nandita Sinha said.
"},{"description":"","page-url":"/story/1d895fd2-b0f6-4a39-b861-aad6c5b94f84/element/35db1fa7-0dc2-4aa4-8fd9-f58f29305c02","type":"text","family-id":"607c424d-766e-409b-b6e3-91d5522bb3aa","title":"","id":"35db1fa7-0dc2-4aa4-8fd9-f58f29305c02","metadata":{"linked-story-id":"62578d21-da17-437a-9b11-092412d2342c","linked-story":{"headline":"Myntra Obtains Franchise Rights For U.K.'s Fashion Brand NEXT","story-content-id":"62578d21-da17-437a-9b11-092412d2342c","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"62578d21-da17-437a-9b11-092412d2342c","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Myntra Obtains Franchise Rights For U.K.'s Fashion Brand NEXT"}],"card-updated-at":1711620424307,"content-version-id":"4c4aa84c-9e20-438b-9428-70712d228ea7","card-added-at":1711614095390,"status":"draft","id":"63094d7a-d597-42d1-890f-a89bbb4c45ee","content-id":"63094d7a-d597-42d1-890f-a89bbb4c45ee","version":21,"metadata":{"social-share":{"shareable":true,"title":"Myntra Reports Ebitda-Level Profitability In Last Two Quarters","message":"Myntra says it has been growing faster than the online fashion market since the second half of 2023.","image":{"key":"bloombergquint/2024-03/71010bf6-84c1-445d-8dcb-caf772840f10/Myntra_FB.jpg","url":null,"attribution":null,"caption":"Image used for representational purpose (Source: Myntra/Facebook)
The National Company Law Tribunal rejected on Thursday a plea by investors to halt Byju's' extraordinary general meeting that is scheduled for the next day.
The Bengaluru bench of the tribunal also rejected the request to appoint an independent person to oversee the meeting. The next hearing is scheduled for April 4.
Senior advocate Sudipto Sarkar, representing the investors, conveyed that they have been asked to attend the EGM to discuss increasing the authorised capital.
However, Sarkar emphasised that the EGM should not proceed at this time. During the current hearing, the investors' sole request is for the tribunal to first examine the matter before proceeding with the EGM. They are not seeking for the EGM to be nullified entirely, but to merely postpone it to a suitable time, he said.
Sarkar also mentioned that according to Byju's claims, the rights issue and all related formalities that opened on Jan. 29 should have been completed within 60 days, which is March 29. However, achieving this within the given timeframe seems unfeasible now, rendering the purpose of the EGM futile.
Lastly, investors alleged that the notice of the meeting was not sent to all stakeholders.
In late February, four investors, including MIH Edtech Investments B.V, Peak XV Partners Investments IV, Peak XV Partners Investments V, Sofina S.A., and General Atlantic Singapore TL Pte. filed a case with the National Company Law Tribunal against Byju's.
The plea filed targets 12 entities and individuals, including Byju's Founder Byju Ravindran, his wife Divya Gokulnath, and his brother Riju Raveendran, as per information available on the NCLT's website.
"},{"description":"","page-url":"/story/a9bbe320-d9b9-471c-91b9-70abde2af7d3/element/57bb418c-e2e0-4e7c-ae49-dbff1add6018","type":"text","family-id":"e3e5489d-7a28-4ab8-a297-3726abb255ca","title":"","id":"57bb418c-e2e0-4e7c-ae49-dbff1add6018","metadata":{"linked-story-id":"8a7d26f5-765f-4b69-a385-7d8e82133ddf","linked-story":{"headline":"BYJU's Shuts 30 Out Of 292 Tuition Centres","story-content-id":"8a7d26f5-765f-4b69-a385-7d8e82133ddf","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"8a7d26f5-765f-4b69-a385-7d8e82133ddf","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"BYJU's Shuts 30 Out Of 292 Tuition Centres"}],"card-updated-at":1711612016738,"content-version-id":"67f39a9f-6a2e-4a84-9501-190e862ba787","card-added-at":1711610691454,"status":"draft","id":"7c1252be-e235-4904-a849-ea0537089573","content-id":"7c1252be-e235-4904-a849-ea0537089573","version":25,"metadata":{"social-share":{"shareable":true,"title":"Byju's-Investor Dispute: NCLT Rejects Plea To Halt EGM","message":"The tribunal also rejected the request to appoint an independent person to oversee the meeting.","image":{"key":"bloombergquint/2022-11/77649348-2ea3-4273-b9f4-be5939dc724f/Byju_Raveendran.jpg","url":null,"attribution":null,"caption":"Byju Raveendran, founder of Byju's. (Source: Company)
Easing current account deficit and rising foreign exchange reserves reinforce India's improving external position. The current account balance is likely to clock a marginal surplus in the fourth quarter, with a deficit of sub-1% for the full fiscal year.
India's current account balance recorded a deficit of $10.5 billion (1.2% of the GDP) in the third quarter, lower than $11.4 billion (1.3% of the GDP) in the second quarter, according to data published by the RBI on Tuesday. It is set to ease further in the January–March period, aided by an improving merchandise trade deficit and resilient services exports.
The fourth-quarter current account is likely to turn into a mild surplus, largely due to better-than-expected performance for both goods and services exports so far, according to Madhavi Arora, lead economist at Emkay Institutional Equities, who forecasts the current account deficit at 0.8% of the GDP in FY24, with risks to the downside.
On a fiscal-year-to-date basis, core exports growth has been positive, while healthy services exports, including the meaty IT services and solidly emerging space of business consulting and financial services, have largely offset goods deficit, she explained.
Non-IT net exports have tracked more than 55% growth in FY24. This could spill on to FY25 as well, even as IT services exports growth could moderate to low single digit, and remittances may slow as well, Arora said.
\"The run-rate for Q1–Q3 FY24 and likelihood of a narrower trade (goods and services) deficit in Q4 backs our expectation that full-year FY24 CAD has room to ease below 1% of GDP,\" Radhika Rao, senior economist at DBS Bank, said. \"This, along with a spike in foreign reserves to a record high above $640 billion last week, reinforces the economy’s improving external position.\"
"},{"description":"","page-url":"/story/94fd25c1-f785-4840-8f1f-848c0a4038b0/element/c79153b9-d6ff-45e8-9f80-df08ff72ff9b","type":"title","family-id":"b357fb48-297f-4b55-800b-bd3894d8c171","title":"","id":"c79153b9-d6ff-45e8-9f80-df08ff72ff9b","metadata":{},"subtype":null,"text":"INR: An Appreciating Bias Ahead?"},{"description":"","page-url":"/story/94fd25c1-f785-4840-8f1f-848c0a4038b0/element/e15fd6c8-fcd9-4506-a9b9-0419bb435c71","type":"text","family-id":"f90f733b-d867-4b0a-a22d-5d4804c68222","title":"","id":"e15fd6c8-fcd9-4506-a9b9-0419bb435c71","metadata":{},"subtype":null,"text":"Supported by a substantial balance of payments surplus and the Fed rate-cut cycle, the rupee could continue to trade with an appreciating bias, according to Gaura Sengupta, economist at IDFC First Bank. The RBI intervention is likely to limit volatility in USD-INR, she said, with the USD-INR trading range in FY25 expected between 83 and 81.50.
Arora forecasts the USD-INR to trade in the range of 82.50–84.25 for Q1 FY25, with a base case of bullish-to-neutral DXY, and tactical RBI intervention keeping INR non-linear ahead and in the middle of the EM Asia pack.
A key risk to the USD-INR view is possible delay in Fed rate cut cycle, if U.S. core inflation pressures remain firm, Sengupta said.
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The energy sector has been on an upward trend for the last few months, with the Nifty Energy rising as much as 15.6% this year, according to Kenneth Andrade, chief investment officer of Old Bridge Mutual Fund.
On his choices in the energy sector, Andrade said: \"The contractors, capital goods companies and obviously, the commodities. And commodities is my favourite for now.\"
In terms of commodities, he is not just bullish on companies for fuel inputs but also on everything that goes into building the capex for the energy sector.
Among commodities, metals are also a good choice with a fairly large cycle and reasonable pricing, the CIO told NDTV Profit's Niraj Shah in an interview.
"},{"description":"","image-metadata":{"width":1152,"height":648,"mime-type":"image/png","file-size":68258,"file-name":"NIFTY ENERGY.png"},"page-url":"/story/fca3b697-6768-4d3c-b374-32fe8592c3fe/element/27615fef-0a9f-4526-affa-30d5591bfff8","type":"image","family-id":"9072435d-c206-41d3-bfc8-4a4c2f12f71c","image-attribution":"","title":"","id":"27615fef-0a9f-4526-affa-30d5591bfff8","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/da807e7a-706f-434e-b77c-8fcd4c4331e0/NIFTY_ENERGY.png","metadata":{},"subtype":null}],"card-updated-at":1711544233717,"content-version-id":"c4acb97a-961a-402d-a724-4f7021e238e4","card-added-at":1711536663282,"status":"draft","id":"c66383e9-441b-42e0-9844-a44c20437f7e","content-id":"c66383e9-441b-42e0-9844-a44c20437f7e","version":48,"metadata":{"social-share":{"shareable":true,"title":"Kenneth Andrade Sees Opportunity Across Energy Sector Value Chain","message":"Investors should look at the entire value chain and then see where there is opportunity to make long-term gains, he says.","image":{"key":"bloombergquint/2024-03/da807e7a-706f-434e-b77c-8fcd4c4331e0/NIFTY_ENERGY.png","url":null,"attribution":"","caption":null,"metadata":{"width":1152,"height":648,"mime-type":"image/png","file-size":68258,"file-name":"NIFTY ENERGY.png"}}},"attributes":{}}},{"story-elements":[{"description":"","page-url":"/story/fca3b697-6768-4d3c-b374-32fe8592c3fe/element/0230eeb1-e47f-43e8-adcd-ec2c69707d2a","type":"text","family-id":"1e992c51-4daf-47ef-a78d-60c36adb9be2","title":"","id":"0230eeb1-e47f-43e8-adcd-ec2c69707d2a","metadata":{},"subtype":null,"text":"He also gave an example of the power cycle between 2001 and 2017, where he said the government had decided to invest one-time gross domestic product of 2001 in power for the next 15 years.
This created many opportunities. Similarly, if the cycle is to be repeated today, then the \"size of opportunity is significant\", Andrade said.
The earnings cycle are back-ended and the stocks represent opportunity in the sector, according to Andrade. He suggested that investors should look at the entire value chain from developers to raw material providers and then see where there is opportunity to make long-term gains.
On the FMCG sector, Andrade said: \"These are very sustainable businesses that are out there, so they will consolidate around these levels.\" He said there had been a switch in investors as they are moving towards companies or sectors that are more scalable and currently, that's how the capital is moving.
In terms of specialty chemicals, Andrade said there would be a revival but when that will happen is still a question. He said pharmaceuticals had experienced a similar cycle and the only thing that can be done is to give these companies some time to recalibrate their business.
"}],"card-updated-at":1711598079854,"content-version-id":"a77e8c6e-2994-4ff8-861c-865064ca2735","card-added-at":1711537262709,"status":"draft","id":"e4675c10-0f79-4f5d-926e-a30b07fb1573","content-id":"e4675c10-0f79-4f5d-926e-a30b07fb1573","version":46,"metadata":{"social-share":{"shareable":true,"title":"Kenneth Andrade Sees Opportunity Across Energy Sector Value Chain","message":"Investors should look at the entire value chain and then see where there is opportunity to make long-term gains, he says.","image":{"key":"bloombergquint/2024-03/42f6d110-3d66-4122-af22-6812392cd33f/TGIF_kenneth_andrade.jpg","url":null,"attribution":null,"caption":"Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Kenneth, there is this whole conundrum that people have about whether earnings can match to the valuations given the economic cycle, both globally and locally. What's your sense about this push between the economic cycle versus the earnings cycle?
","answer":"Kenneth Andrade: As we have always seen in multiple cases, the earnings cycle is usually back-ended and stocks or price earnings multiples usually represent the opportunity that is there in that exact space. That's essentially what's playing out at this point in time.
So you will have to map that entire value chain from the developer right to the raw material providers, which are the commodity players and see essentially where the opportunity lies and which part of that value chain can be extremely valuable to own over a long-term perspective.
So every investor has got his favourite allocation. Now there is an investor who likes capex businesses or developers, but then the balance sheet size consistently continues to expand. These are companies or businesses, which attract a lot of bondholders. So obviously, their return on capital employed is very close to the cost of capital or it's an arbitrage between internal capital employed and cost of capital.
Then there's the capex good manufacturers and then the commodity manufacturers. And I think that entire cycle is going to play out as we go through the course of the next couple of years—all the way to 2030. And this is not just in India, but it happens across the world. And you can see the western world also trying to put serious capex into play and that “capex” is largely linked to power capex—that is energy capex—that's taking place. So I think that's the position that we are at, at this point in time and every part of this entire value chain is going to benefit quite substantially.
"},"subtype":"q-and-a","text":"Kenneth, there is this whole conundrum that people have about whether earnings can match to the valuations given the economic cycle, both globally and locally. What's your sense about this push between the economic cycle versus the earnings cycle?
Kenneth Andrade: As we have always seen in multiple cases, the earnings cycle is usually back-ended and stocks or price earnings multiples usually represent the opportunity that is there in that exact space. That's essentially what's playing out at this point in time.
So you will have to map that entire value chain from the developer right to the raw material providers, which are the commodity players and see essentially where the opportunity lies and which part of that value chain can be extremely valuable to own over a long-term perspective.
So every investor has got his favourite allocation. Now there is an investor who likes capex businesses or developers, but then the balance sheet size consistently continues to expand. These are companies or businesses, which attract a lot of bondholders. So obviously, their return on capital employed is very close to the cost of capital or it's an arbitrage between internal capital employed and cost of capital.
Then there's the capex good manufacturers and then the commodity manufacturers. And I think that entire cycle is going to play out as we go through the course of the next couple of years—all the way to 2030. And this is not just in India, but it happens across the world. And you can see the western world also trying to put serious capex into play and that “capex” is largely linked to power capex—that is energy capex—that's taking place. So I think that's the position that we are at, at this point in time and every part of this entire value chain is going to benefit quite substantially.
So would it be fair to assume that this could be a multi-year capex cycle? We might not be at the very beginning, but we are definitely far away from this capex cycle ending.
","answer":"Kenneth Andrade: Some of these numbers are a little hard to believe, but let me give you a small perspective from 2001 to 2017. That was probably a cycle that I have seen in my career.
I will talk about just one cycle out there which is the energy capex, which is power and the kind of power capacities that we put up at work out there. Between 2001 and 2015 or maybe 2016, India invested its one-time GDP of 2001 over the next 15 years in the power capacities. Think about it this way. For the next 15 years, if we are to replicate that cycle, the size of opportunity is significant. How do you capture that and where do you capture that and that's what the valuations of stocks are fortelling.
So we've gone beyond the value phase or valuation zone to be actually mapping some of these companies on the opportunity or the total addressable market that is there. That makes it very difficult in an environment like this for investors like us to try and pick the right businesses at the right valuations. So that's where we are in the cycle. We are just about probably starting and there's one large industry that always leads it. It is not just in India but anywhere in the world, it's basically the energy cycle. I'll give you a small structural size of how big this opportunity could be.
"},"subtype":"q-and-a","text":"So would it be fair to assume that this could be a multi-year capex cycle? We might not be at the very beginning, but we are definitely far away from this capex cycle ending.
Kenneth Andrade: Some of these numbers are a little hard to believe, but let me give you a small perspective from 2001 to 2017. That was probably a cycle that I have seen in my career.
I will talk about just one cycle out there which is the energy capex, which is power and the kind of power capacities that we put up at work out there. Between 2001 and 2015 or maybe 2016, India invested its one-time GDP of 2001 over the next 15 years in the power capacities. Think about it this way. For the next 15 years, if we are to replicate that cycle, the size of opportunity is significant. How do you capture that and where do you capture that and that's what the valuations of stocks are fortelling.
So we've gone beyond the value phase or valuation zone to be actually mapping some of these companies on the opportunity or the total addressable market that is there. That makes it very difficult in an environment like this for investors like us to try and pick the right businesses at the right valuations. So that's where we are in the cycle. We are just about probably starting and there's one large industry that always leads it. It is not just in India but anywhere in the world, it's basically the energy cycle. I'll give you a small structural size of how big this opportunity could be.
You are saying that what happened between 2001 and 2016, if the same gets replicated from 2024 or 2023, for the next 15 years, then the size of the opportunity is very large. As a result, you're not getting businesses at the right valuation. Some of the valuations have gone up.
","answer":"Kenneth Andrade: That's right.
"},"subtype":"q-and-a","text":"You are saying that what happened between 2001 and 2016, if the same gets replicated from 2024 or 2023, for the next 15 years, then the size of the opportunity is very large. As a result, you're not getting businesses at the right valuation. Some of the valuations have gone up.
Kenneth Andrade: That's right.
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
But if the cycle is so long, would you go out and buy some of these businesses even at higher valuations, because the opportunity size I mean, say for execution risks, the runway is very long?
","answer":"Kenneth Andrade: It depends upon what you want to choose and what you want to participate in. So obviously we are part of the cycle. We like the way the environment is playing out. I wouldn’t say we were very loaded on to some of these businesses, but yes, we have got a fair representation of some of these companies in our portfolio.
"},"subtype":"q-and-a","text":"But if the cycle is so long, would you go out and buy some of these businesses even at higher valuations, because the opportunity size I mean, say for execution risks, the runway is very long?
Kenneth Andrade: It depends upon what you want to choose and what you want to participate in. So obviously we are part of the cycle. We like the way the environment is playing out. I wouldn’t say we were very loaded on to some of these businesses, but yes, we have got a fair representation of some of these companies in our portfolio.
It's again, a very wide bucket the traditional energy, new energy, power financiers and ancilliers. It's a wide bucket. Maybe I missed something, but what within this whole gamut do you like more than the others?
","answer":"Kenneth Andrade: I think the contractors, the Capital goods companies and obviously the commodities. And commodities is my favourite for now.
"},"subtype":"q-and-a","text":"It's again, a very wide bucket the traditional energy, new energy, power financiers and ancilliers. It's a wide bucket. Maybe I missed something, but what within this whole gamut do you like more than the others?
Kenneth Andrade: I think the contractors, the Capital goods companies and obviously the commodities. And commodities is my favourite for now.
By commodities, do you mean, fossil fuels cum other aspects which are going into the energy sector?
","answer":"Kenneth Andrade: May not be fuel inputs, but everything else that goes into building out the capex. That's probably where we are. So everything in the metal cycle seems to be fairly large and quite reasonably priced, I would say.
"},"subtype":"q-and-a","text":"By commodities, do you mean, fossil fuels cum other aspects which are going into the energy sector?
Kenneth Andrade: May not be fuel inputs, but everything else that goes into building out the capex. That's probably where we are. So everything in the metal cycle seems to be fairly large and quite reasonably priced, I would say.
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Save for some special metals which might be going and which might be hard to get, the base metals and both ferrous non ferrous, would there be an overhang of a lack of clarity around China demand which might be stronger than the longer term demand scenario for these companies on the capex side?
","answer":"Kenneth Andrade: It's a little complicated when you bring in the Chinese environment and why they supply deflation into the economy. Now this is a complicated statement by itself. But if you notice what's happening globally, there's a reasonable amount of inflation which is there in the West and the same holds true for even India or other parts of the world.
Now the only country that's providing cheaper products into the marketplace right now, is companies from the Chinese economy. Now when you link that—their providing cheaper products into the global environment—to the Chinese stock market, lower prices results in lower profits for the Chinese, which leads to lower market capitalisations and that's what the entire Chinese economy is stuck with.
So our sense is that we may not continue this scenario in perpetuity and there may be a cycle somewhere between maybe in a year or two years, where this actually reverses. So in our limited understanding of capital cycles, the deflationary impact or the low prices that the Chinese have been supplying the world with, may not last into maybe for one year, maximum two years. And that will bring back pricing into virtually every product that is there on the ground and it could be inflationary, but it's very good for corporate profits. I think that's our take and that's why we like some part of the commodity basket extremely well.
"},"subtype":"q-and-a","text":"Save for some special metals which might be going and which might be hard to get, the base metals and both ferrous non ferrous, would there be an overhang of a lack of clarity around China demand which might be stronger than the longer term demand scenario for these companies on the capex side?
Kenneth Andrade: It's a little complicated when you bring in the Chinese environment and why they supply deflation into the economy. Now this is a complicated statement by itself. But if you notice what's happening globally, there's a reasonable amount of inflation which is there in the West and the same holds true for even India or other parts of the world.
Now the only country that's providing cheaper products into the marketplace right now, is companies from the Chinese economy. Now when you link that—their providing cheaper products into the global environment—to the Chinese stock market, lower prices results in lower profits for the Chinese, which leads to lower market capitalisations and that's what the entire Chinese economy is stuck with.
So our sense is that we may not continue this scenario in perpetuity and there may be a cycle somewhere between maybe in a year or two years, where this actually reverses. So in our limited understanding of capital cycles, the deflationary impact or the low prices that the Chinese have been supplying the world with, may not last into maybe for one year, maximum two years. And that will bring back pricing into virtually every product that is there on the ground and it could be inflationary, but it's very good for corporate profits. I think that's our take and that's why we like some part of the commodity basket extremely well.
How does that augur for the end user segments? For now, or at least the better part of 2023, some of these companies have benefited or shown earnings growth not because of volume growth necessarily but for margin expansion, presumably because of low costs. Does that change?
","answer":"Kenneth Andrade: Of course it will change. So if you essentially look at the way the environment keeps moving, margins keep moving from one part of the value chain to the other part. So when you had a commodity boom in 2020 and 2021, the converters suffer. And then you had the converters who did well in the last year or two because the commodity prices came off.
So margins will be always transitory but over a longer term cycle both benefit and that's why you'll have an economic expansion.
"},"subtype":"q-and-a","text":"How does that augur for the end user segments? For now, or at least the better part of 2023, some of these companies have benefited or shown earnings growth not because of volume growth necessarily but for margin expansion, presumably because of low costs. Does that change?
Kenneth Andrade: Of course it will change. So if you essentially look at the way the environment keeps moving, margins keep moving from one part of the value chain to the other part. So when you had a commodity boom in 2020 and 2021, the converters suffer. And then you had the converters who did well in the last year or two because the commodity prices came off.
So margins will be always transitory but over a longer term cycle both benefit and that's why you'll have an economic expansion.
You've constantly told me about the deleveraged corporate balance sheet and how that augurs well for India Inc’s capability to undertake capex. Hitherto, save for select sectors, we haven't seen the advent of private capex in a meaningful way. Does that change in FY25, or calendar year 2024?
","answer":"Kenneth Andrade: I think in 2025, you will definitely see the advent of private capex.
"},"subtype":"q-and-a","text":"You've constantly told me about the deleveraged corporate balance sheet and how that augurs well for India Inc’s capability to undertake capex. Hitherto, save for select sectors, we haven't seen the advent of private capex in a meaningful way. Does that change in FY25, or calendar year 2024?
Kenneth Andrade: I think in 2025, you will definitely see the advent of private capex.
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Why that belief, Kenneth?
","answer":"Kenneth Andrade: If you get on the ground, everyone's running out of capacity and if you have a government continuing to spend an incentivised capex, you will see that (private capex) come back very, very strongly.
"},"subtype":"q-and-a","text":"Why that belief, Kenneth?
Kenneth Andrade: If you get on the ground, everyone's running out of capacity and if you have a government continuing to spend an incentivised capex, you will see that (private capex) come back very, very strongly.
UBS has come up with a note about why the valuations could be premium for ABB going ahead. ABB India has gained over 6-7% in today’s session.
Kenneth, there could be different reasons why different stocks trade at the valuations that they do, but earnings growth, margin accretion and the long cycle seem to be the common points among all the expensive capex beneficiaries in the capital goods space. Do you believe these valuations could stay elevated for some of these businesses?
","answer":"Kennet Andrade: Usually when the cycles last, I think valuations will remain elevated for a very long period of time.
"},"subtype":"q-and-a","text":"UBS has come up with a note about why the valuations could be premium for ABB going ahead. ABB India has gained over 6-7% in today’s session.
Kenneth, there could be different reasons why different stocks trade at the valuations that they do, but earnings growth, margin accretion and the long cycle seem to be the common points among all the expensive capex beneficiaries in the capital goods space. Do you believe these valuations could stay elevated for some of these businesses?
Kennet Andrade: Usually when the cycles last, I think valuations will remain elevated for a very long period of time.
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Is lower valuation and low growth a new norm for FMCG companies in the bargain? We've just not seen them perform. I am moving tracks now.
","answer":"Kenneth Andrade: This is the new norm. I wouldn’t say low valuations. These are very sustainable businesses. So they will consolidate around these levels and if you look at the capital cycle, or the way money actually works, money is always directed towards faster growth. And you've got a situation or you've got an inflection point, wherein traditionally all FMCG and consumer names have always grown at double digits and the highest earnings growth has been probably closer to 20%. But that's no longer the norm right now.
And you got a shift in the way investors actually think about moving to something which is much more scalable, larger, etc. So that's how capital moves from one part of the market to the other, because there's so much visibility out there. Whether it is infrastructure or power or whether it's the capex cycle, there is a rationalisation and how you see portfolios actually change.
So 2010 to 2020 it was all about consumption because infrastructure, capital capex, etc., fell off the cliff. I think you are seeing a reversal of that entire cycle between 2022 and 2030 and maybe beyond that for a while. There's got to be some losers and those businesses are not losers. It is not because they're bad companies, but still they just have to go through a consolidation.
I think that what will happen with consumer businesses, they don't fall off the cliff. That is a reversal to me. If I remember this in 2006, 2007 and 2008, most of the FMCG businesses including Lever came down between 24-35 times earnings. So that's how you will see this environment also play out. I don't know what number they will settle at. But it could be a standard situation for companies like this.
"},"subtype":"q-and-a","text":"Is lower valuation and low growth a new norm for FMCG companies in the bargain? We've just not seen them perform. I am moving tracks now.
Kenneth Andrade: This is the new norm. I wouldn’t say low valuations. These are very sustainable businesses. So they will consolidate around these levels and if you look at the capital cycle, or the way money actually works, money is always directed towards faster growth. And you've got a situation or you've got an inflection point, wherein traditionally all FMCG and consumer names have always grown at double digits and the highest earnings growth has been probably closer to 20%. But that's no longer the norm right now.
And you got a shift in the way investors actually think about moving to something which is much more scalable, larger, etc. So that's how capital moves from one part of the market to the other, because there's so much visibility out there. Whether it is infrastructure or power or whether it's the capex cycle, there is a rationalisation and how you see portfolios actually change.
So 2010 to 2020 it was all about consumption because infrastructure, capital capex, etc., fell off the cliff. I think you are seeing a reversal of that entire cycle between 2022 and 2030 and maybe beyond that for a while. There's got to be some losers and those businesses are not losers. It is not because they're bad companies, but still they just have to go through a consolidation.
I think that what will happen with consumer businesses, they don't fall off the cliff. That is a reversal to me. If I remember this in 2006, 2007 and 2008, most of the FMCG businesses including Lever came down between 24-35 times earnings. So that's how you will see this environment also play out. I don't know what number they will settle at. But it could be a standard situation for companies like this.
Kenneth, two pockets have kind of stagnated for the last maybe couple of years. One of them is specialty chemicals, the toast of town until 2020-21. Suddenly, it has gone into hibernation as a bucket, save for maybe one or two specific pockets. What's the sense here? Do they make a comeback at some point of time and the survivors particularly of this current cycle?
","answer":"Kenneth Andrade: Of course, you will see them revive themselves. When, is the big question mark. And obviously, we are going through a supply glut in the international market, obviously driven by one particular country. So we will have to see how that environment plays out.
But these are situations that come through. So what happened in the early 20s is that you democratise capital for this industry. And this industry got capital. They have been able to set up capacities. Now they have to work on cost and they have to go out and get market share.
So this is a period of time where they actually consolidate their business and drop costs and go out and get incremental new consumers and customers and there is a lead time to all of this happening. I think we are going through that lead time. I'm pretty much sure that the next cycle that they will come through, they will come through faster.
So another industry that went through the cycle is pharmaceuticals. In 2015, it stopped and 2021-22-23 we saw a number of companies take out their previous cycle. That was a seven-year cycle.
So you have to give these companies time and when I say that, I don't mean stock prices time but you give these companies time to recalibrate their business, look at the business opportunity with a new lens, go out and get market share and once you get a market share, I think you get back to category dominance. And as an investor, you necessarily have to look for companies with category dominance and it will all come through, probably in the next two or three years.
"},"subtype":"q-and-a","text":"Kenneth, two pockets have kind of stagnated for the last maybe couple of years. One of them is specialty chemicals, the toast of town until 2020-21. Suddenly, it has gone into hibernation as a bucket, save for maybe one or two specific pockets. What's the sense here? Do they make a comeback at some point of time and the survivors particularly of this current cycle?
Kenneth Andrade: Of course, you will see them revive themselves. When, is the big question mark. And obviously, we are going through a supply glut in the international market, obviously driven by one particular country. So we will have to see how that environment plays out.
But these are situations that come through. So what happened in the early 20s is that you democratise capital for this industry. And this industry got capital. They have been able to set up capacities. Now they have to work on cost and they have to go out and get market share.
So this is a period of time where they actually consolidate their business and drop costs and go out and get incremental new consumers and customers and there is a lead time to all of this happening. I think we are going through that lead time. I'm pretty much sure that the next cycle that they will come through, they will come through faster.
So another industry that went through the cycle is pharmaceuticals. In 2015, it stopped and 2021-22-23 we saw a number of companies take out their previous cycle. That was a seven-year cycle.
So you have to give these companies time and when I say that, I don't mean stock prices time but you give these companies time to recalibrate their business, look at the business opportunity with a new lens, go out and get market share and once you get a market share, I think you get back to category dominance. And as an investor, you necessarily have to look for companies with category dominance and it will all come through, probably in the next two or three years.
Kenneth, does the same thing hold true for some aspects of pharmaceuticals. I mean, in some sense, the U.S. generic companies have made a first move in calendar year 2023. But CDMO, API and the likes have kind of stagnated now for a while. Do they kind of make a comeback too?
","answer":"Kenneth Andrade: You have already seen profits out there and they have made a historical high since 2015. I think in 2024, you will have most of the pharma companies facing the U.S. come through with extremely high profitability. I don't see this slowing down, at least for the next couple of years, because there is a lot of capex already on the ground.
A lot of registrations have been done and the best part of all of this is the Indian companies are gaining market share against the counterparts in the West. So it's a kind of an IT cycle playing out wherein Indian pharma companies are going to take their fair amount of market share in the international arena, whether the rest of the world market or the US. So I would watch that space. We're very optimistic about that part of the environment.
"},"subtype":"q-and-a","text":"Kenneth, does the same thing hold true for some aspects of pharmaceuticals. I mean, in some sense, the U.S. generic companies have made a first move in calendar year 2023. But CDMO, API and the likes have kind of stagnated now for a while. Do they kind of make a comeback too?
Kenneth Andrade: You have already seen profits out there and they have made a historical high since 2015. I think in 2024, you will have most of the pharma companies facing the U.S. come through with extremely high profitability. I don't see this slowing down, at least for the next couple of years, because there is a lot of capex already on the ground.
A lot of registrations have been done and the best part of all of this is the Indian companies are gaining market share against the counterparts in the West. So it's a kind of an IT cycle playing out wherein Indian pharma companies are going to take their fair amount of market share in the international arena, whether the rest of the world market or the US. So I would watch that space. We're very optimistic about that part of the environment.
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Are you going out on a limb and trying to take an early position into information technology or are you avoiding it? The commentary even from Accenture recently had no ray of hope if you will.
","answer":"Kenneth Andrade: So they're fairly mature companies. So let's divide them into large companies and small companies. The large companies are fairly mature businesses. Now to trade them at extremely high multiples may not be the right case to see them dip in terms of margins and retrace them back immediately, over the course of the next one or two years is extremely difficult.
So you have to grade yourself. They are going to be very stable businesses, a very stable part of your portfolio. If you expect some of the large IT companies to have a blue sky scenario, it may not be the case out there. So they are stable businesses, great for a part of the portfolio, look for kitchen-sinking in some of these companies, as new management comes in place. Take the opportunity of that and utilise that. So, when I come down to very stock-specific and stock-picking in this industry, I wouldn't categorise the entire industry as a buy.
"},"subtype":"q-and-a","text":"Are you going out on a limb and trying to take an early position into information technology or are you avoiding it? The commentary even from Accenture recently had no ray of hope if you will.
Kenneth Andrade: So they're fairly mature companies. So let's divide them into large companies and small companies. The large companies are fairly mature businesses. Now to trade them at extremely high multiples may not be the right case to see them dip in terms of margins and retrace them back immediately, over the course of the next one or two years is extremely difficult.
So you have to grade yourself. They are going to be very stable businesses, a very stable part of your portfolio. If you expect some of the large IT companies to have a blue sky scenario, it may not be the case out there. So they are stable businesses, great for a part of the portfolio, look for kitchen-sinking in some of these companies, as new management comes in place. Take the opportunity of that and utilise that. So, when I come down to very stock-specific and stock-picking in this industry, I wouldn't categorise the entire industry as a buy.
May I ask you what is it that you are most constructive on. Where is it that if you had a chance to put in money, currently, without bothering about when the return will come as long as the return is magnified, what would that bucket be?
","answer":"Kenneth Andrade: Let me break this down again. So we're at 3% or 3.5% of world GDP. And we are at 22-23% of population.
As we continue to grow, we have to take market share from the rest of the world. You have to go and figure out companies that will build their franchises in the rest of the world. That’s one element of all of it. We've seen how much wealth I.T. has gotten created. We've seen the dominance of Indian pharmaceutical businesses in the West. We've seen how Indian chemical companies have gone out and made their mark.
And from there, you'll see multiple businesses. I mean, we are the second-largest steel manufacturers in the world right now and we are growing capacity out there. So all of this is coming together quite nicely. Now pick up your franchise out there and this is the large trend that is playing out.
Domestically, infra businesses and utilities are expanding. If you put the numbers together, it's going to be a scale business out there. Now in that scale business you got to allocate your capital to parts of the value chain, where you feel comfortable with, and where you think the returns will be outlier. So these are two pockets that are there.
The third pocket is the consumer economy. I think that will come back. It might have a shorter cycle than the last time, but whenever it does come back you got to be a little ready for some of those businesses. Now, case in point—if you look at QSR businesses, they're going through a massive expansion in number of stores or capacity, but the market cap has just gone one way which is down. So look for these trends, look for a bottoming out of the entire cycle and just work your way around it.
So the first two are my priorities. The third one is essentially something that we're waiting and watching for.
"},"subtype":"q-and-a","text":"May I ask you what is it that you are most constructive on. Where is it that if you had a chance to put in money, currently, without bothering about when the return will come as long as the return is magnified, what would that bucket be?
Kenneth Andrade: Let me break this down again. So we're at 3% or 3.5% of world GDP. And we are at 22-23% of population.
As we continue to grow, we have to take market share from the rest of the world. You have to go and figure out companies that will build their franchises in the rest of the world. That’s one element of all of it. We've seen how much wealth I.T. has gotten created. We've seen the dominance of Indian pharmaceutical businesses in the West. We've seen how Indian chemical companies have gone out and made their mark.
And from there, you'll see multiple businesses. I mean, we are the second-largest steel manufacturers in the world right now and we are growing capacity out there. So all of this is coming together quite nicely. Now pick up your franchise out there and this is the large trend that is playing out.
Domestically, infra businesses and utilities are expanding. If you put the numbers together, it's going to be a scale business out there. Now in that scale business you got to allocate your capital to parts of the value chain, where you feel comfortable with, and where you think the returns will be outlier. So these are two pockets that are there.
The third pocket is the consumer economy. I think that will come back. It might have a shorter cycle than the last time, but whenever it does come back you got to be a little ready for some of those businesses. Now, case in point—if you look at QSR businesses, they're going through a massive expansion in number of stores or capacity, but the market cap has just gone one way which is down. So look for these trends, look for a bottoming out of the entire cycle and just work your way around it.
So the first two are my priorities. The third one is essentially something that we're waiting and watching for.
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.
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(Bloomberg) -- Luxury watchmaker Favre Leuba plans to unveil more than two dozen timepieces later this year, priced as much as 24,000 Swiss francs ($26,489), as part of a brand relaunch that seeks to expand the Swiss pioneer’s appeal beyond its majority Indian consumer base.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/826d3b7c-548c-4e0c-8e24-26fcb683e98a","type":"text","family-id":"ebbb900b-fdd4-486f-bc4e-cb8f0eb161b2","title":"","id":"826d3b7c-548c-4e0c-8e24-26fcb683e98a","metadata":null,"subtype":null,"text":"Watchmaker Abraham Favre started a workshop in Switzerland in the 18th century, laying the foundation of a business that would later tie-up with the Leuba family, giving birth to the Favre-Leuba brand. The company, which once owned the iconic Jaeger-LeCoultre, was one of the top innovators of the Swiss watch industry before the quartz crisis of the 1970s and ’80s forced it to pass through several hands.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/48ffcfba-6181-4a44-81cd-b39580556aa0","type":"text","family-id":"ce2213f3-ae89-4c34-bf02-7a86e6685bb5","title":"","id":"48ffcfba-6181-4a44-81cd-b39580556aa0","metadata":null,"subtype":null,"text":"India’s Tata conglomerate acquired the dormant Favre Leuba brand in late 2011 and launched new watches in India and other overseas markets. But their design aesthetic and marketing failed to win over a large following. It exchanged hands in a private transaction again last year, giving Indian watch retailer Ethos Ltd. and its parent KDDL Ltd. control of Favre Leuba.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/a4533200-42d8-4b09-943f-0e2547e4bbf8","type":"text","family-id":"8c4bf0b0-78e8-4ad7-a58b-de4f0259c6eb","title":"","id":"a4533200-42d8-4b09-943f-0e2547e4bbf8","metadata":null,"subtype":null,"text":"Favre Leuba stopped production about three years ago and some of those models are sold only in India by Ethos.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/22c7d969-1400-486b-b8b5-4161162da63d","type":"text","family-id":"02cc03e7-e735-49b2-9880-ff6a1a93873d","title":"","id":"22c7d969-1400-486b-b8b5-4161162da63d","metadata":null,"subtype":null,"text":"Grenchen-based Favre Leuba will release 26 new models at Geneva Watch Days in August, Chairman Patrik Paul Hoffmann told Bloomberg News in an interview on the outskirts of New Delhi.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/545027c4-22e6-4bed-952b-a30caf004783","type":"text","family-id":"ecdb528f-6fa7-4d31-8009-67254c996805","title":"","id":"545027c4-22e6-4bed-952b-a30caf004783","metadata":null,"subtype":null,"text":"The new collection is designed around three themes—air, sea and land—and utilizes three movements, which are the mechanical guts of the watch. “The production of the movements is going on, the production of cases is going on,” said Hoffmann, who previously served as CEO of Ulysse Nardin SA.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/f61bce90-60d9-4883-b4ca-98fbf810e14b","type":"text","family-id":"29ff49cd-2ddb-494f-aac1-f9676da86898","title":"","id":"f61bce90-60d9-4883-b4ca-98fbf810e14b","metadata":null,"subtype":null,"text":"Favre Leuba is spending 5 million Swiss francs initially for production and marketing of its new lineup, with plans to likely double that investment over the next year, Hoffman said, sitting at the rooftop terrace of Ethos headquarters.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/97953e96-6ca9-4bce-81c7-8e3854e22bc7","type":"text","family-id":"3a3d4984-2ec7-4cd1-bba2-406ba0fbedd0","title":"","id":"97953e96-6ca9-4bce-81c7-8e3854e22bc7","metadata":null,"subtype":null,"text":"“We start from zero,” Hoffman explained of the plan to refresh the watch firm’s entire catalog by drawing heavily from the brand’s rich history and adding evolutionary touches to its classic timepieces. In the 1960s, Favre Leuba developed one of the world’s first dive watches, named the Deep Blue, as well as an expedition model, Bivouac, that could measure altitude and air pressure.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/b338434c-9c0e-4c4a-a2f4-5af21e553f43","type":"text","family-id":"bdd894a7-7d0e-4e30-889a-60680706532f","title":"","id":"b338434c-9c0e-4c4a-a2f4-5af21e553f43","metadata":null,"subtype":null,"text":"Favre Leuba plans to eventually move assembly and movement building in-house, Hoffman said. For now, it’s using Manufacture la Joux-Perret SA and Chronode SA movements and collaborating with veteran designers such as Antoine Tschumi, who has helped create timepieces for Czapek & Cie and Louis Moinet, and Laurent Auberson, who’s worked for Zenith, Chronoswiss and Germany’s Lehmann Uhren.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/da0f5911-b2b0-44a6-b3c5-4b0c9bb22e44","type":"text","family-id":"ddf850d8-7438-455b-85e7-b76f09bf7cee","title":"","id":"da0f5911-b2b0-44a6-b3c5-4b0c9bb22e44","metadata":null,"subtype":null,"text":"The new watches will start at around 3,000 Swiss francs and go as high as 24,000 Swiss francs for a tourbillion in a stainless steel case. The US, Canada and Caribbean will be key markets for the brand, which also expects to sell in the Middle East and parts of Asia, including Japan, said Hoffmann.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/4f01c19f-b61f-48d6-90d3-80f138d8aa08","type":"text","family-id":"7860e361-96bd-4015-9293-34baaefccfc3","title":"","id":"4f01c19f-b61f-48d6-90d3-80f138d8aa08","metadata":null,"subtype":null,"text":"Favre Leuba will also leverage its deep-rooted history in India—it was the first Swiss timekeeper to enter the South Asian country in 1865. Hoffman said he plans to rope in Bollywood stars and cricketers for partnerships and marketing in India, where the company will open its first three boutiques and also sell through Ethos stores.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/426a7f8e-bc1c-40d0-9d34-8fcbe39bdd32","type":"text","family-id":"41e7e056-81ac-449e-9bb9-271684fd62eb","title":"","id":"426a7f8e-bc1c-40d0-9d34-8fcbe39bdd32","metadata":null,"subtype":null,"text":"Favre Leuba aims to make 4,000 watches in the first year and eventually wants to be able to ramp up production to an annual 100,000 units over a decade, according to Hoffman.
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/3c8dc31a-4f6c-4fc8-9980-1e7cc7a349c0","type":"text","family-id":"f68c9ae7-d83c-4aca-bf93-f382e7d2cdca","title":"","id":"3c8dc31a-4f6c-4fc8-9980-1e7cc7a349c0","metadata":null,"subtype":null,"text":"So, who’s the average Favre Leuba customer? It’s someone who could be sporting a Rolex or a Panerai, but who’d understand Favre Leuba’s history and appreciates the subtleness of its new models, said Hoffmann. “It’s not somebody who says I need this because everybody else has it.”
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/202bfc07-872c-4a21-bdcb-dfbb12841f8c","type":"text","family-id":"040f3eee-a802-44c8-867e-032df28a76a1","title":"","id":"202bfc07-872c-4a21-bdcb-dfbb12841f8c","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/059dc583-4bee-4262-86b6-ff38f67da678/element/5d5400d8-d201-42f0-bb0c-8cc12e002616","type":"text","family-id":"90bb7bd1-ed95-4b96-9fa9-10d452c87c5d","title":"","id":"5d5400d8-d201-42f0-bb0c-8cc12e002616","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711602484281,"content-version-id":"3407fd51-25de-4a11-92b2-abb6c1294254","card-added-at":1711602484281,"status":"draft","id":"a46ecd88-e0b5-40be-aa1f-da5ab446820c","content-id":"a46ecd88-e0b5-40be-aa1f-da5ab446820c","version":1,"metadata":{"social-share":{"shareable":true,"title":"A Swiss Watchmaker With Deep Ties To India Is Back From The Dead—Again","message":"The new collection is designed around three themes—air, sea and land—and utilizes three movements.","image":{"key":"bloombergquint/2024-03/d4082501-fbc1-4af1-b0b0-736441c62ef3/_1x_1.jpg","url":null,"attribution":null,"caption":"Favre Leuba Bivouac, developed in 1962 with an aneroid barometer","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i4qSjtZO.WLo/v1/-1x-1.jpg","width":2200,"height":1467}}}}}],"author-id":1670557,"first-published-at":1711604114625,"story-template":"syndicated","authors":[{"slug":"sankalp-phartiyal-3","social":{},"name":"Sankalp Phartiyal","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1670557,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["pursuits"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-28/swiss-watch-brand-favre-leuba-relaunching-with-26-000-timepiece","imported-card-id":"a46ecd88-e0b5-40be-aa1f-da5ab446820c","card-share":{"shareable":true}}}},{"id":"0a460c04-9ae7-4045-80d2-d3be996639a9","associated-metadata":{},"type":"story","story":{"author-name":"Pallavi Nahata","headline":"Government's Borrowing Plan Likely To Support Easing Bond Yields","slug":"economy-finance/governments-borrowing-plan-likely-to-support-easing-bond-yields","last-published-at":1711609749947,"alternative":{},"sections":[{"domain-slug":null,"slug":"economy-finance","name":"Economy & Finance","section-url":"https://www.ndtvprofit.com/economy-finance","id":9609,"parent-id":null,"display-name":"Economy & Finance","collection":{"slug":"economy-finance","name":"Economy & Finance","id":22396},"data":null},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"notifications","name":"Notifications","section-url":"https://www.ndtvprofit.com/notifications","id":16055,"parent-id":null,"display-name":"Notifications","collection":{"slug":"notifications","name":"Notifications ","id":32342},"data":null}],"hero-image-metadata":{"width":889,"height":500,"mime-type":"image/jpeg","file-size":195070,"file-name":"1500x500.jpg","focus-point":null},"published-at":1711609749947,"summary":"The benchmark 10-year G-sec yield is expected to reduce to 6.8% in FY25, says Gaura Sengupta, economist at IDFC First Bank.","id":"0a460c04-9ae7-4045-80d2-d3be996639a9","hero-image-s3-key":"bloombergquint/2024-03/c8987127-1b1b-4d3f-bd5b-e5cc5ba0d105/1500x500.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/0a460c04-9ae7-4045-80d2-d3be996639a9/element/2ce1c0f5-c7c8-4819-a7d8-e4122569e86a","type":"text","family-id":"983613df-9dcd-47f0-a772-899c4c710013","title":"","id":"2ce1c0f5-c7c8-4819-a7d8-e4122569e86a","metadata":{},"subtype":null,"text":"Lower planned borrowings by the Union government in the first half of the next financial year threw up a positive surprise and is expected to help support a lower bond yield curve in the near term.
The G-sec borrowing calendar for the first half of the next fiscal threw mild surprises, with a lower proportion of total FY25 gross issuances compared to past years and the lowest since FY19.
The H1FY25 gross borrowing at Rs 7.50 lakh crore stands at 53.1% of Rs 14.13 lakh crore estimated for FY25 and 15.5% less than in the same period in FY24.
The benchmark 10-year G-sec yield is expected to reduce to 6.8% in FY25, according to Gaura Sengupta, economist at IDFC First Bank.
The move is likely to be aided by a confluence of factors. The demand-supply dynamic in FY25 is likely to be favourable for G-secs, with demand supported by India's inclusion into JP Morgan EM bond index and strong investor demand, Sengupta explained.
Lower-than-expected gross borrowings should support bonds across the curve in the near term, followed by lower inflation prints in H1FY25, according to Madhavi Arora, lead economist at Emkay Global.
However, much lower share of three-year and overall sub-seven-year tenor in H1 borrowing, reversion of system liquidity to positive in H1, and continued active/passive FPI inflows should augur well for the shorter end of the curve than the longer end, implying bull steepening in coming months, Arora explained.
Index inclusion is expected to bring FPI inflows of $30 billion from June-end onwards till April–May 2025, Sengupta said.
On the supply front, net G-sec issuance in FY25 is lower at Rs 10.5 lakh crore versus Rs 11 lakh crore in FY24. Indeed, it's likely that demand for G-sec will exceed supply, Sengupta said.
Some part of this demand will shift into the state development loans, whose supply is expected to remain elevated in FY25. State budgets imply net SDL supply of Rs 7.9 lakh crore in FY25 vs Rs 7.2 lakh crore in FY24.
"},{"description":"","page-url":"/story/0a460c04-9ae7-4045-80d2-d3be996639a9/element/96e3bcb1-6204-460e-9d5d-22fa40f4107c","type":"title","family-id":"188afe4d-721d-475c-bf13-879013fef843","title":"","id":"96e3bcb1-6204-460e-9d5d-22fa40f4107c","metadata":{},"subtype":null,"text":"Global Cues: Rate-Cut Cycle "},{"description":"","page-url":"/story/0a460c04-9ae7-4045-80d2-d3be996639a9/element/5337b5bf-7d2e-4edf-9f42-fa719587710f","type":"text","family-id":"de2977a2-b844-44a4-9e87-6cbef23d4182","title":"","id":"5337b5bf-7d2e-4edf-9f42-fa719587710f","metadata":{},"subtype":null,"text":"\"We are watching the evolution of the rate-cutting cycle globally and back home, as we restate that RBI will not precede the Fed in rate cuts,\" Arora said. The base argument of rising possibility of no-cut by Fed in 2024, if proved correct, could spill over into the RBI's reaction function and will be cyclically noisy for bonds and FX, she explained.
The RBI may still have to manage the problem of plenty, especially in H1FY25 with regards to finding a balance between FX and fixed income amid flows and healthy liquidity, thus ensuring that financial conditions don't turn too easy, Arora said.
"},{"description":"","page-url":"/story/0a460c04-9ae7-4045-80d2-d3be996639a9/element/f0f0ff91-f4fe-4144-b395-9e336e780be7","type":"text","family-id":"70a3cacb-74d7-4fa9-beb3-7902d071d723","title":"","id":"f0f0ff91-f4fe-4144-b395-9e336e780be7","metadata":{"linked-story-id":"f4a579ba-1ab5-481b-8c8d-47758295b704","linked-story":{"headline":"Current Account Deficit Eases To $10.5 Billion In October–December 2023","story-content-id":"f4a579ba-1ab5-481b-8c8d-47758295b704","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"f4a579ba-1ab5-481b-8c8d-47758295b704","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Current Account Deficit Eases To $10.5 Billion In October–December 2023"}],"card-updated-at":1711609394152,"content-version-id":"13783b43-560a-46e9-a16b-fc40e74ab1af","card-added-at":1711603864975,"status":"draft","id":"a7319d44-d58e-4daa-b680-622cebef2ff4","content-id":"a7319d44-d58e-4daa-b680-622cebef2ff4","version":67,"metadata":{"social-share":{"shareable":true,"title":"Government's Borrowing Plan Likely To Support Easing Bond Yields","message":"The benchmark 10-year G-sec yield is expected to reduce to 6.8% in FY25, says Gaura Sengupta, economist at IDFC First Bank.","image":{"key":"bloombergquint/2024-03/c8987127-1b1b-4d3f-bd5b-e5cc5ba0d105/1500x500.jpg","url":null,"attribution":null,"caption":"(Source: Ministry of Finance/X)
(Bloomberg) -- Russia’s seaborne crude exports clawed back about half of the previous week’s losses even though there’s growing evidence that sanctions are finally starting to stymie Moscow’s oil supply chain.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/5e1a290f-3d9a-40a2-bb19-a293c82fdd43","type":"text","family-id":"e8c6d9fb-aa4b-421e-a874-a3aae531d313","title":"","id":"5e1a290f-3d9a-40a2-bb19-a293c82fdd43","metadata":null,"subtype":null,"text":"The rebound came after maintenance work ended at Russia’s most important Baltic export terminal and storms that had repeatedly hit its main Pacific port in recent weeks began to abate. Those earlier disruptions left four-week average flows slightly below Russia’s first-quarter export target, tanker-tracking data compiled by Bloomberg show.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/bbcd319b-a339-448b-b7c9-2fb103554699","type":"text","family-id":"dddc5ff4-f715-45b4-9a54-2506ffc301fb","title":"","id":"bbcd319b-a339-448b-b7c9-2fb103554699","metadata":null,"subtype":null,"text":"Indian oil refiners — Moscow’s second-biggest customers after China since the 2022 invasion of Ukraine — will no longer accept tankers owned by state-run Sovcomflot PJSC because of the risks posed by recently intensified sanctions. That appears to have led to several vessels hauling Russian crude getting held up off the Asian nation’s coast, with others diverting to China.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/c685c5d5-2f01-4b0d-9c60-c2d126753437","type":"text","family-id":"c40282eb-07c2-40bd-a1cb-892ddc3cbb4f","title":"","id":"c685c5d5-2f01-4b0d-9c60-c2d126753437","metadata":null,"subtype":null,"text":"None of the ships designated by the US Treasury as carrying oil in breach of a Group of Seven price cap has loaded a cargo since it was added to a list of sanctioned vessels. Many have diverted to the Black Sea, where they have disappeared from tracking screens. Others are anchored near ports on Russia’s Baltic and Pacific coasts.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/31a26b67-5d19-4a0d-9eab-4d8e6f0f6e19","type":"text","family-id":"a6685f51-3177-4965-bf2a-a646a077abcd","title":"","id":"31a26b67-5d19-4a0d-9eab-4d8e6f0f6e19","metadata":null,"subtype":null,"text":"Still, for now, overall crude flows have not been reduced on any significant scale, with shipments in the week to March 24 rising by about 360,000 barrels a day. With a shadow fleet of tankers willing to haul Russian oil numbering at least 600 vessels, there are still plenty of ships to keep the oil flowing.
"},{"description":"","image-metadata":null,"page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/02b7462b-ccf1-42b9-b6e5-13f879d72d55","type":"image","family-id":"bbaff285-54f0-4b14-a342-b2cd03d194c7","image-attribution":"","title":"","id":"02b7462b-ccf1-42b9-b6e5-13f879d72d55","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/15b377fd-8ff0-4f35-8de8-6792f3423933/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i5n4HZnIifyE/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/45b70b60-ec82-4e5f-9b4b-9eec180b0e3f","type":"text","family-id":"abdb2b4e-aee6-443c-9e55-23adb353a482","title":"","id":"45b70b60-ec82-4e5f-9b4b-9eec180b0e3f","metadata":null,"subtype":null,"text":"The rebound in shipments has helped boost Moscow’s oil earnings. The gross value of crude exports recouped about half of the previous week’s drop, rising to $1.68 billion in the seven days to March 24 from $1.48 billion in the period to March 17. Four-week average income was also up, rising by about $15 million to $1.62 billion a week.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/b823bb39-edac-401b-a8d2-c1548bac7ce9","type":"text","family-id":"cfedb574-13e2-4a24-a8f1-41cee0b9265b","title":"","id":"b823bb39-edac-401b-a8d2-c1548bac7ce9","metadata":null,"subtype":null,"text":"Most of the backlog of Russia’s Sokol crude that built up after being turned away by Indian refiners has now been discharged. About 8.4 million barrels have been delivered to plants in China, with some 3.5 million barrels eventually finding their way back to India. One cargo was delivered to Pakistan.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/9e56bf84-5df9-44c1-a63b-53d290fd3802","type":"text","family-id":"f55a7b04-c740-4127-8356-fc360c7b22de","title":"","id":"9e56bf84-5df9-44c1-a63b-53d290fd3802","metadata":null,"subtype":null,"text":"That leaves about 5.5 million barrels yet to discharge, about half of which is also heading back toward India. All of the Sokol cargoes loaded so far this month have headed directly to China.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/ea828e69-4938-42d6-ae33-c8fc8257ae7b","type":"text","family-id":"1396ff43-cb6a-497e-b9fc-cd145b2c761e","title":"","id":"ea828e69-4938-42d6-ae33-c8fc8257ae7b","metadata":null,"subtype":null,"text":"Flows by Destination
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/77752552-5226-45e1-a3a3-55f5cd1778fa","type":"text","family-id":"23c026d3-b4e0-436a-b1a2-4fa8e9c378d8","title":"","id":"77752552-5226-45e1-a3a3-55f5cd1778fa","metadata":null,"subtype":null,"text":"Russia’s seaborne crude flows in the week to March 24 rose to 3.32 million barrels a day. However, the less volatile four-week average slipped for a second week, dropping by about 40,000 barrels a day to 3.24 million barrels a day.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/da51734b-2048-400e-84a1-ff3fcc8f172f","type":"text","family-id":"d44c616b-8e9d-4ebc-a0d7-616d4da44fed","title":"","id":"da51734b-2048-400e-84a1-ff3fcc8f172f","metadata":null,"subtype":null,"text":"Weekly shipments were about 260,000 barrels a day below the average seen in May and June, or about 40,000 barrels a day above Russia’s first quarter target that is part of the OPEC+ alliance’s broader effort to curb supplies and support prices. The four-week average was about the same amount below the target.
"},{"description":"","image-metadata":null,"page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/cac3c07f-8258-4ae6-b467-a08bbf42e7d1","type":"image","family-id":"3f9075ef-d4fb-4a19-b0ae-f0f6fd01de21","image-attribution":"","title":"","id":"cac3c07f-8258-4ae6-b467-a08bbf42e7d1","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/74c841d8-cbf1-4fd9-9bae-be7948d5a691/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iilwTgfNLAVk/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/e5c3eff3-66d3-42b5-9494-833ecb4d5c01","type":"text","family-id":"19707a34-cdba-4882-9562-f1bc1ca48e4a","title":"","id":"e5c3eff3-66d3-42b5-9494-833ecb4d5c01","metadata":null,"subtype":null,"text":"All figures exclude cargoes identified as Kazakhstan’s KEBCO grade. Those are shipments made by KazTransoil JSC that transit Russia for export through the Black Sea port of Novorossiysk and the Baltic’s Ust-Luga and are not subject to European Union sanctions or a price cap.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/3809e48f-c7db-407a-823f-33d7c6d0071d","type":"text","family-id":"e73c043a-3587-436e-a688-6fb6fdec8214","title":"","id":"3809e48f-c7db-407a-823f-33d7c6d0071d","metadata":null,"subtype":null,"text":"The Kazakh barrels are blended with crude of Russian origin to create a uniform export grade. Since Russia’s invasion of Ukraine, Kazakhstan has rebranded its cargoes to distinguish them from those shipped by Russian companies.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/5decd71e-1bea-4e4d-a5f7-df12677f85bd","type":"text","family-id":"0b276506-4e36-4567-94f2-a8ae8f6c0177","title":"","id":"5decd71e-1bea-4e4d-a5f7-df12677f85bd","metadata":null,"subtype":null,"text":"Asia
Observed shipments to Russia’s Asian customers, including those showing no final destination, edged higher to 2.93 million barrels a day in the four weeks to March 24, up from a revised 2.86 million in the previous four-week period.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/a30163c9-d7d5-4385-a938-9bdc55313780","type":"text","family-id":"73237d9c-bd49-4452-8ec8-e1d3f459de4f","title":"","id":"a30163c9-d7d5-4385-a938-9bdc55313780","metadata":null,"subtype":null,"text":"About 1.21 million barrels a day of crude was loaded onto tankers heading to China. The Asian nation’s seaborne imports are boosted by about 800,000 barrels a day of crude delivered from Russia by pipeline, either directly, or via Kazakhstan.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/4285a26c-04bd-483c-8f36-b7003de70856","type":"text","family-id":"cca490b0-ece4-4046-9634-23e7507ac908","title":"","id":"4285a26c-04bd-483c-8f36-b7003de70856","metadata":null,"subtype":null,"text":"Flows on ships signaling destinations in India averaged about 1.22 million barrels a day.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/878fda56-9521-443e-8854-aa6384250e78","type":"text","family-id":"46f085c1-bce8-4519-9a65-d553861177f3","title":"","id":"878fda56-9521-443e-8854-aa6384250e78","metadata":null,"subtype":null,"text":"Both the Chinese and Indian figures will rise as the discharge ports become clear for vessels that are not currently showing final destinations.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/cb3b0874-9b88-4779-bed3-ff045c83710c","type":"text","family-id":"8fa4189d-d587-4390-963b-6a74a2f080aa","title":"","id":"cb3b0874-9b88-4779-bed3-ff045c83710c","metadata":null,"subtype":null,"text":"The equivalent of about 385,000 barrels a day was on vessels signaling Port Said or Suez in Egypt, or are expected to be transferred from one ship to another off the South Korean port of Yeosu. Those voyages typically end at ports in India or China and show up in the chart below as “Unknown Asia” until a final destination becomes apparent. This figure includes stranded Sokol crude cargoes that are still waiting to discharge after failing to find homes in India since mid-December.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/caeb7984-9272-4aa8-a662-8fdf1cc71c32","type":"text","family-id":"ceca6b53-5f00-40dd-8327-90199347df1a","title":"","id":"caeb7984-9272-4aa8-a662-8fdf1cc71c32","metadata":null,"subtype":null,"text":"The “Other Unknown” volumes, running at about 80,000 barrels a day in the four weeks to March 24, are those on tankers showing no clear destination. Most of those cargoes originate from Russia’s western ports and go on to transit the Suez Canal, but some could end up in Turkey. Others could be moved from one vessel to another, with most such transfers now taking place in the Mediterranean, off the coast of Greece.
"},{"description":"","image-metadata":null,"page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/ffa430bc-18bb-49f6-bbfc-ffeadba22c62","type":"image","family-id":"f7f8f0c4-8bc0-4c2f-9200-3444bfe28b07","image-attribution":"","title":"","id":"ffa430bc-18bb-49f6-bbfc-ffeadba22c62","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/f4f6fab4-1b65-4274-a0ae-ecdb5e47ebd9/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ibIEmPxDlPNs/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/99704182-568e-42fd-8df5-0106c8aa5827","type":"text","family-id":"98d0c188-8c14-4133-a7f4-1ef4e3c33b7a","title":"","id":"99704182-568e-42fd-8df5-0106c8aa5827","metadata":null,"subtype":null,"text":"Europe and Turkey
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/987451d8-d109-46d9-9d34-881adb483d1a","type":"text","family-id":"7cdc0c76-3132-4ea5-9b88-36143baf55fb","title":"","id":"987451d8-d109-46d9-9d34-881adb483d1a","metadata":null,"subtype":null,"text":"Russia’s seaborne crude exports to European countries have ceased.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/d8a17515-df46-4715-96c0-ae78e702dbfa","type":"text","family-id":"d5c37fab-517d-424a-8921-4a1d5948f4a0","title":"","id":"d8a17515-df46-4715-96c0-ae78e702dbfa","metadata":null,"subtype":null,"text":"With flows to Bulgaria halted at the end of last year, Turkey is now the only short-haul market for shipments from Russia’s western ports.
"},{"description":"","image-metadata":null,"page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/81590ab3-0f61-4bbb-b2bd-00da2c12aae0","type":"image","family-id":"7a76b452-6c8e-4de2-b4a8-3d27224d1f15","image-attribution":"","title":"","id":"81590ab3-0f61-4bbb-b2bd-00da2c12aae0","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/2bff3da3-af1c-4101-9157-4e36956076b7/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i13asf6Hg_5Y/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/3f4575cc-988b-48a2-bb52-2222f0dd6aad","type":"text","family-id":"6d434da9-58a7-47b3-a7b7-5a5314a29582","title":"","id":"3f4575cc-988b-48a2-bb52-2222f0dd6aad","metadata":null,"subtype":null,"text":"Exports to Turkey slipped to about 290,000 barrels a day in the four weeks to March 24. That’s the lowest in six weeks and down from a revised 390,000 barrels a day in the period to March 17.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/222022eb-4b20-471e-9ba8-d80bac4f206e","type":"text","family-id":"d63aef06-e5b4-457c-bae6-9feeedada459","title":"","id":"222022eb-4b20-471e-9ba8-d80bac4f206e","metadata":null,"subtype":null,"text":"Vessel-tracking data are cross-checked against port agent reports as well as flows and ship movements reported by other information providers including Kpler and Vortexa Ltd.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/8a1b1ab4-d133-45ea-8ba5-c4bb9fa9164f","type":"text","family-id":"252ed88c-a2c2-4b5d-b4aa-acd0b7b722b0","title":"","id":"8a1b1ab4-d133-45ea-8ba5-c4bb9fa9164f","metadata":null,"subtype":null,"text":"Export Value
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/33043a13-902e-4386-b7db-717b2a6eb5f0","type":"text","family-id":"8041a8be-4fa6-4057-a214-bb0ddbe81699","title":"","id":"33043a13-902e-4386-b7db-717b2a6eb5f0","metadata":null,"subtype":null,"text":"Following the abolition of export duty on Russian crude, we have begun to track the gross value of seaborne crude exports, using Argus Media price data and our own tanker tracking.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/9ed66b13-7296-45e9-8aef-ea99d6db5104","type":"text","family-id":"62206100-67bb-46e2-a662-ec5eb71d7fcf","title":"","id":"9ed66b13-7296-45e9-8aef-ea99d6db5104","metadata":null,"subtype":null,"text":"The gross value of Russia’s crude exports recouped about half of the previous week’s drop, rising to $1.68 billion in the seven days to March 24 from $1.48 billion in the period to March 17. Four-week average income was also up, rising by about $15 million to $1.62 billion a week. The four-week average is still well off its peak of $2.17 billion a week, reached in the period to June 19, 2022. The highest it reached last year was $2 billion a week in the period to Oct. 22.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/6424c91f-620b-4cc4-8438-52f7a987fffd","type":"text","family-id":"c28d145d-8b36-4388-a366-cb92b7356058","title":"","id":"6424c91f-620b-4cc4-8438-52f7a987fffd","metadata":null,"subtype":null,"text":"During the first four weeks after the Group of Seven nations’ price cap on Russian crude exports came into effect in early December 2022, the value of seaborne flows fell to a low of $930 million a week, but soon recovered.
"},{"description":"","image-metadata":null,"page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/117098a4-847d-4ce5-b515-3e2373485aea","type":"image","family-id":"9d831f8d-044a-4fe6-bdfd-3ee0f8ce7d43","image-attribution":"","title":"","id":"117098a4-847d-4ce5-b515-3e2373485aea","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/7758876f-b2da-46a1-8efe-18432d4a4da4/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iq6324KHL3n4/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/e435e74a-2d99-46e8-9227-4f5399c45d38","type":"text","family-id":"fd5f8598-19a3-4c0b-8e95-36340908919d","title":"","id":"e435e74a-2d99-46e8-9227-4f5399c45d38","metadata":null,"subtype":null,"text":"The chart above shows a gross value of Russia’s seaborne oil exports on a weekly and four-week average basis. The value is calculated by multiplying the average weekly crude price from Argus Media Group by the weekly export flow from each port. For shipments from the Baltic and Arctic ports we use the Urals FOB Primorsk dated, London close, midpoint price. For shipments from the Black Sea we use the Urals Med Aframax FOB Novorossiysk dated, London close, midpoint price. For Pacific shipments we use the ESPO blend FOB Kozmino prompt, Singapore close, midpoint price.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/76b8f56c-18b4-4ddf-9bdc-2a69fa459412","type":"text","family-id":"6b486425-4827-41ef-bd36-8ff0c1fdb61a","title":"","id":"76b8f56c-18b4-4ddf-9bdc-2a69fa459412","metadata":null,"subtype":null,"text":"Export duty was abolished at the end of 2023 as part of Russia’s long-running tax reform plans.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/f115b264-5264-42be-a177-0c0bd629d1ee","type":"text","family-id":"e9fb84e3-d45f-44f2-80d6-6725efb57458","title":"","id":"f115b264-5264-42be-a177-0c0bd629d1ee","metadata":null,"subtype":null,"text":"Ships Leaving Russian Ports
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/d9385929-bd7e-4013-bf3f-f7a170b7eb58","type":"text","family-id":"12d0eb31-45c9-430e-9ef9-45fe85625cef","title":"","id":"d9385929-bd7e-4013-bf3f-f7a170b7eb58","metadata":null,"subtype":null,"text":"The following table shows the number of ships leaving each export terminal.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/3bed1066-fec5-4b85-9b00-0121442c1b29","type":"text","family-id":"1bcc98d0-c8a4-46b5-879c-195c0d84711b","title":"","id":"3bed1066-fec5-4b85-9b00-0121442c1b29","metadata":null,"subtype":null,"text":"A total of 31 tankers loaded 23.2 million barrels of Russian crude in the week to March 24, vessel-tracking data and port agent reports show. That was up by about 2.5 million barrels from the previous week.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/16ea61ac-6c3c-44ed-b462-d0ab0ab78c1d","type":"text","family-id":"676ba7d1-374e-4e5c-98bc-e1215e7fc61b","title":"","id":"16ea61ac-6c3c-44ed-b462-d0ab0ab78c1d","metadata":null,"subtype":null,"text":"High winds at the start of the week may have hampered shipments from Russia’s Pacific terminal at Kozmino. Winds were gusting above 30 miles per hour on two of the first three days of the period, according to data from visualcrossing.com.
"},{"description":"","image-metadata":null,"page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/b9d7c5b4-775f-4d08-92f1-8a29f8e79bed","type":"image","family-id":"9da10adb-6902-479f-9137-bd4a467acb98","image-attribution":"","title":"","id":"b9d7c5b4-775f-4d08-92f1-8a29f8e79bed","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/a551753e-25f5-4fe5-8167-0c12bc5bd300/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/imVqzNcJiDGc/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/fa39933f-576d-40ed-b068-bc9011f57314","type":"text","family-id":"ce05d82e-fe8b-4408-b20f-f56f3a6af56a","title":"","id":"fa39933f-576d-40ed-b068-bc9011f57314","metadata":null,"subtype":null,"text":"All figures exclude cargoes identified as Kazakhstan’s KEBCO grade. One cargo of KEBCO was loaded at Novorossiysk and one at Ust-Luga during the week.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/da71a50b-9ef9-425e-9dca-6c353d8f54f9","type":"text","family-id":"d2b78e41-41dc-4bfb-89e3-425460d15e13","title":"","id":"da71a50b-9ef9-425e-9dca-6c353d8f54f9","metadata":null,"subtype":null,"text":"NOTES
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/63a87ad4-d988-4001-8fb1-30d92e4c9c42","type":"text","family-id":"0f0eab09-0a53-4c5b-82bb-c4f4faf63ec2","title":"","id":"63a87ad4-d988-4001-8fb1-30d92e4c9c42","metadata":null,"subtype":null,"text":"Note: This story forms part of a weekly series tracking shipments of crude from Russian export terminals and the gross value of those flows. Weeks run from Monday to Sunday. The next update will be on Tuesday, April 2.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/1eaa7be1-c826-4125-845e-9a0e549cbb4d","type":"text","family-id":"1e9a8739-7c27-4b1d-ab7c-139bf4e3179b","title":"","id":"1eaa7be1-c826-4125-845e-9a0e549cbb4d","metadata":null,"subtype":null,"text":"Note: All figures exclude cargoes owned by Kazakhstan’s KazTransOil JSC, which transit Russia and are shipped from Novorossiysk and Ust-Luga as KEBCO grade crude.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/13107260-cf84-4abc-90ff-7144695d9f0b","type":"text","family-id":"96fbc0ab-ae12-4564-bc27-1efb8004b9be","title":"","id":"13107260-cf84-4abc-90ff-7144695d9f0b","metadata":null,"subtype":null,"text":"If you are reading this story on the Bloomberg terminal, click here for a link to a PDF file of four-week average flows from Russia to key destinations.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/3bfc48cb-210d-4d47-8cdf-408bf37d7431","type":"text","family-id":"ecdfd9ae-bdad-4753-8929-af83f94d8a35","title":"","id":"3bfc48cb-210d-4d47-8cdf-408bf37d7431","metadata":null,"subtype":null,"text":"--With assistance from Sherry Su.
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/24868f9f-e3b4-4ace-8442-c420c7074da2","type":"text","family-id":"8d59c596-2484-4f15-878c-37834d17ef65","title":"","id":"24868f9f-e3b4-4ace-8442-c420c7074da2","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/f42d9618-58bc-4d4b-8c9b-d217b1a6998f/element/88914531-850b-4c0b-a79b-7e50df7d19f5","type":"text","family-id":"01d04e2f-7721-48d6-af95-05d57c8f093b","title":"","id":"88914531-850b-4c0b-a79b-7e50df7d19f5","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711449735230,"content-version-id":"51e7189c-558d-4ddf-a81f-4cef203bd781","card-added-at":1711449735230,"status":"draft","id":"948453f1-5cae-4396-a2ee-88e0ae2e79bb","content-id":"948453f1-5cae-4396-a2ee-88e0ae2e79bb","version":35,"metadata":{"social-share":{"shareable":true,"title":"Russia’s Crude Shipments Rebound Even As Sanctions Snare Tankers","message":"Tanker bans are complicating some flows without yet hitting overall export levels.","image":{"key":"bloombergquint/2024-03/15b377fd-8ff0-4f35-8de8-6792f3423933/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1669537,"first-published-at":1711603719571,"story-template":"syndicated","authors":[{"slug":"julian-lee-4","social":{},"name":"Julian Lee","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669537,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["markets"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-26/russia-s-oil-exports-rebound-despite-the-bite-of-sanctions-on-tankers","imported-card-id":"948453f1-5cae-4396-a2ee-88e0ae2e79bb","card-share":{"shareable":true}}}}]},{"id":15399,"associated-metadata":{},"type":"collection","name":"Opinion","slug":"opinion","template":"default","metadata":{"view-layout":[{"id":1,"name":"Vertical List","key":"vertical-list"}],"vidible-playlist-id":null,"cover-image":{},"icon-code":"icon-ic_quote"},"collection-date":null,"summary":null,"automated":true,"collection-cache-keys":["c/49/15399","sc/49/1247"],"items":[{"id":"7e7c9dd8-b508-44f7-9ec6-a8063224fb0f","associated-metadata":{},"type":"story","story":{"author-name":"KT Jagannathan","headline":"Succession Planning At Venu Srinivasan Group: A Quiet Transition","slug":"business/succession-planning-at-venu-srinivasan-group-a-quiet-transition","last-published-at":1711511526204,"alternative":{},"sections":[{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"opinion","name":"Opinion","section-url":"https://www.ndtvprofit.com/opinion","id":1247,"parent-id":null,"display-name":"Opinion","collection":{"slug":"opinion","name":"Opinion","id":15399},"data":null},{"domain-slug":null,"slug":"notifications","name":"Notifications","section-url":"https://www.ndtvprofit.com/notifications","id":16055,"parent-id":null,"display-name":"Notifications","collection":{"slug":"notifications","name":"Notifications ","id":32342},"data":null}],"hero-image-metadata":{"width":635,"height":357,"mime-type":"image/jpeg","file-size":31930,"file-name":"TVS Motor website.jpg","focus-point":[318,179]},"published-at":1711511526204,"summary":"The stock exchange communication by these listed entities gives a clue or two to the quiet transition that is being initiated at the Venu Srinivasan group.","id":"7e7c9dd8-b508-44f7-9ec6-a8063224fb0f","hero-image-s3-key":"bloombergquint/2024-03/c7f0072a-a455-4e82-bef1-14bad72cdc1a/TVS_Motor_website.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/7e7c9dd8-b508-44f7-9ec6-a8063224fb0f/element/f3cec74c-ecaa-4368-85d0-d9e7fbde49ed","type":"text","family-id":"69b68037-1a8b-4962-868b-c923e8e2a4ea","title":"","id":"f3cec74c-ecaa-4368-85d0-d9e7fbde49ed","metadata":{},"subtype":null,"text":"Late evening on March 21, three listed companies — TVS Motor Co., TVS Holdings Ltd. and Sundaram Clayton Ltd. — filed identical letters of communication with the stock exchanges on an arrangement between the members of the Venu Srinivasan family, once a part of the erstwhile TVS Group.
The memorandum of understanding is dated March 20, and its execution was completed on March 21.
Venu Srinivasan, his wife, Mallika Srinivasan, and their children - daughter Lakshmi Venu and son Sudarshan Venu — are signatories to the MoU. Significantly enough, they are part of the promoter/promoter group in these companies.
Reading between the lines, the stock exchange communication by these listed entities gives a clue or two to the quiet transition that is being initiated at the Venu Srinivasan group.
According to the MoU, \"Mr. Sudarshan Venu has agreed that, inter alia, he and persons controlled by him shall not use certain trademarks (including, TVS) in relation to certain businesses, including design, manufacturing and supply of aluminium and magnesium die castings/machined castings for OEMs and the after-market, and he has also agreed to not compete for a defined period including in the business of agricultural machinery, including tractors, and self-propelled farm equipment.\"
Similarly, under the MoU, \"Mrs. Mallika Srinivasan and Dr. Lakshmi Venu have agreed that, inter alia, they and persons controlled by them shall not use certain trademarks (including TVS) in relation to certain businesses, including two-wheeler and three-wheeler vehicles, financial services and real-estate business, and they have also agreed to, inter alia, not engage in certain businesses, including two-wheeler and three-wheeler vehicles, parts and/or accessories for any such vehicles, for a defined period.\"
Significantly enough, their identical letters of communication to the stock exchanges have also made it clear that their respective businesses would not in any way be adversely affected by the family agreement reached between their promoters.
The larger TVS group, comprising four families, underwent a formal legal separation a few years ago, and all the four families have gone their separate ways since then.
What does one make of the latest family arrangement at the Venu Srinivasan group? Long-time corporate watchers see in this move a kind of succession planning. There is, however, nothing explicit about the succession planning in the MoU. Nevertheless, the industrial corridor of the city of Chennai is abuzz with assorted interpretations of the move. Coming events cast their shadow before them. Is the MoU an indication of the shape of things to come at the Venu Srinivasan group?
"}],"card-updated-at":1711441009233,"content-version-id":"5aac1516-40e8-4a0a-b54a-99d6989050a6","card-added-at":1711437445038,"status":"draft","id":"6306b043-a3df-4a7b-aa27-ad96cd378f52","content-id":"6306b043-a3df-4a7b-aa27-ad96cd378f52","version":41,"metadata":{"social-share":{"shareable":true,"title":"Succession Planning At Venu Srinivasan Group: A Quiet Transition","message":"The stock exchange communication by these listed entities gives a clue or two to the quiet transition that is being initiated at the Venu Srinivasan group.","image":{"key":"bloombergquint/2024-03/c7f0072a-a455-4e82-bef1-14bad72cdc1a/TVS_Motor_website.jpg","url":null,"attribution":null,"caption":"Image used for representational purpose (Source: TVS Motor website)
What lends credence to such interpretations is the fact that the MoU does incorporate a kind of non-compete undertakings by Sudharshan Venu, Lakshmi Venu and Mallika Srinivasan.
What adds further support to this interpretation is the fact that the agreement under the MoU between them brings into its scope the tractors and farm equipment business that is not part of the traditional array of TVS business but a business that is part of the amalgamation group. Late A Sivasailam belonged to the promoter family of the amalgamation group. Mallika Srinivasan is her daughter.
The amalgamation group is a largely privately held one and the tractor and farm equipment business, managed by Mallika Srinivasan, forms a significant chunk in value terms of that group.
The latest family arrangement must be read in the context of the earlier reorganisation in the Venu Srinivasan group. The earlier restructuring, it may be recalled, split the two-wheeler and its cluster of finance and real-estate business and the aluminium and magnesium die casting and machine casting.
Sundaram Clayton Ltd., which was newly constituted in the demerger scheme, took over the aluminium and magnesium die casting and machine casting. TVS Holdings Ltd., which became a pure-play holding company, presently holds the two-wheeler and its adjunct business, finance and real estate.
Lakshmi Venu is the non-executive and non-independent director of TVS Motor Co. Sudarshan Venu is the managing director of the company. Lakshmi Venu is the managing director of Sundaram Clayton. Sudarshan Venu does not figure on the board of SCL. Sudarashan Venu is the managing director of TVS Holdings. Lakshmi Venu does not figure on the board of TVS Holdings.
A perusal of the BSE information reveals that a majority of the shares of Sundaram Clayton and TVS Holdings are held by a family trust. \"This gives the flexibility to switch it any which way among the family members,\" Ranganathan, former director and partner of Ernst & Young, says.
Noticeably, the MoU in family arrangement also talks of a no-compete undertaking by Sudarshan Venu. He has agreed to \"not compete for a defined period, including in the business of agricultural machinery, including tractors, and self-propelled farm equipment.\"
This naturally sets off intense discussion in the Chennai corporate world. \"The inference that the tractor and farm equipment business may be inherited by Lakshmi Venu, through her mother Mallika Srinivasan, may not be devoid of logic,” says Ranganathan.
A major reorganisation of the parent company of TVS Motor in 2012 saw Venu Srinivasan and his brother, Gopal Srinivasan, go their ways amicably. The latest family arrangement at Venu Srinivasan group has drawn more than quite an interest across the canvass. Will this transition model be picked up by other groups in the erstwhile TVS family?
"}],"card-updated-at":1711441009233,"content-version-id":"71704b23-3626-4593-b029-34468f81641d","card-added-at":1711439416365,"status":"draft","id":"0650de1b-74ce-41c2-93ed-0f1edfd90211","content-id":"0650de1b-74ce-41c2-93ed-0f1edfd90211","version":14,"metadata":{"social-share":{"shareable":true,"title":"Succession Planning At Venu Srinivasan Group: A Quiet Transition","message":"The stock exchange communication by these listed entities gives a clue or two to the quiet transition that is being initiated at the Venu Srinivasan group.","image":{"key":"bloombergquint/2024-03/c7f0072a-a455-4e82-bef1-14bad72cdc1a/TVS_Motor_website.jpg","url":null,"attribution":null,"caption":"Image used for representational purpose (Source: TVS Motor website)
KT Jagannathan is a senior financial journalist based in Chennai. He has been in business journalism for over three decades, covering corporate developments and critical industry verticals. He is the co-founder of www.carnaticdarbar.com, a news website for Carnatic music, a niche art form.
Disclaimer: The views expressed here are those of the author and do not necessarily represent the views of NDTV Profit or its editorial team.
"},{"description":"","page-url":"/story/7e7c9dd8-b508-44f7-9ec6-a8063224fb0f/element/e69937f9-b916-487d-98fb-6e93454dbd4d","type":"text","family-id":"107b0aac-4232-4922-9a70-a72948b4ac84","title":"","id":"e69937f9-b916-487d-98fb-6e93454dbd4d","metadata":{"linked-story-id":"2dece47f-8132-4988-ab38-01202efd7fb3","linked-story":{"headline":"The Long Game: TVS Motor Rides On New Turf ","story-content-id":"2dece47f-8132-4988-ab38-01202efd7fb3","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"2dece47f-8132-4988-ab38-01202efd7fb3","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"The Long Game: TVS Motor Rides On New Turf "}],"card-updated-at":1711441009233,"content-version-id":"3a3fbd7a-b9ca-4845-b8ab-a0ed1dd98275","card-added-at":1711439468839,"status":"draft","id":"4ecdf51c-3eb5-4bd4-9720-6f4e64b5687b","content-id":"4ecdf51c-3eb5-4bd4-9720-6f4e64b5687b","version":13,"metadata":{"social-share":{"shareable":true,"title":"Succession Planning At Venu Srinivasan Group: A Quiet Transition","message":"The stock exchange communication by these listed entities gives a clue or two to the quiet transition that is being initiated at the Venu Srinivasan group.","image":{"key":"bloombergquint/2024-03/c7f0072a-a455-4e82-bef1-14bad72cdc1a/TVS_Motor_website.jpg","url":null,"attribution":null,"caption":"Image used for representational purpose (Source: TVS Motor website)
After 14 years and many hardships, this week a bestselling Malayalam novel releases as Aadujeevitham (Goat Life), a splashy film with an A-list crew. It also features a Haitian actor and a Palestinian song on the AR Rahman soundtrack. The backstories around the film and the book are as fascinating as their inspiration—the true life survival story of Najeeb Muhammad who worked as a modern slave tending hundreds of goats single-handedly in Saudi Arabia for two years in the 1990s.
Author Benyamin met Najeeb in Bahrain, 10 years after his ordeal. Najeeb had gone from a fisherman in Kerala, his work inextricably connected with water, to a parched life where he wasn't even allowed to wash his bottom with the precious water that was reserved only for the animals. His status was lower than that of a goat, yet he managed to keep his empathy alive through the ordeal, eventually seeing himself as one of the goats.
Najeeb's devastating story instantly hooked Benyamin, who was drawn to the untold stories of lonely migrants. From the lingering scent of a wife's blackened pickle and to the elaborate names he gives the goats, Najeeb's painful solitude is visible on every page of the book.
Like lakhs of Malayalis, Benyamin too migrated to West Asia at the age of 21. His first job was as a worker in a company that installed and maintained air conditioners and other electrical equipment. That's when he started reading, and, eight years later, wrote his first book. Now he is the author of 28 books and spends his days writing at his home in Kulanada village in central Travancore district near Alleppey. His wife continues to work in the Gulf as a nurse.
The idea of living a 'goat life' resonated with many, and not just those who had faced labour rights violations in Gulf countries. Even techies in glass and concrete prisons identified with Najeeb's lonely slavery by an Arab employer he called arbab (saviour), alongside hundreds of goats in a masara (goat pen). \"People from Bangalore in the IT field wrote to me that we are also goats and the office is the masara, our manager is that arbab,\" says Benyamin. \"Anyone can relate.\" I know I certainly related when I read the English translation a decade ago.
When Benyamin retired after 21 years at the same company, after completing Aadujeevitham, his sixth book, he had risen to the position of project manager. But his interest lay elsewhere. \"I met people from many countries and communities, heard their struggles, and found they were not registered in any literature,\" says Benyamin. \"I thought it was my duty to tell readers about such stories.\"
Though Benyamin never named the country where Najeeb's torture unfolded, the book was banned in Saudi Arabia and the UAE. Most of the member states of the Gulf Cooperation Council refused to give permission for the film to be shot there too. Eventually, the crew recreated Najeeb’s West Asian sandy solitary confinement in the Wadi Rum desert in Jordan and in the depths of the Sahara Desert in Algeria. When the pandemic hit mid-shooting, an 80-member team, including lead actor Prithviraj Sukumaran, were stranded for months in Jordan. \"The shooting itself was like goat life,\" says Benyamin.
In 2008, Aadujeevitham wasn't published by DC Books, Benyamin's regular publisher. He offered it to a smaller publisher who had repeatedly been asking him for a book. The book made literary history, becoming one of the most sold Malayalam novels. It won the Kerala Sahitya Akademi Award and was soon on the syllabus of universities across the country.
Sivapriya R, then an editor at Penguin, said she persevered despite the \"ungrammatical translation\" that landed on her desk: \"The story is so deeply moving. It is truly global, it could really be set anywhere, it could be any man from any community in any country.\" The English novel Goat Days was published in 2013. It is now translated into nine languages and in its 251st edition.
Though he doesn't have a formal screenplay credit, Benyamin says he was closely associated with the film from start to finish, adding that director Blessy and the actors frequently looked to him for clarifications and suggestions. \"It is my movie too,\" he says. \"It's not that I just gave them the story and left.\" Benyamin says the director has captured the essence of the book and turned it into something new.
Meanwhile, at home in Kerala, the author writes from the time he wakes up to midnight. \"I am always reading or writing,\" he says. \"I am with books most of the day.\" Thanks to royalties, he is no longer the nomad he once was, but he remains absorbed by the isolation and pain of those who live away from home.
"}],"card-updated-at":1711517649362,"content-version-id":"8de43fa4-cfcb-416a-8794-dd2722837a5c","card-added-at":1711512215379,"status":"draft","id":"86c83c56-580e-4c37-8f8d-81044ef92352","content-id":"86c83c56-580e-4c37-8f8d-81044ef92352","version":41,"metadata":{"social-share":{"shareable":true,"title":"What You Don't Know About Aadujeevitham","message":"251 editions of a book in nine languages and now, a film with an AR Rahman soundtrack—But there's more to this story.","image":{"key":"bloombergquint/2024-03/65f50b1d-1880-477e-be98-e17e0e17dade/Aadujeevitham_3.jpg","url":null,"attribution":null,"caption":"Benyamin at the Aadujeevitham shoot in Jordan’s Wadi Rum desert. (Photo credit: Benny Benyamin)
Priya Ramani is a Bengaluru-based journalist and is on the editorial board of Article-14.com.
The views expressed here are those of the author and do not necessarily represent the views of NDTV Profit or its editorial team.
"},{"description":"","page-url":"/story/3fbcba30-e8cb-4f31-863e-7c908fba5b86/element/f6b964bf-65f2-4d5e-b6b1-c356343cc2ff","type":"text","family-id":"a31ea7d9-cd52-4cf1-a6cd-73251386b5cc","title":"","id":"f6b964bf-65f2-4d5e-b6b1-c356343cc2ff","metadata":{"linked-story-id":"ed08853a-c365-42f4-9a40-7a2639566d65","linked-story":{"headline":"The World’s Best Democracy","story-content-id":"ed08853a-c365-42f4-9a40-7a2639566d65","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"ed08853a-c365-42f4-9a40-7a2639566d65","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"The World’s Best Democracy"}],"card-updated-at":1711513417706,"content-version-id":"acc4579f-497e-4e51-90fc-7215e1f81eab","card-added-at":1711513225253,"status":"draft","id":"4420f4ac-ac7c-43ca-9c89-f89c6efaa71d","content-id":"4420f4ac-ac7c-43ca-9c89-f89c6efaa71d","version":7,"metadata":{"social-share":{"shareable":true,"title":"What You Don't Know About Aadujeevitham","message":"251 editions of a book in nine languages and now, a film with an AR Rahman soundtrack—But there's more to this story.","image":{"key":"bloombergquint/2024-03/65f50b1d-1880-477e-be98-e17e0e17dade/Aadujeevitham_3.jpg","url":null,"attribution":null,"caption":"Benyamin at the Aadujeevitham shoot in Jordan’s Wadi Rum desert. (Photo credit: Benny Benyamin)
(Bloomberg Opinion) -- In every sustained commodity price rally, there’s a moment when fundamentals — supply, demand, inventories — no longer matter. The cost of the molecules, whether in the form of energy or foodstuffs or metals, stops being a price and becomes just a number. The market ceases to be orderly and becomes unruly.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/55bafe81-98ff-4dda-b950-32c4536991d5","type":"text","family-id":"09fae4f9-4535-4c9b-99a6-99a51a9095d8","title":"","id":"55bafe81-98ff-4dda-b950-32c4536991d5","metadata":null,"subtype":null,"text":"It’s clear that moment has arrived for cocoa. On Monday, cocoa futures in New York closed at $9,649 a ton, gaining nearly 8%. In dollar terms, they surged more than $700 on the day — equal to the trading range that in the past it would have taken a year to witness.
"},{"description":"","image-metadata":null,"page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/68e279e1-c7ab-4db7-a8c8-f8d41beabcce","type":"image","family-id":"cde71fe8-664d-429f-91e1-361ca2afa65a","image-attribution":"","title":"","id":"68e279e1-c7ab-4db7-a8c8-f8d41beabcce","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/6d394425-2558-4fb5-8c1e-3c439168bf46/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iHG6xclaejrU/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/6904424a-e761-419a-9cfb-c30f4e55826e","type":"text","family-id":"eea8e839-3039-4430-a788-e648f01d0dbb","title":"","id":"6904424a-e761-419a-9cfb-c30f4e55826e","metadata":null,"subtype":null,"text":"First, a look at how it started. Initially, cocoa’s troubles were firmly rooted in fundamentals, triggered largely by a series of crop failures in West Africa, the region that typically produces about 75% of the world’s supply. There, a combination of aging trees, diseases and bad weather combined to create the largest shortfall seen in the cocoa market in more than six decades.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/9b6e83f8-7cc3-4e8f-b5e3-364441004fb7","type":"text","family-id":"a8524273-7f18-4de0-aa06-0f09f3fc9b93","title":"","id":"9b6e83f8-7cc3-4e8f-b5e3-364441004fb7","metadata":null,"subtype":null,"text":"The upshot was a brutal price rally that took cocoa to $6,000 a metric ton by February from $2,500 a year ago, surging above the 1977 record. Facing a massive deficit, the market was doing its work by sending prices high enough to curb consumption and restore the supply-and-demand equilibrium.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/541d39c8-51a3-476e-9fb1-51c743018540","type":"text","family-id":"847c9f59-49b9-4373-bb05-b6e380c2fcc8","title":"","id":"541d39c8-51a3-476e-9fb1-51c743018540","metadata":null,"subtype":null,"text":"Since then, however, prices have risen vertically, setting fresh highs almost daily. At the current pace, the $10,000-a-ton threshold could be breached before the Easter holiday starts at the end of the week.
"},{"description":"","image-metadata":null,"page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/fb64f446-77f9-4847-a25b-8e65e40da2e9","type":"image","family-id":"6ee8ce86-a7e6-4c7e-85df-4495f29a9045","image-attribution":"","title":"","id":"fb64f446-77f9-4847-a25b-8e65e40da2e9","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/24bbdaa6-1e01-4515-8e8f-d3fe5d7db1de/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iUPwU5gek4Lo/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/5219e24a-bd62-405f-9a4b-7453bf622a95","type":"text","family-id":"c7e49ee5-a151-4241-a506-f64ff399028c","title":"","id":"5219e24a-bd62-405f-9a4b-7453bf622a95","metadata":null,"subtype":null,"text":"Granted, the cocoa deficit is so large — three consecutive years of shortfalls, and potentially a fourth one coming — that sky-high prices are needed to curb consumption meaningfully. But the last few weeks of daily record highs have more to do with financial factors than fundamentals.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/6c54a92f-82c7-4696-a1ae-a9d650323d0d","type":"text","family-id":"039ba073-276b-4fbc-9877-20d673a1b9ff","title":"","id":"6c54a92f-82c7-4696-a1ae-a9d650323d0d","metadata":null,"subtype":null,"text":"To understand what’s happening one needs to look at the plumbing of the market — and who’s bearish and who’s bullish. Why are some traders still maintaining short positions – that is, bearish bets – in cocoa futures even though every fundamental has pointed toward higher prices for several months? The reason is hedging. Cocoa traders holding a long position in the physical market — owning inventories of cocoa beans or semi-processed products such as cocoa liquor, butter and powder — typically offset that by taking the opposite position in the financial market. The hedge should work; in a rising market, like the current one, losses on the short positions are covered by gains on the value of the physical holdings. But as they wait for the financial contracts to mature — as long as several months — they need cash to meet margin calls on those losses on derivatives.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/fc849b43-ed7e-417b-9e02-31f3d77914cb","type":"text","family-id":"bec9f286-00c7-4e3b-9e7b-8095676e71fa","title":"","id":"fc849b43-ed7e-417b-9e02-31f3d77914cb","metadata":null,"subtype":null,"text":"In a normal market, companies use cash reserves to meet those margin calls or borrow small amounts of money. But in a sustained bull run, like the one currently engulfing cocoa, the margin calls may overwhelm the capacity to pay of a company in otherwise sound financial health, forcing it to lift its hedges to avoid a cash crunch. In that scenario, the only option is to close out the short positions at whatever price the market demands. That’s why I said that at times, prices aren’t prices – just numbers. The alternative is to default.
"},{"description":"","image-metadata":null,"page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/72301b0a-f72c-46b6-a355-15e7e6519407","type":"image","family-id":"9a2bbee1-fa3d-4690-930c-e707f52b0591","image-attribution":"","title":"","id":"72301b0a-f72c-46b6-a355-15e7e6519407","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/f3b63b15-5980-4460-8727-16ce1e4ec445/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/is7lXS2U5Pqs/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/bf27ce51-b9fb-4e46-91ba-17afbb94dc9a","type":"text","family-id":"e1aeb857-4bdc-4ff8-9591-1d31f3885dab","title":"","id":"bf27ce51-b9fb-4e46-91ba-17afbb94dc9a","metadata":null,"subtype":null,"text":"Disorderly markets can lead to trading firms struggling, and even collapsing. That’s what happened in the European electricity and natural-gas markets in 2022, forcing several European governments to offer taxpayer-funded credit lines to traders to meet margin calls. It also happened in the cotton market in 2008 and again in 2011, prompting the collapse of the historic trading house Paul Reinhart Inc.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/cd7c7588-b861-4192-88ae-499f73d386c8","type":"text","family-id":"e0f8b996-e44c-4855-829e-f14efbbaa433","title":"","id":"cd7c7588-b861-4192-88ae-499f73d386c8","metadata":null,"subtype":null,"text":"In the cocoa market, I’m hearing chatter about a cash crunch as margin calls balloon. As with cotton, cocoa is a market dominated by a few large players and a handful of small-sized trading houses that may struggle to secure credit in a pinch. Regulators should pay close attention to the market with a view to helping anyone in difficulty before the issue metastasizes.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/ce0fb30a-351a-41a5-9135-a7e1259beaf4","type":"text","family-id":"a4d15cd5-f81b-4fda-948d-113738732d51","title":"","id":"ce0fb30a-351a-41a5-9135-a7e1259beaf4","metadata":null,"subtype":null,"text":"There’s a second problem. Currently, some cocoa traders face a mismatch between their physical long positions and their short financial positions. In industry parlance, they are over-hedged because they’ve sold futures worth more than they hold in actual products. The reason? The crop failure has reduced deliveries, with traders securing fewer beans and semi-processed products than they originally contracted for. Cocoa processing plants in Ivory Cost and Ghana, for example, have stopped working due to lack of supply, failing to deliver products they‘ve already sold. If delivered, some of those beans and products are being dispatched later than expected, so some traders have their financial hedges covering the wrong months. All those mismatches are forcing traders to buy back their hedges at inflated levels.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/eb6c285a-e92d-480c-922c-41b85f894668","type":"text","family-id":"513034b5-48c4-4d73-b7c8-1ae867b79e20","title":"","id":"eb6c285a-e92d-480c-922c-41b85f894668","metadata":null,"subtype":null,"text":"The magnitude of the margin calls and over-hedging is clear in the rapid decline of the aggregate number of outstanding contracts in the New York and London cocoa futures market. The so-called open interest has fallen by 35% over the last three months — the largest drop in such a small timeframe in at least three decades — as traders buy back their positions. Ultimately, it’s a self-sustaining problem; the higher cocoa prices rise, the bigger the the margins calls and the scale of over hedging. And as some traders buy back their positions, they push prices up further, creating the same problem for others.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/50d4db07-e6f5-4e96-a3f9-f2aec93d014f","type":"text","family-id":"54886511-d2ad-46cd-9e8a-afefd5063248","title":"","id":"50d4db07-e6f5-4e96-a3f9-f2aec93d014f","metadata":null,"subtype":null,"text":"Once prices become untethered from fundamentals, a bull market is almost impossible to stop — until something breaks. Brace for the current surge in cocoa to have wider ramifications than inflating the cost of your Easter egg.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/d8999bc7-f7c2-449f-a836-c217c408614b","type":"text","family-id":"dd63081e-2a9c-42a0-9860-116d9ede997f","title":"","id":"d8999bc7-f7c2-449f-a836-c217c408614b","metadata":null,"subtype":null,"text":"More from this writer at Bloomberg Opinion:
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/407bfba2-e2a7-4606-b16f-859f88bf5633","type":"text","family-id":"b504241f-0107-4f46-b77b-9ef022d2f0f7","title":"","id":"407bfba2-e2a7-4606-b16f-859f88bf5633","metadata":null,"subtype":null,"text":"Oil Trading Is Rife With Bribes. Time It Cleaned Up: Javier Blas
The Truth Behind the Coming Meltdown in Chocolate: Javier Blas
You'll Have to Pay to Use the Highway. Blame EVs: Javier Blas
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/dd4649dd-8084-408d-80d6-4836e829f5af","type":"text","family-id":"ca3e56c4-0595-4982-8ba6-cf2d384decb3","title":"","id":"dd4649dd-8084-408d-80d6-4836e829f5af","metadata":null,"subtype":null,"text":"Javier Blas is a Bloomberg Opinion columnist covering energy and commodities. He is coauthor of “The World for Sale: Money, Power and the Traders Who Barter the Earth’s Resources.”
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/f724098a-744a-43f2-8000-e890e64a276f","type":"text","family-id":"f7f3d117-0b84-452e-92be-763e6d2f0134","title":"","id":"f724098a-744a-43f2-8000-e890e64a276f","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com/opinion
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/60f36cba-50a5-4d26-a3df-d868cfbac8fc","type":"text","family-id":"67084fb1-4d59-49fc-be3c-24498f24a25c","title":"","id":"60f36cba-50a5-4d26-a3df-d868cfbac8fc","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711430544938,"content-version-id":"8fccefa2-1e2e-47aa-a027-23ed543a0066","card-added-at":1711430544938,"status":"draft","id":"0710ae25-7021-4e40-b866-6649bdb729ec","content-id":"0710ae25-7021-4e40-b866-6649bdb729ec","version":14,"metadata":{"social-share":{"shareable":true,"title":"Chocoholics Won’t Be The Only Victims Of Cocoa’s Surge","message":"On Monday, cocoa futures in New York closed at $9,649 a ton, gaining nearly 8%. In dollar terms, they surged more than $700 on the day — equal to the trading range that in the past it would have taken a year to witness.","image":{"key":"bloombergquint/2024-03/6d394425-2558-4fb5-8c1e-3c439168bf46/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1668894,"first-published-at":1711447845461,"story-template":"syndicated","authors":[{"slug":"javier-blas-4","social":{},"name":"Javier Blas","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1668894,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["view"]},"original-url":"https://www.bloomberg.com/opinion/articles/2024-03-26/chocoholics-aren-t-the-only-victims-of-cocoa-s-surge","imported-card-id":"0710ae25-7021-4e40-b866-6649bdb729ec","card-share":{"shareable":true}}}},{"id":"43d99cdc-ab25-43ee-a73f-72881f1ee5b5","associated-metadata":{},"type":"story","story":{"author-name":"David Fickling","headline":"China’s EV And Solar Boom Is A Capitalist Win For Communism","slug":"opinion/china-easy-money-isn-t-driving-this-clean-tech-boom","last-published-at":1711447326547,"alternative":{},"sections":[{"domain-slug":null,"slug":"opinion","name":"Opinion","section-url":"https://www.ndtvprofit.com/opinion","id":1247,"parent-id":null,"display-name":"Opinion","collection":{"slug":"opinion","name":"Opinion","id":15399},"data":null},{"domain-slug":null,"slug":"world","name":"World","section-url":"https://www.ndtvprofit.com/world","id":38090,"parent-id":null,"display-name":"World","collection":{"slug":"world","name":"World","id":103216},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null},{"domain-slug":null,"slug":"view","name":"View","section-url":"https://www.ndtvprofit.com/opinion/view","id":1510,"parent-id":1247,"display-name":"View","collection":{"slug":"view-opinion","name":"View (Opinion)","id":15828},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iQimiGb8K4CQ/v1/-1x-1.jpg","width":2000,"height":1334},"published-at":1711447326547,"summary":"The communist country’s clean-tech growth is a capitalist success story on a grand scale.","id":"43d99cdc-ab25-43ee-a73f-72881f1ee5b5","hero-image-s3-key":"bloombergquint/2024-03/c9fa9bf3-4bcd-4b71-8627-7f171af727b2/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/bda17ddc-b83a-4999-836f-9c438146150d","type":"text","family-id":"82db6f42-357e-4932-981c-82d7ebdca7bb","title":"","id":"bda17ddc-b83a-4999-836f-9c438146150d","metadata":null,"subtype":null,"text":"(Bloomberg Opinion) -- There’s a comforting but erroneous explanation for why your solar panels, home battery and electric car are increasingly likely to be made in China.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/b457d95a-006d-4a96-a8db-2f20554b8a58","type":"text","family-id":"afb0fdbe-8c4d-4d0a-8277-df4c24195e37","title":"","id":"b457d95a-006d-4a96-a8db-2f20554b8a58","metadata":null,"subtype":null,"text":"The economy is awash in easy money from state banks; its renewable manufacturers are undercutting rivals everywhere else in the world; , China’s comparative advantage isn’t scale, cost efficiencies or innovative prowess, but the availability of cheap government subsidies.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/d6d2b2a7-628a-459c-be50-f0794d2146bc","type":"text","family-id":"3a97a886-7e5e-4d99-b13b-b92afe0dfbc7","title":"","id":"d6d2b2a7-628a-459c-be50-f0794d2146bc","metadata":null,"subtype":null,"text":"In the EV industry “everybody has an endless supply of loans and support from the local government,” the Financial Times quoted Jörg Wuttke, former president of the European Union Chamber of Commerce in China, as saying in a recent article.
"},{"description":"","image-metadata":null,"page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/8f8a9a87-41b5-4ab4-9bc3-947e585ae78a","type":"image","family-id":"b68f7b85-5e49-49e0-9c2d-04360d08063d","image-attribution":"","title":"","id":"8f8a9a87-41b5-4ab4-9bc3-947e585ae78a","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/b95986ab-acf9-4042-880a-a79909ace11f/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iH8tAfoe7yks/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/4830c8ac-1678-473b-9702-f36b781a1509","type":"text","family-id":"78c48cc5-09eb-4b92-961c-d43bea6c3c1e","title":"","id":"4830c8ac-1678-473b-9702-f36b781a1509","metadata":null,"subtype":null,"text":"That theory provides a compelling justification for trade restrictions. If Chinese manufacturers are only surviving thanks to a drip feed of government cash, there’s no way for overseas rivals to compete. Best, then, to use tariffs, investigations and other hurdles to exclude their products altogether, and give homegrown competitors a chance.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/2d1340c5-fa4c-45c2-b236-1069d1429eda","type":"text","family-id":"c408796a-ab2d-4878-8953-8a7507c447cb","title":"","id":"2d1340c5-fa4c-45c2-b236-1069d1429eda","metadata":null,"subtype":null,"text":"It’s a persuasive narrative because swathes of China’s economy really do run this way. In the middle of the 2010s, all-but-forgotten Dalian Wanda Group Co., Anbang Insurance Group Co., HNA Group Co. and Fosun International Ltd. went on a multi-billion-dollar shopping spree for foreign companies. The bursting of that bubble prompted another to inflate in real estate. We’re still seeing the aftereffects in every fresh gloomy headline about property developers China Evergrande Group, Country Garden Holdings Co., and China Vanke Co.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/ac1a0f4d-6e25-470d-8117-0cf93d7afe73","type":"text","family-id":"bfefc902-e501-4d23-ae46-a8b43c87df61","title":"","id":"ac1a0f4d-6e25-470d-8117-0cf93d7afe73","metadata":null,"subtype":null,"text":"You can see the pattern in the published accounts of Fosun, currently aggressively divesting businesses amid a credit squeeze. It spent a net 112 billion yuan ($15.56 billion) of cash on acquisitions and other investments over the decade through June 2023, but generated just 65 billion yuan in spotty, volatile operating cashflows:
"},{"description":"","image-metadata":null,"page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/11424224-d17d-43bc-9a7b-7a208abfa02e","type":"image","family-id":"f207c235-8fee-447f-a633-01343b906c64","image-attribution":"","title":"","id":"11424224-d17d-43bc-9a7b-7a208abfa02e","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/ee42369c-87ef-4da6-a73e-89f9b490350c/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iFxyo0fdpVUc/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/8224e2e2-dbd7-4722-b6ad-93341e744647","type":"text","family-id":"80617a14-5ae8-4f1d-8cc3-47e5bf9339d0","title":"","id":"8224e2e2-dbd7-4722-b6ad-93341e744647","metadata":null,"subtype":null,"text":"Were it not for the 127 billion yuan in cash from financing — the vast majority of it debt — there is no way the company could have paid its bills.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/aa9e3247-fa6b-493b-be95-d6f55b8c63f1","type":"text","family-id":"fadc335b-efbd-4aa4-8313-8bd6887493dd","title":"","id":"aa9e3247-fa6b-493b-be95-d6f55b8c63f1","metadata":null,"subtype":null,"text":"The contrast with Berkshire Hathaway Inc., the company that Fosun is most often compared to, could not be more stark. Warren Buffett’s $341 billion of investments over the past decade were more than covered by the $384 billion in steady, predictable operating cash his businesses generated. Just $51 billion came from financing:
"},{"description":"","image-metadata":null,"page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/b3360be8-f1e0-48f6-bbc6-746891ca08c7","type":"image","family-id":"625335e1-06f6-4935-96c1-82ef1931731d","image-attribution":"","title":"","id":"b3360be8-f1e0-48f6-bbc6-746891ca08c7","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/61ed3c86-3c8c-462f-9771-6df1f9ee52f8/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i1pTkV3dDd4c/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/42461f0e-a7c3-413b-a4df-5fd9a38777f7","type":"text","family-id":"8f70e6c5-c0a6-4438-8892-c03b60397408","title":"","id":"42461f0e-a7c3-413b-a4df-5fd9a38777f7","metadata":null,"subtype":null,"text":"Is the same thing happening with clean technology? It doesn’t look that way.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/b245cf14-2a21-4c2b-9e75-56c75dc60cc2","type":"text","family-id":"69790b8d-e336-4eff-b9fb-0bad7454f1a2","title":"","id":"b245cf14-2a21-4c2b-9e75-56c75dc60cc2","metadata":null,"subtype":null,"text":"If Chinese solar, wind, battery and EV manufacturers are doing well because of easy credit, it should leave clear fingerprints on their financial statements. You can measure this by comparing their operating cashflows to the average debt they held during the year: Where cash is low relative to debts, it’s going to take a very long time to pay back creditors.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/5250a447-ca40-4e8f-8edd-d3f734084c7f","type":"text","family-id":"74106efc-ad95-4dce-8a2f-043175a33490","title":"","id":"5250a447-ca40-4e8f-8edd-d3f734084c7f","metadata":null,"subtype":null,"text":"Looking through a group of 145 renewable companies with at least $1 billion in annual revenues — 77 of them Chinese — this is the result you get:
"},{"description":"","image-metadata":null,"page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/d2c3e895-5a43-4240-9d55-81348d067c51","type":"image","family-id":"de8a9cf7-7c0a-41b6-9a72-fccc512ee1ea","image-attribution":"","title":"","id":"d2c3e895-5a43-4240-9d55-81348d067c51","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/de4c3800-2c54-4831-9d11-70df64cb475f/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i3p3Tw5vkeBM/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/218e986c-1533-4d7d-a1e0-b42c94c31020","type":"text","family-id":"fc138f15-5087-4719-928a-e2b5b53ab393","title":"","id":"218e986c-1533-4d7d-a1e0-b42c94c31020","metadata":null,"subtype":null,"text":"As you’d expect in a sector experiencing rapid growth, leverage is often relatively generous — but it doesn’t look significantly higher among Chinese companies. Many of the most feared and aggressive renewable exporters, such as Longi Green Energy Technology Co., Tongwei Co. and JA Solar Technology Co., have very low borrowings relative to their cashflows. Plenty have enough cashflow to pay off 25% of their debts in the current year. This doesn’t look like a sector being propped up by government loans, or indeed loans of any sort.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/5522d6d5-f4b1-4cdd-81ab-7b8533208487","type":"text","family-id":"d768a523-699c-4628-a61b-718518f4664a","title":"","id":"5522d6d5-f4b1-4cdd-81ab-7b8533208487","metadata":null,"subtype":null,"text":"For the sake of comparison, let’s look at an industry that has pretty clearly been the beneficiary of easy government money: real estate(1):
"},{"description":"","image-metadata":null,"page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/ce3b14d8-cccc-4c5b-88ab-6e5d524b55a1","type":"image","family-id":"b720bbb2-b937-4794-8222-433c0234aa15","image-attribution":"","title":"","id":"ce3b14d8-cccc-4c5b-88ab-6e5d524b55a1","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/f7927e91-ca1f-4738-983d-b236b17d9e22/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iNBeIb.vu7Ts/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/5b58b1bb-cff5-49da-abc5-11ba57fac7b6","type":"text","family-id":"a5dec8fc-1d82-41ad-a0a4-1b5a3a41ca23","title":"","id":"5b58b1bb-cff5-49da-abc5-11ba57fac7b6","metadata":null,"subtype":null,"text":"What’s notable here is that long before the crisis hit (the data above is for 2019), Chinese real estate companies already had markedly poorer coverage ratios than their international competitors. If you measure things in terms of the amount of time it would take for operating cashflows to pay off total debts, the median Chinese renewable manufacturer comes in at just under 10 years, a fraction of the nearly 27 years in the data for real estate. Non-Chinese companies came in a little under eight years, regardless of which industry they were in:
"},{"description":"","image-metadata":null,"page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/c9874733-7050-46bd-9207-ad8d5cf6ae7d","type":"image","family-id":"5c5608c3-afd6-4821-a78b-deb12596bdd1","image-attribution":"","title":"","id":"c9874733-7050-46bd-9207-ad8d5cf6ae7d","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/1bd4f4e3-18da-469d-9f3d-c3ba60564ecd/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iOQWGCxS47W8/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/ffe81469-a6b8-4454-b508-b882cff36707","type":"text","family-id":"6659893b-b9c9-43d2-8178-668a834bcead","title":"","id":"ffe81469-a6b8-4454-b508-b882cff36707","metadata":null,"subtype":null,"text":"To be sure, Chinese manufacturers still enjoy powerful advantages. Generous and consistent purchase support for EVs and solar panels gives owners confidence to invest aggressively, just as the same policies do in Europe and the US.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/9842a271-8b26-4159-b457-acfd6dec723c","type":"text","family-id":"e974b117-a50c-436f-96d6-0147b6c3359e","title":"","id":"9842a271-8b26-4159-b457-acfd6dec723c","metadata":null,"subtype":null,"text":"The government remains fixated on keeping costs low: China is home to nearly half of the world’s special economic zones, whose main advantages are cheap land, easy regulation, and low taxation. It also offers reduced corporate tax rates for companies in new technology industries. Fundamentally, it’s the biggest single market for clean technology, so domestic factories have scale advantages that competitors elsewhere could only dream of.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/970b9fc8-a642-4a2f-bf3e-6b1b9b0ecc4a","type":"text","family-id":"2cb4644e-3292-4726-86dd-dbd45b67031d","title":"","id":"970b9fc8-a642-4a2f-bf3e-6b1b9b0ecc4a","metadata":null,"subtype":null,"text":"The problem for developed countries is that, when applied to their own economies, these measures are all supported as old-fashioned pro-business policies, rather than unfair mercantilism.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/8110dacc-5e0c-4bbe-9838-836eb195cf92","type":"text","family-id":"82845547-6fd5-485d-a947-16725f5e9a21","title":"","id":"8110dacc-5e0c-4bbe-9838-836eb195cf92","metadata":null,"subtype":null,"text":"It would be comforting if China’s success in clean tech was a result of easy credit from a communist state. In truth, though, this boom is a capitalist success story on a grand scale.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/d354691c-a6ee-4796-8794-a6f42f16aa5a","type":"text","family-id":"cf87122f-ef1b-4ec2-a9f1-4ebba5ace96b","title":"","id":"d354691c-a6ee-4796-8794-a6f42f16aa5a","metadata":null,"subtype":null,"text":"More From Bloomberg Opinion:
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/e427df1b-232e-4890-ae9b-1a320c290889","type":"text","family-id":"a252ee7c-bca1-400c-99a2-1210d9e83c48","title":"","id":"e427df1b-232e-4890-ae9b-1a320c290889","metadata":null,"subtype":null,"text":"(1) In this instance, 80 of the 241 companies under comparison are Chinese-domiciled. We've only looked at companies with at least $10 billion in revenues. The sector has been in crisis for several years now, which you’d expect to depress cashflows and increase leverage. So we’ve taken data for the 2019 fiscal year, when everything seemed to be going pretty well.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/17d8980f-b947-4fdd-8610-2dd40ca626cf","type":"text","family-id":"dca176f4-eed9-42b5-a0a7-8bd3500d02e6","title":"","id":"17d8980f-b947-4fdd-8610-2dd40ca626cf","metadata":null,"subtype":null,"text":"This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/bf5d6bc1-bbf9-48f0-a61d-8a5221b139f3","type":"text","family-id":"005c8132-7160-47e0-a5d9-5d2737c57816","title":"","id":"bf5d6bc1-bbf9-48f0-a61d-8a5221b139f3","metadata":null,"subtype":null,"text":"David Fickling is a Bloomberg Opinion columnist covering energy and commodities. Previously, he worked for Bloomberg News, the Wall Street Journal and the Financial Times.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/cb2c8a00-4d3a-4ad5-97c2-5cc47059ed36","type":"text","family-id":"f3f8fc9a-40bd-4155-a41d-79b944cfc61c","title":"","id":"cb2c8a00-4d3a-4ad5-97c2-5cc47059ed36","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com/opinion
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/bc7025b6-14b3-47d4-bc91-b1f2a490119c","type":"text","family-id":"1c7f0371-e07c-4bb3-bb92-ead20987510e","title":"","id":"bc7025b6-14b3-47d4-bc91-b1f2a490119c","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711402583834,"content-version-id":"d860f8ac-8b32-4975-8aaa-1f9e3ee9b639","card-added-at":1711402583834,"status":"draft","id":"3399de9a-19dd-49d8-96ed-e267164456ee","content-id":"3399de9a-19dd-49d8-96ed-e267164456ee","version":15,"metadata":{"social-share":{"shareable":true,"title":"China’s EV And Solar Boom Is A Capitalist Win For Communism","message":"The communist country’s clean-tech growth is a capitalist success story on a grand scale.","image":{"key":"bloombergquint/2024-03/b95986ab-acf9-4042-880a-a79909ace11f/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1669627,"first-published-at":1711447326547,"story-template":"syndicated","authors":[{"slug":"david-fickling-4","social":{},"name":"David Fickling","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669627,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["view"]},"original-url":"https://www.bloomberg.com/opinion/articles/2024-03-25/china-easy-money-isn-t-driving-this-clean-tech-boom","imported-card-id":"3399de9a-19dd-49d8-96ed-e267164456ee","card-share":{"shareable":true}}}},{"id":"7e6579d0-e730-4043-8548-473f5bd24cc0","associated-metadata":{},"type":"story","story":{"author-name":"Andrea Felsted","headline":"Blame Crypto Bros for the Rising Cost of Your Rolex","slug":"view/bitcoin-blame-crypto-bros-for-the-rising-cost-of-your-rolex","last-published-at":1711373664221,"alternative":{},"sections":[{"domain-slug":null,"slug":"view","name":"View","section-url":"https://www.ndtvprofit.com/opinion/view","id":1510,"parent-id":1247,"display-name":"View","collection":{"slug":"view-opinion","name":"View (Opinion)","id":15828},"data":null},{"domain-slug":null,"slug":"opinion","name":"Opinion","section-url":"https://www.ndtvprofit.com/opinion","id":1247,"parent-id":null,"display-name":"Opinion","collection":{"slug":"opinion","name":"Opinion","id":15399},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iKfy73rxJ_hw/v1/-1x-1.jpg","width":2000,"height":1333},"published-at":1711373664221,"summary":"The prices at which watches change hands in the secondary market have moved broadly in line with both Bitcoin and the S&P 500 index over the past five years or so. ","id":"7e6579d0-e730-4043-8548-473f5bd24cc0","hero-image-s3-key":"bloombergquint/2024-03/dd9db716-d088-4701-bee6-168595392c03/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/9c2be46c-baff-4b19-b746-391a8f282ef8","type":"text","family-id":"1fae5084-c1cf-4d97-ba13-bb5d0591f8d5","title":"","id":"9c2be46c-baff-4b19-b746-391a8f282ef8","metadata":null,"subtype":null,"text":"(Bloomberg Opinion) -- If that Rolex you’ve got your eye on is getting more expensive, Bitcoin may be to blame. The last time the cryptocurrency rallied, in 2021, it presaged a bubble in second-hand watch prices. There’s a fair chance that the recent resurgence that’s seen Bitcoin climb to a record will boost the values of timepieces, but for now, a repeat of the unprecedented escalation we saw back then looks some way off.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/1a7bad3d-ef40-4527-9818-c15b17b26286","type":"text","family-id":"e23c1860-8e48-4a29-8bf6-d01bad730753","title":"","id":"1a7bad3d-ef40-4527-9818-c15b17b26286","metadata":null,"subtype":null,"text":"The prices at which watches change hands in the secondary market have moved broadly in line with both Bitcoin and the S&P 500 index over the past five years or so. The correlation between crypto and timepieces wasn’t exact last time the currency took off; Bitcoin lost almost half of its value between early November 2021 and late January 2022, yet watch prices didn’t peak until March 2022.
"},{"description":"","image-metadata":null,"page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/1d3c1ff2-b108-47b6-af1e-9e8f36c3e64d","type":"image","family-id":"30402de4-b1ba-4edd-bc70-dd7839ceb30d","image-attribution":"","title":"","id":"1d3c1ff2-b108-47b6-af1e-9e8f36c3e64d","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/bdbeb543-028d-405e-9e67-b4b32bc77bb8/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/idiqbbUJtGK0/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/b4a89b2f-e3dd-4431-a183-83af4c56936f","type":"text","family-id":"be50d011-4d70-4b5a-a813-b416e5bf3d46","title":"","id":"b4a89b2f-e3dd-4431-a183-83af4c56936f","metadata":null,"subtype":null,"text":"Crypto gains undoubtedly bolstered wealth and ignited a broader interest in investing in alternative assets, whether non-fungible tokens or timepieces. Novices and seasoned buyers alike all chased the same models, the holy trinity of hype — the Rolex , the Patek Philippe and the Audemars Piguet — propelling prices for used models to many multiples of what they cost in the shops.
"},{"description":"","image-metadata":null,"page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/f307a668-04f4-4191-bc9c-068da75429e2","type":"image","family-id":"d84165a8-5175-4e0f-bc4e-583a4ac20e2f","image-attribution":"","title":"","id":"f307a668-04f4-4191-bc9c-068da75429e2","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/6e2c394d-0b8a-4f48-bbd5-1c462de78c53/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ipIM66UGX0oc/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/fb3c7743-cffe-4965-b151-fc66105434a1","type":"text","family-id":"eb0f0f09-96e0-4212-9d92-8d45df2e85f2","title":"","id":"fb3c7743-cffe-4965-b151-fc66105434a1","metadata":null,"subtype":null,"text":"With Bitcoin gaining about 80% since late January, as well as the S&P 500 melting up with small, consistent ever-higher highs, it’s little wonder that watch prices on the secondary market have stabilized. The Bloomberg Subdial Watch Index returned to growth in February, up 0.2% for its biggest monthly gain since March 2023. It’s a similar picture elsewhere, with WatchCharts’ Rolex index down just 0.6% over the past month, and Patek Philippe and Audemars Piguet prices flat.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/0c7e95d2-b81d-4054-bdaf-9cd9d740e386","type":"text","family-id":"7a55c532-11e2-4f7b-8aeb-1120f8b072cb","title":"","id":"0c7e95d2-b81d-4054-bdaf-9cd9d740e386","metadata":null,"subtype":null,"text":"At least some of those making money from Bitcoin will treat themselves, and for many men, the first choice is likely to be a watch. But it’s not immediately clear whether this will put values on the same upward trajectory we saw three years ago.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/223b428d-d4c7-4f6f-96d8-87ee279ba275","type":"text","family-id":"f264aece-3833-42ee-884a-8a6d6c586abe","title":"","id":"223b428d-d4c7-4f6f-96d8-87ee279ba275","metadata":null,"subtype":null,"text":"Those circumstances were probably unique. Stuck at home, consumers funneled money that would have been spent on dining out and vacations into luxury goods. With so much time on their hands, enthusiasts became enthralled with watches, with Reddit chats and TikTok videos dedicated to models such as a Rolex with a palm leaf dial, dubbed Interest in horology, previously the preserve of a cadre of collectors, moved to the mainstream. Add in stimulus payments and low interest rates, and speculation exploded.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/188d53f8-640a-4a17-b58a-51f06147cfe2","type":"text","family-id":"fbd155c4-0ab7-4ac5-bf72-f4514868f015","title":"","id":"188d53f8-640a-4a17-b58a-51f06147cfe2","metadata":null,"subtype":null,"text":"Moreover, it’s difficult to determine how much additional supply — another key determinant of prices — is yet to come to market. For some people who dabbled last time round, perhaps using leverage to amass collections, stability could be an opportunity to sell into the market, rather than buy.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/97de9ce4-7029-4f7a-b60a-1edbe1e1d9f6","type":"text","family-id":"fc744809-0f9c-4471-a8f0-390bede59fa8","title":"","id":"97de9ce4-7029-4f7a-b60a-1edbe1e1d9f6","metadata":null,"subtype":null,"text":"Inventory levels remain elevated compared with two years ago, with little sign of a reduction in Rolex, Patek and Audemars Piguet stocks over the past few months, according to WatchCharts. Consequently, factors other than supply and demand may be contributing to the recent calm, such as speculation about a Rolex with a red and blue bezel, known as the , being discontinued, and the forthcoming Watches and Wonders event, where brands will show off their new releases.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/b8d77415-47d2-4094-b320-ba5b05890f6b","type":"text","family-id":"247d9b16-f7aa-4f20-a510-759cb7e1e685","title":"","id":"b8d77415-47d2-4094-b320-ba5b05890f6b","metadata":null,"subtype":null,"text":"Finally, although both the S&P 500 and Bitcoin have been on an upward streak since the end of October, the sharpest increases in crypto values have taken place over the last couple of months; for gains to find their way into the watch market, the rally must be sustained.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/3c9054d2-5e29-4140-a0a1-6fed749d304a","type":"text","family-id":"564b868a-3434-4ee3-9334-5d1168e9cca9","title":"","id":"3c9054d2-5e29-4140-a0a1-6fed749d304a","metadata":null,"subtype":null,"text":"If it is, it may not just be watches on the secondary market that benefit. Sales in stores, which for some brands had begun to weaken, may also benefit. Broader demand for luxury goods may get a lift, too.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/87f85d0e-3104-4236-b902-9f5deeef6468","type":"text","family-id":"9cc70df8-8657-49b5-8754-0ab7fb3738e9","title":"","id":"87f85d0e-3104-4236-b902-9f5deeef6468","metadata":null,"subtype":null,"text":"Crypto gains probably accounted for as much as a quarter of the growth in US luxury sales in 2021, analysts at Jefferies said at the time. The slump in 2022 and 2023 probably contributed to the contraction in spending among simply comfortable rather than super-wealthy consumers.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/2ffadf87-601b-4789-9430-9e6176b261b6","type":"text","family-id":"4bdaf1d3-abf4-4135-9c7c-c0b2c0c082fa","title":"","id":"2ffadf87-601b-4789-9430-9e6176b261b6","metadata":null,"subtype":null,"text":"Any recovery in confidence among so-called aspirational luxury consumers would be good news, particularly for brands exposed to this demographic, such as Kering SA’s Gucci and Balenciaga, parts of LVMH’s Louis Vuitton, Moncler SpA and Britain’s Burberry Group Plc. And any recovery in the US for top-end goods is much needed, given the surge in luxury valuations since late January.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/cc888487-43be-43b2-9506-aad3ef01d596","type":"text","family-id":"b23b9687-c47d-4dc1-b700-1b3d96262071","title":"","id":"cc888487-43be-43b2-9506-aad3ef01d596","metadata":null,"subtype":null,"text":"The heftier price tag on your Rolex may be the first sign that Bitcoin equals bling once more.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/cd9240eb-e618-4c48-831f-e71cf30a8908","type":"text","family-id":"310a9fb5-0ae1-4b32-a95e-735446717202","title":"","id":"cd9240eb-e618-4c48-831f-e71cf30a8908","metadata":null,"subtype":null,"text":"More From Bloomberg Opinion:
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/ef74769b-c795-4be2-9c8b-eb55f93323a5","type":"text","family-id":"5fe2cf5d-18b9-4827-86ce-cd1002c3cd04","title":"","id":"ef74769b-c795-4be2-9c8b-eb55f93323a5","metadata":null,"subtype":null,"text":"Don’t Bet Your Bonus on a Bargain Rolex: Andrea Felsted
I’ve Had Trouble Hearing. Then I Tried New Glasses: Dave Lee
The Skin Care Industry's Secret Weapon? Kids: Amanda Little
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/0719ef64-c7df-4109-85ad-5741e769bd48","type":"text","family-id":"2e2357ab-05df-40cf-b79b-ec989c63adf0","title":"","id":"0719ef64-c7df-4109-85ad-5741e769bd48","metadata":null,"subtype":null,"text":"Andrea Felsted is a Bloomberg Opinion columnist covering consumer goods and the retail industry. Previously, she was a reporter for the Financial Times.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/ecfabe96-4e3e-42fc-ab2e-ad8b540cbd52","type":"text","family-id":"a59a3a92-5265-4486-9a74-09b787ad9faf","title":"","id":"ecfabe96-4e3e-42fc-ab2e-ad8b540cbd52","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com/opinion
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/d6f4cca7-848d-4b03-bc12-99c5ceb48027","type":"text","family-id":"41e8881d-776b-45ef-9079-02ff6e5b0d0d","title":"","id":"d6f4cca7-848d-4b03-bc12-99c5ceb48027","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1710481334306,"content-version-id":"15adf57e-ce32-4657-a425-72d0148acca3","card-added-at":1710481334306,"status":"draft","id":"d90ec76e-46bd-47f2-9bcb-a1d473a0fb20","content-id":"d90ec76e-46bd-47f2-9bcb-a1d473a0fb20","version":15,"metadata":{"social-share":{"shareable":true,"title":"Blame Crypto Bros for the Rising Cost of Your Rolex","message":"The prices at which watches change hands in the secondary market have moved broadly in line with both Bitcoin and the S&P 500 index over the past five years or so. ","image":{"key":"bloombergquint/2024-03/bdbeb543-028d-405e-9e67-b4b32bc77bb8/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1668685,"first-published-at":1711373664221,"story-template":"syndicated","authors":[{"slug":"andrea-felsted-3","social":{},"name":"Andrea Felsted","contributor-role":null,"avatar-url":null,"bio":null,"id":1668685,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["view"]},"original-url":"https://www.bloomberg.com/opinion/articles/2024-03-15/bitcoin-blame-crypto-bros-for-the-rising-cost-of-your-rolex","imported-card-id":"d90ec76e-46bd-47f2-9bcb-a1d473a0fb20","card-share":{"shareable":true}}}},{"id":"fec92998-83be-44a5-b105-1b8eb0110271","associated-metadata":{},"type":"story","story":{"author-name":"Mihir Sharma","headline":"Modi’s Big Bet On Musk In India Might Just Work","slug":"bloomberg/modi-s-big-bet-on-musk-bringing-tesla-to-india-could-work","last-published-at":1711341953173,"alternative":{},"sections":[{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null},{"domain-slug":null,"slug":"view","name":"View","section-url":"https://www.ndtvprofit.com/opinion/view","id":1510,"parent-id":1247,"display-name":"View","collection":{"slug":"view-opinion","name":"View (Opinion)","id":15828},"data":null},{"domain-slug":null,"slug":"opinion","name":"Opinion","section-url":"https://www.ndtvprofit.com/opinion","id":1247,"parent-id":null,"display-name":"Opinion","collection":{"slug":"opinion","name":"Opinion","id":15399},"data":null},{"domain-slug":null,"slug":"global-economics","name":"Global Economics","section-url":"https://www.ndtvprofit.com/global-economics","id":1250,"parent-id":null,"display-name":"Global Economics","collection":{"slug":"global-economics","name":"Global Economics","id":15813},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iAq2lJHFUU3o/v1/-1x-1.jpg","width":2000,"height":1333},"published-at":1711341953173,"summary":"The government is a believer in the transformative potential of a single large investor. It was a success with Apple and TSMC, and it may well be with Tesla, too.","id":"fec92998-83be-44a5-b105-1b8eb0110271","hero-image-s3-key":"bloombergquint/2024-03/5aa81705-2be0-4990-8339-6e58aef9b04e/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/fec92998-83be-44a5-b105-1b8eb0110271/element/f586c977-b61e-4a73-b57b-293a4368e158","type":"text","family-id":"cc4b51b5-70e1-4a09-8e20-93ad3be563d2","title":"","id":"f586c977-b61e-4a73-b57b-293a4368e158","metadata":{},"subtype":null,"text":"(Bloomberg Opinion) -- Elon Musk’s long courtship of Indian officialdom may have finally paid off. Prime Minister Narendra Modi wanted him to open one of his Tesla “gigafactories” in the country, as part of its efforts to expand its long-moribund manufacturing sector; Musk, meanwhile, wanted India to address tariffs on electric vehicle imports that rendered foreign-made Teslas uncompetitive.
"},{"description":"","page-url":"/story/fec92998-83be-44a5-b105-1b8eb0110271/element/0bd93daa-054c-4e17-94a7-f5e966c01ce8","type":"text","family-id":"f66bb643-5500-4d89-8d25-336f695314da","title":"","id":"0bd93daa-054c-4e17-94a7-f5e966c01ce8","metadata":{},"subtype":null,"text":"On March 15, the government announced a new scheme to promote investment in EVs. Any company willing to invest $500 million in a new manufacturing facility that begins production in three years (and with at least a quarter of its components added locally, to begin with) will also be allowed to import 8,000 high-end vehicles a year at a lower tariff of 15%. It’s generally assumed that this quid pro quo will be enough to get Musk — and, hopefully, one or two other companies, like Vietnam’s Vinfast Auto Ltd. — to bite. Certainly, the EV producers that currently dominate the Indian market are already bracing for competition.
"},{"description":"","page-url":"/story/fec92998-83be-44a5-b105-1b8eb0110271/element/03d568eb-355a-4dfc-988a-cc192d267a7f","type":"text","family-id":"b15ecbc4-45d5-4ab7-b0da-a41ec928a604","title":"","id":"03d568eb-355a-4dfc-988a-cc192d267a7f","metadata":{},"subtype":null,"text":"On the one hand, this looks like business as usual. Officials have made a habit of using the supposed potential of the domestic market as an inducement for foreign investors. The stick of high tariffs together with the carrot of possible consumer demand growth should be enough to lure in people like Musk, they think.
"},{"description":"","page-url":"/story/fec92998-83be-44a5-b105-1b8eb0110271/element/258f45fd-220b-4ec9-ab76-e89cc2412cba","type":"text","family-id":"ad19aa9f-0bfc-4fbb-b77c-7f2839df4f4a","title":"","id":"258f45fd-220b-4ec9-ab76-e89cc2412cba","metadata":{},"subtype":null,"text":"That said, there’s a deeper story to be told here. Size matters: The Indian government is a big believer in the transformative potential of a single large investor. Officials expended enormous amounts of energy wooing Apple Inc. They were ultimately successful, and now think an entire mobile phone manufacturing ecosystem will grow up around Foxconn Technology Co.’s factories in south India. For the past few years, they’ve been working to convince Taiwan Semiconductor Manufacturing Co. to do the same. It’s an anchor investor strategy: Get a whale like Musk in, and the minnows will follow. If Apple and Tesla are both putting hundreds of millions into backing the India story, it is something of a statement about the country’s business environment, right?
"},{"description":"","page-url":"/story/fec92998-83be-44a5-b105-1b8eb0110271/element/7e0ab869-a41e-4f0e-94a6-45c36c4cb755","type":"text","family-id":"666a3eeb-ab73-4568-9c5c-d666be2633f7","title":"","id":"7e0ab869-a41e-4f0e-94a6-45c36c4cb755","metadata":{},"subtype":null,"text":"This isn’t the first time governments have tried this, of course. China famously waived its domestic ownership requirements to get Tesla to open a gigafactory in Shanghai. That seems to have paid off: Tesla says that over 95% of the parts that factory uses come from local suppliers. And Musk’s claim that he couldn’t invest big in a country that didn’t allow him to get enough cars on the ground first did have a certain logic. Importing vehicles to begin with allows you to start creating a charging infrastructure, for example. That in turn grows the domestic market enough to justify the investment you make in local production.
"},{"description":"","page-url":"/story/fec92998-83be-44a5-b105-1b8eb0110271/element/4151c951-4c3a-449c-99f3-19a046e2ae12","type":"text","family-id":"3262c457-9b53-4031-935b-06b4233b9783","title":"","id":"4151c951-4c3a-449c-99f3-19a046e2ae12","metadata":{},"subtype":null,"text":"There’s a lot more that India could do to help this trend along. For example, EV makers who take up this offer should be encouraged to invest in interoperable charging. Land is scarce, and finding space for multiple different kinds of EV charging stations would otherwise be a nightmare.
"},{"description":"","page-url":"/story/fec92998-83be-44a5-b105-1b8eb0110271/element/d9d6e67c-a5aa-444b-ac40-1a9ce13e7c57","type":"text","family-id":"3913ad68-b868-4a1f-b8eb-766bb6dfc712","title":"","id":"d9d6e67c-a5aa-444b-ac40-1a9ce13e7c57","metadata":{},"subtype":null,"text":"Tesla does have an advantage when it comes to making deals like this: Its business model stresses vertical integration. That’s why its factories are giga-sized, after all. It’s easier for them to make promises about localization since they have greater control over their supply chains than their competitors do.
"},{"description":"","page-url":"/story/fec92998-83be-44a5-b105-1b8eb0110271/element/ba20c488-befe-4701-8b36-16f71ff1bc8c","type":"text","family-id":"83a8ebbf-7e02-4803-b771-e7b0f18d5057","title":"","id":"ba20c488-befe-4701-8b36-16f71ff1bc8c","metadata":{},"subtype":null,"text":"How will local companies deal with new entrants into India’s EV market? The optimistic take here is that companies like Tata Motors Ltd., if they’re worried about competition from the Teslas of the world now that tariffs have come down, should argue more strenuously for lower trade barriers all round. That’s the only thing that would keep them competitive, given their more expansive supply chains. The automobile sector needs to become the loudest voice in favor of trade deals like the ones the country is currently negotiating with the UK and the European Union. Manufacturing will only take off when the business climate really improves — when tariffs are low and stable, and regulators are as welcoming to smaller companies as they are to whales.
"},{"description":"","page-url":"/story/fec92998-83be-44a5-b105-1b8eb0110271/element/b25cacc0-dc10-4fbc-b33e-2c83fc9ebd8f","type":"text","family-id":"18f4ef04-aecf-4311-a1d3-e7c58fd43f55","title":"","id":"b25cacc0-dc10-4fbc-b33e-2c83fc9ebd8f","metadata":{},"subtype":null,"text":"India’s big bet on big companies may pay off. This is clearly where its industrial policy is going now: relying on trusted foreign partners to transform entire sectors. But, you ask, can you trust Tesla with a task of this magnitude? Or, in particular, Elon Musk, given his history of missed deadlines and impulsive business decisions? The government may have bet on Tesla, but it’s not taking any chances, either. Any company choosing to take India’s deal will also have to put up a bank guarantee in case it fails to follow through on its promises of investment and local sourcing. Trust, but verify bank details first.
"},{"description":"","page-url":"/story/fec92998-83be-44a5-b105-1b8eb0110271/element/ad457bd7-1353-4d42-9c09-acdae97d0a44","type":"text","family-id":"1e366de6-75cd-4097-841f-bf89fc87ad46","title":"","id":"ad457bd7-1353-4d42-9c09-acdae97d0a44","metadata":{},"subtype":null,"text":"This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
"},{"description":"","page-url":"/story/fec92998-83be-44a5-b105-1b8eb0110271/element/595b0872-8eb7-4af5-b801-0faff3fe51d0","type":"text","family-id":"88ee4e6e-8a2a-4c56-a617-a9f114ae457c","title":"","id":"595b0872-8eb7-4af5-b801-0faff3fe51d0","metadata":{},"subtype":null,"text":"Mihir Sharma is a Bloomberg Opinion columnist. A senior fellow at the Observer Research Foundation in New Delhi, he is author of “Restart: The Last Chance for the Indian Economy.”
"},{"description":"","page-url":"/story/fec92998-83be-44a5-b105-1b8eb0110271/element/d4ba7f9d-486b-4fbc-ba5a-f46dcdfbe1e0","type":"text","family-id":"55f1d517-d614-4d27-8fe1-c6ae3ba745e4","title":"","id":"d4ba7f9d-486b-4fbc-ba5a-f46dcdfbe1e0","metadata":{},"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711341948301,"content-version-id":"59b20913-684e-44c2-8b8f-e5c43704b8bb","card-added-at":1711319773868,"status":"draft","id":"eef6e935-9fb3-4a43-b1da-a8f17c6bd1b5","content-id":"eef6e935-9fb3-4a43-b1da-a8f17c6bd1b5","version":11,"metadata":{"social-share":{"shareable":true,"title":"Modi’s Big Bet On Musk In India Might Just Work","message":"The government is a believer in the transformative potential of a single large investor. It was a success with Apple and TSMC, and it may well be with Tesla, too.","image":{"key":"bloombergquint/2024-03/5aa81705-2be0-4990-8339-6e58aef9b04e/_1x_1.jpg","url":null,"attribution":null,"caption":"Get a whale and the minnows will follow.","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iAq2lJHFUU3o/v1/-1x-1.jpg","width":2000,"height":1333}}},"attributes":{}}}],"author-id":1669092,"first-published-at":1711341953173,"story-template":"syndicated","authors":[{"slug":"mihir-sharma-4","social":{},"name":"Mihir Sharma","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669092,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["view"]},"original-url":"https://www.bloomberg.com/opinion/articles/2024-03-24/modi-s-big-bet-on-musk-bringing-tesla-to-india-could-work","imported-card-id":"eef6e935-9fb3-4a43-b1da-a8f17c6bd1b5","card-share":{"shareable":true}}}},{"id":"16ce2c5e-aefe-43ed-a3c2-b140270ad7c2","associated-metadata":{},"type":"story","story":{"author-name":"Niall Ferguson","headline":"Resistance Is Futile, But Maybe Not With AI","slug":"view/can-sam-altman-make-ai-smart-enough-to-answer-these-6-questions","last-published-at":1711262075958,"alternative":{"home":{"default":{"headline":"Can Sam Altman Make AI Smart Enough To Answer These 6 Questions?","hero-image":null}}},"sections":[{"domain-slug":null,"slug":"view","name":"View","section-url":"https://www.ndtvprofit.com/opinion/view","id":1510,"parent-id":1247,"display-name":"View","collection":{"slug":"view-opinion","name":"View (Opinion)","id":15828},"data":null},{"domain-slug":null,"slug":"opinion","name":"Opinion","section-url":"https://www.ndtvprofit.com/opinion","id":1247,"parent-id":null,"display-name":"Opinion","collection":{"slug":"opinion","name":"Opinion","id":15399},"data":null},{"domain-slug":null,"slug":"world","name":"World","section-url":"https://www.ndtvprofit.com/world","id":38090,"parent-id":null,"display-name":"World","collection":{"slug":"world","name":"World","id":103216},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iJaMfS3eQfss/v1/-1x-1.jpg","width":2000,"height":1333},"published-at":1711262075958,"summary":"Your job is on the line, especially if artificial intelligence gets smart enough to answer these 6 questions. ","id":"16ce2c5e-aefe-43ed-a3c2-b140270ad7c2","hero-image-s3-key":"bloombergquint/2024-03/6b3abdc0-701f-4bdd-a0e3-1a639dfc0eba/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/a2ff12ae-d56c-4624-ae29-bcb2cc7b606c","type":"text","family-id":"ccc44699-d12f-4400-918d-ff84847c2a2c","title":"","id":"a2ff12ae-d56c-4624-ae29-bcb2cc7b606c","metadata":null,"subtype":null,"text":"(Bloomberg Opinion) -- The novelist Neal Stephenson’s prophetic power never ceases to astonish. e (1995), is set in a technologically highly advanced world, with ubiquitous nanotechnology in addition to something strangely familiar called “P.I.” The abbreviation is explained in the following exchange:
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/5094b554-d8b5-40bc-b9a7-5ede2ff53c82","type":"text","family-id":"955fec4c-b1e6-40f3-85c5-d10ac2b9debc","title":"","id":"5094b554-d8b5-40bc-b9a7-5ede2ff53c82","metadata":null,"subtype":null,"text":"“I'm an engineer … Did some work on this project, as it happens.”
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/154db5ef-b6aa-46df-903b-286d9041ea4d","type":"text","family-id":"708204df-9cc3-4fcf-ab75-0d4c654e6e11","title":"","id":"154db5ef-b6aa-46df-903b-286d9041ea4d","metadata":null,"subtype":null,"text":"“What sort of work?”
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/a9943e17-06fd-4068-854a-9a289645efb7","type":"text","family-id":"019c9fd1-dc27-4980-8b90-743c0c9b3ad3","title":"","id":"a9943e17-06fd-4068-854a-9a289645efb7","metadata":null,"subtype":null,"text":"“Oh, P.I. stuff mostly,” Hackworth said. Supposedly Finkle-McGraw still kept up with things and would recognize the abbreviation for pseudo-intelligence, and perhaps even appreciate that Hackworth had made this assumption.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/29291ff6-5525-4d2e-b6df-d2faa5628842","type":"text","family-id":"ed4a17ec-4e04-45f5-9efc-1db8c5df8f74","title":"","id":"29291ff6-5525-4d2e-b6df-d2faa5628842","metadata":null,"subtype":null,"text":"Finkle-McGraw brightened a bit. “You know, when I was a lad they called it A.I. Artificial intelligence.”
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/3a854fc3-29db-48a1-8f17-1ad47e680ebf","type":"text","family-id":"8cebb1f3-50f9-4ca8-9696-19b096d0c372","title":"","id":"3a854fc3-29db-48a1-8f17-1ad47e680ebf","metadata":null,"subtype":null,"text":"Hackworth allowed himself a tight, narrow, and brief smile. “Well, there's something to be said for cheekiness, I suppose.”
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/f379cdae-52b6-47e3-b0f9-b5b9d214e1f3","type":"text","family-id":"50d736dc-a706-48b7-9638-ecfbd48cee45","title":"","id":"f379cdae-52b6-47e3-b0f9-b5b9d214e1f3","metadata":null,"subtype":null,"text":"Yet, for all their technological sophistication, these two men are “neo-Victorians.” They have chosen to embrace 19th-century manners and fashions partly as a defense against the collapse of state power and the fragmentation of nations into “phyles,” i.e., tribes.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/a88cb913-5954-4331-ab65-5041d9ecc703","type":"text","family-id":"a0f46940-c431-47ed-84c9-d8368d8edd66","title":"","id":"a88cb913-5954-4331-ab65-5041d9ecc703","metadata":null,"subtype":null,"text":"There is an important warning here for everyone giddy with the recent advances of generative AI. Breathtaking developments in the realm of technology do not render history obsolete. It lives on alongside the latest gadgetry, because the present is not where history ends and the future begins; it is where the past and the future fuse.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/53ccd5b2-9f9c-4515-9f5b-fea36cb5731c","type":"text","family-id":"73113ad8-fa1b-4e1e-880b-297a9716cfb2","title":"","id":"53ccd5b2-9f9c-4515-9f5b-fea36cb5731c","metadata":null,"subtype":null,"text":"Since OpenAI released ChatGPT on Nov. 30, 2022, the world has been in an AI frenzy. Within just five days, ChatGPT had over one million users. Now there are 100 million. The company’s latest triumph is Sora, which can churn out DreamWorks-quality animation in response to your most whimsical prompt. All of this is made possible by deep-learning systems with hundreds of billions of parameters, a term defined here. (To give an example, GPT-4’s training model needs more than a trillion parameters.) And the amount of computation used to train state-of-the-art large language models (LLMs) is more than doubling every six months.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/d8392738-43dd-4ed2-9651-ea470f202564","type":"text","family-id":"63fdc9ff-8688-49a2-9ec4-3f9641f9034a","title":"","id":"d8392738-43dd-4ed2-9651-ea470f202564","metadata":null,"subtype":null,"text":"Over time, this speed of increase in the size of the models must slow and converge with Moore’s Law (see below), or the price of training new models will become exorbitant — out of any plausible relationship to the money that might be made from commercializing the technology. That means AI can advance only so long as computing power keeps getting exponentially cheaper.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/94888ba9-fef3-405e-96b9-7a6705010f69","type":"text","family-id":"8eb33117-665e-4958-b9ea-a160820edac2","title":"","id":"94888ba9-fef3-405e-96b9-7a6705010f69","metadata":null,"subtype":null,"text":"I have six questions about the technological, financial and economic future of AI:
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/6521c44b-680b-459f-bc89-0c013cc7646b","type":"text","family-id":"4ce4b497-b78c-4ece-a7a6-12f08bc745d2","title":"","id":"6521c44b-680b-459f-bc89-0c013cc7646b","metadata":null,"subtype":null,"text":"In 1965, Gordon Moore, the co-founder of Intel Corp., speculated that that the number of components (transistors, resistors, diodes or capacitors) in a dense integrated circuit — otherwise known as a microprocessor, semiconductor or chip — would double every year for the next 10 years. On the basis of further observation, he revised that to every two years in 1975. Moore’s Law has held up to nearly 50 years of innovation.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/cc5fc03e-2a95-4e5e-aa8d-bf9590295e88","type":"text","family-id":"ace84f7f-2d03-4620-b4c2-1d1cb1b992ba","title":"","id":"cc5fc03e-2a95-4e5e-aa8d-bf9590295e88","metadata":null,"subtype":null,"text":"It now seems clear that Moore’s Law is a manifestation of a deeper phenomenon that long predated Moore, who died in 2023, and is likely to outlive him for many years. Price-performance for computation (the number of operations a computer or chip can perform per dollar of cost) and for other related processes such as information storage and information transportation has been increasing exponentially since the late 19th century, when Herman Hollerith’s proto-computers used electromechanical relays and punch cards. Even if there are notional limits to what the current silicon-based technology can achieve, we should assume that a new technology will soon be found when those limits are reached. Let’s not bet against Moore’s Law.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/fa8516a3-592a-4bc5-81c3-fc1c3734c443","type":"text","family-id":"0ac3a6c6-6a71-4c01-8844-7976df13287c","title":"","id":"fa8516a3-592a-4bc5-81c3-fc1c3734c443","metadata":null,"subtype":null,"text":"In the first instance, it must be Nvidia Corp. — and Taiwan Semiconductor Manufacturing Co. They hold the dominant positions in the design and manufacture of the crucial graphics processor units (GPUs) on which LLMs run.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/212cdfb1-5cf4-4734-870b-57b88d283608","type":"text","family-id":"5b366281-37f6-4648-aa59-15e76bb85a50","title":"","id":"212cdfb1-5cf4-4734-870b-57b88d283608","metadata":null,"subtype":null,"text":"Who else makes money? OpenAI for sure, because its GPT-4 is a (if not the) state-of-the-art LLM, and it has the deep pockets of Microsoft Corp. to finance the training of the next version, presumably GPT-5. Today, the world hangs on every word uttered by OpenAI’s chief executive, Sam Altman. But OpenAI faces more immediate competition than Nvidia, and not only from Alphabet Inc.’s Google. Open-source AI systems including LLaMA, Alpaca and Vicuna are not so far behind. It is easy to imagine a significant proportion of users being willing to settle for AI chatbots that are not quite so great but free (or ad-supported), leaving the professionals to pay for the premium service.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/bfa0117f-5005-49a4-9dd1-714082106dff","type":"text","family-id":"27c4d84f-7db5-4829-9438-c56b538286b6","title":"","id":"bfa0117f-5005-49a4-9dd1-714082106dff","metadata":null,"subtype":null,"text":"Financial history is full of examples of disruptive technologies begetting equity market bubbles. Could the current AI mania be another?
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/59bc36f0-d564-4698-922b-a0edf1e6af3c","type":"text","family-id":"57a36114-0d53-4d3f-af38-b16591804892","title":"","id":"59bc36f0-d564-4698-922b-a0edf1e6af3c","metadata":null,"subtype":null,"text":"There are certainly many bogus companies that have recently added “AI” to their pitch docs, just as there were many in the 1990s that spuriously claimed to “dot-coms.” But is Nvidia a bubble stock? As my Bloomberg Opinion colleague John Authers recently pointed out, Nvidia is performing more impressively in terms of sales and margins than its equivalent in the dot.com era, Cisco Systems Inc., which made the routers on which the internet ran.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/d5df1e0d-e26c-43f9-b8a3-630f9614fb36","type":"text","family-id":"cd6ddab5-91ba-4849-8394-f79b8116cda4","title":"","id":"d5df1e0d-e26c-43f9-b8a3-630f9614fb36","metadata":null,"subtype":null,"text":"Huang calls AI “probably the single greatest invention of the technology industry” and “likely … the most important thing of the 21st century.” But we’ve heard such hype before. The reality is (ask Tesla Inc.) that wherever there is the prospect of outsized profits there will very soon be competition. Google, Microsoft, Amazon.com and Advanced Micro Devices Inc. are all designing their own AI chips. And, under the leadership of Pat Gelsinger, Intel is reemerging from two decades of missed opportunities, aiming to compete in both design and the foundry business.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/075328b1-cd41-4c07-aa1e-88ab8fc6bb53","type":"text","family-id":"43824720-8536-48ae-abcb-84edfeb8c7f7","title":"","id":"075328b1-cd41-4c07-aa1e-88ab8fc6bb53","metadata":null,"subtype":null,"text":"The way bubbles burst is partly that competition inexorably drives down margins, making a nonsense of peak valuations. But there is an additional dynamic. On one side, the amounts being invested in AI are colossal. Not content with the $13 billion OpenAI received from Microsoft, Altman now talks of needing $7 trillion for chip manufacture and power generation. Impressive though GPT-4 and Sora are, there must come a point when even OpenAI’s prospective revenues cannot justify such immense capital sums. Fact: $7 trillion is the total annual budget of the federal government proposed by the Biden administration for the 2025 fiscal year.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/a1e854c6-108e-4d21-85f9-c38f48cf020f","type":"text","family-id":"46268dab-3b4a-4a01-b29a-c95d15c03948","title":"","id":"a1e854c6-108e-4d21-85f9-c38f48cf020f","metadata":null,"subtype":null,"text":"Earlier this month, The Information published some significant intimations of doubt in corporate America about just how much LLMs can really do for their businesses. During a February earnings call, Amazon CEO Andy Jassy said that near-term revenue from AI was “relatively small.” Salesforce Inc. executives said that generative AI wouldn’t make a “material contribution” to revenue growth this year. These are the first signs of a hype cycle passing its peak.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/93915da2-1b14-4e04-97a9-ce63f727c29c","type":"text","family-id":"5f088653-3161-4b53-8544-b6977d6468d8","title":"","id":"93915da2-1b14-4e04-97a9-ce63f727c29c","metadata":null,"subtype":null,"text":"A key concern is that AI still “hallucinates” (i.e., makes stuff up) much more than humans do. The real determinant of market adoption is what AI can do with human-or-better reliability.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/89e5b435-a6e7-4c7a-b155-ac568d6cf175","type":"text","family-id":"263c98bd-90b3-4ce4-813d-f242a7f1098c","title":"","id":"89e5b435-a6e7-4c7a-b155-ac568d6cf175","metadata":null,"subtype":null,"text":"AGI refers to a hypothetical generalized algorithmic system that can match generally educated humans at all cognitive tasks.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/c798e332-75f8-423d-8859-46bf6e2df089","type":"text","family-id":"d67c7066-bf9c-4cc9-a531-410a78157270","title":"","id":"c798e332-75f8-423d-8859-46bf6e2df089","metadata":null,"subtype":null,"text":"This is clearly what Altman aspires to build. But is it attainable? That is really a question about how fast we can grow computational capacity to the scale likely needed to compete with the human brain — which might mean a 100-trillion parameter training model, compared with GPT-4’s estimated one trillion. That would require a whole lot of computing power (or “compute,” as AI mavens like to say).
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/90c1d862-c257-4177-aeaa-54eb0ee5b1fe","type":"text","family-id":"b5dbf097-4fcb-4949-ab61-b97bdc509f12","title":"","id":"90c1d862-c257-4177-aeaa-54eb0ee5b1fe","metadata":null,"subtype":null,"text":"In 1999, the futurist Ray Kurzweil predicted that AGI would come by 2029. More recently, on Jan. 1, 2022, the weighted average of forecasters compiled by the aggregation platform Metaculus projected that “weak AGI” would reach human levels of general intelligence in 2042. Three months later, Google’s PaLM AI mastered “chain-of-thought reasoning,” which was seen as a key obstacle.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/c5d2d819-786c-4a0a-9ee6-ded73c8a1fa6","type":"text","family-id":"864ced43-43d6-4b6d-8c0d-3f8c5a2ba9fd","title":"","id":"c5d2d819-786c-4a0a-9ee6-ded73c8a1fa6","metadata":null,"subtype":null,"text":"The most recent Metaculus average of 1,170 forecasters is that “the first weakly general AI system will be devised, tested and publicly announced” in 2026, with an interquartile range between 2025 and 2030. It will take an additional 28 months beyond the release of “weak AGI” for AGI to become superintelligent, i.e., smarter than even the best humans at all cognitive tasks.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/8971afee-e35e-4471-bf34-a1071032b047","type":"text","family-id":"f85dfbcf-5bea-47ba-9f57-7cb1f0cd768b","title":"","id":"8971afee-e35e-4471-bf34-a1071032b047","metadata":null,"subtype":null,"text":"Such is the power of exponential growth. If model sizes keep doubling every six months, quadrupling every year, and increasing eightfold every 18 months, then even a 10-fold underestimate of the amount of computational power required for AGI would delay the expected arrival time by just 19 months. A 100-fold underestimate would delay it by just three years.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/dfd93d1d-aa80-47f8-8a17-767e8a36aff9","type":"text","family-id":"1f5ce879-769a-4924-9d3f-7c2a008be8f8","title":"","id":"dfd93d1d-aa80-47f8-8a17-767e8a36aff9","metadata":null,"subtype":null,"text":"AGI is the stuff of science fiction (think of HAL 9000 in Arthur C. Clarke's ). That does not mean it cannot become fact, like the nanotechnology and talking books of .
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/1180b26d-ae1b-48fe-b5fa-865d39dd5045","type":"text","family-id":"53a44eab-30a1-482d-aa9e-10e630464db5","title":"","id":"1180b26d-ae1b-48fe-b5fa-865d39dd5045","metadata":null,"subtype":null,"text":"For three centuries, the labor market has adapted to new technology, and the long-term trend has been toward increasing aggregate employment, hourly productivity and, ultimately, wages. New technology does destroy certain occupations: handloom weaver, stenographer, telephone operator, elevator operator. But those jobs all went away without protracted mass unemployment. With new technology come other occupations.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/79aceb73-af59-4ec7-a67e-2553b05c66e0","type":"text","family-id":"e8198a58-0294-44c8-a9e6-9e24982c0f01","title":"","id":"79aceb73-af59-4ec7-a67e-2553b05c66e0","metadata":null,"subtype":null,"text":"McKinsey & Co. research estimates that, even without generative AI, automation could take over tasks that account for 21.5% of the hours currently worked in the US economy by 2030. With AI, the share is 29.5%. It would be nice to imagine everyone merrily enhancing their productivity with the help of an AI co-pilot. It seems more likely that white-collar employment will shrink right across the board from the legal profession to entertainment.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/d8b54950-2391-446f-bbd8-880899b45810","type":"text","family-id":"0c7b1957-51da-4692-b134-1d1fbb86cdb5","title":"","id":"d8b54950-2391-446f-bbd8-880899b45810","metadata":null,"subtype":null,"text":"With the advent of AGI, even more radical outcomes are imaginable, in which it could cease to make sense to employ humans in most roles, including even enterprise leadership.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/dfcfa76f-b9ea-49a9-bbf2-9d77f3183e1d","type":"text","family-id":"2e60ce1b-c0ea-43ef-ae20-baa3259e848e","title":"","id":"dfcfa76f-b9ea-49a9-bbf2-9d77f3183e1d","metadata":null,"subtype":null,"text":"You know the answer to this one: Yes.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/36d9286b-ef89-4d70-b338-990346e6aa25","type":"text","family-id":"05b62b2d-bc0c-40e9-8867-21107ba28589","title":"","id":"36d9286b-ef89-4d70-b338-990346e6aa25","metadata":null,"subtype":null,"text":"Technological change has a long history of causing political controversy and social disruption, but organized resistance has rarely succeeded in preventing adoption. Violent riots in London in 1675 and Leicester in 1773 saw textile workers destroy the machines that they feared would destroy their livelihoods. Starting in 1811, gangs of Luddites sabotaged and smashed power looms.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/65a21f74-bcd9-455b-a665-70bf8dbeadd0","type":"text","family-id":"05a2de22-46dd-49fb-b0fb-6aeb3bff1bf4","title":"","id":"65a21f74-bcd9-455b-a665-70bf8dbeadd0","metadata":null,"subtype":null,"text":"There are Luddites in our time, too. In December 2022, Apple Inc. introduced a service allowing book publishers to use human-sounding AI narrators, threatening to displace the voice actors who record audiobooks. The prospect that generative AI might one day replace screenwriters and actors became the central dispute in the Hollywood WGA and SAG-AFTRA strikes last year.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/e649b62c-90cb-4ee2-8edb-45f3b3f88542","type":"text","family-id":"c9edde1c-d13c-430f-86a9-8157e7510f7f","title":"","id":"e649b62c-90cb-4ee2-8edb-45f3b3f88542","metadata":null,"subtype":null,"text":"Resistance to technological change is generally pretty futile. The Luddites, though quite well organized, were crushed. Today, only 1.3% of US workers in financial services and 2.3% of workers in professional and business services are unionized, below the national average of 10%. With this lack of organization, the losers of the AI revolution will stand little chance of resisting in the workplace.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/fe0259c5-427b-4b8c-bf8e-913208bf1e4a","type":"text","family-id":"0953b5ef-2faa-408e-a243-f19149eb0ad3","title":"","id":"fe0259c5-427b-4b8c-bf8e-913208bf1e4a","metadata":null,"subtype":null,"text":"However, political resistance to a new technology can succeed if the public and the elites take fright. A good example was the backlash against human cloning and genetic engineering. In 1997, the creation of “Dolly the sheep” in the UK marked the first successful cloning of a mammal using somatic cell nuclear transfer. The US passed the Human Cloning Prohibition Act in 2003, prohibiting both reproductive cloning and research cloning using federal funds.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/65eb2eb3-f1f3-4308-a7ae-5eea47454711","type":"text","family-id":"09af5fa6-b429-4746-9289-a7ae515d4616","title":"","id":"65eb2eb3-f1f3-4308-a7ae-5eea47454711","metadata":null,"subtype":null,"text":"This history raises the possibility that, as generative AI becomes more human-like, regulators and legislators may come under pressure to restrict its use — for example, in creating deepfake video or audio content impersonating an individual.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/52ba0503-5466-4195-ac44-dbca1a145bc8","type":"text","family-id":"21903482-3ba4-498a-9d58-86ff2809fe0b","title":"","id":"52ba0503-5466-4195-ac44-dbca1a145bc8","metadata":null,"subtype":null,"text":"In Neal Stephenson’s imagined Diamond Age, PI has failed to achieve that level of mimicry, but only because, “after all of our technology, the pseudo-intelligence algorithms, the vast exception matrices, the portent and content monitors, and everything else, we still can’t come close to generating a human voice that sounds as good as what a real, live ractor [role-playing actor] can give us.”
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/6e52f9b4-1dc2-45e7-a510-deef1c9426e4","type":"text","family-id":"c394ac8a-ada4-44aa-bd38-51ab6182829f","title":"","id":"6e52f9b4-1dc2-45e7-a510-deef1c9426e4","metadata":null,"subtype":null,"text":"In our Silicon Age, AI has easily overcome that obstacle. But can regulation — or a more visceral popular backlash — slow the exponential growth of compute, the rise of the LLMs, and the fateful approach of AGI? In a future column, I’ll turn to the emerging politics of AI.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/2a27161f-1964-4333-9f7a-d5a497c9a244","type":"text","family-id":"b6be6cba-caa5-4bc2-8a2a-1108bf507f72","title":"","id":"2a27161f-1964-4333-9f7a-d5a497c9a244","metadata":null,"subtype":null,"text":"More From Niall Ferguson at Bloomberg Opinion:
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/60aeabb0-0d96-4fe8-ad6c-d8ce8aded568","type":"text","family-id":"a9f74ff6-f0e5-4ff1-8e79-ff41e4a1d51a","title":"","id":"60aeabb0-0d96-4fe8-ad6c-d8ce8aded568","metadata":null,"subtype":null,"text":"This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/a5449556-eac9-4503-a3d5-a5f1924fd55f","type":"text","family-id":"36f8adc2-9970-4fab-90e2-9461acf2f106","title":"","id":"a5449556-eac9-4503-a3d5-a5f1924fd55f","metadata":null,"subtype":null,"text":"Niall Ferguson is a Bloomberg Opinion columnist. He is the Milbank Family Senior Fellow at the Hoover Institution at Stanford University and the author, most recently, of “Doom: The Politics of Catastrophe.”
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/417a557c-02df-44b7-b33b-44acd111d1dc","type":"text","family-id":"5e170cba-858b-4bfd-bae2-8d7fd66e493a","title":"","id":"417a557c-02df-44b7-b33b-44acd111d1dc","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com/opinion
"},{"description":"","page-url":"/story/16ce2c5e-aefe-43ed-a3c2-b140270ad7c2/element/2f0d8bc4-4b14-46ed-a3ce-172079ccb6cd","type":"text","family-id":"21b7531b-45d8-4600-8c74-c3c9d4a6f72c","title":"","id":"2f0d8bc4-4b14-46ed-a3ce-172079ccb6cd","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711259542913,"content-version-id":"fcc992e9-9260-49d2-97e8-4a43108aad77","card-added-at":1711259542913,"status":"draft","id":"463c8e99-d053-48eb-ab98-629148cd9d4e","content-id":"463c8e99-d053-48eb-ab98-629148cd9d4e","version":3,"metadata":{"social-share":{"shareable":true,"title":"Resistance Is Futile, But Maybe Not With AI","message":"Your job is on the line, especially if artificial intelligence gets smart enough to answer these 6 questions. ","image":{"key":"bloombergquint/2024-03/6b3abdc0-701f-4bdd-a0e3-1a639dfc0eba/_1x_1.jpg","url":null,"attribution":null,"caption":"Sam Altman, high priest of AI. ","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iJaMfS3eQfss/v1/-1x-1.jpg","width":2000,"height":1333}}}}}],"author-id":1677233,"first-published-at":1711262075958,"story-template":"syndicated","authors":[{"slug":"niall-ferguson-2","social":{},"name":"Niall Ferguson","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1677233,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["view"]},"original-url":"https://www.bloomberg.com/opinion/articles/2024-03-24/can-sam-altman-make-ai-smart-enough-to-answer-these-6-questions","imported-card-id":"463c8e99-d053-48eb-ab98-629148cd9d4e","card-share":{"shareable":true}}}},{"id":"409f01b5-94de-45c6-a044-8ff527dc4af1","associated-metadata":{},"type":"story","story":{"author-name":"John Authers","headline":"Powell And Ueda’s Hawks Sure Fly Like Doves","slug":"opinion/fed-s-powell-and-boj-s-ueda-act-like-doves-more-than-hawks","last-published-at":1711011706144,"alternative":{},"sections":[{"domain-slug":null,"slug":"opinion","name":"Opinion","section-url":"https://www.ndtvprofit.com/opinion","id":1247,"parent-id":null,"display-name":"Opinion","collection":{"slug":"opinion","name":"Opinion","id":15399},"data":null},{"domain-slug":null,"slug":"view","name":"View","section-url":"https://www.ndtvprofit.com/opinion/view","id":1510,"parent-id":1247,"display-name":"View","collection":{"slug":"view-opinion","name":"View (Opinion)","id":15828},"data":null},{"domain-slug":null,"slug":"global-economics","name":"Global Economics","section-url":"https://www.ndtvprofit.com/global-economics","id":1250,"parent-id":null,"display-name":"Global Economics","collection":{"slug":"global-economics","name":"Global Economics","id":15813},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iUK3QyfljnP4/v1/-1x-1.jpg","width":2000,"height":1334,"focus-point":[1287,324]},"published-at":1711011706144,"summary":"The Federal Reserve and Bank of Japan don’t want to come on too strong, but nor do they wish to be pushed around by ‘bumps’.","id":"409f01b5-94de-45c6-a044-8ff527dc4af1","hero-image-s3-key":"bloombergquint/2024-03/a2522887-4e21-4909-8e86-7373ab596272/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/aed5e225-e198-47d2-9afb-a93a9a2d50ec","type":"text","family-id":"4daf7b05-711c-4bfd-a897-b211f715d306","title":"","id":"aed5e225-e198-47d2-9afb-a93a9a2d50ec","metadata":null,"subtype":null,"text":"(Bloomberg Opinion) --
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/29c3e0fa-e0f7-4dcd-b690-a2f9b8cefa1e","type":"text","family-id":"8e3c622c-874b-4104-85c5-8a7d87714f81","title":"","id":"29c3e0fa-e0f7-4dcd-b690-a2f9b8cefa1e","metadata":null,"subtype":null,"text":"Today’s Points:
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/19033a6f-43df-4603-9881-911dca732276","type":"text","family-id":"8d95d644-aec4-49d4-b217-b94ed1a488f9","title":"","id":"19033a6f-43df-4603-9881-911dca732276","metadata":null,"subtype":null,"text":"Going Dotty
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/7376fa20-88b2-4a43-8286-bce899e6d035","type":"text","family-id":"d9c1ce4e-058e-4ec2-8ef1-2bf702e1077c","title":"","id":"7376fa20-88b2-4a43-8286-bce899e6d035","metadata":null,"subtype":null,"text":"Maybe the Federal Reserve and the Bank of Japan have something in common after all. Earlier this week, the BOJ made the epochal decision to scrap negative rates and move slightly into positive territory for the first time in eight years, and abandoned a range of unconventional policies to make money run smoothly. A few weeks ago, moving above zero this early seemed extremely unlikely. But while its direction was hawkish, policy remained very, very lenient and was accompanied by an ambivalent press conference by the governor, Kazuo Ueda. Because the BOJ was so much less hawkish in its communications than it might have been, the historic move was greeted with declines for the yen and Japanese bond yields.
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/288374c8-1bef-4925-9da5-e4a9effcf5b2","type":"text","family-id":"6d8973bb-45e2-40a5-8c63-5dd8c525ae9c","title":"","id":"288374c8-1bef-4925-9da5-e4a9effcf5b2","metadata":null,"subtype":null,"text":"Ueda’s template has been repeated almost exactly by Jerome Powell and his colleagues on the Federal Open Market Committee. A month ago, the market viewed a March rate cut as a racing certainty. It was 100% priced in. Subsequent inflation and unemployment data have been far too strong to permit easing that soon, so all hope of a cut at this week’s meeting had been abandoned. What mattered was guidance for the future. That came crucially from the “dot plot” in which the FOMC members each give their predictions for future rates and economic numbers in the form of a dot. It was the dots, in combination with Powell’s press conference, that allowed the Fed to follow the BOJ strategy of hawkishness so reluctant that people sighed with relief.
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/07b9fc62-ec70-42e3-9362-1a1e552ee8c1","type":"text","family-id":"d3a752e6-1a93-49b9-9215-8ae143a126fe","title":"","id":"07b9fc62-ec70-42e3-9362-1a1e552ee8c1","metadata":null,"subtype":null,"text":"The dot plot (which can be found here) has in the past been a great vehicle to signal changes in the Fed’s thinking. This time, the key measure that drove excitement was that the governors’ median estimate for the fed funds rate at the end of this year was unchanged, projecting three cuts. Now, we need to get into the weeds.
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/1ec07f71-ce67-4bd8-a2a6-8826c77f47ce","type":"text","family-id":"81239448-b977-4943-a491-5292506909ab","title":"","id":"1ec07f71-ce67-4bd8-a2a6-8826c77f47ce","metadata":null,"subtype":null,"text":"I’m continuing my practice of retrograde homemade graphics to analyze the dot plot. Don’t hold any of my brilliant data visualization colleagues responsible for what follows. Using the paint function, I’ve pasted the dots as they stood in the last plot in December on the left, and the latest on the right. I annotated it myself:
"},{"description":"","image-metadata":{"width":1055,"height":801,"mime-type":"image/png","file-size":241022,"file-name":"thumbnail_ATT00001.png"},"page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/982907e8-5f9d-4348-af14-5f807ae2ce80","type":"image","family-id":"7bebbb8d-8c8a-41b3-9b78-e11c493214b7","image-attribution":"","title":"","id":"982907e8-5f9d-4348-af14-5f807ae2ce80","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/6c76c21a-55f8-4753-850f-12b3134dca28/thumbnail_ATT00001.png","metadata":{},"subtype":null},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/1d0fcdbc-4266-4fe4-bb4b-010d7fee8256","type":"text","family-id":"647bff57-8562-4530-b07b-d62793726b40","title":"","id":"1d0fcdbc-4266-4fe4-bb4b-010d7fee8256","metadata":null,"subtype":null,"text":"You see immediately that nine members are lined up behind three cuts, which is more than three months ago. The median is unchanged. But now, only one governor thinks they’ll cut further than this, down from five, while a second is prepared to predict that there will be only one cut. In total, a net five governors reduced the number of cuts they predicted. That’s halfway to swinging the decision on a committee with 19 members. With nine members expecting two cuts or fewer, only one needs to change from here to raise the median.If we use the mean rather than median, it rose by 11 basis points to 4.81%, which implies that two cuts from here are more likely than one. Further, the mean could have been lower but the median would have risen if only two governors had shifted, but both of them changed from three to two. A lot has been hanging on the abstruse statistical question of how to measure an average.
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/af537ea2-ab49-4c7b-affe-3c060a671cf3","type":"text","family-id":"818cbb9c-b6e0-4fcf-9903-14c8271caf4d","title":"","id":"af537ea2-ab49-4c7b-affe-3c060a671cf3","metadata":null,"subtype":null,"text":"To add to this, the median did shift for the governors’ prediction for the end of 2025, from 3.6 to 3.9%. This wasn’t a hugely hawkish move by any standard. As expected, the Fed offered a nuanced set of projections that shifted very slightly in a hawkish direction. Just like the BOJ, it could have moved further, but didn’t. And that was great news for risk assets.
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/54413109-0a3e-4e0e-befb-89700472bfc6","type":"text","family-id":"c13f2768-5152-44b7-85fc-05b237597b94","title":"","id":"54413109-0a3e-4e0e-befb-89700472bfc6","metadata":null,"subtype":null,"text":"Then came the press conference. Powell made no hugely dovish pronouncements (unlike in December, when he was rightly perceived to have pivoted toward lower rates), but resolutely declined to say anything hawkish, either. For analysis, read Lisa Abramowicz’s hugely entertaining Surveillance newsletter. Perhaps most significantly, Powell was asked if he wanted to push back on the easing of broad financial conditions that has come with the stock market rally. He didn’t. For context, this is Bloomberg’s measure of financial conditions, and it’s almost as lenient as in 2021 when fed funds were being held at zero:
"},{"description":"","image-metadata":null,"page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/a68e7aad-a87e-488c-97a0-626a1c5ceda2","type":"image","family-id":"137907f1-c7fb-4150-9761-95c284073a83","image-attribution":"","title":"","id":"a68e7aad-a87e-488c-97a0-626a1c5ceda2","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/3a994c9b-2d81-40a8-9ce7-ed4052cb147c/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iYmJhFZPTrTU/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/04236b74-14a9-4001-80f9-bfdba6c59195","type":"text","family-id":"65754a2c-9bd8-432c-bbb2-d38ae78d240b","title":"","id":"04236b74-14a9-4001-80f9-bfdba6c59195","metadata":null,"subtype":null,"text":"Another indicator that the Fed isn’t too bothered was Powell’s lack of concern over the rise in predicted year-end inflation shown by the dot plot. Had he wanted to get a hawkish message across, he could have emphasized this or at least voiced concern, rather than dismiss recent disquietingly high inflation readings as “bumps.” As it was, the market concluded that the Fed didn’t care about inflation — or was perhaps surreptitiously giving up on lowering it to the official target of 2%. This chart, from the FOMC, shows how expectations for the personal consumption expenditures rate of inflation have shifted upward since December:
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/92a6d214-4f54-4835-a393-4449ed04dd7f","type":"text","family-id":"b54aa1ec-f105-477f-a709-631c802c3327","title":"","id":"92a6d214-4f54-4835-a393-4449ed04dd7f","metadata":null,"subtype":null,"text":"The dots aren’t a contractual commitment to do anything. Indeed, their track record since the Fed began publishing them 12 years ago has been very poor. For the most painful example, many noted that the median expectation for the neutral or long-term fed funds rate had ticked above 2.5%, for the first time since 2019:
"},{"description":"","image-metadata":null,"page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/97b77c3e-98ed-4f0d-999e-5ed9ebeb7a32","type":"image","family-id":"d1dd164e-d277-4d65-b49d-e4e344d00ec2","image-attribution":"","title":"","id":"97b77c3e-98ed-4f0d-999e-5ed9ebeb7a32","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/9a1012ac-359b-43ae-bc1f-058d01bdb866/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iE.5Xowu4gQs/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/5be8dc43-2198-4f64-aa27-4d56407e4432","type":"text","family-id":"b4738a6e-c202-4a04-bf95-e8058ddda98e","title":"","id":"5be8dc43-2198-4f64-aa27-4d56407e4432","metadata":null,"subtype":null,"text":"Unfortunately, Fed governors are no better at predicting the future than the rest of us. Let’s take “long term” to mean four years into the future. This is what the FOMC predicted from 2012 to 2020, with the actual fed funds rate from four years later:
"},{"description":"","image-metadata":null,"page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/a3c8ea7a-711e-471e-aa8a-cd153c5e897d","type":"image","family-id":"aeb02db6-149b-4e2f-8037-85cbb559f58c","image-attribution":"","title":"","id":"a3c8ea7a-711e-471e-aa8a-cd153c5e897d","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/0d78f7d9-6e11-46d0-9c5b-ca2945075ce2/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i9xSakgvTJjM/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/8a7520f6-c6ad-4af7-bc61-d31cf4b10b30","type":"text","family-id":"f26a3def-5629-4caa-aeb0-8e15b8e16e9a","title":"","id":"8a7520f6-c6ad-4af7-bc61-d31cf4b10b30","metadata":null,"subtype":null,"text":"At no point has the fed funds rate been where the FOMC predicted. It stayed far lower than expected throughout the post-crisis decade, then exploded higher — though the governors can be forgiven for not predicting the pandemic. And 2.5% was as high as the rate ever reached in the pre-Covid years. It’s unlikely to fall very far in the future, no matter what the FOMC now thinks.
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/6fbe9ae2-5537-446b-9e00-11b3c31827c3","type":"text","family-id":"407af9f9-2e1d-45c3-9aca-455b5ca418c1","title":"","id":"6fbe9ae2-5537-446b-9e00-11b3c31827c3","metadata":null,"subtype":null,"text":"Rather than analyze the predictions, what’s at stake here is the Fed’s reaction function. Taken as a whole, for any given level of inflationary pressure in the data, it looks like the response will be a bit more lenient than previously thought. The recent poor inflation numbers have only nudged the governors a little in the hawkish direction; it will take more of a pickup in prices to jolt enough members away from three cuts this year. If you’re that confident inflation is really coming down, fill your boots with stocks. If you’re not so confident, maybe buy gold.
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/9437818a-f538-4bd9-84de-41bcc7a247d0","type":"text","family-id":"2f809c98-2fb5-4646-a5fb-6f674301ea20","title":"","id":"9437818a-f538-4bd9-84de-41bcc7a247d0","metadata":null,"subtype":null,"text":"No News = Good News
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/548a1c34-e997-4611-adaf-400a8b0210dc","type":"text","family-id":"62f81278-7e6e-40ba-849f-74f707bd8a5e","title":"","id":"548a1c34-e997-4611-adaf-400a8b0210dc","metadata":null,"subtype":null,"text":"Amid all the incoming data of the last few months, the Fed’s messaging has been the same. Rates will only trend downward unless confidence in sustainable disinflation is shaken. It’s hard to detect any ambiguity.
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/d2f7fe17-48cd-4ad3-9ab5-69ec3b4c42a7","type":"text","family-id":"05cfed6f-bbb0-4a9b-b196-1cd5bf2f9930","title":"","id":"d2f7fe17-48cd-4ad3-9ab5-69ec3b4c42a7","metadata":null,"subtype":null,"text":"While the not-so-favorable inflation data could easily justify more hawkishness, it turns out that the Fed is unfazed. Bloomberg Economics’ Anna Wong concedes that Powell sounded mildly dovish: “While he omitted one of his signature dovish phrases — that the FOMC could start cutting rates even with inflation still ‘well above’ 2% — he stressed that the committee didn’t take many signals from recent hot CPI reports.”
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/cf3f3381-a6c3-482c-808f-2346167cae9b","type":"text","family-id":"874ee1f8-8d65-4471-9476-4bd212bfe9f1","title":"","id":"cf3f3381-a6c3-482c-808f-2346167cae9b","metadata":null,"subtype":null,"text":"Its unchanged median projection of cutting 75 basis points this year served up a classic “no news is good news” rally for stocks. The S&P 500 climbed above 5,200, reaching an all-time high yet again. The Nasdaq 100 came within touching distance of its own record. Whether these levels are the new norm is another thing. Here’s Academy Securities’ Peter Tchir: “Maybe I’m being stubborn, but stocks seem to be behaving like ‘stonks’ again, but not sure what pushes them out of what has become a range, while I can still see many things leading to a sharp, rapid pullback.”
"},{"description":"","image-metadata":null,"page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/83a98e47-818e-4252-9740-d9b675541f8c","type":"image","family-id":"d60b5b5e-48fc-494e-a6fe-aadee96bab4c","image-attribution":"","title":"","id":"83a98e47-818e-4252-9740-d9b675541f8c","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/8324929b-2e47-4de6-a117-70c8f6256913/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ijpoBCBmnbZE/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/2bd00fdf-f43e-4645-915d-8f3b541c1f57","type":"text","family-id":"e6e7738c-86f0-489b-84b8-881643563e0a","title":"","id":"2bd00fdf-f43e-4645-915d-8f3b541c1f57","metadata":null,"subtype":null,"text":"Dovish guidance should be good news for the yen. But for a moment, it was not; the Japanese currency tumbled alongside the Bloomberg Dollar Index, threatening the little reprieve the yen got from the BOJ’s reversal of negative interest rates policy. It pared some of the losses after Powell spoke, but is still near record lows.
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/8d1f8456-2c13-45c5-8f18-81146f12d65c","type":"text","family-id":"e961fa86-5983-49a1-9173-0f1cdb4dd27f","title":"","id":"8d1f8456-2c13-45c5-8f18-81146f12d65c","metadata":null,"subtype":null,"text":"The Bloomberg World Interest Rate Probability function shows that the chorus for a June cut is catching up once again — rising to 80%. That’s brought bond yields down, although they have remained within their recent range. We’ve been here before. But seeing gold’s price, which has an inverse relationship with interest rates, climb above $2,200 to its highest on record, adds further credence that Powell’s stance is dovish. And as the gold price is up since the BOJ hiked on Tuesday, we can see that traders are unconvinced about Japan:
"},{"description":"","image-metadata":null,"page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/e27a4a22-1ba8-4d84-acc5-2d714908141d","type":"image","family-id":"46648235-ad41-4b8e-8bae-8597c37a1e3f","image-attribution":"","title":"","id":"e27a4a22-1ba8-4d84-acc5-2d714908141d","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/48e48ef3-9699-4c99-86ad-3121fdd70efa/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i7BEZugnKYC4/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/6baf30a6-49f1-4a46-a351-908377fd320f","type":"text","family-id":"942a161c-1bb2-4d05-a544-e531376070df","title":"","id":"6baf30a6-49f1-4a46-a351-908377fd320f","metadata":null,"subtype":null,"text":"Does this mean that there’s more to the data than we’ve seen so far? Perhaps not. In Tchir’s view, the Fed’s dovishness could be explained by a worry that if they don’t cut now, they might be behind the curve. He may well be right that their attitude is more about fear than confidence, but the stock market seems to disagree.
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/db1c8f2e-6751-45b1-8422-3bec1845d9ad","type":"text","family-id":"317ef458-4d7f-4523-b4f0-a32bb6da4b35","title":"","id":"db1c8f2e-6751-45b1-8422-3bec1845d9ad","metadata":null,"subtype":null,"text":"A Barbarous Relic
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/d964c1db-73fe-4313-8cd7-31c5b43d716e","type":"text","family-id":"3a3cbfd6-b5af-4c36-b941-73a809738d2f","title":"","id":"d964c1db-73fe-4313-8cd7-31c5b43d716e","metadata":null,"subtype":null,"text":"One final point. Richard Nixon ended the Bretton Woods agreement in 1971 and cut the dollar’s the last tie to gold, creating a fascinating indicator. When the ratio of the S&P 500 to the gold price (effectively the amount of gold you’d need to buy the index) has been falling, as in the 1970s and 2000s, it means that the economy is in trouble. When rising gently, it suggests all is well, as in the 1980s and most of the 1990s. And when it goes berserk, as in 2000, stocks may be in an unsustainable bubble.
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/2caed2e0-b10a-43ba-a192-fd0ee09af602","type":"text","family-id":"8e64864a-7eb9-4ce0-9d02-52a0ab533fe7","title":"","id":"2caed2e0-b10a-43ba-a192-fd0ee09af602","metadata":null,"subtype":null,"text":"What’s fascinating is that after all we’ve lived through in the last half-century, the S&P 500 is worth almost exactly as much gold now as in 1971:
"},{"description":"","image-metadata":null,"page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/6d5161d7-b6f4-4554-b2e6-c148538cf028","type":"image","family-id":"ac62adf9-f3c7-4538-9a32-21b8de114594","image-attribution":"","title":"","id":"6d5161d7-b6f4-4554-b2e6-c148538cf028","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/3933b314-6fb8-4add-ae00-faba400b16a0/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iD4WjqIsGjq8/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/3671f353-2b5d-495f-8bb0-f322ae5910a9","type":"text","family-id":"4863aef5-a8e0-4508-b48f-df2aee2fe4cf","title":"","id":"3671f353-2b5d-495f-8bb0-f322ae5910a9","metadata":null,"subtype":null,"text":"The ratio remains below its post-pandemic high. That’s an argument against a bubble; 2024 looks nothing like 2000 here. It also suggests that the market is comfortable with the past decade’s economic expansion, but concerned that it’s been bought with cheap money. Which seems exactly right.
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/28930b5d-edec-4b76-8200-58f2decc868b","type":"text","family-id":"f0896a15-8009-4508-a91c-004e727351d7","title":"","id":"28930b5d-edec-4b76-8200-58f2decc868b","metadata":null,"subtype":null,"text":"Survival Tips
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/5ab36390-83ac-4b53-9553-66a2c88894dc","type":"text","family-id":"39ebd645-b759-4e7e-b996-f00c7f3a757e","title":"","id":"5ab36390-83ac-4b53-9553-66a2c88894dc","metadata":null,"subtype":null,"text":"Bloomberg Opinion is proudly in the playlist business these days. My colleague Lara Williams has written a great piece on potential climate anthems. But she finds none of the possible contenders fit the bill. She says: “Anthems have meme-able lyrics — memorable, easy to chant and catchy — and they’re imbued with hope. Too many songs about global warming are currently laced with anxiety.” That’s true. In response, you could try the Rainbow Warriors album produced for Greenpeace back in 1985. I will always recommend Electricity, OMD’s hymn to solar power released in 1979 that finally went to number one in the UK (in the vinyl chart) in 2019. You might want to add it to Lara’s playlist on Spotify, which you can find here.More From Bloomberg Opinion:
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/895a8e70-5c7f-48b4-8e7c-12506280cd54","type":"text","family-id":"f5e7e576-3690-4965-9131-8e184e8615c4","title":"","id":"895a8e70-5c7f-48b4-8e7c-12506280cd54","metadata":null,"subtype":null,"text":"--With assistance from Richard Abbey.
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/42240503-f621-4f7e-9af0-f45a8819a5ab","type":"text","family-id":"87b904bb-9dd5-4d90-b819-3147d93a25f0","title":"","id":"42240503-f621-4f7e-9af0-f45a8819a5ab","metadata":null,"subtype":null,"text":"This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/7159cfb5-ebe7-4f56-9080-ca0656ee4c6d","type":"text","family-id":"c03b793a-30f5-460c-a3ac-60347a319f77","title":"","id":"7159cfb5-ebe7-4f56-9080-ca0656ee4c6d","metadata":null,"subtype":null,"text":"John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/1ef5a5fe-adac-4022-a748-a08496271378","type":"text","family-id":"c3965e34-ec68-4f88-817b-f3e806d0f75b","title":"","id":"1ef5a5fe-adac-4022-a748-a08496271378","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com/opinion
"},{"description":"","page-url":"/story/409f01b5-94de-45c6-a044-8ff527dc4af1/element/8caa0a62-b719-4733-9be2-fa7129c98d61","type":"text","family-id":"951bfdd7-6b80-4b10-a420-ff3f42ea5792","title":"","id":"8caa0a62-b719-4733-9be2-fa7129c98d61","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711011702840,"content-version-id":"453dbdda-3bee-4220-9201-18639438ec13","card-added-at":1710998663204,"status":"draft","id":"7b5ee3ff-6968-4934-8665-71f6c807e3c2","content-id":"7b5ee3ff-6968-4934-8665-71f6c807e3c2","version":12,"metadata":{"social-share":{"shareable":true,"title":"Powell And Ueda’s Hawks Sure Fly Like Doves","message":"The Federal Reserve and Bank of Japan don’t want to come on too strong, but nor do they wish to be pushed around by ‘bumps’.","image":{"key":"bloombergquint/2024-03/6c76c21a-55f8-4753-850f-12b3134dca28/thumbnail_ATT00001.png","url":null,"attribution":"","caption":null,"metadata":{"width":1055,"height":801,"mime-type":"image/png","file-size":241022,"file-name":"thumbnail_ATT00001.png"}}},"attributes":{}}}],"author-id":1670536,"first-published-at":1711011706144,"story-template":"syndicated","authors":[{"slug":"john-authers-4","social":{},"name":"John Authers","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1670536,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["view"],"reactions":["John Authers"]},"original-url":"https://www.bloomberg.com/opinion/articles/2024-03-21/fed-s-powell-and-boj-s-ueda-act-like-doves-more-than-hawks","imported-card-id":"7b5ee3ff-6968-4934-8665-71f6c807e3c2","card-share":{"shareable":true}}}},{"id":"ef6bee0b-2aa5-4e46-b42b-93beefc04d35","associated-metadata":{},"type":"story","story":{"author-name":"Dave Lee","headline":"The U.S. Shouldn’t Force Apple To Make A Worse iPhone","slug":"opinion/apple-antitrust-suit-us-shouldn-t-force-company-to-make-a-worse-iphone","last-published-at":1711098557981,"alternative":{},"sections":[{"domain-slug":null,"slug":"opinion","name":"Opinion","section-url":"https://www.ndtvprofit.com/opinion","id":1247,"parent-id":null,"display-name":"Opinion","collection":{"slug":"opinion","name":"Opinion","id":15399},"data":null},{"domain-slug":null,"slug":"view","name":"View","section-url":"https://www.ndtvprofit.com/opinion/view","id":1510,"parent-id":1247,"display-name":"View","collection":{"slug":"view-opinion","name":"View (Opinion)","id":15828},"data":null},{"domain-slug":null,"slug":"technology","name":"Technology","section-url":"https://www.ndtvprofit.com/technology","id":1244,"parent-id":null,"display-name":"Technology","collection":{"slug":"technology","name":"Technology","id":15824},"data":null},{"domain-slug":null,"slug":"law-and-policy","name":"Law & Policy","section-url":"https://www.ndtvprofit.com/law-and-policy","id":2729,"parent-id":null,"display-name":"Law & Policy","collection":{"slug":"law-and-policy","name":"Law & Policy","id":15814},"data":null},{"domain-slug":null,"slug":"world","name":"World","section-url":"https://www.ndtvprofit.com/world","id":38090,"parent-id":null,"display-name":"World","collection":{"slug":"world","name":"World","id":103216},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iSW9k24PVW_U/v1/-1x-1.jpg","width":2000,"height":1141,"focus-point":[1000,571]},"published-at":1711098557981,"summary":"Leveling the playing field invariably means adding complication, friction and insecurity to a device that became successful because the company was able to engineer away all of those things.","id":"ef6bee0b-2aa5-4e46-b42b-93beefc04d35","hero-image-s3-key":"bloombergquint/2024-03/0e348ff3-6dec-4283-854b-71c3d777d908/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/9afa6ba6-9102-41ea-bcb5-bb896c49135c","type":"text","family-id":"feffd742-c5ca-4e13-8733-715cd048db65","title":"","id":"9afa6ba6-9102-41ea-bcb5-bb896c49135c","metadata":null,"subtype":null,"text":"(Bloomberg Opinion) -- The biggest challenge that the Department of Justice has in winning its antitrust case against Apple Inc. is this: The iPhone is really, really awesome.
"},{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/98d42ffd-b113-41cf-95b2-39a96fd4378e","type":"text","family-id":"b3b9a6bf-e3bb-420a-962b-c70cf4ee88d8","title":"","id":"98d42ffd-b113-41cf-95b2-39a96fd4378e","metadata":null,"subtype":null,"text":"I’m not trying to be droll. The iPhone’s quality, and the way in which Apple continues to make it so, goes to the heart of the case filed against the company on Thursday morning.
"},{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/f7797e85-be83-4bad-8f8c-e9694b5e4523","type":"text","family-id":"5223c888-9136-460f-bdf7-7f6b6a2d9d6d","title":"","id":"f7797e85-be83-4bad-8f8c-e9694b5e4523","metadata":null,"subtype":null,"text":"And it makes any potential remedy a touchy subject. Leveling the playing field invariably means adding complication, friction and insecurity to a device that became successful because Apple was able to engineer away all of those things.
"},{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/9420a2c9-4a24-4e07-a746-9c50956d444c","type":"text","family-id":"be075c99-bc6a-4359-8661-45b918734d36","title":"","id":"9420a2c9-4a24-4e07-a746-9c50956d444c","metadata":null,"subtype":null,"text":"Unlike other recent antitrust cases filed against big technology companies, in which regulators have targeted Google’s search deal with Apple and Amazon.com Inc.’s tactics on price manipulation, this long-awaited filing against one of the richest US companies seeks to draw strength from its breadth, focusing on several crucial parts of Apple’s competitive “moat.”
"},{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/ad4dbbbf-210f-49a8-986d-9c76348e8749","type":"text","family-id":"160add9d-cc61-4a26-9fda-ae9d8c4c49d9","title":"","id":"ad4dbbbf-210f-49a8-986d-9c76348e8749","metadata":null,"subtype":null,"text":"After a five-year investigation, here are the chief points the government is bringing to court:
"},{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/e1f8b95a-890a-4737-80f9-29a078fde55a","type":"text","family-id":"c57045b6-5971-4e28-b674-11dfcb1daef9","title":"","id":"e1f8b95a-890a-4737-80f9-29a078fde55a","metadata":null,"subtype":null,"text":"In sum, the complaint contends: “Apple reinforces the moat around its smartphone monopoly not by making its products more attractive to users, but by discouraging innovation that threatens Apple’s smartphone monopoly or the disintermediation of the iPhone.”
"},{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/70b6534d-14a9-4de6-9183-285e881d4046","type":"text","family-id":"341704e6-9570-4521-b46b-4668550eb23c","title":"","id":"70b6534d-14a9-4de6-9183-285e881d4046","metadata":null,"subtype":null,"text":"I disagree with that framing. As any iPhone user knows, Apple clearly does both: It uses its maniacal control over the user experience on the iPhone to make it a superior smartphone that is more attractive to consumers. But in doing so, it shuts out competitors in a manner that has anticompetitive side effects because of the iPhone’s scale.
"},{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/2cdf4a5c-222d-4687-9716-e7155475c7d2","type":"text","family-id":"70acfd52-9495-4b4b-b1c0-0e066b23779a","title":"","id":"2cdf4a5c-222d-4687-9716-e7155475c7d2","metadata":null,"subtype":null,"text":"Attempts to remedy this situation could be painful, unpopular and have a high chance of failure. Just ask iPhone users in Europe, where regulators enforced their tough new rules to increase mobile browser competition — and all users got was a lousy menu. Hardly a tectonic shift in the competitive landscape.
"},{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/36b7a359-e1a8-43da-a95f-fb231eee79c3","type":"text","family-id":"b9acacff-0f52-49be-9a85-b1d201382f5e","title":"","id":"36b7a359-e1a8-43da-a95f-fb231eee79c3","metadata":null,"subtype":null,"text":"Apple’s authoritarianism is what makes an iPhone an iPhone and not an Android. Fans of that competing platform will eagerly say it can do everything an iPhone can do while ignoring the fact that the user experience is a steaming hot mess — particularly for less tech savvy users who aren’t as vigilant in keeping out nasty apps or for whom too many separate apps doing similar things would be massively confusing. (It’s no coincidence that when my father calls with a tech support question, it’s always about his Android phone, never his Apple iPad.)
"},{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/e3e506c0-8197-475e-836e-3fdad56ada13","type":"text","family-id":"a413ab2a-5197-4099-8db3-d4996e82b0c2","title":"","id":"e3e506c0-8197-475e-836e-3fdad56ada13","metadata":null,"subtype":null,"text":"Forcing Apple to open up to competition in the way the Justice Department is demanding would degrade the iPhone experience. Would it be better for users, for instance, if their credit cards, plane tickets and IDs were squirreled away in different apps for banks, airlines and everything else? Or would they rather have them, as Apple currently forces, in a single wallet they knew was secure? (Or to put it another way: How many physical wallets does the typical person carry?)
"},{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/f6140473-26ce-4381-8d32-2874360ca738","type":"text","family-id":"74e1362f-38f2-4bab-8d61-84b8a71705bf","title":"","id":"f6140473-26ce-4381-8d32-2874360ca738","metadata":null,"subtype":null,"text":"Would it be better for users if, instead of Apple deciding what apps are safe, individual companies could make their own decisions through their own “mini” app stores? More democratic, maybe, but more open to abuse.
"},{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/b24a4ad7-305f-4ae1-b6e0-35b270202d97","type":"text","family-id":"a17615bb-ff5b-49b2-b8af-a53103fe8195","title":"","id":"b24a4ad7-305f-4ae1-b6e0-35b270202d97","metadata":null,"subtype":null,"text":"The Apple Watch, meanwhile, finds its value in the software and hardware integration between it and the iPhone — including the secure monitoring and storing of health data. Could Apple make it compatible with Android? Yes, with trade-offs. But why should it? Shouldn’t competition come from Google doing something similar with its Pixel phone and a wearable? Indeed, Google tried, acquiring fitness device-maker FitBit in 2021 for $2.1 billion; it has since run the once-competitive brand and its products into the ground. Saying Apple “copied” the smartwatch is like arguing Ferrari copied the Model T because Ford’s car had four tires and a steering wheel.
"},{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/70cc0068-a366-4ebd-8f74-e7a59e8a6dd5","type":"text","family-id":"6fdeaf7f-77e9-482a-a268-d25f3cd16b46","title":"","id":"70cc0068-a366-4ebd-8f74-e7a59e8a6dd5","metadata":null,"subtype":null,"text":"The annoyance at the “green bubble” has some credibility — the limitations Apple has imposed are petty — but a remedy arguably already exists in that users can already choose to use (free) interoperable services like Whatsapp or Signal. In fact, the US is just about the only country in which this is even an issue.
"},{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/8adddd1e-630b-495d-a781-4527eb925c5c","type":"text","family-id":"faf9287d-b2a2-47ab-b528-ee95b9ce2bfe","title":"","id":"8adddd1e-630b-495d-a781-4527eb925c5c","metadata":null,"subtype":null,"text":"More may come out during a trial, but there are no real smoking guns in the government’s filing. One comment in particular, attributed to an unidentified “Apple Manager,” highlights the dichotomy. Allowing super apps, this manager wrote, would “let the barbarians in at the gate,” which is almost certainly true. It would also mean “iOS stickiness goes down.” Through examples like this, Apple will be able to credibly argue that the “anticompetitive” move was first and foremost the right one for its users.
"},{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/52d49c95-1e0b-4829-a8ed-d02a074d4030","type":"text","family-id":"ab92de79-8a71-4470-9638-fe95f06ba9d2","title":"","id":"52d49c95-1e0b-4829-a8ed-d02a074d4030","metadata":null,"subtype":null,"text":"Of all the recent legal actions against technology companies emanating from the joint assaults of the Federal Trade Commission and Justice Department, the case against Apple seems the most muddled and least convincing. It relies on a flimsy notion that Apple’s success has throttled innovation at other companies, rather than compelled it, without truly explaining how. It certainly doesn’t make a persuasive case that ordering Apple to make a worse iPhone would change anything for the better.
"},{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/1c2d1096-4f57-4bd9-acd1-68ae6e5e4365","type":"text","family-id":"458560e3-1996-4da7-bc5d-2091dd00dd32","title":"","id":"1c2d1096-4f57-4bd9-acd1-68ae6e5e4365","metadata":null,"subtype":null,"text":"This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
"},{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/30175946-d4b4-4b0f-a05d-992f6c8a2df7","type":"text","family-id":"77996c63-b173-417c-83aa-f2349dec7fe9","title":"","id":"30175946-d4b4-4b0f-a05d-992f6c8a2df7","metadata":null,"subtype":null,"text":"Dave Lee is Bloomberg Opinion's US technology columnist. He was previously a correspondent for the Financial Times and BBC News.
"},{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/d6855287-9059-40ec-9518-4d8fdf0baebf","type":"text","family-id":"a6e67eae-6d37-448b-a39f-cf32ea208f10","title":"","id":"d6855287-9059-40ec-9518-4d8fdf0baebf","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com/opinion
"},{"description":"","page-url":"/story/ef6bee0b-2aa5-4e46-b42b-93beefc04d35/element/c1316c26-0c2f-412c-a627-2c7e933cb702","type":"text","family-id":"1073fb32-7a69-4c53-bd79-3b7bbd2ccf1a","title":"","id":"c1316c26-0c2f-412c-a627-2c7e933cb702","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711047502343,"content-version-id":"c7cf29ef-a674-44a3-aff9-65b068a6bff7","card-added-at":1711047502343,"status":"draft","id":"f1a380cd-cd87-4e2c-83a6-7699438a6126","content-id":"f1a380cd-cd87-4e2c-83a6-7699438a6126","version":8,"metadata":{"social-share":{"shareable":true,"title":"The U.S. Shouldn’t Force Apple To Make A Worse iPhone","message":"Leveling the playing field invariably means adding complication, friction and insecurity to a device that became successful because the company was able to engineer away all of those things.","image":{"key":"bloombergquint/2024-03/0e348ff3-6dec-4283-854b-71c3d777d908/_1x_1.jpg","url":null,"attribution":null,"caption":"Exhibit A for Apple.","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iSW9k24PVW_U/v1/-1x-1.jpg","width":2000,"height":1141,"focus-point":[1000,571]}}}}}],"author-id":1762132,"first-published-at":1711098557981,"story-template":"syndicated","authors":[{"slug":"dave-lee","social":{},"name":"Dave Lee","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1762132,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["view"],"reactions":["Dave Lee"]},"original-url":"https://www.bloomberg.com/opinion/articles/2024-03-21/apple-antitrust-suit-us-shouldn-t-force-company-to-make-a-worse-iphone","imported-card-id":"f1a380cd-cd87-4e2c-83a6-7699438a6126","card-share":{"shareable":true}}}},{"id":"33a468da-5690-4654-9a77-44d1cff3b222","associated-metadata":{},"type":"story","story":{"author-name":"Andrea Felsted","headline":"Nike Needs A Comeback, Adidas Just Wrote The Playbook","slug":"view/nike-needs-a-comeback-adidas-just-wrote-the-playbook","last-published-at":1711021479648,"alternative":{},"sections":[{"domain-slug":null,"slug":"view","name":"View","section-url":"https://www.ndtvprofit.com/opinion/view","id":1510,"parent-id":1247,"display-name":"View","collection":{"slug":"view-opinion","name":"View (Opinion)","id":15828},"data":null},{"domain-slug":null,"slug":"opinion","name":"Opinion","section-url":"https://www.ndtvprofit.com/opinion","id":1247,"parent-id":null,"display-name":"Opinion","collection":{"slug":"opinion","name":"Opinion","id":15399},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iIusUC.ngtPk/v1/-1x-1.jpg","width":2000,"height":1167},"published-at":1711021479648,"summary":"The German company’s CEO is making a good start after the company’s Kanye West debacle.","id":"33a468da-5690-4654-9a77-44d1cff3b222","hero-image-s3-key":"bloombergquint/2024-03/fee0e4df-f05e-47a5-9e02-cb4acff226f8/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/590dc0a0-e2ca-4bbd-8362-4257982c5ad7","type":"text","family-id":"70cf0a1c-fe78-493b-b54f-06d70ee90f7c","title":"","id":"590dc0a0-e2ca-4bbd-8362-4257982c5ad7","metadata":null,"subtype":null,"text":"(Bloomberg Opinion) -- When Nike Inc. reports its third-quarter earnings on Thursday, investors will be looking for signs that the world’s biggest sportswear company is beating back a growing field of challengers.
"},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/c1403509-fd18-45b5-8ced-1dfb638137e9","type":"text","family-id":"82f3fa11-3af9-496a-a072-ce6433ca0baa","title":"","id":"c1403509-fd18-45b5-8ced-1dfb638137e9","metadata":null,"subtype":null,"text":"Nike Chief Executive Officer John Donahoe should learn from his counterpart at Adidas AG, Bjorn Gulden, whose efforts to energize the company following its costly divorce from Kanye West in 2022 are starting to pay off.
"},{"description":"","image-metadata":null,"page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/3ec13130-650f-444d-b83a-7db510305714","type":"image","family-id":"eeddfc4e-9203-4126-9724-d96b5691a5e9","image-attribution":"","title":"","id":"3ec13130-650f-444d-b83a-7db510305714","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/aca3d894-b048-45ec-b77a-14f4f55e3088/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/is9XliuSX7Z0/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/611cff0d-650b-4a1f-a608-9c87cae78ebc","type":"text","family-id":"d95f5e9e-8230-44e7-88aa-bc477bd4a05b","title":"","id":"611cff0d-650b-4a1f-a608-9c87cae78ebc","metadata":null,"subtype":null,"text":"For years, Nike and Adidas were able to serve customers demanding clothing to play sport in as well as those following fashion trends. Now they face rivals on all fronts, from On Holding AG and Deckers Outdoor Corp.’s Hoka, in running, to Lululemon Athletica Inc. in athleisure and Amer Sports Inc.’s Arc’teryx in premium performance and lifestyle wear. This year, challenger brands are set to expand revenue by an average of 17%, almost three times the incumbents’ estimated 6%, according to analysts at RBC Capital Markets. (1)
"},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/f3aeb918-f379-4029-8516-dbc1fbb9b933","type":"text","family-id":"b166a0ef-3fc7-403c-9fa8-e36fad18c493","title":"","id":"f3aeb918-f379-4029-8516-dbc1fbb9b933","metadata":null,"subtype":null,"text":"Amid these incursions, the giants look increasingly like mid-market fashion brands, so they must have their fingers on the pulse of the latest trends. For Nike, there is the extra burden of regaining its historic prowess in sports clothing.
"},{"description":"","image-metadata":null,"page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/80c06b34-3b12-4bef-b2df-94b74cdab698","type":"image","family-id":"e890f38b-d716-4267-8e99-2a5f99090935","image-attribution":"","title":"","id":"80c06b34-3b12-4bef-b2df-94b74cdab698","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/09acab7b-de74-4a90-b86b-7630a8c39122/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ijcLh__LvYqU/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/f6fa7816-3f57-453a-9fdf-e3410f5e2cc0","type":"text","family-id":"976607df-a075-4581-a0bb-0242ba82bc8a","title":"","id":"f6fa7816-3f57-453a-9fdf-e3410f5e2cc0","metadata":null,"subtype":null,"text":"Both Nike and Adidas have become too reliant on products that burn bright and then fade, with nothing to take their place. In the case of Nike it has primarily relied on its retro sneakers led by the Air Jordan 1 to rally sales. Over the past decade, Adidas has cycled through the Stan Smith sneaker, the Yeezy collaboration with Ye and now its retro Terrace styles.
"},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/aee2b60a-27c0-4cd2-bfa6-cf8fc67fcff4","type":"text","family-id":"413daec3-ce65-45a0-915c-5baee0a6ec3d","title":"","id":"aee2b60a-27c0-4cd2-bfa6-cf8fc67fcff4","metadata":null,"subtype":null,"text":"In the shifting sportswear landscape, they need to develop a constant stream of fresh in-demand items. They must also be able to react quickly to new fashion narratives as they emerge.
"},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/1b86a81a-e9c5-47bc-a20b-ff7d929b6aef","type":"text","family-id":"bbf684ae-11f1-400c-9b7b-be7874046e81","title":"","id":"1b86a81a-e9c5-47bc-a20b-ff7d929b6aef","metadata":null,"subtype":null,"text":"That’s where Adidas is taking a lead over Nike. Adidas’s Gulden, who became CEO in January 2023, has been willing to back winners, for example noting the buzz around Terrace styles such as the Samba and Gazelle after a collaboration with Gucci in 2022, and ramping up production last year.
"},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/9693509e-64d7-4c02-b28a-cc578ba4baaa","type":"text","family-id":"416a219d-b690-473d-b75e-866ef4e7b7bc","title":"","id":"9693509e-64d7-4c02-b28a-cc578ba4baaa","metadata":null,"subtype":null,"text":"He also appears to be anticipating where the look might go next, for example, extending Terrace into running by relaunching the SL72 — which has Olympic heritage — and digging into the archive for low-fitting sneakers after spotting them on the catwalks. And Gulden has noticed the increasing crossover between fashion and fitness, making performance wear more stylish and dressing athletes in current looks; the Real Madrid team is wearing its cutting-edge Y3 brand. Of course, there is still a risk Adidas becomes too reliant on the Terrace franchise. One way to avoid this would be to extend its collaboration with Jerry Lorenzo’s Fear of God brand, potentially even moving from athletic gear into more formal clothing.
"},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/b462cddc-bb61-4706-9ba3-facc8a6b77a3","type":"text","family-id":"d35391f9-5b88-4a5a-b82e-ae2eca177c34","title":"","id":"b462cddc-bb61-4706-9ba3-facc8a6b77a3","metadata":null,"subtype":null,"text":"Gulden offers a model for Nike’s tentative turnaround efforts: His decisions around emerging trends seem more akin to a fashion retailer’s instinct for best-sellers. In contrast, a Williams Trading analyst wrote in a sell note on Nike this week that it “appears as if consultants, rather than Nike experts, are leading strategy decisions.”
"},{"description":"","image-metadata":null,"page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/bf973a61-3d21-46c4-a811-b6b208b81a73","type":"image","family-id":"edeb7e07-1ab1-435b-b506-82e025d591db","image-attribution":"","title":"","id":"bf973a61-3d21-46c4-a811-b6b208b81a73","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/b8f6988a-c097-4ade-9673-6f0992afde73/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iNsmb3aIuBSI/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/e8ab2a13-be63-4756-a4f4-e475b955057e","type":"text","family-id":"2668eb9f-31d7-4e27-b756-641f64c9c378","title":"","id":"e8ab2a13-be63-4756-a4f4-e475b955057e","metadata":null,"subtype":null,"text":"The market leader has struggled to get out of an innovation slump that has tarnished its reputation as a sportswear icon. Under Donahoe, the company shifted from being organized around sports categories such as running or swimming to traditional departments such as women’s, men’s and children’s. It sharpened its focus on its digital business, selling directly to consumers. But by becoming a combination of a tech and luxury company, it dulled its product edge, while it has also seen the departure of several key executives.
"},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/b278ea4f-f7b1-418b-a856-12951c004a7d","type":"text","family-id":"541ed474-93f8-4b26-8cb2-60c545eb98ee","title":"","id":"b278ea4f-f7b1-418b-a856-12951c004a7d","metadata":null,"subtype":null,"text":"Nike hasn’t had a revolutionary sneaker since the Vaporfly in 2020. And it has recently bungled several product rollouts. Take the delayed launch of the Air Force 1 Low “Certified Lover Boy” sneakers in partnership with Drake. By the time the model hit the market, consumers were bored with the shoe after so many teasers. It also roused ire from baseball fans and players that this year’s redesigned uniforms look cheap.
"},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/269c8ef2-f272-4ccf-97a0-3b86319bf282","type":"text","family-id":"df0e1104-ced3-4e08-ba94-83718b4e6ce3","title":"","id":"269c8ef2-f272-4ccf-97a0-3b86319bf282","metadata":null,"subtype":null,"text":"Nike declined to comment, but the company is aware that it’s falling behind. Donahoe told investors in December, when it delivered a disappointing revenue outlook, that he planned $2 billion in cumulative cost savings over the next three years to kickstart a product-development cycle set to begin with the Paris Olympics. He said this included “new franchises, concepts and platforms.” Investors will be looking for more details on the fightback on Thursday.
"},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/b777bfc6-5eb0-49e1-b065-98b8cba78688","type":"text","family-id":"5c24f315-fa6f-4977-a793-61fd3c438b9c","title":"","id":"b777bfc6-5eb0-49e1-b065-98b8cba78688","metadata":null,"subtype":null,"text":"Both companies must also reconnect with a broader range of customers again. They prioritized their own online and physical stores in an effort to gain greater control and avoid markdowns. But this gave oxygen to smaller rivals. Gulden has set about wooing retailers. Nike is doing the same, but must intensity these efforts.
"},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/54a516f1-1d89-4ee9-a7b6-f78659dca2dc","type":"text","family-id":"69f7e403-9508-47df-bbd8-8c81f9eea5da","title":"","id":"54a516f1-1d89-4ee9-a7b6-f78659dca2dc","metadata":null,"subtype":null,"text":"It’s also worth remembering that Adidas is still early on in its turnaround efforts. It forecasts just €500 million ($543 million) of operating profit this year, compared with almost €2 billion in 2021. Gulden is aiming to lift its operating margin to 10%. Nike, for all its challenges, is expected to delver 12.3% in the year to the end of May, according to the Bloomberg consensus of analysts’ estimates.
"},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/87d7639c-219f-464e-a1af-0d1a4d55af6c","type":"text","family-id":"274f04c1-0a89-4e43-9ff1-8775afa30a67","title":"","id":"87d7639c-219f-464e-a1af-0d1a4d55af6c","metadata":null,"subtype":null,"text":"Still, Gulden also unveiled a new Adidas marketing slogan: You Got This. Investors believe he has. Donahoe must convince shareholders that he is similarly on message: Not just talking about revitalizing the company, but doing it too.
"},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/73a8291f-25e6-427b-b892-2626306df3b3","type":"text","family-id":"c4234743-aa83-4276-85e1-bbd434c08dd2","title":"","id":"73a8291f-25e6-427b-b892-2626306df3b3","metadata":null,"subtype":null,"text":"More From Andrea Felsted on Bloomberg Opinion:
"},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/4f37569d-15d0-4860-8afe-42b255846ef2","type":"text","family-id":"84a41ac0-d7a8-4638-a625-cbb23d44c2ae","title":"","id":"4f37569d-15d0-4860-8afe-42b255846ef2","metadata":null,"subtype":null,"text":"(1) Incumbents includes Nike, Adidas, Under Armour and VF Corp. Challengers includes Lululemon, On Running, Sketchers Allbirds and Hoka.
"},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/b36b146f-728d-457c-b902-428b2244219a","type":"text","family-id":"6d15ab5d-6dc2-4549-a896-ff89e8d9eb2b","title":"","id":"b36b146f-728d-457c-b902-428b2244219a","metadata":null,"subtype":null,"text":"This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
"},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/7e5dbe17-4b05-4a02-8a3f-376dea6af7d6","type":"text","family-id":"bc29ac50-ba5b-417a-8d58-c9c77f96bf67","title":"","id":"7e5dbe17-4b05-4a02-8a3f-376dea6af7d6","metadata":null,"subtype":null,"text":"Andrea Felsted is a Bloomberg Opinion columnist covering consumer goods and the retail industry. Previously, she was a reporter for the Financial Times.
"},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/15812816-7544-4773-8b76-38877ff84355","type":"text","family-id":"762f9b68-f101-4b31-a1ec-5223d6f42a9a","title":"","id":"15812816-7544-4773-8b76-38877ff84355","metadata":null,"subtype":null,"text":"Leticia Miranda is a Bloomberg Opinion columnist covering consumer goods and the retail industry. She was previously a business reporter at NBC News and a retail reporter at BuzzFeed News.
"},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/be7fd6fd-4170-46e3-8c5e-b82c8fee717f","type":"text","family-id":"e0432daa-4529-479a-96cf-f2a69247b953","title":"","id":"be7fd6fd-4170-46e3-8c5e-b82c8fee717f","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com/opinion
"},{"description":"","page-url":"/story/33a468da-5690-4654-9a77-44d1cff3b222/element/dbb7a385-d6f6-49c7-bb86-8a9550749da2","type":"text","family-id":"d20cd1f6-5d59-411c-95f6-0d4355ce5bb2","title":"","id":"dbb7a385-d6f6-49c7-bb86-8a9550749da2","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711002136339,"content-version-id":"235cb632-d380-4f2a-a1f9-567eb3bb8ecc","card-added-at":1711002136339,"status":"draft","id":"09a6f7be-ebb2-47b6-a6ba-c40f6b55b379","content-id":"09a6f7be-ebb2-47b6-a6ba-c40f6b55b379","version":5,"metadata":{"social-share":{"shareable":true,"title":"Nike Needs A Comeback, Adidas Just Wrote The Playbook","message":"The German company’s CEO is making a good start after the company’s Kanye West debacle.","image":{"key":"bloombergquint/2024-03/aca3d894-b048-45ec-b77a-14f4f55e3088/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1668685,"first-published-at":1711021479648,"story-template":"syndicated","authors":[{"slug":"andrea-felsted-3","social":{},"name":"Andrea Felsted","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1668685,"avatar-s3-key":null,"twitter-handle":null},{"slug":"leticia-miranda","social":{},"name":"Leticia Miranda","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1711308,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["view"]},"original-url":"https://www.bloomberg.com/opinion/articles/2024-03-21/nike-needs-a-comeback-adidas-just-wrote-the-playbook","imported-card-id":"09a6f7be-ebb2-47b6-a6ba-c40f6b55b379","card-share":{"shareable":true}}}}]}]},{"id":90842,"associated-metadata":{"layout":"NEW_MarketsResearchReportsCollection"},"type":"collection","name":"Markets + RRs Home Page","slug":"markets-rrs-home-page","template":"default","metadata":{"cover-image":null,"view-layout":[{"id":3,"name":"Dynamic","key":"dynamic"}]},"collection-date":null,"summary":null,"automated":false,"collection-cache-keys":["c/49/90842"],"items":[{"id":15816,"associated-metadata":{},"type":"collection","name":"Markets","slug":"markets","template":"section","metadata":{"view-layout":[{"id":15,"name":"New_Markets","key":"new-markets"}],"vidible-playlist-id":null,"section":[{"id":1243,"name":"Markets"}]},"collection-date":null,"childCollectionLimit":5,"summary":null,"automated":true,"collection-cache-keys":["c/49/15816","sc/49/1243"],"items":[{"id":"f8db07ef-3615-45c4-b949-9cc5d6ebd018","associated-metadata":{},"type":"story","story":{"author-name":"Ananya Chaudhuri","headline":"Bajaj Finance Shares Jump To Two-Month High On Unit's IPO Plans","slug":"buzzing-stocks/bajaj-finance-shares-jump-to-two-month-high-on-units-ipo-plans","last-published-at":1711611644956,"alternative":{},"sections":[{"domain-slug":null,"slug":"buzzing-stocks","name":"Buzzing Stocks","section-url":"https://www.ndtvprofit.com/markets/buzzing-stocks","id":56992,"parent-id":1243,"display-name":"Buzzing Stocks","collection":{"slug":"buzzing-stocks","name":"Buzzing Stocks (Markets)","id":133622},"data":null},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"notifications","name":"Notifications","section-url":"https://www.ndtvprofit.com/notifications","id":16055,"parent-id":null,"display-name":"Notifications","collection":{"slug":"notifications","name":"Notifications ","id":32342},"data":null}],"hero-image-metadata":{"width":3871,"height":2122,"mime-type":"image/jpeg","file-size":5273640,"file-name":"business-man-financial-inspector-secretary-making-report-calculating-checking-balance-internal-revenue-service-inspector-checking-document-audit-concept.jpg","focus-point":[1912,1278]},"published-at":1711611644956,"summary":"The stock rose as much as 4.47% during the day on the NSE.","id":"f8db07ef-3615-45c4-b949-9cc5d6ebd018","hero-image-s3-key":"bloombergquint/2024-03/6aaf24d2-19f4-45e4-b8c9-d95ea8c33d69/business_man_financial_inspector_secretary_making_report_calculating_checking_balance_internal_reven.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/f8db07ef-3615-45c4-b949-9cc5d6ebd018/element/d94c03cf-67be-4829-b944-888b45bcb4ca","type":"text","family-id":"2fab533a-1ebd-4e68-b97c-547c7184754d","title":"","id":"d94c03cf-67be-4829-b944-888b45bcb4ca","metadata":{},"subtype":null,"text":"Shares of Bajaj Finance Ltd. surged to a two-month high on Thursday as its wholly owned subsidiary is likely preparing for an initial public offering by the end of 2024.
The discussions for Bajaj Housing Finance Ltd.'s IPO are still in their initial stages and several investment banks are pitching for the mandate, people aware of the matter said on the condition of anonymity.
The company is said to be seeking a valuation of $10 billion. However, nothing is finalised yet as discussion is in nascent stage. The tentative size of the IPO is expected to be around $1 billion, the people added.
"}],"card-updated-at":1711611629901,"content-version-id":"873bb29a-f50e-4e53-a500-b4ac241592fe","card-added-at":1711608741571,"status":"draft","id":"e8e88443-90a1-4002-a5f2-6c21b40d0822","content-id":"e8e88443-90a1-4002-a5f2-6c21b40d0822","version":38,"metadata":{"social-share":{"shareable":true,"title":"Bajaj Finance Shares Jump To Two-Month High On Unit's IPO Plans","message":"The stock rose as much as 4.47% during the day on the NSE.","image":{"key":"bloombergquint/2024-03/6aaf24d2-19f4-45e4-b8c9-d95ea8c33d69/business_man_financial_inspector_secretary_making_report_calculating_checking_balance_internal_reven.jpg","url":null,"attribution":null,"caption":"Image representational. (Source: Freepik/snowing)
On the NSE, Bajaj Finance's stock rose as much as 4.47% during the day to Rs 7,336.90 apiece, the highest since Jan. 23. It was trading 3.16% higher at Rs 7,244.85 per share, compared to a 1.14% advance in the benchmark Nifty 50 as of 12:34 p.m.
The share price has risen 30.90% in the last 12 months. The total traded volume so far in the day stood at 3.5 times its 30-day average. The relative strength index was at 75.40, implying that the stock maybe overbought.
Out of 36 analysts tracking the company, 30 have a 'buy' rating on the stock, three recommend 'hold' and as many suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 18.8%.
"},{"description":"","page-url":"/story/f8db07ef-3615-45c4-b949-9cc5d6ebd018/element/af19fa7e-2191-4796-97a3-fa4d482db48f","type":"text","family-id":"7589ddcf-e7f0-451e-ab61-a64cdf56dc11","title":"","id":"af19fa7e-2191-4796-97a3-fa4d482db48f","metadata":{"linked-story-id":"6344078b-2c31-456f-9ad4-092160d2d7be","linked-story":{"headline":"L&T Shares Hit Life-High As Unit Bags Multiple Orders","story-content-id":"6344078b-2c31-456f-9ad4-092160d2d7be","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"6344078b-2c31-456f-9ad4-092160d2d7be","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"L&T Shares Hit Life-High As Unit Bags Multiple Orders"}],"card-updated-at":1711611450724,"content-version-id":"8ceb847a-5aa2-4b5c-b03d-0f3c6babde3d","card-added-at":1711609143709,"status":"draft","id":"f63f8bda-19a5-435b-b3b3-4499da3d2770","content-id":"f63f8bda-19a5-435b-b3b3-4499da3d2770","version":26,"metadata":{"social-share":{"shareable":true,"title":"Bajaj Finance Shares Jump To Two-Month High On Unit's IPO Plans","message":"The stock rose as much as 4.47% during the day on the NSE.","image":{"key":"bloombergquint/2024-03/f4162d4f-464e-465d-a81a-a54f177e2c85/9de965f8_d280_49c3_9388_ad40dcaa0282.jfif","url":null,"attribution":"","caption":null,"metadata":{"width":1555,"height":874,"mime-type":"image/jpeg","file-size":102301,"file-name":"9de965f8-d280-49c3-9388-ad40dcaa0282.jfif"}}},"attributes":{}}}],"author-id":1849741,"first-published-at":1711611644956,"story-template":"text","authors":[{"slug":"ananya-chaudhuri","social":{},"name":"Ananya Chaudhuri","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1849741,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"card-share":{"shareable":true}}}},{"id":"4cbba2ab-7322-4dee-93da-bac126af7514","associated-metadata":{},"type":"story","story":{"author-name":"Shreya Sur","headline":"The Mutual Fund Show: What Is Factor Investing?","slug":"mutual-funds/the-mutual-fund-show-what-is-factor-investing","last-published-at":1711596667056,"alternative":{},"sections":[{"domain-slug":null,"slug":"mutual-funds","name":"Mutual Funds","section-url":"https://www.ndtvprofit.com/mutual-funds","id":3402,"parent-id":null,"display-name":"Mutual Funds","collection":{"slug":"mutual-funds","name":"Mutual Funds","id":8282},"data":null},{"domain-slug":null,"slug":"personal-finance","name":"Personal Finance","section-url":"https://www.ndtvprofit.com/personal-finance","id":2686,"parent-id":null,"display-name":"Personal Finance","collection":{"slug":"personal-finance","name":"Personal Finance","id":15819},"data":null},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null}],"hero-image-metadata":{"width":5184,"height":3456,"mime-type":"image/jpeg","file-size":8446085,"file-name":"jar-with-savings-little-tree-inside (1).jpg","focus-point":[2580,767]},"published-at":1711596667056,"summary":"Globally, there are four important factor funds—momentum, value, quality and low volatility. ","id":"4cbba2ab-7322-4dee-93da-bac126af7514","hero-image-s3-key":"bloombergquint/2024-03/ce014cd3-def6-4aa9-a8ac-a71747c7d7bb/jar_with_savings_little_tree_inside__1_.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/4cbba2ab-7322-4dee-93da-bac126af7514/element/2669217f-88f9-4c5a-b885-3c7a98b7e683","type":"text","family-id":"dac2dcc6-85f0-4a5f-affa-d690a5e4b32d","title":"","id":"2669217f-88f9-4c5a-b885-3c7a98b7e683","metadata":{},"subtype":null,"text":"Factor investing funds target specific traits like value or momentum to achieve returns by exploiting market inefficiencies.
Factor investing works in different market conditions, according to Pratik Oswal, head of passive funds at Motilal Oswal Asset Management Company Ltd.
The fund is the second-biggest fund category in the world. \"We see a huge opportunity for this segment in India in the next 4-5 years,\" he said.
He lists the key highlights for factor investing:
Combines active and passive investing.
It is rules-based and transparent.
There are a lot of factor funds today that offer different strategies in the form of a simple index fund or an ETF, he said.
Globally, there are four important factor funds—momentum, value, quality and low volatility.
\"Lack of awareness is the big reason why factor funds have not really gained ground in India. There are not many products in the factor funds in India. Plus, customers like to invest in a product that has a track record of at least 3-5 years,\" Oswal said, while explaining why factor funds are not that popular in India.
While value factor works really well in a recovery market, after a crash, momentum strategy does well in bull markets, he explained.
\"Low volatility is the largest bought factor fund globally as essentially the stable companies come under this fund. It works in both bull and bear conditions,\" he said.
Quality factor looks at the Nifty 200 and selects the 30 companies that are the best quality. The fund does extremely well in bear markets, said Oswal.
"},{"description":"","page-url":"/story/4cbba2ab-7322-4dee-93da-bac126af7514/element/9818a332-5a11-4b51-ac80-bdf9c80a0263","type":"title","family-id":"15a7ef25-bb99-4116-9f22-34934c4e855e","title":"","id":"9818a332-5a11-4b51-ac80-bdf9c80a0263","metadata":{},"subtype":null,"text":"Watch the full video here:"},{"description":"","page-url":"/story/4cbba2ab-7322-4dee-93da-bac126af7514/element/606e30c9-d58e-447a-8d22-6ce3c58b46f1","type":"youtube-video","family-id":"01d3d37c-56e0-41b2-b937-0fb7011977bb","title":"","id":"606e30c9-d58e-447a-8d22-6ce3c58b46f1","url":"https://www.youtube.com/watch?v=y5l-NgRJIo8","embed-url":"https://www.youtube.com/embed/y5l-NgRJIo8","metadata":{},"subtype":null}],"card-updated-at":1711596557257,"content-version-id":"05e071bd-f0fb-4b5a-8200-b36e38ed5b39","card-added-at":1711522445385,"status":"draft","id":"7ad6a63e-658e-429f-8bf6-f6de97b409fe","content-id":"7ad6a63e-658e-429f-8bf6-f6de97b409fe","version":58,"metadata":{"social-share":{"shareable":true,"title":"The Mutual Fund Show: What Is Factor Investing?","message":"Globally, there are four important factor funds—momentum, value, quality and low volatility. ","image":{"key":"bloombergquint/2024-03/ce014cd3-def6-4aa9-a8ac-a71747c7d7bb/jar_with_savings_little_tree_inside__1_.jpg","url":null,"attribution":null,"caption":"(Source: Freepik)
Bajaj Auto Ltd., Ashok Leyland Ltd. and Vedanta Ltd. will be among the 25 companies that will see a switch to trading in the T+0 rolling settlement cycle from Thursday.
The list of 25 securities, available for trading in the T+0 settlement cycle with effect from March 28, will be provided in the end-of-day master files on Wednesday, the BSE said in a statement on Wednesday.
The Securities and Exchange Board of India introduced a beta framework for the T+0 settlement cycle, which will be a continuous session between 9:15 a.m. and 1:30 p.m. Following this, the regulator will take one year to move to instant settlement by March next year.
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(Bloomberg) -- FTSE Russell said Portugal would be added to a key government bond index and held off on a decision on South Korea and India for at least six more months.
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/c210ef87-53b6-4811-a3df-99c3a42ac4ca","type":"text","family-id":"4bb0e02a-0946-4a9a-8c32-a9633bfe9e83","title":"","id":"c210ef87-53b6-4811-a3df-99c3a42ac4ca","metadata":null,"subtype":null,"text":"The index provider will add Portugal to the FTSE World Government Bond Index effective November, noting upgrades to its credit rating in recent months, and remove Switzerland from the upgrade watch list.
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/dfa211ce-0d1b-4906-8e2b-f11bd70baa0c","type":"text","family-id":"99c5119c-5469-4f2e-9e1d-7fac67720eb0","title":"","id":"dfa211ce-0d1b-4906-8e2b-f11bd70baa0c","metadata":null,"subtype":null,"text":"South Korea, meanwhile, continues to stay on the watch list for inclusion to the FTSE global bond index — and India for the emerging-market equivalent — once more delaying the countries’ addition to the key gauges.
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/e9af764c-3c10-41d9-bccc-3b0cd61b7a27","type":"text","family-id":"2fc748f2-14fd-461c-861e-454461b6ad49","title":"","id":"e9af764c-3c10-41d9-bccc-3b0cd61b7a27","metadata":null,"subtype":null,"text":"FTSE Russell “will continue to monitor the positive developments in the South Korean government bond market towards the successful fulfillment” of the criteria, FTSE said in the statement on Wednesday after markets closed in New York.
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/57e8293a-3833-4049-9e24-546fd86bb07e","type":"text","family-id":"7734aeef-05bf-4b18-9020-e58aff7d8874","title":"","id":"57e8293a-3833-4049-9e24-546fd86bb07e","metadata":null,"subtype":null,"text":"It also acknowledged progress in “the accessibility of the Indian government bond market,” but said the market still doesn’t satisfy certain criteria.
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/9acc47d3-6a47-4097-889b-559c1f204d9c","type":"text","family-id":"c00632e1-5d7b-4515-9376-c13b5a8351db","title":"","id":"9acc47d3-6a47-4097-889b-559c1f204d9c","metadata":null,"subtype":null,"text":"South Korea has been keen to get the index upgrade since FTSE added the country to its watch list for potential inclusion in September 2022. The move is expected to draw as much as 90 trillion won ($66.7 billion), according to the Korean government, citing estimates from investment banks.
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/ac9058c7-bc03-43a2-90dc-9abe87d5a5cb","type":"text","family-id":"d245a7df-daf4-49df-9914-3822311ae15d","title":"","id":"ac9058c7-bc03-43a2-90dc-9abe87d5a5cb","metadata":null,"subtype":null,"text":"Korean authorities have been intensifying efforts to improve the country’s market systems to court more foreign investors, most recently letting some global investors participate in the local interbank currency market. The government is also testing out extended trading hours of the local won market, ahead of its official extension due in July.
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/3a611c72-4799-4b51-a438-5151b8b5762d","type":"text","family-id":"ed531c4a-b1ed-4fb2-bd8b-b6ab6bec8c13","title":"","id":"3a611c72-4799-4b51-a438-5151b8b5762d","metadata":null,"subtype":null,"text":"Meanwhile, India still doesn’t meet criteria including increased regulatory reporting and the tax clearance process, FTSE said. Both countries were not included on the indexes when they were last reviewed in September, 2023.
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/d3fea759-2c99-4b9c-89ce-26b872edf0fc","type":"text","family-id":"2dd8b8ff-584b-47cd-9f31-51be367abf19","title":"","id":"d3fea759-2c99-4b9c-89ce-26b872edf0fc","metadata":null,"subtype":null,"text":"The provider said Switzerland was removed from an upgrade watch list after a tax reform stalled.
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/65513c46-a28c-4fad-bac6-5526e61b2de4","type":"text","family-id":"99c2b27e-9c3f-4595-8eb3-a5bce5e70c49","title":"","id":"65513c46-a28c-4fad-bac6-5526e61b2de4","metadata":null,"subtype":null,"text":"Read More: JPMorgan Will Add Indian Bonds to Key Index, Luring Global Funds
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/fe8b5741-097d-45cf-820a-cc39ba912954","type":"text","family-id":"38d75647-f813-488f-afef-6e3899aab45e","title":"","id":"fe8b5741-097d-45cf-820a-cc39ba912954","metadata":null,"subtype":null,"text":"FTSE Russell’s decision highlights the hurdles some investors continue to face in accessing India’s bond market, even as the nation’s debt is set to get added to JPMorgan’s flagship emerging markets gauge starting in June. Others have been piling in though, with inflows to the nation’s bonds helping make it one of the top performers in local currency emerging market debt this year.
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/f8dd0536-0ab0-4138-8b42-7b8901afc36d","type":"text","family-id":"928199b5-72be-4dc6-9859-139370beaa2a","title":"","id":"f8dd0536-0ab0-4138-8b42-7b8901afc36d","metadata":null,"subtype":null,"text":"Vietnam, Pakistan
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/7a3b7dd4-b5d5-4054-8f96-087d8e24dacd","type":"text","family-id":"7456a35b-1f06-4fbe-93e6-66db1e9f022e","title":"","id":"7a3b7dd4-b5d5-4054-8f96-087d8e24dacd","metadata":null,"subtype":null,"text":"On the equities side, FTSE Russell said it will keep Vietnam’s status as a frontier market unchanged. While it highlighted the country’s “resolute” drive, the index provider said it needs to see more improvements in access to the local equity market and issues around settlement of trades.
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/ca832b79-52a9-4546-b730-2940196e6b8d","type":"text","family-id":"6aee42d5-8c79-4f51-8cb7-941bd6c26f31","title":"","id":"ca832b79-52a9-4546-b730-2940196e6b8d","metadata":null,"subtype":null,"text":"Read More: Vietnam Seeks More IPOs, Share Sales to Boost Its Stock Market
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/34ef782f-862a-4730-b43e-38379af3b622","type":"text","family-id":"02194455-0bb2-49ee-8e95-81e68fd53243","title":"","id":"34ef782f-862a-4730-b43e-38379af3b622","metadata":null,"subtype":null,"text":"The country was added to the watch list in September 2018 for possible reclassification to secondary emerging markets, but the index compiler had said its progress has been slower than anticipated, in part due to Covid. A pre-funding requirement is the key hurdle to an upgrade, investors say.
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/b269d0b4-48a0-428d-b2f5-7bd8bc61a80c","type":"text","family-id":"d61d0d14-e94d-4562-9674-6c968778c2e1","title":"","id":"b269d0b4-48a0-428d-b2f5-7bd8bc61a80c","metadata":null,"subtype":null,"text":"The index compiler also retained Pakistan on the watch list for potential demotion to frontier market status from secondary emerging market amid a steady decline in its index weight over the past few years.
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/fcb7c38c-305a-4d73-ab6c-8aca31357030","type":"text","family-id":"dbdf8404-c176-4748-848c-5f76f62b23f1","title":"","id":"fcb7c38c-305a-4d73-ab6c-8aca31357030","metadata":null,"subtype":null,"text":"Bloomberg LP is the parent company of Bloomberg Index Services Ltd., which administers indexes that compete with those from other service providers.
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/602e23f9-56f8-4eb3-84a4-43f559fea18c","type":"text","family-id":"4b88e3b9-4e80-46b0-af37-08aafe75e261","title":"","id":"602e23f9-56f8-4eb3-84a4-43f559fea18c","metadata":null,"subtype":null,"text":"--With assistance from Zijia Song, Masaki Kondo and Catherine Bosley.
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/f2539e4e-4567-4f56-b505-6f6397afea6d","type":"text","family-id":"2ceff7cd-b223-4390-a9b6-774c02daff6f","title":"","id":"f2539e4e-4567-4f56-b505-6f6397afea6d","metadata":null,"subtype":null,"text":"(Updates with reasons for Portugal, Switzerland decisions from first paragraph)
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/398b4837-5d73-488e-933b-ef08a9935087","type":"text","family-id":"9f9a5a7d-b71b-4817-a49a-a9d51cc16230","title":"","id":"398b4837-5d73-488e-933b-ef08a9935087","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/47ea365f-afa5-4046-b5dd-6c9c3ea52815/element/260c97da-1ddd-4906-8652-0ee5ff1faf06","type":"text","family-id":"9412f10d-1e14-4848-95fe-fe052d7dbe95","title":"","id":"260c97da-1ddd-4906-8652-0ee5ff1faf06","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711571415865,"content-version-id":"5bb592e0-9d6a-45b7-be78-587d839fa008","card-added-at":1711571415865,"status":"draft","id":"e2cc9de1-e2bd-41e5-8403-5a85e36903c0","content-id":"e2cc9de1-e2bd-41e5-8403-5a85e36903c0","version":42,"metadata":{"social-share":{"shareable":true,"title":"FTSE Adds Portugal To Index But Keeps Korea, India On Hold","message":"FTSE Russell said South Korea will continue to stay on the watch list for inclusion to its global bond index — and India for the emerging-market equivalent — once more delaying the countries’ addition to the key indexes by at least another six months.","image":{"key":"bloombergquint/2024-03/0cc73e2b-7976-4d94-aa4c-446420c669f0/_1x_1.jpg","url":null,"attribution":null,"caption":null,"metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iBGvrkrAGCCs/v1/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","width":2000,"height":1333,"focus-point":[1000,667]}}}}}],"author-id":1670679,"first-published-at":1711586731747,"story-template":"syndicated","authors":[{"slug":"hooyeon-kim-3","social":{},"name":"Hooyeon Kim","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1670679,"avatar-s3-key":null,"twitter-handle":null},{"slug":"ronojoy-mazumdar-4","social":{},"name":"Ronojoy Mazumdar","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1668961,"avatar-s3-key":null,"twitter-handle":null},{"slug":"john-cheng-3","social":{},"name":"John Cheng","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1668623,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["markets"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-27/ftse-holds-off-adding-south-korea-india-to-key-bond-indexes","imported-card-id":"e2cc9de1-e2bd-41e5-8403-5a85e36903c0","card-share":{"shareable":true}}}},{"id":"6344078b-2c31-456f-9ad4-092160d2d7be","associated-metadata":{},"type":"story","story":{"author-name":"Ananya Chaudhuri","headline":"L&T Shares Hit Life-High As Unit Bags Multiple Orders","slug":"buzzing-stocks/lt-shares-hit-life-high-as-unit-bags-multiple-orders","last-published-at":1711608323160,"alternative":{"home":{"default":{"headline":"L&T Hits Life-High As Unit Bags Multiple Orders","hero-image":null}}},"sections":[{"domain-slug":null,"slug":"buzzing-stocks","name":"Buzzing Stocks","section-url":"https://www.ndtvprofit.com/markets/buzzing-stocks","id":56992,"parent-id":1243,"display-name":"Buzzing Stocks","collection":{"slug":"buzzing-stocks","name":"Buzzing Stocks (Markets)","id":133622},"data":null},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"notifications","name":"Notifications","section-url":"https://www.ndtvprofit.com/notifications","id":16055,"parent-id":null,"display-name":"Notifications","collection":{"slug":"notifications","name":"Notifications ","id":32342},"data":null}],"hero-image-metadata":{"mime-type":"image/jpeg","focus-point":[387,79],"width":476,"file-size":53381,"file-name":"manifacturing-unit.jpg","height":268},"published-at":1711608323160,"summary":"The stock rose as much as 1.66% during the day on the NSE.","id":"6344078b-2c31-456f-9ad4-092160d2d7be","hero-image-s3-key":"bloombergquint/2024-03/9918e70f-b303-472a-bee3-c351f95582a3/manifacturing_unit.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/6344078b-2c31-456f-9ad4-092160d2d7be/element/80ce6058-925c-4288-ac0e-3a9edb0a9281","type":"text","family-id":"4c39fc9e-e0f5-4444-b0e7-86445626125f","title":"","id":"80ce6058-925c-4288-ac0e-3a9edb0a9281","metadata":{},"subtype":null,"text":"Larsen & Toubro Ltd.'s wholly owned subsidiary, L&T GeoStructure, won multiple orders in the range of Rs 1,000–2,500 crore.
L&T GeoStructure secured an order from the Paradip Port Authority to build a south breakwater extension, groynes and breakwater toe protection wall at Paradip Port, the parent company said in an exchange filing.
It also won an order from Hindustan Shipyard Ltd. to augment slipway-4 in Visakhapatnam. The order includes upgrading the slipway, constructing the crane track and allied services, such as gas utilities and firefighting systems. The company will also supply and erect a 300-tonne Goliath crane, according to an exchange filing.
The L&T unit also bagged an order from a real-estate developer to build substructure works in Chennai. It did not reveal the name of the realtor.
"}],"card-updated-at":1711607842071,"content-version-id":"3379a4e2-0f16-4d46-a5e5-74ce3d7de004","card-added-at":1711605800061,"status":"draft","id":"17e7daf1-d326-48d1-aef0-b50fa5fa7b0c","content-id":"17e7daf1-d326-48d1-aef0-b50fa5fa7b0c","version":24,"metadata":{"social-share":{"shareable":true,"title":"L&T Shares Hit Life-High As Unit Bags Multiple Orders","message":"The stock rose as much as 1.66% during the day on the NSE.","image":{"key":"bloombergquint/2024-03/9918e70f-b303-472a-bee3-c351f95582a3/manifacturing_unit.jpg","url":null,"attribution":null,"caption":"Larsen & Toubro signage (Source: Company website)
Shares of Larsen & Toubro rose as much as 1.66% during the day to the highest since listing, before paring some gains to trade 1.64% higher at 11:29 a.m. This compares to a 1.12% advance in the NSE Nifty 50.
The stock has risen 76.53% in the last 12 months. The total traded volume so far in the day stood at 0.62 times its 30-day average. The relative strength index was at 66.31.
Of the 35 analysts tracking the company, 30 have a 'buy' rating on the stock, three recommend 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 4.7%.
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"},{"description":"","page-url":"/story/8f8f8152-4996-45dd-9411-e1e082045296/element/4b32ca8c-73e2-4af7-863e-b941b7892e68","type":"text","family-id":"77f91feb-0c03-45d6-8cd7-7c063314cd77","title":"","id":"4b32ca8c-73e2-4af7-863e-b941b7892e68","metadata":{},"subtype":null,"text":"The robust resurgence in demand, coupled with the gradual alignment of supply and demand of branded hotels room inventory, has been a noteworthy facet of the hospitality sector's post-pandemic trajectory. The sector is currently in the second year of an upcycle. In FY23, revenue per available room recorded an impressive year-on-year growth of almost 88 per cent, reaching levels approximately 9% higher than the pre-pandemic period, at Rs 4,200-4,400 (average for branded rooms in India).
Pan India, average room rates are expected to be around Rs 7,200 to Rs 7,400 in the current fiscal, which is likely to rise further to Rs 7,700 to Rs 7,900 in FY25.
We estimate FY24 will end at RevPAR growth of 12-14 per cent on the high base of FY23. This growth momentum going forward is expected to be sustained in FY25, resulting in likely YoY revenue growth by 9-11% backed by healthy domestic leisure and business travel and complemented by increasing foreign tourist arrivals, contributing to an improved credit profile for industry players.
The positive momentum in operating margins, which averaged 27-30% in FY23 (for a few key major players the margins are in the range of 33-35%) is also anticipated to persist over the next two years as the sector forges ahead.
While supply of room inventory is expected to experience a delayed catch-up due to the protracted setup period for greenfield hotels, organised players are strategically expanding their footprint in an asset-light manner.
Anticipated supply growth is estimated to range from 4% to 5% compounded annual growth rate over the next four-five years, adding over 50,000 rooms to the country's current inventory of approximately 160,000 branded rooms.
Medium-term growth prospects are promising, bolstered by new tourism policies, increased budget allocations by GoI, and the government’s ambitious plans to expand and improve infrastructure through airports and road and highway development which is expected to bolster connectivity and thus aid travel and tourism.
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This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
"},{"description":"","page-url":"/story/8f8f8152-4996-45dd-9411-e1e082045296/element/f2bc415a-b3a7-4a97-b604-b0dbe317174f","type":"text","family-id":"a191e850-4621-4e26-a52b-d7c289216c54","title":"","id":"f2bc415a-b3a7-4a97-b604-b0dbe317174f","metadata":{},"subtype":null,"text":"Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
"}],"card-updated-at":1711619121614,"content-version-id":"cef8b4b8-d6ed-49a7-82ec-ab611d0fcc1e","card-added-at":1711618182208,"status":"draft","id":"f7dbe796-6810-473d-9855-8ad6cf3a3108","content-id":"f7dbe796-6810-473d-9855-8ad6cf3a3108","version":13,"metadata":{"social-share":{"shareable":true,"title":"Hotels To See 9-11% Revenue Growth \nIn FY25: CareEdge","message":"Third straight year of growth in current upcycle","image":{"key":"bloombergquint/2022-11/feb14f4a-94ff-4d95-92ed-d6148de7f30f/Luxury_suite_at_at_high_rise_hotel___Source_freepik_.jpg","url":null,"attribution":null,"caption":"Representative image of a luxury suite at at high-rise hotel. (Source: freepik)
NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
"},{"description":"","page-url":"/story/7d03b98c-554c-47a7-922b-5d7beca4efb2/element/a25bf37e-e337-4b03-8b93-b83cd946da2f","type":"text","family-id":"2d4c4fcc-1cb9-4b06-a80c-967effe286a0","title":"","id":"a25bf37e-e337-4b03-8b93-b83cd946da2f","metadata":{},"subtype":null,"text":"Crompton Greaves Consumer Electricals Ltd. is focusing on-
Premiumisation of portfolio across segments. It has also gained market share in premium fans from ~17% three years ago to 25-26% now (Source: Company).
It wants to increase investments in in-house manufacturing, which may result in margin expansion and launch of differentiated products.
Increase investments in pumps. Crompton has gained market share in agri and solar pumps.
It has also won patent in pumps and believes there is potential to win more patents.
As per strategy 2.0, the company also plans to steadily enter new segments which may result in the expansion of addressable market.
Stable/ lower commodity prices also augur well as pricing stability could allow the company to invest in brand-building activities as well as drive volume growth.
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This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
"},{"description":"","page-url":"/story/7d03b98c-554c-47a7-922b-5d7beca4efb2/element/b372776b-2948-48cb-9d5d-32f93303bbac","type":"text","family-id":"8259173f-ca58-4906-8a31-d6734f7e2af8","title":"","id":"b372776b-2948-48cb-9d5d-32f93303bbac","metadata":{},"subtype":null,"text":"Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
"}],"card-updated-at":1711611802010,"content-version-id":"14f584c9-003d-49c0-8e41-46c6a23fa823","card-added-at":1707975207671,"status":"draft","id":"bff905de-58d2-4495-849a-a5a8a4443117","content-id":"bff905de-58d2-4495-849a-a5a8a4443117","version":15,"metadata":{"social-share":{"shareable":true,"title":"Crompton Greaves - Strong Focus On Strengthening Competitive Advantages: ICICI Securities","message":"Focus on premium fans is the key growth driver","image":{"key":"bloombergquint/2023-04/cf8e8816-0b3b-4574-84f0-ded52f8621fa/Screenshot__257_.png","url":null,"attribution":null,"caption":"Source: Crompton Greaves Consumer Electricals official website
NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
"},{"description":"","page-url":"/story/b52d28e6-bcab-4afc-8f17-03878283f4a4/element/320f1e5e-f532-4726-a5f6-21a124a30141","type":"text","family-id":"e28ba96f-b7e4-44d4-b8ab-5b5ceff52ee8","title":"","id":"320f1e5e-f532-4726-a5f6-21a124a30141","metadata":{},"subtype":null,"text":"In this report, we highlight on-the-ground interactions with area / store managers of certain quick-service restaurant brands in Chennai.
We delve further by interacting with dine-in consumers to understand their choice and preference of brands and their average wallet share to these brands on dine-in / delivery. We believe
market competition is fierce from local players on price points and brands are competing closely through attractive combos and offers;
the regions are witnessing growth with improved average daily sales and average transacting value through improved dine-in and delivery compared to YoY and QoQ (KFC, Popeyes, PH, Dominos);
IPL may be an add-on growth factor to improve the ticket size further in Q1 FY25 with consumers preferring to order their meal at home and
attractive combos, discounts (eg: KFC lunch combo) and new product launches (flavours) are benefiting brands with improved consumer confidence, rising growth and ADS.
We remain constructive on Jubilant FoodWorks and Sapphire Foods India Ltd.
"},{"description":"","page-url":"/story/b52d28e6-bcab-4afc-8f17-03878283f4a4/element/a2860129-5ef4-438c-a058-d6fcb5d9cf56","type":"text","family-id":"f4e916e9-0859-4279-8c84-225ed80f46f0","title":"","id":"a2860129-5ef4-438c-a058-d6fcb5d9cf56","metadata":{},"subtype":null,"text":"Click on the attachment to read the full report:
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This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
"},{"description":"","page-url":"/story/b52d28e6-bcab-4afc-8f17-03878283f4a4/element/9e88aa2e-0beb-4b66-a485-52c6887e974f","type":"text","family-id":"d484e0c5-19b9-42c2-9498-14eab6fd69e7","title":"","id":"9e88aa2e-0beb-4b66-a485-52c6887e974f","metadata":{},"subtype":null,"text":"Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
"}],"card-updated-at":1711611634878,"content-version-id":"5920b525-0de8-4023-b510-847a043a4f2a","card-added-at":1707975189660,"status":"draft","id":"db868423-1c15-4d7c-97e7-26353c55f1f9","content-id":"db868423-1c15-4d7c-97e7-26353c55f1f9","version":23,"metadata":{"social-share":{"shareable":true,"title":"Conversations With QSR Chains In Chennai: ICICI Securities","message":"In this report, we highlight on-the-ground interactions with area / store managers of certain quick-service restaurant brands in Chennai.","image":{"key":"bloombergquint/2022-05/6abedadd-4f80-4b02-8c5a-1a23f8301202/dish_food_cuisine_pizza_cheese_salami_1411428_pxhere_com.jpg","url":null,"attribution":null,"caption":"A pizza. (Photo: Pxhere)
Bajaj Housing Finance Ltd., a wholly owned subsidiary of Bajaj Finance Ltd., is preparing for an initial public offering, according to people who are aware of the matter.
The discussions are still in their initial stages and several investment banks are pitching for the mandate, the people quoted above said on the condition of anonymity.
Based on current discussions, Bajaj Housing Finance is expecting a valuation of around $10 billion. The tentative size of the IPO is expected to be around $1 billion, the people added.
If everything goes as planned, the mortgage lender may be listed on the bourses by the end of 2024 or early 2025.
The plan for preparing for an IPO is in line with the Reserve Bank of India's compliance requirements with its scale-based regulations. According to the guidelines, upper-layer non-banking financial companies have to list on the exchanges within three years of being notified.
Of the 16 upper-layer NBFCs notified in September 2022 by the RBI, Bajaj Housing Finance is one. According to the regulator's norms, it needs to be listed by 2025.
Media reports previously mentioned that Bajaj Housing Finance also sought more time from the Reserve Bank of India to list on the bourses. This is reportedly because the company is relatively young and a company needs at least a 10-year track record to be listed.
Queries mailed to Bajaj Finance did not elicit a response until the time of publishing this story.
As of Dec. 31, Bajaj Housing Finance's assets under management were up 31% year-on-year at Rs 85,929 crore. Its disbursements stood at Rs 10,727 crore, up 44% year-on-year.
The lender's net interest income rose 17% year-on-year to Rs 645 crore in Q3 FY24. It's net total income also grew 17% to Rs 746 crore, as compared with a year ago.
PAT was up 31% year-on-year to Rs 437 crore, as against Rs 334 crore in Q3 FY23.
The company is present across 186 locations and its portfolio comprises home loans, loans against property, lease rental discounting, etc., with home loans having the biggest share at 56%.
"}],"card-updated-at":1711542248279,"content-version-id":"6deeb35e-2bea-4b5e-b480-01921a138e30","card-added-at":1711536156177,"status":"draft","id":"cced43be-846f-45d6-9d9c-d4a76fe5cea6","content-id":"cced43be-846f-45d6-9d9c-d4a76fe5cea6","version":47,"metadata":{"social-share":{"shareable":true,"title":"Bajaj Housing Finance Readies For IPO Worth $1 Billion — NDTV Profit Exclusive","message":"Bajaj Housing Finance is expecting a valuation of around $10 billion.","image":{"key":"bloombergquint/2024-03/e58385d1-98b1-4465-9592-b11824499665/businessman_presses_button_ipo_initial_public_offering_network_chart.jpg","url":null,"attribution":null,"caption":"(Source: Freepik)
Tata Capital, the financial services subsidiary of Tata Sons will be listed by next year, said a senior executive at the Tata Group. The listing of the financial services firm will be in its current form, the person cited above added.
Tata Capital has been classified as NBFC – Upper Layer by the banking regulator, Reserve Bank of India. As per the regulations released in September 2022 involving Upper Layer non-banking financial companies, \"NBFCs classified as upper layer will require to be listed by September 2025.\"
It is noteworthy that Tata Capital along with its parent Tata Sons Pvt. Ltd. are amongst the 14 companies classified as Upper Layer by the Reserve Bank Of India.
Tata Capital was till recently classified as NBFC-CIC i.e. Core Investment Company. It also recently merged two of its subsidiaries — Tata Capital Financial Services and Tata Cleantech Capital.
Tata Capital Financial is into providing term loans, cash credit, working capital demand loans, overdraft facilities while Tata Cleantech Capital, a joint venture with IFC, is in the business of providing finance and advisory services for projects in Renewable Energy, Energy Efficiency, Waste Management, Water Management sectors.
The merger was effective Jan. 1, 2024, and IFC was allotted 7.16 crore shares in Tata Capital giving the multilateral financial institution around 2% stake in the company.
"},{"description":"","page-url":"/story/98fcb5d7-8876-4384-a8f0-2d015787b512/element/2a127094-fc51-485e-befe-d2f9e835505a","type":"title","family-id":"83ffdf83-5bc1-40ba-acfc-0b3fd086d95b","title":"","id":"2a127094-fc51-485e-befe-d2f9e835505a","metadata":{},"subtype":null,"text":"What Next?"},{"description":"","page-url":"/story/98fcb5d7-8876-4384-a8f0-2d015787b512/element/e4f2bff3-e040-46a2-a7ff-a273a50943c0","type":"text","family-id":"1e9468f6-0903-4a17-9e83-26818b01d251","title":"","id":"e4f2bff3-e040-46a2-a7ff-a273a50943c0","metadata":{},"subtype":null,"text":"The financial services arm has now applied to the RBI to be converted into NBFC – ICC (Investment and Credit Companies) from NBFC- CIC.
Subsequent to the merger, it will have Tata Housing Finance Ltd. and Tata Securities and private equity business entities as subsidiaries. The housing finance arm is regulated by National Housing Board while Tata Securities and private equity are under the purview of Securities and Exchange Board of India.
"},{"description":"","page-url":"/story/98fcb5d7-8876-4384-a8f0-2d015787b512/element/0c6b68e6-f9ec-4915-9fee-b0febbb86e21","type":"text","family-id":"dabd4d0a-e3d0-44b2-a767-cb06ea41f3c6","title":"","id":"0c6b68e6-f9ec-4915-9fee-b0febbb86e21","metadata":{"linked-story-id":"efdb4415-64ba-4993-92dc-b2a769d1bcb2","linked-story":{"headline":"TCS Share Sale May Have Kicked Off Mega Monetisation Of Assets By Tata Sons — NDTV Profit Exclusive","story-content-id":"efdb4415-64ba-4993-92dc-b2a769d1bcb2","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"efdb4415-64ba-4993-92dc-b2a769d1bcb2","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"TCS Share Sale May Have Kicked Off Mega Monetisation Of Assets By Tata Sons — NDTV Profit Exclusive"},{"description":"","page-url":"/story/98fcb5d7-8876-4384-a8f0-2d015787b512/element/acd184bd-7594-4efe-a6a4-b55f80d77a21","type":"text","family-id":"fe950db3-2a97-4d83-9bb4-e72840c19dd3","title":"","id":"acd184bd-7594-4efe-a6a4-b55f80d77a21","metadata":{},"subtype":null,"text":"At the end of December 2023, Tata Capital had a loan book of Rs 1.49 lakh crore with 88% to Retail and small and medium enterprises or SMEs. In the retail portfolio, mortgages accounted for 50%, autos at 20% and unsecured lending at 23%.
For the nine-month period ending December 2023, disbursals grew at 39% to Rs 74,498 crore while loans book grew at 34% to Rs 1,49,165 crore.
Net Income for the nine months ending December 2023 rose 37% to Rs 6297 crore and profit after tax rose 34% to Rs 2367 crore.
"}],"card-updated-at":1711513903399,"content-version-id":"486eac83-060f-4700-9950-928c0973baf0","card-added-at":1711440132774,"status":"draft","id":"1002ae84-31ef-4e19-b427-ddca015b5158","content-id":"1002ae84-31ef-4e19-b427-ddca015b5158","version":25,"metadata":{"social-share":{"shareable":true,"title":"Tata Sons Looks To List Tata Capital By Next Year—NDTV Profit Exclusive","message":"Tata Capital along with its parent Tata Sons Pvt. Ltd. are amongst the 14 companies classified as 'Upper Layer' by the Reserve Bank Of India.","image":{"key":"bloombergquint/2024-03/bd5e470b-b7be-412f-b578-f1dc5421947e/tcoc_banner_desktop_1920x1080.jpg","url":null,"attribution":null,"caption":"Tata House in Mumbai (Source: Tata Sons company website)
After offloading stake in Tata Consultancy Services Ltd., parent Tata Sons Ltd. may be looking at more share sales as India's largest conglomerate seeks capital to fund new businesses.
The salt-to-software group has now modified its policy to consider monetisation of assets as a strategy, a senior Tata Group executive told NDTV Profit on the condition of anonymity as details are not public yet. The recent sale of a 0.65% stake in the group's flagship TCS to raise Rs 9,300 crore was part of this major pivot, according to the executive.
Prior to that, only twice did Tata Sons sell shares in India's biggest software services provider: in November 2006 and February 2007 to cumulatively raise Rs 1,787 crore.
The one reason for not selling stakes in group companies were the dividends and buybacks from TCS. The IT major has repurchased shares five times since 2017, rewarding shareholders with Rs 83,000 crore. Tata Sons received close to Rs 60,000 crore from these buybacks.
That, however, may not be enough given its foray into new businesses from clean energy to semiconductors.
\"Apart from our traditional sectors and the companies that we have been running for several years, recently we have pivoted towards electric vehicle mobility and new energy, like wind and solar, and announced our semiconductor fab, India's first, in Dholera,\" said Tata Sons Chairman N Chandrasekaran during his acceptance speech at NDTV IOTY 2024, where he was awarded 'Businessman of The Year'.
The group requires a change in strategy. But it is unlikely that Tata Sons will sell shares in any other listed company since, except TCS, it does not own more than 50% in most of the group's listed businesses. That suggests initial public offerings could be the potential route to monetise assets.
"},{"description":"","page-url":"/story/efdb4415-64ba-4993-92dc-b2a769d1bcb2/element/abd9db3d-0093-4a1f-b40a-102a4fa81084","type":"text","family-id":"67cc347e-7a84-4235-81f0-831ce0e5da8b","title":"","id":"abd9db3d-0093-4a1f-b40a-102a4fa81084","metadata":{"linked-story-id":"f1db3d6f-4715-41a8-bea0-129acda13675","linked-story":{"headline":"T+0 Settlement: Stocks Available For Trading From March 28 ","story-content-id":"f1db3d6f-4715-41a8-bea0-129acda13675","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"f1db3d6f-4715-41a8-bea0-129acda13675","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"T+0 Settlement: Stocks Available For Trading From March 28 "},{"description":"","page-url":"/story/efdb4415-64ba-4993-92dc-b2a769d1bcb2/element/daf2f7c5-a173-4e6a-a61c-d9323a929415","type":"title","family-id":"e9d3277f-a86f-4ab9-b357-3dba46c4bbeb","title":"","id":"daf2f7c5-a173-4e6a-a61c-d9323a929415","metadata":{},"subtype":null,"text":"Group Rejig"},{"description":"","page-url":"/story/efdb4415-64ba-4993-92dc-b2a769d1bcb2/element/136ef461-783f-443f-bc4f-3709784ea41b","type":"text","family-id":"5a0a12bd-87d1-4558-835d-8e174251297b","title":"","id":"136ef461-783f-443f-bc4f-3709784ea41b","metadata":{},"subtype":null,"text":"Tata Sons record of creating value from investments has been phenomenal. The parent had invested Rs 61,453 crore in the group's listed companies as of March 2023. The combined value of its listed companies stood at Rs 11.20 lakh crore at the time.
By comparison, its total investment in unlisted subsidiaries stood at Rs 56,646 crore. Bulk of these investments went into digital ventures (Rs 18,942 crore) and Tata Capital (Rs 7,497 crore). The group has also invested nearly Rs Rs 9,000 crore in the three airlines, Tata Advanced Systems, Tata Realty and Tata Housing.
Tata Sons also simplified structure over the past years, something that will aid its plan to monetise assets. It reorganised businesses into clusters to create synergies. The group merged defence businesses of various group entities into Tata Advanced Systems Ltd., while Tata Consumer Products Ltd. acquired the branded business Tata Chemicals Ltd. The group is merging all airlines into Air India Ltd.
"},{"description":"","page-url":"/story/efdb4415-64ba-4993-92dc-b2a769d1bcb2/element/a3782e12-a102-4c77-8351-7c74515f052a","type":"title","family-id":"b74efb3b-73e2-42ab-923f-235a73522e15","title":"","id":"a3782e12-a102-4c77-8351-7c74515f052a","metadata":{},"subtype":null,"text":"Tata's IPO Candidates "},{"description":"","page-url":"/story/efdb4415-64ba-4993-92dc-b2a769d1bcb2/element/1c6ae802-592b-47e8-98b4-0435dad8af46","type":"text","family-id":"6a884aaa-f9b2-4a5d-aea3-9404bdf2e152","title":"","id":"1c6ae802-592b-47e8-98b4-0435dad8af46","metadata":{},"subtype":null,"text":"Direct-to-home television services provider Tata Play has already made a confidential filing with the regulator for an IPO. In the next few years, Tata Sons could also look at listing new-age digital, financial services and infrastructure businesses.
Financial Services: Unlisted insurance arms Tata AIG, TATA AIA and Tata Capital.
Infrastructure: Tata Housing, Tata Realty and Tata Projects. Tata Project is 44.5% owned by Tata Sons and the remaining stake is held by Tata Power, Tata Chemicals, Voltas and Tata Capital & Tata Industries.
Tata Digital: Tata Cliq, Tata 1mg, Big Basket and Croma.
Higher fiscal deficits in Indian state government budgets, along with tapering grants-in-aid from the centre, have prompted them to borrow a larger amount through bonds than was indicated earlier in March 2024.
Last week, 17 state governments sold bonds worth Rs 50,206 crore, a record number for a week, according to the Reserve Bank of India data. This was 80% more than Rs 27,810 crore designated for state issuances in their indicative calendar of borrowings in late December.
Another surprise for bond traders came when Uttar Pradesh and Maharashtra offered to sell their stock worth Rs 24,000 crore through auction the same day. This is a rare occurrence in the government securities market, as states usually sell bonds only once a week on Tuesdays.
Combining the weekly auctions for March, the actual borrowing by states stands at Rs 1.97 lakh crore if the entire bids worth Rs 60,000 crore for the auction to be held on March 26 are accepted. This is what market traders expect anyway. The indicative calendar suggests total borrowing for March at Rs 1.27 lakh crore.
On March 26, 18 state governments will offer to sell bonds for an aggregate amount of Rs 60,000 crore, marking the final such auction for FY24. This is 51% higher than indicated in the calendar for the quarter.
While borrowings have exceeded targets for three consecutive weeks, cumulative borrowing for the quarter is still within expectations.
For the January–March quarter, the RBI had earmarked total market borrowings by the state governments at Rs 4.13 lakh crore. Assuming that the entire Rs 60,000 crore will go through, the actual borrowing could be Rs 4.08 lakh crore for the quarter.
"},{"description":"","embed-js":"PGlmcmFtZSB0aXRsZT0iV2Vla2x5IFN0YXRlIEJvcnJvd2luZ3MgSW4gTWFyY2ggRXhjZWVkIFNldCBUYXJnZXRzIiBhcmlhLWxhYmVsPSJCdWxsZXQgQmFycyIgaWQ9ImRhdGF3cmFwcGVyLWNoYXJ0LWxtMFFGIiBzcmM9Imh0dHBzOi8vZGF0YXdyYXBwZXIuZHdjZG4ubmV0L2xtMFFGLzQvIiBzY3JvbGxpbmc9Im5vIiBmcmFtZWJvcmRlcj0iMCIgc3R5bGU9ImJvcmRlcjogbm9uZTsiIHdpZHRoPSI2MDAiIGhlaWdodD0iNDY5IiBkYXRhLWV4dGVybmFsPSIxIj48L2lmcmFtZT4=","page-url":"/story/af31d03f-8258-45e9-bab1-ecfeba97c516/element/35f71d34-8446-4777-a6eb-5029fe73930b","type":"jsembed","family-id":"1f074df1-4b32-4632-b337-08bd180715e3","title":"","id":"35f71d34-8446-4777-a6eb-5029fe73930b","metadata":{},"subtype":null},{"description":"","page-url":"/story/af31d03f-8258-45e9-bab1-ecfeba97c516/element/2240c59c-a49a-4335-b814-153bc1b53b38","type":"text","family-id":"e109d77f-264e-4bbd-a6b0-55e1635609bf","title":"","id":"2240c59c-a49a-4335-b814-153bc1b53b38","metadata":{},"subtype":null,"text":"The timing is crucial, as Lok Sabha elections are due to be held from April 19 to June 1.
States, with support from the centre, have a continued focus on capital spending to provide the much-needed fillip to investment activity in the economy, according to Paras Jasrai, senior analyst of public finance at India Ratings.
\"Part of the reason is the lower proportion coming from grants and the consistent focus towards capex (by state governments), which means that borrowing would be higher,\" Jasrai said.
As central government grants are reaching the end of the term recommended under the 15th Finance Commission, state governments are looking for alternate arrangements.
The union government is providing grants to states between FY22 and FY26 in such a manner that they taper off in successive years. As grants reduce, states are likely to augment their revenue or reduce expenditures to maintain revenue balance, experts said.
India Ratings highlighted that the budgeted revenue growth in FY25 would be the lowest, at 9.2% since the pandemic, due to a contraction in grants from the centre. Grants from the union government have been budgeted at Rs 6.3 lakh crore, 7.4% lower than the revised estimates for FY24.
The union government's budget calls for a 10.4% increase in tax devolution in FY25.
As a result, the grants, along with tax devolution from the union government to states, are projected at a multi-year low of 5.5% of GDP in FY25, according to analysis by India Ratings.
\"Capex, at state government levels, has picked up this year... The grants part, which is basically compensation that states have had in earlier years and till the previous year, they don't have access to them now,\" Abhishek Upadhyay, senior economist at ICICI Securities Primary Dealership, said.
For the March quarter, the RBI earmarked total market borrowings by the state governments at Rs 4.13 lakh crore, out of which 75% was utilised until March 21, according to Mataprasad Pandey, vice president at ARETE Capital Service. This means state governments have an unutilised limit for borrowings towards the end of the financial year, thus giving legroom for increased bond auctions.
It is reflected in the auction announcement by the RBI on Thursday of 18 state governments offering to sell bonds for an aggregate amount of Rs 60,000 crore on March 26—the last such auction scheduled for FY24.
This is 51% higher than indicated in the calendar for the quarter.
For FY24, states have projected their fiscal deficits at 3.1%. This is lower than the limit of 3.5% for the year, implying that states are not utilising the entire fiscal space available to them. Considering revenue growth so far has been a bit lower than what was budgeted, India Ratings pegged the aggregate fiscal deficit of the states for FY25 at 3% of GDP, 40 bps down from the revised estimate in FY24.
\"Fiscal deficits are tracking much above last year's levels. In January last year, the 12-month rolling deficit was 1%, but by the end of March it was at 2.8%. If you see this January's 12-month rolling deficit, it is 2.8–2.9%; ultimately, it will end above 3%,\" Upadhyay said.
Upadhyay estimates the fiscal deficit at 3.1-3.2% for FY24.
Another lucrative factor for state governments to borrow funds from is the low spread between 10-year benchmark bonds and 10-year state bonds. For instance, the cut-off yield on bonds auctioned by Uttar Pradesh and Maharashtra on Thursday ranged from 7.42 to 7.48%. Comparing this to a 10-year benchmark bond at 7.1%, the spread is 30–40 basis points.
In the absence of a large supply of bonds, state bonds saw strong demand from investors. \"...it is less than 40 bps spread, which is not high,\" Upadhyay said. \"The G-sec curve itself is quite flat, and you are getting a low spread for these kinds of borrowings. It must have been considered attractive.\"
Mayank Prakash, deputy head of fixed income at Baroda BNP Paribas, holds a different view.
One likely reason for state governments to tap government bonds for funds could be approval by the centre on an extra borrowing ceiling of over Rs 60,876.8 crore to 22 states in FY24 for the National Pension Scheme contribution.
\"The latest numbers for Maharashtra, Tamil Nadu and Uttar Pradesh show that these three states are the ones whose NPS contribution is not yet done. So, probably the issuances have come for that.\" Prakash said.
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Before this, she worked at Quartz and Cogencis Information Services - a news wire, where she covered foreign exchange markets, cryptocurrency, and economy. She is a graduate of the Indian Institute of Journalism and New Media, Bengaluru, and holds an honours bachelor's degree in Commerce from University of Delhi. When not planning her next theatre day, she is often found with her box of collectibles. ","id":1824563,"avatar-s3-key":"bloombergquint/2023-08/dced80bf-7fd2-429f-a626-736e8549934f/mimansa.png","twitter-handle":"Mimansa Verma"}],"metadata":{"card-share":{"shareable":true}}}}]},{"id":90843,"associated-metadata":{"layout":"NEW_ThreeCollectionsWithImage"},"type":"collection","name":"Tetris With Images","slug":"tetris-with-images","template":"default","metadata":{"cover-image":null,"view-layout":[{"id":2,"name":"Generic Section","key":"generic-section"}]},"collection-date":null,"summary":null,"automated":false,"collection-cache-keys":["c/49/90843"],"items":[{"id":15808,"associated-metadata":{},"type":"collection","name":"Business","slug":"business","template":"section","metadata":{"view-layout":null,"vidible-playlist-id":null,"section":[{"id":1292,"name":"Business"}],"icon-code":"icon-ic_business"},"collection-date":null,"childCollectionLimit":3,"summary":null,"automated":true,"collection-cache-keys":["c/49/15808","sc/49/1292"],"items":[{"id":"68cb3cec-3c1a-4348-8c0b-b9c629dcafe6","associated-metadata":{},"type":"story","story":{"author-name":"Vishwanath Nair","headline":"ICICI Securities Delisting Approved As Institutional Shareholders Swing In Favour","slug":"business/icici-securities-delisting-approved-as-institutional-shareholders-swing-in-favour","last-published-at":1711593472611,"alternative":{},"sections":[{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"economy-finance","name":"Economy & Finance","section-url":"https://www.ndtvprofit.com/economy-finance","id":9609,"parent-id":null,"display-name":"Economy & Finance","collection":{"slug":"economy-finance","name":"Economy & Finance","id":22396},"data":null},{"domain-slug":null,"slug":"notifications","name":"Notifications","section-url":"https://www.ndtvprofit.com/notifications","id":16055,"parent-id":null,"display-name":"Notifications","collection":{"slug":"notifications","name":"Notifications ","id":32342},"data":null}],"hero-image-metadata":{"mime-type":"image/jpeg","focus-point":[1915,899],"width":3655,"file-size":667698,"file-name":"Exterior of ICICI Bank Ltd.'s corporate office building in BKC, Mumbai. (Photographer_ Vijay Sartape _ Source_ BQ Prime) 26_10_2023..jpg","height":2056},"published-at":1711593472611,"summary":"The shareholders vote for delisting of ICICI Securities saw a lot of opposition from retail shareholders.","id":"68cb3cec-3c1a-4348-8c0b-b9c629dcafe6","hero-image-s3-key":"bloombergquint/2024-01/e12fc702-e720-4cf4-9425-540676920a6d/Exterior_of_ICICI_Bank_Ltd__s_corporate_office_building_in_BKC__Mumbai___Photographer__Vijay_Sartape.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/68cb3cec-3c1a-4348-8c0b-b9c629dcafe6/element/62df06b3-688a-48f2-afec-a7484d299f54","type":"text","family-id":"041169b8-e607-405e-a9f7-8d4d323f754e","title":"","id":"62df06b3-688a-48f2-afec-a7484d299f54","metadata":{},"subtype":null,"text":"Institutional shareholders managed to swing the proposal to delist ICICI Securities Ltd. and merge it with its parent, even as retail investors held out against it.
According to the results of the shareholder vote released on Thursday, 71.89% of the shareholder votes were cast in favour of the proposal to merge ICICI Securities with ICICI Bank Ltd. after a delisting process. The terms of the arrangement suggest that shareholders of ICICI Securities will get 67 shares of ICICI Bank against every 100 shares held.
Among the public institutional shareholders, 83.8% voted in favour of the proposal, while among the public non-institutional shareholders, only 32% votes were in favour. However, the large institutional holdings in ICICI Securities led to the proposal being cleared.
Foreign and domestic institutional investors own 16.68% in the broking firm. Non-institutional public shareholders held 8.55% in the company as of Dec. 31, 2023, according to stock exchange data.
The Securities and Exchanges Board of India requires that in cases of delisting and merger of a subsidiary with its holding company, votes in favour by shareholders of a delisted firm must be at least two times higher than those voting against it. More shareholders in the listed holding company must have voted in favour than the votes against the proposal.
The shareholders vote for delisting of ICICI Securities saw a lot of opposition from retail shareholders, with some coming out on social media complaining about the way ICICI Bank was canvassing them to vote. According to some shareholders, bank employees incessantly called them, goading them to vote in favour of the proposal.
"},{"description":"","page-url":"/story/68cb3cec-3c1a-4348-8c0b-b9c629dcafe6/element/69f90ca2-c6a5-40dd-8ff0-d02fb5cb583b","type":"text","family-id":"1a9379c2-cb69-4432-bb6c-0e4d925e4a2d","title":"","id":"69f90ca2-c6a5-40dd-8ff0-d02fb5cb583b","metadata":{"linked-story-id":"0787b78e-b1c9-43e6-95d4-695d84e289c7","linked-story":{"headline":"Bajaj Housing Finance Readies For IPO Worth $1 Billion — NDTV Profit Exclusive","story-content-id":"0787b78e-b1c9-43e6-95d4-695d84e289c7","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"0787b78e-b1c9-43e6-95d4-695d84e289c7","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Bajaj Housing Finance Readies For IPO Worth $1 Billion — NDTV Profit Exclusive"}],"card-updated-at":1711593271989,"content-version-id":"dd56cdbb-ae08-4995-96a5-1c24878c1740","card-added-at":1711590954078,"status":"draft","id":"c5e0f30a-15ce-46a9-ba22-15fefc321c5b","content-id":"c5e0f30a-15ce-46a9-ba22-15fefc321c5b","version":23,"metadata":{"social-share":{"shareable":true,"title":"ICICI Securities Delisting Approved As Institutional Shareholders Swing In Favour","message":"The shareholders vote for delisting of ICICI Securities saw a lot of opposition from retail shareholders.","image":{"key":"bloombergquint/2024-01/e12fc702-e720-4cf4-9425-540676920a6d/Exterior_of_ICICI_Bank_Ltd__s_corporate_office_building_in_BKC__Mumbai___Photographer__Vijay_Sartape.jpg","url":null,"attribution":null,"caption":"Exterior of ICICI Bank Ltd.'s corporate office building in BKC, Mumbai. (Photographer:Vijay Sartape / Source: NDTV Profit)
Kotak Mahindra Bank Ltd. has concluded its acquisition of 100% stake in microfinance firm Sonata Finance Pvt.
In a statement to the exchanges on Thursday, the bank said that it acquired the stake for Rs 537 crore.
The assets under management of Sonata Finance, which has operations in 10 states through 549 branches, stood at Rs 2,620 crore as of Dec. 31. With this, Sonata becomes a wholly owned subsidiary of the bank.
The business model mainly focuses on microfinance loans through joint-liability group lending model, which accounted for around 91% of the portfolio, while the remaining 9% was to individual borrowers, according to a Crisil Ratings note issued in January.
As far as asset quality is concerned, as on March 31, 2023, the 90+ days past due stood at 3.3%, which further improved to 3% as on Sept. 30, 2023. Apart from continued focus on collections, the reduction in 90+ dpd was primarily due to the company's decision to write off around Rs 55.6 crore during fiscal 2023, Crisil had said.
The acquisition was first announced in February 2023, where the bank said that it provides a strong platform to become a significant player in the financial inclusion segment. The acquisition is also complementary to Kotak Mahindra Bank's existing microfinance business.
The transaction provides the bank with the opportunity to scale up its operations in the rural and semi-urban markets in the northern states of India. Given the economies of scale and unlocking of efficiencies along with the bank’s own distribution footprint and technology, the transaction will be value accretive from the first day.
In 2016, Kotak Mahindra Bank had bought 99.49% stake in BSS Microfinance Pvt for Rs 139.2 crore. The company had a net worth of Rs 73 crore and microfinance loans worth Rs 483 crore on its books at the time of the acquisition.
"},{"description":"","page-url":"/story/1f8338fe-969e-44af-80e9-311d45883fd7/element/b6ae9c0f-51f7-4303-b0ce-e1a0719ff44c","type":"text","family-id":"dfccc76b-5de6-42f5-88a1-e3a90a955e7d","title":"","id":"b6ae9c0f-51f7-4303-b0ce-e1a0719ff44c","metadata":{"linked-story-id":"694146a3-ca75-4247-a823-2461652899f3","linked-story":{"headline":"Financial Services Stocks Rise After RBI Modifies AIF Regulations For Lenders","story-content-id":"694146a3-ca75-4247-a823-2461652899f3","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"694146a3-ca75-4247-a823-2461652899f3","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Financial Services Stocks Rise After RBI Modifies AIF Regulations For Lenders"}],"card-updated-at":1711612442900,"content-version-id":"471d80fc-010c-4464-b570-bba599552b2e","card-added-at":1711610271902,"status":"draft","id":"2d19a1be-b41a-4d78-aa47-fb07f859b97b","content-id":"2d19a1be-b41a-4d78-aa47-fb07f859b97b","version":31,"metadata":{"social-share":{"shareable":true,"title":"Kotak Mahindra Bank Buys Out Sonata Finance","message":"The transaction provides the bank with the opportunity to scale up its operations in the rural and semi-urban markets in the northern states of India.","image":{"key":"bloombergquint/2023-05/32eeb26d-8089-4365-bd23-53f3dd0858a7/Kotak_Mahindra_Bank_branch___Source_Vijay_Sartape_BQ_PRime_.jpeg","url":null,"attribution":null,"caption":"A Kotak Mahindra Bank branch. (Source: Vijay Sartape/ NDTV Profit)
Kutch Copper, a subsidiary of Adani Enterprises Ltd., commissioned the first unit of its greenfield copper refinery project at Mundra on Thursday by dispatching the maiden batch of cathodes to customers.
\"This marks the Adani Portfolio's debut in the metal industry. The successful progress of the greenfield unit showcases the Adani Group's ability to plan and execute largescale projects,\" according to a press release.
Kutch Copper is working towards establishing Kutch Copper Tubes Ltd. as part of its forward integration strategy to add copper tubes to its portfolio. The tubes will cater to applications in air conditioning and refrigeration.
Adani Enterprises is investing nearly $1.2 billion to set up a copper smelter with a 0.5 MTPA capacity in the first phase. On completion of the second phase that will add similar capacity, Kutch Copper, with 1 MTPA, will be the world's largest single-location custom smelter, benchmarking ESG performance standards while leveraging state-of-the-art technology and digitalisation.
It will create 2,000 direct and 5,000 indirect employment opportunities.
"}],"card-updated-at":1711604711564,"content-version-id":"f0f5894b-1914-4916-b439-44da8430443e","card-added-at":1711603891650,"status":"draft","id":"ad71f80d-b515-434d-8bf1-6049b7f501e1","content-id":"ad71f80d-b515-434d-8bf1-6049b7f501e1","version":21,"metadata":{"social-share":{"shareable":true,"title":"Adani Enterprises' Copper Unit In Mundra Begins Operations","message":"Kutch Copper is working towards establishing Kutch Copper Tubes as part of its forward integration strategy to add copper tubes to its portfolio.","image":{"key":"bloombergquint/2024-01/8112140a-f49b-4ccc-91c0-039c733139ee/Adani_Enterprises_website.jpeg","url":null,"attribution":null,"caption":"(Source: Adani Enterprises website)
“With Kutch Copper commencing operations, the Adani portfolio of companies is not only entering the metals sector but also driving India's leap towards a sustainable and 'aatmanirbhar' (self-reliant) future,\" Gautam Adani, chairperson of the Adani Group, said.
\"Our speed of execution in this ambitious, super-sized project underscores our commitment to take India to the forefront of the global copper sector. We believe the domestic copper industry will play a crucial role in achieving our nation's goal of carbon neutrality by 2070 by strengthening our green infrastructure hand in hand with mature environmental stewardship. When commissioned, our modern smelter will set new benchmarks in copper production, with an enhanced thrust on innovative green technology,\" the chairperson said.
"}],"card-updated-at":1711604711564,"content-version-id":"a18af0d7-fa69-40e4-9122-8ebf523511ac","card-added-at":1711604438260,"status":"draft","id":"a32b6492-956d-4629-a951-6531bce7953e","content-id":"a32b6492-956d-4629-a951-6531bce7953e","version":8,"metadata":{"social-share":{"shareable":true,"title":"Adani Enterprises' Copper Unit In Mundra Begins Operations","message":"Kutch Copper is working towards establishing Kutch Copper Tubes as part of its forward integration strategy to add copper tubes to its portfolio.","image":{"key":"bloombergquint/2024-01/8112140a-f49b-4ccc-91c0-039c733139ee/Adani_Enterprises_website.jpeg","url":null,"attribution":null,"caption":"(Source: Adani Enterprises website)
Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
"},{"description":"","page-url":"/story/2936acb2-99c0-4012-954e-a04837437f36/element/35fcb54f-4a11-45f3-bd4a-bac8d03875a0","type":"text","family-id":"a906e052-a5cc-4327-a04c-092a4b333d58","title":"","id":"35fcb54f-4a11-45f3-bd4a-bac8d03875a0","metadata":{"linked-story-id":"c98e948b-8530-4e85-9e6a-a53cd3eae6e7","linked-story":{"headline":"Adani Power Unit Enters Into 20-Year Long-Term PPA With Reliance Industries","story-content-id":"c98e948b-8530-4e85-9e6a-a53cd3eae6e7","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"c98e948b-8530-4e85-9e6a-a53cd3eae6e7","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Adani Power Unit Enters Into 20-Year Long-Term PPA With Reliance Industries"}],"card-updated-at":1711604711564,"content-version-id":"b1ec2993-4cb3-44c5-a2b1-34196295b3ac","card-added-at":1711604438260,"status":"draft","id":"0792328e-2c10-4c78-a8db-3876b35fa139","content-id":"0792328e-2c10-4c78-a8db-3876b35fa139","version":8,"metadata":{"social-share":{"shareable":true,"title":"Adani Enterprises' Copper Unit In Mundra Begins Operations","message":"Kutch Copper is working towards establishing Kutch Copper Tubes as part of its forward integration strategy to add copper tubes to its portfolio.","image":{"key":"bloombergquint/2024-01/8112140a-f49b-4ccc-91c0-039c733139ee/Adani_Enterprises_website.jpeg","url":null,"attribution":null,"caption":"(Source: Adani Enterprises website)
Easing current account deficit and rising foreign exchange reserves reinforce India's improving external position. The current account balance is likely to clock a marginal surplus in the fourth quarter, with a deficit of sub-1% for the full fiscal year.
India's current account balance recorded a deficit of $10.5 billion (1.2% of the GDP) in the third quarter, lower than $11.4 billion (1.3% of the GDP) in the second quarter, according to data published by the RBI on Tuesday. It is set to ease further in the January–March period, aided by an improving merchandise trade deficit and resilient services exports.
The fourth-quarter current account is likely to turn into a mild surplus, largely due to better-than-expected performance for both goods and services exports so far, according to Madhavi Arora, lead economist at Emkay Institutional Equities, who forecasts the current account deficit at 0.8% of the GDP in FY24, with risks to the downside.
On a fiscal-year-to-date basis, core exports growth has been positive, while healthy services exports, including the meaty IT services and solidly emerging space of business consulting and financial services, have largely offset goods deficit, she explained.
Non-IT net exports have tracked more than 55% growth in FY24. This could spill on to FY25 as well, even as IT services exports growth could moderate to low single digit, and remittances may slow as well, Arora said.
\"The run-rate for Q1–Q3 FY24 and likelihood of a narrower trade (goods and services) deficit in Q4 backs our expectation that full-year FY24 CAD has room to ease below 1% of GDP,\" Radhika Rao, senior economist at DBS Bank, said. \"This, along with a spike in foreign reserves to a record high above $640 billion last week, reinforces the economy’s improving external position.\"
"},{"description":"","page-url":"/story/94fd25c1-f785-4840-8f1f-848c0a4038b0/element/c79153b9-d6ff-45e8-9f80-df08ff72ff9b","type":"title","family-id":"b357fb48-297f-4b55-800b-bd3894d8c171","title":"","id":"c79153b9-d6ff-45e8-9f80-df08ff72ff9b","metadata":{},"subtype":null,"text":"INR: An Appreciating Bias Ahead?"},{"description":"","page-url":"/story/94fd25c1-f785-4840-8f1f-848c0a4038b0/element/e15fd6c8-fcd9-4506-a9b9-0419bb435c71","type":"text","family-id":"f90f733b-d867-4b0a-a22d-5d4804c68222","title":"","id":"e15fd6c8-fcd9-4506-a9b9-0419bb435c71","metadata":{},"subtype":null,"text":"Supported by a substantial balance of payments surplus and the Fed rate-cut cycle, the rupee could continue to trade with an appreciating bias, according to Gaura Sengupta, economist at IDFC First Bank. The RBI intervention is likely to limit volatility in USD-INR, she said, with the USD-INR trading range in FY25 expected between 83 and 81.50.
Arora forecasts the USD-INR to trade in the range of 82.50–84.25 for Q1 FY25, with a base case of bullish-to-neutral DXY, and tactical RBI intervention keeping INR non-linear ahead and in the middle of the EM Asia pack.
A key risk to the USD-INR view is possible delay in Fed rate cut cycle, if U.S. core inflation pressures remain firm, Sengupta said.
"},{"description":"","page-url":"/story/94fd25c1-f785-4840-8f1f-848c0a4038b0/element/4bea7682-f0d6-4f81-968c-f726cd2ce146","type":"text","family-id":"d5697c9b-8c10-4148-9696-d0e60e315f43","title":"","id":"4bea7682-f0d6-4f81-968c-f726cd2ce146","metadata":{"linked-story-id":"b7361bd4-b297-49df-a3c5-12adc7af5383","linked-story":{"headline":"India Making Mistake Believing ‘Hype’ About Growth, Raghuram Rajan Says","story-content-id":"b7361bd4-b297-49df-a3c5-12adc7af5383","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"b7361bd4-b297-49df-a3c5-12adc7af5383","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"India Making Mistake Believing ‘Hype’ About Growth, Raghuram Rajan Says"}],"card-updated-at":1711607392572,"content-version-id":"fa3edafc-1cdb-41ed-8f07-2dc1750a9564","card-added-at":1711529725524,"status":"draft","id":"bfb51223-3a6f-402e-9be8-c04dd43b1f62","content-id":"bfb51223-3a6f-402e-9be8-c04dd43b1f62","version":89,"metadata":{"social-share":{"shareable":true,"title":"India External Sector Ends Fiscal 2024 On Strong Wicket","message":"On a fiscal-year-to-date basis, core exports growth has been positive, while healthy services exports have offset goods deficit, says Madhavi Arora.","image":{"key":"bloombergquint/2024-03/d366cf09-86a6-4f0f-8574-25b5a7686374/bernd_dittrich_06axNInHp_I_unsplash.jpg","url":null,"attribution":null,"caption":"(Source: Unsplash)
Lower planned borrowings by the Union government in the first half of the next financial year threw up a positive surprise and is expected to help support a lower bond yield curve in the near term.
The G-sec borrowing calendar for the first half of the next fiscal threw mild surprises, with a lower proportion of total FY25 gross issuances compared to past years and the lowest since FY19.
The H1FY25 gross borrowing at Rs 7.50 lakh crore stands at 53.1% of Rs 14.13 lakh crore estimated for FY25 and 15.5% less than in the same period in FY24.
The benchmark 10-year G-sec yield is expected to reduce to 6.8% in FY25, according to Gaura Sengupta, economist at IDFC First Bank.
The move is likely to be aided by a confluence of factors. The demand-supply dynamic in FY25 is likely to be favourable for G-secs, with demand supported by India's inclusion into JP Morgan EM bond index and strong investor demand, Sengupta explained.
Lower-than-expected gross borrowings should support bonds across the curve in the near term, followed by lower inflation prints in H1FY25, according to Madhavi Arora, lead economist at Emkay Global.
However, much lower share of three-year and overall sub-seven-year tenor in H1 borrowing, reversion of system liquidity to positive in H1, and continued active/passive FPI inflows should augur well for the shorter end of the curve than the longer end, implying bull steepening in coming months, Arora explained.
Index inclusion is expected to bring FPI inflows of $30 billion from June-end onwards till April–May 2025, Sengupta said.
On the supply front, net G-sec issuance in FY25 is lower at Rs 10.5 lakh crore versus Rs 11 lakh crore in FY24. Indeed, it's likely that demand for G-sec will exceed supply, Sengupta said.
Some part of this demand will shift into the state development loans, whose supply is expected to remain elevated in FY25. State budgets imply net SDL supply of Rs 7.9 lakh crore in FY25 vs Rs 7.2 lakh crore in FY24.
"},{"description":"","page-url":"/story/0a460c04-9ae7-4045-80d2-d3be996639a9/element/96e3bcb1-6204-460e-9d5d-22fa40f4107c","type":"title","family-id":"188afe4d-721d-475c-bf13-879013fef843","title":"","id":"96e3bcb1-6204-460e-9d5d-22fa40f4107c","metadata":{},"subtype":null,"text":"Global Cues: Rate-Cut Cycle "},{"description":"","page-url":"/story/0a460c04-9ae7-4045-80d2-d3be996639a9/element/5337b5bf-7d2e-4edf-9f42-fa719587710f","type":"text","family-id":"de2977a2-b844-44a4-9e87-6cbef23d4182","title":"","id":"5337b5bf-7d2e-4edf-9f42-fa719587710f","metadata":{},"subtype":null,"text":"\"We are watching the evolution of the rate-cutting cycle globally and back home, as we restate that RBI will not precede the Fed in rate cuts,\" Arora said. The base argument of rising possibility of no-cut by Fed in 2024, if proved correct, could spill over into the RBI's reaction function and will be cyclically noisy for bonds and FX, she explained.
The RBI may still have to manage the problem of plenty, especially in H1FY25 with regards to finding a balance between FX and fixed income amid flows and healthy liquidity, thus ensuring that financial conditions don't turn too easy, Arora said.
"},{"description":"","page-url":"/story/0a460c04-9ae7-4045-80d2-d3be996639a9/element/f0f0ff91-f4fe-4144-b395-9e336e780be7","type":"text","family-id":"70a3cacb-74d7-4fa9-beb3-7902d071d723","title":"","id":"f0f0ff91-f4fe-4144-b395-9e336e780be7","metadata":{"linked-story-id":"f4a579ba-1ab5-481b-8c8d-47758295b704","linked-story":{"headline":"Current Account Deficit Eases To $10.5 Billion In October–December 2023","story-content-id":"f4a579ba-1ab5-481b-8c8d-47758295b704","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"f4a579ba-1ab5-481b-8c8d-47758295b704","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Current Account Deficit Eases To $10.5 Billion In October–December 2023"}],"card-updated-at":1711609394152,"content-version-id":"13783b43-560a-46e9-a16b-fc40e74ab1af","card-added-at":1711603864975,"status":"draft","id":"a7319d44-d58e-4daa-b680-622cebef2ff4","content-id":"a7319d44-d58e-4daa-b680-622cebef2ff4","version":67,"metadata":{"social-share":{"shareable":true,"title":"Government's Borrowing Plan Likely To Support Easing Bond Yields","message":"The benchmark 10-year G-sec yield is expected to reduce to 6.8% in FY25, says Gaura Sengupta, economist at IDFC First Bank.","image":{"key":"bloombergquint/2024-03/c8987127-1b1b-4d3f-bd5b-e5cc5ba0d105/1500x500.jpg","url":null,"attribution":null,"caption":"(Source: Ministry of Finance/X)
The Reserve Bank of India on Wednesday announced the schedule for the bi-monthly monetary policy committee meetings for the new fiscal.
"},{"description":"","page-url":"/story/86c4ec1a-3f80-4750-b1e7-f6551c9326d5/element/6c198d44-e317-4c4a-b166-37f32523eaa1","type":"text","family-id":"b386feab-dc36-4c4a-80e3-f1f9e7afdba5","title":"","id":"6c198d44-e317-4c4a-b166-37f32523eaa1","metadata":{},"subtype":null,"text":"The first meeting will be held from April 3-5, while the next will start on June 5, as per an official statement.
"},{"description":"","page-url":"/story/86c4ec1a-3f80-4750-b1e7-f6551c9326d5/element/0fc6231e-208a-4591-8969-0e7fd10bd087","type":"text","family-id":"8301a12d-ad19-4306-9125-bfc167ff58d2","title":"","id":"0fc6231e-208a-4591-8969-0e7fd10bd087","metadata":{},"subtype":null,"text":"Typically, the six-member panel votes on a resolution on the third day of the meeting and the governor announces the decision in the first half of the day after the vote is completed.
"},{"description":"","page-url":"/story/86c4ec1a-3f80-4750-b1e7-f6551c9326d5/element/f33ee479-2efa-46c7-b522-3847768d8d1a","type":"text","family-id":"5b9ec1a1-43bc-4974-83fe-5844b155af8e","title":"","id":"f33ee479-2efa-46c7-b522-3847768d8d1a","metadata":{},"subtype":null,"text":"The first two days of the meeting are devoted to deliberations and presentations by subject matter experts to the panel.
"},{"description":"","page-url":"/story/86c4ec1a-3f80-4750-b1e7-f6551c9326d5/element/a30097cf-c0e3-45c6-b2d1-50d2fe51dde7","type":"text","family-id":"800738b2-7d02-4516-a2f2-4372609d46eb","title":"","id":"a30097cf-c0e3-45c6-b2d1-50d2fe51dde7","metadata":{},"subtype":null,"text":"The second bi-monthly policy review meeting will end on June 7, the statement said, adding that this will be followed by three-day meetings in August, October, December, and February.
"},{"description":"","page-url":"/story/86c4ec1a-3f80-4750-b1e7-f6551c9326d5/element/3138a6ca-55f2-491a-9ce0-622704d84b88","type":"text","family-id":"a346c6c2-1370-480c-8e29-228a42408769","title":"","id":"3138a6ca-55f2-491a-9ce0-622704d84b88","metadata":{},"subtype":null,"text":"The six-member panel headed by the governor has three external members. It can be noted that Shaktikanta Das' term as the RBI Governor is set to end in December this year.
"},{"description":"","page-url":"/story/86c4ec1a-3f80-4750-b1e7-f6551c9326d5/element/25d0ec52-37de-426d-9d50-548ce971bf19","type":"text","family-id":"0be79d22-f4e4-4b1c-befe-1c9cb0902be3","title":"","id":"25d0ec52-37de-426d-9d50-548ce971bf19","metadata":{},"subtype":null,"text":"The MPC has been consistent in holding on to the elevated interest rates and has maintained the stance at withdrawal of accommodation for many reviews now.
"},{"description":"","page-url":"/story/86c4ec1a-3f80-4750-b1e7-f6551c9326d5/element/e328751d-7da1-4740-bc6c-cb1f5044e31c","type":"text","family-id":"a1d97b4c-490e-4c1b-ba2e-22f3632b7b17","title":"","id":"e328751d-7da1-4740-bc6c-cb1f5044e31c","metadata":{},"subtype":null,"text":"The recent cool off in inflation, coupled with the need to support growth, has led to expectations of a change in stance to neutral and even a rate cut.
"}],"card-updated-at":1711545736201,"content-version-id":"d4bf2bf6-db9f-4a38-aca3-8997aedae0b2","card-added-at":1711545308108,"status":"draft","id":"ae7a4cfe-ace1-4d94-94bf-9369932286af","content-id":"ae7a4cfe-ace1-4d94-94bf-9369932286af","version":2,"metadata":{"social-share":{"shareable":true,"title":"RBI Announces MPC Schedule For FY25, First Rates Decision On April 5","message":"The first meeting will be held from April 3-5, while the next will start on June 5, as per an official statement.","image":{"key":"bloombergquint/2023-10/8f1c5d48-44b7-4296-9d79-3e0f108a691e/_1x_1.jpg","url":null,"attribution":null,"caption":"WATCH: Reserve Bank of India Governor Shaktikanta Das announces the central bank’s decision to leave its key interest rate unchanged.Source: RBI","metadata":{"width":1920,"height":1080,"focus-point":[1006,600]}}},"attributes":{}}}],"author-id":27956,"first-published-at":1711545932189,"story-template":"syndicated","authors":[{"slug":"pti","social":{"twitter":{"handle":"PTI_News"}},"name":"PTI","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":27956,"avatar-s3-key":null,"twitter-handle":"PTI_News"}],"metadata":{"imported-card-is-read-only":false,"story-attributes":{"syndicatedfrom":["PTI"],"syndicated-categories":["DCM"],"guid":["2024-03-27_27DCM73"]},"imported-card-id":"ae7a4cfe-ace1-4d94-94bf-9369932286af","card-share":{"shareable":true}}}}]},{"id":15814,"associated-metadata":{},"type":"collection","name":"Law & Policy","slug":"law-and-policy","template":"section","metadata":{"view-layout":[{"id":4,"name":"Law-and-Policy","key":"law-and-policy"}],"vidible-playlist-id":"x7ep3m","section":[{"id":2729,"name":"Law-and-Policy"}],"icon-code":"icon-ic_law"},"collection-date":null,"childCollectionLimit":3,"summary":null,"automated":true,"collection-cache-keys":["c/49/15814","sc/49/2729"],"items":[{"id":"4c39b926-7cbd-463c-930d-fe0ea29c0df1","associated-metadata":{},"type":"story","story":{"author-name":"Mimansa Verma","headline":"RBI Modifies AIF Regulations For Lenders","slug":"economy-finance/rbi-modifies-aif-regulations-forlenders","last-published-at":1711552944179,"alternative":{},"sections":[{"domain-slug":null,"slug":"economy-finance","name":"Economy & Finance","section-url":"https://www.ndtvprofit.com/economy-finance","id":9609,"parent-id":null,"display-name":"Economy & Finance","collection":{"slug":"economy-finance","name":"Economy & Finance","id":22396},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"law-and-policy","name":"Law & Policy","section-url":"https://www.ndtvprofit.com/law-and-policy","id":2729,"parent-id":null,"display-name":"Law & Policy","collection":{"slug":"law-and-policy","name":"Law & Policy","id":15814},"data":null}],"hero-image-metadata":{"mime-type":"image/jpeg","focus-point":[737,281],"width":1200,"file-size":611013,"file-name":"RBI (1).jpg","height":675},"published-at":1711552944179,"summary":"Provisions should not be made on the entire investment of the lender in the AIF scheme, the central bank clarified. ","id":"4c39b926-7cbd-463c-930d-fe0ea29c0df1","hero-image-s3-key":"bloombergquint/2022-08/8ba4334c-4bed-4bc6-b231-0ff4129db268/RBI__1_.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/4c39b926-7cbd-463c-930d-fe0ea29c0df1/element/428552c6-df2a-412e-bba4-01b597fd6dcc","type":"text","family-id":"afded428-f9da-438b-ac47-8aa63bf3a19c","title":"","id":"428552c6-df2a-412e-bba4-01b597fd6dcc","metadata":{},"subtype":null,"text":"The Reserve Bank of India has directed banks and non-bank lenders to provide for the extent of investment in the alternative investment fund, which is further invested in the debtor company.
The provisions should not be made on the entire investment of the lender in the AIF scheme, the central bank clarified in a circular released on Wednesday.
This comes after the RBI, in December, restricted banks and NBFCs from investing in AIFs, which have downstream investments in debtor companies. The move was aimed at controlling evergreening of loans through the AIF investment route.
If banks or NBFCs had such investments in AIFs, they were given 30 days to liquidate their holdings or make 100% provisions against them, the RBI circular from December stated.
The central bank also said that downstream investments by AIFs \"shall exclude investments in equity shares of the debtor company of the lender.\" However, the directions apply to all other investments, including investments in hybrid instruments.
Debtor companies include borrowers who have availed loans or investments from banks or NBFCs in the last 12 months.
After the circular was issued in December, Piramal Enterprises Ltd. and IIFL Finance Ltd. informed exchanges of their exposure to AIFs and said that they had initiated the process of making provisions.
IIFL Finance disclosed a total investment of Rs 21.37 crore in the IIFL Fintech Fund, along with an outstanding debt exposure of Rs 3.28 crore related to the fund's downstream investments. The total value of other AIF investments stood at Rs 909.81 crore, excluding any downstream exposure in the preceding 12 months.
IIFL Home Finance had an investment of Rs 161.07 crore through the \"priority distribution model,\" the company said in an exchange filing. If the housing finance arm of IIFL Finance fails to liquidate this investment, the company would have to provide fully for this exposure.
Piramal Enterprises had a total exposure of Rs 1,737 crore to AIFs. The company emphasised its intention to provide for its entire AIF exposure, beyond what is stated in the RBI's regulations.
The central bank clarified that provisions for downstream exposure to debtor companies, where AIF is invested, have to come from tier-1 and tier-2 capital equally.
Notably, AIF investments by lenders through intermediaries such as fund of funds or mutual funds are excluded from the aforementioned restrictions, the RBI said.
While industry participants have lauded the clarification, there are some sticking points as well.
\"The recent RBI circular does provide some operational and regulatory clarity but also raises new questions,\" said Siddarth Pai, co-chair of Regulatory Affairs Committee at Indian Venture and Alternate Capital Association.
"},{"description":"","page-url":"/story/4c39b926-7cbd-463c-930d-fe0ea29c0df1/element/4a27b09f-6650-4f65-bd04-7f2ec4ac3475","type":"title","family-id":"a5d0fce8-4107-42e5-abee-9fdbda32b48a","title":"","id":"4a27b09f-6650-4f65-bd04-7f2ec4ac3475","metadata":{},"subtype":null,"text":"Industry Players' Expectations "},{"description":"","page-url":"/story/4c39b926-7cbd-463c-930d-fe0ea29c0df1/element/1e0db136-16d2-44f5-aaf0-8289b9125446","type":"text","family-id":"3f93babd-9949-4979-af28-c67142ba4806","title":"","id":"1e0db136-16d2-44f5-aaf0-8289b9125446","metadata":{},"subtype":null,"text":"Excluding investments through fund of funds and mutual funds will increase capital participation in AIFs, Pai said. However, the exclusion of equity shares from the definition of downstream investments works only for investments in listed companies, he said.
The RBI's clarification does not say anything about investments in private equity and venture capital, which are in the form of compulsory convertible instruments, Pai said.
Industry participants are unsure whether the companies would need to convert their hybrid instruments into equity products, so that lenders can stay invested in their funds.
Some players were expecting banks and development finance institutions to be exempted of the circular.
\"...the much-awaited requirement from the market, that DFIs and banks should be exempted overall from the applicability of the circular is not covered, which we think is a big miss and not what people would’ve expected,\" Dipen Ruparelia, head of products at Vivriti Asset Management, said.
It is also unclear that lenders who have capital commitments can still \"honour capital calls to AIFs who do not meet the specific criteria in the new circular\", Pai said.
"},{"description":"","page-url":"/story/4c39b926-7cbd-463c-930d-fe0ea29c0df1/element/d3fd335e-debd-4bf5-832a-57fcbf8175eb","type":"text","family-id":"61246b30-7fdc-49d3-9f7f-77dc2d71ee74","title":"","id":"d3fd335e-debd-4bf5-832a-57fcbf8175eb","metadata":{"linked-story-id":"48c4ea3c-f542-4c23-b070-5233d47aed0e","linked-story":{"headline":"RBI Imposes Rs 59.90 Lakh Penalty On Nashik's Janalaxmi Cooperative Bank","story-content-id":"48c4ea3c-f542-4c23-b070-5233d47aed0e","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"48c4ea3c-f542-4c23-b070-5233d47aed0e","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"RBI Imposes Rs 59.90 Lakh Penalty On Nashik's Janalaxmi Cooperative Bank"}],"card-updated-at":1711552729850,"content-version-id":"4384bcb3-fa2c-4520-a020-559712207606","card-added-at":1711541731100,"status":"draft","id":"91d47b96-abb1-438d-b48f-a7ab0708dc48","content-id":"91d47b96-abb1-438d-b48f-a7ab0708dc48","version":86,"metadata":{"social-share":{"shareable":true,"title":"RBI Modifies AIF Regulations For Lenders","message":"Provisions should not be made on the entire investment of the lender in the AIF scheme, the central bank clarified. ","image":{"key":"bloombergquint/2022-08/8ba4334c-4bed-4bc6-b231-0ff4129db268/RBI__1_.jpg","url":null,"attribution":null,"caption":"(Source: NDTV Profit)
Delhi Chief Minister Arvind Kejriwal will continue to remain in custody, as the Delhi High Court did not grant any immediate relief to the jailed AAP leader on a plea challenging his arrest in a money laundering case linked to the alleged excise policy scam.
Justice Swarana Kanta Sharma gave Enforcement Directorate time till April 2 to file a reply to Kejriwal's interim plea seeking release from the agency's custody.
The matter will be heard on April 3 and no adjournment shall be granted then, the court said.
Kejriwal had challenged his arrest by the ED in a money laundering case related to the now-scrapped liquor policy.
Appearing for the ED, Additional Solicitor General SV Raju said the agency got a copy of Kejriwal's petition only yesterday and sought three weeks' time to file a detailed reply.
Senior Advocate AM Singhvi, appearing for the AAP leader, alleged that the request to file a response was a delay tactic.
The court observed that it will be unfair to not give an opportunity to the Directorate of Enforcement to rebut the submissions made by Kejriwal’s counsel by way of filing of a detailed response.
Kejriwal has said in his petition that his arrest violated his human rights and that the ED has failed to prove the crime. \"Arrest without interrogation shows that the current action is politically motivated,\" he has said, demanding immediate release from jail and the cancellation of remand.
"}],"card-updated-at":1711546605436,"content-version-id":"d8ea8908-885f-49b0-b92b-a127598c8b47","card-added-at":1711532493241,"status":"draft","id":"0ecd9161-1041-43d0-9950-3fb093773f64","content-id":"0ecd9161-1041-43d0-9950-3fb093773f64","version":47,"metadata":{"social-share":{"shareable":true,"title":"Arvind Kejriwal Arrest: No Relief From Delhi High Court, Next Hearing On April 3","message":"Kejriwal has challenged in Delhi High Court his arrest by the ED in a money laundering case related to the now-scrapped liquor policy.","image":{"key":"bloombergquint/2024-03/3e685405-9a0d-432e-b668-859db2053303/Arvind_Kejriwal_FB_1.jpg","url":null,"attribution":null,"caption":"Delhi Chief Minister Arvind Kejriwal. (Source: Official Facebook page)
The Aam Aadmi Party chief was arrested on March 21, hours after the high court refused to grant him protection from coercive action by the anti-money laundering agency. The leader was subsequently remanded to the ED's custody till March 28 by a Delhi court.
The case pertains to the alleged corruption and money laundering in formulating and executing the Delhi government's excise policy for 2021–22, which was later scrapped.
The Delhi CM's wife, Sunita Kejriwal, said her husband would do a \"big expose\" in court on Thursday and stressed that no money was found in multiple ED raids.
"},{"description":"","page-url":"/story/349d331a-ce19-432c-a5f8-95d4da2f1ee4/element/e2fb1ecb-08d8-45f0-a157-eea5189a7f61","type":"text","family-id":"d49b553c-1b54-4bf8-b968-d55ec241fd79","title":"","id":"e2fb1ecb-08d8-45f0-a157-eea5189a7f61","metadata":{"linked-story-id":"10661de0-06ac-43a4-88c2-7d885f3724fd","linked-story":{"headline":"'Big Expose' In Court Tomorrow, Says Arvind Kejriwal's Wife","story-content-id":"10661de0-06ac-43a4-88c2-7d885f3724fd","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"10661de0-06ac-43a4-88c2-7d885f3724fd","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"'Big Expose' In Court Tomorrow, Says Arvind Kejriwal's Wife"}],"card-updated-at":1711546605436,"content-version-id":"fb56fe8b-e81a-493e-8a02-05c60cdb9f3b","card-added-at":1711533016404,"status":"draft","id":"1d71f618-ba87-4aa0-ac7d-57574a46f2f8","content-id":"1d71f618-ba87-4aa0-ac7d-57574a46f2f8","version":32,"metadata":{"social-share":{"shareable":true,"title":"Arvind Kejriwal Arrest: No Relief From Delhi High Court, Next Hearing On April 3","message":"Kejriwal has challenged in Delhi High Court his arrest by the ED in a money laundering case related to the now-scrapped liquor policy.","image":{"key":"bloombergquint/2024-03/3e685405-9a0d-432e-b668-859db2053303/Arvind_Kejriwal_FB_1.jpg","url":null,"attribution":null,"caption":"Delhi Chief Minister Arvind Kejriwal. (Source: Official Facebook page)
Fair trade watchdog Competition Commission of India is conducting enquiries against some fintech entities to check whether their ways of leveraging technologies are impacting competition, its chief Ravneet Kaur said and asserted that the regulator is taking necessary action to ensure a competitive digital market.
"},{"description":"","page-url":"/story/4ec0c75d-c681-4001-81d4-b1e44a194663/element/76d271d3-b61a-4e42-a103-8f6a5058c5d3","type":"text","family-id":"4ad55ffe-3ab5-47ed-8010-b531b6d97fcc","title":"","id":"76d271d3-b61a-4e42-a103-8f6a5058c5d3","metadata":{},"subtype":null,"text":"With a slew of amended regulations, key rulings against anti-competitive practices in the digital market and advocacy efforts, the CCI is strengthening its efforts to curb unfair business ways.
"},{"description":"","page-url":"/story/4ec0c75d-c681-4001-81d4-b1e44a194663/element/ab86436f-1e5f-463e-a11b-e0afe4e16042","type":"text","family-id":"4f62881e-f66d-4131-9516-70e17af3a72d","title":"","id":"ab86436f-1e5f-463e-a11b-e0afe4e16042","metadata":{},"subtype":null,"text":"In an interview to PTI, CCI Chairperson Ravneet Kaur said there is an increased sensitisation among entities about the competition law and stressed the focus is on 'striking the right balance between regulation and freedom'.
"},{"description":"","page-url":"/story/4ec0c75d-c681-4001-81d4-b1e44a194663/element/5071565a-c8a3-416b-8313-10326c6fa721","type":"text","family-id":"3abb6bf7-5a4b-4859-b8cc-dcc008378eee","title":"","id":"5071565a-c8a3-416b-8313-10326c6fa721","metadata":{},"subtype":null,"text":"According to her, the regulator is focused on big tech companies as well as various other sectors, including fintech and online intermediary service providers.
"},{"description":"","page-url":"/story/4ec0c75d-c681-4001-81d4-b1e44a194663/element/deddc495-f9d2-4035-809f-60a7ffd44e2f","type":"text","family-id":"0511b0ff-c852-4495-a4b8-47ca3656e96c","title":"","id":"deddc495-f9d2-4035-809f-60a7ffd44e2f","metadata":{},"subtype":null,"text":"'The CCI is conducting enquiries into some entities in the fintech sector. We are looking into how technology is being leveraged by fintech players and whether they are impacting competition (in the market). The enquiries are going on,' Kaur said.
"},{"description":"","page-url":"/story/4ec0c75d-c681-4001-81d4-b1e44a194663/element/c9e50f83-bae6-49a3-bc41-ca584a531f01","type":"text","family-id":"24023b54-3a40-4a6d-8776-3a1264f55c3c","title":"","id":"c9e50f83-bae6-49a3-bc41-ca584a531f01","metadata":{},"subtype":null,"text":"Without divulging specific details, she also said the regulator is looking into some cases in the film industry, especially those related to film distributors.
"},{"description":"","page-url":"/story/4ec0c75d-c681-4001-81d4-b1e44a194663/element/d7b372ca-e80d-441d-ab4b-548cc13f0433","type":"text","family-id":"13f71f07-4696-4b0b-ae33-4a32f5b6859f","title":"","id":"d7b372ca-e80d-441d-ab4b-548cc13f0433","metadata":{},"subtype":null,"text":"By addressing potential market distortions and promoting healthy competition, Kaur said that the CCI anticipates a positive impact on the economy, leading to enhanced consumer choice, innovation, and overall economic growth.
"},{"description":"","page-url":"/story/4ec0c75d-c681-4001-81d4-b1e44a194663/element/b7f25081-148c-47d2-b4c8-067f94281b01","type":"text","family-id":"33220057-83ec-4d76-8004-e648490d02e5","title":"","id":"b7f25081-148c-47d2-b4c8-067f94281b01","metadata":{},"subtype":null,"text":"'It is about striking the right balance between regulation and freedom, ensuring that the market remains contestable and operates fairly for all stakeholders,' she noted.
"},{"description":"","page-url":"/story/4ec0c75d-c681-4001-81d4-b1e44a194663/element/86f8ab6a-95fa-4bf6-8faa-e37faf955cb5","type":"text","family-id":"c7942645-d0e6-49f4-bb92-0d6f7d6f19b8","title":"","id":"86f8ab6a-95fa-4bf6-8faa-e37faf955cb5","metadata":{},"subtype":null,"text":"Emphasising that the watchdog is expediting cases related to the digital market, Kaur said that companies are increasingly aware of the importance of adhering to competition laws, which will ensure a more transparent and fairer digital marketplace.
"},{"description":"","page-url":"/story/4ec0c75d-c681-4001-81d4-b1e44a194663/element/be7e8ff6-c81a-4ea7-b196-973d54dc06f9","type":"text","family-id":"52f8e7b5-ef7f-4d37-a517-c9bfb355bc8a","title":"","id":"be7e8ff6-c81a-4ea7-b196-973d54dc06f9","metadata":{},"subtype":null,"text":"'While legal challenges are part of the regulatory landscape, the focus remains on creating an environment where competition thrives. It is a continuous process, and we are committed to monitoring, assessing, and taking necessary action to ensure a competitive digital market,' she added.
"},{"description":"","page-url":"/story/4ec0c75d-c681-4001-81d4-b1e44a194663/element/9f61b6a1-069a-4a3d-8629-62391c4c0655","type":"text","family-id":"c37aad1c-fa00-4353-b58d-de7f07a9013e","title":"","id":"9f61b6a1-069a-4a3d-8629-62391c4c0655","metadata":{},"subtype":null,"text":"The Digital Market Data Unit (DMDU) has also started functioning at the CCI.
"},{"description":"","page-url":"/story/4ec0c75d-c681-4001-81d4-b1e44a194663/element/93a6a1a9-f7c8-4b73-bc94-0a006cf58809","type":"text","family-id":"be9981d1-9f20-4dd5-9273-7bc62c60487f","title":"","id":"93a6a1a9-f7c8-4b73-bc94-0a006cf58809","metadata":{},"subtype":null,"text":"'There has been a lot of change and companies are realising that they cannot get away by indulging in anti-competitive practices. We are not only looking at enforcement actions but also advocacy efforts, and overall, there has been a positive impact,' Kaur said in response to a query about the impact on the market following the CCI's major rulings against Google.
"},{"description":"","page-url":"/story/4ec0c75d-c681-4001-81d4-b1e44a194663/element/9ec41239-f4be-4c45-8357-24dd5dbaf6d5","type":"text","family-id":"d05de254-aef3-4644-840f-b58d58bb209d","title":"","id":"9ec41239-f4be-4c45-8357-24dd5dbaf6d5","metadata":{},"subtype":null,"text":"The CCI, which has the mandate to ensure fair competition in the marketplace, has passed various rulings against Google, including those related to Android system and Play Store pricing policy.
"},{"description":"","page-url":"/story/4ec0c75d-c681-4001-81d4-b1e44a194663/element/55bc4f5c-173d-4677-baac-418e6f374876","type":"text","family-id":"b806f094-5292-4ec3-8bd3-6da254929753","title":"","id":"55bc4f5c-173d-4677-baac-418e6f374876","metadata":{},"subtype":null,"text":"On March 15, the watchdog ordered a detailed probe against Google for alleged discriminatory practices with respect to its Play Store pricing policy after finding a prima facie violation of the competition law.
"},{"description":"","page-url":"/story/4ec0c75d-c681-4001-81d4-b1e44a194663/element/ce340224-6864-403a-8a8d-ede8a7b8f625","type":"text","family-id":"718fc5ef-68f3-476a-8338-d5405e0212e9","title":"","id":"ce340224-6864-403a-8a8d-ede8a7b8f625","metadata":{},"subtype":null,"text":"In August 2023, the corporate affairs ministry informed the Rajya Sabha that inquiries against various companies, including Amazon and Flipkart were pending before the CCI.
"},{"description":"","page-url":"/story/4ec0c75d-c681-4001-81d4-b1e44a194663/element/3ae3baf6-52a1-4550-aceb-87c8f257a321","type":"text","family-id":"8c1c210a-ffa5-41e6-9cb5-d699148d2400","title":"","id":"3ae3baf6-52a1-4550-aceb-87c8f257a321","metadata":{},"subtype":null,"text":"'Inquiry against Amazon & Flipkart, BookMyShow, Zomato & Swiggy, WhatsApp & Facebook (Meta), Apple and Google (in matters other than those where orders under Section 27 of the Act have already been passed) is currently pending before the CCI,' Minister of State for Corporate Affairs Rao Inderjit Singh had said in a written reply to the Upper House.
"}],"card-updated-at":1711535974515,"content-version-id":"efbc80a4-dd73-48bb-b45e-8c959605f317","card-added-at":1711529709011,"status":"draft","id":"40db96c4-7cb3-4e33-a9a3-c0c380aeb24e","content-id":"40db96c4-7cb3-4e33-a9a3-c0c380aeb24e","version":4,"metadata":{"social-share":{"shareable":true,"title":"Competition Commission Conducting Enquiries Against Some Fintech Entities: Chairperson","message":"CCI Chairperson Ravneet Kaur said there is an increased sensitisation among entities about the competition law and stressed the focus is on 'striking the right balance between regulation and freedom'.","image":{"key":"bloombergquint/2024-03/fd431625-2a90-43c7-9328-d922361fca38/ghq1srmwiaewxhn_1709284691_539.jpg","url":null,"attribution":null,"caption":"Image used for representational purpose (Source: Competition Commission of India (CCI) website)
A video of a man being attacked by a knife in broad daylight on a moving train in London has gone viral.
According to The Independent, the passenger was attacked on the Southeastern service just after departing Shortlands railway station, towards Beckenham Junction on March 27.
"}],"card-updated-at":1711620033976,"content-version-id":"17258688-e66e-4da7-9879-477ab1a58588","card-added-at":1711615949784,"status":"draft","id":"60b271de-3236-4f13-b1d0-9164099d1460","content-id":"60b271de-3236-4f13-b1d0-9164099d1460","version":16,"metadata":{"social-share":{"shareable":true,"title":"London: Man Seriously Injured After Being Stabbed On Train; Details Here","message":"A unverified video circulating on social media shows a man clad in a black hooded jacket, black pants, and a face mask, wielding a large knife.","image":{"key":"bloombergquint/2024-03/0c472ec6-036a-4258-8e22-3dd6f42560ad/uui.jpg","url":null,"attribution":null,"caption":"Screengrab of the video shared by @CrimeLdn on X
A unverified video circulating on social media shows a man clad in a black hooded jacket, black pants, and a face mask, wielding a large knife.
A panicked passenger is heard shouting, \"F****** Stop it now!\" before contacting the authorities to report the incident, stating, \"This man is stabbing someone on the train.\"
As per UK media reports, the police have launched a manhunt and are scouring through various CCTV footage to search for the perpetrator.
Former England cricketer Kevin Pietersen shared the video on his X handle and wrote, \"WTAF is this now in London?!?!?! London was once the most amazing city. It’s an absolute disgrace of a place.\"
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"},{"description":"","embed-js":"PGJsb2NrcXVvdGUgY2xhc3M9InR3aXR0ZXItdHdlZXQiPjxwIGxhbmc9ImVuIiBkaXI9Imx0ciI+RGV0ZWN0aXZlcyBhcmUgYXBwZWFsaW5nIGZvciB3aXRuZXNzZXMgdG8gY29tZSBmb3J3YXJkIGFmdGVyIGEgbWFuIHdhcyBzZXJpb3VzbHkgaW5qdXJlZCBhdCBCZWNrZW5oYW0gSnVuY3Rpb24gdG9kYXkuPGJyPjxicj5SZWFkIG1vcmU6IDxhIGhyZWY9Imh0dHBzOi8vdC5jby9Ka2NMY2tUMlNvIj5odHRwczovL3QuY28vSmtjTGNrVDJTbzwvYT4gPGEgaHJlZj0iaHR0cHM6Ly90LmNvL3hvWkNzU1pTb2oiPnBpYy50d2l0dGVyLmNvbS94b1pDc1NaU29qPC9hPjwvcD4mbWRhc2g7IEJyaXRpc2ggVHJhbnNwb3J0IFBvbGljZSAoQEJUUCkgPGEgaHJlZj0iaHR0cHM6Ly90d2l0dGVyLmNvbS9CVFAvc3RhdHVzLzE3NzMwMzc3Njg5Mjg2MzMxNTU/cmVmX3NyYz10d3NyYyU1RXRmdyI+TWFyY2ggMjcsIDIwMjQ8L2E+PC9ibG9ja3F1b3RlPgo8c2NyaXB0IGFzeW5jIHNyYz0iaHR0cHM6Ly9wbGF0Zm9ybS50d2l0dGVyLmNvbS93aWRnZXRzLmpzIiBjaGFyc2V0PSJ1dGYtOCI+PC9zY3JpcHQ+Cgo=","page-url":"/story/a1ccc41f-4fd9-4b67-b0d3-68116c5c1721/element/1943e0f4-5de6-4e42-963e-380d9b0433e4","type":"jsembed","family-id":"f24c62b5-157c-475e-8729-763768457530","title":"","id":"1943e0f4-5de6-4e42-963e-380d9b0433e4","metadata":{"tweet-url":"https://twitter.com/BTP/status/1773037768928633155","provider":"twitter","tweet-id":"1773037768928633155"},"subtype":"tweet"}],"card-updated-at":1711620033976,"content-version-id":"b2215e6a-55b3-4e62-aa07-2b472f2b507f","card-added-at":1711616141658,"status":"draft","id":"736e28f2-4533-449f-95a3-2931c8542e39","content-id":"736e28f2-4533-449f-95a3-2931c8542e39","version":9,"metadata":{"social-share":{"shareable":true,"title":"London: Man Seriously Injured After Being Stabbed On Train; Details Here","message":"A unverified video circulating on social media shows a man clad in a black hooded jacket, black pants, and a face mask, wielding a large knife.","image":{"key":"bloombergquint/2024-03/0c472ec6-036a-4258-8e22-3dd6f42560ad/uui.jpg","url":null,"attribution":null,"caption":"Screengrab of the video shared by @CrimeLdn on X
The British Transport Police are appealing for witnesses to come forward after a man was stabbed at Beckenham Junction.
Assistant Chief Constable Allan Gregory said, \"This is an incredibly concerning incident which took place in front of other passengers in broad daylight. Overnight and into Thursday, there will be an enhanced police presence at stations in the area as officers continue to carry out extensive enquiries.
We do not believe that there is any risk to the wider public. However, we are urging people to come forward with any information that may help us. Please text 61016 or call 0800 40 50 40 quoting reference 397 of 27 March.\"
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(Bloomberg) -- The owner of the ship that rammed into a Baltimore bridge could face hundreds of millions of dollars in damage claims after the accident sent vehicles plunging into the water and threw the eastern US transportation network into chaos.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/ab8fb5db-776d-4105-8af3-29a676d3c360","type":"text","family-id":"f46a57bd-8189-4a79-9d63-e095b72fdb2f","title":"","id":"ab8fb5db-776d-4105-8af3-29a676d3c360","metadata":null,"subtype":null,"text":"But legal experts said there is a path for reducing liability under an obscure 19th-century law once invoked by the owner of the Titanic to limit its payout for the 1912 sinking.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/3d7e6040-ee8e-459d-9ee0-80649c39e185","type":"text","family-id":"60abaf0f-144a-4d00-8a99-3943c2b67863","title":"","id":"3d7e6040-ee8e-459d-9ee0-80649c39e185","metadata":null,"subtype":null,"text":"At the center of the legal fallout will be Singapore-based Grace Ocean, owner of the container ship Dali that crashed Tuesday into the Francis Scott Key Bridge at the start of a voyage chartered by the shipping giant Maersk.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/d83cb370-b8c4-40fe-b360-79b9998500e9","type":"text","family-id":"1dae8d4f-7c58-461f-982b-69ad42d7a001","title":"","id":"d83cb370-b8c4-40fe-b360-79b9998500e9","metadata":null,"subtype":null,"text":"1851 Law
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/d9b1ce16-fe52-4a0b-912b-3dd705d0b635","type":"text","family-id":"91a2b260-ae20-4fa7-a508-de185ec8b6c1","title":"","id":"d9b1ce16-fe52-4a0b-912b-3dd705d0b635","metadata":null,"subtype":null,"text":"The company could face a bevy of lawsuits from multiple directions, including from the bridge’s owner and the families of six workers who were presumed dead after a search in the Patapsco River.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/10b7612d-eead-4fc0-b894-6df184d369f0","type":"text","family-id":"8f7e27a8-443c-4fff-9ddc-0ae3331e3b43","title":"","id":"10b7612d-eead-4fc0-b894-6df184d369f0","metadata":null,"subtype":null,"text":"Damages claims are likely to fall on the ship owner and not the agency that operates the bridge, since stationary objects aren’t typically at fault if a moving vessel hits them, said Michael Sturley, a maritime law expert at the University of Texas at Austin’s School of Law.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/df752973-a9ce-4881-89de-bba1e7955515","type":"text","family-id":"c01e10bb-fc4a-4506-ba93-1eadfbf14f0a","title":"","id":"df752973-a9ce-4881-89de-bba1e7955515","metadata":null,"subtype":null,"text":"But an 1851 law could lower the exposure to tens of millions of dollars by capping the ship owner’s liability at how much the vessel is worth after the crash, plus any earnings it collected from carrying the freight on board, said Martin Davies, the director of Tulane University’s Maritime Law Center.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/9a2f24cc-e84b-4c0e-9cf1-69a5f4a81cff","type":"text","family-id":"d78b7e24-9263-4831-bc87-726b3b34e4ee","title":"","id":"9a2f24cc-e84b-4c0e-9cf1-69a5f4a81cff","metadata":null,"subtype":null,"text":"The law was passed initially to prevent shipping giants from suffering steep and insurmountable losses from disasters at sea. An eight-figure sum, while still hefty, would amount to “considerably less” than the full claims total, Davies said.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/46f38961-3ee3-4186-98e5-33fa91433162","type":"text","family-id":"fd757c44-d5ff-4a13-a13b-cb1d6ff3ad1d","title":"","id":"46f38961-3ee3-4186-98e5-33fa91433162","metadata":null,"subtype":null,"text":"Damage ‘All the Time’
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/98208321-085d-4a91-afbc-f27f7be69d08","type":"text","family-id":"61b2e31f-c018-4a7d-9573-44c343d3387f","title":"","id":"98208321-085d-4a91-afbc-f27f7be69d08","metadata":null,"subtype":null,"text":"“It’s a very unusual casualty in one respect, particularly because of this footage of the whole bridge falling down,” Davies said. “But in many ways, it’s not unusual, because ships collide and there’s damage and there’s injury all the time.”
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/c6cc8afe-9276-4b0a-b6aa-f94beff2c137","type":"text","family-id":"842af7b0-f512-4ced-a3fc-11fe7dab8cea","title":"","id":"c6cc8afe-9276-4b0a-b6aa-f94beff2c137","metadata":null,"subtype":null,"text":"Lawrence B. Brennan, an adjunct professor of law at Fordham University School of Law in New York and an expert on admiralty and maritime law, said he assumes the Dali’s operator will shortly begin a proceeding in the US under the 1851 law, which was cited by the Titanic’s owner in a Supreme Court case more than a century ago.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/88bdbb68-125f-42ff-851f-a9ee0cdf7f0d","type":"text","family-id":"0d30bac8-7be0-47d7-b8b6-375046ecbf6f","title":"","id":"88bdbb68-125f-42ff-851f-a9ee0cdf7f0d","metadata":null,"subtype":null,"text":"The ship owner’s insurance would help the company through the legal risks. About 90% of the world’s ocean-bound cargo is insured by an arm of the International Group of Protection and Indemnity Clubs, which oversees the 12 major mutual insurance associations for ship owners.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/31710937-0bc5-4bd5-8434-df46ecb441ef","type":"text","family-id":"98fee85d-1861-40df-915a-8e97a46e10d2","title":"","id":"31710937-0bc5-4bd5-8434-df46ecb441ef","metadata":null,"subtype":null,"text":"A key to determining any insurance claims will be proving whether the accident was caused by negligence, and if so by whom, or mechanical failure, according to Bloomberg Intelligence. The ship is insured by the Britannia Protection and Indemnity Club, which is a mutual insurance association that’s owned by shipping companies. It’s one of the dozen clubs that make up the International Group of P&I Clubs.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/46e438ed-7de1-44ff-aa59-596f168333c8","type":"text","family-id":"42baa3ae-e656-42de-ad1d-a1e101e33fba","title":"","id":"46e438ed-7de1-44ff-aa59-596f168333c8","metadata":null,"subtype":null,"text":"Cap of About $3 Billion
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/97ca961e-91b3-40e9-b8e3-6c08eaf922ef","type":"text","family-id":"85a8b72d-9514-489d-a8f2-513456590f41","title":"","id":"97ca961e-91b3-40e9-b8e3-6c08eaf922ef","metadata":null,"subtype":null,"text":"That gives the policies related to the Dali a total insured limit of about $3 billion, a sizable sum but one that “would be very manageable for the global reinsurance market,” Bloomberg Intelligence analysts Matthew Palazola and Charles Graham said in a note.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/cb5a0dcd-5f92-49c3-89b2-327519fe253f","type":"text","family-id":"4ea2f224-c2e3-4d6f-a02c-bce66cdbb151","title":"","id":"cb5a0dcd-5f92-49c3-89b2-327519fe253f","metadata":null,"subtype":null,"text":"“We are working closely with the ship manager and relevant authorities to establish the facts and to help ensure that this situation is dealt with quickly and professionally,” Britannia P&I said.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/34d35b61-5865-4c4e-b90d-4305696e5985","type":"text","family-id":"41dc9924-bf5a-43c9-b16c-8ffb2c1e69de","title":"","id":"34d35b61-5865-4c4e-b90d-4305696e5985","metadata":null,"subtype":null,"text":"Bloomberg Intelligence also said Maersk may not be liable as the Danish company had no crew on board and the ship was operated by a charter company.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/296df7af-073e-4c8f-854d-0a098075050d","type":"text","family-id":"4e4da4a1-4929-4713-9b88-360d5bea33bb","title":"","id":"296df7af-073e-4c8f-854d-0a098075050d","metadata":null,"subtype":null,"text":"“Maritime insurance will likely cover some of the costs, yet uncertainty around the total liabilities and who will pay for them will likely weigh on Maersk’s spreads in the near term,” said Stephane Kovatchev, a credit analyst with Bloomberg Intelligence.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/3f96de6c-e916-4ea2-b487-ad0840e162c2","type":"text","family-id":"7568ce36-3b85-4825-83fc-8b7d87f78120","title":"","id":"3f96de6c-e916-4ea2-b487-ad0840e162c2","metadata":null,"subtype":null,"text":"‘All Sorts of Lawsuits’
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/1bd18118-3511-4e0b-bdc0-32533fcbc90b","type":"text","family-id":"d4a1daaa-95d8-42f1-9bd1-25405f432559","title":"","id":"1bd18118-3511-4e0b-bdc0-32533fcbc90b","metadata":null,"subtype":null,"text":"Insurance claims for damage to the bridge could reach $1.2 billion, while claims relating to wrongful death and business interruption, in which a business claims economic losses from an accident, are likely to range from $350 million to $700 million, according to estimates from Barclays Plc analysts.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/fc7f0f74-01a4-4888-92f6-04a5827a0960","type":"text","family-id":"ac7cd5dc-3a64-4ad5-b109-52dc85a3a7c8","title":"","id":"fc7f0f74-01a4-4888-92f6-04a5827a0960","metadata":null,"subtype":null,"text":"The amount claimed in wrongful death cases is tied to each victim’s age and earnings potential. Families of the bridge workers now presumed dead can also advance workers compensation claims against the employer through its insurance, said Charles Gilman, a personal injury lawyer in Maryland.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/4b47911b-1a2f-40be-8ed0-1d03e653cd89","type":"text","family-id":"fc7c8ef5-e678-4edd-8cb1-7008f4258bc7","title":"","id":"4b47911b-1a2f-40be-8ed0-1d03e653cd89","metadata":null,"subtype":null,"text":"“I think you’re going to see all sorts of lawsuits from all sorts of angles, against every defendant that could possibly be named,” Gilman said. He added that those suits are likely to be filed fairly soon and that the list of defendants will narrow as more information emerges about who may be liable and who is less likely to be.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/39dbf583-c716-4e19-b292-3a0026a6770c","type":"text","family-id":"34947aa1-a451-4088-ac1c-d4e62ecc3e29","title":"","id":"39dbf583-c716-4e19-b292-3a0026a6770c","metadata":null,"subtype":null,"text":"Business interruption cases often fail due to a law that largely limits the award of monetary damages to people who were physically injured, said Sturley, the UT Austin professor.
"},{"description":"","image-metadata":null,"page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/201e74fc-9450-4dc3-b593-d2e5a4c9b87c","type":"image","family-id":"7c5b11fb-e4b6-4e8b-bd91-5292c07567af","image-attribution":"","title":"WATCH: The owner of the ship that rammed into Baltimore’s Key bridge could face hundreds of millions of dollars in damage claims after the accident sent vehicles plunging into the water and threw the eastern US transportation network into chaos. DennisMathiew partner Mathiew Christophe Rajoo explains the legal fallout that may ensue.Source: Bloomberg","id":"201e74fc-9450-4dc3-b593-d2e5a4c9b87c","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/f35dde36-5f13-4085-ab7f-3b377f4bfa3f/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/isQ0VEz5APrA/v3/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/2e382c5c-f7dc-4472-8f85-f4bbd10d6aee","type":"text","family-id":"77dcd2be-4d05-4a63-9ec3-dbe585fd60e4","title":"","id":"2e382c5c-f7dc-4472-8f85-f4bbd10d6aee","metadata":null,"subtype":null,"text":"While federal courts have jurisdiction over maritime disputes, any victims of the bridge strike could potentially seek damages under a clause of the US Constitution that allows those injured in accidents at sea or who have property claims to pursue lawsuits in state court, said Charles A. Patrizia, who heads an American Bar Association committee on marine law.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/3947aee2-70e7-429e-9b1a-ae20cadde1e4","type":"text","family-id":"71b2e8d9-dca3-4b42-91a6-6bb6646e2e7f","title":"","id":"3947aee2-70e7-429e-9b1a-ae20cadde1e4","metadata":null,"subtype":null,"text":"Ship’s Fate
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/d58e243d-5b74-4c21-98e2-c795877c710d","type":"text","family-id":"ed00415f-ce04-4755-9905-477c3e46978a","title":"","id":"d58e243d-5b74-4c21-98e2-c795877c710d","metadata":null,"subtype":null,"text":"And what will become of the ship itself, which has been managed for Grace Ocean by Singapore-based Synergy Marine Group?
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/9ea598c1-d663-4188-a141-a6f6273e201e","type":"text","family-id":"671c20aa-f532-4a56-b26b-06293d599c24","title":"","id":"9ea598c1-d663-4188-a141-a6f6273e201e","metadata":null,"subtype":null,"text":"The owner may want to get it out of the US, but the Maryland Transportation Authority will likely seek to keep it under “arrest” while it pursues claims - and possibly until damages are resolved, said Brennan, the Fordham professor.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/cea742d6-083f-4b51-9eca-5631392a0e3e","type":"text","family-id":"58d49f32-fcbf-4b74-81bb-a8b6c3154f84","title":"","id":"cea742d6-083f-4b51-9eca-5631392a0e3e","metadata":null,"subtype":null,"text":"“The ship isn’t going anywhere for a while,” he said.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/df785ae2-2c73-49d6-99ee-2db7c108d274","type":"text","family-id":"51b7698a-e159-4160-9800-ee9d33be40f7","title":"","id":"df785ae2-2c73-49d6-99ee-2db7c108d274","metadata":null,"subtype":null,"text":"--With assistance from David Voreacos and Laura Benitez.
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/b2f28705-babf-44e9-8a7a-eb29d56adb78","type":"text","family-id":"a6f15eeb-8702-4bad-a1bf-ddb0e71bd390","title":"","id":"b2f28705-babf-44e9-8a7a-eb29d56adb78","metadata":null,"subtype":null,"text":"(Updates with fifth section, ‘All Sorts of Lawsuits.’ A previous version of the story corrected identification of ship’s owner.)
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/f5c83d72-2ae5-42f3-82d9-8afe03023f12","type":"text","family-id":"46e12508-bc65-4b87-8826-c0bf4e8d931d","title":"","id":"f5c83d72-2ae5-42f3-82d9-8afe03023f12","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/9e661dad-6a41-4eb8-86bc-33db1970d2d2/element/ff036a6b-cd92-4301-abea-29c11440233b","type":"text","family-id":"906b52d6-57c9-43e2-b7d1-5c1860dfb39f","title":"","id":"ff036a6b-cd92-4301-abea-29c11440233b","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711489445401,"content-version-id":"1fe8b453-8494-44c4-a487-8a2620da4841","card-added-at":1711489445401,"status":"draft","id":"c839ce7d-0348-46f2-90bb-a4db7a0b72e0","content-id":"c839ce7d-0348-46f2-90bb-a4db7a0b72e0","version":23,"metadata":{"social-share":{"shareable":true,"title":"Titanic Law Helps Ship Owner Limit Bridge Collapse Liability","message":"At the center of the legal fallout will be Singapore-based Grace Ocean, owner of the container ship Dali.","image":{"key":"bloombergquint/2024-03/f35dde36-5f13-4085-ab7f-3b377f4bfa3f/_1x_1.jpg","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1833576,"first-published-at":1711618834131,"story-template":"syndicated","authors":[{"slug":"ethan-m-steinberg","social":{},"name":"Ethan M Steinberg","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1833576,"avatar-s3-key":null,"twitter-handle":null},{"slug":"chris-dolmetsch-3","social":{},"name":"Chris Dolmetsch","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669010,"avatar-s3-key":null,"twitter-handle":null},{"slug":"matthew-griffin","social":{},"name":"Matthew Griffin","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1779136,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["industries"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-26/titanic-law-helps-ship-owner-limit-liability-in-bridge-collapse","imported-card-id":"c839ce7d-0348-46f2-90bb-a4db7a0b72e0","card-share":{"shareable":true}}}},{"id":"b67edcdf-0dbc-49f7-adcf-978fc264b7d5","score":null,"type":"story","item":{"headline":["Total Solar Eclipse 2024: NASA To Launch Sounding Rockets Into Moon’s Shadow; Here's Why"]},"story":{"author-name":"Aditi Shah","headline":"Total Solar Eclipse 2024: NASA To Launch Sounding Rockets Into Moon’s Shadow; Here's Why","slug":"world/total-solar-eclipse-2024-nasa-to-launch-sounding-rockets-into-moons-shadow-heres-why-npc","last-published-at":1711616769136,"alternative":{},"sections":[{"domain-slug":null,"slug":"world","name":"World","section-url":"https://www.ndtvprofit.com/world","id":38090,"parent-id":null,"display-name":"World","collection":{"slug":"world","name":"World","id":103216},"data":null}],"hero-image-metadata":{"width":1536,"height":864,"mime-type":"image/png","file-size":212354,"file-name":"NASA eclipse.png","focus-point":null},"published-at":1711616769136,"summary":"The Atmospheric Perturbations around Eclipse Path (APEP) sounding rockets will launch from NASA’s Wallops Flight Facility in Virginia.","id":"b67edcdf-0dbc-49f7-adcf-978fc264b7d5","hero-image-s3-key":"bloombergquint/2024-03/b7724ec2-0721-4701-b4ea-daac8dc80713/NASA_eclipse.png","cards":[{"story-elements":[{"description":"","page-url":"/story/b67edcdf-0dbc-49f7-adcf-978fc264b7d5/element/c903c132-7159-4461-96f4-c8f7dbe427d0","type":"text","family-id":"046ad474-f1ec-4847-889f-aa9f12efc290","title":"","id":"c903c132-7159-4461-96f4-c8f7dbe427d0","metadata":{},"subtype":null,"text":"National Aeronautics and Space Administration (NASA) is scheduled to launch three sounding rockets during the total solar eclipse on April 8.
This launch is planned to examine the changes in the Earth’s upper atmosphere as the Moon settles in between the Sun and the Earth. During this duration, the daylight will get dim in certain regions on the Earth.
The Atmospheric Perturbations around Eclipse Path (APEP) sounding rockets will launch from NASA’s Wallops Flight Facility in Virginia. These rockets will examine the disturbances created in the ionosphere when the Moon eclipses the Sun.
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During the annular solar eclipse in October 2023, sounding rockets were launched and successfully recovered from the White Sands Test Facility in New Mexico, NASA said.
These rockets have been refurbished with new instrumentation and will be relaunched in April.
Aroh Barjatya, a professor of engineering physics at Embry-Riddle Aeronautical University in Florida, will lead the mission where he will direct the Space and Atmospheric Instrumentation Lab.
This year, the sounding rockets will be launched three times- the first one will be launched 45 minutes before the eclipse, the second one, during the eclipse, and the third one, after the local eclipse.
These intervals are significant for capturing data when the Sun disappears and its effect on the ionosphere, the kind of disturbance it creates, and the potential interference in communication.
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The ionosphere is a region in the Earth’s atmosphere between 90 to 500 km above the ground. Barjatya added, “It’s an electrified region that reflects and refracts radio signals, and also impacts satellite communications as the signals pass through.”
Barjatya highlighted that understanding the ionosphere and developing models could help the team predict disturbances, which is crucial to ensure that an increasingly communication-dependent world operates smoothly.
According to NASA, it is challenging to monitor short-term changes in the ionosphere during an eclipse with satellites because they may or may not be present on the eclipse path at the right time.
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NASA’s targeted sounding rockets can help study the effects of the eclipse at the right time and all altitudes of the ionosphere.
The APEP rockets are scheduled to reach a maximum altitude of 420 km. According to NASA, each rocket will measure charged and neutral particle density and surrounding electric and magnetic fields.
“Each rocket will eject four secondary instruments the size of a two-litre soda bottle that also measure the same data points, so it's similar to results from 15 rockets, while only launching three,” elaborated Barjatya.
He further added that the NASA team is super excited to relaunch these rockets during the total eclipse, to see if the perturbations start at the same altitude and if their magnitude and scale remain the same.
This is a rare moment for scientists to capture crucial data as the next total solar eclipse is not expected until 2044 over the contiguous United States.
This launch will be live-streamed on NASA’s Wallops’ official YouTube channel and NASA’s official broadcast channel.
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(Bloomberg) -- Judson Berkey didn’t hold back.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/22f4b19b-95c5-45f8-8b3d-3fafea39fa2d","type":"text","family-id":"ff40e1c8-d628-405e-9338-e51f80ac1f06","title":"","id":"22f4b19b-95c5-45f8-8b3d-3fafea39fa2d","metadata":null,"subtype":null,"text":"It was early February and the UBS Group AG banker had WebEx-dialed into a meeting held on the 17th floor of the Japanese Financial Services Agency’s building in the Kasumigaseki district of central Tokyo. The closed-door gathering with representatives of the Federal Reserve, the European Central Bank and public officials from around the world was billed as a “check-in” for regulators to ask key market participants how they were dealing with the growing tapestry of rules and guidelines around transitioning the economy away from high-carbon assets.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/d00bd281-7b86-4a7a-a770-c3b8a37bed9b","type":"text","family-id":"2b7d2999-9493-41b0-add9-5e3167ffd654","title":"","id":"d00bd281-7b86-4a7a-a770-c3b8a37bed9b","metadata":null,"subtype":null,"text":"What might otherwise have been a staid conference took an unexpected turn as Berkey, group head of engagement and regulatory strategy at UBS, interjected. The finance industry was being asked to align loans, investments and capital-markets portfolios with a global warming trajectory of 1.5C, while the planet may in fact be hurtling toward a 2.8C increase from pre-industrial times, he noted.
"},{"description":"","image-metadata":null,"page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/54ff680a-a465-4477-bbf5-9b8f26f917bd","type":"image","family-id":"493d133a-a6ac-4a6a-9450-1926817cc3b8","image-attribution":"","title":"The Financial Services Agency headquarters in Tokyo.Photographer: Akio Kon/Bloomberg","id":"54ff680a-a465-4477-bbf5-9b8f26f917bd","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/0cd1ee1d-ce1f-4220-95e1-8095bcea0bbd/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iTRmnJdhKW3A/v1/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/ca6e3b27-3302-4e26-aeef-d9f9243b9e36","type":"text","family-id":"fc28e580-7637-4660-a367-51c6acf4aa7b","title":"","id":"ca6e3b27-3302-4e26-aeef-d9f9243b9e36","metadata":null,"subtype":null,"text":"The upshot: The world’s biggest banks can’t live up to the green regulatory ideal unless they start dumping huge numbers of clients worldwide at a reckless pace and also roil economies in large swathes of the globe that primarily rely on dirty fuels. Faced with that dilemma, many lenders are quietly reeling in their climate ambitions.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/2b021fbf-d38a-4c4c-a145-078736d0fe2a","type":"text","family-id":"5beb12ff-33e8-4d7c-8440-ed973bea29d5","title":"","id":"2b021fbf-d38a-4c4c-a145-078736d0fe2a","metadata":null,"subtype":null,"text":"“Banks are living and lending on planet earth, not planet NGFS,” Berkey told the group in an impassioned speech, alluding to the Network for Greening the Financial System, a collection of central bankers that creates model scenarios for how the energy transition may evolve. Details of what transpired at the meeting hosted by the Financial Stability Board — a coordinator of global regulations — came from people who were in the room but asked not to be named discussing private talks. Berkey confirmed his participation, declining to say more.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/7633d3ae-8448-4b03-a0e6-546c3bf76b62","type":"text","family-id":"e73629aa-51ae-4fa8-8163-ee9f3fcaf52d","title":"","id":"7633d3ae-8448-4b03-a0e6-546c3bf76b62","metadata":null,"subtype":null,"text":"The UBS banker’s outburst, which got little pushback from those present, exposes the cracks emerging in a multitrillion-dollar transition finance project, and taps into what’s rapidly becoming one of the most contentious issues in the global banking industry. In private, senior bankers in sustainable finance divisions in London, New York, Toronto and Paris grumble about unrealistic expectations from regulators, civil society and climate activists around the industry’s role in getting the planet to net zero.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/d66aabb2-2c87-40d4-9940-e593ce13aa85","type":"text","family-id":"ba82f01d-8659-401d-b6e6-a935c341fc74","title":"","id":"d66aabb2-2c87-40d4-9940-e593ce13aa85","metadata":null,"subtype":null,"text":"The standoff that’s brewing is setting the stage for a showdown at the heart of the ESG movement, where environmental, social and governance considerations are being pitted against old-fashioned capitalism.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/12b67c5e-55c2-430d-8c73-e96ce33363b3","type":"text","family-id":"c932063d-8882-475e-970c-a88f3fd56e06","title":"","id":"12b67c5e-55c2-430d-8c73-e96ce33363b3","metadata":null,"subtype":null,"text":"As the gatekeepers of capital, banks can play a central role as catalysts for cutting greenhouse gas emissions. Private capital will need to cough up the lion’s share of the $5 trillion to $10 trillion in annual commitments needed to pay for the green transition, and according to hedge fund billionaire Bridgewater Associates founder Ray Dalio, that will only happen if there’s “a return on the money.”
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/513b226f-f777-4afb-aa51-bf20e719a607","type":"text","family-id":"9c1d73bb-3ece-4342-9763-70852260e5d7","title":"","id":"513b226f-f777-4afb-aa51-bf20e719a607","metadata":null,"subtype":null,"text":"“You have to make it profitable,” he told delegates at the COP28 climate summit in Dubai in December.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/5213f778-929c-405f-ba2d-617f3b4c88b0","type":"text","family-id":"37690039-f0e3-405e-9dad-87ad4371d313","title":"","id":"5213f778-929c-405f-ba2d-617f3b4c88b0","metadata":null,"subtype":null,"text":"Climate change is “an economic externality, and you can’t expect a free market to deal with it voluntarily,” Adair Turner, who ran Britain’s financial regulator during the subprime and euro-zone debt crises and is now chair of the Energy Transitions Commission, said in an interview. Most of the transition away from high-carbon activities toward greener business models “will be financed by private institutions making, broadly speaking, profit-maximizing decisions,” he said.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/3466f013-5640-46d1-8f93-2013d898739a","type":"text","family-id":"add18af4-4869-4ef3-bb81-bcbfb3352fdd","title":"","id":"3466f013-5640-46d1-8f93-2013d898739a","metadata":null,"subtype":null,"text":"Banks that had enthusiastically committed to align their entire operations with net zero goals are having second thoughts as the real-world ramifications of acting on those pledges become painfully apparent.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/7e5d6625-b0a2-46dc-9017-0d3c6d9d51bf","type":"text","family-id":"b8d61974-abb0-4eb9-9bdf-2fcad409fe69","title":"","id":"7e5d6625-b0a2-46dc-9017-0d3c6d9d51bf","metadata":null,"subtype":null,"text":"For instance, doing business in the energy sectors of coal-dependent countries like South Africa, Poland and Indonesia would be off limits.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/71b86622-695d-4290-b469-45173580e0d8","type":"text","family-id":"78e84942-ad34-4046-9e4a-8e031a10b4ec","title":"","id":"71b86622-695d-4290-b469-45173580e0d8","metadata":null,"subtype":null,"text":"Not only do the commitments make it harder for banks to serve commodities clients like Glencore Plc, but even companies not always associated with heavy carbon footprints are ending up in the crosshairs. Nvidia Corp., the wildly successful tech colossus, has an implied temperature rise of 4C and cosmetics giant L'Oreal SA is at an eye-popping 6C, meaning their business models are currently aligned with a trajectory of devastating global warming, according to data compiled by Morningstar Inc.
"},{"description":"","image-metadata":null,"page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/5a36b101-1448-4a5f-90f8-c9d6d7da1d3d","type":"image","family-id":"64058947-8080-4b8f-a4e0-8e089a39efcc","image-attribution":"","title":"The Voyager building at Nvidia headquarters in Santa Clara, California.Photographer: Marlena Sloss/Bloomberg","id":"5a36b101-1448-4a5f-90f8-c9d6d7da1d3d","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/43d4da35-aab0-461f-8c6b-2d60007028d8/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iHFCFo.gDstw/v1/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/7eaa2440-e5db-4804-9853-80583c8c55a7","type":"text","family-id":"a8e1aca6-5a19-4d5a-8ae7-f9318ec6afc4","title":"","id":"7eaa2440-e5db-4804-9853-80583c8c55a7","metadata":null,"subtype":null,"text":"“Our net zero commitments are about being our clients’ lead partner and are consciously taken around the idea that we need to be there with our clients and our clients need to succeed, not that we need to hyper select clients in order to get to net zero somehow faster or better,” Jonathan Hackett, head of sustainable finance at Bank of Montreal, said in an interview.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/d0ba8ad9-f3af-4b75-85c4-f0e0dc39f54e","type":"text","family-id":"ded4de47-812f-4ca9-95ed-6a471af50b77","title":"","id":"d0ba8ad9-f3af-4b75-85c4-f0e0dc39f54e","metadata":null,"subtype":null,"text":"Some of the world’s biggest lenders, including Deutsche Bank AG, HSBC Holdings Plc and Bank of America Corp., are adding caveats to their restrictions on financing coal, the planet’s most-polluting energy source.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/da1a9f90-15eb-45ed-80af-e570d14d0cf8","type":"text","family-id":"268adeca-8171-48ff-99be-a51558acfe84","title":"","id":"da1a9f90-15eb-45ed-80af-e570d14d0cf8","metadata":null,"subtype":null,"text":"BlackRock Inc. Chief Executive Officer Larry Fink says he has stopped using the term ESG and emphasized the world’s largest asset manager's work with energy firms in a letter to investors this week. The firm has scaled back its participation in international climate investing alliances.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/7194c743-21d1-40fd-85d6-3d3c792ae9f1","type":"text","family-id":"fe5f91f7-5778-4923-8ba6-9dd483951910","title":"","id":"7194c743-21d1-40fd-85d6-3d3c792ae9f1","metadata":null,"subtype":null,"text":"In February, a string of financial heavyweights, including JPMorgan Asset Management, Pacific Investment Management Co. and State Street Global Advisors, withdrew from Climate Action 100+, the world’s largest investor group formed to fight global warming. Lenders, including HSBC, decided to withdraw applications to get their climate goals certified by the United Nations-backed Science Based Targets initiative. Other such voluntary climate alliances have been shaken by similar walkouts of late.
"},{"description":"","image-metadata":null,"page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/7ad71e85-0c2e-444e-9a37-6b51c042de09","type":"image","family-id":"33300845-c7ac-494a-ac4f-84064be64d34","image-attribution":"","title":"","id":"7ad71e85-0c2e-444e-9a37-6b51c042de09","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/949374f9-fcc7-4f49-acb7-8115caef825c/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i.mGvZ._ZuPU/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/4e49f200-e2db-41cc-afe7-0748763f69c7","type":"text","family-id":"02af48e8-3d32-4232-a101-eb0ba23b1a17","title":"","id":"4e49f200-e2db-41cc-afe7-0748763f69c7","metadata":null,"subtype":null,"text":"Spokespeople for the firms said the moves didn’t reflect a reduced commitment to climate finance. Behind the scenes, people close to the decisions to exit point to the inconvenience of continued membership, spanning everything from the risk of being sued by anti-ESG agitators in the US — especially in the event former President Donald Trump returns to the White House — to the growing mountain of paperwork associated with upholding climate targets. There’s also lost revenue.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/bdf1ca70-d8e2-4741-ac2a-ff32293c484b","type":"text","family-id":"1183b00d-408b-486a-b5af-ee924481cc0f","title":"","id":"bdf1ca70-d8e2-4741-ac2a-ff32293c484b","metadata":null,"subtype":null,"text":"“For banks with substantial capital markets businesses, like those competing with the JPMorgans of the world, it’s fee income that’s on the line here,” said James Vaccaro, Chief Catalyst at Climate Safe Lending Network, a group that helps the finance industry figure out how to cut its carbon footprint. “Ditching clients off track from 1.5C means losing major lines of revenue.”
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/ea6c9ee6-2465-407e-a987-64e8cd39876e","type":"text","family-id":"d7345a48-ec3b-4f6a-86f2-c7fb576650e6","title":"","id":"ea6c9ee6-2465-407e-a987-64e8cd39876e","metadata":null,"subtype":null,"text":"When climate consciousness erupted onto the financial stage in 2021 at the so-called COP26 summit in Glasgow, major western banks clamorously committed to reduce their carbon footprints. Financed emissions — those that arise from lending and investing — would fall in line with a pathway to achieve net zero by 2050, they pledged. In tandem, most of them promised to pour a big chunk of money — anywhere between $750 billion and $2.5 trillion per bank — into green and sustainable deals by the end of this decade.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/ae20b33b-9c0c-490c-aa10-3b5024e4743a","type":"text","family-id":"3a547ea8-ab0a-4d4a-a146-a2178601725f","title":"","id":"ae20b33b-9c0c-490c-aa10-3b5024e4743a","metadata":null,"subtype":null,"text":"But all that was before they had rolled up their sleeves and done the math. Declarations of intent on slashing greenhouse gas emissions “over projected” what the industry could do, said Adam Matthews, chief responsible investment officer for the Church of England Pensions Board. There’s now a “gradual peeling away of flaky members as the penny has dropped that this is much harder than a photo call and press release,” he said.
"},{"description":"","image-metadata":null,"page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/e772ce14-b93d-4d10-aa51-e80ea6861179","type":"image","family-id":"070b8717-7eff-4b0a-b599-b8f8cf9693e8","image-attribution":"","title":"Adam MatthewsPhotographer: Betty Laura Zapata/Bloomberg","id":"e772ce14-b93d-4d10-aa51-e80ea6861179","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/2412c263-95d4-4a21-81d4-ef739f25a71a/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ilsha3sfp97o/v0/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/f2078744-438b-4cdc-9e20-9f254fa7c387","type":"text","family-id":"f94a9fef-b697-4e39-b2bf-33be7c5df686","title":"","id":"f2078744-438b-4cdc-9e20-9f254fa7c387","metadata":null,"subtype":null,"text":"Inside the finance industry, irritation hit a new level after the publication of an ECB paper in January stating that 90% of the euro-zone banks it analyzed are “misaligned” with the goal of limiting global warming to 1.5C. The central bank called this a “staggering” outcome.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/b1819583-6c92-4fb3-ac0c-20a13ee68047","type":"text","family-id":"876e2116-8a73-48c6-8e30-41826b89bf5c","title":"","id":"b1819583-6c92-4fb3-ac0c-20a13ee68047","metadata":null,"subtype":null,"text":"The ECB noted that many banks depend largely on clients in energy-intensive sectors for revenue. It looked at six industries — power, automotive, oil and gas, steel, coal and cement. On average, these exposures amount to 15% of their highest-quality capital, although the ECB cited “significant variation among banks.” In other words, widespread losses on loans to high-carbon sectors would probably wipe out a large chunk of banks’ financial reserves.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/27f9785e-2148-407d-957f-14e433d195f6","type":"text","family-id":"c39b881c-5edf-469f-99cc-0e6348297f55","title":"","id":"27f9785e-2148-407d-957f-14e433d195f6","metadata":null,"subtype":null,"text":"Defining what can go under the rubric of the green transition remains a work-in-progress, even as lenders including Barclays Plc, BNP Paribas SA and Citigroup Inc. create new investment and corporate banking teams for it.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/ad9a2a80-dfe7-4236-b48e-a34b453af340","type":"text","family-id":"6085d560-1a81-43f3-90d3-bcbfa7721d2a","title":"","id":"ad9a2a80-dfe7-4236-b48e-a34b453af340","metadata":null,"subtype":null,"text":"In some cases, banks are even placing the financing of coal plants under an ESG banner. Lenders are looking for ways to hold on to clients in an array of high-emitting industries spanning cement to shipping and aviation. HSBC has made clear that many clients within these industries will only reach net zero if nascent carbon-reduction technologies can be sufficiently scaled up.
"},{"description":"","image-metadata":null,"page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/8385a61f-b047-4242-876a-a0f3fb188a29","type":"image","family-id":"32421264-0859-42dd-9cae-5ad61787b5a1","image-attribution":"","title":"","id":"8385a61f-b047-4242-876a-a0f3fb188a29","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/069b240a-72c4-4e7d-a37e-c7fd362a98c2/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iXnx_2JEEDCU/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/9110b31e-ef41-448a-b5b4-30323fc33070","type":"text","family-id":"1f46ab38-3021-4d59-a56a-a0ac54711e75","title":"","id":"9110b31e-ef41-448a-b5b4-30323fc33070","metadata":null,"subtype":null,"text":"Coal has tended to face the tightest financing restrictions of all fossil fuels, and international packages to help developing countries transition away from coal have struggled to attract western bankers concerned their involvement would breach their climate policies.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/1f6482d7-b5eb-44d8-bad0-2b2dcd9ad227","type":"text","family-id":"ca4ad7ff-3c37-4037-befe-051b14ee9a7e","title":"","id":"1f6482d7-b5eb-44d8-bad0-2b2dcd9ad227","metadata":null,"subtype":null,"text":"Now, some banks are testing the waters.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/9ae98ea6-ee36-4484-b115-df213fa0437c","type":"text","family-id":"59d2f36c-333c-4714-8c91-65b6d3fb3378","title":"","id":"9ae98ea6-ee36-4484-b115-df213fa0437c","metadata":null,"subtype":null,"text":"A January request for proposals from banks to help finance a coal deal linked to one of the so-called Just Energy Transition Partnerships in Indonesia received a “strong response,” a spokesperson for the Asian Development Bank told Bloomberg. HSBC, Standard Chartered Plc and Bank of America are among lenders that have pitched for the deal that would finance the early closure of the Cirebon-1 coal-fired power station in West Java, Bloomberg has reported. The only way the banks can do that is by expanding their exposure to coal in the medium term.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/cccda010-b0b9-4e81-9f56-eadbbf0aa8e9","type":"text","family-id":"7410e614-78ed-40e8-95b6-bca11595334b","title":"","id":"cccda010-b0b9-4e81-9f56-eadbbf0aa8e9","metadata":null,"subtype":null,"text":"Cirebon is one of hundreds of coal-fired plants that power homes and industry across Asia. Unlike in the US or Europe, many coal plants in Asia are still just a few years into an estimated lifespan of roughly four decades. They’re also locked into long-term power agreements and have investors who expect the returns they were promised when they allocated funds to the plants. So shutting them early comes at a significant financial cost.
"},{"description":"","image-metadata":null,"page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/46240cb9-9ba5-4e8d-87d4-507b51ca47db","type":"image","family-id":"d54560d7-2683-4216-90a5-2e0696d130e1","image-attribution":"","title":"The fishing village of Waruduwur near a coal-fired power station in Cirebon, Indonesia. Photographer: Muhammad Fadli/Bloomberg","id":"46240cb9-9ba5-4e8d-87d4-507b51ca47db","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/f698f2a3-0869-4b2a-8a2f-37669da6a77b/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ijrS5HtcY_qU/v1/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/d3c0b4cd-b1fe-4d85-92ef-17509f755e18","type":"text","family-id":"1c7b2e98-3847-4c89-90ac-991ad206735a","title":"","id":"d3c0b4cd-b1fe-4d85-92ef-17509f755e18","metadata":null,"subtype":null,"text":"“Getting to net zero in time won't be possible unless we all work together to find ways to finance the credible early retirement of Asia's relatively young coal power assets, even if it looks like our coal-related emissions go up in the short term,” said Celine Herweijer, HSBC's chief sustainability officer. “This is about avoided real world emissions.”
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/f40d79de-8f5b-4704-a28f-6c4b1d80b538","type":"text","family-id":"05dd398e-17cb-4e1f-a08e-0c35977e69bd","title":"","id":"f40d79de-8f5b-4704-a28f-6c4b1d80b538","metadata":null,"subtype":null,"text":"The bank published an updated coal policy in January, which shows it now applies a “risk-based approach” to coal projects that might otherwise have been excluded. Herweijer said there's work under way in the industry to separately account for coal-related emissions if they’re the result of financing credible early-coal retirement initiatives.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/ec95e8dd-c6ef-4499-92e3-c92ebf328204","type":"text","family-id":"bc57d365-789d-4fac-a98f-27a4b6c5f7bf","title":"","id":"ec95e8dd-c6ef-4499-92e3-c92ebf328204","metadata":null,"subtype":null,"text":"But some global banks and investors say continued ties with coal just isn’t worth the risk.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/9963c680-e274-4e3f-9b8d-36d91c87a7d2","type":"text","family-id":"d542efc0-3d6a-460d-b506-77e03517d3c9","title":"","id":"9963c680-e274-4e3f-9b8d-36d91c87a7d2","metadata":null,"subtype":null,"text":"“It’s a bit of a slippery slope,” said Thibaud Clisson, climate lead at BNP Paribas Asset Management. The world needs to “get rid of coal as soon as possible, so at this stage, we don’t want to take this opportunity to be less strict,” he said.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/5b53085c-4f45-4a17-b1f1-37f24fbff8d2","type":"text","family-id":"d9570673-707b-4f21-acf3-ad91f01d8876","title":"","id":"5b53085c-4f45-4a17-b1f1-37f24fbff8d2","metadata":null,"subtype":null,"text":"Alice Carr, executive director of public policy at the world’s biggest climate finance coalition, the Glasgow Financial Alliance for Net Zero, or GFANZ, says “financial institutions don’t really want to do these kinds of [early coal retirement] transactions presently because we need the right guardrails and there’s a lot of reputational risk if you don’t get them right.” GFANZ is co-chaired by Mark Carney, who is the chair of Bloomberg Inc.’s board and a former Bank of England governor, and Michael R. Bloomberg, the founder of Bloomberg News parent Bloomberg LP.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/8ad5adc0-20a8-4ca3-b86d-c4c95e9545b6","type":"text","family-id":"09818820-7c8e-4778-9dc6-3f9bd0f46306","title":"","id":"8ad5adc0-20a8-4ca3-b86d-c4c95e9545b6","metadata":null,"subtype":null,"text":"For Climate Safe Lending’s Vaccaro, it’s how banks go about it that’s important. The opportunity to pivot to green financing is “big enough” to offset some of the lost revenue of dirty clients, but banks are unlikely to seize it if they continue with their “doublespeak” on both embracing sustainability and maintaining business as usual, he said.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/e7c86af1-8ed6-4840-a1c4-b607909e8165","type":"text","family-id":"12449864-64ee-49f6-9f22-043008eef25f","title":"","id":"e7c86af1-8ed6-4840-a1c4-b607909e8165","metadata":null,"subtype":null,"text":"Climate activists are worried. Experience suggests that banks and investors “love nothing better than a good policy loophole,” said Paddy McCully, senior energy transition analyst at French climate nonprofit Reclaim Finance. “If one exists, the chances are high they will pour some money through it.”
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/6ed824af-613f-4a0e-9f4e-e4875e69d0f3","type":"text","family-id":"83308e7a-90f5-4f5d-8880-2fc7bb60c2d1","title":"","id":"6ed824af-613f-4a0e-9f4e-e4875e69d0f3","metadata":null,"subtype":null,"text":"Meanwhile, investors sticking with carbon-heavy assets say those staying away risk ignoring the real issues in the wider economy.
"},{"description":"","image-metadata":null,"page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/0c573f38-9373-4226-ab5a-4ed4c65e0e30","type":"image","family-id":"1b96d72a-de3d-4dbe-8a25-3febddf551b1","image-attribution":"","title":"Fumitaka NakahamaPhotographer: Shoko Takayasu/Bloomberg","id":"0c573f38-9373-4226-ab5a-4ed4c65e0e30","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/a9fa4698-5e64-486f-ab0e-f5cf23b20a03/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iYuKbTZZ1VnQ/v0/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/12dc0418-0220-4d0d-bfab-38ce7c17bd11","type":"text","family-id":"41c26db0-58e8-45f5-ad47-ccabc0b842b0","title":"","id":"12dc0418-0220-4d0d-bfab-38ce7c17bd11","metadata":null,"subtype":null,"text":"Many current policies restricting investment in such companies “create a bias” that hurts emerging markets, according to Diana Guzman, chief sustainability officer at Prudential Plc. “Divestment isn’t going to be the solution,” said Fumitaka Nakahama, group head of global corporate and investment banking at Mitsubishi UFJ Financial Group Inc.As they balance the needs of their clients against their green commitments, veterans of global finance say they want regulators to be honest and acknowledge that progress on climate is slow, and that without the right incentives, bankers won’t play the role expected of them.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/0c06bb59-a645-46fb-9fbf-87bbaa30ced2","type":"text","family-id":"3e786057-b18c-4c02-98c3-d238f6c09622","title":"","id":"0c06bb59-a645-46fb-9fbf-87bbaa30ced2","metadata":null,"subtype":null,"text":"“It was always convenient for finance to be projected as the savior on climate, when in reality, finance can only go so far if the enabling policy environment isn’t there,” according to the Church of England Pensions Board’s Matthews.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/c8592292-0119-404c-b204-c7e027c9e081","type":"text","family-id":"8379ea2b-9884-4672-b81a-6f6352310b73","title":"","id":"c8592292-0119-404c-b204-c7e027c9e081","metadata":null,"subtype":null,"text":"That was the point UBS’s Berkey made during the Tokyo meeting, and according to those who were in the room, when he had finished speaking, everyone could see “the wheels turning” in the regulators’ heads.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/c2ec3a9d-c27c-43ed-95b6-3e2f4587f0e7","type":"text","family-id":"5e391e33-d9f6-4ee3-8438-39425a44996d","title":"","id":"c2ec3a9d-c27c-43ed-95b6-3e2f4587f0e7","metadata":null,"subtype":null,"text":"--With assistance from Nicholas Comfort.
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/983bd2c0-f136-40fc-b802-aa5f86ee587b","type":"text","family-id":"05cfa003-ae9a-42bd-aad0-318e14eeb6fc","title":"","id":"983bd2c0-f136-40fc-b802-aa5f86ee587b","metadata":null,"subtype":null,"text":"(Adds details of Ray Dalio’s COP28 comments. An earlier version corrected the spelling of UBS in a web headline.)
"},{"description":"","page-url":"/story/b8a3b64c-423f-4b3b-ab63-fad78ec75ac6/element/394dcf88-7e55-482e-ade8-7fe6226dd77b","type":"text","family-id":"4db96105-0f76-4784-82c9-8f2ad1323293","title":"","id":"394dcf88-7e55-482e-ade8-7fe6226dd77b","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
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"}],"card-updated-at":1711575246769,"content-version-id":"134b1dfa-70cb-4a13-b744-fe5a99c2f8fa","card-added-at":1711575246769,"status":"draft","id":"72e5f884-d451-4d2d-b7ae-d4cdfd254594","content-id":"72e5f884-d451-4d2d-b7ae-d4cdfd254594","version":12,"metadata":{"social-share":{"shareable":true,"title":"UBS Banker’s Frustration Exposes Cracks In World Of Climate Finance","message":"The world’s biggest banks are quietly hanging on to carbon-intensive clients because of what they see as unrealistic demands from regulators and civil society — and the threat to their fees.","image":{"key":"bloombergquint/2024-03/0cd1ee1d-ce1f-4220-95e1-8095bcea0bbd/_1x_1.jpg","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1668732,"first-published-at":1711604630654,"story-template":"syndicated","authors":[{"slug":"alastair-marsh-3","social":{},"name":"Alastair Marsh","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1668732,"avatar-s3-key":null,"twitter-handle":null},{"slug":"natasha-white-2","social":{},"name":"Natasha White","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1668734,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["green"]},"original-url":"https://www.bloomberg.com/news/features/2024-03-27/ubs-banker-s-comments-highlight-challenges-facing-green-banking","imported-card-id":"72e5f884-d451-4d2d-b7ae-d4cdfd254594","card-share":{"shareable":true}}}}]},{"id":90844,"associated-metadata":{"layout":"NEW_ThreeCollection"},"type":"collection","name":"Tetris Without Images","slug":"tetris-without-images","template":"default","metadata":{"cover-image":null,"view-layout":[{"id":3,"name":"Dynamic","key":"dynamic"}]},"collection-date":null,"summary":null,"automated":false,"collection-cache-keys":["c/49/90844"],"items":[{"id":8278,"associated-metadata":{},"type":"collection","name":"IPOs","slug":"ipos","template":"section","metadata":{"section":[{"id":3400,"name":"IPOs"}],"icon-code":"icon-ic_timeline","view-layout":[{"id":18,"name":"NEW_IPOs","key":"new-ip-os"}],"vidible-playlist-id":"61b8689a6bde5e63cedf27d1"},"collection-date":null,"childCollectionLimit":3,"summary":null,"automated":true,"collection-cache-keys":["c/49/8278","sc/49/3400","sc/49/36154"],"items":[{"id":"e02cf802-ad45-457b-911f-5092e553b9a0","associated-metadata":{},"type":"story","story":{"author-name":"Sai Aravindh","headline":"SRM Contractors IPO Subscribed 86.51 Times So Far On Day 3 ","slug":"ipos/srm-contractors-ipo-subscription-day-3-live-updates","last-published-at":1711625889440,"alternative":{"home":{"default":{"headline":"","hero-image":null}}},"sections":[{"domain-slug":null,"slug":"ipos","name":"IPOs","section-url":"https://www.ndtvprofit.com/ipos","id":3400,"parent-id":null,"display-name":"IPOs","collection":{"slug":"ipos","name":"IPOs","id":8278},"data":null},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null}],"hero-image-metadata":{"mime-type":"image/jpeg","width":1516,"file-size":567885,"file-name":"SRM Contractors website.jpg","height":853,"focus-point":[758,427]},"published-at":1711625889440,"summary":"The IPO has been subscribed 86.51 times as of 5 p.m. on Thursday.","id":"e02cf802-ad45-457b-911f-5092e553b9a0","hero-image-s3-key":"bloombergquint/2024-03/d3f3b454-1683-46e1-b98c-6cc5ba5d66fa/SRM_Contractors_website.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/e02cf802-ad45-457b-911f-5092e553b9a0/element/1b36bea0-f35f-45b9-9334-f7a48460b45a","type":"text","family-id":"6e841dab-11d8-4c3a-8fea-09c28fc9c4a5","title":"","id":"1b36bea0-f35f-45b9-9334-f7a48460b45a","metadata":{},"subtype":null,"text":"SRM Contractors Ltd.'s initial public offering entered its third and final day on Thursday.
The public offer was fully subscribed hours after it opened for subscription on Tuesday. The IPO has been subscribed 17.42 times on the second day on Wednesday.
The company launched its IPO to raise up to Rs 130.2 crore. It comprises entirely a fresh issue of up to 62 lakh equity shares with a price band of Rs 200 to Rs 210 per share.
The engineering construction company has raised Rs 39 crore from anchor investors ahead of its IPO, which has a minimum application lot size of 70 shares.
Interactive Financial Services Ltd. is the book-running lead manager for the public offer.
"},{"description":"","page-url":"/story/e02cf802-ad45-457b-911f-5092e553b9a0/element/d0b75b11-8a6f-4baf-989d-020c8edc5e2a","type":"title","family-id":"28ee0316-2b2f-4058-81b5-08c5863ec708","title":"","id":"d0b75b11-8a6f-4baf-989d-020c8edc5e2a","metadata":{},"subtype":null,"text":"Issue Details\r\n"},{"description":"","page-url":"/story/e02cf802-ad45-457b-911f-5092e553b9a0/element/82d9f758-183b-4b29-b0a9-bbdb72401983","type":"text","family-id":"a5092f8e-859a-43eb-8b00-72503e8ce530","title":"","id":"82d9f758-183b-4b29-b0a9-bbdb72401983","metadata":{},"subtype":null,"text":"Issue opens: March 26.
Issue closes: March 28.
Total issue size: Rs 130.2 crore.
Face value: Rs 10 apiece.
Fixed price band: Rs 200–210 per share.
Minimum lot size: 70 shares.
Listing: NSE and BSE.
Proceeds of the issue will be used to purchase machinery, support working-capital requirements, invest in joint-venture projects, pay debt and for general corporate purposes.
"},{"description":"","page-url":"/story/e02cf802-ad45-457b-911f-5092e553b9a0/element/123b3135-cc50-414c-b89b-b07b0fe63026","type":"title","family-id":"62ef87ff-115e-4f45-9020-226583af14e4","title":"","id":"123b3135-cc50-414c-b89b-b07b0fe63026","metadata":{},"subtype":null,"text":"Business"},{"description":"","page-url":"/story/e02cf802-ad45-457b-911f-5092e553b9a0/element/ea31f889-0f8e-4371-b68e-982a9f56c831","type":"text","family-id":"510bf241-c0c7-4b90-a0a0-3ad18f8f23ab","title":"","id":"ea31f889-0f8e-4371-b68e-982a9f56c831","metadata":{},"subtype":null,"text":"SRM Contractors is an engineering construction and development company engaged primarily in the construction of roads, including bridges, tunnels, slope stabilisation works and other miscellaneous civil construction activities in Jammu & Kashmir and Ladakh.
The company undertakes construction works both as an EPC contractor and on an item-rate basis for infrastructure projects. The company also undertakes sub-contracting assignments of infrastructure construction projects.
"},{"description":"","page-url":"/story/e02cf802-ad45-457b-911f-5092e553b9a0/element/b9dcfb19-682a-4298-8f2e-936ce79d943a","type":"title","family-id":"081bc5f1-119e-4d9c-baf2-2887eb0d1b5d","title":"","id":"b9dcfb19-682a-4298-8f2e-936ce79d943a","metadata":{},"subtype":null,"text":"Subscription Status: Day 3"},{"description":"","page-url":"/story/e02cf802-ad45-457b-911f-5092e553b9a0/element/609a173f-6cef-4499-a74f-094fb1536725","type":"text","family-id":"2d51e6f4-604f-46c6-b072-b2a01cc3d8f1","title":"","id":"609a173f-6cef-4499-a74f-094fb1536725","metadata":{},"subtype":null,"text":"The IPO has been subscribed 86.51 times as of 5 p.m. on Thursday.
Institutional investors: 59.59 times.
Non-institutional investors: 214.92 times.
Retail investors: 46.86 times.
(Source: SRM Contractors website)
Bajaj Housing Finance Ltd., a wholly owned subsidiary of Bajaj Finance Ltd., is preparing for an initial public offering, according to people who are aware of the matter.
The discussions are still in their initial stages and several investment banks are pitching for the mandate, the people quoted above said on the condition of anonymity.
Based on current discussions, Bajaj Housing Finance is expecting a valuation of around $10 billion. The tentative size of the IPO is expected to be around $1 billion, the people added.
If everything goes as planned, the mortgage lender may be listed on the bourses by the end of 2024 or early 2025.
The plan for preparing for an IPO is in line with the Reserve Bank of India's compliance requirements with its scale-based regulations. According to the guidelines, upper-layer non-banking financial companies have to list on the exchanges within three years of being notified.
Of the 16 upper-layer NBFCs notified in September 2022 by the RBI, Bajaj Housing Finance is one. According to the regulator's norms, it needs to be listed by 2025.
Media reports previously mentioned that Bajaj Housing Finance also sought more time from the Reserve Bank of India to list on the bourses. This is reportedly because the company is relatively young and a company needs at least a 10-year track record to be listed.
Queries mailed to Bajaj Finance did not elicit a response until the time of publishing this story.
As of Dec. 31, Bajaj Housing Finance's assets under management were up 31% year-on-year at Rs 85,929 crore. Its disbursements stood at Rs 10,727 crore, up 44% year-on-year.
The lender's net interest income rose 17% year-on-year to Rs 645 crore in Q3 FY24. It's net total income also grew 17% to Rs 746 crore, as compared with a year ago.
PAT was up 31% year-on-year to Rs 437 crore, as against Rs 334 crore in Q3 FY23.
The company is present across 186 locations and its portfolio comprises home loans, loans against property, lease rental discounting, etc., with home loans having the biggest share at 56%.
"}],"card-updated-at":1711542248279,"content-version-id":"6deeb35e-2bea-4b5e-b480-01921a138e30","card-added-at":1711536156177,"status":"draft","id":"cced43be-846f-45d6-9d9c-d4a76fe5cea6","content-id":"cced43be-846f-45d6-9d9c-d4a76fe5cea6","version":47,"metadata":{"social-share":{"shareable":true,"title":"Bajaj Housing Finance Readies For IPO Worth $1 Billion — NDTV Profit Exclusive","message":"Bajaj Housing Finance is expecting a valuation of around $10 billion.","image":{"key":"bloombergquint/2024-03/e58385d1-98b1-4465-9592-b11824499665/businessman_presses_button_ipo_initial_public_offering_network_chart.jpg","url":null,"attribution":null,"caption":"(Source: Freepik)
The allotment for the Naman In-Store IPO is expected to be finalised on Thursday, March 28.
The SME IPO was received remarkable response with the issue being subscribed 309.03 times on the final day of bidding. Qualified institutions (QIBs) subscribed 109.75 times, non-institutional buyers (NIIs) subscribed 528.12 times, and retail investors subscribed 328.80 times, as per chittorgarh.com.
The IPO is a book-built issue of Rs 25.35 crore offering 28.48 lakh new shares with the price band for each share set between Rs 84 to Rs 89. To apply for shares, investors had to buy at least 1600 shares, costing them Rs 1,42,400. The minimum lot size investment for HNIs was 2 lots (of 3,200 shares) amounting to Rs 2,84,800.
"}],"card-updated-at":1711605728331,"content-version-id":"4c5d7830-67cf-4a63-886b-72744dea1ec9","card-added-at":1711105774924,"status":"draft","id":"e851e6a3-e61c-46ce-80ea-8e5f9625f7fd","content-id":"e851e6a3-e61c-46ce-80ea-8e5f9625f7fd","version":46,"metadata":{"social-share":{"shareable":true,"title":"Naman In-Store India IPO Allotment Today; Steps To Check Allotment Status","message":"Follow the step-by-step guide provided below to check Naman In-Store (India) IPO allotment status on Bigshare Services website.","image":{"key":"bloombergquint/2024-03/d55467ca-b2da-40bb-9cc6-754d02ecb2fb/businessman_hand_holding_ipo_initial_public_offering_word_with_wooden_cube_block_42256_2137__2_.jpg","url":null,"attribution":null,"caption":null,"metadata":{"width":900,"height":600,"mime-type":"image/jpeg","file-size":79610,"file-name":"businessman-hand-holding-ipo-initial-public-offering-word-with-wooden-cube-block_42256-2137 (2).jpg"}}},"attributes":{}}},{"story-elements":[{"description":"","page-url":"/story/260e754d-e7e4-430a-8994-2cef48d7d055/element/2c0384cb-1979-4b3f-8741-b2cace33bd9b","type":"text","family-id":"9f091622-3267-4556-b086-b32a8c1bfa4b","title":"","id":"2c0384cb-1979-4b3f-8741-b2cace33bd9b","metadata":{},"subtype":null,"text":"Investors who bid for the Naman In-Store IPO can check the allotment status on Bigshare Services Pvt Ltd, the register for the issue.
"}],"card-updated-at":1711548130582,"content-version-id":"ac1b1f6c-d990-434c-9a71-80e1c08693ba","card-added-at":1711106120162,"status":"draft","id":"ff1b2c68-67ef-4eec-9e25-011774c5c97f","content-id":"ff1b2c68-67ef-4eec-9e25-011774c5c97f","version":33,"metadata":{"social-share":{"shareable":true,"title":"Naman In-Store India IPO Allotment Today; Steps To Check Allotment Status","message":"Follow the step-by-step guide provided below to check Naman In-Store (India) IPO allotment status on Bigshare Services website.","image":{"key":"bloombergquint/2024-03/d55467ca-b2da-40bb-9cc6-754d02ecb2fb/businessman_hand_holding_ipo_initial_public_offering_word_with_wooden_cube_block_42256_2137__2_.jpg","url":null,"attribution":null,"caption":null,"metadata":{"width":900,"height":600,"mime-type":"image/jpeg","file-size":79610,"file-name":"businessman-hand-holding-ipo-initial-public-offering-word-with-wooden-cube-block_42256-2137 (2).jpg"}}},"attributes":{}}},{"story-elements":[{"description":"","page-url":"/story/260e754d-e7e4-430a-8994-2cef48d7d055/element/0734feeb-3e19-4f9c-8f8c-c67264e82ace","type":"title","family-id":"a1b31a69-36b0-4800-9f44-234b5a639227","title":"","id":"0734feeb-3e19-4f9c-8f8c-c67264e82ace","metadata":{},"subtype":null,"text":"How to check Naman In-Store IPO allotment status on Bigshare Services Pvt Ltd"},{"description":"","page-url":"/story/260e754d-e7e4-430a-8994-2cef48d7d055/element/67ea1971-f4c2-460a-bb58-7459cf20e36d","type":"text","family-id":"61f0b505-1337-4481-bcbc-01d8965eef8e","title":"","id":"67ea1971-f4c2-460a-bb58-7459cf20e36d","metadata":{},"subtype":null,"text":"Visit the official website of Bigshare Services here: https://www.bigshareonline.com/ipo_Allotment.html
Select any one server to check your IPO Allotment Status.
Choose \"Naman In-Store Limited\" from the list of companies.
In the Selection Type dropdown, choose either Application number, Beneficiary Id, or PAN ID.
Enter the required information, that could be your application number, PAN (Permanent Account Number), or Beneficiary Id.
Complete the 'captcha' to verify that you are not a robot.
Finally, click the \"Search\" button to check your allotment status.
The shares of Naman In-Store Limited are expected to list on NSE SME on Tuesday, April 2.
"}],"card-updated-at":1711548130582,"content-version-id":"b0c686ca-c62d-4bc5-bfb4-0a2d4524cefd","card-added-at":1711106415506,"status":"draft","id":"37ecf763-de51-4625-aa71-fc6d65c2ddc2","content-id":"37ecf763-de51-4625-aa71-fc6d65c2ddc2","version":25,"metadata":{"social-share":{"shareable":true,"title":"Naman In-Store India IPO Allotment Today; Steps To Check Allotment Status","message":"Follow the step-by-step guide provided below to check Naman In-Store (India) IPO allotment status on Bigshare Services website.","image":{"key":"bloombergquint/2024-03/d55467ca-b2da-40bb-9cc6-754d02ecb2fb/businessman_hand_holding_ipo_initial_public_offering_word_with_wooden_cube_block_42256_2137__2_.jpg","url":null,"attribution":null,"caption":null,"metadata":{"width":900,"height":600,"mime-type":"image/jpeg","file-size":79610,"file-name":"businessman-hand-holding-ipo-initial-public-offering-word-with-wooden-cube-block_42256-2137 (2).jpg"}}},"attributes":{}}},{"story-elements":[{"description":"","page-url":"/story/260e754d-e7e4-430a-8994-2cef48d7d055/element/fc3e5927-4f2e-48d7-894a-7e76a6efc730","type":"title","family-id":"f2cb1815-63f7-4682-b34b-928c9e463075","title":"","id":"fc3e5927-4f2e-48d7-894a-7e76a6efc730","metadata":{},"subtype":null,"text":"Naman In-Store IPO Timeline (Tentative Date)"},{"description":"","page-url":"/story/260e754d-e7e4-430a-8994-2cef48d7d055/element/4131175c-9de0-454d-8c48-e6f48bee0f03","type":"text","family-id":"a3ce5135-2c87-42e8-9ef6-cf53fec76847","title":"","id":"4131175c-9de0-454d-8c48-e6f48bee0f03","metadata":{},"subtype":null,"text":"The company will start the refund procedure for applicants who fail to secure given shares on Monday, April 1 and investors who successfully secure the share allocation will also see shares credited into their demat accounts on Monday, April 1.
"}],"card-updated-at":1711548130582,"content-version-id":"0e664125-73b5-47eb-9ad8-4c05e9587d79","card-added-at":1711106415506,"status":"draft","id":"e012e0d6-fdf0-49d7-aa72-61483c79bfe2","content-id":"e012e0d6-fdf0-49d7-aa72-61483c79bfe2","version":24,"metadata":{"social-share":{"shareable":true,"title":"Naman In-Store India IPO Allotment Today; Steps To Check Allotment Status","message":"Follow the step-by-step guide provided below to check Naman In-Store (India) IPO allotment status on Bigshare Services website.","image":{"key":"bloombergquint/2024-03/d55467ca-b2da-40bb-9cc6-754d02ecb2fb/businessman_hand_holding_ipo_initial_public_offering_word_with_wooden_cube_block_42256_2137__2_.jpg","url":null,"attribution":null,"caption":null,"metadata":{"width":900,"height":600,"mime-type":"image/jpeg","file-size":79610,"file-name":"businessman-hand-holding-ipo-initial-public-offering-word-with-wooden-cube-block_42256-2137 (2).jpg"}}},"attributes":{}}},{"story-elements":[{"description":"","page-url":"/story/260e754d-e7e4-430a-8994-2cef48d7d055/element/779242c4-722c-4aa3-a5dc-b7f219880186","type":"title","family-id":"3be3420b-b661-4ef2-8f4c-b932f94f6fd3","title":"","id":"779242c4-722c-4aa3-a5dc-b7f219880186","metadata":{},"subtype":null,"text":"About Naman In-Store India Limited"},{"description":"","page-url":"/story/260e754d-e7e4-430a-8994-2cef48d7d055/element/a70d70da-0762-4dcf-bfdc-4681cca10e65","type":"text","family-id":"31c47b76-685a-4a5b-bbaf-e7e9ffeab16f","title":"","id":"a70d70da-0762-4dcf-bfdc-4681cca10e65","metadata":{},"subtype":null,"text":"Naman In-Store (India) Limited, established in 2010, is a retail furniture and fittings company in India. They make modular furniture for different spaces like offices, salons, kitchens, and schools, as well as shelving for supermarkets. Operating on a business-to-business model, Naman has its manufacturing facility in Vasai, Maharashtra, with warehouses in Kaman, Maharashtra, and Bengaluru.
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"},{"description":"","page-url":"/story/27775961-0236-4444-bf08-e207980c52f6/element/eee52c1d-8e65-41b3-a29f-7897837be0fc","type":"text","family-id":"878a04f2-fef8-4ffc-9885-d0d081d6fdcd","title":"","id":"eee52c1d-8e65-41b3-a29f-7897837be0fc","metadata":{},"subtype":null,"text":"Govinda had emerged as a 'giant killer' in 2004 when, as the Congress candidate, he defeated BJP stalwart Ram Naik in the Mumbai North Lok Sabha seat.
"},{"description":"","page-url":"/story/27775961-0236-4444-bf08-e207980c52f6/element/4998eb03-eb7d-4343-bcb3-4ff2c7f7afbb","type":"text","family-id":"4523bd5d-700a-4c78-b6a0-13e6acc86e6a","title":"","id":"4998eb03-eb7d-4343-bcb3-4ff2c7f7afbb","metadata":{},"subtype":null,"text":"Shinde welcomed the 60-year-old actor into his party, saying he was a popular figure in all sections of society.
"},{"description":"","page-url":"/story/27775961-0236-4444-bf08-e207980c52f6/element/82a336df-3bce-4276-99ea-8feef306d703","type":"text","family-id":"33a4cbc1-5ab9-43cb-822d-bedbb3b2198b","title":"","id":"82a336df-3bce-4276-99ea-8feef306d703","metadata":{},"subtype":null,"text":"Speaking on the occasion, Govinda, who started his acting career in the 1980s, said after his first stint in politics from 2004 to 2009, he never felt he would again come back to the same field.
"},{"description":"","page-url":"/story/27775961-0236-4444-bf08-e207980c52f6/element/f07f60cf-3aa8-407c-b7d2-d645ec4273f0","type":"text","family-id":"3d5be5f4-00e1-48ca-9fb9-596e42f23fd3","title":"","id":"f07f60cf-3aa8-407c-b7d2-d645ec4273f0","metadata":{},"subtype":null,"text":"\"I am back (in politics) after a 14-year-long 'vanvas' (exile),\" he remarked.
"},{"description":"","page-url":"/story/27775961-0236-4444-bf08-e207980c52f6/element/3abba603-cf90-437d-a6bb-85626246223c","type":"text","family-id":"8dfe449e-2728-42a1-8939-4254b8f43a1e","title":"","id":"3abba603-cf90-437d-a6bb-85626246223c","metadata":{},"subtype":null,"text":"Govinda said he would work in the art and culture field if given a chance.
"},{"description":"","page-url":"/story/27775961-0236-4444-bf08-e207980c52f6/element/bdb0ac23-2f55-4e8c-8e8e-36f6467f9a61","type":"text","family-id":"285b1fe8-be06-4f8c-bdeb-66ed82c362b2","title":"","id":"bdb0ac23-2f55-4e8c-8e8e-36f6467f9a61","metadata":{},"subtype":null,"text":"Mumbai looks more beautiful and developed since Shinde has become CM, he noted.
"}],"card-updated-at":1711627762202,"content-version-id":"9995cb6b-cbd2-4f4d-b08a-8a4560a3ace3","card-added-at":1711627511352,"status":"draft","id":"fa24df39-cead-41ee-88e2-7bf0ec55eecd","content-id":"fa24df39-cead-41ee-88e2-7bf0ec55eecd","version":4,"metadata":{"social-share":{"shareable":true,"title":"Bollywood Actor Govinda Returns To Politics, Joins Shiv Sena","message":"Govinda had emerged as a 'giant killer' in 2004 when, as the Congress candidate, he defeated BJP stalwart Ram Naik in the Mumbai North Lok Sabha seat.","image":{"key":"bloombergquint/2024-03/89d6b36d-2581-47b4-a616-e31067df7109/Govinda_at_Bright_Advertising_Awards_announcement.jpg","url":null,"attribution":null,"caption":"Source: Wikipedia
A Delhi court remanded Chief Minister Arvind Kejriwal to Enforcement Directorate custody for another four days in the liquor policy case on Thursday.
Special CBI judge Kaveri Baweja passed the order. The jailed Aam Aadmi Party chief will now be produced in the court on April 1 at 11:30 a.m.
The probe agency had sought further seven days of custody for Kejriwal.
During the hearing, Kejriwal alleged the ED is running an extortion racket and said the agency has failed to establish a money trail directly linking him.
\"This case has been going on for two years. Now I have been arrested, no court has found me guilty. CBI and ED have filed numerous pages in this case. My name appears only in four statements,\" he said.
Making its case for an extended remand, Additional Solicitor General SV Raju, who is representing the ED, said Kejriwal is giving evasive replies in the interrogation.
"},{"description":"","page-url":"/story/efc349a0-d7a2-4f16-8cff-89c0fd331eb1/element/da958e83-a86b-4790-9961-85fa1c3c587d","type":"text","family-id":"5eb84d21-c5ef-485d-a16b-5fe29605440d","title":"","id":"da958e83-a86b-4790-9961-85fa1c3c587d","metadata":{"linked-story-id":"6577a75b-a0ee-4ca1-bcd8-e61bb56ad80d","linked-story":{"headline":"At Strategy Meet, AAP Decides To Launch Another 'Main Bhi Kejriwal' Campaign","story-content-id":"6577a75b-a0ee-4ca1-bcd8-e61bb56ad80d","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"6577a75b-a0ee-4ca1-bcd8-e61bb56ad80d","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"At Strategy Meet, AAP Decides To Launch Another 'Main Bhi Kejriwal' Campaign"}],"card-updated-at":1711622517335,"content-version-id":"ba0e9ec0-6e74-4a05-9a17-3b541cdc698f","card-added-at":1711621300390,"status":"draft","id":"c932ca3c-4027-4c94-adb8-e4846ce456de","content-id":"c932ca3c-4027-4c94-adb8-e4846ce456de","version":13,"metadata":{"social-share":{"shareable":true,"title":"Arvind Kejriwal Remanded To ED Custody Till April 1","message":"The probe agency had sought further seven days of custody for Kejriwal.","image":{"key":"bloombergquint/2024-03/147a8dac-659d-4c2f-af9a-01fa33d19f98/_1x_1.jpg","url":null,"attribution":null,"caption":"Arvind Kejriwal. (Source: AAP)
The development comes a day after the AAP supremo failed to get a relief from the Delhi High Court on a plea challenging his arrest.
Justice Swarana Kanta Sharma gave time till April 2 to file a reply to Kejriwal's interim plea seeking release from the agency's custody.
The matter will be heard on April 3 and no adjournment shall be granted then, the court said.
"},{"description":"","page-url":"/story/efc349a0-d7a2-4f16-8cff-89c0fd331eb1/element/5674a0be-f598-4d4a-8d29-2e985f2f5af9","type":"text","family-id":"247092a8-3f48-4de3-aa37-d59a32c15250","title":"","id":"5674a0be-f598-4d4a-8d29-2e985f2f5af9","metadata":{},"subtype":null,"text":"Kejriwal had challenged his arrest by the ED in a money laundering case related to the now-scrapped liquor policy.
The Aam Aadmi Party chief was arrested on March 21, hours after the high court refused to grant him protection from coercive action by the anti-money laundering agency. The leader was subsequently remanded to the ED's custody till March 28 by a Delhi court.
The case pertains to the alleged corruption and money laundering in formulating and executing the Delhi government's excise policy for 2021–22, which was later scrapped.
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Special CBI judge Kaveri Baweja passed the order remanding Kejriwal to further four days of ED custody.
He will now be produced in the court on April 1 at 11:30 a.m.
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Delhi's Rouse Avenue Court further remanded Arvind Kejriwal to ED custody till April 1 in liquor policy case.
The probe agency had sought further 7 days of custody for Kejriwal.
"}],"card-updated-at":1711621538797,"content-version-id":"9756c0d9-f461-4be6-b2c5-a65e2a304f7c","card-added-at":1711621283148,"status":"draft","id":"034a9798-5ad4-464e-867d-63764fc253d4","content-id":"034a9798-5ad4-464e-867d-63764fc253d4","version":3,"metadata":{"social-share":{"shareable":true,"title":"Kejriwal Hearing Live: ED Gets Remand, Next Hearing On April 1","message":"Enforcement Directorate seeks an further remand of seven days on grounds of non-cooperation.","image":{"key":"bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","url":"https://images.assettype.com/bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","attribution":null,"caption":"Delhi Chief Minister Arvind Kejriwal (Source: Official X account)
Delhi's Rouse Avenue Court has reserved its order in the case. The order will be passed in some time.
The ED is looking to extend the Delhi chief minister's custody, which is ending on Thursday, by seven days.
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\"They are saying the arrest was made based on money trail. But then how can the arrest be made based on it since the money has allegedly been spent on Goa elections,\" says Kejriwal's counsel Ramesh Gupta.
\"ED is alleging that there is non cooperation as Kejriwal is not allowing access to his phone password. But how can giving the password be forced?,\" says Gupta
"}],"card-updated-at":1711617160860,"content-version-id":"24b938a5-8acc-46f3-8703-de3561491498","card-added-at":1711617115322,"status":"draft","id":"eb964d2a-76f0-419b-b353-9c5292ca17d1","content-id":"eb964d2a-76f0-419b-b353-9c5292ca17d1","version":2,"metadata":{"social-share":{"shareable":true,"title":"Kejriwal Hearing Live: ED Gets Remand, Next Hearing On April 1","message":"Enforcement Directorate seeks an further remand of seven days on grounds of non-cooperation.","image":{"key":"bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","url":"https://images.assettype.com/bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","attribution":null,"caption":"Delhi Chief Minister Arvind Kejriwal (Source: Official X account)
The Rs 55 crore bond is not in relation to the alleged liquor policy scam and it was not quid pro quo, says ED.
As far as where the scam money is, the party used it in Goa elections, the counsel for the agency says. \"The CM is not above the law.\"
"}],"card-updated-at":1711617160860,"content-version-id":"4a787a60-1837-4172-9404-e63e961974f4","card-added-at":1711616905524,"status":"draft","id":"b88efec5-0cd3-4d74-bba5-ee51f8763936","content-id":"b88efec5-0cd3-4d74-bba5-ee51f8763936","version":3,"metadata":{"social-share":{"shareable":true,"title":"Kejriwal Hearing Live: ED Gets Remand, Next Hearing On April 1","message":"Enforcement Directorate seeks an further remand of seven days on grounds of non-cooperation.","image":{"key":"bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","url":"https://images.assettype.com/bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","attribution":null,"caption":"Delhi Chief Minister Arvind Kejriwal (Source: Official X account)
Enforcement Directorate is running an extortion racket, says Kejriwal.
\"Sharad Reddy has given statements against me and after that paid Rs 55 crore to BJP. A money trail has been established.\"
The copy of electoral bond should be investigated, he says.
"}],"card-updated-at":1711617160860,"content-version-id":"3c2f4c7a-d49d-4199-adfa-a068b2361d94","card-added-at":1711616190748,"status":"draft","id":"4a9596e3-fe48-4f35-8aef-509b451fa667","content-id":"4a9596e3-fe48-4f35-8aef-509b451fa667","version":6,"metadata":{"social-share":{"shareable":true,"title":"Kejriwal Hearing Live: ED Gets Remand, Next Hearing On April 1","message":"Enforcement Directorate seeks an further remand of seven days on grounds of non-cooperation.","image":{"key":"bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","url":"https://images.assettype.com/bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","attribution":null,"caption":"Delhi Chief Minister Arvind Kejriwal (Source: Official X account)
Referring to the four statements that name him, Kejriwal asks if these are enough to arrest a sitting Chief Minister. \"Where is the money of this alleged liquor policy scam?\"
\"As per Justice Sanjeev Khanna's order the assertion of this Rs 100 crore has been kept somewhere in this alleged scam is debatable,\" he says as the bench instructs him to conclude.
"}],"card-updated-at":1711617160860,"content-version-id":"2f26ca89-40dd-41ae-8c21-c91682396fd2","card-added-at":1711616111569,"status":"draft","id":"e66d6526-b58a-4a32-a25d-76876da63072","content-id":"e66d6526-b58a-4a32-a25d-76876da63072","version":7,"metadata":{"social-share":{"shareable":true,"title":"Kejriwal Hearing Live: ED Gets Remand, Next Hearing On April 1","message":"Enforcement Directorate seeks an further remand of seven days on grounds of non-cooperation.","image":{"key":"bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","url":"https://images.assettype.com/bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","attribution":null,"caption":"Delhi Chief Minister Arvind Kejriwal (Source: Official X account)
Arvind Kejriwal says ED's only motive seems to trap him as court allows him five more minutes to speak.
\"It has been said that some C Arvind has provided some documents to Manish Sisodiya in my office, but numerous MLAs come to my office to say a lot of things,\" says Kejriwal.
I should not be arrested for that, he says.
"}],"card-updated-at":1711617160860,"content-version-id":"2f775dcf-63c2-4b8e-a769-b8113fa6ac9a","card-added-at":1711615928576,"status":"draft","id":"9691b680-cc6f-43eb-9f8b-e71f62c99b43","content-id":"9691b680-cc6f-43eb-9f8b-e71f62c99b43","version":9,"metadata":{"social-share":{"shareable":true,"title":"Kejriwal Hearing Live: ED Gets Remand, Next Hearing On April 1","message":"Enforcement Directorate seeks an further remand of seven days on grounds of non-cooperation.","image":{"key":"bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","url":"https://images.assettype.com/bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","attribution":null,"caption":"Delhi Chief Minister Arvind Kejriwal (Source: Official X account)
I would like to thank the ED officials, says Arvind Kejriwal as he addresses the bench.
\"This case has been going on for two years. Now I have been arrested, no court has found me guilty. CBI and ED have filed numerous pages in this case. My name appears only in four statements,\" he says.
"}],"card-updated-at":1711617160860,"content-version-id":"8fd19b36-5eee-4f90-aafa-671410cb73e9","card-added-at":1711615787497,"status":"draft","id":"19657d49-ddd9-4664-9c74-0d199088bcb5","content-id":"19657d49-ddd9-4664-9c74-0d199088bcb5","version":11,"metadata":{"social-share":{"shareable":true,"title":"Kejriwal Hearing Live: ED Gets Remand, Next Hearing On April 1","message":"Enforcement Directorate seeks an further remand of seven days on grounds of non-cooperation.","image":{"key":"bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","url":"https://images.assettype.com/bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","attribution":null,"caption":"Delhi Chief Minister Arvind Kejriwal (Source: Official X account)
Enforcement Directorate seeks an further remand of seven days as hearing begins on grounds of non-cooperation.
\"Kejriwal is giving evasive replies in the interrogation,\" says Additional Solicitor General SV Raju, who is representing the Enforcement Directorate.
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Delhi Chief Minister brought to the Rouse Avenue Court in Delhi.
\"This is a political conspiracy. Public will give a befitting reply,\" he says.
Source: NDTV
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Delhi HC refused to issue a direction on PIL demanding removal of Arvind Kejriwal from the post of chief minister.
\"Judicial intervention is not necessary in this. If there is any constitutional failure then the LG will look into it. The President will take a decision on his recommendation,\" the court said.
The court referred to the statement by Lieutenant Governor that the matter is in his cognizance. \"Let them see it. Court does not give order to impose President's rule.\"
Source: NDTV
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Amit Palekar, Aam Aadmi Party's Goa unit chief, appeared before Enforcement Directorate in a money laundering case.
This comes shortly ahead of Arvind Kejriwal, party's national convener, appears before the Rouse Avenue court in Delhi.
"}],"card-updated-at":1711617160860,"content-version-id":"e7d7b57c-b8f3-4754-9989-486b8a43a1bc","card-added-at":1711609353273,"status":"draft","id":"f6733938-eca8-4eff-948e-9010d37af11e","content-id":"f6733938-eca8-4eff-948e-9010d37af11e","version":20,"metadata":{"social-share":{"shareable":true,"title":"Kejriwal Hearing Live: ED Gets Remand, Next Hearing On April 1","message":"Enforcement Directorate seeks an further remand of seven days on grounds of non-cooperation.","image":{"key":"bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","url":"https://images.assettype.com/bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","attribution":null,"caption":"Delhi Chief Minister Arvind Kejriwal (Source: Official X account)
Enforcement Directorate is expected to produce Arvind Kejriwal in Rouse Avenue Court on Thursday at 12:30 p.m., according to inputs from officials.
The investigation agency is looking to extend the Delhi chief minister's custody, which is ending on Thursday.
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Sunita Kejriwal, wife of the incarcerated Delhi chief minister, said her husband will do a 'big expose' in court on Thursday.
In a digital address on Wednesday, she said her husband will do a big expose on the money spent in the liquor scam.
The Enforcement Directorate arrested Kejriwal on March 21 in an excise policy-linked money laundering case. The Aam Aadmi Party convener was remanded in the agency's custody till March 28.
"}],"card-updated-at":1711601696024,"content-version-id":"5bcbeca9-03e2-4fe1-84ca-3251c0bdc998","card-added-at":1711601118672,"status":"draft","id":"395dc5ca-3541-4fcc-be66-3baae71b269a","content-id":"395dc5ca-3541-4fcc-be66-3baae71b269a","version":3,"metadata":{"social-share":{"shareable":true,"title":"Kejriwal Hearing Live: ED Gets Remand, Next Hearing On April 1","message":"Enforcement Directorate seeks an further remand of seven days on grounds of non-cooperation.","image":{"key":"bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","url":"https://images.assettype.com/bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","attribution":null,"caption":"Delhi Chief Minister Arvind Kejriwal (Source: Official X account)
Delhi Chief Minister Arvind Kejriwal continues to remain in custody as the Delhi High Court did not grant immediate relief on the plea challenging his arrest by Enforcement Directorate.
Justice Swarana Kanta Sharma gave time till April 2 to file a reply to Kejriwal's interim plea seeking release from the agency's custody.
The matter will be heard on April 3 and no adjournment shall be granted then, the court said.
"}],"card-updated-at":1711601696024,"content-version-id":"058f1a4d-cd23-485e-b51a-7ae133f993a1","card-added-at":1711601118672,"status":"draft","id":"59cc9a2b-a6e1-4eb5-9837-75fa1eaeb5f1","content-id":"59cc9a2b-a6e1-4eb5-9837-75fa1eaeb5f1","version":3,"metadata":{"social-share":{"shareable":true,"title":"Kejriwal Hearing Live: ED Gets Remand, Next Hearing On April 1","message":"Enforcement Directorate seeks an further remand of seven days on grounds of non-cooperation.","image":{"key":"bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","url":"https://images.assettype.com/bloombergquint/2024-03/f3ea44c4-688c-4113-8cf7-c6a43bdd88a4/Screenshot_2024_03_21_194447.jpg","attribution":null,"caption":"Delhi Chief Minister Arvind Kejriwal (Source: Official X account)
Investing abroad through the mutual fund route is a very convenient way of taking exposure to global assets without having to go through a lot of procedures and compliances for small investors.
This route has become popular over the years but the Reserve Bank of India has been putting restrictions on how much funds can invest abroad leading to a restriction for investors.
Now from April 1, 2024, mutual fund houses cannot accept further subscriptions into foreign Exchange Traded Funds (ETFs) too. This will require a recalibration of the strategy from investors.
"}],"card-updated-at":1711510407363,"content-version-id":"b2a9856b-9471-4891-ba8c-0470101733c6","card-added-at":1711509437266,"status":"draft","id":"7e1c3fbf-9075-4eb6-b042-e97af5e50cc4","content-id":"7e1c3fbf-9075-4eb6-b042-e97af5e50cc4","version":26,"metadata":{"social-share":{"shareable":true,"title":"How To Navigate Latest Restriction On Foreign Mutual Fund ETFs","message":"Here's how to navigate the latest restriction that does not allow further subscription into foreign mutual fund exchange traded funds. ","image":{"key":"bloombergquint/2024-03/047c2545-ad27-4097-8706-42f1441e9e81/Untitled_design__1_.png","url":null,"attribution":null,"caption":"The Mutual Funds Show: Is It Time To Invest In Balanced Advantage Funds? (Source: Canva)
There is a limit that is present for the mutual fund industry as well as individual mutual fund houses for the amount that they can invest in foreign assets.
The industry wide limit is $7 billion for investments in overseas stocks and $1 billion for investment in foreign ETFs. The limit for investment in overseas stocks was hit some time ago and this led to a halt in further investments into this area.
Later fund houses were given permission to accept additional inflows only to the extent of redemptions from the existing investments. This left the ETF route open for investments for those who wanted a foreign exposure but with the industry now coming close to the overall limit here there is a curb on the investments.
"}],"card-updated-at":1711510407363,"content-version-id":"e96585b9-b8f4-4d7d-b513-804ab3dbfefd","card-added-at":1711509542525,"status":"draft","id":"34ac6fa2-7d4e-4a62-be6f-9bf4fa94c33e","content-id":"34ac6fa2-7d4e-4a62-be6f-9bf4fa94c33e","version":25,"metadata":{"social-share":{"shareable":true,"title":"How To Navigate Latest Restriction On Foreign Mutual Fund ETFs","message":"Here's how to navigate the latest restriction that does not allow further subscription into foreign mutual fund exchange traded funds. ","image":{"key":"bloombergquint/2024-03/047c2545-ad27-4097-8706-42f1441e9e81/Untitled_design__1_.png","url":null,"attribution":null,"caption":"The Mutual Funds Show: Is It Time To Invest In Balanced Advantage Funds? (Source: Canva)
Investors need to understand this situation carefully because an ETF is different from a normal mutual fund scheme in one major respect.
When an investor goes to transact in a normal open ended mutual fund scheme they are dealing with the mutual fund at the other end who will create additional units and then deploy the necessary funds. This makes its vital for the mutual funds to stop inflows into such schemes immediately when the limit for investment is breached so that they remain within the requirements.
In case a fund invests both locally and abroad then they can take new inflows but not deploy this overseas to conform to the rules. On the other hand the ETF involve trading between investors on the stock exchange and there are market makers too who create new units. While the restriction will come on creating new units the trading between existing investors can continue which will provide a relief to the investors to some extent.
"}],"card-updated-at":1711510407363,"content-version-id":"1bc77756-e592-483b-97e8-8d0631bd96a8","card-added-at":1711509542525,"status":"draft","id":"04dbf78d-4795-4c36-8f98-12a0b251fe39","content-id":"04dbf78d-4795-4c36-8f98-12a0b251fe39","version":25,"metadata":{"social-share":{"shareable":true,"title":"How To Navigate Latest Restriction On Foreign Mutual Fund ETFs","message":"Here's how to navigate the latest restriction that does not allow further subscription into foreign mutual fund exchange traded funds. ","image":{"key":"bloombergquint/2024-03/047c2545-ad27-4097-8706-42f1441e9e81/Untitled_design__1_.png","url":null,"attribution":null,"caption":"The Mutual Funds Show: Is It Time To Invest In Balanced Advantage Funds? (Source: Canva)
The restrictions that are imposed on the various fund houses from April 1, 2024, will impact them from launching new funds in this space.
When a new fund is launched and subscription collected then new units are issued and the amount is deployed in the areas where the fund has the mandate to invest. There will not be any restrictions on investors to buy into existing ETF that are listed on the stock exchanges. However, there might be an impact in terms of liquidity in the fund that you want to invest in as market makers who are appointed for the ETF will not be able to create new underlying units. This can impact the volumes in several ETFs as new supply of units will cease post April 1 and only existing units can be traded between investors.
"}],"card-updated-at":1711510407363,"content-version-id":"3f6d9c2c-ef9b-42f6-92a5-5e450b668db1","card-added-at":1711509542525,"status":"draft","id":"cf1d370f-77e9-4f5e-84b1-2f940dc48cb2","content-id":"cf1d370f-77e9-4f5e-84b1-2f940dc48cb2","version":25,"metadata":{"social-share":{"shareable":true,"title":"How To Navigate Latest Restriction On Foreign Mutual Fund ETFs","message":"Here's how to navigate the latest restriction that does not allow further subscription into foreign mutual fund exchange traded funds. ","image":{"key":"bloombergquint/2024-03/047c2545-ad27-4097-8706-42f1441e9e81/Untitled_design__1_.png","url":null,"attribution":null,"caption":"The Mutual Funds Show: Is It Time To Invest In Balanced Advantage Funds? (Source: Canva)
Slowly as one route after the other are shut, those wanting a foreign exposure in their portfolio would have to look at the Liberalised Remittance Scheme, or LRS, route to meet their needs.
There are some factors that will impact such decisions. One is that using this route for small amounts of investment might not be feasible in terms of cost of transacting and management. In addition there is also a 20% tax collection at source that one would have to contend with when using this route.
"}],"card-updated-at":1711510407363,"content-version-id":"0afc1bf3-0916-4c39-afd4-a62766f62bee","card-added-at":1711509542525,"status":"draft","id":"3a5403b3-8552-42d6-9b4c-a0bc75658697","content-id":"3a5403b3-8552-42d6-9b4c-a0bc75658697","version":25,"metadata":{"social-share":{"shareable":true,"title":"How To Navigate Latest Restriction On Foreign Mutual Fund ETFs","message":"Here's how to navigate the latest restriction that does not allow further subscription into foreign mutual fund exchange traded funds. ","image":{"key":"bloombergquint/2024-03/047c2545-ad27-4097-8706-42f1441e9e81/Untitled_design__1_.png","url":null,"attribution":null,"caption":"The Mutual Funds Show: Is It Time To Invest In Balanced Advantage Funds? (Source: Canva)
Arnav Pandya is the founder of Moneyeduschool.
"}],"card-updated-at":1711602748368,"content-version-id":"552bb62e-3126-4c70-9d0f-69accc5dbd94","card-added-at":1711509542525,"status":"draft","id":"51832c77-7501-48a5-b21f-acb0adc43a80","content-id":"51832c77-7501-48a5-b21f-acb0adc43a80","version":29,"metadata":{"social-share":{"shareable":true,"title":"How To Navigate Latest Restriction On Foreign Mutual Fund ETFs","message":"Here's how to navigate the latest restriction that does not allow further subscription into foreign mutual fund exchange traded funds. ","image":{"key":"bloombergquint/2024-03/047c2545-ad27-4097-8706-42f1441e9e81/Untitled_design__1_.png","url":null,"attribution":null,"caption":"The Mutual Funds Show: Is It Time To Invest In Balanced Advantage Funds? (Source: Canva)
The Mutual Funds Show: Is It Time To Invest In Balanced Advantage Funds? (Source: Canva)
Factor investing funds target specific traits like value or momentum to achieve returns by exploiting market inefficiencies.
Factor investing works in different market conditions, according to Pratik Oswal, head of passive funds at Motilal Oswal Asset Management Company Ltd.
The fund is the second-biggest fund category in the world. \"We see a huge opportunity for this segment in India in the next 4-5 years,\" he said.
He lists the key highlights for factor investing:
Combines active and passive investing.
It is rules-based and transparent.
There are a lot of factor funds today that offer different strategies in the form of a simple index fund or an ETF, he said.
Globally, there are four important factor funds—momentum, value, quality and low volatility.
\"Lack of awareness is the big reason why factor funds have not really gained ground in India. There are not many products in the factor funds in India. Plus, customers like to invest in a product that has a track record of at least 3-5 years,\" Oswal said, while explaining why factor funds are not that popular in India.
While value factor works really well in a recovery market, after a crash, momentum strategy does well in bull markets, he explained.
\"Low volatility is the largest bought factor fund globally as essentially the stable companies come under this fund. It works in both bull and bear conditions,\" he said.
Quality factor looks at the Nifty 200 and selects the 30 companies that are the best quality. The fund does extremely well in bear markets, said Oswal.
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Managers of flexi-cap funds can decide the allocation to large-, mid- and small-cap stocks. Given the recent underperformance of the broader markets, investors may have second thoughts about such funds.
However, Rushabh Desai, founder of Rupee With Rushabh Investment Services, urged investors to take a long-term view.
It's very natural for flexi-cap funds to underperform in the short- to medium-term perspective, he said on The Mutual Fund Show. \"It's important to look at the fund from a long-term perspective since inception.\"
Flexi-cap mutual funds offer investors the freedom to invest across segments and sectors based on the outlook, Kshitiz Mahajan, managing partner and chief executive officer of Complete Circle Wealth Solutions LLP Pvt., said. \"One can invest with a horizon of 5-7 years,\" he said.
He listed the factors to shortlist such schemes:
Consistency in five-year rolling returns.
Longevity of fund manager with fund.
Compare with category and index average.
See out performance or underperformance.
Evaluate risk taken for 1-2% of outperformance.
Mahajan urged investors to focus on value growth. On this count, he listed the metrics they must examine:
Price-to-earnings ratio.
Price-to-book ratio.
Price-to-sales ratio.
Price-to-cash flow ratio.
Dividend yield.
Long-term earnings.
Historical earnings.
Sales growth.
Cash-flow growth.
Book-value growth.
\"70% and above since inception is healthy,\" Desai said on flexi-cap funds' outperformance strike rate. \"From fund's inception shows broader performance and outperformance from recent years is key.\"
Desai's top picks: Parag Parikh Flexi Cap Fund, Franklin India Flexi Cap Fund, DSP Flexi Cap Fund, Canara Robeco Flexi Cap Fund and UTI Flexi Cap Fund.
\"Franklin India Flexi Cap Fund, HDFC Flexi Cap Fund and Quant Flexi Cap Fund are the funds that we are looking at,\" said Mahajan.
"},{"description":"","page-url":"/story/5ab29f09-752a-4704-ac95-b870a4a8cf42/element/55205119-f718-44e6-9e14-32ec4b06983f","type":"text","family-id":"ffb5d925-a40b-40c7-b05e-bd207649bb4e","title":"","id":"55205119-f718-44e6-9e14-32ec4b06983f","metadata":{},"subtype":null,"text":"Query 1: I want to retire by the time I'm 45 years old. Currently, I have no mutual fund investments and can invest Rs 5,000 per month. What (Retire Early) funds can you recommend?
Name Santosh Kumar I Age: 32 years
Kshitiz Mahajan: Invest Rs 5,000 in monthly SIPs (systematic investment plans) for 13 years. Increase the investible amount by 15% annually. With 13% expected returns, one can yield a corpus of Rs 42 lakh. Increase SIP amount or time of retirement.
Rushabh Desai: As and when he can increase the amount, he should invest in flexi-cap and mid-cap funds.
"},{"description":"","page-url":"/story/5ab29f09-752a-4704-ac95-b870a4a8cf42/element/8f6d53a2-6881-4362-9de2-26c4291a1c18","type":"text","family-id":"fcb359e3-d0c9-4a2d-bf83-5e723caba408","title":"","id":"8f6d53a2-6881-4362-9de2-26c4291a1c18","metadata":{},"subtype":null,"text":"Query 2: I have invested Rs 10 lakh in Aditya Birla PSU Fund in January. The returns from this fund have been fluctuating since investment. Should I switch to some other fund or stay invested?
Name: Krishnan I Age: 46 years
Rushabh Desai: Unfortunately, he has entered at a very wrong time for a PSU Fund. If he is in profit right now, I would suggest him to shift to a flexi-cap fund. But, if you're in loss, then just be patient and wait for the right time.
Kshitiz Mahajan: Hold the fund, as we're at the peak of the interest cycle. Allow rate cut and appreciation to come. You can withdraw funds once benefits are reflected in NAV (net asset value of mutual fund). Keep a portfolio with equity participation as post-tax returns in fixed income won't be able to beat inflation.
"},{"description":"","page-url":"/story/5ab29f09-752a-4704-ac95-b870a4a8cf42/element/cd4ec3de-9d8c-4b7c-b6c6-b5839547edae","type":"title","family-id":"fe26777d-596d-44ea-b079-b66865682ed6","title":"","id":"cd4ec3de-9d8c-4b7c-b6c6-b5839547edae","metadata":{},"subtype":null,"text":"Watch the full conversation here:"},{"description":"","page-url":"/story/5ab29f09-752a-4704-ac95-b870a4a8cf42/element/925ae1dd-0077-415b-bb46-56f744b81a14","type":"youtube-video","family-id":"416de317-90bb-4113-be58-b4f4c6521615","title":"","id":"925ae1dd-0077-415b-bb46-56f744b81a14","url":"https://www.youtube.com/watch?v=tkBevcgtcYk","embed-url":"https://www.youtube.com/embed/tkBevcgtcYk","metadata":{},"subtype":null}],"card-updated-at":1711507705509,"content-version-id":"ada5e69d-a2f4-4c92-9d96-1334cacea5ee","card-added-at":1711440109705,"status":"draft","id":"f295ccf7-fd22-4c5a-91b8-9f2ebddca16d","content-id":"f295ccf7-fd22-4c5a-91b8-9f2ebddca16d","version":60,"metadata":{"social-share":{"shareable":true,"title":"The Mutual Fund Show: Should You Keep Investing In Flexi-Cap Funds?","message":"Investors need to consider a long-term view when it comes to such schemes. Here's why.","image":{"key":"bloombergquint/2024-03/dc1156e2-9908-45a2-883f-b80a5122d49c/columns_coins_grass.jpg","url":null,"attribution":null,"caption":"(Source: Freepik)
(Bloomberg) -- Investors may glean more on the Federal Reserve’s resolve to ease and how close Japan is to finally exiting negative interest rates as central banks set policy for almost half the global economy.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/30a4947d-e586-470c-a2b6-8c3872ae1988","type":"text","family-id":"6d08f3e1-510d-40c8-aa98-9b4deafeee76","title":"","id":"30a4947d-e586-470c-a2b6-8c3872ae1988","metadata":null,"subtype":null,"text":"The coming week features the world’s biggest agglomeration of decisions for 2024 to date, including judgments on the cost of borrowing for six of the 10 most-traded currencies. The collective outcome may underscore how monetary officials’ perception of inflation risks is diverging noticeably.
"},{"description":"","image-metadata":{"width":1296,"height":838,"mime-type":"image/jpeg","file-size":404230,"file-name":"map.jpg"},"page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/e8a59100-c0fc-46bf-9af8-eaac94e4cc39","type":"image","family-id":"307c1465-e54c-43d9-9327-b7c9bdc28646","image-attribution":"","title":"","id":"e8a59100-c0fc-46bf-9af8-eaac94e4cc39","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/5c5eab45-2c05-441d-ae45-50ed1563598d/map.jpg","metadata":{},"subtype":null},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/2d5e453a-2b11-4f6b-ba5e-f185f2875180","type":"text","family-id":"2d3c44a6-43a3-44ba-921a-33246586f57f","title":"","id":"2d5e453a-2b11-4f6b-ba5e-f185f2875180","metadata":null,"subtype":null,"text":"That would reflect how a global consumer-price shock in the wake of the pandemic, further exacerbated by Russia’s war in Ukraine, has transitioned asymmetrically, with some economies facing stronger domestic price pressures than others.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/bbb19244-01d5-4285-98d8-534419286260","type":"text","family-id":"831fff36-c3f1-4d2c-be33-496e6a380710","title":"","id":"bbb19244-01d5-4285-98d8-534419286260","metadata":null,"subtype":null,"text":"In turn, the world now features a patchwork of different policy dynamics, in contrast to the largely synchronized response that central banks previously engineered.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/7956613b-5928-474e-ac11-d97b5425f2b0","type":"text","family-id":"93aa6fae-67f1-403b-8585-b1a90d9001ef","title":"","id":"7956613b-5928-474e-ac11-d97b5425f2b0","metadata":null,"subtype":null,"text":"Most consequential will be the Fed’s decision on Wednesday, which may reveal whether still-robust economic data are giving Washington officials cause to dial back intentions to cut rates — or whether their outlook for three reductions this year remains on track.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/f0331a9b-e2f3-4b8d-9a5b-25181d14ccde","type":"text","family-id":"714128d7-1477-41b0-9049-a3a5076e820f","title":"","id":"f0331a9b-e2f3-4b8d-9a5b-25181d14ccde","metadata":null,"subtype":null,"text":"The Bank of Japan’s announcement on Tuesday is also pivotal. The prospect that it’s moving toward finally raising borrowing costs and effectively calling an end to a generation-long period of feeble price growth points to how tectonic plates are shifting in another key member of the global financial system.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/b048d70c-404c-4889-a954-7483f01dcd6a","type":"text","family-id":"42432fc6-337d-4f04-941e-196bb4db63ce","title":"","id":"b048d70c-404c-4889-a954-7483f01dcd6a","metadata":null,"subtype":null,"text":"In Europe, meanwhile, central banks from the UK to Switzerland might inch toward reducing borrowing costs, while all four with decisions in Latin America in the coming week are poised to either begin or extend easing cycles.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/c9165aba-df60-41dc-b78b-49fd3063d8dd","type":"text","family-id":"cddde3be-1e3c-4a16-9ae6-144f3c4eedc8","title":"","id":"c9165aba-df60-41dc-b78b-49fd3063d8dd","metadata":null,"subtype":null,"text":"Click here for what happened last week, and below is a look at the monetary highlights anticipated over the next five days.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/e933d372-7aaf-486d-b26e-f35a583c1d86","type":"text","family-id":"2651f7f4-4045-4561-8ce7-128e1d7413ae","title":"","id":"e933d372-7aaf-486d-b26e-f35a583c1d86","metadata":null,"subtype":null,"text":"Monday
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/c3616098-c1dd-479b-9341-1c03971b6017","type":"text","family-id":"16a51d1b-e44c-4ccc-8064-befb43b353f3","title":"","id":"c3616098-c1dd-479b-9341-1c03971b6017","metadata":null,"subtype":null,"text":"Pakistan will be Monday’s main rate event. With a team of International Monetary Fund officials visiting this weekend for talks over the troubled economy’s loan program, most forecasters in a Bloomberg survey reckon the central bank will keep its rate unchanged at 22%.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/c94b522b-bb7c-44d8-8c71-e2d88bf3b2ce","type":"text","family-id":"e1803046-2ebb-4489-93e1-81297ceb95c2","title":"","id":"c94b522b-bb7c-44d8-8c71-e2d88bf3b2ce","metadata":null,"subtype":null,"text":"A minority does anticipate a cut, though, with predictions of its size ranging from a quarter point to a full percentage point.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/9e220450-e0e5-49d5-960e-eb36040f5923","type":"text","family-id":"ecda7387-9ca6-440c-8f14-4a4af6ddc5bd","title":"","id":"9e220450-e0e5-49d5-960e-eb36040f5923","metadata":null,"subtype":null,"text":"Tuesday
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/2eb49fa6-afc0-4f4e-83bd-f46fc885c208","type":"text","family-id":"89f96209-3ca6-42fb-9209-77aaa62c8f6e","title":"","id":"2eb49fa6-afc0-4f4e-83bd-f46fc885c208","metadata":null,"subtype":null,"text":"The BOJ’s decision will be among the most closely watched in decades, as officials decide whether to end the world’s last negative rate now, or wait until April.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/3b1e73b8-d84d-4e92-8b56-f11ee0fdda43","type":"text","family-id":"3e9870ce-b6d7-4fea-b9ab-a91114673008","title":"","id":"3b1e73b8-d84d-4e92-8b56-f11ee0fdda43","metadata":null,"subtype":null,"text":"The meeting comes days after the nation’s largest umbrella group for unions announced that annual pay negotiations resulted in the biggest increases in more than 30 years, sending a signal to authorities that their long-sought-after virtuous cycle of strong wages fueling demand-led inflation may be emerging.
"},{"description":"","image-metadata":null,"page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/d6e1dca9-d8d7-405d-ac9f-90f9a12ea25c","type":"image","family-id":"f15239e7-33fd-4c22-8f80-915cf558c14c","image-attribution":"","title":"","id":"d6e1dca9-d8d7-405d-ac9f-90f9a12ea25c","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/a03e339f-2429-4d18-aa66-1f868b5e3254/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/irkoZ8xh4_bU/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/07c64727-3833-46c8-aafc-8d29eeda7a27","type":"text","family-id":"829e2ae7-1e63-4ec1-a515-8fdad0c3af4b","title":"","id":"07c64727-3833-46c8-aafc-8d29eeda7a27","metadata":null,"subtype":null,"text":"The raises outpaced inflation in a positive sign for households that have seen real wages fall every month for almost two years. Economists are divided on whether the central bank will move Tuesday or not.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/492d5064-0e0a-4d66-b77c-61c5b1742a9c","type":"text","family-id":"8eb645a3-7858-4de5-adf9-59476d4283df","title":"","id":"492d5064-0e0a-4d66-b77c-61c5b1742a9c","metadata":null,"subtype":null,"text":"“We think it will judge that it’s too early to tighten,” Taro Kimura, senior Japan economist at Bloomberg Economics, said in a report. “To be sure, there is a significant risk to our call.”
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/1f825f81-464d-4cbe-b074-ae4dc4c7fa3e","type":"text","family-id":"c1367826-9dcb-4494-a7ed-121d511fc4a2","title":"","id":"1f825f81-464d-4cbe-b074-ae4dc4c7fa3e","metadata":null,"subtype":null,"text":"The same day, the Reserve Bank of Australia will probably hold its cash rate at 4.35% after weaker-than-expected inflation in January. Investors will focus on whether the institution keeps its hawkish tone or hints at a pivot a few months out.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/0b01d276-f347-445d-adee-104961c884c5","type":"text","family-id":"b4f3c755-e9a5-4466-809f-c7d51946397a","title":"","id":"0b01d276-f347-445d-adee-104961c884c5","metadata":null,"subtype":null,"text":"And later in Morocco, with inflation having slowed to 2.3% in January, the central bank may opt to keep its rate steady at the 3% level it reached a year ago.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/79cfbc17-1f1c-4698-a7e1-0bdf08a11bdd","type":"text","family-id":"5a7d0040-d431-4fdb-82a7-213bedc1945b","title":"","id":"79cfbc17-1f1c-4698-a7e1-0bdf08a11bdd","metadata":null,"subtype":null,"text":"Wednesday
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/e763d8e9-92bb-4bba-b18e-a189622c3bee","type":"text","family-id":"d584e015-afb1-48ed-86ee-19eb904da6b0","title":"","id":"e763d8e9-92bb-4bba-b18e-a189622c3bee","metadata":null,"subtype":null,"text":"A trio of decisions in Europe and Asia might pique investors’ interest before the day’s main events. Firstly, Indonesia’s central bank is seen keeping rates on hold.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/db4459d0-caaa-4040-a3f8-4e0960de6859","type":"text","family-id":"113d9932-d254-4d48-8e9b-d5594c173154","title":"","id":"db4459d0-caaa-4040-a3f8-4e0960de6859","metadata":null,"subtype":null,"text":"Over in Europe, Iceland may begin easing with a quarter-point cut from 9.25% — the highest level in Western Europe — according to lender Islandsbanki hf. Slowing inflation and a long-term pay deal may provide officials with reassurance against a potential wage-price spiral.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/03ec0190-70a9-42c7-b52b-a93577617697","type":"text","family-id":"90f2371c-2168-4114-b317-e1ca1e6f965f","title":"","id":"03ec0190-70a9-42c7-b52b-a93577617697","metadata":null,"subtype":null,"text":"The Czech central bank is poised to act more aggressively, with most economists anticipating a half-point reduction and one predicting a bigger move.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/78b6a886-c482-4301-9278-0c50754c5e1c","type":"text","family-id":"ca64ae3e-404e-4dbf-9e63-13e3fbb5f635","title":"","id":"78b6a886-c482-4301-9278-0c50754c5e1c","metadata":null,"subtype":null,"text":"Attention then shifts across the Atlantic, where the Fed is widely expected to hold rates steady for a fifth consecutive meeting, and to continue to project three quarter-point rate cuts in 2024, even as inflation has proven stickier than expected the past two months.
"},{"description":"","image-metadata":null,"page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/fe45b9e8-732a-495c-b73a-40a78931a24a","type":"image","family-id":"fe8e38ea-5a11-4074-8ed5-11df473b7083","image-attribution":"","title":"","id":"fe45b9e8-732a-495c-b73a-40a78931a24a","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/cf68391b-4796-4a9e-a498-e2b03aaae157/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i8OSVPTqCeqw/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/e6cbafba-b77d-47ed-9f6f-4f83b548194d","type":"text","family-id":"0f2c1fbc-db78-4296-800b-ee2cef002d3c","title":"","id":"e6cbafba-b77d-47ed-9f6f-4f83b548194d","metadata":null,"subtype":null,"text":"After raising their benchmark federal funds rate more than five percentage points starting in March 2022, the Federal Open Market Committee has held borrowing costs at a two-decade high since July.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/c6b90c74-560c-4791-9370-7e55961a4d2e","type":"text","family-id":"a6ddf40c-1d42-4469-b0a0-60f059bf5e95","title":"","id":"c6b90c74-560c-4791-9370-7e55961a4d2e","metadata":null,"subtype":null,"text":"Against the backdrop of strong job growth and a jump in prices in January and February, officials have repeatedly emphasized they’re in no rush to ease.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/009a2e4c-e19c-4a20-a4ef-239f9f51f42d","type":"text","family-id":"039b6d78-bba3-485e-9ca2-9616702c076e","title":"","id":"009a2e4c-e19c-4a20-a4ef-239f9f51f42d","metadata":null,"subtype":null,"text":"Most economists surveyed by Bloomberg News expect the policymakers to pencil in three cuts for 2024, with the first move coming in June, in line with markets’ current pricing, though more than a third expect a hawkish surprise of fewer reductions.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/5102aca3-9051-41a7-84e7-ac65036040d2","type":"text","family-id":"0a32210b-3234-4f6c-8827-8bfaf34a1a8a","title":"","id":"5102aca3-9051-41a7-84e7-ac65036040d2","metadata":null,"subtype":null,"text":"Chair Jerome Powell told Congress this month that the central bank is getting close to the confidence it needs to start lowering rates, saying they were “not far” from that when considering the strength of inflation.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/1a2d10b8-5acf-4a8a-9347-7308c7f6735a","type":"text","family-id":"c5869b6f-2721-4b2e-92c7-76b5c98a17a1","title":"","id":"1a2d10b8-5acf-4a8a-9347-7308c7f6735a","metadata":null,"subtype":null,"text":"For later in the day, Brazil’s central bank has telegraphed that a sixth straight half-point cut is on tap, which would take the key rate down to 10.75%.
"},{"description":"","image-metadata":null,"page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/f97ed8ea-ccd8-49da-a2c3-a31a1bee6b34","type":"image","family-id":"0b65dcb7-858a-4b07-9d3b-2ce77633537f","image-attribution":"","title":"","id":"f97ed8ea-ccd8-49da-a2c3-a31a1bee6b34","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/77036384-2099-42f1-8e73-388ec5364b86/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iJjlKVSF13aU/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/f77a4659-468d-487c-9e27-a86e450b33ce","type":"text","family-id":"e7bce00b-a7ac-48e7-b93d-46a9a5da664f","title":"","id":"f77a4659-468d-487c-9e27-a86e450b33ce","metadata":null,"subtype":null,"text":"The institution’s board, led by President Roberto Campos Neto, may shorten the horizon on current guidance, which signals cuts of “the same magnitude in the next meetings” after three straight above-forecast inflation prints.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/cb47aca3-e606-4531-a274-c0faf273916f","type":"text","family-id":"8be4f88f-528c-411c-9e25-157adabd5fdf","title":"","id":"cb47aca3-e606-4531-a274-c0faf273916f","metadata":null,"subtype":null,"text":"Economists see a year-end rate of 9%, but the policy path from there remains less clear as neither the central bank nor analysts see consumer prices back to target before 2027.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/6c70d86b-c6a6-4942-bf68-f624040640a8","type":"text","family-id":"bad59dbf-ccb7-4adb-892c-b1d6f1ff0fba","title":"","id":"6c70d86b-c6a6-4942-bf68-f624040640a8","metadata":null,"subtype":null,"text":"Thursday
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/7dbc2463-fa8a-45f1-a7d1-56d4fc2b544a","type":"text","family-id":"2d24876d-be9d-4613-a70f-5e55d0191238","title":"","id":"7dbc2463-fa8a-45f1-a7d1-56d4fc2b544a","metadata":null,"subtype":null,"text":"Three decisions will reveal how parts of Western Europe have reached a crossroads in monetary policy.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/2358a48c-8cb2-4686-8d96-aab9c069ef92","type":"text","family-id":"6da76caf-9255-4266-af42-a9c756c62a9e","title":"","id":"2358a48c-8cb2-4686-8d96-aab9c069ef92","metadata":null,"subtype":null,"text":"Firstly, the Swiss National Bank is anticipated by most economists to stay on hold, though two respondents in Bloomberg’s survey predict that officials will cut rates, opting not to wait for bigger counterparts to start their own easing cycles.
"},{"description":"","image-metadata":null,"page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/cbae5183-715f-471c-aa0a-6f9064b1d0f6","type":"image","family-id":"133e06ca-0d20-4961-85be-2ad91f4a198a","image-attribution":"","title":"","id":"cbae5183-715f-471c-aa0a-6f9064b1d0f6","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/5e7f88f6-4f29-42e5-9a6a-b4ef26c43c82/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iK0Pcbpws.ms/v2/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/f4f5d5d6-900b-47b4-8aee-99857010a94e","type":"text","family-id":"c7a49007-b584-4a1c-b58c-652ea4c76367","title":"","id":"f4f5d5d6-900b-47b4-8aee-99857010a94e","metadata":null,"subtype":null,"text":"Shortly after that, Norges Bank is also expected to keep borrowing costs on hold, with investors focusing on potential changes in its outlook for when reductions might start. Most economists still see the pivot to easing in Norway no earlier than in the third quarter, even as inflation has been cooling faster than anticipated.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/7ed014c8-9a1c-4f2a-98d0-1ac0155485c1","type":"text","family-id":"0983678f-56c1-4af8-a0a5-cd9b0c790fad","title":"","id":"7ed014c8-9a1c-4f2a-98d0-1ac0155485c1","metadata":null,"subtype":null,"text":"Bank of England policymakers will have fresh inflation data on Wednesday and the latest purchasing manager surveys on Thursday to consider before their decision, which is seen likely to keep rates unchanged again.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/d41a66c3-5caa-4139-ab29-d38a8b8f6ee5","type":"text","family-id":"094e5c5d-0462-41f9-8500-d4ef86db42f9","title":"","id":"d41a66c3-5caa-4139-ab29-d38a8b8f6ee5","metadata":null,"subtype":null,"text":"With consumer-price growth slowing but likely to still come in well above the 2% target, the UK central bank is in no rush to move toward easing for now.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/1da90a28-920b-42f9-be1e-563fb5af3a4f","type":"text","family-id":"5bf51c16-0ba8-498a-96fa-b1f66a342272","title":"","id":"1da90a28-920b-42f9-be1e-563fb5af3a4f","metadata":null,"subtype":null,"text":"Observers are likely to focus on the vote count from officials on the Monetary Policy Committee, with another three-way split possible between those wanting no change and others favoring either a cut or a hike.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/009fa326-aa2d-4105-adb9-c79692fd54f0","type":"text","family-id":"f72ebdf5-e5fb-4d11-9d8c-f17268b71dce","title":"","id":"009fa326-aa2d-4105-adb9-c79692fd54f0","metadata":null,"subtype":null,"text":"“Having dropped its tightening bias at its February meeting, we don’t think the MPC will be minded to alter its guidance,” Dan Hanson and Ana Andrade of Bloomberg Economics wrote in a report. “A bigger shift in tone is likely to come in May.”
"},{"description":"","image-metadata":null,"page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/96507107-aae5-40be-b1ba-f995c8921090","type":"image","family-id":"0f6077a6-f192-4884-a1e3-36d1bc646ba1","image-attribution":"","title":"","id":"96507107-aae5-40be-b1ba-f995c8921090","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/af2816aa-4c28-4dc7-b477-e3a53a0aaab8/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iYHX1f2B6HQ0/v2/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/2393fc05-beaf-427a-ad9b-9673bbb06d1d","type":"text","family-id":"513ebc8c-37ff-470b-a009-e31932d47891","title":"","id":"2393fc05-beaf-427a-ad9b-9673bbb06d1d","metadata":null,"subtype":null,"text":"Investors will also closely watch Turkey’s rate decision after February’s inflation numbers came in higher than expected. Several banks, including JPMorgan, say monetary officials will probably raise the key rate beyond its current level of 45%, though most doubt that will happen until after this month’s local elections.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/38a34bad-87e4-41eb-a717-8bd763a76598","type":"text","family-id":"5ac554ce-fa1f-4a16-86be-8ef2e3f8bd28","title":"","id":"38a34bad-87e4-41eb-a717-8bd763a76598","metadata":null,"subtype":null,"text":"The focus will again shift to Latin America later in the day. In Mexico, officials may finally pull the trigger on a long-awaited cut — likely a quarter point — and by doing so join major peers across the region in easing monetary policy.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/8ee9b31b-839e-45ba-a50d-49fd1fac32ab","type":"text","family-id":"6b4958c8-211d-43c3-8833-1839afdc1770","title":"","id":"8ee9b31b-839e-45ba-a50d-49fd1fac32ab","metadata":null,"subtype":null,"text":"Banco de Mexico, led by Governor Victoria Rodriguez, has kept borrowing costs at a record-high 11.25% since last March while consumer prices have embarked on a protracted and bumpy path downward.
"},{"description":"","image-metadata":null,"page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/308ef94d-fa79-4e1a-babf-885fb4efc509","type":"image","family-id":"7a60e475-39a2-4bb4-8cbb-1ffb40c8e968","image-attribution":"","title":"","id":"308ef94d-fa79-4e1a-babf-885fb4efc509","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/63d95106-7d80-4a2f-93b4-d71e22942eba/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/imJTCwsX1XLU/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/1b6b8532-4392-4aaf-8302-abe5cbfcf63a","type":"text","family-id":"7806b7ed-8d94-4e3d-844a-5cca9853aa4c","title":"","id":"1b6b8532-4392-4aaf-8302-abe5cbfcf63a","metadata":null,"subtype":null,"text":"In one of Latin America’s smaller economies, Banco Central del Paraguay will likely cut its key rate for an eighth time since August, from the current 6.25%, after inflation slowed to 2.9% last month.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/6e65e4b4-5ac5-4ce2-a6b1-647b66191c0c","type":"text","family-id":"bf3ce75a-8e44-41e1-87e3-43569eea8aa8","title":"","id":"6e65e4b4-5ac5-4ce2-a6b1-647b66191c0c","metadata":null,"subtype":null,"text":"Friday
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/0b9d18c9-f48b-4a4d-b791-c9fe120483d7","type":"text","family-id":"7fe8335e-4bc6-4083-b0ca-3a9315fb0e27","title":"","id":"0b9d18c9-f48b-4a4d-b791-c9fe120483d7","metadata":null,"subtype":null,"text":"The Bank of Russia’s first post-election rate decision is likely to keep borrowing costs unchanged for a second straight time, following last month’s hold at 16%. With inflation at 7.7% — well above its 4% target — the central bank has said it sees room to begin lowering borrowing costs only in the second half of the year.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/2234787d-a025-4815-a038-b96c8d9d1d52","type":"text","family-id":"eba0e905-7211-4031-aa2b-24269c5e0373","title":"","id":"2234787d-a025-4815-a038-b96c8d9d1d52","metadata":null,"subtype":null,"text":"Later on, Colombia’s central bank is all but certain to cut the current 12.75% rate for a third straight meeting — and may opt to go bigger after consecutive quarter-point reductions.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/3433edcf-cd75-490f-98a4-da9676cac36e","type":"text","family-id":"48f4ad62-8fac-4d89-a5a4-812f3bc82fa8","title":"","id":"3433edcf-cd75-490f-98a4-da9676cac36e","metadata":null,"subtype":null,"text":"Policymakers led by Governor Leonardo Villar do have room for maneuver: inflation has slowed for 11 months and Colombia’s economy is operating well short of potential.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/81d2a670-0645-4b41-97e5-cb3ba188e4ed","type":"text","family-id":"fbaa7b16-33e8-4e6f-90f7-a4e9ffeb6b70","title":"","id":"81d2a670-0645-4b41-97e5-cb3ba188e4ed","metadata":null,"subtype":null,"text":"Economic Data
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/8b6addce-0ff0-46a8-9485-cd53a8c5b4d9","type":"text","family-id":"a9a6b599-d8a5-4b52-9ac4-d50276a20e4b","title":"","id":"8b6addce-0ff0-46a8-9485-cd53a8c5b4d9","metadata":null,"subtype":null,"text":"The coming week will also feature some key data releases:
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/06651552-b7b4-4074-bd15-4c5562f05873","type":"text","family-id":"f6b78e97-4845-4459-bc1d-0169968784b8","title":"","id":"06651552-b7b4-4074-bd15-4c5562f05873","metadata":null,"subtype":null,"text":"--With assistance from Brian Fowler, Piotr Skolimowski, Robert Jameson, Monique Vanek, Paul Wallace, Kira Zavyalova, Steve Matthews and Ott Ummelas.
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/5c0f669f-2fe7-44d7-b9e0-cbb49f1edbb0","type":"text","family-id":"3f4d9029-5de6-4698-8efe-c122a5623df9","title":"","id":"5c0f669f-2fe7-44d7-b9e0-cbb49f1edbb0","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/c7d8776e-34b9-42df-bca7-405f882939b6/element/1d85ab3a-a3b3-424a-a797-e177bc40d67e","type":"text","family-id":"a7d9fa40-bc4b-4dd3-a2fb-a75de406cb73","title":"","id":"1d85ab3a-a3b3-424a-a797-e177bc40d67e","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1710677145893,"content-version-id":"1321f718-a397-4e9e-add9-1207e4458398","card-added-at":1710620885852,"status":"draft","id":"f52156fe-0324-44f9-83df-c14aabc32235","content-id":"f52156fe-0324-44f9-83df-c14aabc32235","version":19,"metadata":{"social-share":{"shareable":true,"title":"Fed, BOJ To Lead A Week Of Rate Decisions For Half The World","message":"The coming week features the world’s biggest agglomeration of decisions for 2024 to date.","image":{"key":"bloombergquint/2024-03/5c5eab45-2c05-441d-ae45-50ed1563598d/map.jpg","url":null,"attribution":"","caption":null,"metadata":{"width":1296,"height":838,"mime-type":"image/jpeg","file-size":404230,"file-name":"map.jpg"}}},"attributes":{}}}],"author-id":1671035,"first-published-at":1710677149148,"story-template":"syndicated","authors":[{"slug":"craig-stirling-3","social":{},"name":"Craig Stirling","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1671035,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["economics"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-16/world-economy-latest-fed-and-boj-dominate-crucial-week-for-central-banks","imported-card-id":"f52156fe-0324-44f9-83df-c14aabc32235","card-share":{"shareable":true}}}},{"id":"eaea9fa3-79f1-4e96-912f-e151ad4307b6","associated-metadata":{},"type":"story","story":{"author-name":"Irina Anghel","headline":"Sunak Faces Economic Misery Similar To Before 1997 Tory Defeat","slug":"global-economics/sunak-faces-economic-misery-similar-to-before-1997-tory-defeat","last-published-at":1710679740613,"alternative":{},"sections":[{"domain-slug":null,"slug":"global-economics","name":"Global Economics","section-url":"https://www.ndtvprofit.com/global-economics","id":1250,"parent-id":null,"display-name":"Global Economics","collection":{"slug":"global-economics","name":"Global Economics","id":15813},"data":null},{"domain-slug":null,"slug":"world","name":"World","section-url":"https://www.ndtvprofit.com/world","id":38090,"parent-id":null,"display-name":"World","collection":{"slug":"world","name":"World","id":103216},"data":null},{"domain-slug":null,"slug":"politics","name":"Politics","section-url":"https://www.ndtvprofit.com/politics","id":1246,"parent-id":null,"display-name":"Politics","collection":{"slug":"politics","name":"Politics","id":15821},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iBjy81uXkaMA/v1/-1x-1.jpg","width":2000,"height":1334,"focus-point":[977,408]},"published-at":1710679740613,"summary":"The figures shed light on how voters feel about an economy that tipped into recession in 2023 and is still struggling with a cost-of-living crisis.","id":"eaea9fa3-79f1-4e96-912f-e151ad4307b6","hero-image-s3-key":"bloombergquint/2024-03/e534cf8d-a4df-47ec-88af-12c13f76fc59/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/e6e946af-97c2-4c98-a934-ad70a384e3fb","type":"text","family-id":"7bdf4c57-a909-467b-9ea2-f57ca3635fa6","title":"","id":"e6e946af-97c2-4c98-a934-ad70a384e3fb","metadata":null,"subtype":null,"text":"(Bloomberg) -- Rishi Sunak’s government is facing the same levels of economic misery that led to the Conservative Party’s defeat in 1997, helping explain why the prime minister plans to delay the next election until late this year.
"},{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/05078bc8-2691-4e23-8974-b72a279b8590","type":"text","family-id":"144f8f28-c0c5-4ea3-998a-144f0998c0ad","title":"","id":"05078bc8-2691-4e23-8974-b72a279b8590","metadata":null,"subtype":null,"text":"The Misery Index, created in the 1970s to capture the combined impacts of unemployment and inflation, is likely to improve over the next 12 months in the UK as price pressures dissipate. For now, and during Liz Truss’s brief term as premier in 2022, it’s showing its worst levels since John Major was ejected from office.
"},{"description":"","image-metadata":null,"page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/9127527e-1e00-42f9-b7e2-50fb9d0f5cac","type":"image","family-id":"90d4e591-7f28-4d2e-9666-de20e1e4b71a","image-attribution":"","title":"","id":"9127527e-1e00-42f9-b7e2-50fb9d0f5cac","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/a37b739d-b7ff-451b-bf27-383e81d183f5/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iXeyUw_iq93g/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/2b14a626-9020-4cd4-bdfe-7b12db10d84e","type":"text","family-id":"58e58d09-3efd-46b5-ae71-84199c1396ad","title":"","id":"2b14a626-9020-4cd4-bdfe-7b12db10d84e","metadata":null,"subtype":null,"text":"The figures shed light on how voters feel about an economy that tipped into recession in 2023 and is still struggling with a cost-of-living crisis. Sunak must call an election by January 2025 and has said his assumption is he’ll call a poll in the autumn, giving time for the most painful impacts to recede.
"},{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/d9ebfa60-feca-473c-bdc8-d7d018171513","type":"text","family-id":"438efdef-2e83-483a-9acf-a8c980fb105b","title":"","id":"d9ebfa60-feca-473c-bdc8-d7d018171513","metadata":null,"subtype":null,"text":"“From an economic perspective, it makes sense for Sunak to wait as long as he can before calling an election,” said Ruth Gregory, an economist at Capital Economics Ltd. in London. “Later in the year the economy will probably be out of recession, a recovery will most likely be underway, inflation will be lower, households’ real wages will be rising and interest rates will probably be falling.”
"},{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/571e64c5-575a-4a36-829d-0f6b12f78263","type":"text","family-id":"5bebefb4-6ded-4b59-8380-330ff401dfec","title":"","id":"571e64c5-575a-4a36-829d-0f6b12f78263","metadata":null,"subtype":null,"text":"The misery index, based on a Bloomberg analysis of unemployment and inflation data from the Office for National Statistics, averaged almost 12 since Sunak took office in October 2022. That’s down from 15 under Truss, the most painful period since the 1990s, but up from the levels under every administration from Tony Blair through Boris Johnson.
"},{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/5b5f4641-fdc7-4303-8a70-d820e0f80555","type":"text","family-id":"b371c5be-7f51-4647-a87c-f988e35111e9","title":"","id":"5b5f4641-fdc7-4303-8a70-d820e0f80555","metadata":null,"subtype":null,"text":"The index was created by the US economist Arthur Okun, an adviser to US President Lyndon B. Johnson, to capture how voters felt about the economy. Since then, it’s been used by politicians and academics all over the world to track sentiment over time.
"},{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/837c6b98-8050-4dff-a22a-9bb274d856cc","type":"text","family-id":"747eb0e7-83f8-4686-a7a9-565d64025cef","title":"","id":"837c6b98-8050-4dff-a22a-9bb274d856cc","metadata":null,"subtype":null,"text":"For Sunak, the index underscores the challenge Sunak faces — voter perceptions of their own fortunes lag real-time data. So an improvement that most economists think is materializing now won’t register with most people for many months.
"},{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/e89561d5-88c6-45cf-98ec-e4c83016d1ea","type":"text","family-id":"3084705c-6127-42b5-a5d2-9aca60110474","title":"","id":"e89561d5-88c6-45cf-98ec-e4c83016d1ea","metadata":null,"subtype":null,"text":"“While people blame the government for inflation going up, they don’t necessarily credit it with inflation going down,” said Luke Tryl, director at More in Common, a research group that conducts surveys in the UK, US and Germany. “Headline figures might be indicating more optimism, but people aren’t feeling that in their day-to-day lives. And how people feel has always been more important than what the stats say.”
"},{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/9b412e66-5851-435d-b3d5-ed933aee40b0","type":"text","family-id":"96a0daa4-cb12-4308-a30e-08ad3003ce4c","title":"","id":"9b412e66-5851-435d-b3d5-ed933aee40b0","metadata":null,"subtype":null,"text":"Plotting the misery index against UK general election dates shows ruling parties tend to lose power after periods where the pain is most accute. At the moment, the Labour opposition leads the Sunak’s Conservatives in polls by some 20 points.
"},{"description":"","image-metadata":null,"page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/8e1a5a48-8794-4d3f-9d98-ebf10218dbff","type":"image","family-id":"81cd7aeb-0722-4309-97ab-1dfec9638e0e","image-attribution":"","title":"","id":"8e1a5a48-8794-4d3f-9d98-ebf10218dbff","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/502c08aa-6430-4c9c-9320-b9f35e576183/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ijIzU3mL3fy4/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/a9de65ec-6bad-4bc4-92e0-b4257992f941","type":"text","family-id":"cb5cebf1-fb2e-425a-8a0d-3a27f9822c56","title":"","id":"a9de65ec-6bad-4bc4-92e0-b4257992f941","metadata":null,"subtype":null,"text":"Inflation has been Sunak’s main challenge. Unemployment — the main headache for his predecessors — has remained subdued even through last year’s slump, which most analysts say is probably over. Soaring prices ate into the spending power of consumers and prompted the Bank of England to raise interest rates to a 16-year high, driving up mortgage costs.
"},{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/1df54758-f208-4bcb-b2a2-aa81395fe23e","type":"text","family-id":"9b7edc0c-d5f1-4d79-a1f2-8c24afb4da54","title":"","id":"1df54758-f208-4bcb-b2a2-aa81395fe23e","metadata":null,"subtype":null,"text":"The outlook is more sunny. The government’s official forecaster, the Office for Budget Responsibility, expects inflation, which averaged 7.4% in 2023, to fall below 2% in the next few months and interest rates to decline. It expects unemployment, which was 4% last year, to tick up to 4.4%.
"},{"description":"","image-metadata":null,"page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/d29f85d2-b1ea-46a0-895f-ba757238276c","type":"image","family-id":"11b3bcc5-a007-4023-aa6a-fcf6e56c5d73","image-attribution":"","title":"","id":"d29f85d2-b1ea-46a0-895f-ba757238276c","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/76f02282-3e1f-4f92-9421-ee254406e4ec/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i1AMh.YYtvww/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/8e10f544-c8f0-49e3-89d2-40aff6b9edc5","type":"text","family-id":"dd7654a2-a387-4479-a891-f82627951d42","title":"","id":"8e10f544-c8f0-49e3-89d2-40aff6b9edc5","metadata":null,"subtype":null,"text":"Of course, unemployment and inflation aren’t the only issues on the political agenda. Voters are also feeling the impact of rising tax bills and deteriorating public services, especially for health. With inflation subsiding, most prices will merely rise more slowly — not fall back to levels people enjoyed before Covid-19 hit.
"},{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/9887f288-8f88-4db4-8283-c6d791f3cf44","type":"text","family-id":"41c86847-15fd-4afb-9716-a4dc816a3308","title":"","id":"9887f288-8f88-4db4-8283-c6d791f3cf44","metadata":null,"subtype":null,"text":"“Voters care about levels, not just year-on-year changes, and in level terms they’re a lot worse off compared to a few years ago,” said Andrew Goodwin, chief UK economist at Oxford Economics.
"},{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/954659c7-f4c7-41f9-a0b5-aba3c065ef56","type":"text","family-id":"94ec43f8-d101-41d3-8cf1-97d92b676186","title":"","id":"954659c7-f4c7-41f9-a0b5-aba3c065ef56","metadata":null,"subtype":null,"text":"Also, a brighter economic outlook doesn’t necessarily translate into popularity for the ruling party. The Conservative position in opinion polls didn’t recover after 1992, despite the improvement in GfK Ltd.’s measure consumer confidence, according to Gregory.
"},{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/77c1e1c8-771f-442a-9c51-bc186c49d247","type":"text","family-id":"16c63353-6947-4b21-8a65-9c65a24ac584","title":"","id":"77c1e1c8-771f-442a-9c51-bc186c49d247","metadata":null,"subtype":null,"text":"At the moment, all generations are suffering from the surge in prices. Those under 40 have never felt a worse period, and older ones have to look back decades to remember an equivalent amount of pain.
"},{"description":"","image-metadata":null,"page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/d77e3674-6e8d-4dc9-8170-e2a1758ec41b","type":"image","family-id":"e6615748-8cce-42ac-981e-a56f01139819","image-attribution":"","title":"","id":"d77e3674-6e8d-4dc9-8170-e2a1758ec41b","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/76ab881c-e814-412d-bfee-1fc31125cd73/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/indenvX34Xhw/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/94ce377a-288a-4454-b9fc-0a7394adec1b","type":"text","family-id":"32e440db-a2f6-4249-aa02-2a397f38018b","title":"","id":"94ce377a-288a-4454-b9fc-0a7394adec1b","metadata":null,"subtype":null,"text":"Economic sentiment has been improving in recent months, thanks to lower price gains and expectations of interest rates cuts. Yet the Conservatives’ position in polls keeps worsening, with one recent survey showing the Tories with their worst-ever rating.
"},{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/b2d0f48f-5a20-4f98-ab80-a3b2692066de","type":"text","family-id":"dda49cee-80b4-446c-8a7c-140ce2001b6f","title":"","id":"b2d0f48f-5a20-4f98-ab80-a3b2692066de","metadata":null,"subtype":null,"text":"“This is a sort of end-of-term prime minister,” Tyl said, drawing parallels with Major’s defeat in 1997. “Major was approaching the end of a significant period when the Conservative had been in power 14 years. Rishi Sunak is at the same point. Major had Black Wednesday. Sunak has got the cost-of-living crisis.”
"},{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/eac10d2d-d418-4e52-92c2-b98216308864","type":"text","family-id":"5e4723ff-8a08-4b14-877e-66eb04b06c30","title":"","id":"eac10d2d-d418-4e52-92c2-b98216308864","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/eaea9fa3-79f1-4e96-912f-e151ad4307b6/element/7877219d-525b-4355-80e4-af8f97a5072f","type":"text","family-id":"9ba274ea-2331-464e-8774-7c084470c06e","title":"","id":"7877219d-525b-4355-80e4-af8f97a5072f","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1710657245165,"content-version-id":"0dfb607b-450a-4a73-9f74-569142f938b0","card-added-at":1710657245165,"status":"draft","id":"1f64c630-675c-42b4-aa61-5ea6167f2872","content-id":"1f64c630-675c-42b4-aa61-5ea6167f2872","version":11,"metadata":{"social-share":{"shareable":true,"title":"Sunak Faces Economic Misery Similar To Before 1997 Tory Defeat","message":"The figures shed light on how voters feel about an economy that tipped into recession in 2023 and is still struggling with a cost-of-living crisis.","image":{"key":"bloombergquint/2024-03/a37b739d-b7ff-451b-bf27-383e81d183f5/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1671959,"first-published-at":1710679740613,"story-template":"syndicated","authors":[{"slug":"irina-anghel-3","social":{},"name":"Irina Anghel","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1671959,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["economics"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-17/sunak-faces-economic-misery-similar-to-before-1997-tory-defeat","imported-card-id":"1f64c630-675c-42b4-aa61-5ea6167f2872","card-share":{"shareable":true}}}},{"id":"de59c236-f278-455d-a2b0-d34511173e48","associated-metadata":{},"type":"story","story":{"author-name":"Vince Golle","headline":"Charting The Global Economy: Stubborn Inflation Giving Fed Pause","slug":"global-economics/world-economy-latest-stubborn-inflation-seen-giving-fed-pause-on-rate-cut","last-published-at":1710659730940,"alternative":{},"sections":[{"domain-slug":null,"slug":"global-economics","name":"Global Economics","section-url":"https://www.ndtvprofit.com/global-economics","id":1250,"parent-id":null,"display-name":"Global Economics","collection":{"slug":"global-economics","name":"Global Economics","id":15813},"data":null},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i_K7Dkaz2WWI/v0/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","width":2000,"height":1331,"focus-point":[952,282]},"published-at":1710659730940,"summary":"Fresh US data showing persistent inflation so far this year and limited signs of a weakening job market underscore a Federal Reserve in no rush to start lowering interest rates.","id":"de59c236-f278-455d-a2b0-d34511173e48","hero-image-s3-key":"bloombergquint/2024-02/eff6bc94-fb6c-4ab1-83a5-6b277ab1e090/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/e7f2296b-96b4-414b-8bcd-7ad98319a66b","type":"text","family-id":"77e9809e-4eb1-479b-b8a4-b81ce955a292","title":"","id":"e7f2296b-96b4-414b-8bcd-7ad98319a66b","metadata":null,"subtype":null,"text":"(Bloomberg) -- Fresh US data showing persistent inflation so far this year and limited signs of a weakening job market underscore a Federal Reserve in no rush to start lowering interest rates.
"},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/ce159442-1e74-416a-800c-47b66c985450","type":"text","family-id":"e84184c5-baad-48c0-8a00-e4321752d35c","title":"","id":"ce159442-1e74-416a-800c-47b66c985450","metadata":null,"subtype":null,"text":"Industrial production figures illustrated a euro area economy that’s merely limping along. In Japan, speculation intensified for the first rate hike in more than a decade after the country’s largest labor union secured big wage deals.
"},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/16e07272-25ad-4e7c-9cc4-38c58a81f5c1","type":"text","family-id":"6807d557-6acb-4dab-9cde-bf2cbdfe8abb","title":"","id":"16e07272-25ad-4e7c-9cc4-38c58a81f5c1","metadata":null,"subtype":null,"text":"The world of geopolitics continued to evolve, including Ukrainian drone attacks on Russian oil refineries, declining foreign investment in China and US concerns about Beijing’s subsidies for shipbuilders.
"},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/e7484e7c-8ec4-496c-9b7e-730e06500c93","type":"text","family-id":"f4850238-992f-4a56-b880-1eef37e6540f","title":"","id":"e7484e7c-8ec4-496c-9b7e-730e06500c93","metadata":null,"subtype":null,"text":"Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy, geopolitics and markets:
"},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/dd26e010-9f26-4c33-83f7-2f4c533e75d4","type":"text","family-id":"ac32d1fd-fe15-46cb-94c3-ee8d77fbd046","title":"","id":"dd26e010-9f26-4c33-83f7-2f4c533e75d4","metadata":null,"subtype":null,"text":"World
"},{"description":"","image-metadata":null,"page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/3e65e08b-f2dc-47f8-bb30-e9736aa6128a","type":"image","family-id":"1d204952-ce8c-4d8f-9d26-fff9fd6517a4","image-attribution":"","title":"","id":"3e65e08b-f2dc-47f8-bb30-e9736aa6128a","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/f17ce489-096b-4bdf-9f68-c1c4933c753f/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iBpJV1R9mWnE/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/f7bfe9a3-a301-4530-bee6-7a3e4188b2ec","type":"text","family-id":"583c68dc-6c06-49a0-82d7-deb7004d4ce2","title":"","id":"f7bfe9a3-a301-4530-bee6-7a3e4188b2ec","metadata":null,"subtype":null,"text":"Ukrainian drone attacks halted three oil refineries deep within Russian territory in an assault President Vladimir Putin said was aimed at disrupting his presidential election later this week. An aerial strike on Wednesday caused a blaze at one of the country’s biggest crude-processing facilities, Rosneft PJSC’s Ryazan plant near Moscow. Since the start of this year, Ukraine has used drones to target important Russian oil facilities from the Black Sea to the Baltic Sea.
"},{"description":"","image-metadata":null,"page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/25eadfd1-5846-4383-85b5-7ae76a8579b4","type":"image","family-id":"a75db273-0954-45cc-ad43-da92b29cea34","image-attribution":"","title":"","id":"25eadfd1-5846-4383-85b5-7ae76a8579b4","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/286a01cf-a9c3-4e87-8885-bb8cbe47bda3/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/im5XBphkrhdQ/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/20df71c1-f02d-4999-a382-801f76d1625b","type":"text","family-id":"d397ebb6-ab9c-4487-afd3-f35a88d69852","title":"","id":"20df71c1-f02d-4999-a382-801f76d1625b","metadata":null,"subtype":null,"text":"US President Joe Biden pledged to look into a petition from a group of unions asking his administration to review China’s subsidies for shipbuilders, as tensions between the world’s two largest economies simmer on trade and key supply chains during a critical American election year. Shipbuilding is emerging as the latest battleground in the US-China trade war.
"},{"description":"","image-metadata":null,"page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/ac3837ff-21f0-4b31-a2f0-40da64d9c909","type":"image","family-id":"8f8e3a84-4870-4fc4-a532-1f361bf44e0e","image-attribution":"","title":"","id":"ac3837ff-21f0-4b31-a2f0-40da64d9c909","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/4ef7fec9-89b8-4eda-a16d-763679f3c174/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i8D8hvOxEDbk/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/e5af9652-17a9-451a-b43a-01eb4d18511a","type":"text","family-id":"c6c8e121-fa5c-4d59-85f2-4dfc85161af5","title":"","id":"e5af9652-17a9-451a-b43a-01eb4d18511a","metadata":null,"subtype":null,"text":"Georgia and Ukraine cut rates, while Angola raised them. After holding rates steady last week, the European Central Bank presented a new framework for how it implements monetary policy, preserving the current system of steering interest rates while giving lenders more of a say over how much cash they need to operate.
"},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/fa4e6fc4-95c0-42a7-9ac3-1f7bbfc621c1","type":"text","family-id":"b661c0fd-9ea0-469d-8fe4-e76a1ef971c7","title":"","id":"fa4e6fc4-95c0-42a7-9ac3-1f7bbfc621c1","metadata":null,"subtype":null,"text":"US
"},{"description":"","image-metadata":null,"page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/d9bd13af-f13f-4aa3-8052-fd37b17cb41e","type":"image","family-id":"b2a85fb9-d93c-4202-9307-0132195ec023","image-attribution":"","title":"","id":"d9bd13af-f13f-4aa3-8052-fd37b17cb41e","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/38e34531-aba5-417e-b6b2-b85959326da2/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iIOltmjBd_bg/v2/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/dfe3bc32-97ea-447a-92ef-c119fac8cfe0","type":"text","family-id":"076069c9-d736-4eaf-b9c7-06da57ffb92e","title":"","id":"dfe3bc32-97ea-447a-92ef-c119fac8cfe0","metadata":null,"subtype":null,"text":"The latest data on inflation and unemployment filings gave Fed officials more reasons to hold off on cutting interest rates, even as retail sales suggested a slowdown in consumer spending. Key components from the latest consumer and producer price reports that inform the personal consumption expenditures price index — the Fed’s preferred inflation metric — suggest the February PCE will come in strong again when released later this month.
"},{"description":"","image-metadata":null,"page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/e09fd057-35df-413e-b8c4-2b763b7e8356","type":"image","family-id":"c34e2e6c-8c57-4f5e-9668-b0a899d6c687","image-attribution":"","title":"","id":"e09fd057-35df-413e-b8c4-2b763b7e8356","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/14933755-55d3-4d4a-8fb0-0b4aa1f84d5c/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/igvj7ownMF3E/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/0751a3e4-66b0-4922-ba43-140dd94f2c7b","type":"text","family-id":"87051ee7-5bd1-4d80-b8b8-355a8e95ed00","title":"","id":"0751a3e4-66b0-4922-ba43-140dd94f2c7b","metadata":null,"subtype":null,"text":"The Biden administration is offering a $2.26 billion loan to help Lithium Americas Corp. develop a Nevada lithium deposit that’s the country’s largest. Demand for lithium, which also is used for grid storage and weapons, is projected to exceed current production by 2030. About 65% of the critical mineral is processed in China.
"},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/29ac9092-08eb-45b5-b14a-fd13ed7d50e0","type":"text","family-id":"30196565-9c57-4ba9-961d-e0398c17b95a","title":"","id":"29ac9092-08eb-45b5-b14a-fd13ed7d50e0","metadata":null,"subtype":null,"text":"Europe
"},{"description":"","image-metadata":null,"page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/07f64c06-5b42-49a4-8d65-f8730d22b071","type":"image","family-id":"708dba4e-8cc3-442f-86d6-2b63afffe09a","image-attribution":"","title":"","id":"07f64c06-5b42-49a4-8d65-f8730d22b071","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/268d7430-3eea-48b6-8b16-6decf9279667/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iS_QxMEQMWaQ/v3/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/3dd2cd6b-4754-4370-8be1-2cc76e204c02","type":"text","family-id":"5674847c-42b8-4550-9b1a-c8a87e114a15","title":"","id":"3dd2cd6b-4754-4370-8be1-2cc76e204c02","metadata":null,"subtype":null,"text":"Euro-area industrial production slumped at the start of the year, raising the prospect that the economy as a whole is struggling to grow in the first quarter.
"},{"description":"","image-metadata":null,"page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/80f81cb7-267e-4cd4-8690-fc440df079b8","type":"image","family-id":"027ad37d-52de-4b39-a6fd-b4c4469565d6","image-attribution":"","title":"","id":"80f81cb7-267e-4cd4-8690-fc440df079b8","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/b4b65fb0-4882-4cb6-8fa4-f0deffad639a/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iAMiT4xosXaw/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/a80be3a5-614e-4831-b39f-ef645bd7f477","type":"text","family-id":"cca6a694-a987-4eb9-8e26-febd2e35a895","title":"","id":"a80be3a5-614e-4831-b39f-ef645bd7f477","metadata":null,"subtype":null,"text":"The UK economy rebounded in January, registering modest growth after falling into a technical recession in the second half of last year. Gross domestic product rose 0.2%, bolstered by services and construction, after a 0.1% decline in December
"},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/03925bce-0b89-46ad-872f-937d713a52b0","type":"text","family-id":"164af907-4108-4325-b8e9-f306b767e6d7","title":"","id":"03925bce-0b89-46ad-872f-937d713a52b0","metadata":null,"subtype":null,"text":"Asia
"},{"description":"","image-metadata":null,"page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/9af9e678-11a9-4b18-8f1c-02d7e229e2f2","type":"image","family-id":"8432a850-790d-4fd9-9f59-80bdac6b45d3","image-attribution":"","title":"","id":"9af9e678-11a9-4b18-8f1c-02d7e229e2f2","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/5099c7ad-0c01-4024-a360-1637f09c11f3/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iIwsWEYsSx6c/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/58ef536e-2f65-4fe8-8e12-b0db857709ae","type":"text","family-id":"00dfa9f7-e036-4d60-8260-75252320fec1","title":"","id":"58ef536e-2f65-4fe8-8e12-b0db857709ae","metadata":null,"subtype":null,"text":"Japan’s largest union group announced stronger-than-expected annual wage deals, a result that will fuel already intense speculation that the central bank will next week raise interest rates for the first time since 2007. The central bank has long pursued a goal of achieving sustainable 2% inflation. A key component of that goal is setting in motion a virtuous cycle in which wage growth feeds into demand-led price gains.
"},{"description":"","image-metadata":null,"page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/6056973c-b10d-4cff-8b42-dcdcf75072a7","type":"image","family-id":"1bbb345e-dfef-4de1-9ac0-c7435b495852","image-attribution":"","title":"","id":"6056973c-b10d-4cff-8b42-dcdcf75072a7","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/f146d36c-fa00-4f22-8b84-d15ed63b9f21/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iAsBsv78o3XM/v2/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/e39f8b38-18ae-48b6-9fb1-bd3908dcf9b7","type":"text","family-id":"19fc1a94-cb18-4c21-8f56-a18f109f3d94","title":"","id":"e39f8b38-18ae-48b6-9fb1-bd3908dcf9b7","metadata":null,"subtype":null,"text":"India’s inflation was little changed in February, staying above the central bank’s target and giving policymakers reason to remain cautious. India’s strong economic growth last quarter is another reason for policymakers to stay on guard.
"},{"description":"","image-metadata":null,"page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/3bf36635-29ae-4125-a868-9c60c06d6095","type":"image","family-id":"6a167cac-e82c-442f-ba35-857d17bec281","image-attribution":"","title":"","id":"3bf36635-29ae-4125-a868-9c60c06d6095","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/d2a8d2d9-95dc-4c1f-a01b-1c79d70a660d/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iA0FmtCcYJeQ/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/101ea5ce-e22d-444f-8c4a-8e995e8967e1","type":"text","family-id":"8ad378bf-e1d7-4607-935d-8bcd801c91f8","title":"","id":"101ea5ce-e22d-444f-8c4a-8e995e8967e1","metadata":null,"subtype":null,"text":"South Korea’s direct investment flows into China last year fell by the most in data going back more than three decades in a sign of weakening economic ties between the two countries. The re-orientation of South Korea’s investment away from China comes amid a change in the breakdown of its export markets. China is close to being overtaken by the US as the biggest destination for South Korean exports.
"},{"description":"","image-metadata":null,"page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/5bb5b529-0e9b-4014-b8a5-f2e5757d4f47","type":"image","family-id":"ecf5585e-03cd-40d6-bf67-5b69ac42a4fd","image-attribution":"","title":"","id":"5bb5b529-0e9b-4014-b8a5-f2e5757d4f47","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/f5adaf60-451a-4ef1-8357-10297cb2b5d8/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ieQ0IBpg_gLw/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/3f3ada01-fe69-47cb-86f1-138d5629cd43","type":"text","family-id":"12ce2adb-e5be-45fb-9130-02065a509669","title":"","id":"3f3ada01-fe69-47cb-86f1-138d5629cd43","metadata":null,"subtype":null,"text":"The Philippines is counting on the US and its allies to play a crucial role in its plans to explore energy resources in the disputed South China Sea, according to Manila’s envoy to Washington. The Philippines is exploring several options in its quest to tap the resource-rich South China Sea, waters that China claims almost in its entirety. The body of water is estimated to hold significant quantities of oil and gas
"},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/48fbbfc0-6fe7-491f-995e-50b3e1a88cd0","type":"text","family-id":"8f6a9e94-17b0-4757-8b34-671ec61a3be6","title":"","id":"48fbbfc0-6fe7-491f-995e-50b3e1a88cd0","metadata":null,"subtype":null,"text":"Emerging Markets
"},{"description":"","image-metadata":null,"page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/a9489a24-96bd-4c73-b587-5b0a057d160c","type":"image","family-id":"91f67fe7-b013-4747-9b2c-f62489c982bb","image-attribution":"","title":"","id":"a9489a24-96bd-4c73-b587-5b0a057d160c","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/32266ce8-7a6b-4f4d-b5a0-9e1e2062cea3/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iR6l3GvkHIQM/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/3c681a5e-7437-4ffa-87de-a0ad85fad4ad","type":"text","family-id":"a3a11c33-b95d-4925-91d2-14bb4153679e","title":"","id":"3c681a5e-7437-4ffa-87de-a0ad85fad4ad","metadata":null,"subtype":null,"text":"President Luiz Inacio Lula da Silva’s plan to help Brazilians escape the record amounts of debt they amassed during the pandemic remains well short of its targets as it approaches its March 31 expiration, denting his efforts to unleash consumer spending and boost growth in Latin America’s largest economy.
"},{"description":"","image-metadata":null,"page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/e1d2eb43-c33a-486d-bcdf-46e54d905dc2","type":"image","family-id":"6311dc44-a0e6-4881-aff0-ceeaae3d6927","image-attribution":"","title":"","id":"e1d2eb43-c33a-486d-bcdf-46e54d905dc2","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/e7acda3c-f7ab-4059-877f-2b26bc3eb32a/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iidolkVxd36I/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/6e737eaf-f636-4c09-bf25-ddf1bad18788","type":"text","family-id":"09dc90cf-313b-4aad-9165-407c4872a21b","title":"","id":"6e737eaf-f636-4c09-bf25-ddf1bad18788","metadata":null,"subtype":null,"text":"Argentina’s monthly inflation slowed for a second consecutive time as the impact of December’s large peso devaluation fades and President Javier Milei’s austerity measures push the economy into recession. The night before the release, the central bank announced a surprise rate cut to 80% from 100% as policymakers said they see monthly inflation cooling.
"},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/0a3a8ee3-26d3-4de8-a0ab-f11a6f64d52b","type":"text","family-id":"9b4dd42e-1f70-49cd-ad89-2753084c7aaa","title":"","id":"0a3a8ee3-26d3-4de8-a0ab-f11a6f64d52b","metadata":null,"subtype":null,"text":"--With assistance from Philip Aldrick, Andrew Atkinson, Jan Bratanic, Andreo Calonzo, Sam Kim, James Mayger, Ari Natter, Yoshiaki Nohara, Anup Roy, Augusta Saraiva, Zoe Schneeweiss, Manolo Serapio Jr., Manuela Tobias, Sylvia Westall, Josh Xiao and Erica Yokoyama.
"},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/44ee0690-b3e5-49bd-9eac-54f1ea414381","type":"text","family-id":"3e38a598-c8a2-4a25-98c2-e307962299b8","title":"","id":"44ee0690-b3e5-49bd-9eac-54f1ea414381","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/de59c236-f278-455d-a2b0-d34511173e48/element/d0b7de6d-ecc0-494b-998a-0e1f944ed032","type":"text","family-id":"6cb5b090-55c5-44de-891c-b69ddb6f5013","title":"","id":"d0b7de6d-ecc0-494b-998a-0e1f944ed032","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1710592002525,"content-version-id":"727f67a8-16bd-4662-bd23-d9b1d76ceb8d","card-added-at":1710580699012,"status":"draft","id":"4b29e258-1a02-4da9-b5b6-5f575d985330","content-id":"4b29e258-1a02-4da9-b5b6-5f575d985330","version":28,"metadata":{"social-share":{"shareable":true,"title":"Charting The Global Economy: Stubborn Inflation Giving Fed Pause","message":"Fresh US data showing persistent inflation so far this year and limited signs of a weakening job market underscore a Federal Reserve in no rush to start lowering interest rates.","image":{"key":"bloombergquint/2024-03/f17ce489-096b-4bdf-9f68-c1c4933c753f/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}},"attributes":{}}}],"author-id":1669412,"first-published-at":1710592006776,"story-template":"syndicated","authors":[{"slug":"vince-golle-3","social":{},"name":"Vince Golle","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669412,"avatar-s3-key":null,"twitter-handle":null},{"slug":"molly-smith-4","social":{},"name":"Molly Smith","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669411,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["economics"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-16/world-economy-latest-stubborn-inflation-seen-giving-fed-pause-on-rate-cut","imported-card-id":"4b29e258-1a02-4da9-b5b6-5f575d985330","card-share":{"shareable":true}}}},{"id":"c2474abc-7f2d-41ac-b153-cd73f3184d1b","associated-metadata":{},"type":"story","story":{"author-name":"Steve Matthews","headline":"Fed Seen Sticking With Higher Peak Rate Despite Cooler Inflation","slug":"global-economics/fed-seen-sticking-with-higher-peak-rate-despite-cooler-inflation","last-published-at":1710519177274,"alternative":{},"sections":[{"domain-slug":null,"slug":"global-economics","name":"Global Economics","section-url":"https://www.ndtvprofit.com/global-economics","id":1250,"parent-id":null,"display-name":"Global Economics","collection":{"slug":"global-economics","name":"Global Economics","id":15813},"data":null},{"domain-slug":null,"slug":"world","name":"World","section-url":"https://www.ndtvprofit.com/world","id":38090,"parent-id":null,"display-name":"World","collection":{"slug":"world","name":"World","id":103216},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"width":2000,"height":1125},"published-at":1710519177274,"summary":"Economists largely stuck to their forecasts that the Federal Reserve will raise interest rates to 5% by March and hold them there for most of 2023, even after inflation slowed last month by more than forecast.","id":"c2474abc-7f2d-41ac-b153-cd73f3184d1b","hero-image-s3-key":"bloombergquint/2023-07/6f4ded03-111b-4e0c-93a6-d1d2975f7aa9/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/6911e7cb-6882-4c64-bfc4-69c929e707a6","type":"text","family-id":"f010e978-b557-4366-84b7-409be960049a","title":"","id":"6911e7cb-6882-4c64-bfc4-69c929e707a6","metadata":null,"subtype":null,"text":"(Bloomberg) -- Economists largely stuck to their forecasts that the Federal Reserve will raise interest rates to 5% by March and hold them there for most of 2023, even after inflation slowed last month by more than forecast.
"},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/b82fd3a8-bce9-418a-a282-7ea6f2f3dc03","type":"text","family-id":"0c65f474-1308-41cb-9dbe-1c73ad18a0da","title":"","id":"b82fd3a8-bce9-418a-a282-7ea6f2f3dc03","metadata":null,"subtype":null,"text":"The Federal Open Market Committee will raise rates an additional percentage point over the next several meetings to confront inflation near a 40-year high, according to a Bloomberg survey of 65 economists that took place Nov. 4-11.
"},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/c96653ef-7c5e-4e09-a103-cc1353e595da","type":"text","family-id":"d133609d-16a9-4879-ad4d-3f3b7593dfeb","title":"","id":"c96653ef-7c5e-4e09-a103-cc1353e595da","metadata":null,"subtype":null,"text":"The economists kept their view of the Fed’s policy path despite a surge in markets following an unexpectedly large slowdown in price gains in October.
"},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/d5609689-a354-4291-ad9d-c0f2122016f4","type":"text","family-id":"95a81b08-67dd-4a50-bebf-c40fc6d459ae","title":"","id":"d5609689-a354-4291-ad9d-c0f2122016f4","metadata":null,"subtype":null,"text":"Officials got a bit more good news on Tuesday after Labor Department data showed US producer price growth stepped down in October by more than expected in the latest sign that inflationary pressures are beginning to ease. The producer price index for final demand advanced 8% from a year ago, the smallest annual gain in more than a year, and 0.2% from month earlier.
"},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/0252177e-74e3-47f2-adde-3e0c748f3b8d","type":"text","family-id":"d4978f28-d57e-4cfd-805f-27db8bd204b5","title":"","id":"0252177e-74e3-47f2-adde-3e0c748f3b8d","metadata":null,"subtype":null,"text":"Fed officials remain resolute to continue their fight against inflation and not prematurely halt rate hikes in order to ensure a return to the 2% target, even as they acknowledge the economy could suffer pain and a possible recession.
"},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/cac77f47-438b-4f4f-81ef-6770ff7e916d","type":"text","family-id":"4f8e234f-fab3-43f2-8611-eeb4b70c597d","title":"","id":"cac77f47-438b-4f4f-81ef-6770ff7e916d","metadata":null,"subtype":null,"text":"Fed Vice Chair Lael Brainard said “we have additional work to do” during an event at Bloomberg’s Washington bureau Monday, several hours after Governor Chris Waller said “we’ve still got a ways to go” on rates and pledged to keep them high for a while to dampen price pressures.
"},{"description":"","image-metadata":null,"page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/379a135b-ec6f-44af-ae5f-eb99eb9c7951","type":"image","family-id":"f3733da4-0797-48c2-a9bb-53c3e46b1f82","image-attribution":"","title":"WATCH: “It makes sense to move to a more deliberate and a more data dependent pace as we continue,” says Federal Reserve Vice Chair Lael Brainard.Source: Bloomberg","id":"379a135b-ec6f-44af-ae5f-eb99eb9c7951","hyperlink":null,"image-s3-key":"bloombergquint/2022-11/be4ca0aa-00af-4083-934d-1d263e2f2d63/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iJG4L9e3GzZU/v3/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/58716828-8167-473c-ae82-5b0de06b7abe","type":"text","family-id":"8a263413-4309-4764-8b14-3b7955f09c64","title":"","id":"58716828-8167-473c-ae82-5b0de06b7abe","metadata":null,"subtype":null,"text":"The US central bank has raised its benchmark rate from almost zero in March to a target range of 3.75% to 4% this month in a bid to slow the economy and bring inflation that surged following the Covid-19 disruptions of 2020 and 2021. The most aggressive tightening campaign since the 1980s has included rate hikes of three-quarters of a percentage point at each of the last four policy meetings, triple the usual move.
"},{"description":"","image-metadata":null,"page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/73ed511a-9079-4e9a-8d7b-12ef7c8513b4","type":"image","family-id":"6d700e52-31a9-4518-9317-49df080a6332","image-attribution":"","title":"","id":"73ed511a-9079-4e9a-8d7b-12ef7c8513b4","hyperlink":null,"image-s3-key":"bloombergquint/2022-11/059e90be-41ad-4cce-8dbb-2951a47b5c6e/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iHqk3Rm1tUL0/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/0f062655-b7be-49ba-8b4a-e2be22db8700","type":"text","family-id":"6c6735c2-fb83-4bf2-a73a-709aaed3488d","title":"","id":"0f062655-b7be-49ba-8b4a-e2be22db8700","metadata":null,"subtype":null,"text":"“The Federal Reserve is focused on defeating inflation, whatever the economic cost,” James Knightley, chief international economist at ING Groep NV, said in a survey response. “We look for Fed funds to peak at 5%, but with nascent signs that inflation will fall sharply next year and the likelihood that recession will bite hard, the chances of a policy reversal in 2023 are high.”
"},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/f0eff2b4-f324-43bc-a966-fbcb4a4151bb","type":"text","family-id":"f70b87b1-ec65-471d-ac71-ab3f611c388e","title":"","id":"f0eff2b4-f324-43bc-a966-fbcb4a4151bb","metadata":null,"subtype":null,"text":"The economists see the Fed as somewhat more steadfast in keeping rates higher for longer than investors, despite recent positive inflation news.
"},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/d9b1309a-fce6-49ac-914c-783f25396370","type":"text","family-id":"bd5acd8e-dccc-40bf-ba3b-82975ad08dc1","title":"","id":"d9b1309a-fce6-49ac-914c-783f25396370","metadata":null,"subtype":null,"text":"What Bloomberg Economics Says...
"},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/f6cf0b57-ffa3-4c67-b418-39860b493269","type":"text","family-id":"0b0b409a-5b00-4112-8a59-17f47f0a0c3a","title":"","id":"f6cf0b57-ffa3-4c67-b418-39860b493269","metadata":null,"subtype":null,"text":"“Markets surged as they read October’s soft CPI report as signaling that inflation is past the peak and an end to Fed rate hikes is in sight. Markets may have rejoiced prematurely. Recent developments have not changed our view that the Fed ultimately will have to hike rates to 5% next year.”
"},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/e86a500d-7439-4ffe-a1be-f60dfce36e05","type":"text","family-id":"812d16a9-8bcd-481b-9745-7a3f0fed34b8","title":"","id":"e86a500d-7439-4ffe-a1be-f60dfce36e05","metadata":null,"subtype":null,"text":"-- Anna Wong and Eliza Winger (economists)
"},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/f0317c65-1f95-4027-afa5-2f354c10b527","type":"text","family-id":"56f35f29-82b7-4ce3-a3f8-9648d3516f0b","title":"","id":"f0317c65-1f95-4027-afa5-2f354c10b527","metadata":null,"subtype":null,"text":"Data released on Thursday showed consumer prices cooling by more than expected in October, with the consumer price index rising 7.7% from a year earlier versus 8.2% the month before.
"},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/91967aba-7415-4a84-b515-3159fc8b6d8c","type":"text","family-id":"e6b08373-f340-48a9-a071-f1a7500b9b05","title":"","id":"91967aba-7415-4a84-b515-3159fc8b6d8c","metadata":null,"subtype":null,"text":"News of the better-than-expected CPI report sent bond yields plummeting and saw investors harden bets that the Fed would scale back the size of its next rate increase in December to 50 basis points. Markets are now pricing in a peak near 5% with rates falling to 4.5% by the end of 2023.
"},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/88777fd6-b126-4cd7-83c8-42ad01c48726","type":"text","family-id":"1da3cde4-2b8d-4b37-a7e8-9620f992a03a","title":"","id":"88777fd6-b126-4cd7-83c8-42ad01c48726","metadata":null,"subtype":null,"text":"The economists were split on when the central bank will back off of its aggressive rates. The median projection predicts rates will drop by a quarter in the fourth quarter of next year, though nearly half disagree and put rates at 5% or higher.
"},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/c4d6ee29-989f-409b-be45-44766491555b","type":"text","family-id":"ff3eea18-3ce8-42aa-b08b-5395cee24296","title":"","id":"c4d6ee29-989f-409b-be45-44766491555b","metadata":null,"subtype":null,"text":"Wall Street has a range of views, with economists at Goldman Sachs Group Inc. predicting the Fed will hold at 5% at the end of 2023, while some competitors see cuts following economic weakness and lower inflation.
"},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/e74eaada-426c-4745-a178-5c1472614fd1","type":"text","family-id":"8b184b1e-6019-4ce2-876c-e75cdafa8cc8","title":"","id":"e74eaada-426c-4745-a178-5c1472614fd1","metadata":null,"subtype":null,"text":"Reflecting the view that rates may be nearing a peak and that the path is largely priced in, the economists surveyed look for the 10-year Treasury yield, now 3.87%, to peak at 4.03% at the end of the current quarter and decline to 3.5% by the fourth quarter next year.
"},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/71629522-7da7-4c64-9f11-a13f846865a1","type":"text","family-id":"eb7ac851-da36-48b4-9396-29664378d015","title":"","id":"71629522-7da7-4c64-9f11-a13f846865a1","metadata":null,"subtype":null,"text":"There’s not a lot of doubt about the near-term outlook for rates. Economists now expect Fed officials to opt for a smaller, half-point hike at their Dec. 13-14 meeting following a signal from Chair Jerome Powell on Nov. 2 that such a downshift was in the offing, as well as the more positive inflation report.
"},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/add33fa7-222f-4138-a995-bb86a34374a2","type":"text","family-id":"69446558-4395-44ae-833e-19d9ad2ddeff","title":"","id":"add33fa7-222f-4138-a995-bb86a34374a2","metadata":null,"subtype":null,"text":"(Updates with PPI data in fourth paragraph.)
"},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/ed36adcc-10d6-437b-994d-fbef4a905989","type":"text","family-id":"9fca304c-8766-4b91-9897-c3540ba44cba","title":"","id":"ed36adcc-10d6-437b-994d-fbef4a905989","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/c2474abc-7f2d-41ac-b153-cd73f3184d1b/element/4aa98069-8ef1-4eb4-b3c2-844025a4183d","type":"text","family-id":"754a17c8-977b-4efd-b0cf-1cda66d11128","title":"","id":"4aa98069-8ef1-4eb4-b3c2-844025a4183d","metadata":null,"subtype":null,"text":"©2022 Bloomberg L.P.
"}],"card-updated-at":1668528905333,"content-version-id":"f9dc6bba-5232-4308-9f52-b95a0b809db6","card-added-at":1668522005656,"status":"draft","id":"8f1e96cd-e2ec-485a-a895-97a05caa0b91","content-id":"8f1e96cd-e2ec-485a-a895-97a05caa0b91","version":5,"metadata":{"social-share":{"shareable":true,"title":"Fed Seen Sticking With Higher Peak Rate Despite Cooler Inflation","message":"Economists largely stuck to their forecasts that the Federal Reserve will raise interest rates to 5% by March and hold them there for most of 2023, even after inflation slowed last month by more than forecast.","image":{"key":"bloombergquint/2022-11/be4ca0aa-00af-4083-934d-1d263e2f2d63/_1x_1.jpg","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1669368,"first-published-at":1710519177274,"story-template":"syndicated","authors":[{"slug":"steve-matthews-4","social":{},"name":"Steve Matthews","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669368,"avatar-s3-key":null,"twitter-handle":null},{"slug":"sarina-yoo-2","social":{},"name":"Sarina Yoo","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1670918,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["economics"]},"original-url":"https://www.bloomberg.com/news/articles/2022-11-15/fed-seen-sticking-with-higher-peak-rate-despite-cooler-inflation","imported-card-id":"8f1e96cd-e2ec-485a-a895-97a05caa0b91","card-share":{"shareable":true}}}},{"id":"a00418ed-382d-42a4-bbe8-43c3084cbf50","associated-metadata":{},"type":"story","story":{"author-name":"Ruth Carson","headline":"BlackRock, Man Group Reveal Big Japan Bets Before BOJ Decision","slug":"world/blackrock-man-group-reveal-big-japan-market-bets-before-boj-rate-decision","last-published-at":1710519173095,"alternative":{},"sections":[{"domain-slug":null,"slug":"world","name":"World","section-url":"https://www.ndtvprofit.com/world","id":38090,"parent-id":null,"display-name":"World","collection":{"slug":"world","name":"World","id":103216},"data":null},{"domain-slug":null,"slug":"global-economics","name":"Global Economics","section-url":"https://www.ndtvprofit.com/global-economics","id":1250,"parent-id":null,"display-name":"Global Economics","collection":{"slug":"global-economics","name":"Global Economics","id":15813},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iPoxg4rgR2zw/v1/-1x-1.jpg","width":2000,"height":1334},"published-at":1710519173095,"summary":"Snap up more Japanese stocks, ratchet up shorts on government debt and keep buying the yen: these are some of the most popular calls from big-name money managers ahead of a central bank meeting that may end the world’s last experiment with negative interest rates.","id":"a00418ed-382d-42a4-bbe8-43c3084cbf50","hero-image-s3-key":"bloombergquint/2024-03/148de6c3-a1c6-41e5-8fbc-ae11dad25e31/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/700e885b-b96d-49d2-9f8a-a5aaac848679","type":"text","family-id":"a979d79b-fa1d-44d6-98dd-14875ec4f853","title":"","id":"700e885b-b96d-49d2-9f8a-a5aaac848679","metadata":null,"subtype":null,"text":"(Bloomberg) -- Snap up more Japanese stocks, ratchet up shorts on government debt and keep buying the yen: these are some of the most popular calls from big-name money managers ahead of a central bank meeting that may end the world’s last experiment with negative interest rates.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/f1569a8f-52ab-4d34-9614-a098276ef036","type":"text","family-id":"6a375f5f-398e-4e30-8f86-ba08d37120ac","title":"","id":"f1569a8f-52ab-4d34-9614-a098276ef036","metadata":null,"subtype":null,"text":"Speculation that the Bank of Japan will raise interest rates on Tuesday intensified after the nation’s largest union group announced stronger-than-expected annual wage deals. The stakes will be enormous, changing market dynamics at a time when the nation’s blue-chip share gauge is towering near its record high, bond yields are creeping back up and the weak currency is boosting exporters.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/8d3e2d43-dbdf-4ae8-bda8-f26767a0816c","type":"text","family-id":"a2d36c54-8a0a-47c4-b59c-4abc71c4912f","title":"","id":"8d3e2d43-dbdf-4ae8-bda8-f26767a0816c","metadata":null,"subtype":null,"text":"BlackRock Inc. and Man Group Plc. are among those seeing room for further gains in equities as economic vitality returns. RBC BlueBay Asset Management has made shorting 10-year government bonds its biggest macro bet, while abrdn plc and Robeco are placing bullish yen wagers.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/65d2ecdc-b7b4-402b-bd36-8191afca6d8a","type":"text","family-id":"04638e78-4fe3-4db4-869a-8b5777dfa9d1","title":"","id":"65d2ecdc-b7b4-402b-bd36-8191afca6d8a","metadata":null,"subtype":null,"text":"“This is a momentous event,” said Yue Bamba, head of Japan active investments at BlackRock, who expects rate increases to be gradual, keeping monetary conditions accommodative and supportive of stocks. “The drivers of growth are varied, broad and durable. I think we’re a long way away from things being fully priced in.”
"},{"description":"","image-metadata":null,"page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/16b75934-340d-4204-8320-918640518bed","type":"image","family-id":"8afe0dca-612b-4af0-9883-5d48f00899a0","image-attribution":"","title":"","id":"16b75934-340d-4204-8320-918640518bed","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/6420da1a-f862-4b1c-bf1c-4d30528478b8/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iJa2y_ss1Ozs/v2/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/9f1f7606-2d58-4069-ab44-d2c7a382e1d2","type":"text","family-id":"f92c3163-51f7-41e3-9980-db4cc9a8df69","title":"","id":"9f1f7606-2d58-4069-ab44-d2c7a382e1d2","metadata":null,"subtype":null,"text":"The outlook for monetary policy will define future capital flows after billions of dollars have poured in over the past year. The BOJ’s short-term policy rate may rise toward 0.25% in late 2024 from minus 0.1%, overnight-indexed swaps show.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/67a51e21-1a21-4bc0-ab33-c716300bc9c6","type":"text","family-id":"45f811a0-f19b-4920-9bfc-c7f37c4c117a","title":"","id":"67a51e21-1a21-4bc0-ab33-c716300bc9c6","metadata":null,"subtype":null,"text":"Stocks Boom
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/4ffca4a6-cf67-4871-82ad-60375e7ea528","type":"text","family-id":"31d73d85-9046-4b71-991c-d57a15aa8cc2","title":"","id":"4ffca4a6-cf67-4871-82ad-60375e7ea528","metadata":null,"subtype":null,"text":"The Nikkei 225’s rally has stalled since breaching 40,000 for the first-time ever earlier this month. The recent breather has failed to deter investors, though they are now more focused on stock picking.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/c18a167f-892a-4473-bd64-7951a8851a94","type":"text","family-id":"ca77ca99-6c81-477a-8025-ae744ef9418e","title":"","id":"c18a167f-892a-4473-bd64-7951a8851a94","metadata":null,"subtype":null,"text":"“We’re investing more in insurers than banks as we prefer the higher risk-reward and recent governance reforms,” said Michiko Sakai, portfolio manager at JPMorgan Asset Management in Tokyo. “If the BOJ continuously hikes rates along with solid economic growth, then the lenders will move quite positively,” she said.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/1b2676ec-f800-411e-ac7e-a492bd4a7af2","type":"text","family-id":"b2aa5bc2-aaa0-4c79-b5b6-8a82acb1b783","title":"","id":"1b2676ec-f800-411e-ac7e-a492bd4a7af2","metadata":null,"subtype":null,"text":"A gauge of banks on the Topix has surged more than 70% since December 2022, when the BOJ surprised markets with a tweak to its yield-curve-control policy. Investors see tighter monetary policy boosting profitability for lenders, whose interest income had been crushed by decades of ultra-low rates.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/725f52ca-e242-4cd6-bae2-9d0aa090940e","type":"text","family-id":"09c98528-216e-422f-8303-d74eccf1106c","title":"","id":"725f52ca-e242-4cd6-bae2-9d0aa090940e","metadata":null,"subtype":null,"text":"What Bloomberg Strategists Say ...
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/6d65c503-98af-48aa-b7a8-d386029c1c9e","type":"text","family-id":"e9487e6a-427d-4046-8940-44eda6b68330","title":"","id":"6d65c503-98af-48aa-b7a8-d386029c1c9e","metadata":null,"subtype":null,"text":"The rally in Japanese equities has been driven by the yen’s weakness and gains in the S&P 500, according to a Bloomberg analysis. With around half of the companies in the Topix trading at a price-to-book ratio below one, there remains substantial room for improvement.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/c6979cd4-3a8d-4f35-9d11-25ca7fabd8d3","type":"text","family-id":"d527053c-8126-4c65-8604-4e27f5e3cd05","title":"","id":"c6979cd4-3a8d-4f35-9d11-25ca7fabd8d3","metadata":null,"subtype":null,"text":"Mary Nicola, Markets Live strategist
"},{"description":"","image-metadata":null,"page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/861a5c82-d199-4ce5-a176-acde35e6445a","type":"image","family-id":"b300676f-eb3f-48a9-a43b-d54f3d3c8c64","image-attribution":"","title":"","id":"861a5c82-d199-4ce5-a176-acde35e6445a","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/b00800f0-59e5-494d-827b-858550c0d5b3/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i8yXvTJ8e35Q/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/21ddc7ee-eba4-4504-81e8-f55abf75b522","type":"text","family-id":"0cd5c0e5-d7c2-4f24-a97a-34c7e650e6e6","title":"","id":"21ddc7ee-eba4-4504-81e8-f55abf75b522","metadata":null,"subtype":null,"text":"Man GLG has reduced banking stocks as they rallied over the past 18 months, but its positioning is still ahead of the sector’s representation in the Topix Index, according to Emily Badger, a money manager for the unit of Man Group.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/3cae3194-f699-42c8-84b6-f08ee405d540","type":"text","family-id":"1f354427-2f7d-475e-b531-ca57ef9579d3","title":"","id":"3cae3194-f699-42c8-84b6-f08ee405d540","metadata":null,"subtype":null,"text":"“We are exposed to more contrarian opportunities within the bank sector,” she said. “Real estate and the railways continue to trade at a discount and remain of interest to the team.”
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/f3ebf4f7-e9dc-4c84-9f37-7284dfe07255","type":"text","family-id":"6d1eb069-0f13-4136-8ac3-08abf4deef98","title":"","id":"f3ebf4f7-e9dc-4c84-9f37-7284dfe07255","metadata":null,"subtype":null,"text":"BlackRock, on the other hand, favors broad exposure to the nation’s equities, betting that technology to construction and lending sectors all stand to gain.
"},{"description":"","image-metadata":null,"page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/b8386784-3d23-4efc-9394-283b2bad876d","type":"image","family-id":"28d1de4e-6894-4130-98ca-03ec3d999b80","image-attribution":"","title":"WATCH: Japan’s largest labor union group will release the most closely scrutinized wage figures in decades. The numbers may be strong enough to nudge the BOJ toward raising rates. Paul Jackson reports.Source: Bloomberg","id":"b8386784-3d23-4efc-9394-283b2bad876d","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/35702156-c4b4-4d58-a60b-77d1445619ce/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iRzZWkcBbREo/v3/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/9647c284-d5f4-448d-8520-7d1de0ccde9d","type":"text","family-id":"fd8caa7d-068e-43ba-be2d-f6c8419969ff","title":"","id":"9647c284-d5f4-448d-8520-7d1de0ccde9d","metadata":null,"subtype":null,"text":"Bond Bears
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/650deeb8-b88a-4824-bae8-e4f5e5a61dbd","type":"text","family-id":"d3e1b576-4962-47a9-88a4-aa1296429ebc","title":"","id":"650deeb8-b88a-4824-bae8-e4f5e5a61dbd","metadata":null,"subtype":null,"text":"If stocks are a buy, then Japanese government bonds appear to be a big sell. The benchmark 10-year yield has risen more than 15 basis points this year to trade around 0.78%.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/69a30d73-fd43-4636-972a-39ca5e7abb8b","type":"text","family-id":"89dfdacd-9de4-4468-bde1-ca7b3736ef1e","title":"","id":"69a30d73-fd43-4636-972a-39ca5e7abb8b","metadata":null,"subtype":null,"text":"UBS Asset Management to Schroders Plc have been early movers into bearish positions, plying the so-called “widow-maker” trade even before the BOJ tweaked its yield-control policy. Among the funds making those bets today is RBC BlueBay, which is shorting 10-year JGBs on expectations that benchmark yields could rise to above 1.25% by the year’s end.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/18313a3f-83cb-49a5-b968-cab53c8ab3b8","type":"text","family-id":"e81424ea-1c2a-409b-bfca-a424f11f88d4","title":"","id":"18313a3f-83cb-49a5-b968-cab53c8ab3b8","metadata":null,"subtype":null,"text":"“Ultimately, my view is bearish on JGBs, and I would be very happy to endorse a pretty bullish view on Japanese stocks — even if in the short term higher rates may be a bit of a headwind,” Mark Dowding, chief investment officer at RBC BlueBay, said in a Bloomberg TV interview on Friday. As to Japan’s wage deal outcome announced that day, he said it offered the “last piece of puzzle” for the BOJ to move.
"},{"description":"","image-metadata":null,"page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/71e9eb72-96bf-4fb3-b65b-7d3776744c01","type":"image","family-id":"4c533c97-6c72-4564-9791-cb1df66f8365","image-attribution":"","title":"","id":"71e9eb72-96bf-4fb3-b65b-7d3776744c01","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/a51b1743-9ec5-41ea-acd6-87778764ec7f/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ifU1se_wcGww/v2/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/a7a8b7dd-2b28-40e4-af55-b46f46458e45","type":"text","family-id":"6b6edd02-5a1d-4a50-96a2-fd10c2d0f334","title":"","id":"a7a8b7dd-2b28-40e4-af55-b46f46458e45","metadata":null,"subtype":null,"text":"Abrdn also has underweight JGB positions across its global government bond strategies.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/65f02bf3-4bf3-4d11-aa4a-c4d9b87c172a","type":"text","family-id":"69580293-c6f5-4aef-8343-9cd1a1df7518","title":"","id":"65f02bf3-4bf3-4d11-aa4a-c4d9b87c172a","metadata":null,"subtype":null,"text":"“Looking beyond the first hike we expect the BOJ will stress that policy will remain accommodative, nonetheless we see them being forced into a further hike in the third quarter to bring the policy rate to 0.25%,” said Aaron Rock, head of nominal rates. The fund sees a higher chance of the BOJ abandoning sub-zero rates in April.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/5d15c8b3-526d-4f32-96f7-edf5db477e47","type":"text","family-id":"f5d3542b-6564-4ec0-8992-cc370acc9af1","title":"","id":"5d15c8b3-526d-4f32-96f7-edf5db477e47","metadata":null,"subtype":null,"text":"Buying Yen
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/93af8077-f0f8-4bb6-a621-5b72f6f5640b","type":"text","family-id":"79b9783d-6339-4b77-98de-bb26dec56d52","title":"","id":"93af8077-f0f8-4bb6-a621-5b72f6f5640b","metadata":null,"subtype":null,"text":"Japan’s yawning interest-rate gap with everyone from the US to Europe has made shorting the yen a popular macro trade. The tables appear to be turning.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/2de83301-5c37-4643-8e84-7affd84667d0","type":"text","family-id":"6b645f7b-9c19-4246-a58c-415332265f7b","title":"","id":"2de83301-5c37-4643-8e84-7affd84667d0","metadata":null,"subtype":null,"text":"Schroder Investment Management has adjusted portfolios to benefit from the yen’s expected gains, while strategists at JPMorgan Chase & Co. opened a long bet position on spot yen against the euro last month.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/7326910a-dfe0-4a16-843a-cdf0a56c673d","type":"text","family-id":"9294be11-3433-4706-b0a0-4bc249835c42","title":"","id":"7326910a-dfe0-4a16-843a-cdf0a56c673d","metadata":null,"subtype":null,"text":"“We expect the tightening of monetary policy to herald a period of strength, with appreciation somewhere in the region of 8 to 10% for the currency versus other majors over the next calendar year,” said abrdn’s Rock, who has bullish yen positions against the pound and euro.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/eb9277e4-8fd2-4c1d-a494-4a1de1abaa15","type":"text","family-id":"50b6d900-2dbd-4bd4-98b0-33c5c1e9fa7c","title":"","id":"eb9277e4-8fd2-4c1d-a494-4a1de1abaa15","metadata":null,"subtype":null,"text":"The currency, which has weakened about 5% against the dollar this year to around 148, remains not far from a three-decade low reached in October 2022.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/db036503-188a-4ee3-a1f5-d11757a71ce7","type":"text","family-id":"d5855803-cbc0-42da-a567-b4443faa48cf","title":"","id":"db036503-188a-4ee3-a1f5-d11757a71ce7","metadata":null,"subtype":null,"text":"A cheap yen has made it an ideal vehicle to finance purchases of higher-yielding currencies in a strategy known as a carry trade. Hawkish signals from the BOJ may spur an unwinding of bearish yen wagers that hedge funds have accumulated.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/c1e87037-f74a-4291-8aff-a36611cf1206","type":"text","family-id":"c9f22a6c-10c3-44ed-b33c-83d67296a778","title":"","id":"c1e87037-f74a-4291-8aff-a36611cf1206","metadata":null,"subtype":null,"text":"In all, investors will be heaping ever more scrutiny on Japanese assets with negative rates potentially relegated to history.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/d63350b7-d998-40af-98d5-ca08fc4a09fc","type":"text","family-id":"0cdee303-c985-4d1b-bf82-b7f1c982956a","title":"","id":"d63350b7-d998-40af-98d5-ca08fc4a09fc","metadata":null,"subtype":null,"text":"For Robeco’s Arnout Van Rijn, who has covered Japanese stocks for more than three decades, it’s a welcome change.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/d177f2e1-7e1a-43e8-8c3a-4dcf0fa222d2","type":"text","family-id":"d8611f74-a1ce-47e1-a3b5-7fdf0b11132d","title":"","id":"d177f2e1-7e1a-43e8-8c3a-4dcf0fa222d2","metadata":null,"subtype":null,"text":"“I’m over the moon, it’s fantastic,” said the Rotterdam-based multi-asset portfolio manager. BOJ’s shift would mean that Japan has “fought deflation successfully, and now we can go back to a normal monetary policy.”
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/931bb2ce-0d8e-4517-82d2-ccb81b9878e6","type":"text","family-id":"871d6574-acc7-407f-8250-63cda67d1d59","title":"","id":"931bb2ce-0d8e-4517-82d2-ccb81b9878e6","metadata":null,"subtype":null,"text":"--With assistance from Masaki Kondo, Carter Johnson and Naomi Tajitsu.
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/e9892fc4-0735-499e-928f-2c7a74b75f68","type":"text","family-id":"fa9d263d-c84d-4c4c-b611-90014c6808c8","title":"","id":"e9892fc4-0735-499e-928f-2c7a74b75f68","metadata":null,"subtype":null,"text":"(Updates with Japan’s wage negotiation results and new comments from BlueBay’s Dowding)
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/f3e0800b-3827-48e3-814f-1bdbe488664c","type":"text","family-id":"8560d6fa-c0cf-413b-add6-e3c7d067adf3","title":"","id":"f3e0800b-3827-48e3-814f-1bdbe488664c","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/a00418ed-382d-42a4-bbe8-43c3084cbf50/element/202b9188-6e2a-406e-8dea-71c2f12d3707","type":"text","family-id":"454db910-5221-4aa2-8ebc-1b6145c39b78","title":"","id":"202b9188-6e2a-406e-8dea-71c2f12d3707","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1710460206438,"content-version-id":"29890f42-0059-4d63-917f-6a605bf5b9da","card-added-at":1710460206438,"status":"draft","id":"eb018c53-cc28-4c10-88de-d832a7f8b257","content-id":"eb018c53-cc28-4c10-88de-d832a7f8b257","version":20,"metadata":{"social-share":{"shareable":true,"title":"BlackRock, Man Group Reveal Big Japan Bets Before BOJ Decision","message":"Snap up more Japanese stocks, ratchet up shorts on government debt and keep buying the yen: these are some of the most popular calls from big-name money managers ahead of a central bank meeting that may end the world’s last experiment with negative interest rates.","image":{"key":"bloombergquint/2024-03/6420da1a-f862-4b1c-bf1c-4d30528478b8/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1668655,"first-published-at":1710519173095,"story-template":"syndicated","authors":[{"slug":"ruth-carson-2","social":{},"name":"Ruth Carson","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1668655,"avatar-s3-key":null,"twitter-handle":null},{"slug":"winnie-hsu","social":{},"name":"Winnie Hsu","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1703218,"avatar-s3-key":null,"twitter-handle":null},{"slug":"yasutaka-tamura-2","social":{},"name":"Yasutaka Tamura","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1670034,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["markets"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-14/blackrock-man-group-reveal-big-japan-market-bets-before-boj-rate-decision","imported-card-id":"eb018c53-cc28-4c10-88de-d832a7f8b257","card-share":{"shareable":true}}}},{"id":"35f762ce-d2cc-4267-bc32-b061bb78d9ff","associated-metadata":{},"type":"story","story":{"author-name":"Michelle Jamrisko","headline":"Trade Route Talks Meant To Bridge Asia-Europe Move At Two Speeds","slug":"global-economics/trade-route-talks-meant-to-bridge-asia-europe-move-at-two-speeds","last-published-at":1710515962683,"alternative":{},"sections":[{"domain-slug":null,"slug":"global-economics","name":"Global Economics","section-url":"https://www.ndtvprofit.com/global-economics","id":1250,"parent-id":null,"display-name":"Global Economics","collection":{"slug":"global-economics","name":"Global Economics","id":15813},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"width":2000,"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ikycF4hvzNS4/v1/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","height":1333},"published-at":1710515962683,"summary":"An ambitious project to link the emerging industrial powers of South Asia with Europe and beyond is moving at two speeds, illustrating the difficulty of aligning aspirations for one of the world’s longest trade routes during a period of geopolitical turmoil.","id":"35f762ce-d2cc-4267-bc32-b061bb78d9ff","hero-image-s3-key":"bloombergquint/2023-02/7c326f01-805b-4644-b31f-482bde5de7b1/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/f76ea189-7438-49e3-a400-994176841cf9","type":"text","family-id":"e4aba695-f453-40fc-b854-57a5622d22c3","title":"","id":"f76ea189-7438-49e3-a400-994176841cf9","metadata":{},"subtype":null,"text":"(Bloomberg) -- An ambitious project to link the emerging industrial powers of South Asia with Europe and beyond is moving at two speeds, illustrating the difficulty of aligning aspirations for one of the world’s longest trade routes during a period of geopolitical turmoil.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/1314fa80-81c8-4cd7-9bf0-7b5599dd7c47","type":"text","family-id":"ea136737-3734-4b95-b728-355b32971f7d","title":"","id":"1314fa80-81c8-4cd7-9bf0-7b5599dd7c47","metadata":{},"subtype":null,"text":"After signing on to the India-Middle East-Europe Economic Corridor agreement at the Group of 20 meetings in New Delhi in September, governments in the US, European Union and several European nations are bogged down financially and preoccupied diplomatically by two wars.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/db9e44fb-ee9f-4704-a69b-8a1a3d4e3699","type":"text","family-id":"fa753b22-d121-4df2-bf4c-6a88e75acb27","title":"","id":"db9e44fb-ee9f-4704-a69b-8a1a3d4e3699","metadata":{},"subtype":null,"text":"Meanwhile, India and the United Arab Emirates — two additional parties to the IMEC pact whose geopolitical alliances differ from those in Brussels and Washington — have taken swift action on infrastructure projects. Those include locking in a swath of port, railway and digital work during India Prime Minister Narendra Modi’s visit to Abu Dhabi in mid-February. India is pushing on domestic projects like a western railway to help move its exports swiftly to the Middle East.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/5917814e-4c90-43e9-b8f8-b6bee2c518bf","type":"text","family-id":"adbde8ba-5448-4d23-96b6-0b56158d68cb","title":"","id":"5917814e-4c90-43e9-b8f8-b6bee2c518bf","metadata":{},"subtype":null,"text":"From the UAE’s perspective, talks about the trade corridor are still ongoing and progressing, according to a person familiar with the matter, having not been derailed by the Israel-Hamas war. The Gulf nation will aim to build on its relationships with all involved countries and particularly India, the person said, taking advantage of both existing and new infrastructure.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/ac819390-09b5-4924-955f-f89d6cd0aa35","type":"text","family-id":"40c42201-65d1-49e0-8b2c-48ace866a294","title":"","id":"ac819390-09b5-4924-955f-f89d6cd0aa35","metadata":{},"subtype":null,"text":"The UAE’s Ministry of Foreign Affairs didn’t respond to a request for comment.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/d110893e-794c-4081-8364-6badea0e22f2","type":"text","family-id":"b1c2ac0f-d587-4c9a-8949-442417b43b43","title":"","id":"d110893e-794c-4081-8364-6badea0e22f2","metadata":{},"subtype":null,"text":"The ongoing Israel-Hamas conflict effectively stalled broader IMEC conversations as of Oct. 7, especially as the normalization of Israel-Saudi relations was a key goal to the US-led deal.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/b5259fca-a007-4ee9-9cb0-6dcfa17fad78","type":"text","family-id":"e9deb12e-cfa1-4147-825e-d5ec7671eef0","title":"","id":"b5259fca-a007-4ee9-9cb0-6dcfa17fad78","metadata":{},"subtype":null,"text":"With the US mired in domestic debate over whether and how to secure more funding for Ukraine’s defense against Russia, European officials are siphoning every last bit of available funds to the cause. That leaves both with little energy or resources to devote to pressing ahead with IMEC. European officials have privately affirmed that there are other priorities in the Middle East right now.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/51125906-5677-447e-b505-184f0186626e","type":"text","family-id":"fa808dc7-6f7e-4171-b3de-2c581fd5004f","title":"","id":"51125906-5677-447e-b505-184f0186626e","metadata":null,"subtype":null,"text":"The White House’s National Security Council declined to comment.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/68b3d012-f737-4bd0-8481-3361384dca01","type":"text","family-id":"82be3b4f-f992-40d7-ada4-4aa661229f5a","title":"","id":"68b3d012-f737-4bd0-8481-3361384dca01","metadata":null,"subtype":null,"text":"The two conflicts are huge hurdles for the US and European goal of re-affirming the Western-led global order and offering an alternative to China, which has long made inroads in courting Global South countries on infrastructure.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/9b48fda1-d535-422f-adcc-2e0f78b2cda5","type":"text","family-id":"0070f548-bfe4-4ad8-95d0-55f8b41881c1","title":"","id":"9b48fda1-d535-422f-adcc-2e0f78b2cda5","metadata":null,"subtype":null,"text":"“The EU needs to turn the project into a success as part of its efforts to counterbalance China’s BRI — but it is struggling to dedicate financing and diplomatic firepower to move it along decisively,” said Rym Momtaz, a Paris-based researcher for the International Institute for Strategic Studies, referring to China’s Belt & Road Initiative.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/9f0eee65-856b-449a-bfe1-0387eb657560","type":"text","family-id":"68719177-8273-45b9-8bef-1451cad70cd1","title":"","id":"9f0eee65-856b-449a-bfe1-0387eb657560","metadata":null,"subtype":null,"text":"India, the UAE, and other Middle Eastern nations are moving ahead for the economic benefits of securing fresh trade routes — especially as conflict in the Middle East that’s stalled the project also has made IMEC ever more critical to supply chain resiliency.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/23dd3eaa-5f8f-4933-b665-36d8c8789b23","type":"text","family-id":"606fd331-2103-44b8-8e77-d276cdeecd1c","title":"","id":"23dd3eaa-5f8f-4933-b665-36d8c8789b23","metadata":null,"subtype":null,"text":"Modi’s Outreach
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/ab8e30c3-2ee5-4d76-84c3-58d4f65cc4a4","type":"text","family-id":"8e605c56-32ca-4a67-aaae-876f2bc600f5","title":"","id":"ab8e30c3-2ee5-4d76-84c3-58d4f65cc4a4","metadata":null,"subtype":null,"text":"Modi met with UAE leader Sheikh Mohammed bin Zayed Al Nahyan last month in Abu Dhabi, where the war and conflict in the Red Sea featured heavily in discussions, according to India’s Foreign Secretary Vinay Kwatra.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/8c614218-1e54-4924-bc5d-10a98f075af3","type":"text","family-id":"5f5836bc-20b2-4a35-bc03-41b5f9ccd572","title":"","id":"8c614218-1e54-4924-bc5d-10a98f075af3","metadata":null,"subtype":null,"text":"In the same week, AD Ports Group, the Abu Dhabi logistics company, announced an agreement with the Indian transportation firm RITES Ltd. and the Gujarat Maritime Board. The three agreed to develop new ports, railways and other infrastructure, as well as explore joint opportunities related to IMEC, AD Ports said in a statement.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/26114d40-b891-432e-8059-f9c77f91162c","type":"text","family-id":"7355d8c4-9429-4f79-aab3-7c08479787c2","title":"","id":"26114d40-b891-432e-8059-f9c77f91162c","metadata":null,"subtype":null,"text":"India also has cut deals and moved to shore up domestic infrastructure in the name of fulfilling their part of the IMEC vision.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/042d1016-d277-42a1-a54a-a1aa6fa0a905","type":"text","family-id":"84337bdf-c47f-4b80-97c1-d2b87b4407ea","title":"","id":"042d1016-d277-42a1-a54a-a1aa6fa0a905","metadata":null,"subtype":null,"text":"DP World Ltd. signed a 250 billion rupee ($3.02 billion) contract in January to upgrade port infrastructure in Gujarat, including deep-draft ports, a special economic zone, and a private freight station. An India Mart facility in the UAE that Indian officials say will be ready by year’s end would allow 40,000 Indian firms to pre-position goods. And a 1,506-kilometer (936-mile) rail line connecting northern India to ports in western India, part of which is already operational, is expected to keep goods flowing from production hubs to ports.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/774c9f6f-514f-4a09-95c2-6d885621e2bb","type":"text","family-id":"57a38286-a55f-4c6a-b6bc-e0c9e8077aa7","title":"","id":"774c9f6f-514f-4a09-95c2-6d885621e2bb","metadata":null,"subtype":null,"text":"To be sure, the IMEC project hasn’t garnered support from all countries that it affects. Turkish President Recep Tayyip Erdogan, for one, has said it cannot exist without his sign-off, which he has withheld.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/ca2efc84-cc7c-4676-afa8-a59c94e527d5","type":"text","family-id":"f52c8334-1b57-482c-b08a-1e670c2c6814","title":"","id":"ca2efc84-cc7c-4676-afa8-a59c94e527d5","metadata":null,"subtype":null,"text":"French President Emmanuel Macron also is seeking to host a first meeting to lay the ground work of IMEC, his special envoy for the project, Gerard Mestrallet, told Bloomberg.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/49401e5e-b6b0-41c6-bb09-f252aa0d3ef4","type":"text","family-id":"d1b34f5d-30d2-4f07-b513-2df11e337843","title":"","id":"49401e5e-b6b0-41c6-bb09-f252aa0d3ef4","metadata":null,"subtype":null,"text":"But that proposal has been privately questioned by other countries on the grounds that France didn’t have a primary role ahead of the IMEC announcement, according to officials from two countries that are party to the agreement and who declined to be identified discussing the topic publicly.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/a0ea10e1-17c0-4ffc-b8f2-9c7cc2e740e2","type":"text","family-id":"17a4be1b-54e3-47b5-931b-b5a39759c6c0","title":"","id":"a0ea10e1-17c0-4ffc-b8f2-9c7cc2e740e2","metadata":null,"subtype":null,"text":"--With assistance from Sudhi Ranjan Sen and Alberto Nardelli.
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/db441e6e-2205-4b54-9f41-6f0677c1dfad","type":"text","family-id":"b13a427e-a56b-411f-a8b1-90b6178c2f0e","title":"","id":"db441e6e-2205-4b54-9f41-6f0677c1dfad","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/35f762ce-d2cc-4267-bc32-b061bb78d9ff/element/18b09c88-4544-418f-844f-86d7fa0fcec0","type":"text","family-id":"7e3409fc-d72a-409e-a92b-c4f52ec92e57","title":"","id":"18b09c88-4544-418f-844f-86d7fa0fcec0","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1710512913761,"content-version-id":"26d849f6-f255-468b-8c9e-6a951a1e9c04","card-added-at":1710478205234,"status":"draft","id":"9b976680-272c-4359-8824-97acaf64612c","content-id":"9b976680-272c-4359-8824-97acaf64612c","version":26,"metadata":{"social-share":{"shareable":true,"title":"Trade Route Talks Meant To Bridge Asia-Europe Move At Two Speeds","message":"An ambitious project to link the emerging industrial powers of South Asia with Europe and beyond is moving at two speeds, illustrating the difficulty of aligning aspirations for one of the world’s longest trade routes during a period of geopolitical turmoil.","image":{"key":"bloombergquint/2023-02/7c326f01-805b-4644-b31f-482bde5de7b1/_1x_1.jpg","url":null,"attribution":null,"caption":"Shipping containers stand beneath gantry cranes on the dock at Mombasa port, operated by Kenya Ports Authority, in Mombasa, Kenya, on Saturday, Sept. 1, 2018. China's modern-day adaptation of the Silk Road, known as the Belt and Road Initiative, aims to revive and extend trading routes connecting China with Central Asia, the Middle East, Africa and Europe via networks of upgraded or new railways, ports, pipelines, power grids and highways.","metadata":{"width":2000,"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ikycF4hvzNS4/v1/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","height":1333}}},"attributes":{}}}],"author-id":1668599,"first-published-at":1710515962683,"story-template":"syndicated","authors":[{"slug":"michelle-jamrisko-4","social":{},"name":"Michelle Jamrisko","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1668599,"avatar-s3-key":null,"twitter-handle":null},{"slug":"samy-adghirni-3","social":{},"name":"Samy Adghirni","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669197,"avatar-s3-key":null,"twitter-handle":null},{"slug":"abeer-abu-omar-3","social":{},"name":"Abeer Abu Omar","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669700,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["economics","politics"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-15/trade-route-talks-meant-to-bridge-asia-europe-move-at-two-speeds","imported-card-id":"9b976680-272c-4359-8824-97acaf64612c","card-share":{"shareable":true}}}},{"id":"79feb259-5bfa-476e-8a95-07ecf0813a02","associated-metadata":{},"type":"story","story":{"author-name":"Mark Niquette","headline":"U.S. Industrial Output Barely Rises After Weather-Related Slump","slug":"global-economics/us-industrial-production-edges-up-while-factory-output-rebounds","last-published-at":1710515343289,"alternative":{},"sections":[{"domain-slug":null,"slug":"global-economics","name":"Global Economics","section-url":"https://www.ndtvprofit.com/global-economics","id":1250,"parent-id":null,"display-name":"Global Economics","collection":{"slug":"global-economics","name":"Global Economics","id":15813},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iNcZn_WoTQXE/v1/-1x-1.jpg","width":1999,"height":1333},"published-at":1710515343289,"summary":"US industrial production barely rose in February as milder weather damped utility demand but spurred a snapback in factory output.","id":"79feb259-5bfa-476e-8a95-07ecf0813a02","hero-image-s3-key":"bloombergquint/2024-03/353e4791-1f6a-477a-beeb-a8056c190da7/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/79feb259-5bfa-476e-8a95-07ecf0813a02/element/48a2ab9e-9166-4578-bae6-6b96494e9fd1","type":"text","family-id":"54a38015-af9a-4a18-8b14-f73f3a6fd3f7","title":"","id":"48a2ab9e-9166-4578-bae6-6b96494e9fd1","metadata":null,"subtype":null,"text":"(Bloomberg) -- US industrial production barely rose in February as milder weather damped utility demand but spurred a snapback in factory output.
"},{"description":"","page-url":"/story/79feb259-5bfa-476e-8a95-07ecf0813a02/element/62ee0b89-237a-4624-8963-63457cf6dfc8","type":"text","family-id":"fa174a8d-0e38-43f2-b9d9-36d2c87713c8","title":"","id":"62ee0b89-237a-4624-8963-63457cf6dfc8","metadata":null,"subtype":null,"text":"The 0.1% advance in production at factories, mines and utilities followed a downwardly revised 0.5% drop a month earlier, Federal Reserve data showed Friday.
"},{"description":"","page-url":"/story/79feb259-5bfa-476e-8a95-07ecf0813a02/element/27e4730e-9aef-49fe-93b8-1820cba130b5","type":"text","family-id":"3fffd23d-818e-4525-82a6-7b1633912593","title":"","id":"27e4730e-9aef-49fe-93b8-1820cba130b5","metadata":null,"subtype":null,"text":"While manufacturing output jumped 0.8% last month, it followed a downwardly revised 1.1% decrease in January that the Fed said was due to harsh winter weather conditions.
"},{"description":"","image-metadata":null,"page-url":"/story/79feb259-5bfa-476e-8a95-07ecf0813a02/element/53c5c833-97f0-4edf-9564-71807a63476d","type":"image","family-id":"8975ec80-11c4-4e34-9b52-3bd6d4d8b28d","image-attribution":"","title":"","id":"53c5c833-97f0-4edf-9564-71807a63476d","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/85724b32-d7f5-4a4e-904f-ff780607fadb/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/io0GDzkSFeBc/v2/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/79feb259-5bfa-476e-8a95-07ecf0813a02/element/11f190cc-b940-4b85-a54c-bf302d157b9e","type":"text","family-id":"3a79759a-e353-44c2-846a-000d72991321","title":"","id":"11f190cc-b940-4b85-a54c-bf302d157b9e","metadata":null,"subtype":null,"text":"The Fed’s report showed a 7.5% decrease in utility output, while mining production increased 2.2% after a weather-related slump in January.
"},{"description":"","page-url":"/story/79feb259-5bfa-476e-8a95-07ecf0813a02/element/666e3cfe-5fea-42d3-9698-949c116e0522","type":"text","family-id":"28910b31-e8b2-453d-ac7f-7c8b6bcf3f20","title":"","id":"666e3cfe-5fea-42d3-9698-949c116e0522","metadata":null,"subtype":null,"text":"Despite rising in February, factory output was down 0.7% from the same month a year ago, illustrating lingering malaise for the sector. Separate data out Friday showed manufacturing activity in New York state contracted this month by more than than expected as orders, shipments and employment weakened.
"},{"description":"","page-url":"/story/79feb259-5bfa-476e-8a95-07ecf0813a02/element/a8e7f4cd-b533-4336-8ff6-e613c726d8d1","type":"text","family-id":"c43ba496-4dba-4594-86a6-4d8ccb52c8f2","title":"","id":"a8e7f4cd-b533-4336-8ff6-e613c726d8d1","metadata":null,"subtype":null,"text":"While factory customers have made progress over the past year getting stockpiles more in line with demand, government figures on Thursday showed retail sales rose modestly in February after a big pullback at the start of the year.
"},{"description":"","page-url":"/story/79feb259-5bfa-476e-8a95-07ecf0813a02/element/8364f0df-203f-4293-a62c-a72f9fc6d4c9","type":"text","family-id":"cab0474f-586b-425c-abd2-da27f4377d7e","title":"","id":"8364f0df-203f-4293-a62c-a72f9fc6d4c9","metadata":null,"subtype":null,"text":"Read more: Retail Sales Miss Forecasts After Steep Drop in Prior Month
"},{"description":"","page-url":"/story/79feb259-5bfa-476e-8a95-07ecf0813a02/element/057d0653-fe63-48c1-875d-eed6500dc4ae","type":"text","family-id":"d27ddbc8-b82f-407a-9f29-8750831aeaa0","title":"","id":"057d0653-fe63-48c1-875d-eed6500dc4ae","metadata":null,"subtype":null,"text":"The decrease in January purchases produced the highest inventory-sales ratio at retailers since May 2020. A more restrained US consumer, in conjunction with tepid global demand, risks limiting factory production.
"},{"description":"","page-url":"/story/79feb259-5bfa-476e-8a95-07ecf0813a02/element/d6630e64-fe94-4588-b067-dcc35fa6863b","type":"text","family-id":"2fe61e59-c79e-4233-8c71-1574cca59536","title":"","id":"d6630e64-fe94-4588-b067-dcc35fa6863b","metadata":null,"subtype":null,"text":"The rise in February manufacturing output reflected improvements in machinery, motor vehicles and electric equipment. Output of consumer goods, however, decreased 1.4% on a slump in energy demand. Production of business equipment increased 1.7%, the most in two years.
"},{"description":"","page-url":"/story/79feb259-5bfa-476e-8a95-07ecf0813a02/element/45720b55-f0b1-4fa8-a4ab-96732490a64e","type":"text","family-id":"05a16b26-5eb0-4cde-aaae-773292921fa8","title":"","id":"45720b55-f0b1-4fa8-a4ab-96732490a64e","metadata":null,"subtype":null,"text":"Capacity utilization at factories, a measure of potential output being used, rose to 77%. The overall industrial utilization rate was unchanged at 78.3%.
"},{"description":"","page-url":"/story/79feb259-5bfa-476e-8a95-07ecf0813a02/element/6aa8c0ef-1c61-4311-9b2a-1dcff599e5fe","type":"text","family-id":"7b37c515-3e7c-47ac-b1fe-eb9c15eb89c6","title":"","id":"6aa8c0ef-1c61-4311-9b2a-1dcff599e5fe","metadata":null,"subtype":null,"text":"Earlier this month, the Institute for Supply Management’s broader measure of manufacturing across the US fell in February even as purchasing and supply management executives expressed confidence the industry is turning the corner.
"},{"description":"","page-url":"/story/79feb259-5bfa-476e-8a95-07ecf0813a02/element/ae49d112-8607-42ad-9dd3-888e0409cfc7","type":"text","family-id":"cc7f570c-3779-49ef-86c8-0837263ca034","title":"","id":"ae49d112-8607-42ad-9dd3-888e0409cfc7","metadata":null,"subtype":null,"text":"--With assistance from Chris Middleton.
"},{"description":"","page-url":"/story/79feb259-5bfa-476e-8a95-07ecf0813a02/element/b8eb79ac-7d0b-4419-a709-8a39d3558bc9","type":"text","family-id":"62e25152-8dee-47c0-9c01-de13284e98f2","title":"","id":"b8eb79ac-7d0b-4419-a709-8a39d3558bc9","metadata":null,"subtype":null,"text":"(Adds graphic)
"},{"description":"","page-url":"/story/79feb259-5bfa-476e-8a95-07ecf0813a02/element/0d4ec748-cc07-4f29-8d95-7b00006f4b09","type":"text","family-id":"71a2b5e3-0679-4fe6-b512-d8ed51db0bff","title":"","id":"0d4ec748-cc07-4f29-8d95-7b00006f4b09","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/79feb259-5bfa-476e-8a95-07ecf0813a02/element/9bc3180e-911b-48ed-b2c7-c96d56355269","type":"text","family-id":"9ffea7ea-6e9a-45c5-bb91-70046e9877cf","title":"","id":"9bc3180e-911b-48ed-b2c7-c96d56355269","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1710510244316,"content-version-id":"84f95a48-b1e1-4ee9-8b18-33a8df840cbe","card-added-at":1710510244316,"status":"draft","id":"d991deba-ec9f-4f7c-8af4-7c8ddd68f1cb","content-id":"d991deba-ec9f-4f7c-8af4-7c8ddd68f1cb","version":5,"metadata":{"social-share":{"shareable":true,"title":"U.S. Industrial Output Barely Rises After Weather-Related Slump","message":"US industrial production barely rose in February as milder weather damped utility demand but spurred a snapback in factory output.","image":{"key":"bloombergquint/2024-03/85724b32-d7f5-4a4e-904f-ff780607fadb/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1669340,"first-published-at":1710515343289,"story-template":"syndicated","authors":[{"slug":"mark-niquette-4","social":{},"name":"Mark Niquette","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669340,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["economics"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-15/us-industrial-production-edges-up-while-factory-output-rebounds","imported-card-id":"d991deba-ec9f-4f7c-8af4-7c8ddd68f1cb","card-share":{"shareable":true}}}},{"id":"5b617c95-6012-4b17-b393-1fa55e9b49f2","associated-metadata":{},"type":"story","story":{"author-name":"Steve Matthews","headline":"Fed Seen Sticking With Three 2024 Cuts Despite Higher Inflation","slug":"global-economics/fed-seen-sticking-with-three-2024-cuts-despite-higher-inflation","last-published-at":1710515229471,"alternative":{},"sections":[{"domain-slug":null,"slug":"global-economics","name":"Global Economics","section-url":"https://www.ndtvprofit.com/global-economics","id":1250,"parent-id":null,"display-name":"Global Economics","collection":{"slug":"global-economics","name":"Global Economics","id":15813},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/itQTXwknOVmg/v0/-1x-1.jpg","width":2000,"height":1333},"published-at":1710515229471,"summary":"A recent pickup in inflation isn’t likely to shift Federal Reserve policymakers’ forecasts for three interest-rate cuts this year and four in 2025, according to economists surveyed by Bloomberg News.","id":"5b617c95-6012-4b17-b393-1fa55e9b49f2","hero-image-s3-key":"bloombergquint/2024-03/019d0ad4-15dc-436f-91ed-a17202e4582f/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/dc0a8219-f529-49df-a4fb-08549326cb64","type":"text","family-id":"9292e8b8-bdd8-409d-874f-e49020a3c8e3","title":"","id":"dc0a8219-f529-49df-a4fb-08549326cb64","metadata":null,"subtype":null,"text":"(Bloomberg) -- A recent pickup in inflation isn’t likely to shift Federal Reserve policymakers’ forecasts for three interest-rate cuts this year and four in 2025, according to economists surveyed by Bloomberg News.
"},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/1d4876ec-ee3c-4d3f-9342-7a08fb60f6db","type":"text","family-id":"c32903ee-c484-44f4-8334-8938a6743b04","title":"","id":"1d4876ec-ee3c-4d3f-9342-7a08fb60f6db","metadata":null,"subtype":null,"text":"The Federal Open Market Committee will keep rates steady in the 5.25% to 5.5% range for a fifth consecutive meeting next week, with policymakers reducing rates for the first time in June, economists say. A solid majority of survey respondents see Fed officials penciling in three or more cuts in 2024, while more than a third expect two or fewer.
"},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/f93bfc58-10f1-4b34-bc89-f352f3ed1e7d","type":"text","family-id":"a00e7278-ebfe-4aa8-93a6-02dd432cb404","title":"","id":"f93bfc58-10f1-4b34-bc89-f352f3ed1e7d","metadata":null,"subtype":null,"text":"Fed Chair Jerome Powell and his colleagues will update their economic and rate projections at the March 19-20 meeting for the first time since December, and survey respondents expect only small tweaks to their outlook with no change in the projected rate path.
"},{"description":"","image-metadata":null,"page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/10c24c00-e494-40c3-9abe-6cc793125340","type":"image","family-id":"ba156713-4c62-4fa7-8104-2ecb644a73c6","image-attribution":"","title":"","id":"10c24c00-e494-40c3-9abe-6cc793125340","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/970ccf04-3887-44dd-8655-d050d4373cc9/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iaCyu1nLleQI/v1/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/543aa211-d5cf-4e2a-a2a9-49e3d0d36d1d","type":"text","family-id":"ca6f851e-f97c-4e4d-9cce-9e56564fdaa5","title":"","id":"543aa211-d5cf-4e2a-a2a9-49e3d0d36d1d","metadata":null,"subtype":null,"text":"“We look for the FOMC to nudge up its median forecast for inflation for this year, but otherwise we do not anticipate large changes to the macro or interest-rate projections,” said Kathy Bostjancic, chief economist at Nationwide Mutual Insurance Co. Recent sticky inflation “should add to Powell’s reticence in sending a green light on a near-term rate cut.”
"},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/4ef68db6-8a32-4174-91e5-28a02ddfa0d8","type":"text","family-id":"c0084fcb-72eb-4c20-9e43-d0492280215c","title":"","id":"4ef68db6-8a32-4174-91e5-28a02ddfa0d8","metadata":null,"subtype":null,"text":"Economists see policymakers marking up their 2024 forecasts for US gross domestic product to an annual rate of 1.7% from 1.4% and lifting their inflation projection to 2.5% from 2.4%.
"},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/c19be2b3-efd1-4f94-95d4-c42617104380","type":"text","family-id":"0e366293-c375-417f-bb4b-3063c527172c","title":"","id":"c19be2b3-efd1-4f94-95d4-c42617104380","metadata":null,"subtype":null,"text":"The survey of 49 economists was conducted March 8-13.
"},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/8de7b8d0-3f67-4775-8a9a-6b4a71670f0d","type":"text","family-id":"26ffb0a8-8c1c-453f-a2f6-08618591aa4b","title":"","id":"8de7b8d0-3f67-4775-8a9a-6b4a71670f0d","metadata":null,"subtype":null,"text":"In congressional testimony last week, Powell emphasized the central bank has made good progress in nudging inflation toward its 2% target and needed “just a bit more evidence” before making an initial rate cut. “We’re not far from it,” he told lawmakers.
"},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/9c270fc3-08a9-4d6e-94d7-8fd5308fc537","type":"text","family-id":"9185d5ec-633e-475c-8641-47447d0bfed9","title":"","id":"9c270fc3-08a9-4d6e-94d7-8fd5308fc537","metadata":null,"subtype":null,"text":"What Bloomberg Economics Says...
"},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/1c0e296a-a991-40fc-8418-00b4b76eaeaf","type":"text","family-id":"7eab2492-a0d8-4ed3-b24a-b8c8101999ea","title":"","id":"1c0e296a-a991-40fc-8418-00b4b76eaeaf","metadata":null,"subtype":null,"text":"“We are expecting the dot plot to continue to show that the median FOMC participant expects 75 bps rate cuts this year. In the SEP, the median forecast for neutral rate likely edges higher as at least five FOMC participants had flagged the possibility of higher neutral rate during the inter-meeting period.”
"},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/28b66840-9d45-4651-aef3-8e72aa3e8207","type":"text","family-id":"15be7fe8-3d21-48c4-94e5-46f92d7ede84","title":"","id":"28b66840-9d45-4651-aef3-8e72aa3e8207","metadata":null,"subtype":null,"text":"— Anna Wong, chief US economist
"},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/52fd769f-7f10-4c2a-af99-a6f7d1a34d5f","type":"text","family-id":"729031d3-ce1e-4a8d-b9ca-910031b39a06","title":"","id":"52fd769f-7f10-4c2a-af99-a6f7d1a34d5f","metadata":null,"subtype":null,"text":"Recent economic data reinforces the case for caution. Underlying US inflation topped forecasts for a second month in February, and a key gauge of pipeline price pressures accelerated.
"},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/0cd7899a-58dc-40ae-b899-def919cd4c86","type":"text","family-id":"e294c54b-35f4-4ce9-ab6a-6a4a3fe23ac0","title":"","id":"0cd7899a-58dc-40ae-b899-def919cd4c86","metadata":null,"subtype":null,"text":"“With growth, jobs and inflation all too hot for comfort the Fed isn’t in a position to cut interest rates in the near-term,” said James Knightley, chief international economist at ING.
"},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/246ad1ee-212a-4cab-8972-1d8b50a4d500","type":"text","family-id":"3cc1283d-e2c7-4e05-8ade-4a7b453edb46","title":"","id":"246ad1ee-212a-4cab-8972-1d8b50a4d500","metadata":null,"subtype":null,"text":"Almost all respondents expect the Fed to maintain its January guidance that no reduction would be appropriate until the central bank has more confidence inflation is moving sustainably toward 2%.
"},{"description":"","image-metadata":null,"page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/5d8b161c-3448-458e-b37b-2d8591cdec4d","type":"image","family-id":"bcaa8297-dd2c-42fd-9a0b-dc422070e532","image-attribution":"","title":"","id":"5d8b161c-3448-458e-b37b-2d8591cdec4d","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/89402f3a-d5e1-4c56-a48d-30c4e60636e6/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i8OSVPTqCeqw/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/dd20caca-0809-4ef2-bad5-abea6659dadb","type":"text","family-id":"cda1e48e-1136-49a6-b9d3-b51c46641eb5","title":"","id":"dd20caca-0809-4ef2-bad5-abea6659dadb","metadata":null,"subtype":null,"text":"In addition to the decision on rates, the committee is scheduled to hold a discussion of issues surrounding its $7.5 trillion balance sheet. The Fed has been passively shrinking its portfolio of assets through the runoff of maturing securities — a process known as quantitative tightening.
"},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/6565e54d-db8c-4b8b-880a-be1269edb8c6","type":"text","family-id":"95659d67-98a3-4b16-ba19-695cee90fe51","title":"","id":"6565e54d-db8c-4b8b-880a-be1269edb8c6","metadata":null,"subtype":null,"text":"A plurality of economists expect the Fed to announce a slower pace of tightening in June, with the tapering starting in June or July. As a result, they expect the balance sheet to fall to $6.7 trillion in December 2025.
"},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/5763822c-fea3-4caa-9b1f-a75b5653397c","type":"text","family-id":"8b1641ef-98a0-4ed4-817d-ba8825e9f6f2","title":"","id":"5763822c-fea3-4caa-9b1f-a75b5653397c","metadata":null,"subtype":null,"text":"Soft Landing?
"},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/684bc07e-fea2-4b46-8aca-276d46645e7c","type":"text","family-id":"c7aca5bd-b528-4ab1-bfad-b1ff5f4afd9b","title":"","id":"684bc07e-fea2-4b46-8aca-276d46645e7c","metadata":null,"subtype":null,"text":"Economists have become increasingly optimistic about the economic outlook. Just 17% of respondents are forecasting a recession in the next 12 months, well below the 58% seen last July.
"},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/1f9209d5-e28e-46d6-b179-c228ee92db10","type":"text","family-id":"39c503bf-079d-44af-87d3-12628f351707","title":"","id":"1f9209d5-e28e-46d6-b179-c228ee92db10","metadata":null,"subtype":null,"text":"“The economy continues to outperform amid a resilient American consumer,” said Joe Brusuelas, chief economist with RSM US. That strength creates a risk “that the Fed remains much more patient on rate cuts than the market has priced in.”
"},{"description":"","image-metadata":null,"page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/fa3aac0a-3053-471d-975a-d425410e8ad3","type":"image","family-id":"3fac7142-28d5-4a6c-abd0-f9b69deea3c6","image-attribution":"","title":"","id":"fa3aac0a-3053-471d-975a-d425410e8ad3","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/52299498-4d16-4321-af5f-688cb6bde4af/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iffw4ihJfcwI/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/b789b118-cf22-42d0-80ed-3c5d22f30df2","type":"text","family-id":"5e12793d-1e09-47ae-9d82-ef7ab5e635ea","title":"","id":"b789b118-cf22-42d0-80ed-3c5d22f30df2","metadata":null,"subtype":null,"text":"But most forecasters don’t think the Fed can declare victory just yet. Only 27% agree with former Vice Chairman Alan Blinder’s assessment that the Fed has already achieved a soft landing for the economy, while 73% disagreed.
"},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/7c3b0cf2-9740-4e5e-b071-9b69e01c73ee","type":"text","family-id":"a6cf454b-eb5a-44ce-bda1-103787c856a9","title":"","id":"7c3b0cf2-9740-4e5e-b071-9b69e01c73ee","metadata":null,"subtype":null,"text":"Blinder recently argued in a Wall Street Journal commentary that such an outcome — low inflation and a still strong labor market — had already been achieved.
"},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/e97189fc-796f-4263-9419-04b948e50495","type":"text","family-id":"9fa439cf-a923-4f0b-b9af-700cb898ad9a","title":"","id":"e97189fc-796f-4263-9419-04b948e50495","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/5b617c95-6012-4b17-b393-1fa55e9b49f2/element/a12cd516-e56c-4b65-9f35-5d804fde48bf","type":"text","family-id":"b0f44414-fc66-43c7-9298-b65f5e8da268","title":"","id":"a12cd516-e56c-4b65-9f35-5d804fde48bf","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1710498486640,"content-version-id":"bae1f7e8-cc8e-4955-9d0c-9859026b5729","card-added-at":1710498486640,"status":"draft","id":"6ae8b0ba-c275-4205-b70b-b7d9e6ac2296","content-id":"6ae8b0ba-c275-4205-b70b-b7d9e6ac2296","version":13,"metadata":{"social-share":{"shareable":true,"title":"Fed Seen Sticking With Three 2024 Cuts Despite Higher Inflation","message":"A recent pickup in inflation isn’t likely to shift Federal Reserve policymakers’ forecasts for three interest-rate cuts this year and four in 2025, according to economists surveyed by Bloomberg News.","image":{"key":"bloombergquint/2024-03/970ccf04-3887-44dd-8655-d050d4373cc9/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1669368,"first-published-at":1710515229471,"story-template":"syndicated","authors":[{"slug":"steve-matthews-4","social":{},"name":"Steve Matthews","contributor-role":null,"avatar-url":null,"bio":null,"id":1669368,"avatar-s3-key":null,"twitter-handle":null},{"slug":"sarina-yoo-2","social":{},"name":"Sarina Yoo","contributor-role":null,"avatar-url":null,"bio":null,"id":1670918,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["economics"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-15/fed-seen-sticking-with-three-2024-cuts-despite-higher-inflation","imported-card-id":"6ae8b0ba-c275-4205-b70b-b7d9e6ac2296","card-share":{"shareable":true}}}},{"id":"cb192489-0742-4385-afd7-8df361e5ba78","associated-metadata":{},"type":"story","story":{"author-name":"Farah Elbahrawy","headline":"BofA Strategists Boost S&P 500 Profit Forecast To Join Top Bulls","slug":"global-economics/bofa-strategists-boost-s-p-500-profit-forecast-to-join-top-bulls","last-published-at":1710243947920,"alternative":{},"sections":[{"domain-slug":null,"slug":"global-economics","name":"Global Economics","section-url":"https://www.ndtvprofit.com/global-economics","id":1250,"parent-id":null,"display-name":"Global Economics","collection":{"slug":"global-economics","name":"Global Economics","id":15813},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/in1OV5XVgANc/v0/-1x-1.jpg","width":2000,"height":1334},"published-at":1710243947920,"summary":"The S&P 500 will deliver stronger-than-expected earnings in 2024, powered by resilient economic growth and artificial intelligence breakthroughs, according to Bank of America Corp. strategists, who are now among Wall Street’s most bullish profit forecasters.","id":"cb192489-0742-4385-afd7-8df361e5ba78","hero-image-s3-key":"bloombergquint/2024-03/84135960-df43-466c-92c3-10274ea93aa5/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/cb192489-0742-4385-afd7-8df361e5ba78/element/955253fb-8cd7-4b62-8703-9df2a2099be3","type":"text","family-id":"d00e82dc-7546-4fd1-ad65-04b22306e286","title":"","id":"955253fb-8cd7-4b62-8703-9df2a2099be3","metadata":null,"subtype":null,"text":"(Bloomberg) -- The S&P 500 will deliver stronger-than-expected earnings in 2024, powered by resilient economic growth and artificial intelligence breakthroughs, according to Bank of America Corp. strategists, who are now among Wall Street’s most bullish profit forecasters.
"},{"description":"","page-url":"/story/cb192489-0742-4385-afd7-8df361e5ba78/element/0a298258-efea-47fc-a348-95f8e0a792f8","type":"text","family-id":"cdfa35f2-55db-433e-81a9-765090998d75","title":"","id":"0a298258-efea-47fc-a348-95f8e0a792f8","metadata":null,"subtype":null,"text":"The team including Ohsung Kwon and Savita Subramanian raised their earnings-per-share estimate to $250 from $235, tying with BMO Capital Markets and Deutsche Bank AG for the most optimistic outlook among strategists tracked by Bloomberg. BofA’s EPS target for 2025 is $275.
"},{"description":"","page-url":"/story/cb192489-0742-4385-afd7-8df361e5ba78/element/c16e879e-f29f-4434-8de1-bd5ed83910c5","type":"text","family-id":"49c3fe00-9a49-49e8-97d1-97380ae2f727","title":"","id":"c16e879e-f29f-4434-8de1-bd5ed83910c5","metadata":null,"subtype":null,"text":"The beefed-up earnings outlook for this year follows a strong earnings reporting season and an upgrade by BofA economists of their expectations for US gross domestic product readings, the strategists wrote in a note. “2023 was a transition year for Corporate America, and companies have now adjusted to the new higher rate and tepid demand environment,” the strategists said.
"},{"description":"","image-metadata":null,"page-url":"/story/cb192489-0742-4385-afd7-8df361e5ba78/element/864772ee-2dee-4516-9e91-88bd85d88616","type":"image","family-id":"edd59029-79fb-4c33-83a8-748c7d31b2cf","image-attribution":"","title":"","id":"864772ee-2dee-4516-9e91-88bd85d88616","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/fe0b26c0-4034-441b-b48a-c791b5688df8/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iSTrnJrgKsDQ/v2/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/cb192489-0742-4385-afd7-8df361e5ba78/element/339522f5-8db0-4885-b651-4267b389887b","type":"text","family-id":"85d33762-6e15-4361-88c8-8c5c46e87e7f","title":"","id":"339522f5-8db0-4885-b651-4267b389887b","metadata":null,"subtype":null,"text":"They also observed “a potential virtuous cycle forming from AI investments.” Semiconductor companies and networking are the most obvious winners from this, but utilities and commodities are also among sectors to benefit from increased power usage and data centers, they said. “Productivity gains from AI and domestic investments are also a major tailwind.”
"},{"description":"","page-url":"/story/cb192489-0742-4385-afd7-8df361e5ba78/element/eaa7e777-ef18-4585-a3b1-e567c4dae42a","type":"text","family-id":"dc835939-bdd4-4d0b-9bb5-d5a4f2aa7457","title":"","id":"eaa7e777-ef18-4585-a3b1-e567c4dae42a","metadata":null,"subtype":null,"text":"Subramanian last week raised her S&P 500 target to 5,400 to reflect stronger earnings growth, implying a gain of 5.5% from the previous close.
"},{"description":"","page-url":"/story/cb192489-0742-4385-afd7-8df361e5ba78/element/2bdaeee5-4e24-44d3-8785-3cbd88b07362","type":"text","family-id":"21a596b5-627e-437f-89dd-071044dcec9b","title":"","id":"2bdaeee5-4e24-44d3-8785-3cbd88b07362","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/cb192489-0742-4385-afd7-8df361e5ba78/element/e2c13708-15f1-4d85-86be-5934561e05a3","type":"text","family-id":"f53740cf-1367-4bfb-bef9-ac0b6d727d3c","title":"","id":"e2c13708-15f1-4d85-86be-5934561e05a3","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1710234604194,"content-version-id":"4b6a90fe-300f-4106-9afe-5ec9f217d2b2","card-added-at":1710234604194,"status":"draft","id":"14ae9dfd-0c1f-48a1-99bb-55b112958bc2","content-id":"14ae9dfd-0c1f-48a1-99bb-55b112958bc2","version":12,"metadata":{"social-share":{"shareable":true,"title":"BofA Strategists Boost S&P 500 Profit Forecast To Join Top Bulls","message":"The S&P 500 will deliver stronger-than-expected earnings in 2024, powered by resilient economic growth and artificial intelligence breakthroughs, according to Bank of America Corp. strategists, who are now among Wall Street’s most bullish profit forecasters.","image":{"key":"bloombergquint/2024-03/fe0b26c0-4034-441b-b48a-c791b5688df8/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1669860,"first-published-at":1710243947920,"story-template":"syndicated","authors":[{"slug":"farah-elbahrawy-2","social":{},"name":"Farah Elbahrawy","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669860,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["markets"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-12/bofa-strategists-boost-s-p-500-profit-forecast-to-join-top-bulls","imported-card-id":"14ae9dfd-0c1f-48a1-99bb-55b112958bc2","card-share":{"shareable":true}}}},{"id":"78df6b43-b875-4a17-9f0a-5c935ae7e5d5","associated-metadata":{},"type":"story","story":{"author-name":"Yvonne Yue Li","headline":"Gold Extends Loss As US Inflation Data Reinforces Fed Caution","slug":"markets/gold-pares-losses-as-traders-digest-latest-us-inflation-report","last-published-at":1710253397099,"alternative":{},"sections":[{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"global-economics","name":"Global Economics","section-url":"https://www.ndtvprofit.com/global-economics","id":1250,"parent-id":null,"display-name":"Global Economics","collection":{"slug":"global-economics","name":"Global Economics","id":15813},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ipBjSeDkQSXQ/v1/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","width":2000,"height":1272},"published-at":1710253397099,"summary":"Gold pared earlier losses as traders digested a key US inflation report for indications of when the Federal Reserve may start cutting interest rates.","id":"78df6b43-b875-4a17-9f0a-5c935ae7e5d5","hero-image-s3-key":"bloombergquint/2024-03/dfa9d9f3-15b5-4265-8133-7686aa593808/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/78df6b43-b875-4a17-9f0a-5c935ae7e5d5/element/d25bcef1-a2c2-492f-8a92-39c08a1e4267","type":"text","family-id":"bdadbb95-8c4c-49ca-b83e-1352ff7f9b6d","title":"","id":"d25bcef1-a2c2-492f-8a92-39c08a1e4267","metadata":null,"subtype":null,"text":"(Bloomberg) -- Gold snapped nine days of record-breaking gains as underlying US inflation topped forecasts for a second month in February, reinforcing the Fed’s cautious approach to cutting interest rates.
"},{"description":"","page-url":"/story/78df6b43-b875-4a17-9f0a-5c935ae7e5d5/element/efbe1980-40af-41fc-8bd5-87a72bbde049","type":"text","family-id":"8f7d0db7-4106-4d15-a35e-863fae5c47ee","title":"","id":"efbe1980-40af-41fc-8bd5-87a72bbde049","metadata":null,"subtype":null,"text":"Spot bullion whipsawed as traders digested the data print, before trading down 1% at $2,161.14 an ounce as of 9:54 a.m. in New York. Gold hit an all-time high of $2,195.15 on Friday.
"},{"description":"","page-url":"/story/78df6b43-b875-4a17-9f0a-5c935ae7e5d5/element/bcce2016-01ea-41ef-9df8-93ecaf17067f","type":"text","family-id":"2b04b761-d3ff-4114-83e2-e98258a713dc","title":"","id":"bcce2016-01ea-41ef-9df8-93ecaf17067f","metadata":null,"subtype":null,"text":"“The February CPI came in hotter than expected,” said Bart Melek, global head of commodity strategy at TD Securities. “The implication is that the Fed may not be ready to cut rates just yet.”
"},{"description":"","page-url":"/story/78df6b43-b875-4a17-9f0a-5c935ae7e5d5/element/30a7c4ab-b7c3-43b0-8d10-cbd4773a23d6","type":"text","family-id":"5689a85b-9dae-4a4f-8c23-d1f5cdb896e1","title":"","id":"30a7c4ab-b7c3-43b0-8d10-cbd4773a23d6","metadata":null,"subtype":null,"text":"The Fed’s long-anticipated pivot to looser monetary policy is widely expected to boost gold’s appeal compared with yield-bearing assets like bonds. Policymakers have said they needed to see more evidence that inflation is headed toward its 2% target before lowering borrowing costs.
"},{"description":"","image-metadata":null,"page-url":"/story/78df6b43-b875-4a17-9f0a-5c935ae7e5d5/element/4c2f6818-1773-4afb-8331-27f5036e5e39","type":"image","family-id":"4e813d56-5793-438b-a966-c69f03810c95","image-attribution":"","title":"","id":"4c2f6818-1773-4afb-8331-27f5036e5e39","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/1934af5b-02ed-4e21-acc8-6f5c5c40653c/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iaGiY51.AQug/v2/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/78df6b43-b875-4a17-9f0a-5c935ae7e5d5/element/7bb9c30c-1328-4b0d-b3d2-b0202fdb2036","type":"text","family-id":"9d797bcc-2e40-44f7-804b-5bf7d14db296","title":"","id":"7bb9c30c-1328-4b0d-b3d2-b0202fdb2036","metadata":null,"subtype":null,"text":"Swap markets now showed a 63% chance of a rate reduction in June, a tad higher than 61.8% the day prior to the February CPI readings.
"},{"description":"","page-url":"/story/78df6b43-b875-4a17-9f0a-5c935ae7e5d5/element/9db4b153-01c7-46ae-9cce-8148f778f407","type":"text","family-id":"45a83a6d-7c9d-41e1-97fd-28bfa964e095","title":"","id":"9db4b153-01c7-46ae-9cce-8148f778f407","metadata":null,"subtype":null,"text":"“Mild inflation is still supportive as the market believes the Fed will still cut in June as this print is not bad enough to derail that view,” said Nicky Shiels, head of metals strategy at Geneva-based MKS PAMP SA.
"},{"description":"","page-url":"/story/78df6b43-b875-4a17-9f0a-5c935ae7e5d5/element/c5db0d92-8487-4da3-8052-902a6b8614a9","type":"text","family-id":"6d9e519c-aa4c-4708-ba98-b40154c2ed4d","title":"","id":"c5db0d92-8487-4da3-8052-902a6b8614a9","metadata":null,"subtype":null,"text":"The precious metal has jumped sharply this month, setting a series of new record highs. However, the scale and speed of gold’s ascent have surprised many seasoned market observers, without a clear justification for the sudden rally.
"},{"description":"","page-url":"/story/78df6b43-b875-4a17-9f0a-5c935ae7e5d5/element/3833f2f2-dcd7-4d5d-9c24-e589fb1e3c0d","type":"text","family-id":"59f9913c-21b2-49fa-9777-1deab87e73d0","title":"","id":"3833f2f2-dcd7-4d5d-9c24-e589fb1e3c0d","metadata":null,"subtype":null,"text":"Still, bullion has been underpinned by long-standing supports, including massive purchases by central banks in emerging markets, led by China. Heightened geopolitical risks, with Middle East tensions from Gaza to the Red Sea and Russia’s war in Ukraine, have also underlined gold’s appeal as a haven asset.
"},{"description":"","page-url":"/story/78df6b43-b875-4a17-9f0a-5c935ae7e5d5/element/f6453499-1300-4bfa-8381-676783d6942b","type":"text","family-id":"d55b0d53-64c8-4f99-8f6c-8e887156c5e2","title":"","id":"f6453499-1300-4bfa-8381-676783d6942b","metadata":null,"subtype":null,"text":"Copper and most other base metals also declined after the CPI data. Copper was down 0.3% at $8,628 a ton on the London Metal Exchange as of 1:55 p.m. local time.
"},{"description":"","page-url":"/story/78df6b43-b875-4a17-9f0a-5c935ae7e5d5/element/6a13d3eb-cf50-4c87-8246-f212c8fa6b7b","type":"text","family-id":"a0ce2378-d6a0-4e77-83c6-59c6d5196a19","title":"","id":"6a13d3eb-cf50-4c87-8246-f212c8fa6b7b","metadata":null,"subtype":null,"text":"--With assistance from Mark Burton and Jack Ryan.
"},{"description":"","page-url":"/story/78df6b43-b875-4a17-9f0a-5c935ae7e5d5/element/a094b530-7805-47ae-a0e8-f11edde8fb2b","type":"text","family-id":"05343481-f9a9-4ae4-973b-33bf3adcf8df","title":"","id":"a094b530-7805-47ae-a0e8-f11edde8fb2b","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/78df6b43-b875-4a17-9f0a-5c935ae7e5d5/element/7f43d800-783a-4063-b905-fbd764227e0b","type":"text","family-id":"1d838196-3e4a-462e-87d6-d308d1baaf2d","title":"","id":"7f43d800-783a-4063-b905-fbd764227e0b","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
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News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"opinion","name":"Opinion","section-url":"https://www.ndtvprofit.com/opinion","id":1247,"parent-id":null,"display-name":"Opinion","collection":{"slug":"opinion","name":"Opinion","id":15399},"data":null},{"domain-slug":null,"slug":"notifications","name":"Notifications","section-url":"https://www.ndtvprofit.com/notifications","id":16055,"parent-id":null,"display-name":"Notifications","collection":{"slug":"notifications","name":"Notifications ","id":32342},"data":null}],"hero-image-metadata":{"width":635,"height":357,"mime-type":"image/jpeg","file-size":31930,"file-name":"TVS Motor website.jpg","focus-point":[318,179]},"published-at":1711511526204,"summary":"The stock exchange communication by these listed entities gives a clue or two to the quiet transition that is being initiated at the Venu Srinivasan group.","id":"7e7c9dd8-b508-44f7-9ec6-a8063224fb0f","hero-image-s3-key":"bloombergquint/2024-03/c7f0072a-a455-4e82-bef1-14bad72cdc1a/TVS_Motor_website.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/7e7c9dd8-b508-44f7-9ec6-a8063224fb0f/element/f3cec74c-ecaa-4368-85d0-d9e7fbde49ed","type":"text","family-id":"69b68037-1a8b-4962-868b-c923e8e2a4ea","title":"","id":"f3cec74c-ecaa-4368-85d0-d9e7fbde49ed","metadata":{},"subtype":null,"text":"Late evening on March 21, three listed companies — TVS Motor Co., TVS Holdings Ltd. and Sundaram Clayton Ltd. — filed identical letters of communication with the stock exchanges on an arrangement between the members of the Venu Srinivasan family, once a part of the erstwhile TVS Group.
The memorandum of understanding is dated March 20, and its execution was completed on March 21.
Venu Srinivasan, his wife, Mallika Srinivasan, and their children - daughter Lakshmi Venu and son Sudarshan Venu — are signatories to the MoU. Significantly enough, they are part of the promoter/promoter group in these companies.
Reading between the lines, the stock exchange communication by these listed entities gives a clue or two to the quiet transition that is being initiated at the Venu Srinivasan group.
According to the MoU, \"Mr. Sudarshan Venu has agreed that, inter alia, he and persons controlled by him shall not use certain trademarks (including, TVS) in relation to certain businesses, including design, manufacturing and supply of aluminium and magnesium die castings/machined castings for OEMs and the after-market, and he has also agreed to not compete for a defined period including in the business of agricultural machinery, including tractors, and self-propelled farm equipment.\"
Similarly, under the MoU, \"Mrs. Mallika Srinivasan and Dr. Lakshmi Venu have agreed that, inter alia, they and persons controlled by them shall not use certain trademarks (including TVS) in relation to certain businesses, including two-wheeler and three-wheeler vehicles, financial services and real-estate business, and they have also agreed to, inter alia, not engage in certain businesses, including two-wheeler and three-wheeler vehicles, parts and/or accessories for any such vehicles, for a defined period.\"
Significantly enough, their identical letters of communication to the stock exchanges have also made it clear that their respective businesses would not in any way be adversely affected by the family agreement reached between their promoters.
The larger TVS group, comprising four families, underwent a formal legal separation a few years ago, and all the four families have gone their separate ways since then.
What does one make of the latest family arrangement at the Venu Srinivasan group? Long-time corporate watchers see in this move a kind of succession planning. There is, however, nothing explicit about the succession planning in the MoU. Nevertheless, the industrial corridor of the city of Chennai is abuzz with assorted interpretations of the move. Coming events cast their shadow before them. Is the MoU an indication of the shape of things to come at the Venu Srinivasan group?
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What lends credence to such interpretations is the fact that the MoU does incorporate a kind of non-compete undertakings by Sudharshan Venu, Lakshmi Venu and Mallika Srinivasan.
What adds further support to this interpretation is the fact that the agreement under the MoU between them brings into its scope the tractors and farm equipment business that is not part of the traditional array of TVS business but a business that is part of the amalgamation group. Late A Sivasailam belonged to the promoter family of the amalgamation group. Mallika Srinivasan is her daughter.
The amalgamation group is a largely privately held one and the tractor and farm equipment business, managed by Mallika Srinivasan, forms a significant chunk in value terms of that group.
The latest family arrangement must be read in the context of the earlier reorganisation in the Venu Srinivasan group. The earlier restructuring, it may be recalled, split the two-wheeler and its cluster of finance and real-estate business and the aluminium and magnesium die casting and machine casting.
Sundaram Clayton Ltd., which was newly constituted in the demerger scheme, took over the aluminium and magnesium die casting and machine casting. TVS Holdings Ltd., which became a pure-play holding company, presently holds the two-wheeler and its adjunct business, finance and real estate.
Lakshmi Venu is the non-executive and non-independent director of TVS Motor Co. Sudarshan Venu is the managing director of the company. Lakshmi Venu is the managing director of Sundaram Clayton. Sudarshan Venu does not figure on the board of SCL. Sudarashan Venu is the managing director of TVS Holdings. Lakshmi Venu does not figure on the board of TVS Holdings.
A perusal of the BSE information reveals that a majority of the shares of Sundaram Clayton and TVS Holdings are held by a family trust. \"This gives the flexibility to switch it any which way among the family members,\" Ranganathan, former director and partner of Ernst & Young, says.
Noticeably, the MoU in family arrangement also talks of a no-compete undertaking by Sudarshan Venu. He has agreed to \"not compete for a defined period, including in the business of agricultural machinery, including tractors, and self-propelled farm equipment.\"
This naturally sets off intense discussion in the Chennai corporate world. \"The inference that the tractor and farm equipment business may be inherited by Lakshmi Venu, through her mother Mallika Srinivasan, may not be devoid of logic,” says Ranganathan.
A major reorganisation of the parent company of TVS Motor in 2012 saw Venu Srinivasan and his brother, Gopal Srinivasan, go their ways amicably. The latest family arrangement at Venu Srinivasan group has drawn more than quite an interest across the canvass. Will this transition model be picked up by other groups in the erstwhile TVS family?
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KT Jagannathan is a senior financial journalist based in Chennai. He has been in business journalism for over three decades, covering corporate developments and critical industry verticals. He is the co-founder of www.carnaticdarbar.com, a news website for Carnatic music, a niche art form.
Disclaimer: The views expressed here are those of the author and do not necessarily represent the views of NDTV Profit or its editorial team.
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After 14 years and many hardships, this week a bestselling Malayalam novel releases as Aadujeevitham (Goat Life), a splashy film with an A-list crew. It also features a Haitian actor and a Palestinian song on the AR Rahman soundtrack. The backstories around the film and the book are as fascinating as their inspiration—the true life survival story of Najeeb Muhammad who worked as a modern slave tending hundreds of goats single-handedly in Saudi Arabia for two years in the 1990s.
Author Benyamin met Najeeb in Bahrain, 10 years after his ordeal. Najeeb had gone from a fisherman in Kerala, his work inextricably connected with water, to a parched life where he wasn't even allowed to wash his bottom with the precious water that was reserved only for the animals. His status was lower than that of a goat, yet he managed to keep his empathy alive through the ordeal, eventually seeing himself as one of the goats.
Najeeb's devastating story instantly hooked Benyamin, who was drawn to the untold stories of lonely migrants. From the lingering scent of a wife's blackened pickle and to the elaborate names he gives the goats, Najeeb's painful solitude is visible on every page of the book.
Like lakhs of Malayalis, Benyamin too migrated to West Asia at the age of 21. His first job was as a worker in a company that installed and maintained air conditioners and other electrical equipment. That's when he started reading, and, eight years later, wrote his first book. Now he is the author of 28 books and spends his days writing at his home in Kulanada village in central Travancore district near Alleppey. His wife continues to work in the Gulf as a nurse.
The idea of living a 'goat life' resonated with many, and not just those who had faced labour rights violations in Gulf countries. Even techies in glass and concrete prisons identified with Najeeb's lonely slavery by an Arab employer he called arbab (saviour), alongside hundreds of goats in a masara (goat pen). \"People from Bangalore in the IT field wrote to me that we are also goats and the office is the masara, our manager is that arbab,\" says Benyamin. \"Anyone can relate.\" I know I certainly related when I read the English translation a decade ago.
When Benyamin retired after 21 years at the same company, after completing Aadujeevitham, his sixth book, he had risen to the position of project manager. But his interest lay elsewhere. \"I met people from many countries and communities, heard their struggles, and found they were not registered in any literature,\" says Benyamin. \"I thought it was my duty to tell readers about such stories.\"
Though Benyamin never named the country where Najeeb's torture unfolded, the book was banned in Saudi Arabia and the UAE. Most of the member states of the Gulf Cooperation Council refused to give permission for the film to be shot there too. Eventually, the crew recreated Najeeb’s West Asian sandy solitary confinement in the Wadi Rum desert in Jordan and in the depths of the Sahara Desert in Algeria. When the pandemic hit mid-shooting, an 80-member team, including lead actor Prithviraj Sukumaran, were stranded for months in Jordan. \"The shooting itself was like goat life,\" says Benyamin.
In 2008, Aadujeevitham wasn't published by DC Books, Benyamin's regular publisher. He offered it to a smaller publisher who had repeatedly been asking him for a book. The book made literary history, becoming one of the most sold Malayalam novels. It won the Kerala Sahitya Akademi Award and was soon on the syllabus of universities across the country.
Sivapriya R, then an editor at Penguin, said she persevered despite the \"ungrammatical translation\" that landed on her desk: \"The story is so deeply moving. It is truly global, it could really be set anywhere, it could be any man from any community in any country.\" The English novel Goat Days was published in 2013. It is now translated into nine languages and in its 251st edition.
Though he doesn't have a formal screenplay credit, Benyamin says he was closely associated with the film from start to finish, adding that director Blessy and the actors frequently looked to him for clarifications and suggestions. \"It is my movie too,\" he says. \"It's not that I just gave them the story and left.\" Benyamin says the director has captured the essence of the book and turned it into something new.
Meanwhile, at home in Kerala, the author writes from the time he wakes up to midnight. \"I am always reading or writing,\" he says. \"I am with books most of the day.\" Thanks to royalties, he is no longer the nomad he once was, but he remains absorbed by the isolation and pain of those who live away from home.
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Priya Ramani is a Bengaluru-based journalist and is on the editorial board of Article-14.com.
The views expressed here are those of the author and do not necessarily represent the views of NDTV Profit or its editorial team.
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(Bloomberg Opinion) -- In every sustained commodity price rally, there’s a moment when fundamentals — supply, demand, inventories — no longer matter. The cost of the molecules, whether in the form of energy or foodstuffs or metals, stops being a price and becomes just a number. The market ceases to be orderly and becomes unruly.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/55bafe81-98ff-4dda-b950-32c4536991d5","type":"text","family-id":"09fae4f9-4535-4c9b-99a6-99a51a9095d8","title":"","id":"55bafe81-98ff-4dda-b950-32c4536991d5","metadata":null,"subtype":null,"text":"It’s clear that moment has arrived for cocoa. On Monday, cocoa futures in New York closed at $9,649 a ton, gaining nearly 8%. In dollar terms, they surged more than $700 on the day — equal to the trading range that in the past it would have taken a year to witness.
"},{"description":"","image-metadata":null,"page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/68e279e1-c7ab-4db7-a8c8-f8d41beabcce","type":"image","family-id":"cde71fe8-664d-429f-91e1-361ca2afa65a","image-attribution":"","title":"","id":"68e279e1-c7ab-4db7-a8c8-f8d41beabcce","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/6d394425-2558-4fb5-8c1e-3c439168bf46/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iHG6xclaejrU/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/6904424a-e761-419a-9cfb-c30f4e55826e","type":"text","family-id":"eea8e839-3039-4430-a788-e648f01d0dbb","title":"","id":"6904424a-e761-419a-9cfb-c30f4e55826e","metadata":null,"subtype":null,"text":"First, a look at how it started. Initially, cocoa’s troubles were firmly rooted in fundamentals, triggered largely by a series of crop failures in West Africa, the region that typically produces about 75% of the world’s supply. There, a combination of aging trees, diseases and bad weather combined to create the largest shortfall seen in the cocoa market in more than six decades.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/9b6e83f8-7cc3-4e8f-b5e3-364441004fb7","type":"text","family-id":"a8524273-7f18-4de0-aa06-0f09f3fc9b93","title":"","id":"9b6e83f8-7cc3-4e8f-b5e3-364441004fb7","metadata":null,"subtype":null,"text":"The upshot was a brutal price rally that took cocoa to $6,000 a metric ton by February from $2,500 a year ago, surging above the 1977 record. Facing a massive deficit, the market was doing its work by sending prices high enough to curb consumption and restore the supply-and-demand equilibrium.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/541d39c8-51a3-476e-9fb1-51c743018540","type":"text","family-id":"847c9f59-49b9-4373-bb05-b6e380c2fcc8","title":"","id":"541d39c8-51a3-476e-9fb1-51c743018540","metadata":null,"subtype":null,"text":"Since then, however, prices have risen vertically, setting fresh highs almost daily. At the current pace, the $10,000-a-ton threshold could be breached before the Easter holiday starts at the end of the week.
"},{"description":"","image-metadata":null,"page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/fb64f446-77f9-4847-a25b-8e65e40da2e9","type":"image","family-id":"6ee8ce86-a7e6-4c7e-85df-4495f29a9045","image-attribution":"","title":"","id":"fb64f446-77f9-4847-a25b-8e65e40da2e9","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/24bbdaa6-1e01-4515-8e8f-d3fe5d7db1de/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iUPwU5gek4Lo/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/5219e24a-bd62-405f-9a4b-7453bf622a95","type":"text","family-id":"c7e49ee5-a151-4241-a506-f64ff399028c","title":"","id":"5219e24a-bd62-405f-9a4b-7453bf622a95","metadata":null,"subtype":null,"text":"Granted, the cocoa deficit is so large — three consecutive years of shortfalls, and potentially a fourth one coming — that sky-high prices are needed to curb consumption meaningfully. But the last few weeks of daily record highs have more to do with financial factors than fundamentals.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/6c54a92f-82c7-4696-a1ae-a9d650323d0d","type":"text","family-id":"039ba073-276b-4fbc-9877-20d673a1b9ff","title":"","id":"6c54a92f-82c7-4696-a1ae-a9d650323d0d","metadata":null,"subtype":null,"text":"To understand what’s happening one needs to look at the plumbing of the market — and who’s bearish and who’s bullish. Why are some traders still maintaining short positions – that is, bearish bets – in cocoa futures even though every fundamental has pointed toward higher prices for several months? The reason is hedging. Cocoa traders holding a long position in the physical market — owning inventories of cocoa beans or semi-processed products such as cocoa liquor, butter and powder — typically offset that by taking the opposite position in the financial market. The hedge should work; in a rising market, like the current one, losses on the short positions are covered by gains on the value of the physical holdings. But as they wait for the financial contracts to mature — as long as several months — they need cash to meet margin calls on those losses on derivatives.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/fc849b43-ed7e-417b-9e02-31f3d77914cb","type":"text","family-id":"bec9f286-00c7-4e3b-9e7b-8095676e71fa","title":"","id":"fc849b43-ed7e-417b-9e02-31f3d77914cb","metadata":null,"subtype":null,"text":"In a normal market, companies use cash reserves to meet those margin calls or borrow small amounts of money. But in a sustained bull run, like the one currently engulfing cocoa, the margin calls may overwhelm the capacity to pay of a company in otherwise sound financial health, forcing it to lift its hedges to avoid a cash crunch. In that scenario, the only option is to close out the short positions at whatever price the market demands. That’s why I said that at times, prices aren’t prices – just numbers. The alternative is to default.
"},{"description":"","image-metadata":null,"page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/72301b0a-f72c-46b6-a355-15e7e6519407","type":"image","family-id":"9a2bbee1-fa3d-4690-930c-e707f52b0591","image-attribution":"","title":"","id":"72301b0a-f72c-46b6-a355-15e7e6519407","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/f3b63b15-5980-4460-8727-16ce1e4ec445/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/is7lXS2U5Pqs/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/bf27ce51-b9fb-4e46-91ba-17afbb94dc9a","type":"text","family-id":"e1aeb857-4bdc-4ff8-9591-1d31f3885dab","title":"","id":"bf27ce51-b9fb-4e46-91ba-17afbb94dc9a","metadata":null,"subtype":null,"text":"Disorderly markets can lead to trading firms struggling, and even collapsing. That’s what happened in the European electricity and natural-gas markets in 2022, forcing several European governments to offer taxpayer-funded credit lines to traders to meet margin calls. It also happened in the cotton market in 2008 and again in 2011, prompting the collapse of the historic trading house Paul Reinhart Inc.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/cd7c7588-b861-4192-88ae-499f73d386c8","type":"text","family-id":"e0f8b996-e44c-4855-829e-f14efbbaa433","title":"","id":"cd7c7588-b861-4192-88ae-499f73d386c8","metadata":null,"subtype":null,"text":"In the cocoa market, I’m hearing chatter about a cash crunch as margin calls balloon. As with cotton, cocoa is a market dominated by a few large players and a handful of small-sized trading houses that may struggle to secure credit in a pinch. Regulators should pay close attention to the market with a view to helping anyone in difficulty before the issue metastasizes.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/ce0fb30a-351a-41a5-9135-a7e1259beaf4","type":"text","family-id":"a4d15cd5-f81b-4fda-948d-113738732d51","title":"","id":"ce0fb30a-351a-41a5-9135-a7e1259beaf4","metadata":null,"subtype":null,"text":"There’s a second problem. Currently, some cocoa traders face a mismatch between their physical long positions and their short financial positions. In industry parlance, they are over-hedged because they’ve sold futures worth more than they hold in actual products. The reason? The crop failure has reduced deliveries, with traders securing fewer beans and semi-processed products than they originally contracted for. Cocoa processing plants in Ivory Cost and Ghana, for example, have stopped working due to lack of supply, failing to deliver products they‘ve already sold. If delivered, some of those beans and products are being dispatched later than expected, so some traders have their financial hedges covering the wrong months. All those mismatches are forcing traders to buy back their hedges at inflated levels.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/eb6c285a-e92d-480c-922c-41b85f894668","type":"text","family-id":"513034b5-48c4-4d73-b7c8-1ae867b79e20","title":"","id":"eb6c285a-e92d-480c-922c-41b85f894668","metadata":null,"subtype":null,"text":"The magnitude of the margin calls and over-hedging is clear in the rapid decline of the aggregate number of outstanding contracts in the New York and London cocoa futures market. The so-called open interest has fallen by 35% over the last three months — the largest drop in such a small timeframe in at least three decades — as traders buy back their positions. Ultimately, it’s a self-sustaining problem; the higher cocoa prices rise, the bigger the the margins calls and the scale of over hedging. And as some traders buy back their positions, they push prices up further, creating the same problem for others.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/50d4db07-e6f5-4e96-a3f9-f2aec93d014f","type":"text","family-id":"54886511-d2ad-46cd-9e8a-afefd5063248","title":"","id":"50d4db07-e6f5-4e96-a3f9-f2aec93d014f","metadata":null,"subtype":null,"text":"Once prices become untethered from fundamentals, a bull market is almost impossible to stop — until something breaks. Brace for the current surge in cocoa to have wider ramifications than inflating the cost of your Easter egg.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/d8999bc7-f7c2-449f-a836-c217c408614b","type":"text","family-id":"dd63081e-2a9c-42a0-9860-116d9ede997f","title":"","id":"d8999bc7-f7c2-449f-a836-c217c408614b","metadata":null,"subtype":null,"text":"More from this writer at Bloomberg Opinion:
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/407bfba2-e2a7-4606-b16f-859f88bf5633","type":"text","family-id":"b504241f-0107-4f46-b77b-9ef022d2f0f7","title":"","id":"407bfba2-e2a7-4606-b16f-859f88bf5633","metadata":null,"subtype":null,"text":"Oil Trading Is Rife With Bribes. Time It Cleaned Up: Javier Blas
The Truth Behind the Coming Meltdown in Chocolate: Javier Blas
You'll Have to Pay to Use the Highway. Blame EVs: Javier Blas
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/dd4649dd-8084-408d-80d6-4836e829f5af","type":"text","family-id":"ca3e56c4-0595-4982-8ba6-cf2d384decb3","title":"","id":"dd4649dd-8084-408d-80d6-4836e829f5af","metadata":null,"subtype":null,"text":"Javier Blas is a Bloomberg Opinion columnist covering energy and commodities. He is coauthor of “The World for Sale: Money, Power and the Traders Who Barter the Earth’s Resources.”
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/f724098a-744a-43f2-8000-e890e64a276f","type":"text","family-id":"f7f3d117-0b84-452e-92be-763e6d2f0134","title":"","id":"f724098a-744a-43f2-8000-e890e64a276f","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com/opinion
"},{"description":"","page-url":"/story/83aba66e-73e0-4b75-af7a-96d15c9c79c4/element/60f36cba-50a5-4d26-a3df-d868cfbac8fc","type":"text","family-id":"67084fb1-4d59-49fc-be3c-24498f24a25c","title":"","id":"60f36cba-50a5-4d26-a3df-d868cfbac8fc","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711430544938,"content-version-id":"8fccefa2-1e2e-47aa-a027-23ed543a0066","card-added-at":1711430544938,"status":"draft","id":"0710ae25-7021-4e40-b866-6649bdb729ec","content-id":"0710ae25-7021-4e40-b866-6649bdb729ec","version":14,"metadata":{"social-share":{"shareable":true,"title":"Chocoholics Won’t Be The Only Victims Of Cocoa’s Surge","message":"On Monday, cocoa futures in New York closed at $9,649 a ton, gaining nearly 8%. In dollar terms, they surged more than $700 on the day — equal to the trading range that in the past it would have taken a year to witness.","image":{"key":"bloombergquint/2024-03/6d394425-2558-4fb5-8c1e-3c439168bf46/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1668894,"first-published-at":1711447845461,"story-template":"syndicated","authors":[{"slug":"javier-blas-4","social":{},"name":"Javier Blas","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1668894,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["view"]},"original-url":"https://www.bloomberg.com/opinion/articles/2024-03-26/chocoholics-aren-t-the-only-victims-of-cocoa-s-surge","imported-card-id":"0710ae25-7021-4e40-b866-6649bdb729ec","card-share":{"shareable":true}}}},{"id":"43d99cdc-ab25-43ee-a73f-72881f1ee5b5","associated-metadata":{},"type":"story","story":{"author-name":"David Fickling","headline":"China’s EV And Solar Boom Is A Capitalist Win For Communism","slug":"opinion/china-easy-money-isn-t-driving-this-clean-tech-boom","last-published-at":1711447326547,"alternative":{},"sections":[{"domain-slug":null,"slug":"opinion","name":"Opinion","section-url":"https://www.ndtvprofit.com/opinion","id":1247,"parent-id":null,"display-name":"Opinion","collection":{"slug":"opinion","name":"Opinion","id":15399},"data":null},{"domain-slug":null,"slug":"world","name":"World","section-url":"https://www.ndtvprofit.com/world","id":38090,"parent-id":null,"display-name":"World","collection":{"slug":"world","name":"World","id":103216},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null},{"domain-slug":null,"slug":"view","name":"View","section-url":"https://www.ndtvprofit.com/opinion/view","id":1510,"parent-id":1247,"display-name":"View","collection":{"slug":"view-opinion","name":"View (Opinion)","id":15828},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iQimiGb8K4CQ/v1/-1x-1.jpg","width":2000,"height":1334},"published-at":1711447326547,"summary":"The communist country’s clean-tech growth is a capitalist success story on a grand scale.","id":"43d99cdc-ab25-43ee-a73f-72881f1ee5b5","hero-image-s3-key":"bloombergquint/2024-03/c9fa9bf3-4bcd-4b71-8627-7f171af727b2/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/bda17ddc-b83a-4999-836f-9c438146150d","type":"text","family-id":"82db6f42-357e-4932-981c-82d7ebdca7bb","title":"","id":"bda17ddc-b83a-4999-836f-9c438146150d","metadata":null,"subtype":null,"text":"(Bloomberg Opinion) -- There’s a comforting but erroneous explanation for why your solar panels, home battery and electric car are increasingly likely to be made in China.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/b457d95a-006d-4a96-a8db-2f20554b8a58","type":"text","family-id":"afb0fdbe-8c4d-4d0a-8277-df4c24195e37","title":"","id":"b457d95a-006d-4a96-a8db-2f20554b8a58","metadata":null,"subtype":null,"text":"The economy is awash in easy money from state banks; its renewable manufacturers are undercutting rivals everywhere else in the world; , China’s comparative advantage isn’t scale, cost efficiencies or innovative prowess, but the availability of cheap government subsidies.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/d6d2b2a7-628a-459c-be50-f0794d2146bc","type":"text","family-id":"3a97a886-7e5e-4d99-b13b-b92afe0dfbc7","title":"","id":"d6d2b2a7-628a-459c-be50-f0794d2146bc","metadata":null,"subtype":null,"text":"In the EV industry “everybody has an endless supply of loans and support from the local government,” the Financial Times quoted Jörg Wuttke, former president of the European Union Chamber of Commerce in China, as saying in a recent article.
"},{"description":"","image-metadata":null,"page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/8f8a9a87-41b5-4ab4-9bc3-947e585ae78a","type":"image","family-id":"b68f7b85-5e49-49e0-9c2d-04360d08063d","image-attribution":"","title":"","id":"8f8a9a87-41b5-4ab4-9bc3-947e585ae78a","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/b95986ab-acf9-4042-880a-a79909ace11f/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iH8tAfoe7yks/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/4830c8ac-1678-473b-9702-f36b781a1509","type":"text","family-id":"78c48cc5-09eb-4b92-961c-d43bea6c3c1e","title":"","id":"4830c8ac-1678-473b-9702-f36b781a1509","metadata":null,"subtype":null,"text":"That theory provides a compelling justification for trade restrictions. If Chinese manufacturers are only surviving thanks to a drip feed of government cash, there’s no way for overseas rivals to compete. Best, then, to use tariffs, investigations and other hurdles to exclude their products altogether, and give homegrown competitors a chance.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/2d1340c5-fa4c-45c2-b236-1069d1429eda","type":"text","family-id":"c408796a-ab2d-4878-8953-8a7507c447cb","title":"","id":"2d1340c5-fa4c-45c2-b236-1069d1429eda","metadata":null,"subtype":null,"text":"It’s a persuasive narrative because swathes of China’s economy really do run this way. In the middle of the 2010s, all-but-forgotten Dalian Wanda Group Co., Anbang Insurance Group Co., HNA Group Co. and Fosun International Ltd. went on a multi-billion-dollar shopping spree for foreign companies. The bursting of that bubble prompted another to inflate in real estate. We’re still seeing the aftereffects in every fresh gloomy headline about property developers China Evergrande Group, Country Garden Holdings Co., and China Vanke Co.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/ac1a0f4d-6e25-470d-8117-0cf93d7afe73","type":"text","family-id":"bfefc902-e501-4d23-ae46-a8b43c87df61","title":"","id":"ac1a0f4d-6e25-470d-8117-0cf93d7afe73","metadata":null,"subtype":null,"text":"You can see the pattern in the published accounts of Fosun, currently aggressively divesting businesses amid a credit squeeze. It spent a net 112 billion yuan ($15.56 billion) of cash on acquisitions and other investments over the decade through June 2023, but generated just 65 billion yuan in spotty, volatile operating cashflows:
"},{"description":"","image-metadata":null,"page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/11424224-d17d-43bc-9a7b-7a208abfa02e","type":"image","family-id":"f207c235-8fee-447f-a633-01343b906c64","image-attribution":"","title":"","id":"11424224-d17d-43bc-9a7b-7a208abfa02e","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/ee42369c-87ef-4da6-a73e-89f9b490350c/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iFxyo0fdpVUc/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/8224e2e2-dbd7-4722-b6ad-93341e744647","type":"text","family-id":"80617a14-5ae8-4f1d-8cc3-47e5bf9339d0","title":"","id":"8224e2e2-dbd7-4722-b6ad-93341e744647","metadata":null,"subtype":null,"text":"Were it not for the 127 billion yuan in cash from financing — the vast majority of it debt — there is no way the company could have paid its bills.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/aa9e3247-fa6b-493b-be95-d6f55b8c63f1","type":"text","family-id":"fadc335b-efbd-4aa4-8313-8bd6887493dd","title":"","id":"aa9e3247-fa6b-493b-be95-d6f55b8c63f1","metadata":null,"subtype":null,"text":"The contrast with Berkshire Hathaway Inc., the company that Fosun is most often compared to, could not be more stark. Warren Buffett’s $341 billion of investments over the past decade were more than covered by the $384 billion in steady, predictable operating cash his businesses generated. Just $51 billion came from financing:
"},{"description":"","image-metadata":null,"page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/b3360be8-f1e0-48f6-bbc6-746891ca08c7","type":"image","family-id":"625335e1-06f6-4935-96c1-82ef1931731d","image-attribution":"","title":"","id":"b3360be8-f1e0-48f6-bbc6-746891ca08c7","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/61ed3c86-3c8c-462f-9771-6df1f9ee52f8/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i1pTkV3dDd4c/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/42461f0e-a7c3-413b-a4df-5fd9a38777f7","type":"text","family-id":"8f70e6c5-c0a6-4438-8892-c03b60397408","title":"","id":"42461f0e-a7c3-413b-a4df-5fd9a38777f7","metadata":null,"subtype":null,"text":"Is the same thing happening with clean technology? It doesn’t look that way.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/b245cf14-2a21-4c2b-9e75-56c75dc60cc2","type":"text","family-id":"69790b8d-e336-4eff-b9fb-0bad7454f1a2","title":"","id":"b245cf14-2a21-4c2b-9e75-56c75dc60cc2","metadata":null,"subtype":null,"text":"If Chinese solar, wind, battery and EV manufacturers are doing well because of easy credit, it should leave clear fingerprints on their financial statements. You can measure this by comparing their operating cashflows to the average debt they held during the year: Where cash is low relative to debts, it’s going to take a very long time to pay back creditors.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/5250a447-ca40-4e8f-8edd-d3f734084c7f","type":"text","family-id":"74106efc-ad95-4dce-8a2f-043175a33490","title":"","id":"5250a447-ca40-4e8f-8edd-d3f734084c7f","metadata":null,"subtype":null,"text":"Looking through a group of 145 renewable companies with at least $1 billion in annual revenues — 77 of them Chinese — this is the result you get:
"},{"description":"","image-metadata":null,"page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/d2c3e895-5a43-4240-9d55-81348d067c51","type":"image","family-id":"de8a9cf7-7c0a-41b6-9a72-fccc512ee1ea","image-attribution":"","title":"","id":"d2c3e895-5a43-4240-9d55-81348d067c51","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/de4c3800-2c54-4831-9d11-70df64cb475f/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i3p3Tw5vkeBM/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/218e986c-1533-4d7d-a1e0-b42c94c31020","type":"text","family-id":"fc138f15-5087-4719-928a-e2b5b53ab393","title":"","id":"218e986c-1533-4d7d-a1e0-b42c94c31020","metadata":null,"subtype":null,"text":"As you’d expect in a sector experiencing rapid growth, leverage is often relatively generous — but it doesn’t look significantly higher among Chinese companies. Many of the most feared and aggressive renewable exporters, such as Longi Green Energy Technology Co., Tongwei Co. and JA Solar Technology Co., have very low borrowings relative to their cashflows. Plenty have enough cashflow to pay off 25% of their debts in the current year. This doesn’t look like a sector being propped up by government loans, or indeed loans of any sort.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/5522d6d5-f4b1-4cdd-81ab-7b8533208487","type":"text","family-id":"d768a523-699c-4628-a61b-718518f4664a","title":"","id":"5522d6d5-f4b1-4cdd-81ab-7b8533208487","metadata":null,"subtype":null,"text":"For the sake of comparison, let’s look at an industry that has pretty clearly been the beneficiary of easy government money: real estate(1):
"},{"description":"","image-metadata":null,"page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/ce3b14d8-cccc-4c5b-88ab-6e5d524b55a1","type":"image","family-id":"b720bbb2-b937-4794-8222-433c0234aa15","image-attribution":"","title":"","id":"ce3b14d8-cccc-4c5b-88ab-6e5d524b55a1","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/f7927e91-ca1f-4738-983d-b236b17d9e22/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iNBeIb.vu7Ts/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/5b58b1bb-cff5-49da-abc5-11ba57fac7b6","type":"text","family-id":"a5dec8fc-1d82-41ad-a0a4-1b5a3a41ca23","title":"","id":"5b58b1bb-cff5-49da-abc5-11ba57fac7b6","metadata":null,"subtype":null,"text":"What’s notable here is that long before the crisis hit (the data above is for 2019), Chinese real estate companies already had markedly poorer coverage ratios than their international competitors. If you measure things in terms of the amount of time it would take for operating cashflows to pay off total debts, the median Chinese renewable manufacturer comes in at just under 10 years, a fraction of the nearly 27 years in the data for real estate. Non-Chinese companies came in a little under eight years, regardless of which industry they were in:
"},{"description":"","image-metadata":null,"page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/c9874733-7050-46bd-9207-ad8d5cf6ae7d","type":"image","family-id":"5c5608c3-afd6-4821-a78b-deb12596bdd1","image-attribution":"","title":"","id":"c9874733-7050-46bd-9207-ad8d5cf6ae7d","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/1bd4f4e3-18da-469d-9f3d-c3ba60564ecd/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iOQWGCxS47W8/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/ffe81469-a6b8-4454-b508-b882cff36707","type":"text","family-id":"6659893b-b9c9-43d2-8178-668a834bcead","title":"","id":"ffe81469-a6b8-4454-b508-b882cff36707","metadata":null,"subtype":null,"text":"To be sure, Chinese manufacturers still enjoy powerful advantages. Generous and consistent purchase support for EVs and solar panels gives owners confidence to invest aggressively, just as the same policies do in Europe and the US.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/9842a271-8b26-4159-b457-acfd6dec723c","type":"text","family-id":"e974b117-a50c-436f-96d6-0147b6c3359e","title":"","id":"9842a271-8b26-4159-b457-acfd6dec723c","metadata":null,"subtype":null,"text":"The government remains fixated on keeping costs low: China is home to nearly half of the world’s special economic zones, whose main advantages are cheap land, easy regulation, and low taxation. It also offers reduced corporate tax rates for companies in new technology industries. Fundamentally, it’s the biggest single market for clean technology, so domestic factories have scale advantages that competitors elsewhere could only dream of.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/970b9fc8-a642-4a2f-bf3e-6b1b9b0ecc4a","type":"text","family-id":"2cb4644e-3292-4726-86dd-dbd45b67031d","title":"","id":"970b9fc8-a642-4a2f-bf3e-6b1b9b0ecc4a","metadata":null,"subtype":null,"text":"The problem for developed countries is that, when applied to their own economies, these measures are all supported as old-fashioned pro-business policies, rather than unfair mercantilism.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/8110dacc-5e0c-4bbe-9838-836eb195cf92","type":"text","family-id":"82845547-6fd5-485d-a947-16725f5e9a21","title":"","id":"8110dacc-5e0c-4bbe-9838-836eb195cf92","metadata":null,"subtype":null,"text":"It would be comforting if China’s success in clean tech was a result of easy credit from a communist state. In truth, though, this boom is a capitalist success story on a grand scale.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/d354691c-a6ee-4796-8794-a6f42f16aa5a","type":"text","family-id":"cf87122f-ef1b-4ec2-a9f1-4ebba5ace96b","title":"","id":"d354691c-a6ee-4796-8794-a6f42f16aa5a","metadata":null,"subtype":null,"text":"More From Bloomberg Opinion:
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/e427df1b-232e-4890-ae9b-1a320c290889","type":"text","family-id":"a252ee7c-bca1-400c-99a2-1210d9e83c48","title":"","id":"e427df1b-232e-4890-ae9b-1a320c290889","metadata":null,"subtype":null,"text":"(1) In this instance, 80 of the 241 companies under comparison are Chinese-domiciled. We've only looked at companies with at least $10 billion in revenues. The sector has been in crisis for several years now, which you’d expect to depress cashflows and increase leverage. So we’ve taken data for the 2019 fiscal year, when everything seemed to be going pretty well.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/17d8980f-b947-4fdd-8610-2dd40ca626cf","type":"text","family-id":"dca176f4-eed9-42b5-a0a7-8bd3500d02e6","title":"","id":"17d8980f-b947-4fdd-8610-2dd40ca626cf","metadata":null,"subtype":null,"text":"This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/bf5d6bc1-bbf9-48f0-a61d-8a5221b139f3","type":"text","family-id":"005c8132-7160-47e0-a5d9-5d2737c57816","title":"","id":"bf5d6bc1-bbf9-48f0-a61d-8a5221b139f3","metadata":null,"subtype":null,"text":"David Fickling is a Bloomberg Opinion columnist covering energy and commodities. Previously, he worked for Bloomberg News, the Wall Street Journal and the Financial Times.
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/cb2c8a00-4d3a-4ad5-97c2-5cc47059ed36","type":"text","family-id":"f3f8fc9a-40bd-4155-a41d-79b944cfc61c","title":"","id":"cb2c8a00-4d3a-4ad5-97c2-5cc47059ed36","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com/opinion
"},{"description":"","page-url":"/story/43d99cdc-ab25-43ee-a73f-72881f1ee5b5/element/bc7025b6-14b3-47d4-bc91-b1f2a490119c","type":"text","family-id":"1c7f0371-e07c-4bb3-bb92-ead20987510e","title":"","id":"bc7025b6-14b3-47d4-bc91-b1f2a490119c","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711402583834,"content-version-id":"d860f8ac-8b32-4975-8aaa-1f9e3ee9b639","card-added-at":1711402583834,"status":"draft","id":"3399de9a-19dd-49d8-96ed-e267164456ee","content-id":"3399de9a-19dd-49d8-96ed-e267164456ee","version":15,"metadata":{"social-share":{"shareable":true,"title":"China’s EV And Solar Boom Is A Capitalist Win For Communism","message":"The communist country’s clean-tech growth is a capitalist success story on a grand scale.","image":{"key":"bloombergquint/2024-03/b95986ab-acf9-4042-880a-a79909ace11f/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1669627,"first-published-at":1711447326547,"story-template":"syndicated","authors":[{"slug":"david-fickling-4","social":{},"name":"David Fickling","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669627,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["view"]},"original-url":"https://www.bloomberg.com/opinion/articles/2024-03-25/china-easy-money-isn-t-driving-this-clean-tech-boom","imported-card-id":"3399de9a-19dd-49d8-96ed-e267164456ee","card-share":{"shareable":true}}}},{"id":"7e6579d0-e730-4043-8548-473f5bd24cc0","associated-metadata":{},"type":"story","story":{"author-name":"Andrea Felsted","headline":"Blame Crypto Bros for the Rising Cost of Your Rolex","slug":"view/bitcoin-blame-crypto-bros-for-the-rising-cost-of-your-rolex","last-published-at":1711373664221,"alternative":{},"sections":[{"domain-slug":null,"slug":"view","name":"View","section-url":"https://www.ndtvprofit.com/opinion/view","id":1510,"parent-id":1247,"display-name":"View","collection":{"slug":"view-opinion","name":"View (Opinion)","id":15828},"data":null},{"domain-slug":null,"slug":"opinion","name":"Opinion","section-url":"https://www.ndtvprofit.com/opinion","id":1247,"parent-id":null,"display-name":"Opinion","collection":{"slug":"opinion","name":"Opinion","id":15399},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iKfy73rxJ_hw/v1/-1x-1.jpg","width":2000,"height":1333},"published-at":1711373664221,"summary":"The prices at which watches change hands in the secondary market have moved broadly in line with both Bitcoin and the S&P 500 index over the past five years or so. ","id":"7e6579d0-e730-4043-8548-473f5bd24cc0","hero-image-s3-key":"bloombergquint/2024-03/dd9db716-d088-4701-bee6-168595392c03/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/9c2be46c-baff-4b19-b746-391a8f282ef8","type":"text","family-id":"1fae5084-c1cf-4d97-ba13-bb5d0591f8d5","title":"","id":"9c2be46c-baff-4b19-b746-391a8f282ef8","metadata":null,"subtype":null,"text":"(Bloomberg Opinion) -- If that Rolex you’ve got your eye on is getting more expensive, Bitcoin may be to blame. The last time the cryptocurrency rallied, in 2021, it presaged a bubble in second-hand watch prices. There’s a fair chance that the recent resurgence that’s seen Bitcoin climb to a record will boost the values of timepieces, but for now, a repeat of the unprecedented escalation we saw back then looks some way off.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/1a7bad3d-ef40-4527-9818-c15b17b26286","type":"text","family-id":"e23c1860-8e48-4a29-8bf6-d01bad730753","title":"","id":"1a7bad3d-ef40-4527-9818-c15b17b26286","metadata":null,"subtype":null,"text":"The prices at which watches change hands in the secondary market have moved broadly in line with both Bitcoin and the S&P 500 index over the past five years or so. The correlation between crypto and timepieces wasn’t exact last time the currency took off; Bitcoin lost almost half of its value between early November 2021 and late January 2022, yet watch prices didn’t peak until March 2022.
"},{"description":"","image-metadata":null,"page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/1d3c1ff2-b108-47b6-af1e-9e8f36c3e64d","type":"image","family-id":"30402de4-b1ba-4edd-bc70-dd7839ceb30d","image-attribution":"","title":"","id":"1d3c1ff2-b108-47b6-af1e-9e8f36c3e64d","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/bdbeb543-028d-405e-9e67-b4b32bc77bb8/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/idiqbbUJtGK0/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/b4a89b2f-e3dd-4431-a183-83af4c56936f","type":"text","family-id":"be50d011-4d70-4b5a-a813-b416e5bf3d46","title":"","id":"b4a89b2f-e3dd-4431-a183-83af4c56936f","metadata":null,"subtype":null,"text":"Crypto gains undoubtedly bolstered wealth and ignited a broader interest in investing in alternative assets, whether non-fungible tokens or timepieces. Novices and seasoned buyers alike all chased the same models, the holy trinity of hype — the Rolex , the Patek Philippe and the Audemars Piguet — propelling prices for used models to many multiples of what they cost in the shops.
"},{"description":"","image-metadata":null,"page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/f307a668-04f4-4191-bc9c-068da75429e2","type":"image","family-id":"d84165a8-5175-4e0f-bc4e-583a4ac20e2f","image-attribution":"","title":"","id":"f307a668-04f4-4191-bc9c-068da75429e2","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/6e2c394d-0b8a-4f48-bbd5-1c462de78c53/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ipIM66UGX0oc/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/fb3c7743-cffe-4965-b151-fc66105434a1","type":"text","family-id":"eb0f0f09-96e0-4212-9d92-8d45df2e85f2","title":"","id":"fb3c7743-cffe-4965-b151-fc66105434a1","metadata":null,"subtype":null,"text":"With Bitcoin gaining about 80% since late January, as well as the S&P 500 melting up with small, consistent ever-higher highs, it’s little wonder that watch prices on the secondary market have stabilized. The Bloomberg Subdial Watch Index returned to growth in February, up 0.2% for its biggest monthly gain since March 2023. It’s a similar picture elsewhere, with WatchCharts’ Rolex index down just 0.6% over the past month, and Patek Philippe and Audemars Piguet prices flat.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/0c7e95d2-b81d-4054-bdaf-9cd9d740e386","type":"text","family-id":"7a55c532-11e2-4f7b-8aeb-1120f8b072cb","title":"","id":"0c7e95d2-b81d-4054-bdaf-9cd9d740e386","metadata":null,"subtype":null,"text":"At least some of those making money from Bitcoin will treat themselves, and for many men, the first choice is likely to be a watch. But it’s not immediately clear whether this will put values on the same upward trajectory we saw three years ago.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/223b428d-d4c7-4f6f-96d8-87ee279ba275","type":"text","family-id":"f264aece-3833-42ee-884a-8a6d6c586abe","title":"","id":"223b428d-d4c7-4f6f-96d8-87ee279ba275","metadata":null,"subtype":null,"text":"Those circumstances were probably unique. Stuck at home, consumers funneled money that would have been spent on dining out and vacations into luxury goods. With so much time on their hands, enthusiasts became enthralled with watches, with Reddit chats and TikTok videos dedicated to models such as a Rolex with a palm leaf dial, dubbed Interest in horology, previously the preserve of a cadre of collectors, moved to the mainstream. Add in stimulus payments and low interest rates, and speculation exploded.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/188d53f8-640a-4a17-b58a-51f06147cfe2","type":"text","family-id":"fbd155c4-0ab7-4ac5-bf72-f4514868f015","title":"","id":"188d53f8-640a-4a17-b58a-51f06147cfe2","metadata":null,"subtype":null,"text":"Moreover, it’s difficult to determine how much additional supply — another key determinant of prices — is yet to come to market. For some people who dabbled last time round, perhaps using leverage to amass collections, stability could be an opportunity to sell into the market, rather than buy.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/97de9ce4-7029-4f7a-b60a-1edbe1e1d9f6","type":"text","family-id":"fc744809-0f9c-4471-a8f0-390bede59fa8","title":"","id":"97de9ce4-7029-4f7a-b60a-1edbe1e1d9f6","metadata":null,"subtype":null,"text":"Inventory levels remain elevated compared with two years ago, with little sign of a reduction in Rolex, Patek and Audemars Piguet stocks over the past few months, according to WatchCharts. Consequently, factors other than supply and demand may be contributing to the recent calm, such as speculation about a Rolex with a red and blue bezel, known as the , being discontinued, and the forthcoming Watches and Wonders event, where brands will show off their new releases.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/b8d77415-47d2-4094-b320-ba5b05890f6b","type":"text","family-id":"247d9b16-f7aa-4f20-a510-759cb7e1e685","title":"","id":"b8d77415-47d2-4094-b320-ba5b05890f6b","metadata":null,"subtype":null,"text":"Finally, although both the S&P 500 and Bitcoin have been on an upward streak since the end of October, the sharpest increases in crypto values have taken place over the last couple of months; for gains to find their way into the watch market, the rally must be sustained.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/3c9054d2-5e29-4140-a0a1-6fed749d304a","type":"text","family-id":"564b868a-3434-4ee3-9334-5d1168e9cca9","title":"","id":"3c9054d2-5e29-4140-a0a1-6fed749d304a","metadata":null,"subtype":null,"text":"If it is, it may not just be watches on the secondary market that benefit. Sales in stores, which for some brands had begun to weaken, may also benefit. Broader demand for luxury goods may get a lift, too.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/87f85d0e-3104-4236-b902-9f5deeef6468","type":"text","family-id":"9cc70df8-8657-49b5-8754-0ab7fb3738e9","title":"","id":"87f85d0e-3104-4236-b902-9f5deeef6468","metadata":null,"subtype":null,"text":"Crypto gains probably accounted for as much as a quarter of the growth in US luxury sales in 2021, analysts at Jefferies said at the time. The slump in 2022 and 2023 probably contributed to the contraction in spending among simply comfortable rather than super-wealthy consumers.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/2ffadf87-601b-4789-9430-9e6176b261b6","type":"text","family-id":"4bdaf1d3-abf4-4135-9c7c-c0b2c0c082fa","title":"","id":"2ffadf87-601b-4789-9430-9e6176b261b6","metadata":null,"subtype":null,"text":"Any recovery in confidence among so-called aspirational luxury consumers would be good news, particularly for brands exposed to this demographic, such as Kering SA’s Gucci and Balenciaga, parts of LVMH’s Louis Vuitton, Moncler SpA and Britain’s Burberry Group Plc. And any recovery in the US for top-end goods is much needed, given the surge in luxury valuations since late January.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/cc888487-43be-43b2-9506-aad3ef01d596","type":"text","family-id":"b23b9687-c47d-4dc1-b700-1b3d96262071","title":"","id":"cc888487-43be-43b2-9506-aad3ef01d596","metadata":null,"subtype":null,"text":"The heftier price tag on your Rolex may be the first sign that Bitcoin equals bling once more.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/cd9240eb-e618-4c48-831f-e71cf30a8908","type":"text","family-id":"310a9fb5-0ae1-4b32-a95e-735446717202","title":"","id":"cd9240eb-e618-4c48-831f-e71cf30a8908","metadata":null,"subtype":null,"text":"More From Bloomberg Opinion:
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/ef74769b-c795-4be2-9c8b-eb55f93323a5","type":"text","family-id":"5fe2cf5d-18b9-4827-86ce-cd1002c3cd04","title":"","id":"ef74769b-c795-4be2-9c8b-eb55f93323a5","metadata":null,"subtype":null,"text":"Don’t Bet Your Bonus on a Bargain Rolex: Andrea Felsted
I’ve Had Trouble Hearing. Then I Tried New Glasses: Dave Lee
The Skin Care Industry's Secret Weapon? Kids: Amanda Little
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/0719ef64-c7df-4109-85ad-5741e769bd48","type":"text","family-id":"2e2357ab-05df-40cf-b79b-ec989c63adf0","title":"","id":"0719ef64-c7df-4109-85ad-5741e769bd48","metadata":null,"subtype":null,"text":"Andrea Felsted is a Bloomberg Opinion columnist covering consumer goods and the retail industry. Previously, she was a reporter for the Financial Times.
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/ecfabe96-4e3e-42fc-ab2e-ad8b540cbd52","type":"text","family-id":"a59a3a92-5265-4486-9a74-09b787ad9faf","title":"","id":"ecfabe96-4e3e-42fc-ab2e-ad8b540cbd52","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com/opinion
"},{"description":"","page-url":"/story/7e6579d0-e730-4043-8548-473f5bd24cc0/element/d6f4cca7-848d-4b03-bc12-99c5ceb48027","type":"text","family-id":"41e8881d-776b-45ef-9079-02ff6e5b0d0d","title":"","id":"d6f4cca7-848d-4b03-bc12-99c5ceb48027","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1710481334306,"content-version-id":"15adf57e-ce32-4657-a425-72d0148acca3","card-added-at":1710481334306,"status":"draft","id":"d90ec76e-46bd-47f2-9bcb-a1d473a0fb20","content-id":"d90ec76e-46bd-47f2-9bcb-a1d473a0fb20","version":15,"metadata":{"social-share":{"shareable":true,"title":"Blame Crypto Bros for the Rising Cost of Your Rolex","message":"The prices at which watches change hands in the secondary market have moved broadly in line with both Bitcoin and the S&P 500 index over the past five years or so. ","image":{"key":"bloombergquint/2024-03/bdbeb543-028d-405e-9e67-b4b32bc77bb8/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1668685,"first-published-at":1711373664221,"story-template":"syndicated","authors":[{"slug":"andrea-felsted-3","social":{},"name":"Andrea Felsted","contributor-role":null,"avatar-url":null,"bio":null,"id":1668685,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["view"]},"original-url":"https://www.bloomberg.com/opinion/articles/2024-03-15/bitcoin-blame-crypto-bros-for-the-rising-cost-of-your-rolex","imported-card-id":"d90ec76e-46bd-47f2-9bcb-a1d473a0fb20","card-share":{"shareable":true}}}}]},{"id":13601,"associated-metadata":{"layout":"NEW_BrandStudioWidget"},"type":"collection","name":"Brand Studio","slug":"bq-brand-studio","template":"section","metadata":{"view-layout":null,"vidible-playlist-id":null,"section":[{"id":6892,"name":"BQ Brand Studio"}],"cover-image":{"success":true,"url":"https://quintype-dropbox.s3-accelerate.amazonaws.com/bloombergquint.quintype.com/2023-11-16/1659/Rectangle_8825.png","metadata":{"width":642,"height":174,"mime-type":"image/png","file-size":152538,"file-name":"Rectangle 8825.png"},"extracted-data":{"artist":""},"attribution":"","cover-image-url":"https://images.assettype.com/bloombergquint/2023-11/6bd57ff2-c691-42c1-a29a-67eb8b024d5b/Rectangle_8825.png","cover-image-s3-key":"bloombergquint/2023-11/6bd57ff2-c691-42c1-a29a-67eb8b024d5b/Rectangle_8825.png"}},"collection-date":null,"summary":null,"automated":true,"collection-cache-keys":["c/49/13601","sc/49/6892"],"items":[{"id":"1d8aa5d8-ae82-44c3-9e56-fb8808ab7924","associated-metadata":{},"type":"story","story":{"author-name":"NDTV Profit Brand Studio","headline":"Toshiba Shaping The Sustainable With Its Next-Gen Technologies","slug":"bq-brand-studio/toshiba-shaping-the-sustainable-with-its-next-gen-technologies","last-published-at":1711005418582,"alternative":{},"sections":[{"domain-slug":null,"slug":"bq-brand-studio","name":"Brand Studio","section-url":"https://www.ndtvprofit.com/bq-brand-studio","id":6892,"parent-id":null,"display-name":"Brand Studio","collection":{"slug":"bq-brand-studio","name":"Brand Studio","id":13601},"data":null}],"hero-image-metadata":{"width":734,"height":413,"mime-type":"image/jpeg","file-size":416494,"file-name":"NDTV-Toshiba-Header.jpg"},"published-at":1711005418582,"summary":null,"id":"1d8aa5d8-ae82-44c3-9e56-fb8808ab7924","hero-image-s3-key":"bloombergquint/2024-03/a04c33db-a042-462f-8f58-ec1b9b14b665/NDTV_Toshiba_Header.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/1d8aa5d8-ae82-44c3-9e56-fb8808ab7924/element/a166c977-d5ea-4b9c-b826-979cee64f603","type":"text","family-id":"efe91d11-68fc-4154-aa8e-eea99619a232","title":"","id":"a166c977-d5ea-4b9c-b826-979cee64f603","metadata":{},"subtype":null,"text":"*This is in partnership with NDTV Profit BrandStudio
COP27 set the stage for COP28 to continue the push towards a low-carbon future, particularly in the realm of transitioning from fossil fuel. The research increasingly indicates that we will have to not only lower emissions as much and as fast as possible but also remove excess carbon that will continue to be emitted into the atmosphere from hard-to-abate sectors. Technological solutions will also be central to decarbonisation through initiatives such as digital transformation, which can act as an enabler to decarbonisation, or technologies for carbon capture and sequestration.
Toshiba has the tools and the technology needed to accelerate the global energy transition and reduce carbon emissions as much as possible. As such, Toshiba Group formulated the Environmental Future Vision 2050 to address carbon neutrality, the circular economy and a society in harmony with nature. Toshiba will promote the implementation of initiatives in three areas: “response to climate change,” “response to the circular economy” and “consideration of ecosystems” so as to realise the ideal situation by 2050. In November 2021, we revised the vision “response to climate change” from 50% reduction across the Group's value chain by FY2030 to “Achievement of carbon neutrality throughout the entire value chain (70% reduction of GHG emissions by FY2030).”
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Toshiba recognises the importance of maintaining a management foundation with integrity and transparency to support our business activities, and, to that end, has set out the following as material issues to be addressed by Toshiba Group so as to increase our corporate value.
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To learn more about the FY2022 performance and FY2023 Targets of Toshiba Group’s material issues, click here.
Toshiba's Sustainable Growth Agenda: Forging A Greener Future
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Since its founding in 1875, Toshiba has combined innovation and expertise to tackle social issues. Toshiba’s goal is to achieve carbon neutrality and a circular economy by building infrastructure that everyone can enjoy and a connected data society. In this process, we will continually create value by maximising the power of data, and draw on the product expertise, technologies and customer relationships we have cultivated over the years to support social infrastructure, including the energy, water treatment, transportation and devices businesses.
Toshiba Group in India is making good progress in business expansion. In FY22, consolidated revenue of all Indian Toshiba Group companies grew almost by 50%. Toshiba can provide comprehensive solutions to generate, transfer and store and smartly use energy; we are also experts in water management and a reliable partner of the government in its “Clean Ganga” initiative. Toshiba's SCiB™, a rechargeable lithium-ion battery ideal for hybrid vehicles, is receiving encouraging response from the industry, and we are partnering up with a major car company to support Indian Green Mobility initiative.
We need to achieve growth along with protecting environment. By integrating sustainability into our business goals, we will solve several problems caused by social challenges. Toshiba’s management philosophy is “Committed to People, Committed to the Future.” We believe we will contribute to a new better world.
Toshiba India's Sustainability Report: A Business Update On Environmental Responsibility
With the government’s strategy for accelerating the pace of sustainable economic development, India is primed for ‘Green Growth.’ With a rich heritage of almost 150 years of continuous innovation and technological excellence, Toshiba is in a unique position to support India in realising its goals for sustainable growth.
Toshiba has been a reliable partner in India’s quest for sustainable energy security and can provide comprehensive solutions to generate, transfer and store and smartly use energy. Toshiba can supply solutions and services in power plants by offering Cyber Physical Systems and IoT as a service like EtaPRO™ to improve the efficiency and reliability of power-generating assets. In addition, our Carbon Dioxide Capture Utilisation and Storage (CCUS) solution helps to separate and capture CO2 from thermal power plants, resulting in transition towards a carbon-neutral society.
For energy Transmission and Distribution (T&D), Toshiba is a world leader in the supply of integrated solutions for both conventional and renewable energy sources. To support the transition towards renewable energy and combat climate change, we have been supplying our clients with a wide range of high-quality, reliable and efficient transmission and distribution equipment, including GIS.
We are also experts in water management and a reliable partner of the government in its “Clean Ganga” initiative. Toshiba also contributes to the Clean Ganga initiative, and so far Toshiba has constructed a total of 10 sewage treatment plants across three states (Uttar Pradesh, Bihar and Jharkhand), with a total installed capacity of 181 million litres per day (MLD).
Toshiba has been spearheading this transformation through its technologically advanced SCiB™ rechargeable lithium-ion batteries that present many industries an unprecedented opportunity to decarbonise their energy consumption. With its wide industrial and infrastructure applications, Toshiba's SCiB™ rechargeable lithium-ion batteries can minimise environmental impact, create economic value and contribute to carbon neutrality.
Toshiba supports India’s ambitious Green Mobility initiatives through its automotive lithium-ion battery—SCiB™ rechargeable battery, contributing to improved fuel consumption efficiency and reduced CO2 emissions. For example, if CO2 emission reductions up to Scope 3*¹ are required, converting employee shuttle buses to EVs can be a countermeasure. With Toshiba’s SCiB™ that offer a high level of safety, rapid charging and long service life, the number of EV buses and the amount of rechargeable batteries required for operation can also be greatly reduced. In 2022, Toshiba signed an agreement with EVage to supply its SCiB™ cells for 10,000 EVage electric commercial vehicles.
Looking To The Future: New Technologies For A New World
In a rapidly evolving landscape, Toshiba pioneers the path forward, embracing cutting-edge technologies to shape a bold future for our changing world. Toshiba Group showcased energy solutions that play a crucial role in achieving carbon neutrality across the energy lifecycle at the Japan Pavilion at COP28, organised by Ministry of the Environment, Government of Japan (“MOE”). The Toshiba technologies the MOE has selected to showcase include SCiB™, AEROXIA™ and P2C (power to chemicals)—that are contributing to the global goal of achieving carbon neutrality.
SCiB™ For Energy Storage And Smart-Use
SCiB™ helps reduce fuel consumption and CO/NOx emissions and life cycle costs, improves operating rates and enables the construction of highly safe and reliable battery systems. Applying SCiB™ to EV buses as an example, the required number of buses and battery capacity can be reduced, thereby reducing lifecycle costs and resource consumption. As batteries play an increasingly important role, SCiB™ contributes to tackling social issues.
Watch the video to get to know about the SCiB™ technology:
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Energy Transmission: AEROXIA™ Replaces SF6 In Power Facilities With Eco-Friendly Gas
Toshiba’s ground-breaking technology, AEROXIA™ is set to transform the world of energy transmission by replacing SF6 gas, commonly used in high-voltage electrical equipment, with an eco-friendly alternative derived from natural sources. The environmental impact of using SF6 is staggering—over 20,000 times the global warming potential of CO2 when released into the atmosphere. Toshiba's AEROXIA™ offers eco-friendly, low-maintenance and highly efficient solutions for electrical power using natural-origin gas alternatives.
Watch the video to get an in-depth look at AEROXIA™:
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P2C (Power To Chemicals) That Transforms CO2 Into Green Resources With Renewable Energy
P2C is the bridge between carbon capture and utilisation in the CCU supply chain, and Toshiba has developed an advanced electrolysis catalyst that delivers the world's highest CO2 conversion rate. The process uses renewable energy, and acts on CO2 in a gaseous state, not dissolved in water, converting it into carbon monoxide, an important raw material for chemical synthesis.
Watch the video to find out all about our P2C technology:
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*1: Scope 3 encompasses emissions that are not produced by the company itself and are not the result of activities from assets owned or controlled by them, but by those that it’s indirectly responsible for up and down its value chain.
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*This is in partnership with NDTV Profit BrandStudio
Passive investing has been a notable trend in India in recent years. Also known as index investing or passive management, passive investing is a strategy where the Scheme seeks to replicate the performance of a specific market index, such as Nifty 50 or S&P BSE Sensex, by investing in a portfolio of securities that mirror the composition of the underlying index.
Unlike active investing, where fund managers aim to outperform the market by actively picking and choosing stocks, passive investing follows a “set it and forget it” approach.
The approach is based on the efficient market hypothesis, which suggests that it is challenging to consistently outperform the market. Instead of trying to beat the market, passive investors aim to capture overall market returns by investing in a broad range of companies. This approach eliminates the need for constant monitoring and trading, making it an attractive option for both experienced and novice investors.
Why Passive Investing Is Picking Up Pace In India
The National Stock Exchange of India in June 2023 said that the assets under management (AUM) of passive funds, such as ETFs and index funds that track Nifty indices, crossed the landmark Rs 5 lakh crore figure. The AUM of passive funds has seen a phenomenal increase, from Rs 80,755 crore in March 2018 to Rs 674,783 crore as of March 31, 2023.
Over the past five years, passive funds’ AUM recorded an annualised growth rate of 53%. In the same period, the number of passive funds available in India has risen from less than 100 to almost 350.
Unsurprisingly, passive investing has gained traction in India due to its simplicity, cost-effectiveness and potential to outperform actively managed schemes over the long term. It offers a number of advantages, including lower expense ratios compared to active schemes, diversification by investing in a broad market index, transparency, reduced portfolio turnover, and tax efficiency due to lower turnover rates.
Another factor contributing to the growth of passive investing is the availability of ETFs that allow investors to easily access a wide range of market indices. These schemes have gained popularity due to their relatively lower expense ratios and ease of trading. As a result, more and more investors are choosing to invest in ETFs as part of their strategy.
ETFs: An Important Tool For Passive Investing
ETFs are one of the primary investment vehicles for passive investing. ETFs are investment schemes that trade on stock exchanges, similar to individual stocks. They are designed to track the performance of a specific index, sector, commodity or asset class. ETFs offer investors the opportunity to gain exposure to a diversified portfolio of stocks without having to purchase each individual security.
Unlike other Mutual Fund schemes, ETFs are priced throughout the trading day and can be bought and sold at market prices. This flexibility allows investors to take advantage of market fluctuations and adjust their positions accordingly.
Over the past decade, the popularity of ETFs in India has been on the rise, with their growth rate surpassing that of the overall mutual fund industry for most years. Total AUM in ETFs in India has risen to Rs 6.5 lakh crore, accounting for around 13% share of total mutual fund AUM. Significant growth is expected in the ETF segment in the future due to a range of benefits they offer.
Advantages Of Investing In ETFs
Diversification: One of the key benefits of ETFs is instant diversification. By investing in an ETF, investors gain exposure to a wide range of securities, reducing the risk associated with investing in a single stock. This diversification spreads the risk across different companies and industries, providing a level of stability to the portfolio.
Cost-Effectiveness: ETFs are known for their relatively lower expense ratios. These funds are designed to passively track an index, which means they require less active management. As a result, the expenses associated with ETFs are significantly lower.
Trading Flexibility: These schemes can be bought and sold throughout the trading day. Unlike other Mutual Fund schemes, which are priced at the end of the trading day, ETFs offer real-time pricing.
Transparency: ETFs provide transparent holdings information, allowing investors to see exactly what securities the scheme holds. This transparency enables investors to make informed decisions.
Tax Efficiency: These schemes are structured in a way that minimises capital gains distributions, making them more tax efficient. ETFs are created and redeemed in large blocks called creation units, which helps to minimise taxable events.
Types Of ETFs
Equity ETFs: These ETFs track an equity index, such as the Nifty 50, S&P BSE Sensex, Nifty 100, etc. They provide investors with exposure to a broad range of stocks across different sectors. Now there are also ETF that focus on tracking indices that invests in specific industries, such as banking, technology or healthcare, allowing investors to gain targeted exposure to a particular sector or industry which they expect to boom. Some indices include Nifty Bank Index, Nifty Infrastructure, etc.
Debt ETFs: These ETFs track an index that allow investors to gain exposure to a basket of debt securities, such as government bonds, corporate bonds, debentures and money market instruments.
Commodity ETFs: These ETFs enable investors to gain exposure to a range of commodities, such as gold, agricultural products and natural resources like oil, without having to directly own the physical assets. Gold ETFs are popular among investors looking to diversify their portfolios and hedge against inflation.
Passive Investing Through ETFs: A Smart Investment Strategy
If you are looking for a tool to passively grow your wealth in the market, ETFs can be the perfect answer. These schemes offer a range of benefits that can make them an attractive investment option for both seasoned and beginner investors.
By selecting ETFs that align with your investment goals and risk tolerance, you can diversify your portfolio, reduce costs and gain exposure to specific sectors. ETFs can thus offer a smart edge to your investment strategy.
Sources: www.nseindia.com; www.niftyindices.com; Nifty Passive Insights Report by NSE Indices.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
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Samsonite, the global leader in travel solutions, has launched an innovative campaign, “Tested Like Samsonite,” which showcases the brand's century-long legacy of excellence. Transcending the horizons of resilience and endurance, Samsonite sets on a journey to redefine strength and durability featuring an exceptional lineup of influential personalities testing the brand's latest products.
Samsonite, a stalwart in the travel industry for 113 years, introduced the “Tested Like Samsonite” campaign as a testimonial to individuals who symbolise immense strength and valour in the face of adversities. Highlighting similarities between the resilient journey of each individual and the durability of Samsonite's diverse range of products, the campaign goes beyond conventional product testing.
Anushree Tainwala, executive director, marketing, Samsonite, emphasised, \"Samsonite products are not just luggage; they are a testament to our commitment to quality and durability. “Tested Like Samsonite” is a celebration of resilience and quality. Our carefully crafted marketing campaign captures the very essence of the Samsonite—resilience and perseverance. This campaign highlights our strong commitment to excellence. Our ultimate goal is to ignite inspiration in our audience by showcasing the enduring spirit of each Samsonite creation.\"
This campaign marks a groundbreaking moment for the brand as it assembled an exceptional lineup that includes not only sports and fitness icons but also renowned figures from the culinary and business realms. The ensemble, comprising Karun Chandhok, Milind Soman, Sania Mirza, Chef Garima Arora, Vidyut Jammwal and Ghazal Alagh, reflects the brand's commitment to embracing a spectrum of talents and achievements.
The campaign unfolds in a compelling six-part video series (Karun Chandhok, Milind Soman, Sania Mirza, Ghazal Alagh, Garima Arora and Vidyut Jammwal), where each influencer subjects Samsonite's iconic luggage to tests mirroring the challenges they have overcome in their own journeys.
The video campaign will feature across digital platforms and social media networks, showcasing stories of resilience and strength portrayed by influential icons.
"}],"card-updated-at":1710752691311,"content-version-id":"1ad77ce7-bcd0-49ab-8aed-88431b63313e","card-added-at":1710410433696,"status":"draft","id":"b41e8313-f2b8-4c59-87e0-8660c7de4234","content-id":"b41e8313-f2b8-4c59-87e0-8660c7de4234","version":18,"metadata":{"social-share":{"shareable":true,"title":"Tested Like Samsonite: Breaking Barriers, Reshaping The Boundaries Of Resilience And Innovation","message":null,"image":{"key":"bloombergquint/2024-03/c721d091-18a1-49aa-b532-021c2b1b237d/TestedLikeSamsonite2_0.jpg","url":null,"attribution":null,"caption":"(Source: Samsonite)
*This is in partnership with NDTV Profit BrandStudio
At the heart of the quest for sustainability lies a powerful catalyst: rechargeable lithium-ion batteries. Since their introduction over three decades ago, rechargeable lithium-ion batteries have evolved from their simple application origins to the current state where their capacities have grown exponentially and their applications encompass a multitude of critical infrastructure sectors like mobility, logistics, energy, etc. These rechargeable lithium-ion batteries now find application in a wide spectrum, from replacing fossil fuel-based plants in large-scale grid storage to fuelling the burgeoning demand for eco-conscious transportation.
Toshiba's SCiBTM: Spearheading The Rechargeable Battery Evolution
Toshiba has been spearheading this transformation through its technologically advanced SCiBTM rechargeable lithium-ion batteries that present many industries an unprecedented opportunity to decarbonise their energy consumption. With its wide industrial and infrastructure applications, Toshiba's SCiBTM rechargeable lithium-ion batteries can minimise environmental impact, create economic value and contribute to carbon neutrality. The SCiBTM rechargeable battery provides six distinct advantages that make them a preferred choice in various industrial and commercial applications.
Extremely Low Fire Hazard: There is a very low risk of fire or explosion from internal short-circuits caused by external pressure. Therefore, SCiBTM is suitable for various applications requiring high levels of safety and reliability.
Long Life Of Over 20,000 Cycles: Only a small degree of capacity degradation occurs even after more than 20,000 cycles* of charging and discharging. This is especially beneficial in applications that require frequent charging/discharging such as large-scale storage battery systems. (*Characteristics depends on cell type and usage conditions.)
Rapid Charging: SCiBTM allows automobiles, buses and other vehicles to be charged at more than 80% capacity in just six minutes at cell level. In addition, frequent rapid charging does not cause significant deterioration in capacity.
High Input/Output: SCiBTM can be charged and discharged at high current, making it store a large amount of regenerative power produced by a train or an automobile while the brake is being applied and provide a high current necessary for a motor to start.
Wide Range Temp Operation: Even when SCiBTM is charged at low temperature, lithium metal does not precipitate, allowing it to be charged and discharged repeatedly at temperatures as low as -30°C. SCiBTM performs well at high temperature also. It can normally operate at temperature up to +60°C.
Wide SOC Range Of 0% To 100%: SCiBTM can be used over the state of charge (SOC) range of 0% to 100% since it maintains excellent input/output characteristics over wide usable SOC range. This makes it possible to reduce the number of batteries mounted on a system.
Toshiba's SCiBTM: Delivering High Value With Low Total Ownership Cost
SCiBTM cells keep more than 70% of capacity after 20,000 times* of SOC 100% charge-discharge cycles. There is much less degradation expected if SOC window is limited to SOC 50%-90%. This means SCiBTM packs does not require replacement for a long time, and since it is also maintenance free, the overall total cost of ownership is relatively lower. (*Characteristics depends on cell type and usage conditions.)
SCiBTM has both high input as well as high output feature and if needed, can be charged/discharged in just six minutes, compared to more than 30 minutes for conventional batteries. This enables SCiBTM to reduce the battery capacity requirement. Smaller battery capacity requirement also means that the size of the battery can also be reduced, resulting in lower initial investment.
Toshiba's SCiBTM: Application In Critical Infrastructure Sectors
SCiBTM helps reduce fuel consumption and CO2 /NOx emissions, reduces life cycle costs and improves operating rates, saves space in battery systems, and enables the construction of highly safe and reliable battery systems. Therefore, SCiBTM is used in a wide range of fields of social infrastructure, from small devices, houses and roads to factories, ports and power plants. Toshiba’s SCiBTM has been widely used for vehicle, industrial and infrastructure applications, including automobiles, buses, railroad cars, elevators and power plants.
Green Mobility
Hybrid Electric Vehicles (HEVs): SCiBTM is the ideal lithium-ion battery for HEVs because of its excellent input/output performance and long life. As of September 2023, SCiBTM has been installed in more than seven million HEVs.
Electric Buses: Electric buses using SCiBTM can be charged in a short period of time. They can therefore be designed with much smaller battery capacity and without the need for charging multiple vehicles at once, making it possible to provide wider passenger space and reduce the vehicle weight and cost. A bus operator can reduce total number of buses on any given route by frequent charging and discharging. The number of buses that can be reduced is more than 30% (depending on the availability of fast DC Chargers and round-trip distance). It is estimated globally that 2,000 e-Buses approximately have applied so far to opportunity charging.
Railways: Trains with SCiBTM can be rapidly charged during limited electrified sections. SCiBTM is also suitable as backup power source which drive a train in case of emergency because of its safety and durability.
Electric Ships: Ferryboats using SCiBTM can be charged during a short port stop to cover the electricity required for a round trip. This saves the need to install a large battery capacity that allows a ferryboat to continue traveling for a whole day, making it possible to secure wide cabin space.
Green Energy: Electric Power Systems
Excellent cycle life characteristics of SCiBTM make it suitable for battery energy storage systems for primary frequency regulation. Its exceptional long cycle life characteristics support grid frequency regulation that requires repeated charging/discharging.
Green Logistics: Automated Guided Vehicles (AGVs) And Autonomous Mobile Robots (AMRs)
The combination of the rapid-charging feature of SCiBTM and an automatic charging function makes it possible to create AGVs and AMRs that run on a battery alone. In addition, its long life helps extend the replacement purchase cycle, thereby reducing the operating cost and waste. SCiBTM also obviates the workload for battery replacement.
Toshiba's SCiBTM: Contribution To India's Green Vision
Toshiba's SCiBTM has been certified as \"Excellent ECP (Environmentally Conscious Products)\"of Toshiba Group's internal certification programme for its characteristics and design considerations that satisfy the following three key factors, which can contribute to a sustainable environment. Furthermore, Toshiba Battery Division established an environmental management system covering the entire business process to promote environmental business activities.
Toshiba's dedication to India's green goal is evident in its strategic initiatives and investments. Suzuki Motor Corporation, Toshiba Corporation and Denso Corporation have established a joint venture company for production of automotive lithium-ion battery packs in India. The battery pack manufacturing joint venture by the three companies will realise stable supply of rechargeable lithium-ion battery packs in India in the course of promoting sustainable cars in the country and will contribute to \"Make in India\" initiative by the Indian government.
The company recently signed an agreement with EVage Automotive Pvt. Ltd. to supply its SCiBTM cells to power the next 10,000 EVage electric commercial vehicles. This is the first deployment of lithium titanium oxide (LTO) cells into commercial delivery vans, assisting EVage vehicles to achieve breakthroughs in battery safety, reliability and performance, a major benefit for its delivery fleet customers.
Toshiba's unwavering commitment to India's green goals underscores its dedication to sustainable development and environmental responsibility. Toshiba's pledge of 'Committed to People, Committed to the Future' represents sustainable development and growth at the core of its business operations. Toshiba India will provide advanced solutions by utilising the unique characteristics of SCiBTM rechargeable lithium-ion cells to help create a Carbon Neutral India for a new day.
"}],"card-updated-at":1709550766161,"content-version-id":"e39d33fb-19e9-4c95-8c29-4323f0831b64","card-added-at":1709548298064,"status":"draft","id":"f87206a7-f61a-4234-9dfc-dcbed45c0a38","content-id":"f87206a7-f61a-4234-9dfc-dcbed45c0a38","version":17,"metadata":{"social-share":{"shareable":true,"title":"Enabling A Paradigm Shift: Sustainability Powered By Toshiba's SCiB™ Rechargeable Lithium-Ion Batteries","message":null,"image":{"key":"bloombergquint/2024-03/7cddb516-c6ff-40ed-b262-b14f13bba387/Slide2.JPG","url":null,"attribution":null,"caption":"(Source: Toshiba)
My taxi driver was a little confused as we pulled up to the entrance to Mahalaxmi Racecourse. It was far more crowded than what he was used to on a Saturday afternoon, and this prompted him to ask, “Yahan kuch programme ho raha hai kya? (Is there any show going on here?)\" What followed was an experience of a lifetime. About six hours later my legs didn't work like they used to before, but it was worth it.
Ed Sheeran's visit to India and Mumbai was already a far cry from his last trip back in 2015. In the time since he last performed, his fame, which had reached the precipice of stardom at the early age of 25, has skyrocketed to super-stardom. The British star is acclaimed by peers, fans as well as yesteryear greats as one of the foremost singer-songwriters of his generation, but his origins shine through when he takes the stage.
Ed Sheeran is the consummate performer. From the time he took the stage at 7:30 pm to his farewell more than two-and-a-half breathless hours later, he held the crowd, that was estimated to have crossed 50,000, captivated. And while everyone in the audience had a blast, only those familiar with music grammar truly understood what the former busker had done.
While Sheeran had a band to support him on some numbers, most of his songs were performed using what is called a loop machine. For the layman, it allows a musician to record snippets of sound and then layer it onto other sounds. At the start of his performance, Sheeran clarified that everything that would be played that evening was live – a unique rendition that would only be performed once. That’s because all the loops he created – layering sounds not once or twice, but in some cases, six, seven and eight times – were deleted after the song was performed.
The Shape of You singer-songwriter didn't just have one loop machine. His stage was a circular affair, with a ring on the circumference, which rotated so that he catered to every section of the audience. What’s more, there were microphones and loop machines positioned at four points on the circumference at the very least.
With almost inhuman precision, Sheeran performed one hit after another, guzzling water in the seconds between songs and using the crowd almost as much as he used his instruments. Not a beat was missed and you'd have to nitpick to find an off note.
Sheeran also brought in collaborators. A fiddler, who Sheeran introduced as Alisha accompanied his Galway Girl and Armaan Malik joined him in showing off the ‘Shahrukh pose’. The highlight was Diljit Dosanjh, whose hit song “Lover” drove the audience into a frenzy. It was almost unimaginable, but Sheeran seemed as comfortable as he had all night even singing in Punjabi.
Sheeran had an interesting story while introducing one of his first major hits, The A-Team. “I always thought that this was the only song that I had, that I would be a one-hit wonder and this would be the one song that people would be interested in and I close my eyes and remember singing it in empty rooms and if people were in it, they didn’t want to hear it, and when I open my eyes I get to see the biggest crowd that I’ve ever played to in India.”
I, for one, got my money’s worth. Even the bitter return to reality as I joined thousands of people making their way to the exits to find chock-a-block traffic couldn’t detract from what I will always remember as the experience of a lifetime.
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(Bloomberg) -- The safety of intermittent fasting, a popular strategy to lose weight by limiting food intake to certain times, was called into question by a surprise finding from research presented at a medical meeting.
"},{"description":"","page-url":"/story/3956ff01-22e8-4b99-9503-45a83ac4408c/element/6616fe97-d59e-42a8-a64a-6f0ef0c28fc2","type":"text","family-id":"aef21a85-57ec-44ab-9056-ff8ec72bbb80","title":"","id":"6616fe97-d59e-42a8-a64a-6f0ef0c28fc2","metadata":null,"subtype":null,"text":"Limiting mealtimes to a period of just eight hours a day was linked to a 91% increase in risk of death from heart disease in the study, which was released on Monday in Chicago. The American Heart Association published only an abstract, leaving scientists speculating about details of the study protocol. The study was reviewed by other experts prior to its release, according to the AHA.
"},{"description":"","page-url":"/story/3956ff01-22e8-4b99-9503-45a83ac4408c/element/d5dc0c1d-d792-4e2a-8f74-04ba0db82845","type":"text","family-id":"2f2fc25f-0d14-4443-8022-ad692561b67a","title":"","id":"d5dc0c1d-d792-4e2a-8f74-04ba0db82845","metadata":null,"subtype":null,"text":"Lifestyle interventions aimed at weight loss have come under scrutiny as a new generation of drugs help people shed pounds. Some doctors questioned the study’s findings, saying they could have been skewed by differences — such as underlying heart health — between the fasting patients and the comparison group, whose members consumed food over a daily period of 12 to 16 hours.
"},{"description":"","page-url":"/story/3956ff01-22e8-4b99-9503-45a83ac4408c/element/e2a5a14e-9f40-45a7-97d7-bd0fcbf8b698","type":"text","family-id":"05e57f1f-b888-4795-9cbf-6f95eaa3e477","title":"","id":"e2a5a14e-9f40-45a7-97d7-bd0fcbf8b698","metadata":null,"subtype":null,"text":"“Time-restricted eating is popular as a means of reducing calorie intake,” Keith Frayn, emeritus professor of human metabolism at the University of Oxford, said in a statement to the UK Science Media Center. “This work is very important in showing that we need long-term studies on the effects of this practice. But this abstract leaves many questions unanswered.”
"},{"description":"","page-url":"/story/3956ff01-22e8-4b99-9503-45a83ac4408c/element/668c3253-4e50-4d69-82ce-c7c842bf40d8","type":"text","family-id":"654087ca-d233-4fc0-972e-3003e5b21b09","title":"","id":"668c3253-4e50-4d69-82ce-c7c842bf40d8","metadata":null,"subtype":null,"text":"The researchers, led by Victor Zhong of the Shanghai Jiao Tong University School of Medicine, analyzed data from about 20,000 adults included in the US Centers for Disease Control and Prevention’s National Health and Nutrition Examination Survey.
"},{"description":"","page-url":"/story/3956ff01-22e8-4b99-9503-45a83ac4408c/element/28b17169-ce91-4f27-966d-343f4d932462","type":"text","family-id":"0d48c424-8315-48a2-be8e-c980c6194ee1","title":"","id":"28b17169-ce91-4f27-966d-343f4d932462","metadata":null,"subtype":null,"text":"The study looked at answers to questionnaires along with death data from 2003 through 2019. Because it relied in part on forms that required patients to recall what they ate over two days, scientists said there was room for potential inaccuracies. About half of the patients were men and the mean age was 48.
"},{"description":"","page-url":"/story/3956ff01-22e8-4b99-9503-45a83ac4408c/element/74a6579e-4dd9-4dce-b6ff-1439f4a7d53c","type":"text","family-id":"7cfc9ae9-37e2-45de-8500-ed503d65ce2a","title":"","id":"74a6579e-4dd9-4dce-b6ff-1439f4a7d53c","metadata":null,"subtype":null,"text":"It wasn’t clear how long the patients continued the intermittent fasting, though the researchers assumed they kept it up, according to Zhong.
"},{"description":"","page-url":"/story/3956ff01-22e8-4b99-9503-45a83ac4408c/element/ced3b53a-d781-4bf5-9bb8-7e0ad2540fb0","type":"text","family-id":"c7835853-dfaf-4783-8a8c-f940b34de4a7","title":"","id":"ced3b53a-d781-4bf5-9bb8-7e0ad2540fb0","metadata":null,"subtype":null,"text":"The fasting patients were more likely to be younger men with a higher BMI and food insecurity, he said by email. They also had a lower prevalence of hypertension, diabetes and cardiovascular disease based on self-reports. “We controlled for all these variables in the analysis, but the positive association between 8-h time-restricted eating and cardiovascular mortality remained,” Zhong said.
"},{"description":"","page-url":"/story/3956ff01-22e8-4b99-9503-45a83ac4408c/element/1cc1d9db-844e-4e5c-947d-07b7c7119249","type":"text","family-id":"294d9010-9041-472a-9bda-76fd8a9115ff","title":"","id":"1cc1d9db-844e-4e5c-947d-07b7c7119249","metadata":null,"subtype":null,"text":"The abstract was presented at the AHA’s Lifestyle Scientific Sessions meeting in Chicago.
"},{"description":"","page-url":"/story/3956ff01-22e8-4b99-9503-45a83ac4408c/element/279a9bf8-4fc1-4916-a170-4ea193682d51","type":"text","family-id":"dbbcf25e-cec0-4ae1-a390-b1de572f5d94","title":"","id":"279a9bf8-4fc1-4916-a170-4ea193682d51","metadata":null,"subtype":null,"text":"(Updates with researcher comment in eighth paragraph)
"},{"description":"","page-url":"/story/3956ff01-22e8-4b99-9503-45a83ac4408c/element/176865f3-8067-47e0-bf70-5b871fee59f3","type":"text","family-id":"74520f51-76b2-45f3-99b7-ba40dd88c150","title":"","id":"176865f3-8067-47e0-bf70-5b871fee59f3","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/3956ff01-22e8-4b99-9503-45a83ac4408c/element/5a5b6538-361e-4033-86b0-b58fc950ff24","type":"text","family-id":"051b05b7-0b05-4085-b58c-7d2aedacaec0","title":"","id":"5a5b6538-361e-4033-86b0-b58fc950ff24","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1710793205447,"content-version-id":"aa1cbc1f-b0a1-45ac-a59e-5bcd8698384e","card-added-at":1710793205447,"status":"draft","id":"5df7f766-ed7f-4b35-8a03-5d5d61a8814e","content-id":"5df7f766-ed7f-4b35-8a03-5d5d61a8814e","version":9,"metadata":{"social-share":{"shareable":true,"title":"Intermittent Fasting Linked To Heart Risk In Study Surprise","message":"The safety of intermittent fasting, a popular strategy to lose weight by limiting food intake to certain times, was called into question by a surprise finding from research presented at a medical meeting.","image":{"key":"bloombergquint/2024-03/7defc6c0-e734-40b5-bdf7-8f3401dd42e2/_1x_1.jpg","url":null,"attribution":null,"caption":"Limiting mealtimes to a period of just eight hours a day was linked to a 91% increase in risk of death from heart disease in the study.","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i4ZnXvw7kdps/v1/-1x-1.jpg","width":2320,"height":1547}}}}}],"author-id":1670370,"first-published-at":1710816032795,"story-template":"syndicated","authors":[{"slug":"marthe-fourcade-3","social":{},"name":"Marthe Fourcade","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1670370,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["pursuits"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-18/intermittent-fasting-linked-to-heart-risks-in-research-surprise","imported-card-id":"5df7f766-ed7f-4b35-8a03-5d5d61a8814e","card-share":{"shareable":true}}}},{"id":"86baed02-8c36-4d63-96fa-9d9a73ff39ed","associated-metadata":{},"type":"story","story":{"author-name":"Priya Ramani","headline":"The New Rules Of Divorce","slug":"opinion/the-new-rules-of-divorce-for-wednesday","last-published-at":1710295683394,"alternative":{},"sections":[{"domain-slug":null,"slug":"opinion","name":"Opinion","section-url":"https://www.ndtvprofit.com/opinion","id":1247,"parent-id":null,"display-name":"Opinion","collection":{"slug":"opinion","name":"Opinion","id":15399},"data":null},{"domain-slug":null,"slug":"pursuits","name":"Pursuits","section-url":"https://www.ndtvprofit.com/pursuits","id":1245,"parent-id":null,"display-name":"Pursuits","collection":{"slug":"pursuits","name":"Pursuits","id":15822},"data":null},{"domain-slug":null,"slug":"notifications","name":"Notifications","section-url":"https://www.ndtvprofit.com/notifications","id":16055,"parent-id":null,"display-name":"Notifications","collection":{"slug":"notifications","name":"Notifications ","id":32342},"data":null}],"hero-image-metadata":{"width":1385,"height":770,"mime-type":"image/jpeg","file-size":264481,"file-name":"KramerVKramer.jpg","focus-point":[842,167]},"published-at":1710295683394,"summary":"Friendly vibes, no public explanations and the great social disconnect","id":"86baed02-8c36-4d63-96fa-9d9a73ff39ed","hero-image-s3-key":"bloombergquint/2024-03/32eb6e79-2b4d-4c10-af37-dcd81a649fd4/KramerVKramer.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/86baed02-8c36-4d63-96fa-9d9a73ff39ed/element/9d75f9bb-2386-4dbe-9824-f75434662c37","type":"text","family-id":"32f9c5d4-0499-4cc6-a6d0-22df16368425","title":"","id":"9d75f9bb-2386-4dbe-9824-f75434662c37","metadata":{},"subtype":null,"text":"For several years, my favourite line to the husband was that conventional marriage is an unnatural institution. But as I have lost friends and family to casual bigotry and their incredible ability to 'look away' as Harsh Mander put it in the title of one of his bestselling books, I am grateful for a kind, compassionate and steady partner who values and finds meaning in the same things that I do. As we grow older, we find ourselves more in agreement about what we want out of life, and that makes it easy to negotiate the mound of hurt sentiments that builds up in any long-term partnership. Thankfully, nobody stays angry for more than a couple of hours. It certainly helps that he has brought me tea in bed every morning, even when he’s irritated with me, for 25 years.
"},{"description":"","image-metadata":{"mime-type":"image/png","width":1200,"file-size":401298,"file-name":"Rational Anthem Column Band.png","height":207},"page-url":"/story/86baed02-8c36-4d63-96fa-9d9a73ff39ed/element/f918553c-8c93-4b40-aeb2-16101968c083","type":"image","family-id":"fdbe78a8-b36e-47dd-992d-0a30de675b60","image-attribution":"","title":"","id":"f918553c-8c93-4b40-aeb2-16101968c083","hyperlink":null,"image-s3-key":"bloombergquint/2021-10/1c1b9917-fa35-4867-afe0-a1ab938036a2/Rational_Anthem_Column_Band.png","metadata":{},"subtype":null},{"description":"","page-url":"/story/86baed02-8c36-4d63-96fa-9d9a73ff39ed/element/50c4ad00-8cf8-465d-acee-ef936c722edf","type":"text","family-id":"844df0c3-764d-41c9-8733-9892b883a98d","title":"","id":"50c4ad00-8cf8-465d-acee-ef936c722edf","metadata":{},"subtype":null,"text":"I’ve begun this piece the way I have so my mother doesn’t worry why I’m writing about divorce. I am fascinated by the way couples—especially women, who are, incidentally, the main initiators—navigate divorce. We all know the joke about India’s low divorce rate (many women suffer a lifetime of ‘togetherness’ with no option to divorce) but these days, those who do get divorced seem to be quite zen about it. It’s different from ‘I’m leaving you. Don’t make me go back in or I might go out of the window’ decades-old trauma I saw in my first divorce film, Kramer vs. Kramer.
Actor Natalie Portman quietly exited a marriage of 11 years, apparently after her partner’s infidelity. Nobody discussed the reasons for divorce; the focus was on the children. “Her biggest priority has been ensuring a smooth transition for her children,” a friend told People magazine. \"She and Ben (Benjamin Millepied) really love their kids and are equally focused on being the best co-parents they can be. Nothing is more important.\"
I've read and listened to those who recently divorced and identified what seem to be some new ways of dealing with this age-old issue. Portman likely walked out because of the infidelity, but most people just say they were incompatible. Drifted apart. Changed. Journey shifted. Wanted different things. Individual growth. Got out of a ‘toxic’ situation. Reached a happier zone. Somebody should make a meme of these reasons.
Many couples stay friends in a more natural way than the infamous “conscious uncoupling” popularised by Gwyneth Paltrow a decade ago. When Dia Mirza announced the end of her 5-year marriage in 2019 on social media, the note was signed by both ex-partners. “After 11 years of sharing our lives and being together, we have mutually decided to separate,” they wrote. “We remain friends and will continue to be there for each other with love and respect. While our journeys may lead us down different paths, we are forever grateful for the bond that we share with each other.”
When designer Masaba’s ex-husband remarried, his former mother-in-law, Neena Gupta, congratulated him under his social media post. Malaika Arora says her ex-husband, Arbaaz Khan, will always be there for her. When she had a car accident followed by eye surgery in 2022, she said one of the first faces that she saw at the hospital was her Khan’s. “It was very strange. For a second, I was like, ‘Okay, have I gone back in time?’.”
But the best philosophy has to be from director Kiran Rao, who spoke to journalist Anupama Chopra about being friends with her ex-husband’s (Aamir Khan) ex-wife Reena Dutta. “Whenever Reena and I go out together, the cameras go crazy. They’re not even interested in Aamir,” she said. “I’m all for being a poster girl for a modern, inclusive family. I’m happy to give tips to anyone who wants to be friends with their ex’s ex-wife. We need more people to show that marriage is a wonderful relationship and people can move on from it and continue their relationship as friends, family or co-parents.”
Divorce is rocking the bestseller list too. Clearly, it’s more than okay to talk about it. Women authors, especially, are happy to show you the messy insides of their marriages (though, oddly, all the divorce movies you can think of are made by men). The women writers, in turn, were inspired by those whose marriages broke up before them. Lyz Lenz, who wrote This American Ex-Wife: How I Ended My Marriage and Started My Life, listened to an audio version of Nora Ephron’s Heartburn four times and read authors such as Betty Friedan and Ellen Willis. “I also read three biographies of Princess Diana,” she told The New York Times. “I remember having this thought: If she could divorce the royals, I can divorce a Midwestern family.”
Getting divorced in the digital age is easier and more difficult. It’s easy to announce it on your terms (one US model broke the news of her breakup when she told a fan who asked her on Tik Tok if she was still in a relationship), but exiting a common digital life requires several extra steps. Meryl Streep could put down her Bloomingdale’s and Amex cards and walk out of the door in Kramer vs. Kramer, but these days, in addition to taking off the ring and before you reach the point when you can be friends with each other, many people unfollow their exes, delete posts and tags, exit WhatsApp groups, disentangle all their family plans, joint subscriptions and fitness sharing.
As for Streep, she began living with Don Gummer during the making of Kramer vs. Kramer and married him six months later. After 45 years of togetherness, it was reported last year that the couple had been separated for six years. No reasons were given. None were needed.
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"}],"card-updated-at":1710263569070,"content-version-id":"d7d1622b-82d0-4d11-8c8a-66f73b572af3","card-added-at":1710237141071,"status":"draft","id":"d02eb316-c423-4686-baa1-80205ca7d26b","content-id":"d02eb316-c423-4686-baa1-80205ca7d26b","version":24,"metadata":{"social-share":{"shareable":true,"title":"The New Rules Of Divorce","message":"Friendly vibes, no public explanations and the great social disconnect","image":{"key":"bloombergquint/2021-10/1c1b9917-fa35-4867-afe0-a1ab938036a2/Rational_Anthem_Column_Band.png","url":null,"attribution":"","caption":null,"metadata":{"mime-type":"image/png","width":1200,"file-size":401298,"file-name":"Rational Anthem Column Band.png","height":207}}},"attributes":{}}}],"author-id":1396599,"first-published-at":1710243778335,"story-template":"text","authors":[{"slug":"priya-ramani","social":{},"name":"Priya Ramani","contributor-role":{"id":260,"name":"Author"},"avatar-url":"https://media.assettype.com/bloombergquint/2022-08/5308d449-0fbc-4976-9d76-4772ebbcec27/Priya_Ramani.jpg","bio":"Priya Ramani is a Bengaluru-based journalist and is on the editorial board of Article-14.com, and the former Editor of Mint Lounge.","id":1396599,"avatar-s3-key":"bloombergquint/2022-08/5308d449-0fbc-4976-9d76-4772ebbcec27/Priya_Ramani.jpg","twitter-handle":null}],"metadata":{"story-attributes":{"reactions":["Priya Ramani"]},"card-share":{"shareable":true}}}}]},{"id":115934,"associated-metadata":{"layout":"VisualStory"},"type":"collection","name":"Visual Stories","slug":"web-stories","template":"section","metadata":{"section":[{"id":45053,"name":"Web Stories"}],"view-layout":[{"id":20,"name":"Web-Story","key":"web-story"}]},"collection-date":null,"summary":null,"automated":true,"collection-cache-keys":["c/49/115934","sc/49/45053"],"items":[{"id":"c60bbbc3-6b8c-473c-ad72-d5eb8f5d9528","associated-metadata":{},"type":"story","story":{"author-name":"Nayanika Basu Roy","headline":"Stock Market Highlights: Sensex, Nifty Gainers And Losers — March 15","slug":"web-stories/stock-market-highlights-sensex-nifty-gainers-and-losers-march-15-2","last-published-at":1710500576592,"alternative":{},"sections":[{"domain-slug":null,"slug":"web-stories","name":"Web Stories","section-url":"https://www.ndtvprofit.com/web-stories","id":45053,"parent-id":null,"display-name":"Visual Stories","collection":{"slug":"web-stories","name":"Visual Stories","id":115934},"data":null},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"notifications","name":"Notifications","section-url":"https://www.ndtvprofit.com/notifications","id":16055,"parent-id":null,"display-name":"Notifications","collection":{"slug":"notifications","name":"Notifications ","id":32342},"data":null}],"hero-image-metadata":{"width":2268,"height":4032,"mime-type":"image/jpeg","file-size":1809297,"file-name":"WhatsApp Image 2024-02-16 at 08.56.04_13529959.jpg","focus-point":[1176,1666]},"published-at":1710500576592,"summary":"Here's how the stock market fared on Friday.","id":"c60bbbc3-6b8c-473c-ad72-d5eb8f5d9528","hero-image-s3-key":"bloombergquint/2024-03/b3e530ee-1c58-453a-95f9-72b33658c1bb/WhatsApp_Image_2024_02_16_at_08_56_04_13529959.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/c60bbbc3-6b8c-473c-ad72-d5eb8f5d9528/element/7c093c99-4368-4bca-add8-4307138cdfc9","type":"title","family-id":"e36af133-c3b1-4597-9695-2618d472830a","title":"","id":"7c093c99-4368-4bca-add8-4307138cdfc9","metadata":{},"subtype":null,"text":"Nifty Registers Worst Week In Over Four Months"},{"description":"","page-url":"/story/c60bbbc3-6b8c-473c-ad72-d5eb8f5d9528/element/52f46bf2-d3e3-4e2e-8b6e-1db7cfd73672","type":"text","family-id":"be391e14-4df3-4448-9e05-adcfaf862e6c","title":"","id":"52f46bf2-d3e3-4e2e-8b6e-1db7cfd73672","metadata":{},"subtype":"summary","text":"The NSE Nifty 50 ended 150.10 points, or 0.68%, lower at 21,996.55 and the S&P BSE Sensex fell 453.85 points, or 0.62%, to end at 72,643.43.
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Shares of Adani Enterprises Ltd., Bharti Airtel Ltd., Bajaj Finance Ltd., Hindalco Industries Ltd. and HDFC Life Insurance Co. minimised loss in the Nifty.
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Shares of Infosys Ltd., Larsen & Toubro Ltd., Mahindra & Mahindra Ltd., Reliance Industries Ltd. and Tata Motors Ltd. weighed on the Nifty.
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Market breadth was skewed in favour of the sellers. Around 2,010 stocks declined, 1,811 stocks rose, and 115 stocks remained unchanged on BSE.
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A record number of Indians (169) have made it to Forbes' 2023 World's Billionaires list, an increase from 166 last year. The business magazine has shared a list of the top 10 richest people in India based on Forbes' Real-Time Billionaires rankings. Take a look:
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Representative/Pexels
Global Rank: 107
Net Worth (US$): $16.4 B
Company: ArcelorMittal
ArcelorMittal website
ArcelorMittal website
Global Rank: 103
Net Worth (US$): $17.2 B
Company: DMart, Avenue Supermarts
DMart website
DMart website
Global Rank: 96
Net Worth (US$): $19.6 B
Company: Aditya Birla Group
X/@ananya_birla
X/@ananya_birla
Global Rank: 91
Net Worth (US$): $21.2 B
Company: DLF Limited
DLF Website
DLF Website
Global Rank: 89
Net Worth (US$): $21.8 B
Company: Serum Institute of India
Global Rank: 71
Net Worth (US$): $25.8 B
Company: Sun Pharmaceutical Industries Ltd
X/@SunPharma_Live
X/@SunPharma_Live
Global Rank: 50
Net Worth (US$): $31.2 B
Company: JSW Group
X/@SavitriJindal
X/@SavitriJindal
Global Rank: 42
Net Worth (US$): $36.6 B
Company: HCL Technologies
X/@hcltech
X/@hcltech
Global Rank: 17
Net Worth (US$): $85.1 B
Company: Adani Group
X/@gautam_adani
X/@gautam_adani
Global Rank: 9
Net Worth (US$): $117.2 B
Company: Reliance Industries
X/@ril_foundation
X/@ril_foundation
Here is the list of the top 10 billionaires, according to the Bloomberg Billionaires Index as of March 7, 2024.
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Bloomberg
Net Worth: $197 billion
Chairman of LVMH Moet Hennessy Louis Vuitton.
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Amazon Founder.
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Founder of Tesla.
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Co-founder and CEO of Meta Platforms.
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Microsoft Co-founder.
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Former CEO of Microsoft.
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Chairman and largest shareholder of Berkshire Hathaway.
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Houston Cofield/Bloomberg
Net Worth: $127 billion
Founder of Oracle.
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Co-founder of Alphabet, the holding company of Google.
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Co-founder of Alphabet, the holding company of Google.
"},{"description":"","image-metadata":{"width":810,"height":1080,"mime-type":"image/jpeg","file-size":96792,"file-name":"GE0WsKoasAAoYoR.jpg"},"page-url":"/story/8399f4ec-034b-47b1-b1cb-3e9eb54405fd/element/024aa469-1545-49f0-83eb-4bf308403c50","type":"image","family-id":"e2df01ed-c3d2-4f4c-9a37-27d29b83b6ea","image-attribution":"","title":"","id":"024aa469-1545-49f0-83eb-4bf308403c50","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/74c6d405-5943-4c2d-85e1-e6e549bcaa4c/GE0WsKoasAAoYoR.jpg","metadata":{},"subtype":null},{"description":"","page-url":"/story/8399f4ec-034b-47b1-b1cb-3e9eb54405fd/element/7b9105f4-cdad-4554-b2d1-e7ac7f0b3848","type":"text","family-id":"20756dc6-1fae-4a3a-a588-4063350fe90e","title":"","id":"7b9105f4-cdad-4554-b2d1-e7ac7f0b3848","metadata":{"cta-title":"How Bezos Dethroned Musk","cta-url":"https://www.ndtvprofit.com/business/elon-musk-net-worth-jeff-bezos-overtakes-tesla-ceo-on-billionaire-wealth-list","open-in-new-tab":true},"subtype":"cta","text":"How Bezos Dethroned Musk"}],"card-updated-at":1709789600429,"content-version-id":"c9080c1e-b0a0-4e82-8d77-63ef3d63cef0","card-added-at":1709622168287,"status":"draft","id":"31de5f12-f773-4f6b-81b2-e51944911581","content-id":"31de5f12-f773-4f6b-81b2-e51944911581","version":38,"metadata":{"social-share":{"shareable":true,"title":"Top 10 Richest People In The World: Bernard Arnault Dethrones Jeff Bezos","message":"The Amazon founder had moved to the top by dethroning the then richest man Elon Musk, but Bezos' stay at the top was short-lived as CEO of LVMH Bernard Arnault moved to the number 1 position.\n","image":{"key":"bloombergquint/2024-03/74c6d405-5943-4c2d-85e1-e6e549bcaa4c/GE0WsKoasAAoYoR.jpg","url":null,"attribution":"","caption":null,"metadata":{"width":810,"height":1080,"mime-type":"image/jpeg","file-size":96792,"file-name":"GE0WsKoasAAoYoR.jpg"}}},"attributes":{}}}],"author-id":1698178,"first-published-at":1709624131809,"story-template":"web-story","authors":[{"slug":"bq-seo-desk","social":{},"name":"NDTV Profit Contributor","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1698178,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"card-share":{"shareable":true}}}},{"id":"ba841308-be78-48c4-a949-d9c13929e8ec","associated-metadata":{},"type":"story","story":{"author-name":"Aditi Shah","headline":"7 Movies To Watch This International Women's Day 2024","slug":"web-stories/7-movies-to-watch-this-international-womens-day-2024-npc","last-published-at":1709810100000,"alternative":{},"sections":[{"domain-slug":null,"slug":"web-stories","name":"Web Stories","section-url":"https://www.ndtvprofit.com/web-stories","id":45053,"parent-id":null,"display-name":"Visual Stories","collection":{"slug":"web-stories","name":"Visual Stories","id":115934},"data":null}],"hero-image-metadata":{"width":1350,"height":1800,"mime-type":"image/jpeg","file-size":1773157,"file-name":"Gangu Bai MM.jpg"},"published-at":1709810100000,"summary":"Here are seven inspiring movies which you can add to your watchlist. Don't miss these inspiring stories of strength and resilience. ","id":"ba841308-be78-48c4-a949-d9c13929e8ec","hero-image-s3-key":"bloombergquint/2024-03/c313653f-eddb-4250-80cd-17756541b7e9/Gangu_Bai_MM.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/ba841308-be78-48c4-a949-d9c13929e8ec/element/34f6461e-5e46-47de-bab6-6a40d4449e95","type":"text","family-id":"d90f56a5-9570-45a2-b5a2-9ff16baaa7bc","title":"","id":"34f6461e-5e46-47de-bab6-6a40d4449e95","metadata":{},"subtype":"summary","text":"International Women’s Day is celebrated every year on March 8 worldwide. The day is important to celebrate women’s contributions across industries worldwide. Women were once portrayed in Bollywood movies as objects of adoration and desire, but in recent years they have been transformed into inspirational figures.
"},{"description":"","image-metadata":{"width":2912,"height":4368,"mime-type":"image/jpeg","file-size":1751475,"file-name":"joel-muniz-HvZDCuRnSaY-unsplash.jpg"},"page-url":"/story/ba841308-be78-48c4-a949-d9c13929e8ec/element/9a3ea2fa-fd0f-4ce8-bb7b-46b0cd5a3f40","type":"image","family-id":"a9838039-fe05-4c61-9431-78a05fe6d3e2","image-attribution":"Representative/Unsplash
Representative/Unsplash
Where To Watch: Prime Video
Release Year: 2012
IMDb
IMDb
Where To Watch: Netflix
Release Year: 2013
IMDb
IMDb
Where To Watch: Netflix
Release Year: 2022
X/@aliaa08
X/@aliaa08
Where To Watch: Prime Video, Zee5 and Jio Cinema
Release Year: 2012
IMDb
IMDb
Where To Watch: Prime Video
Release Year: 2014
Prime Video
Prime Video
Where To Watch: Disney + Hotstar
Release Year: 2016
X/@DisneyPlusHS
X/@DisneyPlusHS
Where To Watch: Disney + Hotstar
Release Year: 2016
Disney + Hotstar
Disney + Hotstar
Xiaomi 14: Rs 69,999 for the 12GB + 512GB variant
Xiaomi 14 Ultra: Rs 99,999 for the 16 GB+512 GB variant
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Xiaomi Website
Xiaomi 14:
6.36-inch LTPO AMOLED display
Snapdragon 8 Gen 3 Mobile Platform
4610mAh battery
50MP + 50 MP + 50 MP | 32 MP Selfie Camera
Xiaomi HyperOS
Xiaomi Website
Xiaomi Website
Xiaomi 14 Ultra:
6.73-inch LTPO AMOLED micro-curved display
Snapdragon® 8 Gen 3 Processor
50MP + 50MP + 50MP + 50MP | 32MP Front Camera
5000mAh battery
Xiaomi HyperOS, based on Android 14
Xiaomi Website
Xiaomi Website
Xiaomi 14 is available in Jade Green, Black and White colours while Xiaomi 14 Ultra is available in Black and White colours.
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Xiaomi Website
The Xiaomi 14 Series sale will start on March 11. The phones will be sold via Flipkart, Amazon and Xiaomi's website.
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Xiaomi Website
(Bloomberg Businessweek) -- As Wall Street’s passion for sustainability began surging about five years ago, Andy King looked on with apprehension. Academics at Harvard University, the London Business School and other institutions were churning out research asserting that doing good for people and the planet was also good for company profits. The papers have been quoted in US Senate testimony, cited by regulators crafting corporate climate rules and invoked by Wall Street firms marketing funds valued at billions of dollars.
"},{"description":"","page-url":"/story/a8f818fd-50ad-4d39-8222-bca2e03c0e0d/element/a53785aa-698c-40a1-b578-974001ea563c","type":"text","family-id":"b66ad1e6-6ec9-4642-92ba-d91d9047da20","title":"","id":"a53785aa-698c-40a1-b578-974001ea563c","metadata":null,"subtype":null,"text":"King, a professor of business strategy at Boston University, questioned the studies’ conclusions. In decades of analyzing whether companies could profitably reduce their harm to the environment, King had found the financial gains were often too small to affect the bottom line. Digging into the latest research, scrutinizing complex mathematical formulas and parsing tens of thousands of data points, he discovered what he says are flaws that skewed the results. “The evidence supporting ESG just wasn’t solid,” King says.
"},{"description":"","page-url":"/story/a8f818fd-50ad-4d39-8222-bca2e03c0e0d/element/3bbf9a4c-5014-4061-b889-923fb938222f","type":"text","family-id":"8bba4c68-3e09-458e-ab21-8384f4f3bb40","title":"","id":"3bbf9a4c-5014-4061-b889-923fb938222f","metadata":null,"subtype":null,"text":"Other scholars are increasingly reaching similar conclusions, with researchers from Columbia University, the University of California at Berkeley, the Massachusetts Institute of Technology and beyond releasing studies that bolster King’s work. These academics, generally supportive of efforts to combat global warming, have sparked a debate over the so-called ESG programs—guided by environmental, social and governance considerations—adopted by many corporations.
"},{"description":"","image-metadata":null,"page-url":"/story/a8f818fd-50ad-4d39-8222-bca2e03c0e0d/element/2478cc29-1967-4c2e-be3a-5db216728f94","type":"image","family-id":"9e9142b4-4d8a-4d99-80ec-18fdf26f909d","image-attribution":"","title":"King bemoans the way ESG research has sparked a boom in sustainability funds, ratings and indexes.Photographer: Tony Luong for Bloomberg Businessweek","id":"2478cc29-1967-4c2e-be3a-5db216728f94","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/d2f68bb6-e0bc-45a5-8632-c097f6afc957/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iD1IcKRx1Gzs/v2/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/a8f818fd-50ad-4d39-8222-bca2e03c0e0d/element/a08477af-6373-4e1c-b3ba-4fd8317d8b6d","type":"text","family-id":"5da55fc0-8e73-4c65-b7a2-e49c0c1130a7","title":"","id":"a08477af-6373-4e1c-b3ba-4fd8317d8b6d","metadata":null,"subtype":null,"text":"The critiques come as ESG is increasingly targeted by Republicans who see the embrace of environmental and social causes as a threat to American capitalism. Politicians have launched probes into Wall Street’s climate efforts, introduced anti-ESG bills in the states and pressured firms to quit climate-finance groups. But many people involved in studies questioning the validity of ESG emphasize that their research doesn’t imply that corporations shouldn’t seek to reduce their carbon footprint. “Companies should be doing as much as they can to decarbonize,” says UC Berkeley professor Panos Patatoukas, who recently published a paper that buttresses King’s analysis.
"},{"description":"","page-url":"/story/a8f818fd-50ad-4d39-8222-bca2e03c0e0d/element/c0577c63-8e90-41c1-ae59-4b13b9d5ecd5","type":"text","family-id":"03b40b38-d0df-42d5-9a4f-45d6039c8da8","title":"","id":"c0577c63-8e90-41c1-ae59-4b13b9d5ecd5","metadata":null,"subtype":null,"text":"King, who co-founded an academic group that researches corporate sustainability and who’s served on the board of a firm that helped pioneer ratings of companies’ green and social credentials, started examining the studies around 2020. He and Luca Berchicci, a professor at Erasmus University Rotterdam, analyzed “Corporate Sustainability: First Evidence on Materiality” by Mozaffar Khan (a former University of Minnesota professor now at Causeway Capital Management), Harvard’s George Serafeim and Aaron Yoon at Northwestern University. The 2015 paper found that companies with strong ESG ratings had significantly outperformed those with low ratings. It’s been referenced by finance heavyweights such as BlackRock Inc. and Morgan Stanley and cited more than 400 times, putting it in the top 1% of economic and business papers published that year, according to academic research database Web of Science.
"},{"description":"","image-metadata":null,"page-url":"/story/a8f818fd-50ad-4d39-8222-bca2e03c0e0d/element/5b5996b3-5d41-4852-920c-a874789f1d51","type":"image","family-id":"74b16415-0afa-4664-bfd2-87b1575052a5","image-attribution":"","title":"","id":"5b5996b3-5d41-4852-920c-a874789f1d51","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/d091d0d2-e9e8-4ab0-b60b-f3062721c8d8/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i3Su_Ot0zoyo/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/a8f818fd-50ad-4d39-8222-bca2e03c0e0d/element/e0d74f34-2d41-4e1c-a21b-549ba5d4780e","type":"text","family-id":"04b01ca5-8065-4cd1-8065-a7dec2c68b5a","title":"","id":"e0d74f34-2d41-4e1c-a21b-549ba5d4780e","metadata":null,"subtype":null,"text":"King and Berchicci replicated the analysis, running the data through more than 400 statistical models and using artificial intelligence to check the results. In the vast majority of cases, there was no evidence linking a company’s ESG ratings and its stock performance, they wrote in a 2022 paper published in the . “Their analysis is meaningless,” King says.
"},{"description":"","page-url":"/story/a8f818fd-50ad-4d39-8222-bca2e03c0e0d/element/1ccc104b-5ee0-44ff-a6bc-4ea899ac88bc","type":"text","family-id":"d699f041-fc0e-4eea-833a-66c05b6ed7bf","title":"","id":"1ccc104b-5ee0-44ff-a6bc-4ea899ac88bc","metadata":null,"subtype":null,"text":"In February, researchers at UC Berkeley who’d also replicated the paper by Khan, Serafeim and Yoon published a paper in finding little connection between high ESG ratings and superior stock performance. The report, by Patatoukas and others, said Khan et al. had gotten the causality wrong. Companies that are larger, older and more profitable can more easily rectify problems to improve their ESG scores and better trumpet their strengths to ratings providers. Moreover, it’s those characteristics that lead to stock outperformance, not the ESG scores, the team said.
"},{"description":"","page-url":"/story/a8f818fd-50ad-4d39-8222-bca2e03c0e0d/element/3e1b4f39-1102-4f7b-a47f-c00a0289d3db","type":"text","family-id":"8efe9c77-c1c7-496c-9f25-87ba37e86cc0","title":"","id":"3e1b4f39-1102-4f7b-a47f-c00a0289d3db","metadata":null,"subtype":null,"text":"Khan, Serafeim and Yoon say they welcome scrutiny but stand by their findings: “We are pleased that academics continue to research the link between sustainability and company performance, a line of inquiry our paper inspired,” they said in an e-mail.
"},{"description":"","page-url":"/story/a8f818fd-50ad-4d39-8222-bca2e03c0e0d/element/e4e4a121-5179-4901-96ed-bfb126a01a98","type":"text","family-id":"d499f50e-4df3-4e09-9a3d-296e52f9ff8a","title":"","id":"e4e4a121-5179-4901-96ed-bfb126a01a98","metadata":null,"subtype":null,"text":"At Columbia, academics working with accounting professor Shivaram Rajgopal—who gave congressional testimony defending the use of ESG factors in investments amid the Republican backlash last year—replicated research by Caroline Flammer on green bonds (debt issued by companies to fund projects such as renewable energy). Flammer, now also at Columbia, said in a 2021 paper that when companies issue green bonds, their stocks rise and their environmental performance improves. The study was among several cited by the US Securities and Exchange Commission to support new rules for corporate reports of greenhouse gas emissions that were approved on Mar. 6.
"},{"description":"","page-url":"/story/a8f818fd-50ad-4d39-8222-bca2e03c0e0d/element/cf84c043-d4b3-4dc7-b39e-a4940bd1bd23","type":"text","family-id":"a6016c35-c001-4904-998e-727a7e385953","title":"","id":"cf84c043-d4b3-4dc7-b39e-a4940bd1bd23","metadata":null,"subtype":null,"text":"Rajgopal and his team said Flammer’s analysis is skewed because it mainly captures the stock performance of SolarCity, a solar panel business now owned by Tesla Inc.—which not only accounted for the bulk of green bonds issued in the period analyzed but also for most of the share-price increase. Excluding SolarCity, the researchers said the stock market reaction to companies selling green bonds was insignificant, and they have little impact on a company’s emissions output.
"},{"description":"","page-url":"/story/a8f818fd-50ad-4d39-8222-bca2e03c0e0d/element/0a21d15c-21a2-4bbb-937e-6ffbfcee15f8","type":"text","family-id":"0cd88059-ebdd-40f0-b58c-4a55d0885905","title":"","id":"0a21d15c-21a2-4bbb-937e-6ffbfcee15f8","metadata":null,"subtype":null,"text":"Their paper is under review by the journal . Flammer didn’t respond to emails and phone calls seeking comment.
"},{"description":"","page-url":"/story/a8f818fd-50ad-4d39-8222-bca2e03c0e0d/element/73725fef-9d81-4392-85ae-b0d92c3e91bc","type":"text","family-id":"3772768c-c7d5-4213-8531-a3d5a5d26dc5","title":"","id":"73725fef-9d81-4392-85ae-b0d92c3e91bc","metadata":null,"subtype":null,"text":"King also looked at a 2014 study by Beiting Cheng at Harvard, Ioannis Ioannou at the London Business School and Serafeim, which posited that companies with better social responsibility performance enjoyed superior access to financing, including borrowing money and issuing shares. When King repeated their analysis, he found the researchers hadn’t measured access to finance but had instead examined proxies based on things such as a company’s size, age and cash flow. King’s analysis is under review at the .
"},{"description":"","page-url":"/story/a8f818fd-50ad-4d39-8222-bca2e03c0e0d/element/5c6be975-9cac-493c-8a15-d52d26b63bb0","type":"text","family-id":"7ebe2149-0615-471b-9771-338fc44e586d","title":"","id":"5c6be975-9cac-493c-8a15-d52d26b63bb0","metadata":null,"subtype":null,"text":"Ioannou says King’s critique should be approached with caution because it hasn’t yet been peer-reviewed. “Our decision to use various metrics in our analysis at the time fully aligns with common and best practices,” he wrote in an e-mail.
"},{"description":"","page-url":"/story/a8f818fd-50ad-4d39-8222-bca2e03c0e0d/element/e51a5754-822a-4774-a8a4-0156a1da97ae","type":"text","family-id":"077a2dcb-1094-44f8-9fc4-1aa180726fa1","title":"","id":"e51a5754-822a-4774-a8a4-0156a1da97ae","metadata":null,"subtype":null,"text":"King bemoans the way ESG research has sparked a boom in sustainability funds, ratings and indexes, fueling a belief that wealthy people can save the planet while making money. “We ended up accepting supporting evidence uncritically,” he says. “When we make mistakes, we should be honest and open about it. What bothers me most is the squelching of critical voices.”
"},{"description":"","page-url":"/story/a8f818fd-50ad-4d39-8222-bca2e03c0e0d/element/e97e1f32-2236-4a70-8c1c-fdc71c1a9831","type":"text","family-id":"c0309cd7-8204-49e8-bc73-6880e66ce629","title":"","id":"e97e1f32-2236-4a70-8c1c-fdc71c1a9831","metadata":null,"subtype":null,"text":"Professors who’ve closely examined his research, King says, have told him they agree with his conclusions but fear saying so publicly would hurt their careers. Even as they urge him to continue scrutinizing ESG studies, King concedes little will probably come of that as the papers he analyzes are unlikely to be retracted. But he insists he’ll keep going. “We need criticism and debate to ensure our evidence and conclusions are accurate,” he says. “My goal is to put pressure on the academics to fix this whole process.”
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"},{"description":"","page-url":"/story/9bc48d66-4d1a-486e-bbe0-b0960c491682/element/8a82761d-b9f6-4ef0-b93a-f39a051a04b9","type":"text","family-id":"8b074c7b-e441-42c6-ae11-0c4635690322","title":"","id":"8a82761d-b9f6-4ef0-b93a-f39a051a04b9","metadata":null,"subtype":null,"text":"Robots have become increasingly powerful and common in recent years, but the most successful examples don’t quite evoke the droids from . IRobot Corp.’s Roomba vacuums and the Kiva robots that help run Amazon.com Inc. warehouses represent significant technical achievements, but they’re more like automated appliances than AI-powered companions.
"},{"description":"","page-url":"/story/9bc48d66-4d1a-486e-bbe0-b0960c491682/element/98552511-7404-4184-a498-89f64247335c","type":"text","family-id":"53bfca34-cf15-4370-b84c-36ea0a1d7b06","title":"","id":"98552511-7404-4184-a498-89f64247335c","metadata":null,"subtype":null,"text":"Attempts to satisfy the public’s hunger for more personable robots have sometimes disappointed. In 2021, when Elon Musk unveiled Tesla Inc.’s plans for a humanoid robot, there was no demonstration of any kind of technology. Instead, a human dressed in a white skintight robot suit and a black helmet danced across the stage, earning Musk a round of mockery. But people who work in the field say recent advances in AI models and computer vision software mean robots that physically resemble humans could soon be a reality. Humanoid robots that can carry out a wide range of tasks—in contrast to a robotic arm that deftly repeats a single function in a factory—could be particularly useful.
"},{"description":"","page-url":"/story/9bc48d66-4d1a-486e-bbe0-b0960c491682/element/a5f0e0e8-b578-4340-95f7-5585f8760fc8","type":"text","family-id":"07ac86bf-49b0-44aa-a765-33d41fd7f180","title":"","id":"a5f0e0e8-b578-4340-95f7-5585f8760fc8","metadata":null,"subtype":null,"text":"The funding landscape remains brutal: Venture capital firms invested less in startups in 2023 than in any year since 2019, and humanoid robotics companies raised only a quarter of the capital they attracted in 2018. But the number of deals increased sharply, suggesting investors are getting excited about early-stage companies.
"},{"description":"","image-metadata":null,"page-url":"/story/9bc48d66-4d1a-486e-bbe0-b0960c491682/element/318d954d-69c9-473d-8c5a-45ac485b2e69","type":"image","family-id":"fd407a6c-7657-4c88-9480-338cfc3361ff","image-attribution":"","title":"","id":"318d954d-69c9-473d-8c5a-45ac485b2e69","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/ea35a84a-7590-476c-bf9e-d122f0843ec5/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i.BoG2kU5bPU/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/9bc48d66-4d1a-486e-bbe0-b0960c491682/element/be0268ab-93d4-40b2-b59c-40db8c6be7d3","type":"text","family-id":"a62f492a-52f8-4866-9ee7-0aac9de07f76","title":"","id":"be0268ab-93d4-40b2-b59c-40db8c6be7d3","metadata":null,"subtype":null,"text":"Earlier this month, the incubator and early-stage investor Y Combinator included robotics and machine learning in a list of areas it was interested in. Diana Hu, a partner at Y Combinator, says she believes it’s becoming cheaper and easier for startups to build advanced robots. “It’s finally possible to make robots with human-level perception,” Hu says.
"},{"description":"","page-url":"/story/9bc48d66-4d1a-486e-bbe0-b0960c491682/element/b97188fc-3168-42f3-bfd0-76aab5e357b9","type":"text","family-id":"b7b5973e-9679-4520-94a1-b6e558aa22d8","title":"","id":"b97188fc-3168-42f3-bfd0-76aab5e357b9","metadata":null,"subtype":null,"text":"On Feb. 23, Bloomberg News reported that humanoid robot startup Figure AI raised about $675 million in a funding round, with Jeff Bezos, Nvidia Corp. and other investors valuing it at about $2 billion. The company has said it hopes its product will be able to perform tasks that are dangerous to humans or hard to hire for, including warehouse jobs. The Norwegian robotics startup 1X Technologies AS raised $100 million earlier this year. OpenAI, the maker of ChatGPT, is an investor in both companies.
"},{"description":"","page-url":"/story/9bc48d66-4d1a-486e-bbe0-b0960c491682/element/c39fe897-6c92-44c1-96f7-b3c566636611","type":"text","family-id":"5699dfdc-6151-40d0-afe6-9bca3b68318e","title":"","id":"c39fe897-6c92-44c1-96f7-b3c566636611","metadata":null,"subtype":null,"text":"Amazon, which reshaped the way robotics are used in logistics with its 2012 purchase of Kiva Systems, has begun to test bipedal robots made by Agility Robotics Inc., a startup it backed in 2022. The humanoid machine, which has glowing white eyes and paddles instead of hands, is configured to grab bins from a shelf and carry them to a conveyor. Agility is planning a new factory to ramp up production; it’s working to develop robots that can eventually graduate to complicated tasks such as unloading trucks and taking apart pallets of merchandise.
"},{"description":"","page-url":"/story/9bc48d66-4d1a-486e-bbe0-b0960c491682/element/86276708-3851-411b-9758-081f8732e860","type":"text","family-id":"ea7c9f38-81de-455e-a510-bbaa63dc9a01","title":"","id":"86276708-3851-411b-9758-081f8732e860","metadata":null,"subtype":null,"text":"Lux Capital’s Farshchi says the fundraising statistics don’t capture the full extent of the surge in robotics. More entrepreneurs are focused on it, he says, but they haven’t yet announced their ambitions or how much cash they’ve collected from investors. “Those companies that are going to go out and raise many, many billions of dollars have been getting off the ground over the past year,” Farshchi says. “They’re bubbling up under the surface.”
"},{"description":"","page-url":"/story/9bc48d66-4d1a-486e-bbe0-b0960c491682/element/e51c4cac-f3bf-4af2-b726-e1cd5e361ca2","type":"text","family-id":"fdb2f06e-0744-48e7-8ffd-f369e23c470a","title":"","id":"e51c4cac-f3bf-4af2-b726-e1cd5e361ca2","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
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"}],"card-updated-at":1709256617499,"content-version-id":"36d2c88c-1f8e-4dbb-aad1-f25db2c58ed8","card-added-at":1709256617499,"status":"draft","id":"ce897cb4-9759-47bf-8bee-3fc7f3214088","content-id":"ce897cb4-9759-47bf-8bee-3fc7f3214088","version":2,"metadata":{"social-share":{"shareable":true,"title":"Robotics Startups Hope The AI Era Means Their Time Has Come","message":"Humanoid robots are still mostly in the prototype phase, but companies see an inflection point ahead.","image":{"key":"bloombergquint/2024-03/ea35a84a-7590-476c-bf9e-d122f0843ec5/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1671157,"first-published-at":1709892290868,"story-template":"syndicated","authors":[{"slug":"priya-anand-3","social":{},"name":"Priya Anand","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1671157,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Businessweek-New"],"syndicated-categories":["businessweek"]},"original-url":"https://www.bloomberg.com/news/articles/2024-02-29/ai-boom-gives-hope-to-startups-making-humanoid-robots","imported-card-id":"ce897cb4-9759-47bf-8bee-3fc7f3214088","card-share":{"shareable":true}}}},{"id":"f4260625-73c1-4b25-a5e9-6c95184a528a","score":null,"type":"story","item":{"headline":["Barbenheimer Gives The Oscars Some Much Needed Juice"]},"story":{"author-name":"Thomas Buckley","headline":"Barbenheimer Gives The Oscars Some Much Needed Juice","slug":"businessweek/the-oscars-may-score-tv-gold-due-to-oppenheimer-barbie-box-office-rivalry","last-published-at":1709892256779,"alternative":{},"sections":[{"domain-slug":null,"slug":"businessweek","name":"Businessweek","section-url":"https://www.ndtvprofit.com/businessweek","id":4221,"parent-id":null,"display-name":"Businessweek","collection":{"slug":"businessweek","name":"Businessweek","id":9876},"data":null},{"domain-slug":null,"slug":"pursuits","name":"Pursuits","section-url":"https://www.ndtvprofit.com/pursuits","id":1245,"parent-id":null,"display-name":"Pursuits","collection":{"slug":"pursuits","name":"Pursuits","id":15822},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iYZw.TzKIz2c/v3/-1x-1.jpg","width":2200,"height":1467,"focus-point":[947,372]},"published-at":1709892256779,"summary":"After losing viewers for most of the past three decades, the annual telecast may get a boost this year, thanks to the Oppenheimer-versus-Barbie rivalry.","id":"f4260625-73c1-4b25-a5e9-6c95184a528a","hero-image-s3-key":"bloombergquint/2024-03/069aaba0-5bfb-4209-a268-22a5ee85a7b2/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/f4260625-73c1-4b25-a5e9-6c95184a528a/element/abb6a5ff-1b3d-4d0c-a876-a55a7076adb5","type":"text","family-id":"121049e4-b8eb-4731-905b-0714b3babb79","title":"","id":"abb6a5ff-1b3d-4d0c-a876-a55a7076adb5","metadata":{},"subtype":null,"text":"(Bloomberg Businessweek) -- For much of the early history of the Academy Awards, films that enjoyed major success at the box office, such as and , also tended to win big at the annual event. Having widely known, successful features among the nominees translated into huge audiences for the annual Oscars broadcast, which became one of modern television’s signature events. But in recent years, films outside Hollywood’s blockbuster industrial complex have dominated the prestigious best picture and best director categories. In the past decade, every best picture winner was produced for less than $25 million, and the top-grossing of those winners—2018’s —collected only $320 million in ticket sales, a modest haul compared with that year’s highest-grossing film, from Walt Disney Co.’s Marvel Studios, which made $2 billion.
"},{"description":"","page-url":"/story/f4260625-73c1-4b25-a5e9-6c95184a528a/element/a5c96339-5a2a-47b7-b63f-bb6871f9a7a3","type":"text","family-id":"d20622a6-1926-4b18-8189-72fe093498ee","title":"","id":"a5c96339-5a2a-47b7-b63f-bb6871f9a7a3","metadata":{},"subtype":null,"text":"The snubbing of box-office sensations has coincided with shrinking viewer numbers for the Oscars broadcast: Last year’s 18.7 million viewers in the US amounted to less than half the 40.4 million viewers who tuned in to the show in 2013. And even that was small beer compared with the more than 55 million viewers who saw sail away with the big prize in 1998. Since then, the declining number of visits to movie theaters, the proliferation of celebrities on social media and TV cord-cutting have all contributed to the Oscars’ shrinking audience.
"},{"description":"","image-metadata":null,"page-url":"/story/f4260625-73c1-4b25-a5e9-6c95184a528a/element/f319fd51-8b8a-4bd3-a286-9921c5d773e3","type":"image","family-id":"f18654aa-c070-45ef-9948-8350a1645065","image-attribution":"","title":"","id":"f319fd51-8b8a-4bd3-a286-9921c5d773e3","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/0bef4fd9-fd3f-4e5d-93bf-ee3b72317d06/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iZIfkiER2lfA/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/f4260625-73c1-4b25-a5e9-6c95184a528a/element/ab867013-21b8-40f4-b0c0-4e3794cab806","type":"text","family-id":"825ae7e2-2843-44c6-b722-ea0bafefcc34","title":"","id":"ab867013-21b8-40f4-b0c0-4e3794cab806","metadata":{},"subtype":null,"text":"The Golden Globe awards tried to address this problem by creating an entirely new category in 2023, honoring “cinematic and box-office achievement,” for films that received critical acclaim and also made serious money.
"},{"description":"","page-url":"/story/f4260625-73c1-4b25-a5e9-6c95184a528a/element/6c5cdd71-8710-415f-bca9-89d37d7ec5c9","type":"text","family-id":"0fe3f734-f401-4523-a8b9-94c1de8519f6","title":"","id":"6c5cdd71-8710-415f-bca9-89d37d7ec5c9","metadata":null,"subtype":null,"text":"This year’s Oscars event, which will be held in Los Angeles on March 10, may break the pattern: The members of the Academy of Motion Picture Arts and Sciences have pitted two of 2023’s highest-grossing movies— Christopher Nolan’s from Universal Pictures and Greta Gerwig’s from Warner Bros.—against each other in the best picture category. The simultaneous release of those critically acclaimed films last July created the surprising craze that sent legions of fans to the multiplex to see them both. Hollywood regarded the resulting box-office bonanza as a welcome resurrection of the decades-old view that art and commerce can successfully marry.
"},{"description":"","page-url":"/story/f4260625-73c1-4b25-a5e9-6c95184a528a/element/bb4737d3-2912-4f63-9c0d-8e5e8b5e87eb","type":"text","family-id":"36fda728-c8f0-41ab-9888-eada19a3276e","title":"","id":"bb4737d3-2912-4f63-9c0d-8e5e8b5e87eb","metadata":null,"subtype":null,"text":"“The Academy has been hoping for something like this to happen, to see several box-office phenomenons in the best picture race,” says Michael Schulman, the author of .
"},{"description":"","page-url":"/story/f4260625-73c1-4b25-a5e9-6c95184a528a/element/88018f62-7fa8-4f55-b3da-0b631ef02bf8","type":"text","family-id":"ca9de0b5-32be-4e89-bd47-17648c63b84d","title":"","id":"88018f62-7fa8-4f55-b3da-0b631ef02bf8","metadata":null,"subtype":null,"text":"Over the years the Academy has wrestled with how many films to include in the best picture category, with a larger field increasing the chances of more-popular films being in the top competition. After the Nolan-directed Batman film was overlooked in 2009, the Academy expanded the list of nominees to 10 from 5. James Cameron’s blockbuster , the highest-grossing film of all time, scored a nomination the following year, but the trophy went to the Iraq War drama . That film’s $49.2 million box-office tally was among the lowest for an Oscar top prize winner.
"},{"description":"","page-url":"/story/f4260625-73c1-4b25-a5e9-6c95184a528a/element/4d3e0967-e591-48a0-85ed-d9550fa941b8","type":"text","family-id":"5f389027-b2a7-4115-bc76-5f408327bb33","title":"","id":"4d3e0967-e591-48a0-85ed-d9550fa941b8","metadata":null,"subtype":null,"text":", which generated almost $1 billion at the box office, is a favorite to win best picture after sweeping this year’s awards circuit including the Golden Globes, the British Academy of Film and Television Arts awards and several Hollywood guild prizes. If it achieves that feat, it will be the highest-grossing best picture since Peter Jackson’s was released in 2003. It would also be only the third best picture winner in the 95 years of the Oscars to gross more than $500 million: grossed $1.1 billion, and Cameron’s grossed $2.2 billion.
"},{"description":"","page-url":"/story/f4260625-73c1-4b25-a5e9-6c95184a528a/element/516911c8-dda6-4495-954e-420ce692afde","type":"text","family-id":"13ec81ab-de9f-4f4c-9cbe-ad2947c32d68","title":"","id":"516911c8-dda6-4495-954e-420ce692afde","metadata":null,"subtype":null,"text":"“In the past couple of decades, there’s been a kind of contradiction at the heart of the Oscars, because they’ve had to be two things at once—awards of merit for an industry honoring the craft of filmmaking and also a big TV show that has to appeal to a very wide audience,” Schulman says.
"},{"description":"","page-url":"/story/f4260625-73c1-4b25-a5e9-6c95184a528a/element/0342e653-dcf3-4dfb-bbe1-639b2400f7dc","type":"text","family-id":"db4ecf77-d684-466b-8e6d-4628ebd4e666","title":"","id":"0342e653-dcf3-4dfb-bbe1-639b2400f7dc","metadata":null,"subtype":null,"text":"The erosion in the 2000s of midbudget studio dramas, a genre that had traditionally glued the Oscars to popular taste, has divided Hollywood into two categories, he says: huge tentpole films—big-budget movies with mass appeal and sequel possibilities—and indies. The main reason is ahead of the pack in the race for best picture is because the film “gave the industry a ray of hope. It was an adult biopic about a serious subject, but it’s also an overpowering sensory experience that was worth going to the theater for.”
"},{"description":"","page-url":"/story/f4260625-73c1-4b25-a5e9-6c95184a528a/element/3c91eda1-c868-4dc5-9b74-66e1cf273192","type":"text","family-id":"33fb4aea-4992-4f3d-a63e-22cc44485af0","title":"","id":"3c91eda1-c868-4dc5-9b74-66e1cf273192","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/f4260625-73c1-4b25-a5e9-6c95184a528a/element/e7539c49-f700-4fc0-b2eb-2a3a96d2bdaa","type":"text","family-id":"0e5f519e-598e-4179-8d22-e8da2e3f126c","title":"","id":"e7539c49-f700-4fc0-b2eb-2a3a96d2bdaa","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1709892254203,"content-version-id":"a5f5dfa1-c688-4cce-a49d-6c362252d33d","card-added-at":1709853136529,"status":"draft","id":"d5f62dee-5896-4cb6-8720-0e41c2e6cf10","content-id":"d5f62dee-5896-4cb6-8720-0e41c2e6cf10","version":2,"metadata":{"social-share":{"shareable":true,"title":"Barbenheimer Gives The Oscars Some Much Needed Juice","message":"After losing viewers for most of the past three decades, the annual telecast may get a boost this year, thanks to the Oppenheimer-versus-Barbie rivalry.","image":{"key":"bloombergquint/2024-03/0bef4fd9-fd3f-4e5d-93bf-ee3b72317d06/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}},"attributes":{}}}],"author-id":1668648,"first-published-at":1709892256779,"story-template":"syndicated","authors":[{"slug":"thomas-buckley-3","social":{},"name":"Thomas Buckley","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1668648,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Businessweek-New"],"syndicated-categories":["businessweek"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-07/the-oscars-may-score-tv-gold-due-to-oppenheimer-barbie-box-office-rivalry","imported-card-id":"d5f62dee-5896-4cb6-8720-0e41c2e6cf10","card-share":{"shareable":true}}}},{"id":"0eab0166-4723-4069-a9fb-dd0b3ea536fe","score":null,"type":"story","item":{"headline":["Chocolate Makers Try a New Recipe: Less Chocolate"]},"story":{"author-name":"Ilena Peng","headline":"Chocolate Makers Try a New Recipe: Less Chocolate","slug":"businessweek/rising-cocoa-prices-drive-mars-hersey-to-use-less-chocolate","last-published-at":1709374479450,"alternative":{},"sections":[{"domain-slug":null,"slug":"businessweek","name":"Businessweek","section-url":"https://www.ndtvprofit.com/businessweek","id":4221,"parent-id":null,"display-name":"Businessweek","collection":{"slug":"businessweek","name":"Businessweek","id":9876},"data":null},{"domain-slug":null,"slug":"pursuits","name":"Pursuits","section-url":"https://www.ndtvprofit.com/pursuits","id":1245,"parent-id":null,"display-name":"Pursuits","collection":{"slug":"pursuits","name":"Pursuits","id":15822},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ilwBaPDG_DUE/v0/-1x-1.jpg","width":2000,"height":1333},"published-at":1709374479450,"summary":"The soaring cost of cocoa has made candy manufacturers crank out new treats with less of the expensive ingredient—or none at all.","id":"0eab0166-4723-4069-a9fb-dd0b3ea536fe","hero-image-s3-key":"bloombergquint/2024-03/7f403aa5-fa15-47a0-8eb5-63b87ccc5660/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/1cae1567-1844-4b98-81f1-c6e855f2a943","type":"text","family-id":"35d603e5-e8e4-49a5-b661-2931ba768a47","title":"","id":"1cae1567-1844-4b98-81f1-c6e855f2a943","metadata":null,"subtype":null,"text":"(Bloomberg Businessweek) -- When Mars Inc. made a quiet tweak to its popular Galaxy chocolate bar last year, shaving 10 grams off the standard product size and repackaging the leaner treat without lowering the price, UK shoppers were surprised—but cocoa traders weren’t.
"},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/4966eacd-2afc-431f-9a83-00fbddc56f83","type":"text","family-id":"09ae608a-2650-46f7-9e52-d3e21df6c69d","title":"","id":"4966eacd-2afc-431f-9a83-00fbddc56f83","metadata":null,"subtype":null,"text":"The 113-year-old company, best known for its packaged sweets including Twix and M&M’s, appeared to be taking a well-used page from the confectioners’ playbook: When the cost of cocoa rises, they find ways to sell households smaller doses of chocolate—or, for some candy makers, new goodies with no chocolate at all.
"},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/85b17d49-c7cd-4fbd-8a7b-d9d1881224cf","type":"text","family-id":"d08d5129-d679-4cdb-84c5-5eee170aa2cd","title":"","id":"85b17d49-c7cd-4fbd-8a7b-d9d1881224cf","metadata":null,"subtype":null,"text":"Cocoa prices have climbed to record highs, and market participants don’t expect any near-term relief. Prices have skyrocketed as the world’s biggest producers in West Africa grapple with drought and disease as well as structural problems that could linger for years to come. Futures traded in New York averaged well below $3,500 a metric ton every year from the 1980s until 2023. On Feb. 22 cocoa futures surpassed $6,000 a ton for the first time, and the market worries they could still have further to run.
"},{"description":"","image-metadata":null,"page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/0a181dc8-6ae7-440d-b4bb-44df14b9b8d1","type":"image","family-id":"ed276191-0034-446b-a116-253d0d20f554","image-attribution":"","title":"","id":"0a181dc8-6ae7-440d-b4bb-44df14b9b8d1","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/9e95b898-bdd2-4209-bf75-e7614104f4bf/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iBGMIz1WYhAo/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/6712c275-0cda-49ba-b7fe-4c59ab248b1e","type":"text","family-id":"a40e4916-5ecd-43e7-bf07-0dda171bcffc","title":"","id":"6712c275-0cda-49ba-b7fe-4c59ab248b1e","metadata":null,"subtype":null,"text":"“We have been actively trying to find ways to absorb the rising costs of raw materials and operations,” a Mars Wrigley UK spokesperson said in an email. “Reducing the size of our products is not a decision we have taken lightly.”
"},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/faff1610-1a83-433d-a6a8-fe297219a0ad","type":"text","family-id":"37dd739b-bdb2-4cc5-a8de-306b3e478995","title":"","id":"faff1610-1a83-433d-a6a8-fe297219a0ad","metadata":null,"subtype":null,"text":"So far, companies have been passing on higher costs to consumers. But no one needs chocolate to live, and every price hike risks sales. Consumers are most likely to cut spending on chocolate and candy if inflation continues, behind only alcohol and makeup, according to a survey from September by consumer intelligence company NIQ.
"},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/f8369d05-5717-40d4-95bf-0fa3621c3eee","type":"text","family-id":"bf522034-71a3-4953-9a02-9c266b5fd0e9","title":"","id":"f8369d05-5717-40d4-95bf-0fa3621c3eee","metadata":null,"subtype":null,"text":"“At the end of the day, at the cash register, it’s cost that is driving purchasing decisions as much as anything,” Brian McKeon, the National Confectioners Association’s senior vice president for public policy, said at the Amsterdam Cocoa Week conference in early February.
"},{"description":"","image-metadata":null,"page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/1fe8a291-54ea-480f-b367-b7c119d0dcee","type":"image","family-id":"a17b3004-d6c9-4967-82b2-5f2b0b95f953","image-attribution":"","title":"A raw cocoa bean.Photographer: Scott Semler for Bloomberg Businessweek; Prop stylist: Andrea Bonin","id":"1fe8a291-54ea-480f-b367-b7c119d0dcee","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/c4a5333f-5432-4c14-9df6-d1e73e1c9ca8/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iaSGd1v9o628/v2/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/a94cc72d-4af3-461f-8d4c-f71734e2f9d5","type":"text","family-id":"3947ed2f-e5a5-4e53-bc4a-58752f449021","title":"","id":"a94cc72d-4af3-461f-8d4c-f71734e2f9d5","metadata":null,"subtype":null,"text":"Facing limited room for additional price hikes, companies are shrinking packages, using automation to trim production costs and promoting products with less cocoa or other starring flavors. Nestlé SA recently introduced in the UK a hazelnut flavor in its bubbly Aero line of chocolate bars, which— at 36 grams each—are about one-third the weight of competing chocolate bars thanks to their namesake air pockets. In the US, where Kit Kat bars are made by Hershey Co., the latest addition to the permanent flavor lineup— Chocolate Frosted Donut—relies on a partial dip of chocolate, not a full coating. This reduction pushes chocolate and cocoa butter farther down the ingredient list than in the classic Kit Kat.
"},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/5350784c-cfe4-4fc2-b1a5-76dd3c7ca71a","type":"text","family-id":"e1509a12-9d65-4fbd-beef-f6b81a4955e0","title":"","id":"5350784c-cfe4-4fc2-b1a5-76dd3c7ca71a","metadata":null,"subtype":null,"text":"Marketing focused on filled or lower-chocolate products “is definitely on the table,” says Billy Roberts, a senior economist for food and beverage at CoBank, a major provider of private credit to the US agriculture industry.
"},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/07d942b7-78fc-4d5d-893e-49e2f3a22775","type":"text","family-id":"ff6a345c-a736-4fb3-b8fc-ba13331e7fd3","title":"","id":"07d942b7-78fc-4d5d-893e-49e2f3a22775","metadata":null,"subtype":null,"text":"Today, more than 40% of molded and segmented chocolate bars sold in the US are filled with something else, be it caramel, nuts or fruit, says Carl Quash III, head of snacks and nutrition at Euromonitor International. “This trend was going down for a while, but now with the high costs of cocoa and consumers looking for indulgences, we will see more of these innovations come to market,” he says.
"},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/6349fbf6-e5ac-4070-8846-e7d6067dae95","type":"text","family-id":"7ef8e596-d227-4e7f-b90e-3bc511cfc0bb","title":"","id":"6349fbf6-e5ac-4070-8846-e7d6067dae95","metadata":null,"subtype":null,"text":"This shift was on full display for the nearly 124 million people watching the Super Bowl telecast in February. Instead of selling consumers on rich, traditional solid-chocolate options in multimillion-dollar commercial slots, candy giants Mars and Hershey respectively pitched peanut-butter-filled M&M’s and Reese’s cups with added caramel.
"},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/4364b722-3814-4a60-bcf8-e240b191b9e6","type":"text","family-id":"02756903-e464-411e-aeef-5ae88a56bf2c","title":"","id":"4364b722-3814-4a60-bcf8-e240b191b9e6","metadata":null,"subtype":null,"text":"It’s “a way for them to leverage their biggest brand with effective advertising, with flavor innovation that utilizes something other than chocolate,” Jim Salera, an analyst at Stephens Inc., says of Reese’s splashy advertisement for its Caramel Big Cup.
"},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/77f83439-731f-44db-abab-4721cd27103d","type":"text","family-id":"367fd6b4-1ce5-4295-8aff-f6067270dd93","title":"","id":"77f83439-731f-44db-abab-4721cd27103d","metadata":null,"subtype":null,"text":"Hershey declined to comment.
"},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/d2b17f39-b417-45a4-9bfd-87f8cd1622c0","type":"text","family-id":"dc8a40c3-7474-49dc-89f7-e397c38abe6f","title":"","id":"d2b17f39-b417-45a4-9bfd-87f8cd1622c0","metadata":null,"subtype":null,"text":"Cocoa butter, produced when beans are ground, is a key ingredient in chocolate. An average milk chocolate bar contains about 20% cocoa butter. But some food manufacturers are finding ways to replace some of the cocoa butter in their products with cheaper substitutes such as palm oil. Swedish company AAK AB, a maker of cocoa butter alternatives, says the high price of cocoa and cocoa butter has led more customers to consider its products, though the wider trend of smaller candy bars—called “shrinkflation” in the food industry—has somewhat muted the impact.
"},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/92cffe27-ecda-431a-a525-03e6460b92f8","type":"text","family-id":"0246e1ed-ac13-4cd3-8406-9ed13fd65d02","title":"","id":"92cffe27-ecda-431a-a525-03e6460b92f8","metadata":null,"subtype":null,"text":"The switch from cocoa butter to noncocoa substitutes works better with nonpremium chocolate applications, such as thin coatings on granola bars and fillings in bakery items, rather than more traditional chocolate bars. Noncocoa substitutes have long been more common in hot countries, where cocoa butter’s low melting point can pose a problem.
"},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/8780dd42-55f2-451d-8785-23660c75e93d","type":"text","family-id":"8a24ecb5-0559-456c-b146-7d084020b0bc","title":"","id":"8780dd42-55f2-451d-8785-23660c75e93d","metadata":null,"subtype":null,"text":"“Tinkering now with the recipes and flavor profiles simply because the input cost for cocoa has gone up, in my opinion, would be a mistake,” Nestlé Chief Executive Officer Mark Schneider said on a Feb. 22 call with journalists. The company might need to adjust marketing or brand support, he said, but “it’s just one more commodity cost variation that we tactically have to deal with.” For example, the industry also has faced high sugar costs lately.
"},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/81c9ff76-280b-424f-b248-b867c7cd9a4b","type":"text","family-id":"c0725f1c-784f-4651-ace3-9f4c0e75871e","title":"","id":"81c9ff76-280b-424f-b248-b867c7cd9a4b","metadata":null,"subtype":null,"text":"Chocolate makers typically use the futures market to hedge risk, buying cocoa futures eight to nine months out as protection. Because of higher prices, some manufacturers let that protection slip to as low as six months at the end of last year in hopes that prices would come down. But cocoa kept on rising, forcing them to reenter the market; they’re still protected for only about seven or seven and a half months, says commodities broker Marex Group. Analysts at Morgan Stanley recently downgraded Hershey stock to underweight and noted that “the runup in cocoa that started in mid-2023 is likely to catch up with the company in 2025.”
"},{"description":"","image-metadata":null,"page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/4ddecc96-a67f-4ccf-b759-66e9a59ca421","type":"image","family-id":"e4107a2c-4344-4c09-b070-24ab900f91ec","image-attribution":"","title":"Cocoa beans drying under the sun at a Ghanaian plantation in 2021.Photographer: Xu Zheng/Getty Images","id":"4ddecc96-a67f-4ccf-b759-66e9a59ca421","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/a238dce6-f3d4-42eb-b1c3-6834d4084f82/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/isZmC9TRNJec/v2/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/ae27a565-e036-457e-bad8-2a1a91c5dbdd","type":"text","family-id":"d6886014-244d-47dd-a7d1-43ac8eba4c30","title":"","id":"ae27a565-e036-457e-bad8-2a1a91c5dbdd","metadata":null,"subtype":null,"text":"High prices are encouraging companies to continue diversifying beyond chocolate. “Everyone is trying to become more of a holistic candy player,” says Nik Modi, co-head of global consumer and retail research at RBC Capital Markets. “Everyone is starting to really think hard about how to be bigger in that space because they see what’s happening with chocolate, which is the category that’s really been under pressure.”
"},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/8ed53b11-4653-495b-bebf-deb02cece5a9","type":"text","family-id":"b085add3-2fda-4928-b88d-57be06e14d37","title":"","id":"8ed53b11-4653-495b-bebf-deb02cece5a9","metadata":null,"subtype":null,"text":"At the annual Consumer Analyst Group of New York conference in Boca Raton, Florida, in late February, Hershey unveiled its latest plan for the future. The company, which has been manufacturing its iconic Kisses for more than a century and still counts Reese’s as its biggest brand, plans to boost its gummy candy capacity 50% in 2024. This push will help Hershey “reach our consumers in new and different ways,” CEO Michele Buck said as she invited former NBA star and new gummy partner Shaquille O’Neal to the stage.
"},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/93f4c028-4eef-448f-a1f1-990434e060e1","type":"text","family-id":"74227d82-c437-43c7-8008-ecabd150ceab","title":"","id":"93f4c028-4eef-448f-a1f1-990434e060e1","metadata":null,"subtype":null,"text":"“When these things come out, we want you to buy them, and we want you to invest in them, and we want you to have fun,” O’Neal said of the gummies, which he said he helped develop alongside Hershey. When visiting the research and development team lab of the company best known for its chocolate, “I was there eating gummies all day,” he said. —
"},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/929f0da5-517c-4208-837c-f49e421e12ed","type":"text","family-id":"6b5f7012-68e4-473e-9260-bb9ec9d7d763","title":"","id":"929f0da5-517c-4208-837c-f49e421e12ed","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/0eab0166-4723-4069-a9fb-dd0b3ea536fe/element/fdc1922c-3ea2-492f-a6b0-eb32ce0f017a","type":"text","family-id":"54641539-122e-4279-a498-96a43cea4790","title":"","id":"fdc1922c-3ea2-492f-a6b0-eb32ce0f017a","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1709263693847,"content-version-id":"8b70f3e4-07d9-4a8a-9365-82157f02aac2","card-added-at":1709263693847,"status":"draft","id":"f678ec78-4b25-4d29-9d59-d3759911183e","content-id":"f678ec78-4b25-4d29-9d59-d3759911183e","version":3,"metadata":{"social-share":{"shareable":true,"title":"Chocolate Makers Try a New Recipe: Less Chocolate","message":"The soaring cost of cocoa has made candy manufacturers crank out new treats with less of the expensive ingredient—or none at all.","image":{"key":"bloombergquint/2024-03/9e95b898-bdd2-4209-bf75-e7614104f4bf/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1695253,"first-published-at":1709374479450,"story-template":"syndicated","authors":[{"slug":"ilena-peng-2","social":{},"name":"Ilena Peng","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1695253,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Businessweek-New"],"syndicated-categories":["businessweek"]},"original-url":"https://www.bloomberg.com/news/articles/2024-02-29/rising-cocoa-prices-drive-mars-hersey-to-use-less-chocolate","imported-card-id":"f678ec78-4b25-4d29-9d59-d3759911183e","card-share":{"shareable":true}}}},{"id":"16b59b50-a297-470f-bc4b-0ca469205ac9","score":null,"type":"story","item":{"headline":["Powell Wants Fed To Stay Out Of Election Crosshairs. Good Luck With That"]},"story":{"author-name":"Rich Miller","headline":"Powell Wants Fed To Stay Out Of Election Crosshairs. Good Luck With That","slug":"businessweek/election-2024-chair-jerome-powell-steels-fed-from-trump-democrats-attacks","last-published-at":1708331201141,"alternative":{},"sections":[{"domain-slug":null,"slug":"businessweek","name":"Businessweek","section-url":"https://www.ndtvprofit.com/businessweek","id":4221,"parent-id":null,"display-name":"Businessweek","collection":{"slug":"businessweek","name":"Businessweek","id":9876},"data":null},{"domain-slug":null,"slug":"bq-blue-exclusive","name":"Exclusives","section-url":"https://www.ndtvprofit.com/bq-blue-exclusive","id":6566,"parent-id":null,"display-name":"Exclusives","collection":{"slug":"bq-blue-exclusive","name":"Exclusives","id":13126},"data":null},{"domain-slug":null,"slug":"global-economics","name":"Global Economics","section-url":"https://www.ndtvprofit.com/global-economics","id":1250,"parent-id":null,"display-name":"Global Economics","collection":{"slug":"global-economics","name":"Global Economics","id":15813},"data":null},{"domain-slug":null,"slug":"politics","name":"Politics","section-url":"https://www.ndtvprofit.com/politics","id":1246,"parent-id":null,"display-name":"Politics","collection":{"slug":"politics","name":"Politics","id":15821},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iS1e5YVgtcAI/v2/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","width":1999,"height":1317},"published-at":1708331201141,"summary":"The Federal Reserve chair would like to steer clear of US presidential politics—but both Republicans and Democrats are applying pressure.","id":"16b59b50-a297-470f-bc4b-0ca469205ac9","hero-image-s3-key":"bloombergquint/2024-02/db3566c2-f69d-4236-9278-e7dc52e8a6e8/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/ae00823e-53a2-462c-995e-93f536c9c4fc","type":"text","family-id":"4c4a6050-a2e8-425f-9efd-3e342be91f64","title":"","id":"ae00823e-53a2-462c-995e-93f536c9c4fc","metadata":null,"subtype":null,"text":"(Bloomberg Businessweek) -- Federal Reserve Chair Jerome Powell would no doubt prefer that the central bank not be dragged into the middle of what is likely to be a highly contentious presidential election campaign. But he’s finding that may be near impossible.
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/e13d9382-5145-4182-a9a4-d1212414c0c1","type":"text","family-id":"778d301d-68ac-48b8-a9dc-ceafe9de4fc1","title":"","id":"e13d9382-5145-4182-a9a4-d1212414c0c1","metadata":null,"subtype":null,"text":"In a rare interview on CBS’s aired on Sunday, Powell insisted that the Fed wouldn’t take politics into account in deciding when to reduce interest rates as inflation ebbs. “It just doesn’t come up in our thinking,” he said.
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/8f775dc2-5e06-467b-94ec-c68780a68b03","type":"text","family-id":"172f2571-9be8-4e3c-a7dc-0b27b02fecbf","title":"","id":"8f775dc2-5e06-467b-94ec-c68780a68b03","metadata":null,"subtype":null,"text":"But such assertions didn’t stop former President Donald Trump from accusing him of doing just that.
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/f057f597-928f-4de3-836a-9292227ca71d","type":"text","family-id":"d67b0d0d-35b2-44b2-aa50-277d32277762","title":"","id":"f057f597-928f-4de3-836a-9292227ca71d","metadata":null,"subtype":null,"text":"“I think he’s political,” the likely Republican presidential nominee said in an interview on that aired on Fox Business also on Sunday. “I think he’s going to do something to probably help the Democrats, I think, if he lowers interest rates.”
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/9193f7bf-8307-49af-a8b2-21161884ab9f","type":"text","family-id":"89f1fc8d-b65a-4c27-9e99-d51c2af79920","title":"","id":"9193f7bf-8307-49af-a8b2-21161884ab9f","metadata":null,"subtype":null,"text":"What’s more, even as Powell emphasized the Fed’s nonpartisan bona fides, he ended up commenting in the interview on issues that will be hotly debated in the campaign, such as immigration, though he stopped well short of offering specific policy prescriptions.
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/7249d666-7d19-47f0-80dd-a5da1f2c82cf","type":"text","family-id":"42d791e6-c170-4e90-b64a-3b177122431d","title":"","id":"7249d666-7d19-47f0-80dd-a5da1f2c82cf","metadata":null,"subtype":null,"text":"“It underscores just how treacherous the road is in an election year for the Fed,” says Diane Swonk, chief economist at KPMG LLP. “It’s hard for them not to accidentally stumble on political land mines even as they’re trying to do the best economic policy.”
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/34491687-ed36-4ac4-a417-7f2341ce02b4","type":"text","family-id":"adc2b45b-bf1f-4116-bff5-9d4d38281de1","title":"","id":"34491687-ed36-4ac4-a417-7f2341ce02b4","metadata":null,"subtype":null,"text":"Trump elevated Powell to Fed chair in February 2018. He then spent much of the rest of the year and 2019 castigating him for keeping interest rates at levels he considered too high. “The only problem we have is Jay Powell and the Fed,” Trump groused in a tweet from August of that year. “He’s like a golfer who can’t putt, has no touch. Big U.S. growth if he does the right thing, BIG CUT - but don’t count on him!”
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/7a7618c1-12bf-4905-99f1-9cde32f13102","type":"text","family-id":"8b3d6d32-712b-4089-9f81-6a04dbd2c64e","title":"","id":"7a7618c1-12bf-4905-99f1-9cde32f13102","metadata":null,"subtype":null,"text":"At one point, Trump even explored the possibility of firing the Fed chair. He told Fox Business on Sunday that he wouldn’t reappoint Powell if elected in November.
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/1231d6c6-1755-4b84-a3e8-564de7279bb7","type":"text","family-id":"5d194000-e6ed-45f5-b82e-919aa0fc290c","title":"","id":"1231d6c6-1755-4b84-a3e8-564de7279bb7","metadata":null,"subtype":null,"text":"President Joe Biden, who backed Powell for a second four-year term in 2022, has refrained from giving the Fed public policy advice, though some of his Democratic colleagues haven’t been so shy.
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/e7c77674-08ba-4038-97c3-c3c5ca6764e5","type":"text","family-id":"2c0a3c13-455e-45fa-a709-90460ac7bc9c","title":"","id":"e7c77674-08ba-4038-97c3-c3c5ca6764e5","metadata":null,"subtype":null,"text":"Several prominent Democratic lawmakers, including Senate Banking Committee Chair Sherrod Brown and Massachusetts Senator and former presidential candidate Elizabeth Warren, wrote separately to Powell last month urging him to lower interest rates.
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/d00a01e6-807a-4e78-9b7b-0dcaea0ab2de","type":"text","family-id":"4d6471fd-a923-4cb5-b92e-4fd1b5d950c4","title":"","id":"d00a01e6-807a-4e78-9b7b-0dcaea0ab2de","metadata":null,"subtype":null,"text":"In his appearance, Powell pushed back on pressure for a quick turn to easier credit, even though inflation is cooling quickly.
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/d53bf4e7-ea12-4393-ae80-8bde1100aba3","type":"text","family-id":"5e3bc169-92d6-47aa-80a3-7a28a287a995","title":"","id":"d53bf4e7-ea12-4393-ae80-8bde1100aba3","metadata":null,"subtype":null,"text":"The “danger of moving too soon is that the job’s not quite done, and that the really good readings we’ve had for the last six months somehow turn out not to be a true indicator of where inflation’s heading,” Powell said.
"},{"description":"","image-metadata":null,"page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/15d9790e-8f06-44c9-91fe-25ef214ae30a","type":"image","family-id":"1ca52013-c79c-4bee-a9dc-6e954f164c6b","image-attribution":"","title":"","id":"15d9790e-8f06-44c9-91fe-25ef214ae30a","hyperlink":null,"image-s3-key":"bloombergquint/2024-02/6e37cd8e-1eaa-48f4-89b5-46199873f0be/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iD2Cvj8dtGX0/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/dd3b567e-3598-432a-9ad2-5e97f2f7c4d3","type":"text","family-id":"038b1bb7-595d-4e85-8796-1715a6b2e9d9","title":"","id":"dd3b567e-3598-432a-9ad2-5e97f2f7c4d3","metadata":null,"subtype":null,"text":"That didn’t come as a surprise to Fed watchers. After all, Powell had said as much at his press conference last week after policymakers held rates steady for the fourth straight meeting.
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/bc847cb4-d04e-4dd7-aa81-6fdc067915a5","type":"text","family-id":"f289625e-8427-42af-a39b-789a7ac55f7d","title":"","id":"bc847cb4-d04e-4dd7-aa81-6fdc067915a5","metadata":null,"subtype":null,"text":"What did take some analysts aback was Powell’s willingness to comment on some potentially highly charged political issues not directly tied to monetary policy.
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/7127eaab-ddad-4cbd-bad2-eca70e5c03ca","type":"text","family-id":"23bf55dd-3e1b-40f7-9fda-a02e6b003440","title":"","id":"7127eaab-ddad-4cbd-bad2-eca70e5c03ca","metadata":null,"subtype":null,"text":"The Fed chair extolled the advantages of America supporting global democracy and the economic and security framework behind it. He called the federal government’s debt unsustainable in the long run and urged lawmakers to tackle the issue. And while he said that immigration policy isn’t the Fed’s job, he did argue that immigrants have benefited the US economy over time.
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/4be590de-5329-4824-8eb3-a49324047684","type":"text","family-id":"a922704d-c911-4239-91c5-cd0dedeafeec","title":"","id":"4be590de-5329-4824-8eb3-a49324047684","metadata":null,"subtype":null,"text":"“I don’t think I’ve ever seen Powell so forcibly insist the Fed stays in its lane and then make strong pronouncements” like those, Brookings Institution senior fellow Sarah Binder said in a post on the social media platform X, formerly Twitter.
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/f45b2ed5-ebef-4348-bd7b-28ff80593ecd","type":"text","family-id":"374f9ad4-36e3-4adc-8f2a-88d4dd59d717","title":"","id":"f45b2ed5-ebef-4348-bd7b-28ff80593ecd","metadata":null,"subtype":null,"text":"Powell though stuck to broad principles and eschewed specific policy recommendations.
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/33d24e3e-1634-4a68-b349-ab12f6a265fa","type":"text","family-id":"89090457-24ce-4b19-8d6c-7aeabf3f8ac1","title":"","id":"33d24e3e-1634-4a68-b349-ab12f6a265fa","metadata":null,"subtype":null,"text":"The Fed is no stranger to feeling the political heat in an election year. In 2016, then Republican presidential candidate Trump repeatedly accused former Fed Chair Janet Yellen of keeping interest rates low to help Hillary Clinton win the White House.
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/da004f2d-dd53-4e41-be90-4d61abda3658","type":"text","family-id":"c8ca3355-4334-4bbf-b66f-87b09f66cb79","title":"","id":"da004f2d-dd53-4e41-be90-4d61abda3658","metadata":null,"subtype":null,"text":"But several things set the coming campaign apart. The post-pandemic surge in inflation—and the Fed’s big rate increases to contain it—has meant that voters are more aware of Powell and the Fed. And they don’t like what they see.
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/386b604a-7151-4ad2-a178-07c3d443fa68","type":"text","family-id":"0a01017b-29fe-4e8c-8c05-b71ad6806cd6","title":"","id":"386b604a-7151-4ad2-a178-07c3d443fa68","metadata":null,"subtype":null,"text":"Just 43% of Americans in a Gallup poll in December gave Powell a favorable job rating, down from 53% in 2021, the last time the company asked that question.
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/72e66d47-4172-49eb-bc30-11c882a1cd4d","type":"text","family-id":"bd7d25a1-105b-4de9-9b4c-7d63408ae083","title":"","id":"72e66d47-4172-49eb-bc30-11c882a1cd4d","metadata":null,"subtype":null,"text":"The election is also coming at a particularly delicate time for the economy and the Fed. Powell told reporters last week that the Fed is trying to navigate two competing risks. If it cuts rates too soon, it runs the danger of allowing inflation to settle at levels well above its 2% goal. If it delays reducing rates too long, it could end up driving the US into a recession.
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/4093a686-e1ec-4cdc-964e-56b06546a00b","type":"text","family-id":"d4b12c75-0fe4-4434-8dc8-8f577bca7b02","title":"","id":"4093a686-e1ec-4cdc-964e-56b06546a00b","metadata":null,"subtype":null,"text":"“Powell was trying to get ahead of a presidential campaign in which he and the Fed will be in the cross hairs,” says Mark Spindel, chief investment officer at Potomac River Capital.
"},{"description":"","page-url":"/story/16b59b50-a297-470f-bc4b-0ca469205ac9/element/541b5755-6c48-438f-9bea-e06db8e01109","type":"text","family-id":"34cc16f8-93f3-4fe0-aac3-ff98d1b1e77e","title":"","id":"541b5755-6c48-438f-9bea-e06db8e01109","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
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"}],"card-updated-at":1707292097385,"content-version-id":"e4d7075e-e902-4ad2-8e8d-7017fca7b629","card-added-at":1707292097385,"status":"draft","id":"ffdca247-8daf-4a12-a331-9267c77780f6","content-id":"ffdca247-8daf-4a12-a331-9267c77780f6","version":1,"metadata":{"social-share":{"shareable":true,"title":"Powell Wants Fed To Stay Out Of Election Crosshairs. Good Luck With That","message":"The Federal Reserve chair would like to steer clear of US presidential politics—but both Republicans and Democrats are applying pressure.","image":{"key":"bloombergquint/2024-02/6e37cd8e-1eaa-48f4-89b5-46199873f0be/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1669044,"first-published-at":1708331076409,"story-template":"syndicated","authors":[{"slug":"rich-miller-3","social":{},"name":"Rich Miller","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669044,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Businessweek-New"],"syndicated-categories":["businessweek"]},"original-url":"https://www.bloomberg.com/news/articles/2024-02-06/election-2024-chair-jerome-powell-steels-fed-from-trump-democrats-attacks","imported-card-id":"ffdca247-8daf-4a12-a331-9267c77780f6","card-share":{"shareable":true}}}},{"id":"5146bc7f-981a-4a60-8bf7-4f5dd48ccd2d","score":null,"type":"story","item":{"headline":["Layoffs Show That Tech Jobs Aren’t Sacred Anymore"]},"story":{"author-name":"Antonia Mufarech","headline":"Layoffs Show That Tech Jobs Aren’t Sacred Anymore","slug":"businessweek/tech-firms-fire-workers-with-no-qualms-as-silicon-valley-shifts","last-published-at":1708331037499,"alternative":{},"sections":[{"domain-slug":null,"slug":"businessweek","name":"Businessweek","section-url":"https://www.ndtvprofit.com/businessweek","id":4221,"parent-id":null,"display-name":"Businessweek","collection":{"slug":"businessweek","name":"Businessweek","id":9876},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"technology","name":"Technology","section-url":"https://www.ndtvprofit.com/technology","id":1244,"parent-id":null,"display-name":"Technology","collection":{"slug":"technology","name":"Technology","id":15824},"data":null},{"domain-slug":null,"slug":"bq-blue-exclusive","name":"Exclusives","section-url":"https://www.ndtvprofit.com/bq-blue-exclusive","id":6566,"parent-id":null,"display-name":"Exclusives","collection":{"slug":"bq-blue-exclusive","name":"Exclusives","id":13126},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"mime-type":"image/jpeg","focus-point":[2058,991],"width":4000,"file-size":1637191,"file-name":"371196239.jpg","height":2666},"published-at":1708331037499,"summary":"Job cuts used to be taboo in Silicon Valley. Now they’ve become a part of life, even for companies that are doing well.","id":"5146bc7f-981a-4a60-8bf7-4f5dd48ccd2d","hero-image-s3-key":"bloombergquint/2021-08/bec3be41-8a64-4480-a2a5-c73d1765aa50/371196239.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/5146bc7f-981a-4a60-8bf7-4f5dd48ccd2d/element/7bab7af6-b3ba-4308-aa4f-3aa3407387bf","type":"text","family-id":"83bd42cf-ebe7-4c8a-847b-3d18336b0dc4","title":"","id":"7bab7af6-b3ba-4308-aa4f-3aa3407387bf","metadata":null,"subtype":null,"text":"(Bloomberg Businessweek) -- For Sydney Russakov, it’s been a year of transitions. In March 2023, she lost her job at a startup called Universe, which offers “no-code” software design tools, when it cut her product manager role. She took a bit of time off before starting a new position at Nextdoor Holdings Inc., the hyperlocal neighborhood social networking service, in June. She was let go again in November, when Nextdoor conducted its own round of layoffs.
"},{"description":"","page-url":"/story/5146bc7f-981a-4a60-8bf7-4f5dd48ccd2d/element/e2f00077-174b-4237-ad5c-1031c37bebe2","type":"text","family-id":"55cf1c77-9665-42a9-b637-5920dae9eddc","title":"","id":"e2f00077-174b-4237-ad5c-1031c37bebe2","metadata":null,"subtype":null,"text":"Losing a job is an experience Russakov is learning to live with. There was “an element of discomfort and surprise that first time,” says Russakov, 31. “The second time around, I think I was in a better place to deal with it.”
"},{"description":"","page-url":"/story/5146bc7f-981a-4a60-8bf7-4f5dd48ccd2d/element/b3a937b6-b388-4893-a7ec-29b585a25531","type":"text","family-id":"1f0f8454-f7f9-47d6-9c5b-8e55fd541115","title":"","id":"b3a937b6-b388-4893-a7ec-29b585a25531","metadata":null,"subtype":null,"text":"The tech industry is also getting used to job cuts. Starting in late 2022, technology companies began conducting rounds of layoffs that were deeper and broader than anything in recent memory. So far this year, over 32,000 tech workers have lost their jobs, according to Layoffs.fyi, a startup that’s been tracking the metric in the industry since the pandemic. Alphabet, Amazon.com, Microsoft, Salesforce, Snap and Zoom have all announced head count reductions in recent weeks. On Feb. 7 Bloomberg reported that Tesla staff are bracing for potential jobs cuts.
"},{"description":"","image-metadata":null,"page-url":"/story/5146bc7f-981a-4a60-8bf7-4f5dd48ccd2d/element/fc34b80d-75fe-4ed9-8800-5fe3636f6bd6","type":"image","family-id":"065435a4-f76e-4420-a22c-6f3b007b45d9","image-attribution":"","title":"","id":"fc34b80d-75fe-4ed9-8800-5fe3636f6bd6","hyperlink":null,"image-s3-key":"bloombergquint/2024-02/24030a94-4491-4e32-89fb-b3650518530b/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iBnh6pDaA6j4/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/5146bc7f-981a-4a60-8bf7-4f5dd48ccd2d/element/135ad8b7-4b70-4bc2-8a48-4b8911e5cd18","type":"text","family-id":"cd800caa-35e1-4c29-83f7-d5e9ba02824d","title":"","id":"135ad8b7-4b70-4bc2-8a48-4b8911e5cd18","metadata":null,"subtype":null,"text":"The cuts have caused a sense of unease throughout tech, which has long been one part of the economy where work has been easy to come by, well-paid and safe. Affected employees have taken to social media to broadcast the conversations that preceded their departure—and some of the axing videos have gone viral. In one video posted to TikTok, a marketer named Joni Bonnemort nods along as an executive on a Zoom call talks about “some pretty drastic changes in the business.” After the call, Bonnemort turns to the camera and bursts into tears.
"},{"description":"","page-url":"/story/5146bc7f-981a-4a60-8bf7-4f5dd48ccd2d/element/58106131-696b-48a2-8de5-c76e9866885a","type":"text","family-id":"69d58898-9fcf-4556-9146-70a3b0029511","title":"","id":"58106131-696b-48a2-8de5-c76e9866885a","metadata":null,"subtype":null,"text":"As is often the case with social media, these personal crises don’t necessarily add up to a national trend. Unemployment is below 4%, and the US economy continues to add jobs. US companies increased their payrolls by 353,000 in January, the highest number in a year, surpassing predictions. The latest data from the US Bureau of Labor Statistics show that “layoffs and discharges” are at the same low levels where they spent much of 2023.
"},{"description":"","page-url":"/story/5146bc7f-981a-4a60-8bf7-4f5dd48ccd2d/element/7781501e-5743-44a7-99af-a67f3ee5212a","type":"text","family-id":"a718ac73-552f-47fc-b247-43e2859bdc3a","title":"","id":"7781501e-5743-44a7-99af-a67f3ee5212a","metadata":null,"subtype":null,"text":"The information industry, which in the BLS’s classification includes tech, media and publishing, has fared better than many others. Tech companies themselves have continued to hire even as they’ve let some workers go, with the industry ending January with 18,000 more employees than the month before, according to a report released by CompTIA, which tracks tech industry trends. (The group calculates that there are 9.6 million people in the overall US technology workforce, which includes people working for tech companies and those working in tech-related roles in other industries.)
"},{"description":"","page-url":"/story/5146bc7f-981a-4a60-8bf7-4f5dd48ccd2d/element/97db88a6-6d5d-4537-81b2-348574dac8ac","type":"text","family-id":"98fa2247-767d-4b95-bb39-2c3ffb71e946","title":"","id":"97db88a6-6d5d-4537-81b2-348574dac8ac","metadata":null,"subtype":null,"text":"Still, the latest round of cuts does suggest something has changed. There has long been a cultural taboo around layoffs in Silicon Valley, where employers went to great pains to woo and pamper talent. Along with stock options, cruise ship-worthy buffets, free shuttle buses and on-site dry cleaning, job security was one of the most powerful attractions to tech companies racing to hire skilled software engineers.
"},{"description":"","page-url":"/story/5146bc7f-981a-4a60-8bf7-4f5dd48ccd2d/element/0917c804-ed14-48ad-985b-9de08cc3c175","type":"text","family-id":"1def3520-903c-4b56-a291-71befc547889","title":"","id":"0917c804-ed14-48ad-985b-9de08cc3c175","metadata":null,"subtype":null,"text":"That taboo has now been broken. “The shine of tech jobs is wearing off a bit with these layoffs,” Jeff Shulman, professor at the University of Washington Foster School of Business, wrote in an email. Some industry leaders have characterized the shift as a return to a purer kind of tech enterprise. As Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg said in an company Q&A quoted in the newsletter , he doesn’t want to have “managers managing managers, managing managers, managing managers, managing the people who are doing the work.” He wants more people pounding Monster energy drinks and shipping code and fewer of them “checking in” with colleagues and setting up Zoom calls.
"},{"description":"","image-metadata":null,"page-url":"/story/5146bc7f-981a-4a60-8bf7-4f5dd48ccd2d/element/457cd356-c93a-4928-9d3c-02abe1a33170","type":"image","family-id":"24d4f5d9-740b-4be4-8551-988adea0fc74","image-attribution":"","title":"ZuckerbergPhotographer: David Paul Morris/Bloomberg","id":"457cd356-c93a-4928-9d3c-02abe1a33170","hyperlink":null,"image-s3-key":"bloombergquint/2024-02/fa33cdf1-88a9-4066-a8c1-1518451fad3b/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iaexHZp4KSIs/v1/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/5146bc7f-981a-4a60-8bf7-4f5dd48ccd2d/element/208940a6-5dda-4004-a97a-5817215b228c","type":"text","family-id":"f1a62583-8f2c-4a7c-adc6-6e41008b84d9","title":"","id":"208940a6-5dda-4004-a97a-5817215b228c","metadata":null,"subtype":null,"text":"However, there’s another interpretation: The industry is just becoming more like the rest of the economy. During the pandemic, tech seemed to inhabit its own reality. While other businesses struggled as global supply chains fragmented and people were trapped at home, the industry boomed. Profits were fat, and companies furiously hired engineers, project managers and software salespeople to try to keep up with demand. Tech CEOs proclaimed the world had entered a new era—not only of remote work, but of tech-centered virtual human interaction.
"},{"description":"","page-url":"/story/5146bc7f-981a-4a60-8bf7-4f5dd48ccd2d/element/e37ef337-4bde-47b3-abf5-dabc65f50820","type":"text","family-id":"0df36823-1fe0-4327-8679-abed2c2234ea","title":"","id":"e37ef337-4bde-47b3-abf5-dabc65f50820","metadata":null,"subtype":null,"text":"In the industry, says Tim Herbert, chief research officer at CompTIA, “historically there have been periodic pendulum swings between ‘all in’ on innovation to ‘all in’ on business fundamentals.” With plans to change the world and easy access to cheap capital, Silicon Valley companies have a reputation for spending big to develop technologies and lock in customers without regard for short-term profits.
"},{"description":"","page-url":"/story/5146bc7f-981a-4a60-8bf7-4f5dd48ccd2d/element/84ae1167-bf22-4d0e-a733-07345bad7f35","type":"text","family-id":"f3ebf0d6-b08a-43dc-841e-f55d9432ac94","title":"","id":"84ae1167-bf22-4d0e-a733-07345bad7f35","metadata":null,"subtype":null,"text":"The job cuts are a sign that things are now swinging the other way. Growth at tech companies has slowed, and higher interest rates have choked off much of the money that for years fed startups, even as the broader economy continues to expand at a healthy clip. And so Silicon Valley is settling into a pattern familiar in many industries: Companies hire when times are good, let people go when they’re not—and sometimes let people go even when they’re not so bad.
"},{"description":"","page-url":"/story/5146bc7f-981a-4a60-8bf7-4f5dd48ccd2d/element/67e74d62-7d26-4f3c-b549-2264349b3db6","type":"text","family-id":"2d3c083c-7453-4eb8-83bd-c695671b82d9","title":"","id":"67e74d62-7d26-4f3c-b549-2264349b3db6","metadata":null,"subtype":null,"text":"Russakov is still looking for work, but hasn’t given up on the industry. “I still want to be a product manager,” she says. “It has not reduced my hunger to stay in this industry and build things and work on a team. I think I’m just gonna be a lot more diligent.”
"},{"description":"","page-url":"/story/5146bc7f-981a-4a60-8bf7-4f5dd48ccd2d/element/72d482e7-3c58-4967-8c73-367e2bffeab7","type":"text","family-id":"bf4aa729-dada-4643-891d-72c0b2a0536f","title":"","id":"72d482e7-3c58-4967-8c73-367e2bffeab7","metadata":null,"subtype":null,"text":"Herbert believes that “the current lull will eventually be followed by a new wave of startups, investments and digital pursuits.” When the pendulum swings that way again, tech companies can hire with abandon, secure in the knowledge that if things don’t work out, they can just let people go.
"},{"description":"","page-url":"/story/5146bc7f-981a-4a60-8bf7-4f5dd48ccd2d/element/b71a875b-b442-479d-9811-6c0e686be9de","type":"text","family-id":"c3a5e62d-e00a-4dfe-a299-8aaa6732d764","title":"","id":"b71a875b-b442-479d-9811-6c0e686be9de","metadata":null,"subtype":null,"text":"(Updates paragraph three with information about fears of job cuts at Tesla. Previous editions corrected Russakov’s job title and the context of Mark Zuckerberg’s quote)
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"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/cbc60432-928e-4864-a8de-31f6f7f6a397","type":"text","family-id":"161344b6-35db-453d-a986-287a700fee74","title":"","id":"cbc60432-928e-4864-a8de-31f6f7f6a397","metadata":null,"subtype":null,"text":"In late 2022, just a few months after OpenAI released ChatGPT, the company received an inquiry from Axel Springer SE, the German media conglomerate that owns and . It was interested in talking about how the chatbot would affect the future of news, and whether the two companies could find a way to work together.
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/8213f1fd-b161-4863-a9a0-5d89cae84776","type":"text","family-id":"28f8adc6-85a1-4093-bf50-65019a54e91c","title":"","id":"8213f1fd-b161-4863-a9a0-5d89cae84776","metadata":null,"subtype":null,"text":"The tension caused by OpenAI’s practice of ingesting material on the internet to build the large language model powering ChatGPT was already evident. It was facing a lawsuit alleging that GitHub Copilot, which uses OpenAI’s tech to write computer code, violated copyright by using existing code repositories as training data, a claim that OpenAI disputed. Visual artists were suing other artificial intelligence companies such as Midjourney and Stability AI Ltd. for copyright infringement, which the companies also contested. It wasn’t hard to foresee similar legal action coming from media companies, whose businesses had already been disrupted by the internet, and which were concerned that AI chatbots built in part on their own content could siphon away readership without compensation.
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/ec2be26d-d240-4fb6-8248-557b457531c5","type":"text","family-id":"bc14972e-4ea3-48b6-9e9e-06b94342a777","title":"","id":"ec2be26d-d240-4fb6-8248-557b457531c5","metadata":null,"subtype":null,"text":"Working with Axel Springer presented a major opportunity for OpenAI to get started on a new class of partnerships that could make allies out of media companies rather than alienate them from the start. It seemed like an obvious assignment for OpenAI Chief Executive Officer Sam Altman, the 38-year-old who was earning a reputation as the spokesperson-in-chief for the entire AI industry. Instead, Altman asked Brad Lightcap, the company’s chief operating officer, to handle the negotiations, giving him full control over the talks. “When I delegate, I really delegate,” Altman says.
"},{"description":"","image-metadata":null,"page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/029da48a-cc78-48e4-92d5-994b7859cf34","type":"image","family-id":"a95fcb4a-f21d-44ad-a8d6-7daa96de2b91","image-attribution":"","title":"AltmanPhotographer: Eric Lee/Bloomberg","id":"029da48a-cc78-48e4-92d5-994b7859cf34","hyperlink":null,"image-s3-key":"bloombergquint/2024-02/ddf32a3d-9cab-4160-ad40-1d5c5d453497/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iaqo6hjrU5kc/v1/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/03ebadf6-5090-4725-81eb-52ea1d430480","type":"text","family-id":"df117e16-4194-4cd3-9ad4-506b0cfe3cc8","title":"","id":"03ebadf6-5090-4725-81eb-52ea1d430480","metadata":null,"subtype":null,"text":"At 33, Lightcap makes even Altman seem kind of old. He started his career in finance before moving to San Francisco to work for Dropbox Inc. in 2013. Lightcap worked for Altman as an investor at the startup incubator Y Combinator, then followed him to OpenAI in 2018, when it was a small nonprofit research lab without a business plan or a working product. Lightcap—who over the years has become one of Altman’s most trusted lieutenants—is now tasked with transforming the most intriguing tech startup in recent memory into a commercial powerhouse that can compete with Alphabet Inc.’s Google and Meta Platforms Inc.
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/4a79cbac-5ed4-49c0-bbc0-de3f25da3fb5","type":"text","family-id":"88a59737-69d1-4a50-a6bd-89d48d8416a8","title":"","id":"4a79cbac-5ed4-49c0-bbc0-de3f25da3fb5","metadata":null,"subtype":null,"text":"People who work with Lightcap describe him as a good listener who’s fixated on the needs of OpenAI’s customers—he spent three hours on Christmas Eve having brunch with a prospective client—and who’s helped create structure within a rapidly changing organization. “He doesn’t say a lot, but he says very incisive things when he does talk,” says Altman.
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/9248453d-6754-46a1-92da-1f457a512e76","type":"text","family-id":"ed90a419-4ed0-4a4e-b7da-c070262bc130","title":"","id":"9248453d-6754-46a1-92da-1f457a512e76","metadata":null,"subtype":null,"text":"After months of discussions with Axel Springer’s point person on the deal, Chief Information Officer Samir Fadlallah, Lightcap invited a handful of its executives to visit OpenAI’s headquarters in May. He says he was “admittedly a little intimidated” about designing media deals. “I was thinking, ‘This isn’t a world I know super well,’” he says. “I don’t come from it. I don’t have deep contacts or a network here.”
"},{"description":"","image-metadata":null,"page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/6ab4617f-e26f-4407-b3d2-346532c58a3f","type":"image","family-id":"3c0d67c6-f874-49a5-a119-76ec3d326008","image-attribution":"","title":"Lightcap in his San Francisco office.Photographer: Jessica Chou for Bloomberg Businessweek","id":"6ab4617f-e26f-4407-b3d2-346532c58a3f","hyperlink":null,"image-s3-key":"bloombergquint/2024-02/6bb564ae-db0d-48ba-9caf-b6f739064b4a/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i7iIWEn_nk1g/v1/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/d7d95d6c-f51c-4dc8-9ba1-a7bf8259e258","type":"text","family-id":"16c42a03-90f3-45eb-bcee-26f2e209c655","title":"","id":"d7d95d6c-f51c-4dc8-9ba1-a7bf8259e258","metadata":null,"subtype":null,"text":"People in media often see the tech industry as arrogant and unappreciative of the importance of so-called legacy companies, but Lightcap’s guests were pleased by his humility. Fadlallah says Lightcap told him that OpenAI “cares about journalism” and that it’s “important to foster democracy.” Lightcap “was really listening to our perspective and listening to our concerns,” says Fadlallah, adding that “the concern was that they are providing a content creation machine that is really threatening our business model.”
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/324a45e9-c42a-44dc-8841-ece71a649955","type":"text","family-id":"69d2a3f8-e322-457d-afe1-8f4b2f593cb3","title":"","id":"324a45e9-c42a-44dc-8841-ece71a649955","metadata":null,"subtype":null,"text":"In December the two companies reached a broad agreement whose terms, Bloomberg News reported, include OpenAI paying Axel Springer tens of millions of dollars over three years to license content that it can use to train its AI models. OpenAI will also feature the summaries of Axel Springer’s news articles directly in ChatGPT, along with attribution and links to full articles.
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/d0258ede-42a1-454a-ab24-bd45bdddc407","type":"text","family-id":"6e66a24d-a1e2-4ce5-b2e4-19366b33fb5f","title":"","id":"d0258ede-42a1-454a-ab24-bd45bdddc407","metadata":null,"subtype":null,"text":"The deal provides a road map for additional media deals. OpenAI says it’s in talks with dozens of other publishers; Bloomberg reported that those include CNN, Fox and . OpenAI also says it will change the user interface of its current ChatGPT app to show more summaries and links to news from Axel Springer and other media partners.
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/aa5e574f-52b1-41ea-b7e0-18be3e3f070b","type":"text","family-id":"9f6c1d99-0481-4116-9600-efc6d5ccbdfc","title":"","id":"aa5e574f-52b1-41ea-b7e0-18be3e3f070b","metadata":null,"subtype":null,"text":"Lightcap hasn’t convinced everyone that the deals OpenAI is offering are good ones. The had been engaging with OpenAI in what the startup had called “productive” conversations last year, but on Dec. 27 the newspaper sued OpenAI and Microsoft Corp., OpenAI’s largest investor, saying that their copyright infringement was causing billions of dollars in statutory and actual damages. OpenAI is contesting the claim; Lightcap describes the dispute as an anomaly and says the rest of the company’s talks with publishers are going well.
"},{"description":"","image-metadata":null,"page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/9ba61dda-f54a-428e-9f0a-15a891b335b1","type":"image","family-id":"e4f832c6-d86a-4dec-9730-561f4750215c","image-attribution":"","title":"New York Times headquarters in New York.Photographer: Shelby Knowles/Bloomberg","id":"9ba61dda-f54a-428e-9f0a-15a891b335b1","hyperlink":null,"image-s3-key":"bloombergquint/2024-02/15d79419-a596-4c41-a98c-25e3b010c9df/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i6awD4y3k9Z8/v1/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/8ce137c1-d31f-4cc7-b797-bfc80a287551","type":"text","family-id":"fd07c6ac-479e-4727-a4e1-17d235fb6a4f","title":"","id":"8ce137c1-d31f-4cc7-b797-bfc80a287551","metadata":null,"subtype":null,"text":"Media deals and copyright litigation will likely remain among the central challenges in building OpenAI’s business, but they’re not the only ones. Altman has described the company as “the most capital-intensive startup in Silicon Valley history.” The computer hardware costs to keep ChatGPT running could exceed $500 million annually, according to an estimate by Dylan Patel, chief analyst at consulting firm SemiAnalysis. He estimates that OpenAI’s annual costs to train its next model are in the “lower billions.” OpenAI has an estimated annual revenue of $1.6 billion, according to a December report from the . The company declined to comment on its revenue and costs.
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/90ab1054-6f74-4825-9cc6-fb92441791fb","type":"text","family-id":"985ca1b3-8bad-441d-b40b-31b125cb81c4","title":"","id":"90ab1054-6f74-4825-9cc6-fb92441791fb","metadata":null,"subtype":null,"text":"Patel says that as OpenAI seeks to build bigger models with even more data, its computing costs are only increasing. “If their mission wasn’t literally to make the machine God, to make artificial superintelligence that’s smarter than humans, then I think they could be profitable sooner,” he says. “But because they want to make something smarter than humans in every way possible and then deploy that rapidly in every way possible, that takes so much money.”
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/c0aca3b4-f2ba-4b9a-8f18-6f22d023245d","type":"text","family-id":"f22d2c04-6530-4c3e-9b24-e684db8a3eeb","title":"","id":"c0aca3b4-f2ba-4b9a-8f18-6f22d023245d","metadata":null,"subtype":null,"text":"OpenAI’s business plan centers on charging customers for special versions of its products. In the past six months, Lightcap has helped oversee the expansion of new lines of revenue, including a business version of its consumer app, ChatGPT Enterprise, which now has more than 260 paying customers and 100,000 registered users. It’s also built an online store—akin to Apple Inc.’s App Store—through which developers can distribute customized apps, or “GPTs,” that use OpenAI’s software.
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/d3c8d7df-066f-439a-9550-667a5d4e03ab","type":"text","family-id":"ad49e7c0-dd98-470a-9460-0ef592e45f28","title":"","id":"d3c8d7df-066f-439a-9550-667a5d4e03ab","metadata":null,"subtype":null,"text":"But competition is stiff and likely to get even more so. Google, for instance, has its own large language model, a cloud computing network to support it and a large team with years of experience in enterprise sales. Lightcap says OpenAI’s main advantage is its ability to get products to market and incorporate feedback quickly.
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/646f437c-468f-463f-bdd7-7a195822f98d","type":"text","family-id":"f5a03d0c-eee1-432b-b951-9a0748e3ec86","title":"","id":"646f437c-468f-463f-bdd7-7a195822f98d","metadata":null,"subtype":null,"text":"Like many startups, OpenAI says developing its technology takes priority over short-term revenue. But the outcome of the AI arms race also hinges on how the company and its competitors develop the businesses around their technologies. Lightcap acknowledges that he hasn’t figured it all out. “There’s a lot of areas where there’s huge opportunity, but we still don’t quite know what the implementation model looks like,” he says. “Nothing is super predictable for us at this point. And I suspect that’ll be true for a while.”
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/34fe5f14-6a92-4084-bf80-5aad32a3e72b","type":"text","family-id":"7c34b88f-9cbe-4a29-884a-edc57d64d5ac","title":"","id":"34fe5f14-6a92-4084-bf80-5aad32a3e72b","metadata":null,"subtype":null,"text":"Lightcap’s ability to endure uncertainty was on display in November, when OpenAI’s board briefly ousted Altman, a period some at the company now refer to as “the blip.” While working with other executives to soothe employee anxiety, he also attempted to reassure customers by personally calling about 40 of them over the course of two days.
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/ac647719-1568-47ba-8fee-c59df8aab919","type":"text","family-id":"3a056900-9f2e-4140-ab1e-cfc9a0fa29d7","title":"","id":"ac647719-1568-47ba-8fee-c59df8aab919","metadata":null,"subtype":null,"text":"“I didn’t want time to pass between the things that people were reading in the news and when they heard from us,” Lightcap says. “Our priority was making sure people know we’re here, we’re on top of it—that our services are stable and the company is in good shape.” He says the business didn’t lose a single customer. “I really saw the best of Brad through that,” Altman says.
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/84414590-466d-4a1a-a744-0a9240b39a08","type":"text","family-id":"c9197f2b-6ad8-4812-904b-5fbac5788dee","title":"","id":"84414590-466d-4a1a-a744-0a9240b39a08","metadata":null,"subtype":null,"text":"One of OpenAI’s newer areas of focus is semiconductors. Bloomberg reported that Altman has traveled to South Korea to tour manufacturing plants as the company considers expanding its partnerships in the chips business, including potentially setting up a network of factories to manufacture semiconductors. This could take years and is arguably an even more complicated challenge for Lightcap than his recent endeavors into the media industry.
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/fc1da572-3080-48fc-b93f-2dcd6ab2dab3","type":"text","family-id":"695dc09c-7ca0-4ba6-8697-c0468e71e185","title":"","id":"fc1da572-3080-48fc-b93f-2dcd6ab2dab3","metadata":null,"subtype":null,"text":"Lightcap declines to comment on OpenAI’s hardware plans, saying they’re trade secrets. But juggling so many projects in an industry that his company is essentially willing into existence is “the fun of the job,” he says.
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/4d65bd67-6061-4287-8e97-0e5f1e65c037","type":"text","family-id":"13a1c225-24d9-49cc-b1f1-4274f187d1e6","title":"","id":"4d65bd67-6061-4287-8e97-0e5f1e65c037","metadata":null,"subtype":null,"text":"“Some of those things are things that we have to do today. Some of those things are one-year things, some of them six- or five-year things,” Lightcap says. “And I’d like to think I’m good at being able to translate that into concrete action.”
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/1fe59c90-7f7f-4296-ae62-f8558b766f51","type":"text","family-id":"a4e13216-cc4d-4c49-bddd-2cbc9bb88db6","title":"","id":"1fe59c90-7f7f-4296-ae62-f8558b766f51","metadata":null,"subtype":null,"text":"(Corrects wording ofSamir Fadlallah’s quote in paragraph 7.)
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/2fd3238d-75c6-48f5-a22b-e568b27b7522","type":"text","family-id":"1d6fe3e7-d324-486c-8f43-caa30bfd9c4a","title":"","id":"2fd3238d-75c6-48f5-a22b-e568b27b7522","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/5a50c317-67c7-4282-ad37-81707f783a84/element/abdc1ec2-8312-4d08-b3f9-9ffcceebf04a","type":"text","family-id":"2513aa8a-3de8-4f37-a13d-08e1b298eb32","title":"","id":"abdc1ec2-8312-4d08-b3f9-9ffcceebf04a","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1707435022693,"content-version-id":"777234d7-0c38-45ee-aa79-8db270fa4da4","card-added-at":1707435022693,"status":"draft","id":"6a534810-0a71-4342-9c9a-5018b87b6bfc","content-id":"6a534810-0a71-4342-9c9a-5018b87b6bfc","version":2,"metadata":{"social-share":{"shareable":true,"title":"OpenAI's Secret Weapon Is Sam Altman's 33-Year-Old Lieutenant","message":"Brad Lightcap helped seal the startup’s deal with publisher Axel Springer. Now he’s experimenting with the company’s business model.","image":{"key":"bloombergquint/2024-02/ddf32a3d-9cab-4160-ad40-1d5c5d453497/_1x_1.jpg","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1852584,"first-published-at":1708330619770,"story-template":"syndicated","authors":[{"slug":"shirin-ghaffary","social":{},"name":"Shirin Ghaffary","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1852584,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Businessweek-New"],"syndicated-categories":["businessweek"]},"original-url":"https://www.bloomberg.com/news/articles/2024-02-08/sam-altman-is-counting-on-openai-coo-brad-lightcap-to-transform-the-business","imported-card-id":"6a534810-0a71-4342-9c9a-5018b87b6bfc","card-share":{"shareable":true}}}},{"id":"56977cf7-0726-445f-acb0-4f3da5169ace","score":null,"type":"story","item":{"headline":["AI Can Speed Drug Discovery. But Is It Really Better Than a Human?"]},"story":{"author-name":"Naomi Kresge","headline":"AI Can Speed Drug Discovery. But Is It Really Better Than a Human?","slug":"businessweek/ai-speeds-up-drug-development-but-effectiveness-is-untested","last-published-at":1707185820860,"alternative":{},"sections":[{"domain-slug":null,"slug":"businessweek","name":"Businessweek","section-url":"https://www.ndtvprofit.com/businessweek","id":4221,"parent-id":null,"display-name":"Businessweek","collection":{"slug":"businessweek","name":"Businessweek","id":9876},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"technology","name":"Technology","section-url":"https://www.ndtvprofit.com/technology","id":1244,"parent-id":null,"display-name":"Technology","collection":{"slug":"technology","name":"Technology","id":15824},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null},{"domain-slug":null,"slug":"bq-blue-exclusive","name":"Exclusives","section-url":"https://www.ndtvprofit.com/bq-blue-exclusive","id":6566,"parent-id":null,"display-name":"Exclusives","collection":{"slug":"bq-blue-exclusive","name":"Exclusives","id":13126},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/idqA_B2DsMs4/v1/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","width":2200,"height":1467},"published-at":1707185820860,"summary":"Machine learning and molecular image recognition are far faster than researchers at identifying potential treatments. That doesn’t mean those meds will be more effective.","id":"56977cf7-0726-445f-acb0-4f3da5169ace","hero-image-s3-key":"bloombergquint/2024-01/bf9c16c9-9164-49c5-b070-db5ad8c3a475/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/a0fb3603-48ee-48ee-8023-32386aac2498","type":"text","family-id":"2dd60598-3b9b-4929-bbfb-44a5532ad8a9","title":"","id":"a0fb3603-48ee-48ee-8023-32386aac2498","metadata":null,"subtype":null,"text":"(Bloomberg Businessweek) -- In mid-January, Genentech started recruiting 200 patients to test whether one of its experimental drugs can tame ulcerative colitis, a painful, incurable type of inflammatory bowel disease. Until then, the compound had only been given during experiments to treat lung and skin disorders. Deciding whether to shift a drug for use against a different disease than originally intended often takes years of painstaking lab work, but the California biotech did it in just nine months. The difference: artificial intelligence, which the company says helped its researchers scan millions of possibilities to confirm the drug could be useful against diseases affecting the cells of the colon.
"},{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/dc8a0812-d3b1-45f0-b752-d6ef69942491","type":"text","family-id":"a6a2d335-4168-460f-b2f9-6d305dafdd28","title":"","id":"dc8a0812-d3b1-45f0-b752-d6ef69942491","metadata":null,"subtype":null,"text":"“It’s not like the human is not needed anymore,” says Aviv Regev, a Harvard University and Massachusetts Institute of Technology computational biologist who took a leave from her academic work to run Genentech’s research and development. “But the human all of a sudden gets the superpower.”
"},{"description":"","image-metadata":null,"page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/d3c7e48b-9620-4e10-b018-4a5a37ca56d6","type":"image","family-id":"617f16fd-a95d-477a-8f0b-d8b9469c4ae1","image-attribution":"","title":"Genentech’s offices outside San Francisco.Photographer: Justin Sullivan/Getty Images","id":"d3c7e48b-9620-4e10-b018-4a5a37ca56d6","hyperlink":null,"image-s3-key":"bloombergquint/2024-01/a323008c-0d68-4af2-a0ba-644e35d830ad/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/idqA_B2DsMs4/v1/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/58952def-907a-47da-b4a5-5706217b3355","type":"text","family-id":"286ed8ea-14a3-43a8-8f33-de794ce960a0","title":"","id":"58952def-907a-47da-b4a5-5706217b3355","metadata":null,"subtype":null,"text":"The project is just one example of the pharmaceutical industry’s embrace of AI to turbocharge drug development. Genentech’s Swiss parent, Roche Holding AG, has some of the most ambitious plans, including building its own generative AI tool, dubbed RocheGPT. The goal is not just to move faster but also to answer questions that couldn’t be answered before, Regev says. She describes the AI boost as like being a scientist “on steroids.”
"},{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/9e6a8f70-7edd-4e72-8f2e-c572fd8ba2a3","type":"text","family-id":"aa7c0ea5-5745-4da9-9e93-c075e09f94c2","title":"","id":"9e6a8f70-7edd-4e72-8f2e-c572fd8ba2a3","metadata":null,"subtype":null,"text":"But the true test for biotech will be whether drugs developed with the help of AI are more likely to be successful for patients than those developed by mere mortals. While that’s far from certain, money is pouring in. Over the past decade investors have pumped about $18 billion into “AI-first” biotech companies, outfits that have built their R&D workflow around AI tools, Boston Consulting Group found last year. And at January’s JPMorgan Healthcare Conference in San Francisco, the industry’s biggest meeting, nearly every chief executive officer mentioned AI in their presentations.
"},{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/3bada912-b20f-4de9-ae9a-65a3f263f613","type":"text","family-id":"33a79cb7-4ca2-4225-b256-4e4e9637c4ca","title":"","id":"3bada912-b20f-4de9-ae9a-65a3f263f613","metadata":null,"subtype":null,"text":"The AI gold rush in pharma and biotech has also attracted the interest of the world’s most valuable chipmaker, Nvidia Corp. The Silicon Valley darling saw its market capitalization more than triple in the past 12 months, to $1.56 trillion—more than twice that of the most valuable drugmaker, Eli Lilly & Co.—driven by interest in ChatGPT and other generative AI technology that relies on the kind of computing firepower Nvidia’s chips can provide.
"},{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/a68ddbef-74d7-4102-a138-e7802943792f","type":"text","family-id":"1b37264e-58e2-45ea-be46-5bc576eb86ac","title":"","id":"a68ddbef-74d7-4102-a138-e7802943792f","metadata":null,"subtype":null,"text":"Nvidia has been trying to persuade the pharmaceutical industry to embrace its chips, which can sell for $50,000 apiece, for more than a decade. Now the company believes it has its foot firmly in the door. It’s doing at least some business with the 20 largest pharmaceutical companies and more than 2,500 startups. And it’s signed more in-depth research deals with a few Big Pharma giants, including Roche. What’s been done so far is barely scratching the surface of what AI could do for drug development, says Nvidia CEO Jensen Huang.
"},{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/ef8f6ebf-8d36-465f-8e2c-eb82898e6a2e","type":"text","family-id":"9b87f2d6-61ee-4ff1-aa1a-62852692efdd","title":"","id":"ef8f6ebf-8d36-465f-8e2c-eb82898e6a2e","metadata":null,"subtype":null,"text":"At a panel during the JPMorgan conference, Huang told a standing-room-only crowd that, within the next decade, drugs could be designed almost entirely in simulation via computing platforms like the ones his company supplies. “We are determined to work with you to advance this field,” he said.
"},{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/ac978411-9e07-4f5f-b243-23f01a1d442c","type":"text","family-id":"7450359a-5532-497f-bab4-4662aa6318e7","title":"","id":"ac978411-9e07-4f5f-b243-23f01a1d442c","metadata":null,"subtype":null,"text":"That would mark a seismic shift in the world of drug development. It typically takes 12 to 15 years to bring a drug to market, according to BCG. The consulting firm says AI-driven R&D could help cut 25% to 50% of the time and cost of bringing drug candidates to the point of human testing—but it will still require study to prove whether AI-aided drugs have a higher probability of clinical success.
"},{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/71761fa3-25d7-4f58-8180-2259c93c044e","type":"text","family-id":"33d918f3-da1d-4ce1-8d99-67a32255e3f6","title":"","id":"71761fa3-25d7-4f58-8180-2259c93c044e","metadata":null,"subtype":null,"text":"Nonetheless, Kimberly Powell, head of Nvidia’s health-care segment, says the pharma business is quickly changing in response to AI, with many of the startups Nvidia works with today considering themselves “techbio” companies rather than biotechs—using data to “drive what biology they’re going after, instead of the biology influencing what technology they need to use.”
"},{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/1b80bc3d-02b2-4e34-9ea7-9677490f4211","type":"text","family-id":"04768f94-6fe7-4f9c-a581-51762774e88b","title":"","id":"1b80bc3d-02b2-4e34-9ea7-9677490f4211","metadata":null,"subtype":null,"text":"The key is AI’s ability to make sense of huge volumes of myriad types of data, she says. “Here we are in the ChatGPT moment, that makes it just obvious that the future is talking to your data,” Powell says. “The future is being able to put very, very complex data into models that allow us to reason across it in ways that human capacity just could never do. You can actually use spoken language or type in, ‘Please generate new molecules that appear like this one but have these characteristics.’ And what does it do? It goes off and it launches. And then what comes back is your top 10 that you think that you should go after.”
"},{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/0ddb7b83-fd10-4752-84d8-492bb45a2327","type":"text","family-id":"84de8e66-a0bd-4a52-91f6-d58a8aa446dc","title":"","id":"0ddb7b83-fd10-4752-84d8-492bb45a2327","metadata":null,"subtype":null,"text":"The chip industry hasn’t always lived up to such bullish projections. Nvidia, for instance, was one of a number of companies that predicted that, by around 2020, machine intelligence would put automated vehicles in charge of one of the most complex and dangerous human activities: driving. While the automotive industry has massively increased the amount of technology it crams into every vehicle, robotaxis and their ilk are still far from becoming part of everyday life.
"},{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/d3d0b1b1-c48b-45ee-8431-ceab19409acb","type":"text","family-id":"a24f88a2-c57f-442a-8197-7d28efafbf43","title":"","id":"d3d0b1b1-c48b-45ee-8431-ceab19409acb","metadata":null,"subtype":null,"text":"“Will we in five years see full-blown drug discovery based on AI? I think that’s the million-dollar sort of question,” says Anders Romare, chief digital and information officer at Novo Nordisk A/S, the Danish maker of diabetes drug Ozempic and weight-loss shot Wegovy. Novo has already deployed AI throughout the company, using it for everything from speeding up regulatory submissions to overseeing production quality. Workers use ChatGPT inside the company’s firewall more than 50,000 times a month, Romare says. But while AI can speed up the work, “ultimately putting a drug in the hand of the patient has got to be a human decision based on human knowledge and understanding,” he says.
"},{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/0e06c54d-fdd8-4129-a27f-4040a8a60765","type":"text","family-id":"46a45967-8772-44ad-822c-1db7dbde36e5","title":"","id":"0e06c54d-fdd8-4129-a27f-4040a8a60765","metadata":null,"subtype":null,"text":"At Roche, the AI effort is part of a push to get back to the forefront of drug development after a series of failed late-stage clinical trials, including for cancer and Alzheimer’s disease medicines. Genentech is a biotech pioneer behind some of the best-selling cancer drugs in history, but it has struggled to develop blockbusters in recent years.
"},{"description":"","image-metadata":null,"page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/209bd598-7098-4928-8a13-ec12ae8ac6c3","type":"image","family-id":"cc55c2e1-d1a9-490f-afa7-5b11b8165f90","image-attribution":"","title":"Roche’s headquarters in Basel, Switzerland.Photographer: Stefan Wermut/Bloomberg","id":"209bd598-7098-4928-8a13-ec12ae8ac6c3","hyperlink":null,"image-s3-key":"bloombergquint/2024-01/a52cd806-38ff-4f80-b53f-61e6fd14665b/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iJFm_PhcYzow/v2/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/d2976ba5-eb82-408a-a108-cf1e5e287f50","type":"text","family-id":"dbf945b4-d358-4306-95ef-08880872f04f","title":"","id":"d2976ba5-eb82-408a-a108-cf1e5e287f50","metadata":null,"subtype":null,"text":"In the ulcerative colitis project, researchers already had science to suggest that an experimental drug Genentech had acquired in August 2022 from Kiniksa Pharmaceuticals might be useful against disease in the colon. They used machine learning to analyze single cells, then another digital tool to run what’s essentially a reverse image search for a specific type of cell in the colon that could be influenced by the drug.
"},{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/a9fb4cac-ce49-4b94-9ec8-0bdd12a09f13","type":"text","family-id":"397b8ff7-0d9b-4283-8c43-141dcce0241d","title":"","id":"a9fb4cac-ce49-4b94-9ec8-0bdd12a09f13","metadata":null,"subtype":null,"text":"Genentech likens it to training an algorithm to pick out a blueberry from within a fruit salad—in other words, teaching it to recognize cells that display a certain disease characteristic and then having the AI find cells with similar characteristics in other parts of the body. But only the patient trial will show how helpful the algorithm-enabled drug can actually be.
"},{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/351c229e-acc9-4a1c-8374-2bd7fa230821","type":"text","family-id":"dff3d39a-705c-4c95-8539-ac0cd16f26d8","title":"","id":"351c229e-acc9-4a1c-8374-2bd7fa230821","metadata":null,"subtype":null,"text":"Scientists have already shown that algorithms can massively accelerate the time required to find a chemical compound that will hit a certain target on a cell—finding a key to fit a lock, so to speak, says Alpha Lee, a University of Cambridge physicist who has taken an academic leave until 2027 to co-found PostEra, a machine learning biotech company. What hasn’t been shown yet is whether AI can be more effective than humans at finding the right lock to open, Lee says. That’s why AI won’t prove itself fully in biology, he says, until human studies like the one Genentech is conducting read out.
"},{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/26c4c2f8-6915-4d0b-97d8-4b9e3b274c79","type":"text","family-id":"0ad5c58f-4d01-4045-80ca-9d6a516a6f30","title":"","id":"26c4c2f8-6915-4d0b-97d8-4b9e3b274c79","metadata":null,"subtype":null,"text":"“Sometimes when you open the door, you find out that there’s actually nothing behind it,” Lee says. AI is “not a panacea that can solve everything” in drug development, he says. “Now perhaps it is the time to take a step back and be very concrete about what are the key pain points that we can solve [with AI] right now, and what’s the roadmap toward the future.”
"},{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/016170fd-4074-4978-be40-e9a15823377a","type":"text","family-id":"06a0d8dc-cb4a-4be2-a2c8-5b4b5c67e139","title":"","id":"016170fd-4074-4978-be40-e9a15823377a","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/56977cf7-0726-445f-acb0-4f3da5169ace/element/fd4ae82b-a2e5-4389-89d6-95487226fb67","type":"text","family-id":"37ec6442-c9d5-4179-bedf-ea3adc8fc967","title":"","id":"fd4ae82b-a2e5-4389-89d6-95487226fb67","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1706720655937,"content-version-id":"39fa2ba9-a0e0-4042-9c96-0acbeccb24d6","card-added-at":1706720655937,"status":"draft","id":"113eba3d-1446-43d3-8dfe-f0aa6c905dda","content-id":"113eba3d-1446-43d3-8dfe-f0aa6c905dda","version":3,"metadata":{"social-share":{"shareable":true,"title":"AI Can Speed Drug Discovery. But Is It Really Better Than a Human?","message":"Machine learning and molecular image recognition are far faster than researchers at identifying potential treatments. That doesn’t mean those meds will be more effective.","image":{"key":"bloombergquint/2024-01/a323008c-0d68-4af2-a0ba-644e35d830ad/_1x_1.jpg","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1669843,"first-published-at":1707185820860,"story-template":"syndicated","authors":[{"slug":"naomi-kresge-3","social":{},"name":"Naomi Kresge","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669843,"avatar-s3-key":null,"twitter-handle":null},{"slug":"ian-king-3","social":{},"name":"Ian King","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1670280,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Businessweek-New"],"syndicated-categories":["businessweek"]},"original-url":"https://www.bloomberg.com/news/articles/2024-01-31/ai-speeds-up-drug-development-but-effectiveness-is-untested","imported-card-id":"113eba3d-1446-43d3-8dfe-f0aa6c905dda","card-share":{"shareable":true}}}},{"id":"46153c20-f034-434b-87e2-b760ba9b7cd4","score":null,"type":"story","item":{"headline":["U.S. Is Weaponizing New Economic Tools To Slow China’s War Machine"]},"story":{"author-name":"Erik Schatzker","headline":"U.S. Is Weaponizing New Economic Tools To Slow China’s War Machine","slug":"politics/us-deploys-tariffs-sanctions-to-slow-china-s-military-push","last-published-at":1706017548462,"alternative":{},"sections":[{"domain-slug":null,"slug":"politics","name":"Politics","section-url":"https://www.ndtvprofit.com/politics","id":1246,"parent-id":null,"display-name":"Politics","collection":{"slug":"politics","name":"Politics","id":15821},"data":null},{"domain-slug":null,"slug":"global-economics","name":"Global Economics","section-url":"https://www.ndtvprofit.com/global-economics","id":1250,"parent-id":null,"display-name":"Global Economics","collection":{"slug":"global-economics","name":"Global Economics","id":15813},"data":null},{"domain-slug":null,"slug":"businessweek","name":"Businessweek","section-url":"https://www.ndtvprofit.com/businessweek","id":4221,"parent-id":null,"display-name":"Businessweek","collection":{"slug":"businessweek","name":"Businessweek","id":9876},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null},{"domain-slug":null,"slug":"bq-blue-exclusive","name":"Exclusives","section-url":"https://www.ndtvprofit.com/bq-blue-exclusive","id":6566,"parent-id":null,"display-name":"Exclusives","collection":{"slug":"bq-blue-exclusive","name":"Exclusives","id":13126},"data":null}],"hero-image-metadata":{"width":2000,"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/itGcqHh3Bi6E/v0/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","height":1334},"published-at":1706017548462,"summary":"A recent executive order by President Biden, unprecedented in its scope, could soon bring strict restrictions on outbound investment flows.","id":"46153c20-f034-434b-87e2-b760ba9b7cd4","hero-image-s3-key":"bloombergquint/2023-09/1d6ba7b3-a6ff-4a2c-952e-5904aea7bfae/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/28261603-ed96-4779-9ab4-2dbff29626d5","type":"text","family-id":"024cd8eb-e4ba-4de7-b9f8-4297348a1573","title":"","id":"28261603-ed96-4779-9ab4-2dbff29626d5","metadata":null,"subtype":null,"text":"(Bloomberg Businessweek) -- First came tariffs on Chinese imports, then several rounds of sanctions and an outright embargo on exports of state-of-the-art computer chips. Now, America’s multiyear campaign to deter, counter and stymie Xi Jinping’s China—an effort that started with President Donald Trump and has escalated under the current administration—is shifting to a new battleground where the stakes are even higher than in trade or technology: finance.
"},{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/5fc40e36-96fd-473b-8ad0-dd973b2e44e5","type":"text","family-id":"c33daea5-be40-4bd3-a982-d0b02e08e0eb","title":"","id":"5fc40e36-96fd-473b-8ad0-dd973b2e44e5","metadata":null,"subtype":null,"text":"Last August, in Executive Order 14105, President Joe Biden directed the Department of the Treasury to draw up rules barring US investments in entities suspected of helping to develop next-generation weaponry for China’s war machine. Soon, probably in the next few months, that ban will go into effect.
"},{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/60e4b927-1c27-42c4-a85a-cc5900f77e16","type":"text","family-id":"baa9cb0a-8c8c-4287-ac3a-a05b19cd5099","title":"","id":"60e4b927-1c27-42c4-a85a-cc5900f77e16","metadata":null,"subtype":null,"text":"This won’t be the first time America has throttled the flow of capital to China; both Trump and Biden prohibited US investors from buying a range of publicly traded securities with military ties. But in its scope—potentially encompassing any Chinese company or organization, public or private, involved in semiconductors, quantum computing or artificial intelligence—EO 14105 has no precedent. It covers vast swaths of the economy and, effectively, aims to asphyxiate entire industries key to China’s capabilities on the battlefield and in cyberspace.
"},{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/d7473880-69b6-41e4-8195-e242ec74dd72","type":"text","family-id":"71eb5c07-015b-4d02-9d87-2dd1a2d6e45a","title":"","id":"d7473880-69b6-41e4-8195-e242ec74dd72","metadata":null,"subtype":null,"text":"“The problem with designating specific entities is that it becomes a game of whack-a-mole: Every time you go after one, another pops up,” says Rick Sofield, a partner at law firm Vinson & Elkins who formerly oversaw national security reviews of acquisitions at the US Department of Justice. “Here, they’re defining whole categories based on the nature of the business. That’s not something the US has ever done before.”
"},{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/0c49ead5-1ac3-4cc5-b053-6f43ec8350cd","type":"text","family-id":"dd80dfef-2ad9-4e29-8985-25d21bda073d","title":"","id":"0c49ead5-1ac3-4cc5-b053-6f43ec8350cd","metadata":null,"subtype":null,"text":"While the full extent and potential impact of the boycott won’t be known until the Treasury Department publishes a draft of the rules and invites comment from interested parties, the broad outlines—and points of contention—are already clear. According to an August notice from the department, the range of covered transactions is likely to include mergers; acquisitions of minority interests; private equity, venture capital and greenfield investments; joint ventures; and convertible-debt financing. In 2022, total US foreign direct investment in China rose 9% from the year before, to $126.1 billion.
"},{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/429070d1-6f7f-4d7b-8ded-7f6c5fa9d79c","type":"text","family-id":"6117b424-dacb-41c4-8352-942761a243b9","title":"","id":"429070d1-6f7f-4d7b-8ded-7f6c5fa9d79c","metadata":null,"subtype":null,"text":"For most of the postwar era, sanctions were tools of economic coercion, a way of punishing “bad actors” such as Cuba, Iran and North Korea for harming US interests and forcing them to change behavior. By 2018, however, the thinking had changed—at least as far as China was concerned. Kurt Campbell and Ely Ratner, then former officials with expertise in Asian affairs and national defense, argued in a landmark essay in that American efforts to “shape China’s trajectory” had utterly failed and US policy needed to reflect “a more realistic set of assumptions.”
"},{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/a9b330b0-64f2-4887-876e-ebd8ba6e4d37","type":"text","family-id":"9eb2b1ad-9500-484c-9c50-a25c68094f71","title":"","id":"a9b330b0-64f2-4887-876e-ebd8ba6e4d37","metadata":null,"subtype":null,"text":"The consensus that has since emerged in both the White House and Congress is that China must be treated not as a partner willing to give and take but rather as a strategic adversary. And today, Campbell and Ratner are key architects of Biden’s blueprint for US power and influence in Asia.
"},{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/f3b17ce5-7031-4566-9596-870f4d4e174b","type":"text","family-id":"15fd4426-0f82-4a1c-b9f7-9f220264441d","title":"","id":"f3b17ce5-7031-4566-9596-870f4d4e174b","metadata":null,"subtype":null,"text":"US officials believe the Chinese government under President Xi is exploiting every opportunity to obtain cutting-edge technology via the private sector and redirect it to military and security applications. That’s what drove the US Department of Commerce to restrict chip exports in October 2022, so China couldn’t use advanced processors such as Nvidia Corp.’s A100 and H100 to power AI engines. When Nvidia modified its chip designs to skirt the controls, the Commerce Department banned them, too.
"},{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/bd7f2872-67d4-45f5-94ab-43423584c9ce","type":"text","family-id":"2d1f11be-207e-4ec1-89b5-f9fdc1b387e1","title":"","id":"bd7f2872-67d4-45f5-94ab-43423584c9ce","metadata":null,"subtype":null,"text":"Now the government is extending that concept to outbound investments. “This is absolutely a weaponization of economic tools toward national security ends,” says Adam Smith, who heads the international trade practice at Gibson Dunn & Crutcher and formerly specialized in sanctions on foreign governments in senior roles at the Treasury Department and the White House. “The door is open to much broader restrictions on investment flows.”
"},{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/ec9f2c91-3e00-4512-90ca-d6232a892abc","type":"text","family-id":"e037ca5b-e9a8-4b88-b848-7795c0e9a152","title":"","id":"ec9f2c91-3e00-4512-90ca-d6232a892abc","metadata":null,"subtype":null,"text":"Beyond resolving the obvious moral dilemma of enabling Xi’s hostile ambitions, such as the absorption of Taiwan, there’s an official rationale for targeting capital flows to China. As Biden explained in his August executive order, US investments risk exacerbating the threat that China presents, because they confer prestige and credibility and often are accompanied by helpful counsel, market access and additional financing. He declared the situation a national emergency.
"},{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/9fe7de5e-5b5a-486f-b035-42446b4e6b45","type":"text","family-id":"cb52de94-f8a3-49bb-9aa3-64a7e27afb5e","title":"","id":"9fe7de5e-5b5a-486f-b035-42446b4e6b45","metadata":null,"subtype":null,"text":"One pitfall, of course, is that China’s military-industrial complex can easily get money from non-US sources. Unlike high-end semiconductors, which are expensive, difficult to produce and supplied by only a few companies, such as Nvidia, dollars are ubiquitous and fungible.
"},{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/dc5797c4-b925-47bd-ac6d-2364413e4cc7","type":"text","family-id":"b32be09b-14b6-408c-83ef-ab147aea8fe4","title":"","id":"dc5797c4-b925-47bd-ac6d-2364413e4cc7","metadata":null,"subtype":null,"text":"“Do we really think the Saudis or the Emiratis or the Qataris won’t invest?” says Gary Rieschel, a longtime tech executive who founded Qiming Venture Partners in Shanghai in 2006. “Over 90% of the money going into VCs in China is renminbi. They don’t need US capital.” He thinks the US should focus instead on extending its technological lead in key industries and catching up to China in others, such as electric vehicles.
"},{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/7d91606d-d199-47d2-8813-83bbe1b6af5a","type":"text","family-id":"777fb755-b69e-4440-9ff0-066eb4f246dc","title":"","id":"7d91606d-d199-47d2-8813-83bbe1b6af5a","metadata":null,"subtype":null,"text":"Then there’s the problem of overcompliance. As currently envisioned, the new rules will explicitly ban transactions involving technologies and products that the government deems a “particularly acute national security threat.” A second category of transactions—those that “may contribute” to the threat to US national security—will require self-reporting. In other words, any US entity investing directly or indirectly in China’s semiconductor, quantum computing or AI industries will face deciding whether to notify the federal government.
"},{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/a9939cf9-8dd0-44c3-a863-1180e9ac817b","type":"text","family-id":"a3b63c5b-a524-439a-b65e-bc1c5bfe6e0c","title":"","id":"a9939cf9-8dd0-44c3-a863-1180e9ac817b","metadata":null,"subtype":null,"text":"“It’s all reliant on the private sector to interpret and implement,” says Smith, who like Sofield advises US clients on foreign investments. “No one wants a knock on the door from Treasury or the Justice Department.”
"},{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/fd6e6f45-5da7-4761-95c5-05d6f2f3e6b6","type":"text","family-id":"c04b7a05-12c1-4693-bfe3-3723dca3069b","title":"","id":"fd6e6f45-5da7-4761-95c5-05d6f2f3e6b6","metadata":null,"subtype":null,"text":"Treasury Secretary Janet Yellen has denied repeatedly that the Biden administration is seeking a “decoupling” from China, and in its August notice her department said the forthcoming rules are “not intended to impede all US investments into a country of concern or impose sector-wide restrictions.” To the China hawks in Congress, that doesn’t go far enough. A bill introduced by Michael McCaul, the Republican chairman of the House Foreign Affairs Committee, and Gregory Meeks, a Democrat, adds hypersonics and supercomputing to the proposed list of prohibited investments.
"},{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/7e0f4268-d1bc-4642-ac6b-62665e2ac897","type":"text","family-id":"529c1161-4f4e-46fb-b5c4-807acd9f08de","title":"","id":"7e0f4268-d1bc-4642-ac6b-62665e2ac897","metadata":null,"subtype":null,"text":"For many, the net effect is confusion and uncertainty. Corporate boards and management teams may determine it’s safer to “self-sanction”—i.e., not invest—than to risk noncompliance. In a sign of the descending chill, the main pension fund for US federal employees, the Federal Retirement Thrift Investment Board, in November moved to exclude China and Hong Kong from its portfolios, citing the possibility of yet more restrictions on Chinese investments.
"},{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/0fe28789-fb51-4b16-8d7a-720ace259568","type":"text","family-id":"01e2e6f0-3b68-4f6f-ace2-ff312e071b90","title":"","id":"0fe28789-fb51-4b16-8d7a-720ace259568","metadata":null,"subtype":null,"text":"“China has had limits on outbound investment for decades,” says Sofield of Vinson & Elkins. “We in the US operated with this conceit that by having free trade with China, they’d become more like us. We never thought it might make us more like them.”
"},{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/b42cad66-78b5-4348-831b-7bcda903b024","type":"text","family-id":"9dd63d7a-6b41-4a6a-9d27-cfeccf7eb44d","title":"","id":"b42cad66-78b5-4348-831b-7bcda903b024","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/46153c20-f034-434b-87e2-b760ba9b7cd4/element/0537e3c2-28c6-4a00-b41b-7379cc8699d9","type":"text","family-id":"ca2308cc-0073-4a25-975e-32ea769190b5","title":"","id":"0537e3c2-28c6-4a00-b41b-7379cc8699d9","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1705995616363,"content-version-id":"44f65ad6-fde6-4e64-ab96-a8abf6e32a69","card-added-at":1705995616363,"status":"draft","id":"c65e0323-00ed-4914-85a1-f056aa3124a3","content-id":"c65e0323-00ed-4914-85a1-f056aa3124a3","version":1,"metadata":{"social-share":{"shareable":true,"title":"U.S. Is Weaponizing New Economic Tools To Slow China’s War Machine","message":"A recent executive order by President Biden, unprecedented in its scope, could soon bring strict restrictions on outbound investment flows.","image":{"key":"bloombergquint/2023-09/1d6ba7b3-a6ff-4a2c-952e-5904aea7bfae/_1x_1.jpg","url":null,"attribution":null,"caption":"Shipping containers next to gantry cranes at the Yangshan Deepwater Port in Shanghai, China, on Monday, Jan, 11, 2021. U.S. President Donald Trump famously tweeted that \"trade wars are good, and easy to win\" in 2018 as he began to impose tariffs on about $360 billion of imports from China. Turns out he was wrong on both counts. Photographer: Qilai Shen/Bloomberg","metadata":{"width":2000,"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/itGcqHh3Bi6E/v0/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","height":1334}}}}}],"author-id":1671805,"first-published-at":1706017548462,"story-template":"syndicated","authors":[{"slug":"erik-schatzker-3","social":{},"name":"Erik Schatzker","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1671805,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Businessweek-New"],"syndicated-categories":["businessweek"]},"original-url":"https://www.bloomberg.com/news/articles/2024-01-10/us-deploys-tariffs-sanctions-to-slow-china-s-military-push","imported-card-id":"c65e0323-00ed-4914-85a1-f056aa3124a3","card-share":{"shareable":true}}}},{"id":"2287da09-f5ee-4e1f-9be0-733b5a93608d","score":null,"type":"story","item":{"headline":["Eight Tech Products That Could Define 2024"]},"story":{"author-name":"Vlad Savov","headline":"Eight Tech Products That Could Define 2024","slug":"businessweek/new-nintendo-switch-apple-vision-pro-highlight-likely-2024-tech-releases","last-published-at":1704512512176,"alternative":{},"sections":[{"domain-slug":null,"slug":"businessweek","name":"Businessweek","section-url":"https://www.ndtvprofit.com/businessweek","id":4221,"parent-id":null,"display-name":"Businessweek","collection":{"slug":"businessweek","name":"Businessweek","id":9876},"data":null},{"domain-slug":null,"slug":"bq-blue-exclusive","name":"Exclusives","section-url":"https://www.ndtvprofit.com/bq-blue-exclusive","id":6566,"parent-id":null,"display-name":"Exclusives","collection":{"slug":"bq-blue-exclusive","name":"Exclusives","id":13126},"data":null},{"domain-slug":null,"slug":"pursuits","name":"Pursuits","section-url":"https://www.ndtvprofit.com/pursuits","id":1245,"parent-id":null,"display-name":"Pursuits","collection":{"slug":"pursuits","name":"Pursuits","id":15822},"data":null},{"domain-slug":null,"slug":"technology","name":"Technology","section-url":"https://www.ndtvprofit.com/technology","id":1244,"parent-id":null,"display-name":"Technology","collection":{"slug":"technology","name":"Technology","id":15824},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iTf2V4d2iijo/v0/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","width":1200,"height":630,"focus-point":[533,252]},"published-at":1704512512176,"summary":"With long-awaited releases expected for a new Nintendo Switch and Apple’s Vision Pro, it may be an important year for consumer gadgets.","id":"2287da09-f5ee-4e1f-9be0-733b5a93608d","hero-image-s3-key":"bloombergquint/2024-01/1a3a0f3a-4f29-4738-b0ce-c77a5a92c6a3/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/2287da09-f5ee-4e1f-9be0-733b5a93608d/element/a62946ef-1512-4e76-945d-73f0d8617012","type":"text","family-id":"c14be0a1-c6f7-4a0d-b0c3-952c2b45578d","title":"","id":"a62946ef-1512-4e76-945d-73f0d8617012","metadata":null,"subtype":null,"text":"(Bloomberg Businessweek) -- For the first time in recent memory, consumer gadgetry could have a banner year. Apple Inc. will dive into its biggest new product category in years, while a startup founded by former Apple employees is selling a new type of wearable intended to supplant the iPhone as the default device of the artificial intelligence era. (Cue significant excitement and skepticism in both cases.) Gamers will likely see new versions of multiple major consoles. And the US-China competition over technology, which sometimes veers into abstract matters of government blacklists and semiconductor design, may shift to some very tangible gadgets.
"},{"description":"","page-url":"/story/2287da09-f5ee-4e1f-9be0-733b5a93608d/element/59a08407-5030-45fb-ac64-08129a86d4dd","type":"text","family-id":"c9923dcb-8f29-43ab-9a6a-650356ca0d6c","title":"","id":"59a08407-5030-45fb-ac64-08129a86d4dd","metadata":null,"subtype":null,"text":"Apple Vision Pro
"},{"description":"","image-metadata":null,"page-url":"/story/2287da09-f5ee-4e1f-9be0-733b5a93608d/element/9f15b517-30e2-4ff0-a1c6-4b939b4e9728","type":"image","family-id":"c4695387-c5e1-4998-a381-ac87cf4ac435","image-attribution":"","title":"Illustration: Aysha Tengiz for Bloomberg Businessweek","id":"9f15b517-30e2-4ff0-a1c6-4b939b4e9728","hyperlink":null,"image-s3-key":"bloombergquint/2024-01/6f9e8904-434e-4b5a-a082-30d4f39c469d/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iZRLx3bb2AmI/v1/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/2287da09-f5ee-4e1f-9be0-733b5a93608d/element/3e67747f-b3c9-4dbd-b847-a729069e2240","type":"text","family-id":"c2d33beb-5791-402e-b107-44b355fdf870","title":"","id":"3e67747f-b3c9-4dbd-b847-a729069e2240","metadata":null,"subtype":null,"text":"Every supposedly world-changing mixed-reality headset to date has fallen short, but expectations are sky-high for Apple’s new device, due early this year. The $3,500 price tag and Apple’s plan for a go-slow approach when it begins selling the headsets will temper any immediate revolution.
"},{"description":"","page-url":"/story/2287da09-f5ee-4e1f-9be0-733b5a93608d/element/b1b8403d-c00e-4312-9e29-1ba9bdc3038a","type":"text","family-id":"30ebc95c-03c6-44ac-844c-bfcba549c9a0","title":"","id":"b1b8403d-c00e-4312-9e29-1ba9bdc3038a","metadata":null,"subtype":null,"text":"The Next GPT
"},{"description":"","image-metadata":null,"page-url":"/story/2287da09-f5ee-4e1f-9be0-733b5a93608d/element/fc202af3-05d8-4113-9df5-b7ea309b01a2","type":"image","family-id":"0b4d6ba9-2345-4126-9dad-8d5f978d1d11","image-attribution":"","title":"Illustration: Aysha Tengiz for Bloomberg Businessweek","id":"fc202af3-05d8-4113-9df5-b7ea309b01a2","hyperlink":null,"image-s3-key":"bloombergquint/2024-01/859ea22d-4f9d-4e1d-b4f8-a5964cd0bae4/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i4Dy_FhrBAlk/v1/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/2287da09-f5ee-4e1f-9be0-733b5a93608d/element/4440627c-50cc-43b8-ba6b-96fbe4bfb4c0","type":"text","family-id":"fe5fed8f-0388-48ac-a410-2bc1479431ec","title":"","id":"4440627c-50cc-43b8-ba6b-96fbe4bfb4c0","metadata":null,"subtype":null,"text":"In the iPhone’s early days, each iteration seemed to herald a new era in technology. That’s how it feels now with the AI models underpinning OpenAI’s ChatGPT. A big upgrade from the company could come in the new year, though nothing is official yet.
"},{"description":"","page-url":"/story/2287da09-f5ee-4e1f-9be0-733b5a93608d/element/15ac2172-22ff-4276-8065-ad510d5bfbd3","type":"text","family-id":"de75c603-1b20-4410-aa83-efb443093fea","title":"","id":"15ac2172-22ff-4276-8065-ad510d5bfbd3","metadata":null,"subtype":null,"text":"A New Nintendo Switch
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"},{"description":"","page-url":"/story/2287da09-f5ee-4e1f-9be0-733b5a93608d/element/0215abf8-8027-4933-802d-e782ef43f314","type":"text","family-id":"9cd2315d-3b25-45c5-a2c8-650997d75943","title":"","id":"0215abf8-8027-4933-802d-e782ef43f314","metadata":null,"subtype":null,"text":"Tesla’s Cybertruck
"},{"description":"","image-metadata":null,"page-url":"/story/2287da09-f5ee-4e1f-9be0-733b5a93608d/element/5a3bd985-b170-458a-9ba0-a8c5531bd4a1","type":"image","family-id":"296d6b29-f701-442d-a78a-22c2a14c0690","image-attribution":"","title":"Illustration: Aysha Tengiz for Bloomberg Businessweek","id":"5a3bd985-b170-458a-9ba0-a8c5531bd4a1","hyperlink":null,"image-s3-key":"bloombergquint/2024-01/b9673f23-291a-454c-a78a-da8f871a73a6/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/irrn6THMjcYY/v1/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/2287da09-f5ee-4e1f-9be0-733b5a93608d/element/b3a5259d-d91b-4a0e-a5d8-fa6ef8e364ca","type":"text","family-id":"53799269-ff6a-4954-a712-943a286f4169","title":"","id":"b3a5259d-d91b-4a0e-a5d8-fa6ef8e364ca","metadata":null,"subtype":null,"text":"The first deliveries are already trickling out, but 2024 will be a make-or-break year for Tesla Inc.’s new truck, which has to contend with increasing competition and an odd design that could keep some buyers away.
"},{"description":"","page-url":"/story/2287da09-f5ee-4e1f-9be0-733b5a93608d/element/e4d455ef-983f-476e-be3d-fd10e52dbb81","type":"text","family-id":"98449650-5647-49d5-a8af-727f01c5003e","title":"","id":"e4d455ef-983f-476e-be3d-fd10e52dbb81","metadata":null,"subtype":null,"text":"Qi2 Wireless Charging
"},{"description":"","image-metadata":null,"page-url":"/story/2287da09-f5ee-4e1f-9be0-733b5a93608d/element/b49db023-787a-4e65-abb4-3dc70c01f543","type":"image","family-id":"d5a46779-0da8-42b0-9bda-13e04828996e","image-attribution":"","title":"Illustration: Aysha Tengiz for Bloomberg Businessweek","id":"b49db023-787a-4e65-abb4-3dc70c01f543","hyperlink":null,"image-s3-key":"bloombergquint/2024-01/7f1f7c85-49be-48ec-b5c2-bbade968473a/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ii8ADvWc8c6w/v1/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/2287da09-f5ee-4e1f-9be0-733b5a93608d/element/3c4820c0-2de8-4bab-ae26-2277385674ee","type":"text","family-id":"e221f5b6-597a-4601-9877-a7a0b951a7bc","title":"","id":"3c4820c0-2de8-4bab-ae26-2277385674ee","metadata":null,"subtype":null,"text":"Yes, some phones already have wireless charging, but the recently released Qi2 standard could lead to a litany of devices integrating the technology. Faster and safer, Qi2 could become a universal standard—and deal the decisive blow in the long fight to free gadget users from their rats’ nests of charging wires.
"},{"description":"","page-url":"/story/2287da09-f5ee-4e1f-9be0-733b5a93608d/element/28961b8f-ea2d-4751-b032-4a3d955f5a7e","type":"text","family-id":"b63d196b-bd52-4c90-a474-c6d64c2933cc","title":"","id":"28961b8f-ea2d-4751-b032-4a3d955f5a7e","metadata":null,"subtype":null,"text":"Disc-Less Xboxes
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"},{"description":"","page-url":"/story/1abddff2-751b-48cc-8176-ae93fd6d6ba0/element/80754fcc-c973-4888-ab0c-9f9e14e298f5","type":"text","family-id":"1a508d24-4871-4334-942b-f22a81a2c794","title":"","id":"80754fcc-c973-4888-ab0c-9f9e14e298f5","metadata":{},"subtype":null,"text":"In a study published in the journal Nature, the researchers show that SARS-CoV-2 — the virus that causes Covid-19 — activates a pathway in cells that stops the production of peroxisomes and interferon, both key parts of the normal immune response.
"},{"description":"","page-url":"/story/1abddff2-751b-48cc-8176-ae93fd6d6ba0/element/3e8ecfaa-5ac3-4de4-88ef-b09518143282","type":"text","family-id":"358bc20b-f9f6-4bca-9a64-706214b086eb","title":"","id":"3e8ecfaa-5ac3-4de4-88ef-b09518143282","metadata":{},"subtype":null,"text":"The team from the University of Alberta in Canada successfully tested the new class of antiviral drugs that stimulate interferon production to reverse that effect.
"},{"description":"","page-url":"/story/1abddff2-751b-48cc-8176-ae93fd6d6ba0/element/31cdf1a6-3e51-45e1-9ed1-65b647ba2624","type":"text","family-id":"ea2a4268-b098-4c2c-9291-e32226688a76","title":"","id":"31cdf1a6-3e51-45e1-9ed1-65b647ba2624","metadata":{},"subtype":null,"text":"Interferon stops infected cells from producing more virus by shutting down the infected cell, which often results in cell death, and then acts on the surrounding cells to prevent them from being infected, the researchers said.
"},{"description":"","page-url":"/story/1abddff2-751b-48cc-8176-ae93fd6d6ba0/element/c4b762c7-fe98-408f-bc9e-ed78205bce38","type":"text","family-id":"1077fe05-0ff7-4084-ac87-6342bb2e7404","title":"","id":"c4b762c7-fe98-408f-bc9e-ed78205bce38","metadata":{},"subtype":null,"text":"The study builds on the team’s earlier research that showed how HIV has evolved to activate the Wnt/β-catenin signaling pathway in cells as a way to stop the body from producing peroxisomes, which trigger interferon production.
"},{"description":"","page-url":"/story/1abddff2-751b-48cc-8176-ae93fd6d6ba0/element/47c7da50-44e8-4db6-899c-0ac4b16d0c74","type":"text","family-id":"0988d8f6-ca32-4c27-acc0-c742c3a4fe81","title":"","id":"47c7da50-44e8-4db6-899c-0ac4b16d0c74","metadata":{},"subtype":null,"text":"The team tried 40 existing drugs that target the Wnt/β-catenin signaling pathway. Most were originally developed and tested for treating cancer, which often responds to boosted interferon production.
"},{"description":"","page-url":"/story/1abddff2-751b-48cc-8176-ae93fd6d6ba0/element/78db882a-092b-441b-a8d4-4ee9eea624ab","type":"text","family-id":"103bd977-2d20-4a57-9c46-2a048a7f2a1c","title":"","id":"78db882a-092b-441b-a8d4-4ee9eea624ab","metadata":{},"subtype":null,"text":"Three of the drugs significantly reduced the amount of virus found in the lungs, and one of the drugs was also effective at reducing inflammation and other clinical symptoms in mice.
"},{"description":"","page-url":"/story/1abddff2-751b-48cc-8176-ae93fd6d6ba0/element/e53c8e7b-0961-491f-b84a-cb5b96c9d65d","type":"text","family-id":"3d969986-ef4c-42a1-be7d-49c71b8181bd","title":"","id":"e53c8e7b-0961-491f-b84a-cb5b96c9d65d","metadata":{},"subtype":null,"text":"“We saw, in some cases, a 10,000-fold reduction in the amount of virus produced in a test tube, and when we went into a mouse model, the drugs prevented severe weight loss and the mice recovered much quicker,” said study lead author Tom Hobman, a professor at the University of Alberta.
"},{"description":"","page-url":"/story/1abddff2-751b-48cc-8176-ae93fd6d6ba0/element/ac277656-e02e-4582-8226-fab40a348f35","type":"text","family-id":"a47711b4-126e-493a-a588-e6acac9ec17c","title":"","id":"ac277656-e02e-4582-8226-fab40a348f35","metadata":{},"subtype":null,"text":"During a viral outbreak, people who might have been exposed or who have already developed early symptoms would take a four- or five-day course to prime their peroxisome levels and limit the severity and spread of the disease.
"},{"description":"","page-url":"/story/1abddff2-751b-48cc-8176-ae93fd6d6ba0/element/b9c54223-fdcc-4fe0-985c-d1203f8c4695","type":"text","family-id":"fc652433-9c58-42b6-b78d-e4ea9554e5e2","title":"","id":"b9c54223-fdcc-4fe0-985c-d1203f8c4695","metadata":{},"subtype":null,"text":"“The beauty of this approach is that in the absence of viral infection, there’s no interferon produced. We see these drugs potentially serving as first-line drugs against emerging viruses,” Hobman added.
"}],"card-updated-at":1710144421802,"content-version-id":"975a7b26-75f1-49be-9320-0a3821060daa","card-added-at":1710142803403,"status":"draft","id":"75217586-e634-48c9-b347-7244bf6dc55e","content-id":"75217586-e634-48c9-b347-7244bf6dc55e","version":7,"metadata":{"social-share":{"shareable":true,"title":"New Class Of Antiviral Drugs Against Covid Infection Developed","message":"The team from the University of Alberta in Canada successfully tested the new class of antiviral drugs.","image":{"key":"bloombergquint/2024-03/fedc59ab-eaad-49b6-9c72-6d97525b3e05/front_view_different_pills_with_vaccines_blue_background_lab_health_covid_hospital_science_pandemic_.jpg","url":null,"attribution":null,"caption":"(Source: Freepik)
The first bout of dengue can be as life-threatening as the subsequent ones, according to a study which challenges the widely held belief that the viral disease is severe only in secondary infections.
"},{"description":"","page-url":"/story/35f5176e-c63b-4d08-95c8-e2586a925b9f/element/17861fe3-b400-43b8-a144-25c79a753fc1","type":"text","family-id":"a17b1568-2626-4167-9e92-3aba6a807b69","title":"","id":"17861fe3-b400-43b8-a144-25c79a753fc1","metadata":{},"subtype":null,"text":"The research, published recently in the journal Nature Medicine, analysed severe dengue cases in a group of children in India, showing that more than half could be attributed to primary rather than secondary infection.
"},{"description":"","page-url":"/story/35f5176e-c63b-4d08-95c8-e2586a925b9f/element/45a2eb39-c4f0-4b13-a75a-bb8af5487a3b","type":"text","family-id":"7ab8e773-afa0-4df3-a3b6-d22ff260d1b4","title":"","id":"45a2eb39-c4f0-4b13-a75a-bb8af5487a3b","metadata":{},"subtype":null,"text":"Over the past two decades, dengue infections have greatly increased in India and the country has one of the largest number of cases globally.
"},{"description":"","page-url":"/story/35f5176e-c63b-4d08-95c8-e2586a925b9f/element/facdc1ac-b809-4140-9230-a65c7b91937e","type":"text","family-id":"695fcf37-16ea-4942-9f25-73188310387a","title":"","id":"facdc1ac-b809-4140-9230-a65c7b91937e","metadata":{},"subtype":null,"text":"Dengue patients fall into two categories -- those experiencing the infection for the first time, known as primary infections and those who get re-infected after a previous exposure, known as secondary infections.
"},{"description":"","page-url":"/story/35f5176e-c63b-4d08-95c8-e2586a925b9f/element/4d079a06-2332-45ae-b175-e81e9329c55e","type":"text","family-id":"6ebac1e3-eed4-465f-afb1-34a57dc2faec","title":"","id":"4d079a06-2332-45ae-b175-e81e9329c55e","metadata":{},"subtype":null,"text":"The prevailing belief has been that only secondary infections pose significant risks, leading much of the research into vaccine development and treatment to focus on this group.
"},{"description":"","page-url":"/story/35f5176e-c63b-4d08-95c8-e2586a925b9f/element/5b94dca6-dd18-46c4-a0a6-5ed78e78a5f6","type":"text","family-id":"93883fdc-cc11-4d98-8ccb-88c381066274","title":"","id":"5b94dca6-dd18-46c4-a0a6-5ed78e78a5f6","metadata":{},"subtype":null,"text":"An international team led by researchers at the New Delhi-based International Centre for Genetic Engineering and Biotechnology (ICGEB) has now found that it is not just the secondary infections but primary ones as well which can be severe and could jeopardise the life of the patients.
"},{"description":"","page-url":"/story/35f5176e-c63b-4d08-95c8-e2586a925b9f/element/65d05f3f-136a-46ef-a859-987a56415769","type":"text","family-id":"fbc91f47-7037-4292-ac24-f9392bfd84c4","title":"","id":"65d05f3f-136a-46ef-a859-987a56415769","metadata":{},"subtype":null,"text":"The finding emphasises the need to re-evaluate the understanding of dengue and the strategies employed to combat the viral disease cause by the dengue virus (DENV), transmitted to humans through the bite of infected mosquitoes.
"},{"description":"","page-url":"/story/35f5176e-c63b-4d08-95c8-e2586a925b9f/element/0fb3d223-2e5c-418a-bbe0-885e7fb0178f","type":"text","family-id":"56875792-ec2b-4dc7-8da3-a68559aa57d4","title":"","id":"0fb3d223-2e5c-418a-bbe0-885e7fb0178f","metadata":{},"subtype":null,"text":"\"Dengue virus infection is a huge public health problem in India. Many patients develop severe disease that can also be sometimes fatal\", said lead author of the study, Anmol Chandele, from ICGEB.
"},{"description":"","page-url":"/story/35f5176e-c63b-4d08-95c8-e2586a925b9f/element/c6a12036-d746-487f-9c00-41245b6254e9","type":"text","family-id":"e024b476-d1a8-4c1d-b132-bf900b49722d","title":"","id":"c6a12036-d746-487f-9c00-41245b6254e9","metadata":{},"subtype":null,"text":"\"However, much of the ongoing vaccine intervention research is based on the currently widely held global belief that primary dengue infections are not usually dangerous and that the severe dengue disease is mainly due to secondary infections\", Chandele said.
"},{"description":"","page-url":"/story/35f5176e-c63b-4d08-95c8-e2586a925b9f/element/e8144fa8-063c-4d66-9a8b-6d41de245171","type":"text","family-id":"d6330d7b-df70-4ca0-b14e-241778925234","title":"","id":"e8144fa8-063c-4d66-9a8b-6d41de245171","metadata":{},"subtype":null,"text":"The study questions this currently held belief and shows that primary infections constitute a substantial fraction of severe disease cases and fatalities.
"},{"description":"","page-url":"/story/35f5176e-c63b-4d08-95c8-e2586a925b9f/element/70ead8e3-bfe1-4683-a0f5-ff4a1e71f070","type":"text","family-id":"a12e9a31-a2e1-4ceb-b6d5-5468e089c62c","title":"","id":"70ead8e3-bfe1-4683-a0f5-ff4a1e71f070","metadata":{},"subtype":null,"text":"This finding has important implications for public health and in developing and implementing effective and safe vaccine strategies for controlling dengue.
"},{"description":"","page-url":"/story/35f5176e-c63b-4d08-95c8-e2586a925b9f/element/87b55d42-e0a1-4215-996b-dc71e89b5aaf","type":"text","family-id":"d1eb215f-52b3-479e-9783-04c03108bda5","title":"","id":"87b55d42-e0a1-4215-996b-dc71e89b5aaf","metadata":{},"subtype":null,"text":"These findings are highly relevant not only in the Indian context but also on a global scale since dengue viruses continue spreading worldwide.
"},{"description":"","page-url":"/story/35f5176e-c63b-4d08-95c8-e2586a925b9f/element/d92467ae-adec-4498-8dd8-533d969e72aa","type":"text","family-id":"de1c5560-9699-4993-a309-e6946dd198ba","title":"","id":"d92467ae-adec-4498-8dd8-533d969e72aa","metadata":{},"subtype":null,"text":"Italy is a striking example of the expansion of dengue as also evidenced by a recent study on which Alessandro Marcello, head of the ICGEB Molecular Virology laboratory operating in the Area Science Park in Trieste, Italy, collaborated.
"},{"description":"","page-url":"/story/35f5176e-c63b-4d08-95c8-e2586a925b9f/element/b4adf4a8-7273-43b4-ab43-c879007be08d","type":"text","family-id":"c37d3433-7a82-40ba-abe3-50bc4b10c744","title":"","id":"b4adf4a8-7273-43b4-ab43-c879007be08d","metadata":{},"subtype":null,"text":"\"During 2023, in Italy, we had the highest number of cases and autochthonous transmissions of dengue so far. Climate change, above all, but also the movement of people, are the biggest contributors to the circulation of dengue in new areas. The study by our Indian colleagues shows us the need to protect our population also from the first encounter with the virus\", Marcello said.
"},{"description":"","page-url":"/story/35f5176e-c63b-4d08-95c8-e2586a925b9f/element/cc7dbf85-4049-4889-ae39-a80499bdd1e3","type":"text","family-id":"157e7109-bb8d-4215-a248-cae8c76ae8ba","title":"","id":"cc7dbf85-4049-4889-ae39-a80499bdd1e3","metadata":{},"subtype":null,"text":"For the study, Chandele collaborated with researchers from Emory School of Medicine, US, the All India Institute Of Medical Sciences (AIIMS), New Delhi, and St. John's National Academy of Health Sciences, Bengaluru.
"}],"card-updated-at":1709890464599,"content-version-id":"2714da04-d4e3-47e0-a08f-436b78f89471","card-added-at":1709881806792,"status":"draft","id":"c2d37658-fa4d-472e-9791-ea69ca50fee7","content-id":"c2d37658-fa4d-472e-9791-ea69ca50fee7","version":5,"metadata":{"social-share":{"shareable":true,"title":"First Dengue Bout Can Be As Severe As Secondary Infection, India Study Finds","message":"Over the past two decades, dengue infections have greatly increased in India and the country has one of the largest number of cases globally.","image":{"key":"bloombergquint/2024-03/b23e8495-528d-4b1e-a3e8-be30f1a722d0/mufid_majnun_yqLsYiuQgwo_unsplash.jpg","url":null,"attribution":null,"caption":"Photo by Mufid Majnun on Unsplash
(Bloomberg) -- Vaccines that protect against severe illness, death and lingering long Covid symptoms from a coronavirus infection were linked to small increases in neurological, blood, and heart-related conditions in the largest global vaccine safety study to date.
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/057cf8e5-b9dd-44ec-b0c5-ce612da80863","type":"text","family-id":"991c2d89-5609-40a4-989d-556c1ac9c3bf","title":"","id":"057cf8e5-b9dd-44ec-b0c5-ce612da80863","metadata":null,"subtype":null,"text":"The rare events — identified early in the pandemic — included a higher risk of heart-related inflammation from mRNA shots made by Pfizer Inc., BioNTech SE, and Moderna Inc., and an increased risk of a type of blood clot in the brain after immunization with viral-vector vaccines such as the one developed by the University of Oxford and made by AstraZeneca Plc.
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/10945456-3978-4f97-84e8-e7d2a957c798","type":"text","family-id":"a04fba33-ff0c-47a3-a562-a786c18f477b","title":"","id":"10945456-3978-4f97-84e8-e7d2a957c798","metadata":null,"subtype":null,"text":"The viral-vector jabs were also tied to an increased risk of Guillain-Barre syndrome, a neurological disorder in which the immune system mistakenly attacks the peripheral nervous system.
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/0da6f337-d8d9-471e-a4cf-aa4e0c6eded8","type":"text","family-id":"3a4a952c-f612-44c2-b591-00dbd7b92074","title":"","id":"0da6f337-d8d9-471e-a4cf-aa4e0c6eded8","metadata":null,"subtype":null,"text":"More than 13.5 billion doses of Covid vaccines have been administered globally over the past three years, saving over 1 million lives in Europe alone. Still, a small proportion of people immunized were injured by the shots, stoking debate about their benefits versus harms.
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/ac2bdda3-733b-4b3f-97ef-28623debef31","type":"text","family-id":"69d63a71-da72-473e-80a0-752e8a0f69a9","title":"","id":"ac2bdda3-733b-4b3f-97ef-28623debef31","metadata":null,"subtype":null,"text":"The new research, by the Global Vaccine Data Network, was published in the journal Vaccine last week, with the data made available via interactive dashboards to show methodology and specific findings.
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/590e15b8-0454-4eb5-9919-0b666c42838e","type":"text","family-id":"ce5aaa1e-59ae-4d0a-bfc7-2feb40bc9557","title":"","id":"590e15b8-0454-4eb5-9919-0b666c42838e","metadata":null,"subtype":null,"text":"Read More: Covid Test Failures Highlight Evolving Relationship With Virus
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/e8dca7c4-be59-4fe9-92c5-fd2986c92f26","type":"text","family-id":"61cb2e36-b831-45dd-9f0d-e101ee721ae2","title":"","id":"e8dca7c4-be59-4fe9-92c5-fd2986c92f26","metadata":null,"subtype":null,"text":"The research looked for 13 medical conditions that the group considered “adverse events of special interest” among 99 million vaccinated individuals in eight countries, aiming to identify higher-than-expected cases after a Covid shot. The use of aggregated data increased the possibility of identifying rare safety signals that might have been missed when looking only at smaller populations.
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/ccac34b7-2f97-447f-b330-039c8faf1175","type":"text","family-id":"298c2028-07c2-49a3-9677-d19aa145112f","title":"","id":"ccac34b7-2f97-447f-b330-039c8faf1175","metadata":null,"subtype":null,"text":"Myocarditis, or inflammation of the heart muscle, was consistently identified following a first, second and third dose of mRNA vaccines, the study found. The highest increase in the observed-to-expected ratio was seen after a second jab with the Moderna shot. A first and fourth dose of the same vaccine was also tied to an increase in pericarditis, or inflammation of the thin sac covering the heart.
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/7ac6dfb7-9ec5-4fda-a954-3c620c8a03fd","type":"text","family-id":"b1f4566e-390b-47cd-977e-de618d725f8e","title":"","id":"7ac6dfb7-9ec5-4fda-a954-3c620c8a03fd","metadata":null,"subtype":null,"text":"Safety Signals
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/d8158ec1-4389-4413-bbf4-d2d5c35a4788","type":"text","family-id":"2d0ce387-487e-4de1-bcfc-d238ff634c5a","title":"","id":"d8158ec1-4389-4413-bbf4-d2d5c35a4788","metadata":null,"subtype":null,"text":"Researchers found a statistically significant increase in cases of Guillain-Barre syndrome within 42 days of an initial Oxford-developed ChAdOx1 or “Vaxzevria” shot that wasn’t observed with mRNA vaccines. Based on the background incidence of the condition, 66 cases were expected — but 190 events were observed.
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/a07014fd-927f-4e95-ba0e-7bc56aa9c132","type":"text","family-id":"f60fd108-5c22-44ee-963d-8a280120db93","title":"","id":"a07014fd-927f-4e95-ba0e-7bc56aa9c132","metadata":null,"subtype":null,"text":"ChAdOx1 was linked to a threefold increase in cerebral venous sinus thrombosis, a type of blood clot in the brain, identified in 69 events, compared with an expected 21. The small risk led to the vaccine’s withdrawal or restriction in Denmark and multiple other countries. Myocarditis was also linked to a third dose of ChAdOx1 in some, but not all, populations studied.
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/a464b56b-f869-4962-afb1-85e131a40147","type":"text","family-id":"3e635f3a-8d88-49a5-b0c5-5bd9191e4a34","title":"","id":"a464b56b-f869-4962-afb1-85e131a40147","metadata":null,"subtype":null,"text":"Possible safety signals for transverse myelitis — spinal cord inflammation — after viral-vector vaccines was identified in the study. So was acute disseminated encephalomyelitis — inflammation and swelling in the brain and spinal cord — after both viral-vector and mRNA vaccines.
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/c43ea4a3-73bd-4362-a82c-27fa0e590c22","type":"text","family-id":"709c0d63-c5bc-4f52-ae74-59ce536308f8","title":"","id":"c43ea4a3-73bd-4362-a82c-27fa0e590c22","metadata":null,"subtype":null,"text":"Seven cases of acute disseminated encephalomyelitis after vaccination with the Pfizer-BioNTech vaccine were observed, versus an expectation of two.
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/e1ff87a2-637e-4aa4-b3e5-a35a4b0d3a31","type":"text","family-id":"e53a197e-5d98-421e-869b-ea270e814813","title":"","id":"e1ff87a2-637e-4aa4-b3e5-a35a4b0d3a31","metadata":null,"subtype":null,"text":"The adverse events of special interest were selected based on pre-established associations with immunization, what was already known about immune-related conditions and pre-clinical research. The study didn’t monitor for postural orthostatic tachycardia syndrome, or POTS, that some research has linked with Covid vaccines.
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/37dc9671-7180-4f47-8d05-0a4eaabb8ae1","type":"text","family-id":"5fe442a4-6b8f-480c-bd82-9124343dc81d","title":"","id":"37dc9671-7180-4f47-8d05-0a4eaabb8ae1","metadata":null,"subtype":null,"text":"Exercise intolerance, excessive fatigue, numbness and “brain fog” were among common symptoms identified in more than 240 adults experiencing chronic post-vaccination syndrome in a separate study conducted by the Yale School of Medicine. The cause of the syndrome isn’t yet known, and it has no diagnostic tests or proven remedies.
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/4a43decf-3098-4d6b-9432-a3463d19586e","type":"text","family-id":"398b247e-24c2-4186-963f-e59b08183d41","title":"","id":"4a43decf-3098-4d6b-9432-a3463d19586e","metadata":null,"subtype":null,"text":"Read More: Strenuous Exercise May Harm Long Covid Sufferers, Study Shows
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/c639c3dd-cf50-4f65-81e2-78d86dbdbedd","type":"text","family-id":"e3187ea9-a11b-4f73-9fc2-52dfcd53b8dd","title":"","id":"c639c3dd-cf50-4f65-81e2-78d86dbdbedd","metadata":null,"subtype":null,"text":"The Yale research aims to understand the condition to relieve the suffering of those affected and improve the safety of vaccines, said Harlan Krumholz, a principal investigator of the study, and director of the Yale New Haven Hospital Center for Outcomes Research and Evaluation.
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/b3795371-5e1e-401e-804c-c5191ba54441","type":"text","family-id":"90b3c033-90f0-44ac-8299-57022a0cb3a1","title":"","id":"b3795371-5e1e-401e-804c-c5191ba54441","metadata":null,"subtype":null,"text":"“Both things can be true,” Krumholz said in an interview. “They can save millions of lives, and there can be a small number of people who’ve been adversely affected.”
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/1ec661c0-ad92-46b0-aa11-16c4d43a7a58","type":"text","family-id":"deceae9b-d496-47df-9170-14ccb075440e","title":"","id":"1ec661c0-ad92-46b0-aa11-16c4d43a7a58","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/9b90fcc3-d0c5-4e05-9ce3-b5c41271ab2e/element/5750347f-04a6-4352-a4fb-e53e22a6b68f","type":"text","family-id":"b26ff688-b2d8-48c9-820a-ffb943617a5a","title":"","id":"5750347f-04a6-4352-a4fb-e53e22a6b68f","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1708311003456,"content-version-id":"26b5ffda-3edf-477c-bbce-25ba9d9a52b7","card-added-at":1708311003456,"status":"draft","id":"c6327fc1-98fc-4c87-bfdc-7af7bf821dd5","content-id":"c6327fc1-98fc-4c87-bfdc-7af7bf821dd5","version":5,"metadata":{"social-share":{"shareable":true,"title":"Largest Covid Vaccine Study Yet Finds Links to Health Conditions","message":"Vaccines that protect against severe illness, death and lingering long Covid symptoms from a coronavirus infection were linked to small increases in neurological, blood, and heart-related conditions in the largest global vaccine safety study to date.","image":{"key":"bloombergquint/2024-02/66cc2b0f-406e-4ada-bd5a-181a360b87f1/_1x_1.jpg","url":null,"attribution":null,"caption":"A healthcare worker administers a dose of the Novavax Covid-19 vaccine at a pharmacy in Schwenksville, Pennsylvania, US, on Monday, Aug. 1, 2022. Novavax's protein-based Covid-19 vaccine received long-sought US emergency-use authorization in July, but use is likely to be limited.","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iQyEmu28zmeE/v1/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","width":2000,"height":1333}}}}}],"author-id":1672675,"first-published-at":1708314479661,"story-template":"syndicated","authors":[{"slug":"jason-gale-3","social":{},"name":"Jason Gale","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1672675,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["business"]},"original-url":"https://www.bloomberg.com/news/articles/2024-02-19/largest-covid-vaccine-study-yet-finds-links-to-health-conditions","imported-card-id":"c6327fc1-98fc-4c87-bfdc-7af7bf821dd5","card-share":{"shareable":true}}}},{"id":"2f877632-a39f-4eb1-96df-67eac5298401","associated-metadata":{},"type":"story","story":{"author-name":"PTI","headline":"JN.1 Covid Variant Has Increased Transmissibility And Immune Escape: Lancet Study","slug":"coronavirus-outbreak/jn1-covid-variant-has-increased-transmissibility-and-immune-escape-lancet-study","last-published-at":1707724408055,"alternative":{},"sections":[{"domain-slug":null,"slug":"coronavirus-outbreak","name":"Coronavirus Outbreak","section-url":"https://www.ndtvprofit.com/coronavirus-outbreak","id":17363,"parent-id":null,"display-name":"Coronavirus Outbreak ","collection":{"slug":"coronavirus-outbreak","name":"Covid-19","id":34548},"data":null},{"domain-slug":null,"slug":"pti","name":"PTI","section-url":"https://www.ndtvprofit.com/pti","id":4820,"parent-id":null,"display-name":"PTI","collection":{"slug":"pti","name":"PTI","id":10855},"data":null}],"hero-image-metadata":{"mime-type":"image/jpeg","width":2048,"file-size":927657,"file-name":"iStock_1285261108.jpg","original-url":"https://images.assettype.com/thequint/2023-12/6ddf2345-e218-4643-b29a-154aab174619/iStock_1285261108.jpg","height":1152,"focus-point":[1024,576]},"published-at":1707724408055,"summary":"The emergence JN.1 has sparked global concern due to its distinct genetic features and heightened infectivity.","id":"2f877632-a39f-4eb1-96df-67eac5298401","hero-image-s3-key":"bloombergquint/2023-12/96e77f73-41af-4fc9-99ec-643d28867b0f/iStock_1285261108.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/2f877632-a39f-4eb1-96df-67eac5298401/element/0eff0192-18dd-4c03-b9c7-5f0a77a225d4","type":"text","family-id":"0a32a90f-2477-407e-91a4-7a82f3b01e7e","title":"","id":"0eff0192-18dd-4c03-b9c7-5f0a77a225d4","metadata":{},"subtype":null,"text":"The JN.1 variant of the SARS-CoV-2 virus not only spreads easily but also seems to resist immunity, according to a study that emphasizes the urgent need for strategies to address its threat to public health.
"},{"description":"","page-url":"/story/2f877632-a39f-4eb1-96df-67eac5298401/element/64871e7f-41e8-44dd-b47e-f812a53562c2","type":"text","family-id":"af97441e-56b0-454f-8104-d1d9fe875373","title":"","id":"64871e7f-41e8-44dd-b47e-f812a53562c2","metadata":{},"subtype":null,"text":"The emergence JN.1 has sparked global concern due to its distinct genetic features and heightened infectivity. Carrying more than 30 spike protein mutations, including the hallmark Leu455Ser, JN.1 exhibits substantial potential for immune evasion.
"},{"description":"","page-url":"/story/2f877632-a39f-4eb1-96df-67eac5298401/element/ac3eedc3-d732-40a5-9f5f-b509ee383387","type":"text","family-id":"743a46d8-8ae6-4b9c-a792-c79d8815910f","title":"","id":"ac3eedc3-d732-40a5-9f5f-b509ee383387","metadata":{},"subtype":null,"text":"Researchers from The University of Tokyo, Japan, used genomic surveillance data from across France, the U.K., and Spain, uncovering novel findings regarding the virological properties of JN.1.
"},{"description":"","page-url":"/story/2f877632-a39f-4eb1-96df-67eac5298401/element/eb2e36f4-b161-4f5a-ad5c-9bc6f8092a2f","type":"text","family-id":"557b966a-89f6-4463-9cbf-dc1e7fda0493","title":"","id":"eb2e36f4-b161-4f5a-ad5c-9bc6f8092a2f","metadata":{},"subtype":null,"text":"The study, published in The Lancet Infectious Diseases journal, sheds light on the variant's potential to become the dominant lineage and alerts the global health community.
"},{"description":"","page-url":"/story/2f877632-a39f-4eb1-96df-67eac5298401/element/8820f6d1-8fb5-49bc-8a66-1fb1767bbaa9","type":"text","family-id":"cff236dd-03bb-4195-96bd-9e978047f40b","title":"","id":"8820f6d1-8fb5-49bc-8a66-1fb1767bbaa9","metadata":{},"subtype":null,"text":"The researchers found that the reproductive number of JN.1 was found to surpass that of its counterparts in the three countries studied, suggesting a potential global dominance in the near future.
"},{"description":"","page-url":"/story/2f877632-a39f-4eb1-96df-67eac5298401/element/a709e6f4-e945-4345-bf99-dc1551738f3a","type":"text","family-id":"b4516323-e284-4afe-9da4-0596605fba0c","title":"","id":"a709e6f4-e945-4345-bf99-dc1551738f3a","metadata":{},"subtype":null,"text":"Reproduction number is the expected number of cases directly generated by one case in a population where all individuals are susceptible to infection.
"},{"description":"","page-url":"/story/2f877632-a39f-4eb1-96df-67eac5298401/element/0ce7394d-5e92-4c29-97cc-a0e3168238a9","type":"text","family-id":"82552835-8d5b-498b-a64c-4b3d69ce2824","title":"","id":"0ce7394d-5e92-4c29-97cc-a0e3168238a9","metadata":{},"subtype":null,"text":"By the end of November 2023, JN.1 had already surpassed HK.3 variant in both France and Spain, marking a significant shift in the landscape of SARS-CoV-2 variants, the researchers said.
"},{"description":"","page-url":"/story/2f877632-a39f-4eb1-96df-67eac5298401/element/65e2b8a4-b445-4e80-94e2-14e67500918d","type":"text","family-id":"51ba0bdf-9176-4f46-85bd-6a838d28cea3","title":"","id":"65e2b8a4-b445-4e80-94e2-14e67500918d","metadata":{},"subtype":null,"text":"Of concern to public health is that JN.1 not only spreads easily but also seems to resist immunity, they said.
"},{"description":"","page-url":"/story/2f877632-a39f-4eb1-96df-67eac5298401/element/d58aed96-5470-4009-bc63-ad5b9c66b251","type":"text","family-id":"7d1f82fd-7509-4daf-8c63-1d544beb15b6","title":"","id":"d58aed96-5470-4009-bc63-ad5b9c66b251","metadata":{},"subtype":null,"text":"Initial experiments using the blood of rodents infected or vaccinated against BA.2.86 showed that those rodents demonstrated an effective neutralisation of both BA.2.86 and JN.1, which is called a cross-reactive immune response, the researchers said.
"},{"description":"","page-url":"/story/2f877632-a39f-4eb1-96df-67eac5298401/element/fdd9c97b-0713-4c1d-a112-52d810147453","type":"text","family-id":"a5e77b5e-35d6-4e69-a80f-8ed276c21e01","title":"","id":"fdd9c97b-0713-4c1d-a112-52d810147453","metadata":{},"subtype":null,"text":"However, on comparing breakthrough infections in people where the virus overcomes immunity, JN.1 proved more challenging to neutralise than BA.2.86 variant, they said.
"},{"description":"","page-url":"/story/2f877632-a39f-4eb1-96df-67eac5298401/element/71dccadd-fb2f-471c-8593-1b848c346e18","type":"text","family-id":"0e82d7bf-1b0a-48a9-93ea-c93aea4f012a","title":"","id":"71dccadd-fb2f-471c-8593-1b848c346e18","metadata":{},"subtype":null,"text":"Particularly notable was the finding that JN.1 strongly resisted the XBB.1.5 vaccine, making it one of the most immune-evading variants discovered so far, according to the researchers.
"},{"description":"","page-url":"/story/2f877632-a39f-4eb1-96df-67eac5298401/element/ee353765-5be7-486f-8caf-ffb3aa822504","type":"text","family-id":"65aea6de-c696-48f7-a001-890110e17af7","title":"","id":"ee353765-5be7-486f-8caf-ffb3aa822504","metadata":{},"subtype":null,"text":"\"Our findings will help people understand the risk of the SARS-CoV-2 JN.1 variant, including its potential to cause epidemic surges around the world,\" said Professor Kei Sato from The University of Tokyo.
"},{"description":"","page-url":"/story/2f877632-a39f-4eb1-96df-67eac5298401/element/3a988bba-bc2f-43b2-89a7-dd29a21b5a6a","type":"text","family-id":"ce4524b0-d7e0-48ab-982b-39cce8f81327","title":"","id":"3a988bba-bc2f-43b2-89a7-dd29a21b5a6a","metadata":{},"subtype":null,"text":"The study underscores the importance of continued vigilance in monitoring and understanding the evolving landscape of SARS-CoV-2 variants.
"}],"card-updated-at":1707722275180,"content-version-id":"261ed7fd-68f3-4a7e-ae32-cf6e48e237dc","card-added-at":1707720905522,"status":"draft","id":"5a6ab294-d55e-4fc0-8322-20918ee07975","content-id":"5a6ab294-d55e-4fc0-8322-20918ee07975","version":5,"metadata":{"social-share":{"shareable":true,"title":"JN.1 Covid Variant Has Increased Transmissibility And Immune Escape: Lancet Study","message":"The emergence JN.1 has sparked global concern due to its distinct genetic features and heightened infectivity.","image":{"key":"bloombergquint/2023-12/96e77f73-41af-4fc9-99ec-643d28867b0f/iStock_1285261108.jpg","url":null,"attribution":null,"caption":"(Image for representational purpose only).
The disruption of India's food systems during the Covid-19 pandemic was associated with a steep rise in malnutrition among children as the lockdown impacted their nutritional status, according to a study.
"},{"description":"","page-url":"/story/eeb01f34-bb1b-4dcb-b1dd-691d34ce43f8/element/705f0d84-be17-4ea2-97e4-dd4cac09636b","type":"text","family-id":"26f10971-0d45-4ef1-876e-269744962801","title":"","id":"705f0d84-be17-4ea2-97e4-dd4cac09636b","metadata":{},"subtype":null,"text":"Researchers from the Tata-Cornell Institute for Agriculture and Nutrition in New Delhi analysed pre- and post-pandemic survey data on children's health and nutrition.
"},{"description":"","page-url":"/story/eeb01f34-bb1b-4dcb-b1dd-691d34ce43f8/element/03ddb310-604b-41a9-a5d1-4d0827e6b40e","type":"text","family-id":"37d1c4d8-4859-4de2-b824-3340ffdd10aa","title":"","id":"03ddb310-604b-41a9-a5d1-4d0827e6b40e","metadata":{},"subtype":null,"text":"The study, published in the journal Economic and Political Weekly, found that the number of children deemed underweight increased by 14% as a result of disruptions caused by the pandemic. These included supply chain disruptions, price inflation, loss of work and the interruption of government food safety net programme.
"},{"description":"","page-url":"/story/eeb01f34-bb1b-4dcb-b1dd-691d34ce43f8/element/fed2e3de-219e-4a56-bf3c-0ee658113c32","type":"text","family-id":"deb8278b-a4d6-4ce8-9db6-3f19cc9f8cc5","title":"","id":"fed2e3de-219e-4a56-bf3c-0ee658113c32","metadata":{},"subtype":null,"text":"Previous TCI research on the impact of Covid-19 has found that supply chain disruptions caused food prices to increase and that women's dietary diversity worsened during the pandemic.
"},{"description":"","page-url":"/story/eeb01f34-bb1b-4dcb-b1dd-691d34ce43f8/element/6c5517b1-b307-4149-b27a-99bd97dc561b","type":"text","family-id":"79e259fe-cf59-4af3-a9f7-1133805be20d","title":"","id":"6c5517b1-b307-4149-b27a-99bd97dc561b","metadata":{},"subtype":null,"text":"\"Researchers long suspected that pandemic-related disruptions to India's food systems reduced access to healthy, nutritious diets, especially for marginalised populations dependent on government programmes,\" said Professor Prabhu Pingali, director of TCI.
"},{"description":"","page-url":"/story/eeb01f34-bb1b-4dcb-b1dd-691d34ce43f8/element/01fa7d59-ddad-4e2e-a1a5-f359990d1e4a","type":"text","family-id":"a29de547-c6e4-4090-aa09-156c80fcb58f","title":"","id":"01fa7d59-ddad-4e2e-a1a5-f359990d1e4a","metadata":{},"subtype":null,"text":"\"Our study confirms these suspicions and shows the real damage done to children's nutrition and development,\" Pingali said in a statement.
"},{"description":"","page-url":"/story/eeb01f34-bb1b-4dcb-b1dd-691d34ce43f8/element/d742c1a6-b555-43bf-aff1-a9ebc62da757","type":"text","family-id":"0ecb0cc0-3140-4b57-ac4b-1c511f892cff","title":"","id":"d742c1a6-b555-43bf-aff1-a9ebc62da757","metadata":{},"subtype":null,"text":"The team, including TCI researcher Payal Seth, examined survey data collected from 511 households in Bihar and Odisha in June 2017 and July 2021.
"},{"description":"","page-url":"/story/eeb01f34-bb1b-4dcb-b1dd-691d34ce43f8/element/b6415a24-8c67-430a-a85a-e247f7c5a59e","type":"text","family-id":"bb2eb38b-2507-429a-951b-b73c60c03d66","title":"","id":"b6415a24-8c67-430a-a85a-e247f7c5a59e","metadata":{},"subtype":null,"text":"The researchers found that the percentage of underweight children increased from 31% in 2017 to 45% in 2021, with children under the age of 2 disproportionately impacted. Most of the shift occurred in children who already had a low weight for their age in 2017, they said.
"},{"description":"","page-url":"/story/eeb01f34-bb1b-4dcb-b1dd-691d34ce43f8/element/810e02e8-f0f6-43f8-808d-64d904e588b2","type":"text","family-id":"47fcf051-1981-4576-bd18-5eae60f82bcc","title":"","id":"810e02e8-f0f6-43f8-808d-64d904e588b2","metadata":{},"subtype":null,"text":"The study shows a number of factors were behind a child's weight-for-age worsening. These included reduced access to food safety net programmes like Integrated Child Development Services and the Partnerships and Opportunities to Strengthen and Harmonize Actions for Nutrition initiative or Mid-Day Meal Scheme.
"},{"description":"","page-url":"/story/eeb01f34-bb1b-4dcb-b1dd-691d34ce43f8/element/4d946fc3-c730-4045-a8f2-68b8279ce6a6","type":"text","family-id":"0bf5bec4-c687-496d-b3f5-0b156ceea89e","title":"","id":"4d946fc3-c730-4045-a8f2-68b8279ce6a6","metadata":{},"subtype":null,"text":"Some of the children surveyed experienced an improvement in weight during the pandemic. Those children had higher access to ICDS and cultivated pulses and vegetables in 2021 than they did in 2017, the researchers said.
They recommend that policymakers encourage the diversification of agriculture to ensure access to diverse, nutritious foods. Household production diversity – the number of crops a farming household grows – was a significant predictor of weight-for-age in the TCI study, as it improves resilience to market disruptions, according ro the researchers.
"},{"description":"","page-url":"/story/eeb01f34-bb1b-4dcb-b1dd-691d34ce43f8/element/7ed5d64f-1a47-4a9d-bb10-011276c8561b","type":"text","family-id":"a4c2e2c5-c762-4f60-9daa-db8ff2f241b2","title":"","id":"7ed5d64f-1a47-4a9d-bb10-011276c8561b","metadata":{},"subtype":null,"text":"They also recommend that policymakers work to minimise any potential disruptions to ICDS, POSHAN and other programmes that ensure supplementary nutrition for vulnerable groups.
"},{"description":"","page-url":"/story/eeb01f34-bb1b-4dcb-b1dd-691d34ce43f8/element/66d61605-0740-4d6c-a211-1a8aa6ed1a13","type":"text","family-id":"703aa5c3-582b-4035-bb65-a8459acffe4d","title":"","id":"66d61605-0740-4d6c-a211-1a8aa6ed1a13","metadata":{},"subtype":null,"text":"\"To directly address the reduction of access to these programmes during pandemics and other crises, states should explore switching to direct cash transfers when the physical delivery of services is difficult,\" Seth said.
"},{"description":"","page-url":"/story/eeb01f34-bb1b-4dcb-b1dd-691d34ce43f8/element/6f24b863-cb36-474c-9ebd-3b702fa3928d","type":"text","family-id":"b22be52c-a7f1-4bde-94da-fdf258b715d5","title":"","id":"6f24b863-cb36-474c-9ebd-3b702fa3928d","metadata":{},"subtype":null,"text":"The researchers recommended that the restoration of basic maternal and child-care services be prioritized in the future. Children younger than 2 were disproportionately impacted and researchers found that a mother's body mass index was associated with improved child weight during the pandemic.
"},{"description":"","page-url":"/story/eeb01f34-bb1b-4dcb-b1dd-691d34ce43f8/element/71ce2086-cee8-4a7a-b7a8-8d570165e231","type":"text","family-id":"b2b3b96d-1200-4c56-812b-87c2ea7dfb7a","title":"","id":"71ce2086-cee8-4a7a-b7a8-8d570165e231","metadata":{},"subtype":null,"text":"\"By addressing the disruptions that most impacted children's nutrition and building household resilience through diversified farming policymakers can minimise harm to children's health and development during future adverse events,\" Seth added.
"}],"card-updated-at":1707203375991,"content-version-id":"9faf0628-7e5c-4ebd-a191-ffdc6c20292b","card-added-at":1707202205646,"status":"draft","id":"e3051cff-b415-4007-a3f2-60a0df6cdf2f","content-id":"e3051cff-b415-4007-a3f2-60a0df6cdf2f","version":10,"metadata":{"social-share":{"shareable":true,"title":"Covid Disruptions Behind 14% Rise In Underweight Children In India: Study","message":"The disruption of India's food systems during the Covid-19 pandemic was associated with a steep rise in malnutrition among children as the lockdown impacted their nutritional status.","image":{"key":"bloombergquint/2024-02/4bab2e62-bfd5-4cc0-bd14-8994348265bb/sonu_agvan__Xlcw84K7Tg_unsplash.jpg","url":null,"attribution":null,"caption":"(Source: Photo by Sonu Agvan on Unsplash)
(Bloomberg) -- It sounds like something Elon Musk might have cooked up: “Disease X.” In fact, the term was coined years ago as a way of getting scientists to work on medical countermeasures for unknown infectious threats — novel coronaviruses like the one that causes Covid-19, for example — instead of just known ones, like the Ebola virus. The idea was to encourage the development of platform technologies, including vaccines, drug therapies and diagnostic tests, that could be rapidly adapted and deployed in response to an array of future outbreaks with epidemic or pandemic potential.
"},{"description":"","page-url":"/story/7da7cead-bdcf-4cb9-a30d-34ccc63161bf/element/446e94e0-bb04-4c95-b38c-b90d560ba59d","type":"text","family-id":"12d3bcaa-3f29-4e77-bef2-ce64024f9ffd","title":"","id":"446e94e0-bb04-4c95-b38c-b90d560ba59d","metadata":{},"subtype":null,"text":"1. What is ‘Disease X?’
"},{"description":"","page-url":"/story/7da7cead-bdcf-4cb9-a30d-34ccc63161bf/element/92fc14cb-919c-4385-8285-5d6dca52111e","type":"text","family-id":"475aa633-edbf-4d86-a4fa-358f51e6ef37","title":"","id":"92fc14cb-919c-4385-8285-5d6dca52111e","metadata":{},"subtype":null,"text":"It’s the somewhat mysterious name for an illness caused by a currently unknown, yet serious microbial threat. The World Health Organization added Disease X in 2017 to a short list of pathogens deemed a top priority for research, alongside known killers like Severe Acute Respiratory Syndrome (SARS) and Ebola. The issue made it onto the agenda of the World Economic Forum in Davos, Switzerland, with WHO Director General Tedros Adhanom Ghebreyesus joining other health officials to discuss it.
"},{"description":"","page-url":"/story/7da7cead-bdcf-4cb9-a30d-34ccc63161bf/element/df0655f7-f870-428c-aa53-806372e93f0f","type":"text","family-id":"f3f1bde6-938c-4fe0-ba73-2a8350cdf4da","title":"","id":"df0655f7-f870-428c-aa53-806372e93f0f","metadata":{},"subtype":null,"text":"Covid-19, caused by a novel coronavirus, was an example of a Disease X when it touched off the pandemic at the end of 2019. The vast reservoir of viruses circulating in wildlife are seen as a likely source of more such diseases. That’s because of their potential to spill over and infect other species, including humans, giving rise to an infection against which people will have no immunity.
"},{"description":"","page-url":"/story/7da7cead-bdcf-4cb9-a30d-34ccc63161bf/element/bf3d1801-8c01-4b51-b63e-b2b504c2081b","type":"text","family-id":"22c40c4a-929b-499c-9784-b123c9b47de7","title":"","id":"bf3d1801-8c01-4b51-b63e-b2b504c2081b","metadata":{},"subtype":null,"text":"2. What’s the point of studying Disease X?
"},{"description":"","page-url":"/story/7da7cead-bdcf-4cb9-a30d-34ccc63161bf/element/41097817-1040-4801-a92d-d0e34033f016","type":"text","family-id":"96f39e0d-a990-4940-8384-d488b0d96d66","title":"","id":"41097817-1040-4801-a92d-d0e34033f016","metadata":{},"subtype":null,"text":"As the WHO puts it, it’s to “enable early cross-cutting R&D preparedness that is also relevant” for an unknown disease. The humanitarian crisis sparked by the 2014–2016 Ebola epidemic in West Africa was a wake up call. Despite decades of research, there were no products ready to deploy in time to save more than 11,000 lives. In response, the WHO created an R&D Blueprint to accelerate development of a range of tools for “priority diseases.” The current list includes:
"},{"description":"","page-url":"/story/7da7cead-bdcf-4cb9-a30d-34ccc63161bf/element/5f4d8528-62bd-4505-9082-8c4d0a2d99c6","type":"text","family-id":"00183854-e661-49f3-917a-3a4369117742","title":"","id":"5f4d8528-62bd-4505-9082-8c4d0a2d99c6","metadata":{},"subtype":null,"text":"Covid-19,
Crimean-Congo hemorrhagic fever,
Ebola virus disease and Marburg virus disease,
Lassa fever,
Middle East respiratory syndrome (MERS) and SARS,
Nipah and henipaviral diseases,
Rift Valley fever,
Zika,
Disease X
3. How’s the research for the next pandemic going?
"},{"description":"","page-url":"/story/7da7cead-bdcf-4cb9-a30d-34ccc63161bf/element/722dd904-aeaa-4c5b-9eb8-176b3f917aa2","type":"text","family-id":"b022dad7-f6df-4452-a0c8-e9d33115c251","title":"","id":"722dd904-aeaa-4c5b-9eb8-176b3f917aa2","metadata":{},"subtype":null,"text":"It took just 326 days from the release of the genetic sequence of the SARS-CoV-2 virus to the authorization of the first Covid vaccine, thanks in part to the work done since 2017 in preparation for Disease X. Now groups like the Coalition for Epidemic Preparedness Innovations, or CEPI, are supporting rapid response vaccine platforms that could develop new immunizations within 100 days of a virus with pandemic potential emerging under a $3.5 billion plan. Other efforts underway include:
"},{"description":"","page-url":"/story/7da7cead-bdcf-4cb9-a30d-34ccc63161bf/element/ce0c133f-3500-478e-9fba-d2e8a8b8d52f","type":"text","family-id":"5500cd1d-0619-4855-be0e-c50aa0115ead","title":"","id":"ce0c133f-3500-478e-9fba-d2e8a8b8d52f","metadata":{},"subtype":null,"text":"Updating the International Health Regulations and developing a new global agreement to protect the world from future emergencies.
A new fund, approved by the World Bank, for pandemic prevention, preparedness and response.
A WHO Hub for Pandemic and Epidemic Intelligence in Berlin that aims to speed access to key data, and develop analytic tools and predictive models to assess potential threats.
The Global Virome Project that aims to discover zoonotic viral threats and stop future pandemics.
A $5 billion US government initiative to develop next-generation vaccines and treatments for Covid-19, called Project NextGen.
$262.5 million in funding for a US national network for detecting and responding more efficiently to public health emergencies.
Establishment of global center for pandemic therapeutics.
Still, numerous challenges threaten to undermine these efforts, including depleted and weakened health systems, a growing anti-science movement that has increased vaccine hesitancy, and the potential for governments to eventually deprioritize funding for outbreak detection and preparedness as perceived risks dissipate.
"},{"description":"","page-url":"/story/7da7cead-bdcf-4cb9-a30d-34ccc63161bf/element/89945a1e-2bc8-4363-ac67-97fc3d896b64","type":"text","family-id":"0e321a72-b396-4c38-890f-03c4ee63bea9","title":"","id":"89945a1e-2bc8-4363-ac67-97fc3d896b64","metadata":{},"subtype":null,"text":"QuickTakes on Covid’s aftermath, pandemic risks and the threat to humans from bird flu.
The WHO homepage for Blueprint R&D.
Nobel Peace Prize laureate Ellen Johnson Sirleaf urges “transformational change” to prepare for next pandemic.
The International Pandemic Preparedness Secretariat’s 100 Days Mission 2022 report.
The University of Oxford asks if we’re ethically prepared for Disease X.
Bloomberg Opinion’s Lisa Jarvis talks Covid lessons with former White House adviser Anthony Fauci.
--With assistance from Marthe Fourcade.
"},{"description":"","page-url":"/story/7da7cead-bdcf-4cb9-a30d-34ccc63161bf/element/bebfebed-e0fb-42b6-b34e-2b5b581fd145","type":"text","family-id":"71e97c61-402a-4885-b9b5-948b465d8fc0","title":"","id":"bebfebed-e0fb-42b6-b34e-2b5b581fd145","metadata":{},"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/7da7cead-bdcf-4cb9-a30d-34ccc63161bf/element/42d4758c-213f-4b8a-a48a-d6579bedaa43","type":"text","family-id":"afd58a89-6d2a-429c-b47e-be083d68930e","title":"","id":"42d4758c-213f-4b8a-a48a-d6579bedaa43","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1705900084530,"content-version-id":"24b3b414-56e8-4b1a-b1d6-242ba6641e9b","card-added-at":1705326964088,"status":"draft","id":"fe52e7b7-5100-4291-ac08-5986848a6d78","content-id":"fe52e7b7-5100-4291-ac08-5986848a6d78","version":5,"metadata":{"social-share":{"shareable":true,"title":"What Is Disease X? How Scientists Are Preparing For The Next Pandemic","message":"(Bloomberg) -- It sounds like something Elon Musk might have cooked up: “Disease X.” In fact, the term was coined years ago as a way of getting scientists to work on medical countermeasures for unknown infectious threats — novel coronaviruses like the one that causes Covid-19, for example — instead of just known ones, like the Ebola virus. The idea was to encourage the development of platform technologies, including vaccines, drug therapies and diagnostic tests.","image":{"key":"bloombergquint/2024-01/5468c5ef-fd44-4dec-99d2-3073aa57dfc3/medical_researcher_dripping_blood_into_test_tube_from_micropipette_doctor_working_with_various_bacte.jpg","url":null,"attribution":null,"caption":"(Source: DCStudio/Freepik)
(Bloomberg) -- China’s population extended a historic decline in 2023 as deaths rose after Beijing ended strict pandemic curbs and births continued to fall.
"},{"description":"","page-url":"/story/08c55f6c-0ef8-44f6-baaa-aeab253d69bc/element/2a56a8fd-a7a6-43d4-9429-0657d3b2a14a","type":"text","family-id":"2a945bec-5623-45ed-acb0-6096c4c4aeff","title":"","id":"2a56a8fd-a7a6-43d4-9429-0657d3b2a14a","metadata":null,"subtype":null,"text":"China recorded 11.1 million deaths, some 690,000 higher than the previous year’s 10.41 million, according to data released by the National Statistics Bureau on Wednesday. The increase is likely due to a swell in Covid-related fatalities in the months after authorities abandoned their Covid Zero strategy in December 2022 and led to an explosion of infections.
"},{"description":"","page-url":"/story/08c55f6c-0ef8-44f6-baaa-aeab253d69bc/element/81e9392a-df9e-49a7-9f70-72b071972315","type":"text","family-id":"7930830c-8ffc-4db2-8028-1936c6ec4326","title":"","id":"81e9392a-df9e-49a7-9f70-72b071972315","metadata":null,"subtype":null,"text":"The government didn’t say how many people died from Covid and related causes. An independent study published in August estimated the unexpected Covid exit caused 1.9 million excess deaths in two months.
"},{"description":"","page-url":"/story/08c55f6c-0ef8-44f6-baaa-aeab253d69bc/element/ca83696b-2ad8-47e1-877a-7c4fd6b8c79c","type":"text","family-id":"415660ad-4424-40e8-a693-952b79b4445a","title":"","id":"ca83696b-2ad8-47e1-877a-7c4fd6b8c79c","metadata":null,"subtype":null,"text":"The number of people in the world’s second-largest economy fell for a second year by 2.08 million to 1.41 billion in 2023. The Chinese population started shrinking in 2022 for the first time since 1961, the final year of the Great Famine under former leader Mao Zedong.
"},{"description":"","image-metadata":null,"page-url":"/story/08c55f6c-0ef8-44f6-baaa-aeab253d69bc/element/9e9db92e-a377-4e0b-97c3-2a5a44733f66","type":"image","family-id":"74106e8b-4d44-4da9-bf73-9495e7612e79","image-attribution":"","title":"","id":"9e9db92e-a377-4e0b-97c3-2a5a44733f66","hyperlink":null,"image-s3-key":"bloombergquint/2024-01/59ce2f41-0c91-445e-9ed9-9be06628e444/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i5Jne4ZapJts/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/08c55f6c-0ef8-44f6-baaa-aeab253d69bc/element/986d0940-638b-4071-a86b-675e7a7dea86","type":"text","family-id":"286800cb-131e-4de8-a342-a83d7637eeed","title":"","id":"986d0940-638b-4071-a86b-675e7a7dea86","metadata":null,"subtype":null,"text":"A total of 9.02 million babies were born in 2023, a new low on record. The number of newborns has been declining steadily since the 1960s barring a brief uptick in 2016, when the government relaxed the one-child policy to allow families nationwide to have two kids.
"},{"description":"","page-url":"/story/08c55f6c-0ef8-44f6-baaa-aeab253d69bc/element/2c033469-4487-474c-9348-5862db353719","type":"text","family-id":"fc1d9ce8-7225-4bbb-8027-b050316ef429","title":"","id":"2c033469-4487-474c-9348-5862db353719","metadata":null,"subtype":null,"text":"China is among East Asian countries struggling to reverse a drop in birth rates, which could reduce the size of the workforce that drives growth and funds pension systems.
"},{"description":"","page-url":"/story/08c55f6c-0ef8-44f6-baaa-aeab253d69bc/element/8dc44e23-d582-4bb9-8adb-deaebb7d0a46","type":"text","family-id":"2403f1aa-cded-4f95-a809-4f96bad22ce1","title":"","id":"8dc44e23-d582-4bb9-8adb-deaebb7d0a46","metadata":null,"subtype":null,"text":"South Korea’s total fertility rate — the number of babies expected per woman — fell to 0.72 in 2023, the world’s lowest, and could plunge further to 0.65 next year.
"},{"description":"","page-url":"/story/08c55f6c-0ef8-44f6-baaa-aeab253d69bc/element/e333453b-321c-42de-89bf-21b4d3ffb4b5","type":"text","family-id":"60f2362a-e02b-4b71-805b-d11b4ef1517c","title":"","id":"e333453b-321c-42de-89bf-21b4d3ffb4b5","metadata":null,"subtype":null,"text":"North Korea’s Kim Jong Un made a rare admission last month that the hermit country faces a population crisis as he pleaded mothers to produce more children. In Japan, about 42% of adult women may end up never having a baby, as the island country posted the fewest births since record began in 1899.
"},{"description":"","page-url":"/story/08c55f6c-0ef8-44f6-baaa-aeab253d69bc/element/49d64301-b1c2-4d5a-9d9a-ef1fcd72bfab","type":"text","family-id":"cbac1cf6-7a7c-469a-b3a2-1b8425f83c08","title":"","id":"49d64301-b1c2-4d5a-9d9a-ef1fcd72bfab","metadata":null,"subtype":null,"text":"For China, a rapidly aging society would bring further headwinds to its flagging economy, in part by hurting long-term demand for housing. The government may also struggle to pay for its underfunded national pension system.
"},{"description":"","page-url":"/story/08c55f6c-0ef8-44f6-baaa-aeab253d69bc/element/d4205150-280e-4668-9f61-bab1ec4548fa","type":"text","family-id":"fa67c79e-eb88-4642-a2b0-087c1dc528c6","title":"","id":"d4205150-280e-4668-9f61-bab1ec4548fa","metadata":null,"subtype":null,"text":"In response to its aging population, Beijing on Monday announced a plan for a so-called “silver economy” estimated to be worth trillions of dollars, catering to older people who needing services ranging from meal delivery to nursing homes and entertainment options.
"},{"description":"","page-url":"/story/08c55f6c-0ef8-44f6-baaa-aeab253d69bc/element/1fe28efa-5b7a-4ac6-9f56-1113612410ad","type":"text","family-id":"4142d3dd-c41f-4317-a594-afe13607298e","title":"","id":"1fe28efa-5b7a-4ac6-9f56-1113612410ad","metadata":null,"subtype":null,"text":"One in five of the mainland’s 1.4 billion people were 60 or older at the end of 2022 — with the ratio set to exceed 30% in a decade, China’s National Health Commission previously said.
"},{"description":"","page-url":"/story/08c55f6c-0ef8-44f6-baaa-aeab253d69bc/element/db5105f1-32ed-4b4a-8d5d-ce204e1cf876","type":"text","family-id":"d7b881c4-d24a-460a-a020-37a541f13414","title":"","id":"db5105f1-32ed-4b4a-8d5d-ce204e1cf876","metadata":null,"subtype":null,"text":"--With assistance from James Mayger.
"},{"description":"","page-url":"/story/08c55f6c-0ef8-44f6-baaa-aeab253d69bc/element/0be8f6d6-a857-4aa0-8ae0-5045ae250753","type":"text","family-id":"dfde2d07-a61e-4f41-a19c-d663b5c6d159","title":"","id":"0be8f6d6-a857-4aa0-8ae0-5045ae250753","metadata":null,"subtype":null,"text":"(Updates with details throughout.)
"},{"description":"","page-url":"/story/08c55f6c-0ef8-44f6-baaa-aeab253d69bc/element/c62b59e3-6a77-4ec8-9f52-4660bdc97a19","type":"text","family-id":"937c047d-c767-4710-8aa5-468cfa2d4746","title":"","id":"c62b59e3-6a77-4ec8-9f52-4660bdc97a19","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/08c55f6c-0ef8-44f6-baaa-aeab253d69bc/element/09a2e0bf-78df-4f09-b2ad-4b41a6571562","type":"text","family-id":"3635a92a-3cc9-45a5-ac68-1d414a4ba830","title":"","id":"09a2e0bf-78df-4f09-b2ad-4b41a6571562","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1705458483978,"content-version-id":"814bb8b1-9d2c-4cc9-80b1-08ceea73f6c5","card-added-at":1705458483978,"status":"draft","id":"17e5e30d-6b32-4c1a-9611-3549a6eeb4bb","content-id":"17e5e30d-6b32-4c1a-9611-3549a6eeb4bb","version":9,"metadata":{"social-share":{"shareable":true,"title":"China Population Extends Record Drop On Covid Deaths, Low Births","message":"China recorded 11.1 million deaths, higher than the previous year’s 10.41 million, according to data released by the National Statistics Bureau on Wednesday","image":{"key":"bloombergquint/2024-01/59ce2f41-0c91-445e-9ed9-9be06628e444/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1668597,"first-published-at":1705458976024,"story-template":"syndicated","authors":[{"slug":"bloomberg-news-4","social":{},"name":"Bloomberg News","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1668597,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["markets"]},"original-url":"https://www.bloomberg.com/news/articles/2024-01-17/china-population-extends-historic-decline-as-covid-deaths-surged","imported-card-id":"17e5e30d-6b32-4c1a-9611-3549a6eeb4bb","card-share":{"shareable":true}}}},{"id":"8f7cffe0-c579-4d22-ae62-d21d481beb2d","associated-metadata":{},"type":"story","story":{"author-name":"PTI","headline":"Covid-19 Vaccine Reduces Long Covid Risk In Children: Study","slug":"coronavirus-outbreak/covid-19-vaccine-reduces-long-covid-risk-in-children-study","last-published-at":1705396747173,"alternative":{},"sections":[{"domain-slug":null,"slug":"coronavirus-outbreak","name":"Coronavirus Outbreak","section-url":"https://www.ndtvprofit.com/coronavirus-outbreak","id":17363,"parent-id":null,"display-name":"Coronavirus Outbreak ","collection":{"slug":"coronavirus-outbreak","name":"Covid-19","id":34548},"data":null},{"domain-slug":null,"slug":"pti","name":"PTI","section-url":"https://www.ndtvprofit.com/pti","id":4820,"parent-id":null,"display-name":"PTI","collection":{"slug":"pti","name":"PTI","id":10855},"data":null}],"hero-image-metadata":{"width":400,"original-url":"https://iansphoto.in/web/photoimages_new/400/2019/12/24/1601090c3f03a86531e4927ce78eb62a.jpg","height":218},"published-at":1705396747173,"summary":"The finding, published in the journal Pediatrics, also shows that vaccination has a stronger effect in adolescents, who have a higher risk of developing long Covid than young children.","id":"8f7cffe0-c579-4d22-ae62-d21d481beb2d","hero-image-s3-key":"bloombergquint/2022-02/0d060108-d0ee-4a20-b053-ea7915364b3b/1601090c3f03a86531e4927ce78eb62a.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/8f7cffe0-c579-4d22-ae62-d21d481beb2d/element/9e5551bd-5e68-47d4-b719-a2fffce70c00","type":"text","family-id":"d19c23c7-1cf3-434d-b9d2-3874bc0008eb","title":"","id":"9e5551bd-5e68-47d4-b719-a2fffce70c00","metadata":{},"subtype":null,"text":"Vaccination against the SARS-CoV-2 virus provides moderate protection against long Covid which presents persistent health problems in the months after the infection, a study has found.
"},{"description":"","page-url":"/story/8f7cffe0-c579-4d22-ae62-d21d481beb2d/element/aea41869-7659-431e-80c4-677675d90721","type":"text","family-id":"1ea589ae-e76e-41f7-b209-42f20efa1376","title":"","id":"aea41869-7659-431e-80c4-677675d90721","metadata":{},"subtype":null,"text":"The finding, published in the journal Pediatrics, also shows that vaccination has a stronger effect in adolescents, who have a higher risk of developing long Covid than young children.
"},{"description":"","page-url":"/story/8f7cffe0-c579-4d22-ae62-d21d481beb2d/element/13214a87-3d07-4c87-8d88-fe0981305387","type":"text","family-id":"d3b7c895-42a3-415e-a0eb-9cd37b857dd1","title":"","id":"13214a87-3d07-4c87-8d88-fe0981305387","metadata":{},"subtype":null,"text":"While overall severity of Covid-19 has been lower in children than adults, the burden of long Covid has been difficult to accurately describe since the symptoms can vary widely and the exact ways the virus causes them are unknown, the researchers said.
"},{"description":"","page-url":"/story/8f7cffe0-c579-4d22-ae62-d21d481beb2d/element/d64e6115-1968-4bfc-8610-daa0abf8c76f","type":"text","family-id":"be109355-ca87-42af-ac4a-c05320c7edbf","title":"","id":"d64e6115-1968-4bfc-8610-daa0abf8c76f","metadata":{},"subtype":null,"text":"Some symptoms include brain fog, dyspnea, gastrointestinal dysfunction, generalised pain and fatigue, while others are more acute, like inflammatory reaction or heart problems, they said.
"},{"description":"","page-url":"/story/8f7cffe0-c579-4d22-ae62-d21d481beb2d/element/d96b1c1e-131c-4599-96c1-7d02b13db3a8","type":"text","family-id":"fe473199-e741-4afd-b7b9-01d0db4fba30","title":"","id":"d96b1c1e-131c-4599-96c1-7d02b13db3a8","metadata":{},"subtype":null,"text":"\"To date, no studies have assessed clinical data for large, diverse groups of children to address this important question,\" said lead study author Hanieh Razzaghi from Children's Hospital of Philadelphia (CHOP), US.
"},{"description":"","page-url":"/story/8f7cffe0-c579-4d22-ae62-d21d481beb2d/element/682d82dd-ef88-439a-81d3-58d5931ae10a","type":"text","family-id":"21deca51-ab7f-462e-8b9b-340c21271e73","title":"","id":"682d82dd-ef88-439a-81d3-58d5931ae10a","metadata":{},"subtype":null,"text":"\"Using clinical data from across health care networks allowed us to have a large enough sample of patients to identify rare effects of the virus and its impact on children,\" Razzagh said.
"},{"description":"","page-url":"/story/8f7cffe0-c579-4d22-ae62-d21d481beb2d/element/82e45fd5-18a0-4496-aedf-ff5a824d7558","type":"text","family-id":"f3cdd67e-69c8-46cf-a05b-0837629ee730","title":"","id":"82e45fd5-18a0-4496-aedf-ff5a824d7558","metadata":{},"subtype":null,"text":"Data from 17 health systems were used to assess vaccine effectiveness against long COVID in two groups of patients between five and 11 years old and 12 and 17 years old, respectively, as well as the time period in which patients were impacted.
"},{"description":"","page-url":"/story/8f7cffe0-c579-4d22-ae62-d21d481beb2d/element/ab5be064-a748-4ad0-94cd-58c08c981cda","type":"text","family-id":"13eb0326-571d-4324-b2bf-5fd82a4d5932","title":"","id":"ab5be064-a748-4ad0-94cd-58c08c981cda","metadata":{},"subtype":null,"text":"The vaccination rate was 56% in the cohort of 1,037,936 (over 10 lakh) children.
"},{"description":"","page-url":"/story/8f7cffe0-c579-4d22-ae62-d21d481beb2d/element/94b3ec22-7668-4434-8321-6df76189d9b0","type":"text","family-id":"64d21772-024f-4412-a6a4-6ed7e335144b","title":"","id":"94b3ec22-7668-4434-8321-6df76189d9b0","metadata":{},"subtype":null,"text":"The incidence of probable long COVID was 4.5 per cent among patients with COVID-19, though only 0.7 per cent of patients were clinically diagnosed with long COVID.
"},{"description":"","page-url":"/story/8f7cffe0-c579-4d22-ae62-d21d481beb2d/element/82d5e4aa-e47c-48ed-a81e-e2c4e24e3a59","type":"text","family-id":"66e1a324-d6b0-4ac9-a49e-3b22873aa33c","title":"","id":"82d5e4aa-e47c-48ed-a81e-e2c4e24e3a59","metadata":{},"subtype":null,"text":"The study estimated effectiveness of the vaccine within 12 months of administration as 35.4 per cent against probable long COVID and 41.7 per cent against diagnosed long COVID.
"},{"description":"","page-url":"/story/8f7cffe0-c579-4d22-ae62-d21d481beb2d/element/d78d4779-f9c0-4858-ba64-3853d3cfcd4d","type":"text","family-id":"3ef2772b-b4c7-48ff-aa8e-4a308b76e0a4","title":"","id":"d78d4779-f9c0-4858-ba64-3853d3cfcd4d","metadata":{},"subtype":null,"text":"The estimate was higher in adolescents compared with younger children, and higher at six months (61.4 per cent) but decreased to 10.6 per cent at 18 months.
"},{"description":"","page-url":"/story/8f7cffe0-c579-4d22-ae62-d21d481beb2d/element/751a30fe-2df9-4303-82b1-86353e307a2e","type":"text","family-id":"cfac7cb1-fc2d-46e8-b383-8c28f555b528","title":"","id":"751a30fe-2df9-4303-82b1-86353e307a2e","metadata":{},"subtype":null,"text":"Children who were vaccinated after recovering from COVID-19 also appeared to benefit, with vaccine effectiveness of 46 per cent against probable long COVID after a subsequent episode of COVID-19.
"},{"description":"","page-url":"/story/8f7cffe0-c579-4d22-ae62-d21d481beb2d/element/c3fb65ea-4e7d-44da-b9c8-64a8f0432f8c","type":"text","family-id":"d19e4e10-ed58-451a-8ee4-5e1c78f404dc","title":"","id":"c3fb65ea-4e7d-44da-b9c8-64a8f0432f8c","metadata":{},"subtype":null,"text":"\"This study provides us with important data showing the protective effects of the vaccine against long-haul COVID and suggests that this protection is mostly from preventing visible infections,\" said senior study author Charles Bailey, Associate Professor of Pediatrics at CHOP.
"},{"description":"","page-url":"/story/8f7cffe0-c579-4d22-ae62-d21d481beb2d/element/19b1167c-4310-4a95-a87b-3088affa225c","type":"text","family-id":"af07ef65-6600-40a0-ab1c-0c945efae5e3","title":"","id":"19b1167c-4310-4a95-a87b-3088affa225c","metadata":{},"subtype":null,"text":"\"We hope this means that as vaccines are improved to be more effective against current strains of SARS-CoV-2, their protection against long COVID will get better, too,\" Bailey added.
"}],"card-updated-at":1705396744208,"content-version-id":"88f34829-9da5-49b6-ac7d-2439a48c4f39","card-added-at":1705396207480,"status":"draft","id":"076eac19-35b9-42f2-8d8f-2d45469cf82c","content-id":"076eac19-35b9-42f2-8d8f-2d45469cf82c","version":6,"metadata":{"social-share":{"shareable":true,"title":"Covid-19 Vaccine Reduces Long Covid Risk In Children: Study","message":"The finding, published in the journal Pediatrics, also shows that vaccination has a stronger effect in adolescents, who have a higher risk of developing long Covid than young children.","image":{"key":"bloombergquint/2022-02/0d060108-d0ee-4a20-b053-ea7915364b3b/1601090c3f03a86531e4927ce78eb62a.jpg","url":null,"attribution":null,"caption":"The study shows that individuals may need more than three shots of the vaccine, and at regular intervals, to protect against COVID-19 in the long run.
(Bloomberg) -- The UK could have averted more than 7,000 Covid-19 hospitalizations and deaths over a four-month period in 2022 if people had received the recommended number of vaccines.
"},{"description":"","page-url":"/story/47b6290d-0d53-4845-81b9-a107abdb75fc/element/248a1a24-1943-423a-9924-4bcad66472bd","type":"text","family-id":"ecf03c8b-d9f2-4d0d-b761-2c52e3ab94d2","title":"","id":"248a1a24-1943-423a-9924-4bcad66472bd","metadata":null,"subtype":null,"text":"The first British study of its kind, published Monday in the medical journal The Lancet, found that 44% of the population hadn’t gotten enough protective shots by June of that year. The first vaccines were rolled out in December 2020.
"},{"description":"","page-url":"/story/47b6290d-0d53-4845-81b9-a107abdb75fc/element/81d0b7ec-2378-473e-9cbe-1f470cbafd14","type":"text","family-id":"99d85027-697f-4cf3-afc2-2e7b75542fcf","title":"","id":"81d0b7ec-2378-473e-9cbe-1f470cbafd14","metadata":null,"subtype":null,"text":"The research comes as the UK Health Security Agency urges people at risk to get vaccinated against Covid and seasonal flu as cases of both are on the rise, almost four years after the pandemic was first declared.
"},{"description":"","page-url":"/story/47b6290d-0d53-4845-81b9-a107abdb75fc/element/1984d8aa-016c-48c5-a7d9-6bbbb103fb6c","type":"text","family-id":"58aee3a3-b380-4d12-8255-4540589cd693","title":"","id":"1984d8aa-016c-48c5-a7d9-6bbbb103fb6c","metadata":null,"subtype":null,"text":"While uptake of the Covid-19 vaccine was high when the shots were first rolled out, demand has waned. The new study indicates that ensuring people who are at risk of severe disease get booster shots could still prevent thousands of deaths and hospitalizations.
"},{"description":"","page-url":"/story/47b6290d-0d53-4845-81b9-a107abdb75fc/element/76bc982e-7c71-4cf9-9f41-c62e7d41fadd","type":"text","family-id":"e1b8e1eb-188b-4a75-9036-769ec54d22f4","title":"","id":"76bc982e-7c71-4cf9-9f41-c62e7d41fadd","metadata":null,"subtype":null,"text":"During the study, the researchers were updating the UK’s chief medical officers and scientists, who were “pretty surprised with the extent of under vaccination overall,” said Aziz Sheikh, director of the Usher Institute at the University of Edinburgh and one of the paper’s authors.
"},{"description":"","page-url":"/story/47b6290d-0d53-4845-81b9-a107abdb75fc/element/63d203fc-32d6-421a-848f-1b1d1c6f708e","type":"text","family-id":"26a3ea13-5fd9-42e9-b27a-f5fe48090fc8","title":"","id":"63d203fc-32d6-421a-848f-1b1d1c6f708e","metadata":null,"subtype":null,"text":"The study, which marks the first time researchers have been able to use electronic health data for the entire population of the four nations of the UK, found that not having the full number of recommended Covid-19 vaccines was associated with more severe outcomes, which was defined as going to hospital or dying.
"},{"description":"","page-url":"/story/47b6290d-0d53-4845-81b9-a107abdb75fc/element/1997a29b-df8d-4eb0-8494-336467467c30","type":"text","family-id":"f0332ad7-2586-43db-b6c1-48665fb08ea7","title":"","id":"1997a29b-df8d-4eb0-8494-336467467c30","metadata":null,"subtype":null,"text":"People who experienced higher levels of deprivation, those of a non-white ethnicity and those who were male had higher chances of being under vaccinated, a finding that echoes earlier research indicating that social inequality and ethnicity play a role in vaccination coverage.
"},{"description":"","page-url":"/story/47b6290d-0d53-4845-81b9-a107abdb75fc/element/3dfc0d0c-d816-4f6c-a53e-05cc2de45683","type":"text","family-id":"ae04f6c4-98de-4d19-a167-616e4bbc48ef","title":"","id":"3dfc0d0c-d816-4f6c-a53e-05cc2de45683","metadata":null,"subtype":null,"text":"Vaccine Targets
"},{"description":"","page-url":"/story/47b6290d-0d53-4845-81b9-a107abdb75fc/element/351c60a5-4061-4752-bbad-1dd166b9b256","type":"text","family-id":"045574ba-bdf0-4ca1-bcb7-92456e5b16c0","title":"","id":"351c60a5-4061-4752-bbad-1dd166b9b256","metadata":null,"subtype":null,"text":"The scientists looked at a counter scenario in which everyone in the UK was fully vaccinated by June 2022. There would have been 7,180 fewer severe Covid outcomes over the four month period from June to the end of September 2022, they found, despite it being summer, a time when hospital admissions tend to be lower.
"},{"description":"","page-url":"/story/47b6290d-0d53-4845-81b9-a107abdb75fc/element/032dbe33-c1ce-4476-8063-51c41ac6e9b8","type":"text","family-id":"0044daa3-3749-4d1c-a173-a3668ebce67d","title":"","id":"032dbe33-c1ce-4476-8063-51c41ac6e9b8","metadata":null,"subtype":null,"text":"“Between 15% and 20% of those hospital admissions or deaths that did happen could have been averted,” said Angela Wood, associate director of the BHF Data Science Center at Health Data Research UK.
"},{"description":"","page-url":"/story/47b6290d-0d53-4845-81b9-a107abdb75fc/element/87e3a1a3-ea65-423a-bd19-78d359d35bfe","type":"text","family-id":"c9889cef-62aa-4c1b-95cc-7c0c75d3cc09","title":"","id":"87e3a1a3-ea65-423a-bd19-78d359d35bfe","metadata":null,"subtype":null,"text":"The research can help identify “which groups should in future be specifically targeted to maximize uptake of vaccines for Covid and other infections,” Andrew Freedman, a consultant in infectious disease and vaccine clinical trials at Cardiff University School of Medicine, said in comments to the Science Media Centre. “This will be particularly crucial in the event of another pandemic.” Freedman was not involved in the research.
"},{"description":"","page-url":"/story/47b6290d-0d53-4845-81b9-a107abdb75fc/element/49015799-9e00-4e17-af40-4edd2d28eace","type":"text","family-id":"16b1ceec-8071-4026-bd6a-8c3ff23d0953","title":"","id":"49015799-9e00-4e17-af40-4edd2d28eace","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/47b6290d-0d53-4845-81b9-a107abdb75fc/element/955356dc-32f8-4d1a-84e0-791a9e2101b5","type":"text","family-id":"28df07e1-7797-46ee-ac70-18b13c104df2","title":"","id":"955356dc-32f8-4d1a-84e0-791a9e2101b5","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1705366924052,"content-version-id":"fe6d2a36-4400-451c-b655-2e7c62ca12a6","card-added-at":1705366924052,"status":"draft","id":"3f4a0149-5eba-4158-888b-bc01955d1c65","content-id":"3f4a0149-5eba-4158-888b-bc01955d1c65","version":3,"metadata":{"social-share":{"shareable":true,"title":"Low Vaccine Take-Up Blamed For Covid Deaths And Hospitalizations","message":"The research comes as the UK Health Security Agency urges people at risk to get vaccinated against Covid and seasonal flu.","image":{"key":"bloombergquint/2024-01/74aff859-4918-4811-8e25-310ce4a7f49e/_1x_1.jpg","url":null,"attribution":null,"caption":"A medical worker cares for a patient in the Intensive Care unit at the Royal Papworth Hospital, in Cambridge, U.K., in 2020. (Photographer: Neil Hall/EPA/Bloomberg)
The number of cases of Covid-19 sub-variant JN.1 has crossed 1,000 mark with Uttar Pradesh becoming the latest state to join the list of 16 states and UTs which have detected its presence, according to INSACOG.
"},{"description":"","page-url":"/story/75b940e6-79a0-42dc-ba39-8ebfacd0ab3e/element/f1f815e1-1d01-4099-acbf-35406ddc0714","type":"text","family-id":"0909a285-7060-4988-965a-9944a5771a54","title":"","id":"f1f815e1-1d01-4099-acbf-35406ddc0714","metadata":{},"subtype":null,"text":"The data compiled by the Indian SARS-CoV-2 Genomics Consortium showed Karnataka has reported the highest number of cases at 214, followed by Maharashtra (170), Kerala (154), Andhra Pradesh (189), Gujarat (76) and Goa (66).
"},{"description":"","page-url":"/story/75b940e6-79a0-42dc-ba39-8ebfacd0ab3e/element/ad97cf06-49bd-4a46-b9e0-222e945049c3","type":"text","family-id":"7d413203-6e18-4092-aaab-94e1cc7f2ce6","title":"","id":"ad97cf06-49bd-4a46-b9e0-222e945049c3","metadata":{},"subtype":null,"text":"Telangana and Rajasthan have recorded 32 JN.1 cases each, Chhattisgarh has recorded 25, Tamil Nadu 22, Delhi 16, Uttar Pradesh 6, Haryana five, Odisha three, West Bengal two and Uttarakhand one, according to the data.
"},{"description":"","page-url":"/story/75b940e6-79a0-42dc-ba39-8ebfacd0ab3e/element/5e2b208c-b56e-4422-9cc2-c384e015039f","type":"text","family-id":"635b050d-6c7b-4118-8cef-44622ab75204","title":"","id":"5e2b208c-b56e-4422-9cc2-c384e015039f","metadata":{},"subtype":null,"text":"A total of 1,013 cases of JN.1 have been detected till now across the 16 states and UTs.
"},{"description":"","page-url":"/story/75b940e6-79a0-42dc-ba39-8ebfacd0ab3e/element/31c2dce6-120d-4261-8d34-4853146f8461","type":"text","family-id":"1c2f5658-3790-42c3-b525-b9464fab251e","title":"","id":"31c2dce6-120d-4261-8d34-4853146f8461","metadata":{},"subtype":null,"text":"The Centre has asked the states and Union territories to maintain a constant vigil amid an uptick in the number of Covid cases and the detection of the JN.1 sub-variant in the country.
"},{"description":"","page-url":"/story/75b940e6-79a0-42dc-ba39-8ebfacd0ab3e/element/52ba8ed5-c92a-4c65-bb3a-59945dddf3d7","type":"text","family-id":"bba21eb8-29de-463d-83a2-2c67a592add3","title":"","id":"52ba8ed5-c92a-4c65-bb3a-59945dddf3d7","metadata":{},"subtype":null,"text":"The states have been urged to ensure effective compliance of the detailed operational guidelines for the revised surveillance strategy for COVID-19 shared with them by the Union Ministry of Health and Family Welfare.
"},{"description":"","page-url":"/story/75b940e6-79a0-42dc-ba39-8ebfacd0ab3e/element/8ffac220-f3e2-45bf-ae42-98d775d6c608","type":"text","family-id":"00e27279-1ec2-422b-ab33-d4a02dee98ea","title":"","id":"8ffac220-f3e2-45bf-ae42-98d775d6c608","metadata":{},"subtype":null,"text":"The states have also been asked to regularly monitor and report district-wise cases of Influenza-like Illness and Severe Acute Respiratory Illness from all health facilities for an early detection of a rising trend of cases.
"},{"description":"","page-url":"/story/75b940e6-79a0-42dc-ba39-8ebfacd0ab3e/element/9940a9bd-1421-41e9-a8c1-4681e301e89d","type":"text","family-id":"e65e1b01-b67d-4dc0-bcf4-0cec801434bd","title":"","id":"9940a9bd-1421-41e9-a8c1-4681e301e89d","metadata":{},"subtype":null,"text":"The World Health Organisation has classified JN.1 as a separate 'variant of interest' given its rapidly-increasing spread, but said it poses a 'low' global public health risk.
"},{"description":"","page-url":"/story/75b940e6-79a0-42dc-ba39-8ebfacd0ab3e/element/54214122-9ded-4594-8a85-8e4fee48e95b","type":"text","family-id":"83a3af4a-e9b3-40bc-9302-1c64c47c1d67","title":"","id":"54214122-9ded-4594-8a85-8e4fee48e95b","metadata":{},"subtype":null,"text":"The JN.1 sub-variant of the coronavirus was previously classified as a variant of interest as part of the BA.2.86 sub-lineages, the parent lineage that is classified as a VOI, the world body said.
"}],"card-updated-at":1705053570621,"content-version-id":"5d613cdc-bf4e-4599-bcbb-dc041f1c2aa4","card-added-at":1705051204331,"status":"draft","id":"bf93236f-6220-403e-8092-8132f5e477a4","content-id":"bf93236f-6220-403e-8092-8132f5e477a4","version":7,"metadata":{"social-share":{"shareable":true,"title":"Covid-19: Cases Of Sub-Variant JN.1 Cross 1,000 Mark","message":"A total of 1,013 cases of JN.1 have been detected till now across the 16 states and UTs.","image":{"key":"bloombergquint/2024-01/ce967117-bcca-4f94-b904-bc421919d172/pexels_anna_shvets_3786245.jpg","url":null,"attribution":null,"caption":"(Source: Anna Shvets via Pexels)
(Bloomberg) -- A risky exchange-traded fund in the US that aims to deliver twice the daily performance of short-term CME Bitcoin futures is seeing strong demand from Korean investors.
"},{"description":"","page-url":"/story/cda3ebd2-7236-49b1-887d-5820556cb7cb/element/0f458236-0d11-454e-9d2c-9b7341ffc91d","type":"text","family-id":"0b30e63f-d0dc-48e0-b458-9980be0f0244","title":"","id":"0f458236-0d11-454e-9d2c-9b7341ffc91d","metadata":null,"subtype":null,"text":"The VolatilityShares’ 2X Bitcoin Strategy ETF — ticker BITX — aims to generate exceptionally high returns, thanks to an effect known as “leverage compounding.” On the flip side, it suffers from “volatility drag” which may hurt investors over the long term.
"},{"description":"","page-url":"/story/cda3ebd2-7236-49b1-887d-5820556cb7cb/element/3edd19b5-c0b2-445a-8f7b-d4343dae3f78","type":"text","family-id":"3beab0dc-a8da-4856-972a-7417fae20f35","title":"","id":"3edd19b5-c0b2-445a-8f7b-d4343dae3f78","metadata":null,"subtype":null,"text":"The investment product is proving especially popular in South Korea, where investors have plowed a net $122 million into BITX so far in March. That makes it the fifth-most bought foreign security in South Korea this month, just below Tesla and above American depositary receipts for semiconductor maker TSMC, according to Korea Securities Depository data.
"},{"description":"","page-url":"/story/cda3ebd2-7236-49b1-887d-5820556cb7cb/element/e57ecea3-b666-4abe-8ee1-6a4be9911b39","type":"text","family-id":"ed20e59d-f7d9-40bc-b5eb-68758d6bd0a6","title":"","id":"e57ecea3-b666-4abe-8ee1-6a4be9911b39","metadata":null,"subtype":null,"text":"Crypto-linked investments have been a popular choice for Koreans in general. Michael Saylor-backed MicroStrategy ranks as the third most popular foreign security in March, while ProShares Bitcoin Strategy ETF (BITO), another futures-based product, was 22nd on the list.
"},{"description":"","image-metadata":null,"page-url":"/story/cda3ebd2-7236-49b1-887d-5820556cb7cb/element/7b99d7e5-d1bf-465b-bd7d-a896dcae3a95","type":"image","family-id":"0406197f-5590-46df-b3c7-b2f9a471e64f","image-attribution":"","title":"","id":"7b99d7e5-d1bf-465b-bd7d-a896dcae3a95","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/155cb4b2-82ef-4ca8-b665-ee2c046d29f4/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iFMwN4fqXkM4/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/cda3ebd2-7236-49b1-887d-5820556cb7cb/element/cd5daa00-3eaa-4ff5-b615-d454053fb740","type":"text","family-id":"29eb8b75-367c-4e20-80f6-0c4e6676ccb1","title":"","id":"cd5daa00-3eaa-4ff5-b615-d454053fb740","metadata":null,"subtype":null,"text":"“Korean investors seem to be approaching BITX as an alternative to Bitcoin spot ETF, which is blocked in the country,” said Subeen Shim, digital asset analyst at Kiwoom securities in Seoul. “Rising Bitcoin prices also contributed to the move.”
"},{"description":"","page-url":"/story/cda3ebd2-7236-49b1-887d-5820556cb7cb/element/b98412c2-2dad-4e73-a461-0514fbe5e1ae","type":"text","family-id":"e3078e20-a380-47e2-a431-4ab951497cd3","title":"","id":"b98412c2-2dad-4e73-a461-0514fbe5e1ae","metadata":null,"subtype":null,"text":"BITX, the first leveraged crypto ETF in the US, has seen massive demand since the launch of US spot Bitcoin ETFs on Jan. 11. In March alone it has drawn $834 million of inflows, trailing only Fidelity and BlackRock’s spot ETFs. Of its March inflows, $52 million came on Tuesday alone, data compiled by Bloomberg show.
"},{"description":"","page-url":"/story/cda3ebd2-7236-49b1-887d-5820556cb7cb/element/7cdd764e-cb24-43aa-8cba-a4d98324ac74","type":"text","family-id":"8471139c-e974-424d-be4d-233dd846bbe7","title":"","id":"7cdd764e-cb24-43aa-8cba-a4d98324ac74","metadata":null,"subtype":null,"text":"BITX’s assets under management reached a record high of $1.47 billion on Monday as the largest cryptocurrency again started rallying after last week’s correction.
"},{"description":"","image-metadata":null,"page-url":"/story/cda3ebd2-7236-49b1-887d-5820556cb7cb/element/cf555c12-b6b3-4370-b16a-752acc442f0d","type":"image","family-id":"da59c318-9eb4-4a07-86a9-5a8ef70a7b2c","image-attribution":"","title":"","id":"cf555c12-b6b3-4370-b16a-752acc442f0d","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/faf17b54-d725-4d78-aef6-378c6d5fae1c/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iGhQOqyVH4m4/v2/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/cda3ebd2-7236-49b1-887d-5820556cb7cb/element/85cd2cba-cc24-4ac3-8002-da6664b5e263","type":"text","family-id":"7094f707-a759-4478-86c0-1ff9441d5633","title":"","id":"85cd2cba-cc24-4ac3-8002-da6664b5e263","metadata":null,"subtype":null,"text":"“Like most leveraged ETFs, BITX is designed for aggressive traders that are comfortable with high levels of volatility,” Sumit Roy, senior analyst at ETF.com, told Bloomberg over email. He added that leveraged ETFs “should only be held for short periods of time” because daily re-balancing can, after a while, lead to losses.
"},{"description":"","page-url":"/story/cda3ebd2-7236-49b1-887d-5820556cb7cb/element/72f23b24-dac8-489c-bd7f-7455ca5bd0f2","type":"text","family-id":"128d0923-7e0e-45ad-aec4-84798aece1d3","title":"","id":"72f23b24-dac8-489c-bd7f-7455ca5bd0f2","metadata":null,"subtype":null,"text":"“The more volatile the asset, the bigger this decay is. Bitcoin being an extremely volatile asset makes this a significant risk,” Roy said.
"},{"description":"","page-url":"/story/cda3ebd2-7236-49b1-887d-5820556cb7cb/element/01c84f2d-090b-40c4-8a32-9bc83e2a7ddc","type":"text","family-id":"b183e6fa-58b9-4427-904d-b98a4b8f1656","title":"","id":"01c84f2d-090b-40c4-8a32-9bc83e2a7ddc","metadata":null,"subtype":null,"text":"The increasing interest in such funds has prompted a flurry of new offerings. Valkyrie’s BTFX is a competing product that is already live, while ProShares, Direxion and T-Rex have filings with the US Securities and Exchange Commission to launch leveraged Bitcoin ETFs of their own.
"},{"description":"","page-url":"/story/cda3ebd2-7236-49b1-887d-5820556cb7cb/element/0320c540-0688-48d6-ac6c-30e67a69dbff","type":"text","family-id":"97bc6d42-ca2b-4200-a8aa-47b90730ff3c","title":"","id":"0320c540-0688-48d6-ac6c-30e67a69dbff","metadata":null,"subtype":null,"text":"It is not unusual for ETF issuers to develop their products in this order, according to Stephane Ouellette, CEO at FRNT Financial. Leveraged funds offer a path for smaller providers to “develop a brand in the more structured-ETFs,” he added, while larger asset managers benefit from demand for spot products.
"},{"description":"","page-url":"/story/cda3ebd2-7236-49b1-887d-5820556cb7cb/element/f421cd51-10ae-42b6-8402-bfd3c33e5e23","type":"text","family-id":"fb866865-1c3f-45be-a829-81613acdc8b4","title":"","id":"f421cd51-10ae-42b6-8402-bfd3c33e5e23","metadata":null,"subtype":null,"text":"Bitcoin reached a new record of $73,798 earlier in March on the back of strong demand for spot ETFs tracking the token in the US, which have collectively seen a net inflow of $11.7 since launch.
"},{"description":"","page-url":"/story/cda3ebd2-7236-49b1-887d-5820556cb7cb/element/ee298698-c185-495f-8de7-652afe7c3610","type":"text","family-id":"fc32239f-76b3-4efc-96df-583fee544db2","title":"","id":"ee298698-c185-495f-8de7-652afe7c3610","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/cda3ebd2-7236-49b1-887d-5820556cb7cb/element/203463c2-438d-4d21-bcee-3d445f8e0e1d","type":"text","family-id":"b1474614-3384-4efb-a16c-8ba0e2c1e809","title":"","id":"203463c2-438d-4d21-bcee-3d445f8e0e1d","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711528574056,"content-version-id":"ef9bb1c5-db62-4a05-8919-148a7a37e231","card-added-at":1711528574056,"status":"draft","id":"2d6ebe6d-0654-4fd1-b2f7-d0565dd1b4cf","content-id":"2d6ebe6d-0654-4fd1-b2f7-d0565dd1b4cf","version":11,"metadata":{"social-share":{"shareable":true,"title":"A Turbocharged Bitcoin ETF Is More Popular Than TSMC In Korea","message":"A risky exchange-traded fund in the US that aims to deliver twice the daily performance of short-term CME Bitcoin futures is seeing strong demand from Korean investors.","image":{"key":"bloombergquint/2024-03/155cb4b2-82ef-4ca8-b665-ee2c046d29f4/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1669262,"first-published-at":1711587049021,"story-template":"syndicated","authors":[{"slug":"sidhartha-shukla-4","social":{},"name":"Sidhartha Shukla","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669262,"avatar-s3-key":null,"twitter-handle":null},{"slug":"jaehyun-eom-2","social":{},"name":"Jaehyun Eom","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1676819,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["markets"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-27/a-turbocharged-bitcoin-etf-is-more-popular-than-tsmc-in-korea","imported-card-id":"2d6ebe6d-0654-4fd1-b2f7-d0565dd1b4cf","card-share":{"shareable":true}}}},{"id":"66188a1e-ad04-485e-a5c3-634191a74a58","score":null,"type":"story","item":{"headline":["Crypto Hit By $63 Million Hack Of ‘Munchables’ Game In One Of Year’s Biggest Exploits"]},"story":{"author-name":"Ryan Weeks","headline":"Crypto Hit By $63 Million Hack Of ‘Munchables’ Game In One Of Year’s Biggest Exploits","slug":"crypto/crypto-hit-by-63-million-munchables-game-hack-in-one-of-year-s-biggest-exploits","last-published-at":1711513119506,"alternative":{},"sections":[{"domain-slug":null,"slug":"crypto","name":"Crypto","section-url":"https://www.ndtvprofit.com/crypto","id":26966,"parent-id":null,"display-name":"Crypto","collection":{"slug":"crypto","name":"Crypto","id":52720},"data":{"color":"#00DC3C"}},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"technology","name":"Technology","section-url":"https://www.ndtvprofit.com/technology","id":1244,"parent-id":null,"display-name":"Technology","collection":{"slug":"technology","name":"Technology","id":15824},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/imhGAILBX8xs/v0/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","width":2200,"height":1410,"focus-point":[1100,705]},"published-at":1711513119506,"summary":"The crypto sector suffered one of its biggest security incidents this year after a hacker swiped $63 million from a blockchain-based game.","id":"66188a1e-ad04-485e-a5c3-634191a74a58","hero-image-s3-key":"bloombergquint/2024-03/9bfcbd8c-02a1-499c-9d8c-b9d3e8ae5515/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/66188a1e-ad04-485e-a5c3-634191a74a58/element/6cf5ceeb-38d1-41f5-8344-14ee2ebc87b7","type":"text","family-id":"b0b28698-6a63-463d-9c04-3cafcbb0e074","title":"","id":"6cf5ceeb-38d1-41f5-8344-14ee2ebc87b7","metadata":null,"subtype":null,"text":"(Bloomberg) -- The crypto sector suffered one of its biggest security incidents this year after a hacker swiped $63 million from a blockchain-based game.
"},{"description":"","page-url":"/story/66188a1e-ad04-485e-a5c3-634191a74a58/element/747e875a-6b44-456e-8799-a5a31d0479eb","type":"text","family-id":"3e67ea5c-e33c-45ab-a3d6-5e21c04b92c9","title":"","id":"747e875a-6b44-456e-8799-a5a31d0479eb","metadata":null,"subtype":null,"text":"The game, Munchables, confirmed the incident in a post on X on Wednesday and said it would try to halt the transactions. Blockchain specialists PeckShield indicated the hacker stole 17,400 in Ether tokens — worth about $63 million at current prices. Public data on crypto transactions backed the estimate.
"},{"description":"","page-url":"/story/66188a1e-ad04-485e-a5c3-634191a74a58/element/d1347039-7652-4643-a81a-7d059dbfc164","type":"text","family-id":"3a841b8c-5044-4764-bac6-0396d25f3411","title":"","id":"d1347039-7652-4643-a81a-7d059dbfc164","metadata":null,"subtype":null,"text":"Gamers in Munchables try to earn rewards by looking after, or farming, bug-eyed digital creatures. Earlier this week the project said the value of crypto tokens held in the protocol had topped $80 million.
"},{"description":"","page-url":"/story/66188a1e-ad04-485e-a5c3-634191a74a58/element/5dd4bf87-09bf-41d6-b585-1027a77e8c85","type":"text","family-id":"8934c6bd-a1bb-4778-a046-6fd3b802c867","title":"","id":"5dd4bf87-09bf-41d6-b585-1027a77e8c85","metadata":null,"subtype":null,"text":"The security incident triggered a flurry of unsubstantiated speculation that a rogue developer or even North Korean hackers were to blame.
"},{"description":"","page-url":"/story/66188a1e-ad04-485e-a5c3-634191a74a58/element/4863518d-9a7c-40ae-844b-25a92efeaaa1","type":"text","family-id":"433e9dd2-3a0d-4f30-a626-b690c612ff1a","title":"","id":"4863518d-9a7c-40ae-844b-25a92efeaaa1","metadata":null,"subtype":null,"text":"The number of North Korean-linked hacks of crypto platforms hit a record high in 2023, though the actual amount of funds stolen — slightly more than $1 billion — dropped around 40%, based on data from blockchain sleuths Chainalysis Inc.
"},{"description":"","page-url":"/story/66188a1e-ad04-485e-a5c3-634191a74a58/element/7993cd74-f160-4064-92e2-ed74a3350fcd","type":"text","family-id":"de321300-59d0-4d06-9df5-4afd2aa1e896","title":"","id":"7993cd74-f160-4064-92e2-ed74a3350fcd","metadata":null,"subtype":null,"text":"Read more: North Korean Hackers Stalk Crypto Startups Scrimping on Security
"},{"description":"","page-url":"/story/66188a1e-ad04-485e-a5c3-634191a74a58/element/d83894c2-90d2-416e-bdb4-d2217e234f50","type":"text","family-id":"645369f7-387b-40bc-b558-5f5aa183febf","title":"","id":"d83894c2-90d2-416e-bdb4-d2217e234f50","metadata":null,"subtype":null,"text":"The Lazarus Group, a North Korean hacking unit, infamously stole around $600 million from the blockchain underpinning Axie Infinity, once one of the sector’s most popular games.
"},{"description":"","page-url":"/story/66188a1e-ad04-485e-a5c3-634191a74a58/element/067ba2e1-3f96-463c-8034-f2ec650542ce","type":"text","family-id":"c6a8182a-80ce-47bb-a7c5-457cabab797d","title":"","id":"067ba2e1-3f96-463c-8034-f2ec650542ce","metadata":null,"subtype":null,"text":"Security exploits overall cost the digital-asset industry about $1.8 billion last year, down around 50% from 2022, according to Immunefi, a platform offering bounties to researchers who spot security flaws in crypto software.
"},{"description":"","page-url":"/story/66188a1e-ad04-485e-a5c3-634191a74a58/element/237f9993-ec62-4fd4-ace1-b1664c4b8359","type":"text","family-id":"1c1c66a4-a57a-42ea-9d9c-092b736629a3","title":"","id":"237f9993-ec62-4fd4-ace1-b1664c4b8359","metadata":null,"subtype":null,"text":"Munchables is built on Blast, a so-called Layer 2 that promises more efficient transactions than established blockchains as well as airline-like loyalty points.
"},{"description":"","page-url":"/story/66188a1e-ad04-485e-a5c3-634191a74a58/element/c1cb76c7-a859-4fd8-b9c4-19d936eeb6f9","type":"text","family-id":"b31caa32-560e-4fd4-aa58-595634674b0f","title":"","id":"c1cb76c7-a859-4fd8-b9c4-19d936eeb6f9","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/66188a1e-ad04-485e-a5c3-634191a74a58/element/4179b90c-ca35-49c1-909f-c660a95c99d3","type":"text","family-id":"40035c33-00d7-4650-b28c-f9a141150b50","title":"","id":"4179b90c-ca35-49c1-909f-c660a95c99d3","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711512604605,"content-version-id":"62ef059a-60b7-4a52-a10a-17e0dc36807e","card-added-at":1711512604605,"status":"draft","id":"74495a6d-f53e-4d7a-a72f-bec20bf08b05","content-id":"74495a6d-f53e-4d7a-a72f-bec20bf08b05","version":1,"metadata":{"social-share":{"shareable":true,"title":"Crypto Hit By $63 Million Hack Of ‘Munchables’ Game In One Of Year’s Biggest Exploits","message":"The crypto sector suffered one of its biggest security incidents this year after a hacker swiped $63 million from a blockchain-based game.","image":{"key":"bloombergquint/2024-03/9bfcbd8c-02a1-499c-9d8c-b9d3e8ae5515/_1x_1.jpg","url":null,"attribution":null,"caption":"Coaxial cables connect to a computer server unit inside a communications room at an office in London, U.K. (Photographer: Chris Ratcliffe/Bloomberg)
(Bloomberg) -- Global crypto funds took a sharp downturn last week as investors pulled out $942 million — the most on record, according to CoinShares International Ltd.
"},{"description":"","page-url":"/story/32cdb081-ecfc-4072-a633-539d0e956ab4/element/6a52217e-70e9-4de8-bdf4-d1bb654f95a7","type":"text","family-id":"afaaf518-da4e-44fa-adf0-7abd7541c958","title":"","id":"6a52217e-70e9-4de8-bdf4-d1bb654f95a7","metadata":null,"subtype":null,"text":"A seven-week streak of inflows saw more than $12 billion move into the funds, helping drive Bitcoin to an all-time high of $79,798 on March 14. Yet, the slide in the largest cryptocurrency since then through Friday made investors leery, leading to a reversal in net flows last week, according to James Butterfill, head of research at CoinShares.
"},{"description":"","image-metadata":null,"page-url":"/story/32cdb081-ecfc-4072-a633-539d0e956ab4/element/8a75b076-9475-4545-81e4-e74c03cb81d2","type":"image","family-id":"22647dee-78f7-4a4e-8041-dc4f2b8fb036","image-attribution":"","title":" Source: CoinShares","id":"8a75b076-9475-4545-81e4-e74c03cb81d2","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/fddbc09c-8c06-4ade-abc4-66bb8c825e39/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iHcNNVue2KAw/v1/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/32cdb081-ecfc-4072-a633-539d0e956ab4/element/e58e04a1-bdea-4080-89c4-65c59375c67f","type":"text","family-id":"5ac91f2c-f252-4680-8667-b244efb80f05","title":"","id":"e58e04a1-bdea-4080-89c4-65c59375c67f","metadata":null,"subtype":null,"text":"“The recent price correction led to hesitancy from investors, leading to much lower inflows into new ETF issuers in the US,” Butterfill said in a report Monday.
"},{"description":"","page-url":"/story/32cdb081-ecfc-4072-a633-539d0e956ab4/element/a4d9c60b-69d1-4424-8bff-f6aa52aa7471","type":"text","family-id":"88dceaae-623a-48e2-bdba-8388c2e36a68","title":"","id":"a4d9c60b-69d1-4424-8bff-f6aa52aa7471","metadata":null,"subtype":null,"text":"Those new exchange-traded funds drew some $1.1 billion in inflows last week, which he said helped in “partially offsetting incumbent Grayscale’s significant $2 billion outflows last week.”
"},{"description":"","page-url":"/story/32cdb081-ecfc-4072-a633-539d0e956ab4/element/aeef4b8f-1d06-4b50-bbed-71299cc6dbbd","type":"text","family-id":"61c8c3c9-8179-4945-ae63-17c5f26fe689","title":"","id":"aeef4b8f-1d06-4b50-bbed-71299cc6dbbd","metadata":null,"subtype":null,"text":"Highly anticipated US spot Bitcoin ETFs, which started trading earlier this year after receiving approval from the US Securities & Exchange Commission, have made up the majority of total crypto fund flows, with some investors who owned older Canadian and European funds moving their money to cheaper US funds. Last week, the 10 US Bitcoin funds saw $888 million in outflows — about 94% of total global crypto fund flows, according to data compiled by Bloomberg.
"},{"description":"","image-metadata":null,"page-url":"/story/32cdb081-ecfc-4072-a633-539d0e956ab4/element/270749b8-bbc8-4d03-98ce-0f9e3e3bd519","type":"image","family-id":"49e452a7-6b2b-46de-9795-adb208f80b9d","image-attribution":"","title":"","id":"270749b8-bbc8-4d03-98ce-0f9e3e3bd519","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/2ccc5c7f-913d-4fa6-82e4-baf0c0e9069f/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iVoBVzS__j4Q/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/32cdb081-ecfc-4072-a633-539d0e956ab4/element/8ba4f8d9-9df0-4ca3-8053-d01f988d0c26","type":"text","family-id":"e40076e8-2f49-4669-869c-2e666bb57b67","title":"","id":"8ba4f8d9-9df0-4ca3-8053-d01f988d0c26","metadata":null,"subtype":null,"text":"Funds holding Ether, Solana and Cardano also saw combined net outflows of about $43 million last week, according to CoinShares. Altcoins saw relatively positive performance, with tokens including Polkadot, Avalanche and Litecoin seeing inflows of $16 million in the same time period, Butterfill said.
"},{"description":"","page-url":"/story/32cdb081-ecfc-4072-a633-539d0e956ab4/element/b1cd2013-505c-4057-ab43-3782329bc404","type":"text","family-id":"bca34ecc-f402-4978-a6d8-bb0a6ce88f14","title":"","id":"b1cd2013-505c-4057-ab43-3782329bc404","metadata":null,"subtype":null,"text":"Bitcoin rose for a third day Monday, climbing 6.8% to $70,622 as of 1:09 p.m. in New York.
"},{"description":"","page-url":"/story/32cdb081-ecfc-4072-a633-539d0e956ab4/element/eaf28fe9-a3ab-4baf-ad09-6c5522ab3a09","type":"text","family-id":"ee1c1170-ac23-4969-8122-38bd20ce23d8","title":"","id":"eaf28fe9-a3ab-4baf-ad09-6c5522ab3a09","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/32cdb081-ecfc-4072-a633-539d0e956ab4/element/a48e7ed6-4343-432b-a8d7-8bbda39ba067","type":"text","family-id":"9aff4eb6-4b9f-46da-8a87-e64bb0a5b800","title":"","id":"a48e7ed6-4343-432b-a8d7-8bbda39ba067","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711391165982,"content-version-id":"0a5477e3-9998-41bb-9115-3bc477d8748b","card-added-at":1711391165982,"status":"draft","id":"f6affe16-cb02-4f0c-be21-581af18834b9","content-id":"f6affe16-cb02-4f0c-be21-581af18834b9","version":8,"metadata":{"social-share":{"shareable":true,"title":"Crypto Funds Mark Biggest Week Of Outflows On Record, CoinShares Says","message":"Global crypto funds took a sharp downturn last week as investors pulled out $942 million — the most on record, according to CoinShares International Ltd.","image":{"key":"bloombergquint/2024-03/fddbc09c-8c06-4ade-abc4-66bb8c825e39/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1904134,"first-published-at":1711457963268,"story-template":"syndicated","authors":[{"slug":"elijah-nicholson-messmer","social":{},"name":"Elijah Nicholson-Messmer","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1904134,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["crypto"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-25/crypto-funds-mark-biggest-week-of-outflows-on-record-coinshares","imported-card-id":"f6affe16-cb02-4f0c-be21-581af18834b9","card-share":{"shareable":true}}}},{"id":"5b5ed6a1-71a2-4451-beb0-e6f98e36d0aa","score":null,"type":"story","item":{"headline":["Bitcoin Tops $70,000 Again After Slumping On U.S. ETF Outflows"]},"story":{"author-name":"David Pan","headline":"Bitcoin Tops $70,000 Again After Slumping On U.S. ETF Outflows","slug":"crypto/bitcoin-tops-70-000-again-after-slumping-on-us-etf-outflows","last-published-at":1711413220406,"alternative":{"home":{"default":{"headline":"Bitcoin Tops $70,000 Again After Slumping On U.S. ETF Outflows","hero-image":null}}},"sections":[{"domain-slug":null,"slug":"crypto","name":"Crypto","section-url":"https://www.ndtvprofit.com/crypto","id":26966,"parent-id":null,"display-name":"Crypto","collection":{"slug":"crypto","name":"Crypto","id":52720},"data":{"color":"#00DC3C"}},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i2COV9HRZRuc/v1/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","width":3817,"height":2545,"focus-point":[2421,1246]},"published-at":1711413220406,"summary":"Most digital assets were higher Monday, with Bitcoin gaining as much as 7.1% to $70,816.","id":"5b5ed6a1-71a2-4451-beb0-e6f98e36d0aa","hero-image-s3-key":"bloombergquint/2024-03/54257f99-9a68-4c74-9228-4ea0ed3b1bf6/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/5b5ed6a1-71a2-4451-beb0-e6f98e36d0aa/element/9931f32b-bf3e-45c1-a557-92fa446dc19b","type":"text","family-id":"8a5aafe8-f9a3-483c-bbec-23c7645d34d6","title":"","id":"9931f32b-bf3e-45c1-a557-92fa446dc19b","metadata":null,"subtype":null,"text":"(Bloomberg) -- Bitcoin enthusiasts appear to be shrugging off last week’s outflows from US exchange-traded funds, with the largest cryptocurrency climbing back above $70,000 again.
"},{"description":"","page-url":"/story/5b5ed6a1-71a2-4451-beb0-e6f98e36d0aa/element/5bb72eff-47d9-4370-919c-25c0323e7319","type":"text","family-id":"b0811d36-1ca2-4bd7-b88f-80223b382fbc","title":"","id":"5bb72eff-47d9-4370-919c-25c0323e7319","metadata":null,"subtype":null,"text":"Most digital assets were higher Monday, with Bitcoin gaining as much as 7.1% to $70,816. That’s the first time the token has been above $70,000 in more than a week. Ether was up around 6%, while Solana and Dogecoin were both more than 4% higher.
"},{"description":"","page-url":"/story/5b5ed6a1-71a2-4451-beb0-e6f98e36d0aa/element/2aa3d802-cabc-4cef-8e4c-a7291c392027","type":"text","family-id":"d3474d2e-bf40-4af8-bacf-84791ea5984e","title":"","id":"2aa3d802-cabc-4cef-8e4c-a7291c392027","metadata":null,"subtype":null,"text":"Almost $900 million was pulled from those ETFs last week, reflecting continual outflows from the Grayscale Bitcoin Trust as well as a moderation in subscriptions for offerings from BlackRock Inc. and Fidelity Investment. The group of 10 funds saw one of the worst weeks of the year since they were launched in January.
"},{"description":"","page-url":"/story/5b5ed6a1-71a2-4451-beb0-e6f98e36d0aa/element/0292e4e4-75a7-4556-8c44-ec9f7a19ffd0","type":"text","family-id":"58d4baee-b6ed-46a4-a1af-5e3998aad681","title":"","id":"0292e4e4-75a7-4556-8c44-ec9f7a19ffd0","metadata":null,"subtype":null,"text":"“Even though ETF inflows have hit a drag, order books are loaded on the bid side around the 60k area, showing that the market is eager to buy the dip,” said Nathanaël Cohen, co-founder at digital-asset hedge fund INDIGO Fund. “You need to go get the liquidity at lower levels to then catch a bid and generate momentum to go higher.”
"},{"description":"","image-metadata":null,"page-url":"/story/5b5ed6a1-71a2-4451-beb0-e6f98e36d0aa/element/2116dfce-40f9-4065-ae77-37223df68de1","type":"image","family-id":"e8c458e8-f489-4c02-b76a-081cdccaa3b9","image-attribution":"","title":" Bloomberg","id":"2116dfce-40f9-4065-ae77-37223df68de1","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/952d9148-a787-483d-a74a-a87f068b180a/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ihQXGDLYqxhE/v2/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/5b5ed6a1-71a2-4451-beb0-e6f98e36d0aa/element/bd73acb2-5c49-4006-96c3-ce090702daf6","type":"text","family-id":"954d4f0a-e5a3-4461-8a22-68dd60d7d3e4","title":"","id":"bd73acb2-5c49-4006-96c3-ce090702daf6","metadata":null,"subtype":null,"text":"The new demand from Bitcoin ETFs has been a main driving force behind the historic rally in the largest cryptocurrency this year. Strong inflows into the funds sparked optimism around an exponential growth of the asset class from a wider range of investors. However, the outsized outflows last week triggered more hedges among traders against lower prices as well as significant liquidations in the leveraged bullish bets in the crypto futures market.
"},{"description":"","page-url":"/story/5b5ed6a1-71a2-4451-beb0-e6f98e36d0aa/element/696ca78d-3ccc-4414-9d29-7bdd1c630f5c","type":"text","family-id":"df37fcda-8616-4af1-9140-a276b1487ae9","title":"","id":"696ca78d-3ccc-4414-9d29-7bdd1c630f5c","metadata":null,"subtype":null,"text":"Shares of crypto-related companies also jumped. Bitcoin proxy MicroStrategy gained 20%, crypto exchange Coinbase Global increased 9% and miner Marathon Digital rose 5%.
"},{"description":"","page-url":"/story/5b5ed6a1-71a2-4451-beb0-e6f98e36d0aa/element/5ec5a173-ac11-4a5d-876a-68d7695d67e8","type":"text","family-id":"925abb06-fe92-42c0-a52f-ff597fc00383","title":"","id":"5ec5a173-ac11-4a5d-876a-68d7695d67e8","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/5b5ed6a1-71a2-4451-beb0-e6f98e36d0aa/element/6872d358-0ebe-46d2-9145-37194df78940","type":"text","family-id":"472ee7ad-4e21-43f7-966b-351c306f407a","title":"","id":"6872d358-0ebe-46d2-9145-37194df78940","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711384084715,"content-version-id":"a7d47197-62a6-499c-92f8-da55bdcc70cb","card-added-at":1711384084715,"status":"draft","id":"286cb262-9824-492e-918b-18b966522a71","content-id":"286cb262-9824-492e-918b-18b966522a71","version":8,"metadata":{"social-share":{"shareable":true,"title":"Bitcoin Tops $70,000 Again After Slumping On U.S. ETF Outflows","message":"Most digital assets were higher Monday, with Bitcoin gaining as much as 7.1% to $70,816.","image":{"key":"bloombergquint/2024-03/952d9148-a787-483d-a74a-a87f068b180a/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1668987,"first-published-at":1711384932770,"story-template":"syndicated","authors":[{"slug":"david-pan-2","social":{},"name":"David Pan","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1668987,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["crypto"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-25/bitcoin-tops-70-000-again-after-slumping-on-us-etf-outflows","imported-card-id":"286cb262-9824-492e-918b-18b966522a71","card-share":{"shareable":true}}}},{"id":"1097218c-937d-455a-963a-1640b1cafd71","score":null,"type":"story","item":{"headline":["Bitcoin ‘Halving’ Spurs Exodus Of Old US Mining Computers Abroad"]},"story":{"author-name":"David Pan","headline":"Bitcoin ‘Halving’ Spurs Exodus Of Old US Mining Computers Abroad","slug":"business/bitcoin-halving-spurs-exodus-of-old-us-mining-computers-abroad","last-published-at":1711212452572,"alternative":{},"sections":[{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"crypto","name":"Crypto","section-url":"https://www.ndtvprofit.com/crypto","id":26966,"parent-id":null,"display-name":"Crypto","collection":{"slug":"crypto","name":"Crypto","id":52720},"data":{"color":"#00DC3C"}},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ih4pcfALNelE/v0/-1x-1.jpg","width":2000,"height":1334},"published-at":1711212452572,"summary":"About 6,000 older Bitcoin mining machines in the US will soon be idled and sent to a warehouse in Colorado Springs where they’ll be refreshed and resold to buyers overseas looking to profit from mining in lower-cost environs.","id":"1097218c-937d-455a-963a-1640b1cafd71","hero-image-s3-key":"bloombergquint/2024-03/9b038ea1-305a-46ed-9e7b-8461d0f9a404/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/99c56c13-ddd8-49f9-b78c-7381e739a57f","type":"text","family-id":"b9262ac1-ac83-4e67-9db4-b83540153240","title":"","id":"99c56c13-ddd8-49f9-b78c-7381e739a57f","metadata":null,"subtype":null,"text":"(Bloomberg) -- About 6,000 older Bitcoin mining machines in the US will soon be idled and sent to a warehouse in Colorado Springs where they’ll be refreshed and resold to buyers overseas looking to profit from mining in lower-cost environs.
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/2ca76ed2-e714-4268-b093-e6f089e912a5","type":"text","family-id":"40b09bcd-fbe4-4dd3-a79d-a7a65adc5509","title":"","id":"2ca76ed2-e714-4268-b093-e6f089e912a5","metadata":null,"subtype":null,"text":"Wholesaler SunnySide Digital operates the 35,000 square-foot facility taking in the equipment from a mining client. The outdated machines are among several hundred-thousand it expects to receive and refurbish around a major quadrennial update in the Bitcoin blockchain.
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/41305fd9-abbc-4cd7-84cc-982d966e3d18","type":"text","family-id":"277df4c4-9a61-4a16-acc6-99c469fd6760","title":"","id":"41305fd9-abbc-4cd7-84cc-982d966e3d18","metadata":null,"subtype":null,"text":"Known as the halving, the late April event will slash the reward that’s the main revenue stream for miners, who will try to lessen the impact by upgrading to the latest and most efficient technology. With electricity the biggest expense, mining companies including publicly traded giants Marathon Digital Holdings Inc. and Riot Platforms Inc. need to lower usage costs to maintain a positive margin. Their older computers may still bring a profit, just not likely in the US.
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/92c88135-5729-4c92-a900-a5a020cc3550","type":"text","family-id":"17d77db9-5ee1-45e2-8975-4a7e500a66a7","title":"","id":"92c88135-5729-4c92-a900-a5a020cc3550","metadata":null,"subtype":null,"text":"“It’s a natural migration” with buyers of the old machines operating in parts of the world where power is the cheapest, said SunnySide Digital Chief Executive Officer Taras Kulyk, who has resold US computers to miners in countries such as Ethiopia, Tanzania, Paraguay and Uruguay. “This is accelerated by the halving.”
"},{"description":"","image-metadata":null,"page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/0f2411b8-f47b-43cc-8a3c-b26c2f8dc481","type":"image","family-id":"da71cac2-c627-44d2-9c58-516ea413b2fa","image-attribution":"","title":" Luxor Logistics","id":"0f2411b8-f47b-43cc-8a3c-b26c2f8dc481","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/1990c785-5066-43e1-9b3b-03a882ae91c3/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iRFFhPneA7IE/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/693d2b2f-e30b-452d-9d69-5fc4c87c9688","type":"text","family-id":"947b9110-d1ab-4992-b598-8086ae7e8e24","title":"","id":"693d2b2f-e30b-452d-9d69-5fc4c87c9688","metadata":null,"subtype":null,"text":"Some 600,000 S19 series computers, which account for a majority of machines currently in use, are moving out of the US mostly to Africa and South America, according to an estimate by Ethan Vera, chief operating officer at crypto-mining services and logistics provider Luxor Technology in Seattle.
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/d1a836f1-9c83-492d-8a02-f02d8d11a22d","type":"text","family-id":"0b2ca8c0-d7a4-4f62-ba37-6007ae873fd0","title":"","id":"d1a836f1-9c83-492d-8a02-f02d8d11a22d","metadata":null,"subtype":null,"text":"In Bitcoin mining, specialized machines are used to validate transactions on the blockchain and earn operators a fixed token reward. Anonymous Bitcoin creator Satoshi Nakamoto baked in the once-every-four-years halving to maintain the hard cap of 21 million tokens. Next month’s event is the fourth since 2012 and the reward will drop to 3.125 Bitcoin from 6.25 now.
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/1dbb05c2-9ea3-471e-8dcd-ebc0499f45b8","type":"text","family-id":"aa2faea6-09ef-410e-967d-6bd0fbb69d79","title":"","id":"1dbb05c2-9ea3-471e-8dcd-ebc0499f45b8","metadata":null,"subtype":null,"text":"Read more: What Is Bitcoin ‘Halving’? Does It Push Up the Price?: QuickTake
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/b204a958-8893-4dea-83c8-7023a9dc551d","type":"text","family-id":"d3975f01-1d48-4989-9864-befed0eaf01a","title":"","id":"b204a958-8893-4dea-83c8-7023a9dc551d","metadata":null,"subtype":null,"text":"Bitcoin has surged about 50% this year to around $63,500, though it’s down from a record high of $73,798 reached on March 14. Bringing more efficient machines online has become more urgent with the halving just weeks away, as continued use of older equipment could mean electricity costs will be close to or exceed mining revenue.
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/9e149068-b8bc-4829-ab08-7387676aba90","type":"text","family-id":"43397407-3dfe-4933-ab72-35bc9792d74d","title":"","id":"9e149068-b8bc-4829-ab08-7387676aba90","metadata":null,"subtype":null,"text":"While S19 series and similar models might not be profitable to run in the US after the halving, they “can still generate decent profits and get an extended life if hosted” in parts of Africa, said Jaran Mellerud, CEO at Dubai-based Hashlabs Mining, which leases data center space in Ethiopia and provides hosting services to Bitcoin miners.
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/15b884e0-215d-4c9f-ad5f-a1ca3346c232","type":"text","family-id":"148030da-969a-4b4b-8ca7-1a1754a5ef41","title":"","id":"15b884e0-215d-4c9f-ad5f-a1ca3346c232","metadata":null,"subtype":null,"text":"Price Drop
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/3246cdb0-1504-4fe9-9055-c8e510ebb3ad","type":"text","family-id":"14e16802-fa6d-4963-aaf3-90909b47f8e7","title":"","id":"3246cdb0-1504-4fe9-9055-c8e510ebb3ad","metadata":null,"subtype":null,"text":"Some buyers are waiting until after the event to purchase older computers, assuming their prices will drop even more, said Lauren Lin, Luxor’s business development director. The used S19 models cost about $7,030 in March 2022, according to Luxor, which runs a trading desk for used machines. The price dropped dramatically a year later to about $900 as Bitcoin prices sank, then to about $427 this month and is estimated to sell for about $356 in May, after the halving.
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/0a9a1556-7793-4840-91a2-ac5c333b40ba","type":"text","family-id":"72eb1852-1b6c-45d5-875d-af9a3939defa","title":"","id":"0a9a1556-7793-4840-91a2-ac5c333b40ba","metadata":null,"subtype":null,"text":"There are miners in the US opting not to sell their hardware and instead transfer the equipment to regions with lower electricity costs and third-party data centers. Nuo Xu, who has two sites in Texas, is traveling this month to Ethiopia, Nigeria and a few other countries to scope out locations for about 6,000 older computers.
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/3a763197-eb56-42af-93b1-32ba656b1a62","type":"text","family-id":"3cfe1156-0549-44aa-b261-f534434d5cef","title":"","id":"3a763197-eb56-42af-93b1-32ba656b1a62","metadata":null,"subtype":null,"text":"“There are more risks for my machines in Africa but I have to move them there,” he said. “Cheaper electricity outside the US means it will take a much shorter time to recover the overhead costs,” with labor and building materials also much less expensive, he said.
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/8f657423-d121-446c-a4fa-e15ab15635a9","type":"text","family-id":"166354dd-67ad-4661-9538-874937bc0df8","title":"","id":"8f657423-d121-446c-a4fa-e15ab15635a9","metadata":null,"subtype":null,"text":"Hosting Fees
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/b161fff3-5474-4aa3-ba37-8e347a1bffde","type":"text","family-id":"562a3ef4-a2a8-43df-a3be-7404df011e70","title":"","id":"b161fff3-5474-4aa3-ba37-8e347a1bffde","metadata":null,"subtype":null,"text":"Miners globally who don’t have their own facilities pay a hosting fee, which typically includes electricity, labor and third-party operators. It’s been Xu’s experience that fees in the US come to about 7 cents per kilowatt hour. In Ethiopia, which has loosened regulations on crypto mining and increased its power generation, the rate is about 5 cents, according to Hashlab’s Mellerud. That two-cent difference is huge for miners.
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/2eef53f2-fc92-4a6a-8d5b-4522b19940a1","type":"text","family-id":"974fa7ee-5df5-4ff1-91ef-0a2fcdca7dcd","title":"","id":"2eef53f2-fc92-4a6a-8d5b-4522b19940a1","metadata":null,"subtype":null,"text":"Electricity itself is about 3 cents per kWh in Ethiopia, according to Hiwot Eshetu, marketing and business development director at Ethiopian Electric Power. In the US, the range is about 3 cents to 6 cents, based on estimates from Luxor.
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/df9b89aa-311a-4ffc-821e-73afa02401c6","type":"text","family-id":"0c5057bc-e663-47fa-a1ce-247f320fcb55","title":"","id":"df9b89aa-311a-4ffc-821e-73afa02401c6","metadata":null,"subtype":null,"text":"“Ethiopia is really becoming a big player in the digital mining ecosystem,” said SunnySide’s Kulyk, who added his company is negotiating a deal to help move between 20,000 and 40,000 rigs to the east African nation.
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/7ac4f296-5e17-4170-9b69-212594537ca3","type":"text","family-id":"cabdb103-93e0-4339-acb9-70724c365ac1","title":"","id":"7ac4f296-5e17-4170-9b69-212594537ca3","metadata":null,"subtype":null,"text":"Read More: Chinese Bitcoin Miners Find a New Crypto Haven in Ethiopia
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/9aeedfa1-171b-41dc-adbd-67e67e0245b0","type":"text","family-id":"66613d98-d5ff-401c-a459-c8fad874451e","title":"","id":"9aeedfa1-171b-41dc-adbd-67e67e0245b0","metadata":null,"subtype":null,"text":"Not all US-based equipment leaves the country. That process can be tougher for publicly traded companies because they have to take risk-averse shareholders into account. There’s also some hesitation to relocate machines abroad due to transportation costs, breakage and security concerns.
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/2455bc1a-93c2-4df1-bc99-988ae56893f7","type":"text","family-id":"5aec9737-8e4f-43b8-9281-b585db71453d","title":"","id":"2455bc1a-93c2-4df1-bc99-988ae56893f7","metadata":null,"subtype":null,"text":"Publicly traded Bit Digital Inc., one of the biggest Bitcoin miners, has older generations of computers sitting dormant in a warehouse in Houston.
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/d09d67f2-2252-452e-b991-dce80bdaa2a5","type":"text","family-id":"85022b1c-a800-4ab4-8c63-681fdee664e8","title":"","id":"d09d67f2-2252-452e-b991-dce80bdaa2a5","metadata":null,"subtype":null,"text":"“These machines basically collect dust every now and again,” said CEO Sam Tabar. But the New York-based company holds onto them because when Bitcoin prices are high, the computers can be pulled out of retirement and still make a profit, he said.
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/f9c7d696-1842-42ad-926c-34b02ce03ea4","type":"text","family-id":"0962e027-42ed-4b90-9428-eb98423d9495","title":"","id":"f9c7d696-1842-42ad-926c-34b02ce03ea4","metadata":null,"subtype":null,"text":"Big Bucks
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/9e1fdaca-a679-431c-b974-425c32420684","type":"text","family-id":"f391c843-c857-47ff-9291-e0f5567f9e8b","title":"","id":"9e1fdaca-a679-431c-b974-425c32420684","metadata":null,"subtype":null,"text":"Miners have been prepping for the halving for years and are spending big bucks to replace their older hardware. The 13 major public Bitcoin-mining companies, including Riot Platforms and CleanSpark Inc., have placed orders for more than $1 billion worth of machines since February 2023, according to crypto-mining researcher TheMinerMag.
"},{"description":"","image-metadata":null,"page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/e5d1477f-dc59-4fe7-a3d2-e3b94ed663e5","type":"image","family-id":"9b5d913c-c59c-4d23-9ca7-de9430903af3","image-attribution":"","title":" SEC, TheMinerMag","id":"e5d1477f-dc59-4fe7-a3d2-e3b94ed663e5","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/de527cd4-326b-4600-bb98-f0fc5e86a4d0/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iS7JbmgybtPA/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/664a87a6-97c4-4601-8c67-94b705071ea7","type":"text","family-id":"19aeb55b-ec9d-4f1e-8acf-844d1e0550f4","title":"","id":"664a87a6-97c4-4601-8c67-94b705071ea7","metadata":null,"subtype":null,"text":"Five of the biggest miners raised more than $2.7 billion from selling shares in the two years ended in December. Since the start of this year, those same miners have raked in an additional $840 million, according to the researcher.
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/a5dbff4d-7b36-43f1-b255-3cf1a54827f4","type":"text","family-id":"413dc5cf-b0c0-4326-b65b-307daaf91b22","title":"","id":"a5dbff4d-7b36-43f1-b255-3cf1a54827f4","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/1097218c-937d-455a-963a-1640b1cafd71/element/d59cc302-8893-4825-bed3-b1c4f3b74ffe","type":"text","family-id":"5bbb03c9-7a5e-46c7-92fa-cd554badf499","title":"","id":"d59cc302-8893-4825-bed3-b1c4f3b74ffe","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711201804207,"content-version-id":"14f492c2-8030-4f90-b270-e77a74fbe571","card-added-at":1711201804207,"status":"draft","id":"43fd593a-005e-4588-985b-4d98de927de2","content-id":"43fd593a-005e-4588-985b-4d98de927de2","version":8,"metadata":{"social-share":{"shareable":true,"title":"Bitcoin ‘Halving’ Spurs Exodus Of Old US Mining Computers Abroad","message":"About 6,000 older Bitcoin mining machines in the US will soon be idled and sent to a warehouse in Colorado Springs where they’ll be refreshed and resold to buyers overseas looking to profit from mining in lower-cost environs.","image":{"key":"bloombergquint/2024-03/1990c785-5066-43e1-9b3b-03a882ae91c3/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1668987,"first-published-at":1711212452572,"story-template":"syndicated","authors":[{"slug":"david-pan-2","social":{},"name":"David Pan","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1668987,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["technology"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-23/bitcoin-halving-spurs-exodus-of-old-us-mining-computers-abroad","imported-card-id":"43fd593a-005e-4588-985b-4d98de927de2","card-share":{"shareable":true}}}},{"id":"fe8337d7-4da3-4a06-900c-7647b201e9d6","score":null,"type":"story","item":{"headline":["U.S. Spot-Bitcoin ETFs Post Largest Three-Day Outflow Since Launch"]},"story":{"author-name":"Sidhartha Shukla","headline":"U.S. Spot-Bitcoin ETFs Post Largest Three-Day Outflow Since Launch","slug":"crypto/us-spot-bitcoin-btc-etfs-post-largest-three-day-outflow-since-launch","last-published-at":1711034362553,"alternative":{},"sections":[{"domain-slug":null,"slug":"crypto","name":"Crypto","section-url":"https://www.ndtvprofit.com/crypto","id":26966,"parent-id":null,"display-name":"Crypto","collection":{"slug":"crypto","name":"Crypto","id":52720},"data":{"color":"#00DC3C"}},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"mime-type":"image/jpeg","focus-point":[1270,1510],"width":3872,"file-size":2885747,"file-name":"bitcoin-4481815.jpg","original-url":"https://images.assettype.com/thequint/2022-06/353aa667-168c-44b5-94b1-e18cf774de54/bitcoin_4481815.jpg","height":2178},"published-at":1711034362553,"summary":"A group of 10 spot-Bitcoin exchange-traded funds posted its biggest three-day outflow since the products debuted in January, a turnaround from the clamor for exposure that earlier drove to the token to a record high.","id":"fe8337d7-4da3-4a06-900c-7647b201e9d6","hero-image-s3-key":"bloombergquint/2022-06/5a0a6273-36cb-4ed0-bbcb-1760e72b857e/bitcoin_4481815.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/fe8337d7-4da3-4a06-900c-7647b201e9d6/element/e48e138c-9872-4885-9877-36610c0486a5","type":"text","family-id":"2301222c-e0a6-4591-8859-b539da31711e","title":"","id":"e48e138c-9872-4885-9877-36610c0486a5","metadata":null,"subtype":null,"text":"(Bloomberg) -- A group of 10 US spot-Bitcoin exchange-traded funds posted its biggest three-day outflow since the products debuted in January, a turnaround from the clamor for exposure that earlier drove to the token to a record high.
"},{"description":"","page-url":"/story/fe8337d7-4da3-4a06-900c-7647b201e9d6/element/8dea64fe-b5c3-4d0c-962a-4a880b3a28e8","type":"text","family-id":"7f260f48-84a7-4185-bc6a-72c0d7b6de8f","title":"","id":"8dea64fe-b5c3-4d0c-962a-4a880b3a28e8","metadata":null,"subtype":null,"text":"A net $742 million left the ETFs from Monday through Wednesday, reflecting outflows from the Grayscale Bitcoin Trust and a moderation in subscriptions for rival offerings from the likes of BlackRock Inc. and Fidelity Investments.
"},{"description":"","image-metadata":null,"page-url":"/story/fe8337d7-4da3-4a06-900c-7647b201e9d6/element/7d978312-8d0b-44aa-ae71-22623434219e","type":"image","family-id":"64e001d2-aca9-4764-9e9d-045b5213a3bd","image-attribution":"","title":" Bloomberg","id":"7d978312-8d0b-44aa-ae71-22623434219e","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/50d64095-6d00-4ed4-a959-ff45b0a71d28/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iQ3BK3l4XFW0/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/fe8337d7-4da3-4a06-900c-7647b201e9d6/element/4a9ca363-aef4-4325-970e-c50d5bc4b0dc","type":"text","family-id":"76fd4180-4294-416a-980e-402506311b64","title":"","id":"4a9ca363-aef4-4325-970e-c50d5bc4b0dc","metadata":null,"subtype":null,"text":"The funds have garnered net inflows of $11.4 billion to date, data compiled by Bloomberg show, still one of the most successful debuts for an ETF category. The Grayscale Bitcoin Trust, which was converted into an ETF, has seen $13.3 billion of outflows.
"},{"description":"","page-url":"/story/fe8337d7-4da3-4a06-900c-7647b201e9d6/element/6edac19d-b20e-47c6-ac69-327203771db1","type":"text","family-id":"6cef8fcc-7814-4837-a2d6-596bfa8c25c6","title":"","id":"6edac19d-b20e-47c6-ac69-327203771db1","metadata":null,"subtype":null,"text":"Bitcoin jumped more than 5% on Wednesday in the US as Federal Reserve signals pointing to interest-rate cuts boosted a range of asset classes. The rally in the original cryptocurrency fizzled in Asia on Thursday, contrasting with further gains in global stocks and gold, as the ETF flows data permeated markets.
"},{"description":"","page-url":"/story/fe8337d7-4da3-4a06-900c-7647b201e9d6/element/4fbf62da-4154-45c4-9ce7-37d11c2072e4","type":"text","family-id":"d3813372-fbb6-407f-9b97-e63ed5fe866e","title":"","id":"4fbf62da-4154-45c4-9ce7-37d11c2072e4","metadata":null,"subtype":null,"text":"Crypto regained some of its impetus after the Fed decision, but more work is needed to “get this pumping as a momentum move,” Chris Weston, head of research for Pepperstone Group, wrote in a note.
"},{"description":"","page-url":"/story/fe8337d7-4da3-4a06-900c-7647b201e9d6/element/f0047162-c402-4378-be30-b6db53d6eb5e","type":"text","family-id":"23ed7dc9-a07f-4ea5-a15e-c83108b059d1","title":"","id":"f0047162-c402-4378-be30-b6db53d6eb5e","metadata":null,"subtype":null,"text":"Bitcoin traded at $67,504 as of 9:26 a.m. in New York, about $6,300 dollars shy of the all-time peak achieved on March 14 during a crescendo of bullishness about the ETFs as well as looming reduction in the token’s supply growth.
"},{"description":"","page-url":"/story/fe8337d7-4da3-4a06-900c-7647b201e9d6/element/c870ef2f-c932-4d2a-8224-e2d113049cbe","type":"text","family-id":"6bd17e3d-2167-4932-8ce3-0ae89aebe5fc","title":"","id":"c870ef2f-c932-4d2a-8224-e2d113049cbe","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/fe8337d7-4da3-4a06-900c-7647b201e9d6/element/b2f2efa5-15de-4d2d-9ce6-e2fe86e1b78c","type":"text","family-id":"d100938e-5eab-47a9-bfb9-b80e327df526","title":"","id":"b2f2efa5-15de-4d2d-9ce6-e2fe86e1b78c","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711008964560,"content-version-id":"2c69734e-1bad-4b2b-933a-6b3bef37d2ba","card-added-at":1711008964560,"status":"draft","id":"9d0ff973-acd2-4d87-bea3-dd7f3ed0df17","content-id":"9d0ff973-acd2-4d87-bea3-dd7f3ed0df17","version":6,"metadata":{"social-share":{"shareable":true,"title":"U.S. Spot-Bitcoin ETFs Post Largest Three-Day Outflow Since Launch","message":"A group of 10 spot-Bitcoin exchange-traded funds posted its biggest three-day outflow since the products debuted in January, a turnaround from the clamor for exposure that earlier drove to the token to a record high.","image":{"key":"bloombergquint/2024-03/50d64095-6d00-4ed4-a959-ff45b0a71d28/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1669262,"first-published-at":1711034362553,"story-template":"syndicated","authors":[{"slug":"sidhartha-shukla-4","social":{},"name":"Sidhartha Shukla","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669262,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["crypto"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-21/us-spot-bitcoin-btc-etfs-post-largest-three-day-outflow-since-launch","imported-card-id":"9d0ff973-acd2-4d87-bea3-dd7f3ed0df17","card-share":{"shareable":true}}}},{"id":"9fe35e96-e315-419a-986c-5bb1351ac8a7","score":null,"type":"story","item":{"headline":["Evaporating U.S. Bitcoin ETF Demand Sends Token To A Two-Week Low"]},"story":{"author-name":"Sunil Jagtiani","headline":"Evaporating U.S. Bitcoin ETF Demand Sends Token To A Two-Week Low","slug":"crypto/bitcoin-btc-wavers-as-traders-wait-for-fed-dot-plot-on-rate-cuts","last-published-at":1710922166081,"alternative":{},"sections":[{"domain-slug":null,"slug":"crypto","name":"Crypto","section-url":"https://www.ndtvprofit.com/crypto","id":26966,"parent-id":null,"display-name":"Crypto","collection":{"slug":"crypto","name":"Crypto","id":52720},"data":{"color":"#00DC3C"}},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"world","name":"World","section-url":"https://www.ndtvprofit.com/world","id":38090,"parent-id":null,"display-name":"World","collection":{"slug":"world","name":"World","id":103216},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iOqn_NQF6uk0/v1/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","width":2000,"height":1334,"focus-point":[1000,667]},"published-at":1710922166081,"summary":"The products have garnered a net inflow of $11.7 billion so far but the group as a whole suffered its biggest outflow on Tuesday.","id":"9fe35e96-e315-419a-986c-5bb1351ac8a7","hero-image-s3-key":"bloombergquint/2024-03/7567c250-d7f2-4232-9349-a244d5c3d6e5/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/9fe35e96-e315-419a-986c-5bb1351ac8a7/element/06e7ca9d-ce7f-4421-93ec-4d7eb4002c4b","type":"text","family-id":"7d8ac21a-42c1-410f-ae43-96855c57f606","title":"","id":"06e7ca9d-ce7f-4421-93ec-4d7eb4002c4b","metadata":null,"subtype":null,"text":"(Bloomberg) -- Bitcoin sank to a two-week low as demand for dedicated US exchange-traded funds dries up and investors question the Federal Reserve’s scope to lower interest rates quickly.
"},{"description":"","page-url":"/story/9fe35e96-e315-419a-986c-5bb1351ac8a7/element/e00766a0-0882-4377-9160-c64e78035df5","type":"text","family-id":"f956253f-c9e2-449f-bdf8-c4bfc1147c88","title":"","id":"e00766a0-0882-4377-9160-c64e78035df5","metadata":null,"subtype":null,"text":"The digital asset has declined almost every day since hitting a record high just shy of $73,798 on March 14, stoking questions about whether the cryptocurrency has peaked for the time being. Bitcoin shed about 4.5% to change hands at $60,900 as of 1:26 p.m. on Wednesday in Singapore.
"},{"description":"","page-url":"/story/9fe35e96-e315-419a-986c-5bb1351ac8a7/element/6a60e621-9523-4d4e-9069-36e7edb12543","type":"text","family-id":"7b8df9ae-633c-4c8c-bf74-20b95622b526","title":"","id":"6a60e621-9523-4d4e-9069-36e7edb12543","metadata":null,"subtype":null,"text":"Demand has cooled for US spot-Bitcoin ETFs that launched with much fanfare on Jan. 11. The products have garnered a net inflow of $11.7 billion so far but the group as a whole suffered its biggest outflow on Tuesday.
"},{"description":"","page-url":"/story/9fe35e96-e315-419a-986c-5bb1351ac8a7/element/c0f8dd93-a197-4834-8726-317c6c9da714","type":"text","family-id":"ab566ee1-ff7d-4c76-b47d-c1e506800998","title":"","id":"c0f8dd93-a197-4834-8726-317c6c9da714","metadata":null,"subtype":null,"text":"Exits from the Grayscale Bitcoin Trust drove the $326 million efflux, while subscriptions shriveled for rival offerings from the likes of Fidelity Investments and BlackRock Inc., according to data compiled by Bloomberg.
"},{"description":"","page-url":"/story/9fe35e96-e315-419a-986c-5bb1351ac8a7/element/f48eec3c-267d-4730-8e30-7b805117750d","type":"text","family-id":"6f496000-14fa-428c-aad4-7e3449f6367c","title":"","id":"f48eec3c-267d-4730-8e30-7b805117750d","metadata":null,"subtype":null,"text":"Bitcoin’s slide comes amid uncertainty over whether above-target inflation will lead Fed policymakers to trim rate-cut projections at their meeting on Wednesday, portending a less favorable backdrop for speculators.
"},{"description":"","image-metadata":null,"page-url":"/story/9fe35e96-e315-419a-986c-5bb1351ac8a7/element/26961921-6f8b-4696-a95a-52d311754209","type":"image","family-id":"d69d6081-106c-4821-8583-34f56d7c12b8","image-attribution":"","title":"","id":"26961921-6f8b-4696-a95a-52d311754209","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/5813ffc6-5bce-488f-8205-0c50094dfa5e/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iM3dYYnOIeqA/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/9fe35e96-e315-419a-986c-5bb1351ac8a7/element/60fd980a-0761-48be-9be3-ff5a933ab375","type":"text","family-id":"851da00f-6d89-4a91-9b27-9ea5bb9563d9","title":"","id":"60fd980a-0761-48be-9be3-ff5a933ab375","metadata":null,"subtype":null,"text":"While Bitcoin’s recent struggles are partly to do with the Fed outlook, “the commitment of some of the latecomers that bought in above $60,000 — expecting a never-ending stream of inflows into the new Bitcoin ETFs — is now being tested,” said Tony Sycamore, a market analyst at IG Australia Pty.
"},{"description":"","page-url":"/story/9fe35e96-e315-419a-986c-5bb1351ac8a7/element/7e3e3b20-df43-43fe-a9ad-a7f7b57a000e","type":"text","family-id":"261fa95b-c545-4515-a1ee-91d60c6ea839","title":"","id":"7e3e3b20-df43-43fe-a9ad-a7f7b57a000e","metadata":null,"subtype":null,"text":"The wider crypto market has lost roughly $460 billion since reaching $2.9 trillion last week, based on data from CoinGecko. Tokens like Ether and BNB, as well as meme-crowd favorite Dogecoin, are all sitting on losses for the period.
"},{"description":"","page-url":"/story/9fe35e96-e315-419a-986c-5bb1351ac8a7/element/782a5a66-c10f-4dc3-bc1a-6972f3265029","type":"text","family-id":"42b626b4-2aac-48d7-96ec-f2e4f88c49fa","title":"","id":"782a5a66-c10f-4dc3-bc1a-6972f3265029","metadata":null,"subtype":null,"text":"A washout in bullish bets using derivatives may have further to run, pointing to a potential impediment for any quick recovery in the digital-asset market, according to K33 Research.
"},{"description":"","image-metadata":null,"page-url":"/story/9fe35e96-e315-419a-986c-5bb1351ac8a7/element/e811c5b3-63b4-4b19-9865-e728ef2a0a48","type":"image","family-id":"f488f674-03b1-4c7d-a79f-8d91619238c4","image-attribution":"","title":"","id":"e811c5b3-63b4-4b19-9865-e728ef2a0a48","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/ccddfde5-78eb-4ada-a748-af4c875d3469/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iFC1V9M9lalo/v2/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/9fe35e96-e315-419a-986c-5bb1351ac8a7/element/b33400f5-ac00-4d12-94e0-881eff959a43","type":"text","family-id":"5c8cc602-09c0-425d-a542-befd26457b13","title":"","id":"b33400f5-ac00-4d12-94e0-881eff959a43","metadata":null,"subtype":null,"text":"“Risks are thus still considerable for continued amplified downside volatility stemming from long liquidations,” K33 Research’s Anders Helseth and Vetle Lunde wrote in a note.
"},{"description":"","page-url":"/story/9fe35e96-e315-419a-986c-5bb1351ac8a7/element/9892f938-a702-45be-8200-a9b3b7c5f5ed","type":"text","family-id":"05d2cffe-b79e-4733-a221-783145d23d6d","title":"","id":"9892f938-a702-45be-8200-a9b3b7c5f5ed","metadata":null,"subtype":null,"text":"Coinglass data show about $511 million worth of bullish crypto wagers were liquidated in the past 24 hours — one of the heaviest such drops in the past two weeks.
"},{"description":"","page-url":"/story/9fe35e96-e315-419a-986c-5bb1351ac8a7/element/1ce7d221-b249-4f34-bc93-563b624fc450","type":"text","family-id":"aa47e16a-0954-41e0-b96b-3c4964e94696","title":"","id":"1ce7d221-b249-4f34-bc93-563b624fc450","metadata":null,"subtype":null,"text":"Digital-asset optimists continue to anticipate a fillip for Bitcoin from an upcoming reduction in the token’s supply growth. But a downbeat mood is prevalent currently, underlined by slumps this week in crypto-linked stocks such as US exchange operator Coinbase Global Inc., Bitcoin holder MicroStrategy Inc. and Japanese financial services company Monex Group.
"},{"description":"","page-url":"/story/9fe35e96-e315-419a-986c-5bb1351ac8a7/element/b50f85ae-6642-48d0-8b2b-c7371e5ed36a","type":"text","family-id":"0b81f538-680e-4b71-a4f3-a5b0e883907f","title":"","id":"b50f85ae-6642-48d0-8b2b-c7371e5ed36a","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/9fe35e96-e315-419a-986c-5bb1351ac8a7/element/ddfc93ae-9636-4b49-a345-b4887f653ef3","type":"text","family-id":"d941e244-781e-4c3e-80c3-12ebbc800299","title":"","id":"ddfc93ae-9636-4b49-a345-b4887f653ef3","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1710907327243,"content-version-id":"9719da55-1822-4a6b-b4f9-c3f21656c35d","card-added-at":1710907327243,"status":"draft","id":"dd07d97c-ea9c-4cfd-a108-275f8f7ee1d9","content-id":"dd07d97c-ea9c-4cfd-a108-275f8f7ee1d9","version":8,"metadata":{"social-share":{"shareable":true,"title":"Evaporating U.S. Bitcoin ETF Demand Sends Token To A Two-Week Low","message":"The products have garnered a net inflow of $11.7 billion so far but the group as a whole suffered its biggest outflow on Tuesday.","image":{"key":"bloombergquint/2024-03/5813ffc6-5bce-488f-8205-0c50094dfa5e/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1668630,"first-published-at":1710922166081,"story-template":"syndicated","authors":[{"slug":"sunil-jagtiani-4","social":{},"name":"Sunil Jagtiani","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1668630,"avatar-s3-key":null,"twitter-handle":null},{"slug":"sidhartha-shukla-4","social":{},"name":"Sidhartha Shukla","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669262,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["crypto"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-20/bitcoin-btc-wavers-as-traders-wait-for-fed-dot-plot-on-rate-cuts","imported-card-id":"dd07d97c-ea9c-4cfd-a108-275f8f7ee1d9","card-share":{"shareable":true}}}},{"id":"465e0f7d-9144-43b4-a5b0-463952e10877","score":null,"type":"story","item":{"headline":["FTX Bankruptcy Trade Mints 200% Windfall And Sparks Legal Battle"]},"story":{"author-name":"Lucca de Paoli","headline":"FTX Bankruptcy Trade Mints 200% Windfall And Sparks Legal Battle","slug":"business/london-fund-s-ftx-bankruptcy-windfall-mired-in-legal-battle","last-published-at":1710754728529,"alternative":{},"sections":[{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"crypto","name":"Crypto","section-url":"https://www.ndtvprofit.com/crypto","id":26966,"parent-id":null,"display-name":"Crypto","collection":{"slug":"crypto","name":"Crypto","id":52720},"data":{"color":"#00DC3C"}},{"domain-slug":null,"slug":"law-and-policy","name":"Law & Policy","section-url":"https://www.ndtvprofit.com/law-and-policy","id":2729,"parent-id":null,"display-name":"Law & Policy","collection":{"slug":"law-and-policy","name":"Law & Policy","id":15814},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i_.L6Xvp.bMk/v1/-1x-1.jpg","width":2000,"height":1358,"focus-point":[1000,679]},"published-at":1710754728529,"summary":"Betting on the remains of FTX is lucrative — and complicated.","id":"465e0f7d-9144-43b4-a5b0-463952e10877","hero-image-s3-key":"bloombergquint/2024-03/b0f48eee-cfaa-43c2-bf1d-bd0997bb9cef/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/357cad8b-9bd0-456b-9bc2-0aba8babe69e","type":"text","family-id":"e935658c-7792-40a6-bd17-1987b1afc30a","title":"","id":"357cad8b-9bd0-456b-9bc2-0aba8babe69e","metadata":null,"subtype":null,"text":"(Bloomberg) -- The profits were multiplying at a dizzying clip: 50%, 100%, then suddenly almost 200%. Even for long-time veterans at Attestor Ltd., a boutique London firm that specializes in trading distressed assets, this had the makings of a score to remember.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/d7382f86-b00d-437d-81f2-a67bc92c3ac3","type":"text","family-id":"f4244a60-fb28-4d83-adc6-47ddb9e64098","title":"","id":"d7382f86-b00d-437d-81f2-a67bc92c3ac3","metadata":null,"subtype":null,"text":"The trade — targeting the remains of Sam Bankman-Fried’s once-vast cryptocurrency empire — became a popular one in distressed investing circles last year.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/9215486d-cc68-4519-b360-f949ed9956d0","type":"text","family-id":"b675bb80-aecb-4dd8-9e72-ae268636c195","title":"","id":"9215486d-cc68-4519-b360-f949ed9956d0","metadata":null,"subtype":null,"text":"Many of Attestor’s rivals jumped in, too, and as the value of crypto coins skyrocketed once again, so did the value of the assets they had purchased at rock-bottom prices from clients of Bankman-Fried’s, desperate to recoup whatever they could. Lawyers running the bankruptcy now estimate the clean-up will deliver investors 100% of the money frozen in FTX when it failed.
"},{"description":"","image-metadata":null,"page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/a9b821bd-91f4-44de-8fe0-f104c80b7d56","type":"image","family-id":"0a5b4ffa-080a-4bed-b32d-2026fe81c37f","image-attribution":"","title":"Sam Bankman-Fried departs court in New York, on Feb. 16, 2023. Photographer: Stephanie Keith/Bloomberg","id":"a9b821bd-91f4-44de-8fe0-f104c80b7d56","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/f1d38668-0e36-4a86-8b51-d6b57ec788a3/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ichVHk2LM8E0/v1/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/265a9456-95ce-4e17-8871-212719721ff1","type":"text","family-id":"88d86ed1-de2e-40fa-8835-e9e521bdb3e3","title":"","id":"265a9456-95ce-4e17-8871-212719721ff1","metadata":null,"subtype":null,"text":"But this is where the story gets messy for Attestor — and its grip on a chunk of that windfall becomes a bit fragile. The seller of one of the biggest FTX accounts it purchased — an obscure Panamanian firm called Lemma Technologies that’s controlled by an embattled South Korean trader — has opted, so far at least, to keep the claim for itself.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/80a6ce34-cdca-42c4-aba1-d5e14d7fea7e","type":"text","family-id":"42da2a1d-d54d-43de-a8d2-c37c1ad58e01","title":"","id":"80a6ce34-cdca-42c4-aba1-d5e14d7fea7e","metadata":null,"subtype":null,"text":"Attestor’s lawyers have argued in a New York court that this is a clear case of “seller’s remorse.” Over the years, other bankruptcies have brought handsome returns, but rarely, if ever, so rapidly. Back in June, Lemma agreed to a sell price of $58 million, according to evidence submitted to the court. Today, the claim is expected to pay out $165 million.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/f14333e1-6b47-4df7-ad20-5c718403a56d","type":"text","family-id":"f9364811-97f1-437d-be24-9e9f3c3184e7","title":"","id":"f14333e1-6b47-4df7-ad20-5c718403a56d","metadata":null,"subtype":null,"text":"Attestor’s trade, in other words, was so good, it could be bad.
"},{"description":"","image-metadata":null,"page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/fd81d8ec-5993-45ef-ad99-a5b19483a979","type":"image","family-id":"880fb7de-ec12-4cf4-a38d-9db9c04ab5a0","image-attribution":"","title":"","id":"fd81d8ec-5993-45ef-ad99-a5b19483a979","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/9c62c5c4-3a7c-4abe-8a7d-780b6332f416/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iaIbtc0lj39A/v0/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/188a4537-cdd9-4866-812e-856a8283f261","type":"text","family-id":"c0f85220-1aaf-48dd-a522-408fbcea5321","title":"","id":"188a4537-cdd9-4866-812e-856a8283f261","metadata":null,"subtype":null,"text":"The FTX bankruptcy is unusual for distressed firms in another crucial way: they’re buying up claims on client accounts, a murkier and riskier transaction than the typical purchase of defaulted bonds or loans — debts that are usually backed by clear legal documentation.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/0c75bc93-40b5-4a50-ad58-862784ecc7ca","type":"text","family-id":"a34ba600-8c9b-4274-b572-1d9d66c5df98","title":"","id":"0c75bc93-40b5-4a50-ad58-862784ecc7ca","metadata":null,"subtype":null,"text":"Lemma has yet to publicly explain its side of the case and hasn’t filed a defense against Attestor’s New York suit. Lemma won’t “proceed with the transactions or otherwise honor the trade confirmations,” Attestor attorneys said in their filing, “unless compelled by force of law to do so.”
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/ee558187-71f5-4f4b-a6c5-c9f33c687caa","type":"text","family-id":"7ccdff9c-05c7-4670-93b1-1270bbf96e7d","title":"","id":"ee558187-71f5-4f4b-a6c5-c9f33c687caa","metadata":null,"subtype":null,"text":"That Lemma’s principal investor, Junho Bang, is currently facing charges in a separate matter back in Seoul only adds to the drama — and confusion.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/dfc82663-34d2-43f3-ba7f-bfdcbcfc6bbc","type":"text","family-id":"3f238047-9f1d-4902-bf48-c06a4981f66c","title":"","id":"dfc82663-34d2-43f3-ba7f-bfdcbcfc6bbc","metadata":null,"subtype":null,"text":"FTX Bet
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/3d31f402-eb96-49ba-b825-642d55c10489","type":"text","family-id":"baef6fe1-10e8-4f7e-a57a-82935bcd9f8a","title":"","id":"3d31f402-eb96-49ba-b825-642d55c10489","metadata":null,"subtype":null,"text":"Few details are known about Bang and his business dealings, beyond court filings in South Korea and New York. Emailed requests for comment from Bloomberg News sent to three addresses shown in the court documents for Bang and registered to accounts that he controlled at FTX did not receive a response. A representative for Attestor declined to comment when contacted by Bloomberg News.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/4e76e172-d8e7-45c8-894f-9e8bcf0682f7","type":"text","family-id":"3279cb94-224a-454c-800b-cb85c933c83c","title":"","id":"4e76e172-d8e7-45c8-894f-9e8bcf0682f7","metadata":null,"subtype":null,"text":"Attestor, which operates from offices near London’s Hyde Park, is no stranger to starting court battles. The firm could be one of the biggest winners from the bet on FTX’s bankruptcy assets, having purchased around $400 million worth of claims. Founded more than a decade ago by German investor Jan-Christoph Peters, the firm is known in financial circles for guarding its privacy and taking a pugnacious approach to deals.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/1802059f-971c-4407-a486-bc7a5c064208","type":"text","family-id":"b501c1a6-8b9f-4ebe-be4c-790efd02e59c","title":"","id":"1802059f-971c-4407-a486-bc7a5c064208","metadata":null,"subtype":null,"text":"Read More: Hedge Funds Set for FTX Win
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/3e7d0a39-c899-418b-b742-9f4bd76f5ab0","type":"text","family-id":"eb8e64f0-6c48-4a54-be1c-4ad76971ed39","title":"","id":"3e7d0a39-c899-418b-b742-9f4bd76f5ab0","metadata":null,"subtype":null,"text":"A tried-and-tested legal framework in distressed-debt investing means buyers can be relatively certain of the provenance of their purchase and where they’ll rank when cash from the bankruptcy pot is doled out.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/4e094cda-29f1-411e-ae58-9ab98191719c","type":"text","family-id":"92aabd6f-59f6-4bae-8f57-1944234813ba","title":"","id":"4e094cda-29f1-411e-ae58-9ab98191719c","metadata":null,"subtype":null,"text":"But as is often the case when comparing crypto to the more traditional operations of the financial industry, things are different with FTX.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/e9a3b67c-e0ff-40c8-abab-135d26bfba89","type":"text","family-id":"22fbe6dc-2db1-46db-b5d2-3bd6eef97532","title":"","id":"e9a3b67c-e0ff-40c8-abab-135d26bfba89","metadata":null,"subtype":null,"text":"The exchange didn’t have debt in the traditional sense, so funds bought the rights to customer accounts — mostly small claims backed by the holdings of part-time traders and enthusiasts.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/68884400-00cc-441f-9ab2-7c47a5e493ff","type":"text","family-id":"3b307903-eba7-4213-8083-f0659544e47c","title":"","id":"68884400-00cc-441f-9ab2-7c47a5e493ff","metadata":null,"subtype":null,"text":"Gathering up those accounts is a lot more complicated than buying distressed bonds. Claims are often negotiated directly with aggrieved former customers of the defunct platform. And the claims are all unique, holding differing blends of hard currency and cryptoassets.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/5f6053c5-873a-4f2a-9629-1bb5cd50e268","type":"text","family-id":"366e62ab-11b1-4a02-9874-3546bc4715b9","title":"","id":"5f6053c5-873a-4f2a-9629-1bb5cd50e268","metadata":null,"subtype":null,"text":"In the court documents, Attestor said it reached a deal in June with Lemma to buy the bundle of FTX claims, thought to be one of the largest.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/5d8e5779-1fb0-47a4-a032-9149ee7c1f14","type":"text","family-id":"003c7583-8769-4504-b884-7359ac46efa8","title":"","id":"5d8e5779-1fb0-47a4-a032-9149ee7c1f14","metadata":null,"subtype":null,"text":"Bitcoin Rebound
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/58e91f44-9853-4b68-96b4-2d24c5dbe0ae","type":"text","family-id":"5b7bec03-d3c5-4e0c-bcd2-a2e6c2afd6f2","title":"","id":"58e91f44-9853-4b68-96b4-2d24c5dbe0ae","metadata":null,"subtype":null,"text":"Now — after this year’s meteoric recovery in crypto and a successful push to track down billions of dollars of FTX assets — the claims are set to pay out in full. Attestor is anxious to get the deal over the line and its lawyers said the firm is willing to “immediately consummate the transactions,” according to the lawsuit.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/849f036c-25fa-4c0e-8f10-81567846aa7b","type":"text","family-id":"b2468c75-1819-4249-9977-ba41a91799dd","title":"","id":"849f036c-25fa-4c0e-8f10-81567846aa7b","metadata":null,"subtype":null,"text":"But after watching the value of the claim click ever higher over the past eight months, Lemma’s Junho Bang apparently isn’t rushing to conclude the deal. He also has a much bigger case on his mind.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/1a7ca674-b0d7-4f90-9d7f-e60b1b4b3a5b","type":"text","family-id":"65d4f5ec-140d-4da2-9afa-63063a1d52e4","title":"","id":"1a7ca674-b0d7-4f90-9d7f-e60b1b4b3a5b","metadata":null,"subtype":null,"text":"He’s accused of stealing digital assets from a lender called Haru Invest and was indicted by South Korean authorities in February. While that case and Attestor’s suit over FTX claims are playing out independently, Bang is at the center of both.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/d4b4bc0a-d806-4ac0-897d-114e2c01d049","type":"text","family-id":"589c2440-89bf-4c3a-b560-e33524ca210d","title":"","id":"d4b4bc0a-d806-4ac0-897d-114e2c01d049","metadata":null,"subtype":null,"text":"Back in the high-flying days of crypto, Haru Invest operated a platform that offered returns as lofty as 50% in some cases. Those kinds of yields were common before the collapse of FTX in November 2022 triggered a global cascade of crypto bankruptcies and scandals.
"},{"description":"","image-metadata":null,"page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/7ed858a9-7185-403b-a840-797d5a88e833","type":"image","family-id":"b9486786-58ab-49d2-b433-dfe7863c0c01","image-attribution":"","title":"Lemma’s Junho Bang is accused of stealing digital assets from Haru Invest.Photographer: SeongJoon Cho/Bloomberg","id":"7ed858a9-7185-403b-a840-797d5a88e833","hyperlink":null,"image-s3-key":"bloombergquint/2024-03/76dbcdda-f26b-4501-a39c-1641753ed2b4/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iMu_KFwf.J6o/v1/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/51e3b632-2bc5-4935-bcd2-f639bc9aeddf","type":"text","family-id":"c3e8dd94-c1fd-45de-827f-092f1b2c13dd","title":"","id":"51e3b632-2bc5-4935-bcd2-f639bc9aeddf","metadata":null,"subtype":null,"text":"At the time, Haru said it had pulled its assets off FTX and wasn’t impacted by the downfall of the exchange. Seven months later, it froze customer redemptions and said it had problems with a service provider, called B&S Holdings, that had sent reports with false information.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/c74f715c-ea0f-4728-b9c9-2009de54770b","type":"text","family-id":"6e14067f-0d62-4ae3-b1bf-cf54f8f3c1d1","title":"","id":"c74f715c-ea0f-4728-b9c9-2009de54770b","metadata":null,"subtype":null,"text":"B&S described itself as a quantitative trading company for cryptoassets, according to a cached version of its website from July 2022, investing in a range of tokens including FTX's now-defunct FTT.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/29fa8317-67cb-46c8-b11f-7d34f29c2b6e","type":"text","family-id":"c7849eb8-c6d7-4040-9162-39c525366535","title":"","id":"29fa8317-67cb-46c8-b11f-7d34f29c2b6e","metadata":null,"subtype":null,"text":"Emailed requests for comment to B&S Holdings did not receive a response.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/9dea6c2b-97e2-4733-95c7-12e56da529df","type":"text","family-id":"c8f8fa6c-39e1-4892-9aa5-8fc738fab9c8","title":"","id":"9dea6c2b-97e2-4733-95c7-12e56da529df","metadata":null,"subtype":null,"text":"In a social media post last month, Haru identified Bang as the majority shareholder of B&S, while the cached version of the B&S website lists “JH Bang” as a partner with the firm. Bang personally transferred his FTX claim to Lemma in January 2023, according to the court documents seen by Bloomberg News.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/c331c357-d067-41cb-9be6-28f8279f519b","type":"text","family-id":"c81f83a3-e91f-40bb-b9ab-15ea7fb5fe7a","title":"","id":"c331c357-d067-41cb-9be6-28f8279f519b","metadata":null,"subtype":null,"text":"Emails sent to Haru Invest did not receive a response.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/4568af81-a3a9-40e7-9453-545c488b728d","type":"text","family-id":"010c7992-7c3f-4785-8a05-93216dd6e674","title":"","id":"4568af81-a3a9-40e7-9453-545c488b728d","metadata":null,"subtype":null,"text":"--With assistance from Steven Church and Youkyung Lee.
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/5a4ae189-b1bc-46d0-8dde-b26a75d141d5","type":"text","family-id":"769bae2e-f8d6-413a-b005-55e5774ddd21","title":"","id":"5a4ae189-b1bc-46d0-8dde-b26a75d141d5","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/465e0f7d-9144-43b4-a5b0-463952e10877/element/0690eca6-2730-4d96-a5e0-9d676b931b3b","type":"text","family-id":"f3ff9a52-9adf-438e-b45b-47915cb0c8f5","title":"","id":"0690eca6-2730-4d96-a5e0-9d676b931b3b","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1710739207904,"content-version-id":"5bcf2de0-4ffa-4196-8358-bb90365977a1","card-added-at":1710739207904,"status":"draft","id":"8e6fffa9-ac26-41ea-89f7-d4df16390034","content-id":"8e6fffa9-ac26-41ea-89f7-d4df16390034","version":18,"metadata":{"social-share":{"shareable":true,"title":"FTX Bankruptcy Trade Mints 200% Windfall And Sparks Legal Battle","message":"Betting on the remains of FTX is lucrative — and complicated.","image":{"key":"bloombergquint/2024-03/f1d38668-0e36-4a86-8b51-d6b57ec788a3/_1x_1.jpg","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1669305,"first-published-at":1710754728529,"story-template":"syndicated","authors":[{"slug":"lucca-de-paoli-2","social":{},"name":"Lucca de Paoli","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669305,"avatar-s3-key":null,"twitter-handle":null},{"slug":"emily-nicolle-2","social":{},"name":"Emily Nicolle","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669261,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["business"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-18/london-fund-s-ftx-bankruptcy-windfall-mired-in-legal-battle","imported-card-id":"8e6fffa9-ac26-41ea-89f7-d4df16390034","card-share":{"shareable":true}}}},{"id":"cb861161-538c-4f53-969e-79783bebfa2f","score":null,"type":"story","item":{"headline":["Dan Yergin Is Concerned About AI-Fueled Boom In Electricity Use"]},"story":{"author-name":"Naureen Malik","headline":"Dan Yergin Is Concerned About AI-Fueled Boom In Electricity Use","slug":"crypto/ceraweek-s-yergin-on-what-to-expect-at-big-energy-conference","last-published-at":1710681083690,"alternative":{},"sections":[{"domain-slug":null,"slug":"crypto","name":"Crypto","section-url":"https://www.ndtvprofit.com/crypto","id":26966,"parent-id":null,"display-name":"Crypto","collection":{"slug":"crypto","name":"Crypto","id":52720},"data":{"color":"#00DC3C"}},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"world","name":"World","section-url":"https://www.ndtvprofit.com/world","id":38090,"parent-id":null,"display-name":"World","collection":{"slug":"world","name":"World","id":103216},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i44pKoVyvsos/v1/-1x-1.jpg","width":2000,"height":1334,"focus-point":[722,334]},"published-at":1710681083690,"summary":"Peak oil demand along with the geopolitics of oil and gas likely will be a key focus, as will mining, he said.","id":"cb861161-538c-4f53-969e-79783bebfa2f","hero-image-s3-key":"bloombergquint/2024-03/f87448c6-d542-4030-a8cf-bd77653443de/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/cb861161-538c-4f53-969e-79783bebfa2f/element/727688c8-57c1-4a37-accc-ed586dd0e586","type":"text","family-id":"dd6424de-61ab-4614-b1af-7ed4e1067cd5","title":"","id":"727688c8-57c1-4a37-accc-ed586dd0e586","metadata":{},"subtype":null,"text":"(Bloomberg) -- More than 7,000 people are headed to Houston next week to attend CERAWeek by S&P Global with a key question in mind: How to meet increasing demand for power amid the transition to clean energy. Daniel Yergin, vice chairman of S&P Global, offers a window into that future.
"},{"description":"","page-url":"/story/cb861161-538c-4f53-969e-79783bebfa2f/element/0792364a-5791-4d5a-8ad0-ad0b34cf3f94","type":"text","family-id":"0ce72588-4d90-40f9-9846-db9a73b00538","title":"","id":"0792364a-5791-4d5a-8ad0-ad0b34cf3f94","metadata":{},"subtype":null,"text":"Yergin, who wrote the Pulitzer Prize-winning book The Prize: The Epic Quest for Oil, Money & Power, will be the voice of the conference and lead more than two dozen panels featuring heavyweights from government, the oil and gas sectors and tech. Peak oil demand along with the geopolitics of oil and gas likely will be a key focus, as will mining, he said. Yergin also expects a lot of buzz on artificial intelligence and other new technologies.
"},{"description":"","page-url":"/story/cb861161-538c-4f53-969e-79783bebfa2f/element/d89e3c16-cf67-4fbb-bae7-89412b9f3028","type":"text","family-id":"1bdc2a6c-d71f-47ac-9267-0c8481344b8d","title":"","id":"d89e3c16-cf67-4fbb-bae7-89412b9f3028","metadata":{},"subtype":null,"text":"Here’s what he had to say ahead of the conference. Answers have been edited for length and clarity.
"},{"description":"","page-url":"/story/cb861161-538c-4f53-969e-79783bebfa2f/element/a716f79a-5e80-4a61-9620-96eb918d00fa","type":"text","family-id":"0cf91435-9e5d-4298-b924-7e89b7787be6","title":"","id":"a716f79a-5e80-4a61-9620-96eb918d00fa","metadata":{},"subtype":null,"text":"What are you most excited to hear about?
"},{"description":"","page-url":"/story/cb861161-538c-4f53-969e-79783bebfa2f/element/ce9ba608-96d9-479e-b595-f71b18f6f043","type":"text","family-id":"05572da1-f907-4770-8949-5ce527cf447f","title":"","id":"ce9ba608-96d9-479e-b595-f71b18f6f043","metadata":{},"subtype":null,"text":"The collision between energy and geopolitics, the struggle to define what (the) energy transition actually means and the turnaround on electricity. Concerns about electric power that really were not there before, that’s going to loom really large — and it’s not just a US question, it’s a global question. The return of energy security is a concern. It was there last year, but it’s going to be much more prominent this year.
"},{"description":"","page-url":"/story/cb861161-538c-4f53-969e-79783bebfa2f/element/da68b01f-4c00-48de-b538-4d46978cc2e0","type":"text","family-id":"ed5edd3e-6d97-4675-96dd-5c073f9c4e9c","title":"","id":"da68b01f-4c00-48de-b538-4d46978cc2e0","metadata":{},"subtype":null,"text":"What are you fundamentally concerned about in regards to electricity — that there won’t be enough?
"},{"description":"","page-url":"/story/cb861161-538c-4f53-969e-79783bebfa2f/element/bf901612-4185-4424-9bf0-de50e9619bc2","type":"text","family-id":"1c326e56-ce11-450e-aa10-443fe8e246f2","title":"","id":"bf901612-4185-4424-9bf0-de50e9619bc2","metadata":{},"subtype":null,"text":"The surge in electricity demand that’s coming with aspects of the energy transition, and not only the energy transition but data centers, AI. Is the capacity going to be there? That used to be a developing world question. Now it’s also a developed world question. It’s the capacity to move electricity from where it’s generated to where it’s needed, but also inflation and supply chain issues have affected some of the rollout of renewables even though the scale continues to grow. We saw last year coal consumption increased globally. A big question is the role of natural gas in terms of a complement to wind and solar. That’s going to be much discussed at the conference.
"},{"description":"","page-url":"/story/cb861161-538c-4f53-969e-79783bebfa2f/element/65838c4e-924f-41da-88f2-071d7653e649","type":"text","family-id":"10633f56-a496-424c-8369-e0c11212cfdf","title":"","id":"65838c4e-924f-41da-88f2-071d7653e649","metadata":{},"subtype":null,"text":"Given the US has become the world’s largest exporter of liquefied natural gas, what do you think of the Biden administration’s freeze on new LNG export projects ?
"},{"description":"","page-url":"/story/cb861161-538c-4f53-969e-79783bebfa2f/element/838aa230-38d6-4e40-8eed-de49efc04372","type":"text","family-id":"1ab2d773-124e-45b7-b226-a9286d0f0400","title":"","id":"838aa230-38d6-4e40-8eed-de49efc04372","metadata":null,"subtype":null,"text":"Let me put it this way: That will be a very big topic of CERAWeek and I think (US Energy) Secretary (Jennifer) Granholm will address that Monday. People will be very attentive to understand what it means. And it’s not only the US LNG exporters, but the Europeans and Japanese will be listening very closely because obviously they regard the US to be a reliable supplier. The key question is clarifying and understanding the thinking behind the pause and how that pause will be carried out. People will be looking for details.
"},{"description":"","page-url":"/story/cb861161-538c-4f53-969e-79783bebfa2f/element/71d3674a-6ccd-4414-8222-7efca0ae273e","type":"text","family-id":"2cc213da-a529-4d42-83f1-661052fa7fde","title":"","id":"71d3674a-6ccd-4414-8222-7efca0ae273e","metadata":null,"subtype":null,"text":"Do you think we’re going to hit peak gas demand in the US with the growth of renewables and does that make LNG even more critical?
"},{"description":"","page-url":"/story/cb861161-538c-4f53-969e-79783bebfa2f/element/4a272a1f-5104-4e2c-8fdc-8a2ac57d2cec","type":"text","family-id":"d300eec3-5ba7-41d1-8b4b-19b79837c305","title":"","id":"4a272a1f-5104-4e2c-8fdc-8a2ac57d2cec","metadata":null,"subtype":null,"text":"One thing I was looking at is how US gas supply continues to increase and where does that supply go? Low gas prices are attributed to warm weather. But also if you look at the supply growth, it just keeps continuing. Rising US oil production means more natural gas production as well. Without US LNG, US oil would have been bottled up. One of the things we’re going to hear at CERAWeek is the geopolitical significance of US oil and gas production and how critical it’s become.
"},{"description":"","page-url":"/story/cb861161-538c-4f53-969e-79783bebfa2f/element/b800787e-9efa-4dbc-8bda-371456603408","type":"text","family-id":"35454376-4caf-402d-a0ad-3373c70212f5","title":"","id":"b800787e-9efa-4dbc-8bda-371456603408","metadata":null,"subtype":null,"text":"What’s striking is one would have expected with two wars and a third struggle — the proxy war in the Red Sea and everything going on in the Middle East as well as the Ukraine war — you would have expected oil prices to spike. The reason they haven’t spiked is because of the surge in the Western hemisphere and in particular because of the dramatic turnaround in the position of the United States.
"},{"description":"","page-url":"/story/cb861161-538c-4f53-969e-79783bebfa2f/element/ee4af474-7678-4cde-8ba1-ce33a9b2cb0f","type":"text","family-id":"f6ef59ad-b6df-4143-855a-2552e95c76a3","title":"","id":"ee4af474-7678-4cde-8ba1-ce33a9b2cb0f","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/cb861161-538c-4f53-969e-79783bebfa2f/element/b6dd725b-f94c-4815-a2df-067715f360c9","type":"text","family-id":"285a1aae-d47d-4166-9355-950434ecc85a","title":"","id":"b6dd725b-f94c-4815-a2df-067715f360c9","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1710681080630,"content-version-id":"5c7f07bc-1bbd-483a-a18e-0f43a22e5226","card-added-at":1710597123932,"status":"draft","id":"042450ca-1138-4d95-8185-cd95fb41839e","content-id":"042450ca-1138-4d95-8185-cd95fb41839e","version":15,"metadata":{"social-share":{"shareable":true,"title":"Dan Yergin Is Concerned About AI-Fueled Boom In Electricity Use","message":"Peak oil demand along with the geopolitics of oil and gas likely will be a key focus, as will mining, he said.","image":{"key":"bloombergquint/2024-03/f87448c6-d542-4030-a8cf-bd77653443de/_1x_1.jpg","url":null,"attribution":null,"caption":"Daniel Yergin during the 2023 CERAWeek by S&P Global conference in Houston.","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i44pKoVyvsos/v1/-1x-1.jpg","width":2000,"height":1334,"focus-point":[722,334]}}},"attributes":{}}}],"author-id":1668874,"first-published-at":1710681083690,"story-template":"syndicated","authors":[{"slug":"naureen-malik","social":{},"name":"Naureen Malik","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1668874,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["green"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-16/ceraweek-s-yergin-on-what-to-expect-at-big-energy-conference","imported-card-id":"042450ca-1138-4d95-8185-cd95fb41839e","card-share":{"shareable":true}}}},{"id":"58015635-dbbd-4cbf-8f0b-609fd342a098","score":null,"type":"story","item":{"headline":["Want to Be ‘Certified Crypto Expert?’ You Need 11 Hours and $229"]},"story":{"author-name":"Olga Kharif","headline":"Want to Be ‘Certified Crypto Expert?’ You Need 11 Hours and $229","slug":"crypto/want-to-be-certified-crypto-expert-you-need-11-hours-and-229","last-published-at":1710680581397,"alternative":{},"sections":[{"domain-slug":null,"slug":"crypto","name":"Crypto","section-url":"https://www.ndtvprofit.com/crypto","id":26966,"parent-id":null,"display-name":"Crypto","collection":{"slug":"crypto","name":"Crypto","id":52720},"data":{"color":"#00DC3C"}},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"world","name":"World","section-url":"https://www.ndtvprofit.com/world","id":38090,"parent-id":null,"display-name":"World","collection":{"slug":"world","name":"World","id":103216},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iWVg6QQ2E2d0/v1/-1x-1.jpg","width":2000,"height":1334,"focus-point":[1000,667]},"published-at":1710680581397,"summary":"The lack of a widely recognized professional accreditation in the cryptocurrency industry has left a vacuum.","id":"58015635-dbbd-4cbf-8f0b-609fd342a098","hero-image-s3-key":"bloombergquint/2024-03/7e84dcbf-3dae-43a2-b88b-b6b9f5c660d0/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/58015635-dbbd-4cbf-8f0b-609fd342a098/element/f1b439ed-1ac2-4502-9a2e-c86f894bd802","type":"text","family-id":"9f275d79-d828-4b47-b887-452bf6212f35","title":"","id":"f1b439ed-1ac2-4502-9a2e-c86f894bd802","metadata":null,"subtype":null,"text":"(Bloomberg) -- To pass the chartered financial analyst exams and put the “CFA” letters on your resumè, at least 900 hours of study are recommended. Hitting the books for 300 to 400 hours is advised for the certified public accountant exam, which is usually taken by prospective CPAs who have completed an undergraduate degree in the subject.
"},{"description":"","page-url":"/story/58015635-dbbd-4cbf-8f0b-609fd342a098/element/df773446-2c34-41e4-b999-d4f929a72ac4","type":"text","family-id":"f86b5053-00a1-40ca-9232-fa04dc5efb17","title":"","id":"df773446-2c34-41e4-b999-d4f929a72ac4","metadata":null,"subtype":null,"text":"However, to become a “Certified Cryptocurrency Expert,” or CCE, all you need is $229 and time for 11 hours of online coursework offered by Blockchain Council. If that’s too much of a time commitment, you can receive a “Cryptocurrency and Blockchain Certificate” elsewhere by taking just four hours of coursework, passing a 20-question test and shelling out $795.
"},{"description":"","page-url":"/story/58015635-dbbd-4cbf-8f0b-609fd342a098/element/da50ca0f-f641-476a-b050-07e581863aab","type":"text","family-id":"67dabda0-c263-4f50-8340-0055fb4d3c2f","title":"","id":"da50ca0f-f641-476a-b050-07e581863aab","metadata":null,"subtype":null,"text":"The lack of a widely recognized professional accreditation in the cryptocurrency industry has left a vacuum that a variety of organizations are trying to fill, and Bitcoin’s rally to records this year is stoking interest in them. Yet as with many topics involving crypto, there are questions about what exactly — if anything — is worth the investment.
"},{"description":"","page-url":"/story/58015635-dbbd-4cbf-8f0b-609fd342a098/element/70426b2c-1d03-441d-9645-32c133cd349e","type":"text","family-id":"308b8345-7b5d-4e06-b90b-8f7811daef3f","title":"","id":"70426b2c-1d03-441d-9645-32c133cd349e","metadata":null,"subtype":null,"text":"Contributing to the proliferation of online crypto-certification programs is the fact that many universities are behind the curve when it comes to offering sufficient coursework in the subject, according to Duke University finance professor Campbell Harvey.
"},{"description":"","page-url":"/story/58015635-dbbd-4cbf-8f0b-609fd342a098/element/2636c3eb-2734-4d31-af0b-5bcb01e6b264","type":"text","family-id":"4a6bf8fc-5cf1-4808-bf8f-deb2e478e9a6","title":"","id":"2636c3eb-2734-4d31-af0b-5bcb01e6b264","metadata":null,"subtype":null,"text":"“Many have seen this gap and are offering ‘certifications,’” Harvey, who studies digital-asset markets, said in an email. “However, students need to be aware that some of these certifications are just money grabbing gimmicks. Buyer beware.”
"},{"description":"","page-url":"/story/58015635-dbbd-4cbf-8f0b-609fd342a098/element/f2e0d00a-b144-4778-8adf-dfd16c5be890","type":"text","family-id":"56fcfbe0-1926-44b4-989a-1a139b790155","title":"","id":"f2e0d00a-b144-4778-8adf-dfd16c5be890","metadata":null,"subtype":null,"text":"Emails to the Blockchain Council seeking comment were not returned, and repeated calls to the phone number on its website went unanswered. ACAMS, which offers the $795 Cryptocurrency and Blockchain Certificate, didn’t return emails seeking comment.
"},{"description":"","page-url":"/story/58015635-dbbd-4cbf-8f0b-609fd342a098/element/11b2c3fd-7f00-4cde-a3db-bae57101648f","type":"text","family-id":"2d0b2183-2238-4b2e-8aa0-22ba58778e98","title":"","id":"11b2c3fd-7f00-4cde-a3db-bae57101648f","metadata":null,"subtype":null,"text":"In at least one case, a crypto-education program has been linked directly to an alleged scam. The US Securities and Exchange Commission last month announced a settlement with Brian Sewell, founder of an online trading course called the American Bitcoin Academy, which the regulator said scammed 15 students out of more than $1 million by persuading them to invest in a fake hedge fund. Sewell didn’t return requests seeking comment.
"},{"description":"","page-url":"/story/58015635-dbbd-4cbf-8f0b-609fd342a098/element/bb1ce553-fa8f-4d5b-8a06-f345b8b2c369","type":"text","family-id":"19de0dd4-d907-4d5a-bd97-cac2c6ba7c5e","title":"","id":"bb1ce553-fa8f-4d5b-8a06-f345b8b2c369","metadata":null,"subtype":null,"text":"As the price of Bitcoin surged back to record levels this year, there was an accompanying jump in interest in crypto from retail and institutional investors alike — and with it a corresponding surge in Web searches for “crypto certification,” according to Google Trends.
"},{"description":"","page-url":"/story/58015635-dbbd-4cbf-8f0b-609fd342a098/element/e67cb940-3cc2-413e-9cea-9056bc4c69c9","type":"text","family-id":"db0003f9-d5e7-4f0e-ab21-5bcab1617315","title":"","id":"e67cb940-3cc2-413e-9cea-9056bc4c69c9","metadata":null,"subtype":null,"text":"Asked about the various certifications available, a representative of the crypto association Coin Center responded that they weren’t familiar with any of them and that “might tell you all you need to know.”
"},{"description":"","page-url":"/story/58015635-dbbd-4cbf-8f0b-609fd342a098/element/5e3bb8ed-e643-48dc-ae02-04eac03c6bb0","type":"text","family-id":"59af8a35-b617-47e5-84d8-ad6c928fb072","title":"","id":"5e3bb8ed-e643-48dc-ae02-04eac03c6bb0","metadata":null,"subtype":null,"text":"Some major employers in the industry don’t pay much attention to the certifications as well.
"},{"description":"","page-url":"/story/58015635-dbbd-4cbf-8f0b-609fd342a098/element/31d49b74-adaf-4765-b56e-7ec7c09a0236","type":"text","family-id":"f04de175-f0f6-4851-93fd-263176316cbe","title":"","id":"31d49b74-adaf-4765-b56e-7ec7c09a0236","metadata":null,"subtype":null,"text":"“We look for notable experience and achievements in the crypto space over certifications,” said a spokesperson for Coinbase Global Inc., the biggest US crypto exchange. “We also value crypto passion and curiosity and have developed internal education to further develop folks.”
"},{"description":"","page-url":"/story/58015635-dbbd-4cbf-8f0b-609fd342a098/element/e649da75-d953-4efe-8b6b-5da29b3a7d11","type":"text","family-id":"f7c8cbcc-002b-4082-9d25-3be49a1b202c","title":"","id":"e649da75-d953-4efe-8b6b-5da29b3a7d11","metadata":null,"subtype":null,"text":"Still, some employers are finding value in certain certificates. Bitwise Asset Management has had more than 20 employees take the Digital Assets Council of Financial Professionals certification since 2021, as “a great way to ensure that they start with a strong foundation of crypto knowledge,” said Matthew Hougan, chief investment officer at Bitwise, which was one of the companies to launch a new spot Bitcoin ETF.
"},{"description":"","page-url":"/story/58015635-dbbd-4cbf-8f0b-609fd342a098/element/fc403cc7-5065-484a-8520-f08bccf28bc3","type":"text","family-id":"dec3c356-cfa1-41b6-b2b6-f916feac6b23","title":"","id":"fc403cc7-5065-484a-8520-f08bccf28bc3","metadata":null,"subtype":null,"text":"Inquiries about the Digital Assets Council of Financial Professionals’ certification courses have increased as much as 30% since the beginning of the year, as the first batch of ETFs investing directly in Bitcoin were approved in the US, said Founder Ric Edelman, who started Edelman Financial Engines.
"},{"description":"","page-url":"/story/58015635-dbbd-4cbf-8f0b-609fd342a098/element/a1576761-80c3-48aa-b508-60b800ad5fb2","type":"text","family-id":"06ab5be1-6bca-4871-bb6b-477501bc32c4","title":"","id":"a1576761-80c3-48aa-b508-60b800ad5fb2","metadata":null,"subtype":null,"text":"“Now that these ETFs are here, and there’s so much consumer demand for them, we are seeing a significant uptick in inquiries,” Edelman said.
"},{"description":"","page-url":"/story/58015635-dbbd-4cbf-8f0b-609fd342a098/element/bfd47a8e-81a4-427a-855a-0c948b47e644","type":"text","family-id":"b55e5d22-7ebf-4194-830c-d4ced7af6d75","title":"","id":"bfd47a8e-81a4-427a-855a-0c948b47e644","metadata":null,"subtype":null,"text":"Thousands have taken the course so far, Edelman said. He said DACFP differentiates itself from other certification courses by not only talking about blockchain and crypto but also about understanding the financial planning, taxation and estate planning aspects of crypto.
"},{"description":"","page-url":"/story/58015635-dbbd-4cbf-8f0b-609fd342a098/element/193cd5d1-d611-4d2e-b625-1d8210d8e64c","type":"text","family-id":"c558f3b0-2616-4cb1-a6ec-ef55a4aa8ae2","title":"","id":"193cd5d1-d611-4d2e-b625-1d8210d8e64c","metadata":null,"subtype":null,"text":"For this new wave of consumer stepping into crypto, the challenge will be separating the chaff from the wheat.
"},{"description":"","page-url":"/story/58015635-dbbd-4cbf-8f0b-609fd342a098/element/a90b45c4-18a3-4b85-a079-b87627eda24f","type":"text","family-id":"ebf60b72-ae24-450f-8fd3-318955478fab","title":"","id":"a90b45c4-18a3-4b85-a079-b87627eda24f","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/58015635-dbbd-4cbf-8f0b-609fd342a098/element/fdbeadc4-6b9c-4cf9-878a-460007f63475","type":"text","family-id":"451dd270-b1e1-42cb-b849-2b8c2d40de23","title":"","id":"fdbeadc4-6b9c-4cf9-878a-460007f63475","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1710599884977,"content-version-id":"21178170-68d1-42a5-b3e5-562a3c3cf268","card-added-at":1710599884977,"status":"draft","id":"a4f09045-33ec-4d45-8ab8-1c33e7d1924c","content-id":"a4f09045-33ec-4d45-8ab8-1c33e7d1924c","version":11,"metadata":{"social-share":{"shareable":true,"title":"Want to Be ‘Certified Crypto Expert?’ You Need 11 Hours and $229","message":"The lack of a widely recognized professional accreditation in the cryptocurrency industry has left a vacuum.","image":{"key":"bloombergquint/2024-03/7e84dcbf-3dae-43a2-b88b-b6b9f5c660d0/_1x_1.jpg","url":null,"attribution":null,"caption":"Novelty crypto stickers inside a cryptocurrency exchange in Barcelona, Spain, on Tuesday, Dec. 5, 2023. Bitcoin shrugged off a slide in global markets during a rally to a more than 19-month high, a sign of its decoupling from other assets.","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iWVg6QQ2E2d0/v1/-1x-1.jpg","width":2000,"height":1334,"focus-point":[1000,667]}}}}}],"author-id":1669095,"first-published-at":1710680581397,"story-template":"syndicated","authors":[{"slug":"olga-kharif-4","social":{},"name":"Olga Kharif","contributor-role":null,"avatar-url":null,"bio":null,"id":1669095,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["crypto"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-16/want-to-be-certified-crypto-expert-you-need-11-hours-and-229","imported-card-id":"a4f09045-33ec-4d45-8ab8-1c33e7d1924c","card-share":{"shareable":true}}}}]},{"id":8282,"associated-metadata":{},"type":"collection","name":"Mutual Funds","slug":"mutual-funds","template":"section","metadata":{"section":[{"id":3402,"name":"Mutual Funds"}],"cover-image":{"success":true,"url":"https://quintype-dropbox.s3-accelerate.amazonaws.com/bloombergquint.quintype.com/2022-05-05/1246/mutual_funds.png","metadata":{"width":704,"height":324,"mime-type":"image/png","file-size":228418,"file-name":"mutual_funds.png"},"extracted-data":{"artist":""},"attribution":"","cover-image-url":"https://images.assettype.com/bloombergquint/2022-05/c4bae37f-bf63-4f03-8beb-bed16af51ff8/mutual_funds.png","cover-image-s3-key":"bloombergquint/2022-05/c4bae37f-bf63-4f03-8beb-bed16af51ff8/mutual_funds.png"}},"collection-date":null,"childCollectionLimit":null,"summary":null,"automated":true,"collection-cache-keys":["c/49/8282","sc/49/3402"],"items":[{"id":"fca3b697-6768-4d3c-b374-32fe8592c3fe","score":null,"type":"story","item":{"headline":["Kenneth Andrade Sees Opportunity Across Energy Sector Value Chain"]},"story":{"author-name":"Pratiksha Thayil","headline":"Kenneth Andrade Sees Opportunity Across Energy Sector Value Chain","slug":"markets/kenneth-andrade-sees-opportunity-across-energy-sector-value-chain","last-published-at":1711608678063,"alternative":{"home":{"default":{"headline":"Energy-Sector Commodities Have Kenneth Andrade Excited","hero-image":null}}},"sections":[{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"mutual-funds","name":"Mutual Funds","section-url":"https://www.ndtvprofit.com/mutual-funds","id":3402,"parent-id":null,"display-name":"Mutual Funds","collection":{"slug":"mutual-funds","name":"Mutual Funds","id":8282},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null}],"hero-image-metadata":{"mime-type":"image/jpeg","width":1280,"height":720,"focus-point":[748,187]},"published-at":1711608678063,"summary":"Investors should look at the entire value chain and then see where there is opportunity to make long-term gains, he says.","id":"fca3b697-6768-4d3c-b374-32fe8592c3fe","hero-image-s3-key":"bloombergquint/2024-03/42f6d110-3d66-4122-af22-6812392cd33f/TGIF_kenneth_andrade.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/fca3b697-6768-4d3c-b374-32fe8592c3fe/element/14a6be14-2c40-49f7-8842-995cd5d1275d","type":"text","family-id":"a0f01b6f-6ee2-48c8-a7b5-cfb34d14c9de","title":"","id":"14a6be14-2c40-49f7-8842-995cd5d1275d","metadata":{},"subtype":null,"text":"The energy sector has been on an upward trend for the last few months, with the Nifty Energy rising as much as 15.6% this year, according to Kenneth Andrade, chief investment officer of Old Bridge Mutual Fund.
On his choices in the energy sector, Andrade said: \"The contractors, capital goods companies and obviously, the commodities. And commodities is my favourite for now.\"
In terms of commodities, he is not just bullish on companies for fuel inputs but also on everything that goes into building the capex for the energy sector.
Among commodities, metals are also a good choice with a fairly large cycle and reasonable pricing, the CIO told NDTV Profit's Niraj Shah in an interview.
"},{"description":"","image-metadata":{"width":1152,"height":648,"mime-type":"image/png","file-size":68258,"file-name":"NIFTY ENERGY.png"},"page-url":"/story/fca3b697-6768-4d3c-b374-32fe8592c3fe/element/27615fef-0a9f-4526-affa-30d5591bfff8","type":"image","family-id":"9072435d-c206-41d3-bfc8-4a4c2f12f71c","image-attribution":"","title":"","id":"27615fef-0a9f-4526-affa-30d5591bfff8","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/da807e7a-706f-434e-b77c-8fcd4c4331e0/NIFTY_ENERGY.png","metadata":{},"subtype":null}],"card-updated-at":1711544233717,"content-version-id":"c4acb97a-961a-402d-a724-4f7021e238e4","card-added-at":1711536663282,"status":"draft","id":"c66383e9-441b-42e0-9844-a44c20437f7e","content-id":"c66383e9-441b-42e0-9844-a44c20437f7e","version":48,"metadata":{"social-share":{"shareable":true,"title":"Kenneth Andrade Sees Opportunity Across Energy Sector Value Chain","message":"Investors should look at the entire value chain and then see where there is opportunity to make long-term gains, he says.","image":{"key":"bloombergquint/2024-03/da807e7a-706f-434e-b77c-8fcd4c4331e0/NIFTY_ENERGY.png","url":null,"attribution":"","caption":null,"metadata":{"width":1152,"height":648,"mime-type":"image/png","file-size":68258,"file-name":"NIFTY ENERGY.png"}}},"attributes":{}}},{"story-elements":[{"description":"","page-url":"/story/fca3b697-6768-4d3c-b374-32fe8592c3fe/element/0230eeb1-e47f-43e8-adcd-ec2c69707d2a","type":"text","family-id":"1e992c51-4daf-47ef-a78d-60c36adb9be2","title":"","id":"0230eeb1-e47f-43e8-adcd-ec2c69707d2a","metadata":{},"subtype":null,"text":"He also gave an example of the power cycle between 2001 and 2017, where he said the government had decided to invest one-time gross domestic product of 2001 in power for the next 15 years.
This created many opportunities. Similarly, if the cycle is to be repeated today, then the \"size of opportunity is significant\", Andrade said.
The earnings cycle are back-ended and the stocks represent opportunity in the sector, according to Andrade. He suggested that investors should look at the entire value chain from developers to raw material providers and then see where there is opportunity to make long-term gains.
On the FMCG sector, Andrade said: \"These are very sustainable businesses that are out there, so they will consolidate around these levels.\" He said there had been a switch in investors as they are moving towards companies or sectors that are more scalable and currently, that's how the capital is moving.
In terms of specialty chemicals, Andrade said there would be a revival but when that will happen is still a question. He said pharmaceuticals had experienced a similar cycle and the only thing that can be done is to give these companies some time to recalibrate their business.
"}],"card-updated-at":1711598079854,"content-version-id":"a77e8c6e-2994-4ff8-861c-865064ca2735","card-added-at":1711537262709,"status":"draft","id":"e4675c10-0f79-4f5d-926e-a30b07fb1573","content-id":"e4675c10-0f79-4f5d-926e-a30b07fb1573","version":46,"metadata":{"social-share":{"shareable":true,"title":"Kenneth Andrade Sees Opportunity Across Energy Sector Value Chain","message":"Investors should look at the entire value chain and then see where there is opportunity to make long-term gains, he says.","image":{"key":"bloombergquint/2024-03/42f6d110-3d66-4122-af22-6812392cd33f/TGIF_kenneth_andrade.jpg","url":null,"attribution":null,"caption":"Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Kenneth, there is this whole conundrum that people have about whether earnings can match to the valuations given the economic cycle, both globally and locally. What's your sense about this push between the economic cycle versus the earnings cycle?
","answer":"Kenneth Andrade: As we have always seen in multiple cases, the earnings cycle is usually back-ended and stocks or price earnings multiples usually represent the opportunity that is there in that exact space. That's essentially what's playing out at this point in time.
So you will have to map that entire value chain from the developer right to the raw material providers, which are the commodity players and see essentially where the opportunity lies and which part of that value chain can be extremely valuable to own over a long-term perspective.
So every investor has got his favourite allocation. Now there is an investor who likes capex businesses or developers, but then the balance sheet size consistently continues to expand. These are companies or businesses, which attract a lot of bondholders. So obviously, their return on capital employed is very close to the cost of capital or it's an arbitrage between internal capital employed and cost of capital.
Then there's the capex good manufacturers and then the commodity manufacturers. And I think that entire cycle is going to play out as we go through the course of the next couple of years—all the way to 2030. And this is not just in India, but it happens across the world. And you can see the western world also trying to put serious capex into play and that “capex” is largely linked to power capex—that is energy capex—that's taking place. So I think that's the position that we are at, at this point in time and every part of this entire value chain is going to benefit quite substantially.
"},"subtype":"q-and-a","text":"Kenneth, there is this whole conundrum that people have about whether earnings can match to the valuations given the economic cycle, both globally and locally. What's your sense about this push between the economic cycle versus the earnings cycle?
Kenneth Andrade: As we have always seen in multiple cases, the earnings cycle is usually back-ended and stocks or price earnings multiples usually represent the opportunity that is there in that exact space. That's essentially what's playing out at this point in time.
So you will have to map that entire value chain from the developer right to the raw material providers, which are the commodity players and see essentially where the opportunity lies and which part of that value chain can be extremely valuable to own over a long-term perspective.
So every investor has got his favourite allocation. Now there is an investor who likes capex businesses or developers, but then the balance sheet size consistently continues to expand. These are companies or businesses, which attract a lot of bondholders. So obviously, their return on capital employed is very close to the cost of capital or it's an arbitrage between internal capital employed and cost of capital.
Then there's the capex good manufacturers and then the commodity manufacturers. And I think that entire cycle is going to play out as we go through the course of the next couple of years—all the way to 2030. And this is not just in India, but it happens across the world. And you can see the western world also trying to put serious capex into play and that “capex” is largely linked to power capex—that is energy capex—that's taking place. So I think that's the position that we are at, at this point in time and every part of this entire value chain is going to benefit quite substantially.
So would it be fair to assume that this could be a multi-year capex cycle? We might not be at the very beginning, but we are definitely far away from this capex cycle ending.
","answer":"Kenneth Andrade: Some of these numbers are a little hard to believe, but let me give you a small perspective from 2001 to 2017. That was probably a cycle that I have seen in my career.
I will talk about just one cycle out there which is the energy capex, which is power and the kind of power capacities that we put up at work out there. Between 2001 and 2015 or maybe 2016, India invested its one-time GDP of 2001 over the next 15 years in the power capacities. Think about it this way. For the next 15 years, if we are to replicate that cycle, the size of opportunity is significant. How do you capture that and where do you capture that and that's what the valuations of stocks are fortelling.
So we've gone beyond the value phase or valuation zone to be actually mapping some of these companies on the opportunity or the total addressable market that is there. That makes it very difficult in an environment like this for investors like us to try and pick the right businesses at the right valuations. So that's where we are in the cycle. We are just about probably starting and there's one large industry that always leads it. It is not just in India but anywhere in the world, it's basically the energy cycle. I'll give you a small structural size of how big this opportunity could be.
"},"subtype":"q-and-a","text":"So would it be fair to assume that this could be a multi-year capex cycle? We might not be at the very beginning, but we are definitely far away from this capex cycle ending.
Kenneth Andrade: Some of these numbers are a little hard to believe, but let me give you a small perspective from 2001 to 2017. That was probably a cycle that I have seen in my career.
I will talk about just one cycle out there which is the energy capex, which is power and the kind of power capacities that we put up at work out there. Between 2001 and 2015 or maybe 2016, India invested its one-time GDP of 2001 over the next 15 years in the power capacities. Think about it this way. For the next 15 years, if we are to replicate that cycle, the size of opportunity is significant. How do you capture that and where do you capture that and that's what the valuations of stocks are fortelling.
So we've gone beyond the value phase or valuation zone to be actually mapping some of these companies on the opportunity or the total addressable market that is there. That makes it very difficult in an environment like this for investors like us to try and pick the right businesses at the right valuations. So that's where we are in the cycle. We are just about probably starting and there's one large industry that always leads it. It is not just in India but anywhere in the world, it's basically the energy cycle. I'll give you a small structural size of how big this opportunity could be.
You are saying that what happened between 2001 and 2016, if the same gets replicated from 2024 or 2023, for the next 15 years, then the size of the opportunity is very large. As a result, you're not getting businesses at the right valuation. Some of the valuations have gone up.
","answer":"Kenneth Andrade: That's right.
"},"subtype":"q-and-a","text":"You are saying that what happened between 2001 and 2016, if the same gets replicated from 2024 or 2023, for the next 15 years, then the size of the opportunity is very large. As a result, you're not getting businesses at the right valuation. Some of the valuations have gone up.
Kenneth Andrade: That's right.
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
But if the cycle is so long, would you go out and buy some of these businesses even at higher valuations, because the opportunity size I mean, say for execution risks, the runway is very long?
","answer":"Kenneth Andrade: It depends upon what you want to choose and what you want to participate in. So obviously we are part of the cycle. We like the way the environment is playing out. I wouldn’t say we were very loaded on to some of these businesses, but yes, we have got a fair representation of some of these companies in our portfolio.
"},"subtype":"q-and-a","text":"But if the cycle is so long, would you go out and buy some of these businesses even at higher valuations, because the opportunity size I mean, say for execution risks, the runway is very long?
Kenneth Andrade: It depends upon what you want to choose and what you want to participate in. So obviously we are part of the cycle. We like the way the environment is playing out. I wouldn’t say we were very loaded on to some of these businesses, but yes, we have got a fair representation of some of these companies in our portfolio.
It's again, a very wide bucket the traditional energy, new energy, power financiers and ancilliers. It's a wide bucket. Maybe I missed something, but what within this whole gamut do you like more than the others?
","answer":"Kenneth Andrade: I think the contractors, the Capital goods companies and obviously the commodities. And commodities is my favourite for now.
"},"subtype":"q-and-a","text":"It's again, a very wide bucket the traditional energy, new energy, power financiers and ancilliers. It's a wide bucket. Maybe I missed something, but what within this whole gamut do you like more than the others?
Kenneth Andrade: I think the contractors, the Capital goods companies and obviously the commodities. And commodities is my favourite for now.
By commodities, do you mean, fossil fuels cum other aspects which are going into the energy sector?
","answer":"Kenneth Andrade: May not be fuel inputs, but everything else that goes into building out the capex. That's probably where we are. So everything in the metal cycle seems to be fairly large and quite reasonably priced, I would say.
"},"subtype":"q-and-a","text":"By commodities, do you mean, fossil fuels cum other aspects which are going into the energy sector?
Kenneth Andrade: May not be fuel inputs, but everything else that goes into building out the capex. That's probably where we are. So everything in the metal cycle seems to be fairly large and quite reasonably priced, I would say.
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Save for some special metals which might be going and which might be hard to get, the base metals and both ferrous non ferrous, would there be an overhang of a lack of clarity around China demand which might be stronger than the longer term demand scenario for these companies on the capex side?
","answer":"Kenneth Andrade: It's a little complicated when you bring in the Chinese environment and why they supply deflation into the economy. Now this is a complicated statement by itself. But if you notice what's happening globally, there's a reasonable amount of inflation which is there in the West and the same holds true for even India or other parts of the world.
Now the only country that's providing cheaper products into the marketplace right now, is companies from the Chinese economy. Now when you link that—their providing cheaper products into the global environment—to the Chinese stock market, lower prices results in lower profits for the Chinese, which leads to lower market capitalisations and that's what the entire Chinese economy is stuck with.
So our sense is that we may not continue this scenario in perpetuity and there may be a cycle somewhere between maybe in a year or two years, where this actually reverses. So in our limited understanding of capital cycles, the deflationary impact or the low prices that the Chinese have been supplying the world with, may not last into maybe for one year, maximum two years. And that will bring back pricing into virtually every product that is there on the ground and it could be inflationary, but it's very good for corporate profits. I think that's our take and that's why we like some part of the commodity basket extremely well.
"},"subtype":"q-and-a","text":"Save for some special metals which might be going and which might be hard to get, the base metals and both ferrous non ferrous, would there be an overhang of a lack of clarity around China demand which might be stronger than the longer term demand scenario for these companies on the capex side?
Kenneth Andrade: It's a little complicated when you bring in the Chinese environment and why they supply deflation into the economy. Now this is a complicated statement by itself. But if you notice what's happening globally, there's a reasonable amount of inflation which is there in the West and the same holds true for even India or other parts of the world.
Now the only country that's providing cheaper products into the marketplace right now, is companies from the Chinese economy. Now when you link that—their providing cheaper products into the global environment—to the Chinese stock market, lower prices results in lower profits for the Chinese, which leads to lower market capitalisations and that's what the entire Chinese economy is stuck with.
So our sense is that we may not continue this scenario in perpetuity and there may be a cycle somewhere between maybe in a year or two years, where this actually reverses. So in our limited understanding of capital cycles, the deflationary impact or the low prices that the Chinese have been supplying the world with, may not last into maybe for one year, maximum two years. And that will bring back pricing into virtually every product that is there on the ground and it could be inflationary, but it's very good for corporate profits. I think that's our take and that's why we like some part of the commodity basket extremely well.
How does that augur for the end user segments? For now, or at least the better part of 2023, some of these companies have benefited or shown earnings growth not because of volume growth necessarily but for margin expansion, presumably because of low costs. Does that change?
","answer":"Kenneth Andrade: Of course it will change. So if you essentially look at the way the environment keeps moving, margins keep moving from one part of the value chain to the other part. So when you had a commodity boom in 2020 and 2021, the converters suffer. And then you had the converters who did well in the last year or two because the commodity prices came off.
So margins will be always transitory but over a longer term cycle both benefit and that's why you'll have an economic expansion.
"},"subtype":"q-and-a","text":"How does that augur for the end user segments? For now, or at least the better part of 2023, some of these companies have benefited or shown earnings growth not because of volume growth necessarily but for margin expansion, presumably because of low costs. Does that change?
Kenneth Andrade: Of course it will change. So if you essentially look at the way the environment keeps moving, margins keep moving from one part of the value chain to the other part. So when you had a commodity boom in 2020 and 2021, the converters suffer. And then you had the converters who did well in the last year or two because the commodity prices came off.
So margins will be always transitory but over a longer term cycle both benefit and that's why you'll have an economic expansion.
You've constantly told me about the deleveraged corporate balance sheet and how that augurs well for India Inc’s capability to undertake capex. Hitherto, save for select sectors, we haven't seen the advent of private capex in a meaningful way. Does that change in FY25, or calendar year 2024?
","answer":"Kenneth Andrade: I think in 2025, you will definitely see the advent of private capex.
"},"subtype":"q-and-a","text":"You've constantly told me about the deleveraged corporate balance sheet and how that augurs well for India Inc’s capability to undertake capex. Hitherto, save for select sectors, we haven't seen the advent of private capex in a meaningful way. Does that change in FY25, or calendar year 2024?
Kenneth Andrade: I think in 2025, you will definitely see the advent of private capex.
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Why that belief, Kenneth?
","answer":"Kenneth Andrade: If you get on the ground, everyone's running out of capacity and if you have a government continuing to spend an incentivised capex, you will see that (private capex) come back very, very strongly.
"},"subtype":"q-and-a","text":"Why that belief, Kenneth?
Kenneth Andrade: If you get on the ground, everyone's running out of capacity and if you have a government continuing to spend an incentivised capex, you will see that (private capex) come back very, very strongly.
UBS has come up with a note about why the valuations could be premium for ABB going ahead. ABB India has gained over 6-7% in today’s session.
Kenneth, there could be different reasons why different stocks trade at the valuations that they do, but earnings growth, margin accretion and the long cycle seem to be the common points among all the expensive capex beneficiaries in the capital goods space. Do you believe these valuations could stay elevated for some of these businesses?
","answer":"Kennet Andrade: Usually when the cycles last, I think valuations will remain elevated for a very long period of time.
"},"subtype":"q-and-a","text":"UBS has come up with a note about why the valuations could be premium for ABB going ahead. ABB India has gained over 6-7% in today’s session.
Kenneth, there could be different reasons why different stocks trade at the valuations that they do, but earnings growth, margin accretion and the long cycle seem to be the common points among all the expensive capex beneficiaries in the capital goods space. Do you believe these valuations could stay elevated for some of these businesses?
Kennet Andrade: Usually when the cycles last, I think valuations will remain elevated for a very long period of time.
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Is lower valuation and low growth a new norm for FMCG companies in the bargain? We've just not seen them perform. I am moving tracks now.
","answer":"Kenneth Andrade: This is the new norm. I wouldn’t say low valuations. These are very sustainable businesses. So they will consolidate around these levels and if you look at the capital cycle, or the way money actually works, money is always directed towards faster growth. And you've got a situation or you've got an inflection point, wherein traditionally all FMCG and consumer names have always grown at double digits and the highest earnings growth has been probably closer to 20%. But that's no longer the norm right now.
And you got a shift in the way investors actually think about moving to something which is much more scalable, larger, etc. So that's how capital moves from one part of the market to the other, because there's so much visibility out there. Whether it is infrastructure or power or whether it's the capex cycle, there is a rationalisation and how you see portfolios actually change.
So 2010 to 2020 it was all about consumption because infrastructure, capital capex, etc., fell off the cliff. I think you are seeing a reversal of that entire cycle between 2022 and 2030 and maybe beyond that for a while. There's got to be some losers and those businesses are not losers. It is not because they're bad companies, but still they just have to go through a consolidation.
I think that what will happen with consumer businesses, they don't fall off the cliff. That is a reversal to me. If I remember this in 2006, 2007 and 2008, most of the FMCG businesses including Lever came down between 24-35 times earnings. So that's how you will see this environment also play out. I don't know what number they will settle at. But it could be a standard situation for companies like this.
"},"subtype":"q-and-a","text":"Is lower valuation and low growth a new norm for FMCG companies in the bargain? We've just not seen them perform. I am moving tracks now.
Kenneth Andrade: This is the new norm. I wouldn’t say low valuations. These are very sustainable businesses. So they will consolidate around these levels and if you look at the capital cycle, or the way money actually works, money is always directed towards faster growth. And you've got a situation or you've got an inflection point, wherein traditionally all FMCG and consumer names have always grown at double digits and the highest earnings growth has been probably closer to 20%. But that's no longer the norm right now.
And you got a shift in the way investors actually think about moving to something which is much more scalable, larger, etc. So that's how capital moves from one part of the market to the other, because there's so much visibility out there. Whether it is infrastructure or power or whether it's the capex cycle, there is a rationalisation and how you see portfolios actually change.
So 2010 to 2020 it was all about consumption because infrastructure, capital capex, etc., fell off the cliff. I think you are seeing a reversal of that entire cycle between 2022 and 2030 and maybe beyond that for a while. There's got to be some losers and those businesses are not losers. It is not because they're bad companies, but still they just have to go through a consolidation.
I think that what will happen with consumer businesses, they don't fall off the cliff. That is a reversal to me. If I remember this in 2006, 2007 and 2008, most of the FMCG businesses including Lever came down between 24-35 times earnings. So that's how you will see this environment also play out. I don't know what number they will settle at. But it could be a standard situation for companies like this.
Kenneth, two pockets have kind of stagnated for the last maybe couple of years. One of them is specialty chemicals, the toast of town until 2020-21. Suddenly, it has gone into hibernation as a bucket, save for maybe one or two specific pockets. What's the sense here? Do they make a comeback at some point of time and the survivors particularly of this current cycle?
","answer":"Kenneth Andrade: Of course, you will see them revive themselves. When, is the big question mark. And obviously, we are going through a supply glut in the international market, obviously driven by one particular country. So we will have to see how that environment plays out.
But these are situations that come through. So what happened in the early 20s is that you democratise capital for this industry. And this industry got capital. They have been able to set up capacities. Now they have to work on cost and they have to go out and get market share.
So this is a period of time where they actually consolidate their business and drop costs and go out and get incremental new consumers and customers and there is a lead time to all of this happening. I think we are going through that lead time. I'm pretty much sure that the next cycle that they will come through, they will come through faster.
So another industry that went through the cycle is pharmaceuticals. In 2015, it stopped and 2021-22-23 we saw a number of companies take out their previous cycle. That was a seven-year cycle.
So you have to give these companies time and when I say that, I don't mean stock prices time but you give these companies time to recalibrate their business, look at the business opportunity with a new lens, go out and get market share and once you get a market share, I think you get back to category dominance. And as an investor, you necessarily have to look for companies with category dominance and it will all come through, probably in the next two or three years.
"},"subtype":"q-and-a","text":"Kenneth, two pockets have kind of stagnated for the last maybe couple of years. One of them is specialty chemicals, the toast of town until 2020-21. Suddenly, it has gone into hibernation as a bucket, save for maybe one or two specific pockets. What's the sense here? Do they make a comeback at some point of time and the survivors particularly of this current cycle?
Kenneth Andrade: Of course, you will see them revive themselves. When, is the big question mark. And obviously, we are going through a supply glut in the international market, obviously driven by one particular country. So we will have to see how that environment plays out.
But these are situations that come through. So what happened in the early 20s is that you democratise capital for this industry. And this industry got capital. They have been able to set up capacities. Now they have to work on cost and they have to go out and get market share.
So this is a period of time where they actually consolidate their business and drop costs and go out and get incremental new consumers and customers and there is a lead time to all of this happening. I think we are going through that lead time. I'm pretty much sure that the next cycle that they will come through, they will come through faster.
So another industry that went through the cycle is pharmaceuticals. In 2015, it stopped and 2021-22-23 we saw a number of companies take out their previous cycle. That was a seven-year cycle.
So you have to give these companies time and when I say that, I don't mean stock prices time but you give these companies time to recalibrate their business, look at the business opportunity with a new lens, go out and get market share and once you get a market share, I think you get back to category dominance. And as an investor, you necessarily have to look for companies with category dominance and it will all come through, probably in the next two or three years.
Kenneth, does the same thing hold true for some aspects of pharmaceuticals. I mean, in some sense, the U.S. generic companies have made a first move in calendar year 2023. But CDMO, API and the likes have kind of stagnated now for a while. Do they kind of make a comeback too?
","answer":"Kenneth Andrade: You have already seen profits out there and they have made a historical high since 2015. I think in 2024, you will have most of the pharma companies facing the U.S. come through with extremely high profitability. I don't see this slowing down, at least for the next couple of years, because there is a lot of capex already on the ground.
A lot of registrations have been done and the best part of all of this is the Indian companies are gaining market share against the counterparts in the West. So it's a kind of an IT cycle playing out wherein Indian pharma companies are going to take their fair amount of market share in the international arena, whether the rest of the world market or the US. So I would watch that space. We're very optimistic about that part of the environment.
"},"subtype":"q-and-a","text":"Kenneth, does the same thing hold true for some aspects of pharmaceuticals. I mean, in some sense, the U.S. generic companies have made a first move in calendar year 2023. But CDMO, API and the likes have kind of stagnated now for a while. Do they kind of make a comeback too?
Kenneth Andrade: You have already seen profits out there and they have made a historical high since 2015. I think in 2024, you will have most of the pharma companies facing the U.S. come through with extremely high profitability. I don't see this slowing down, at least for the next couple of years, because there is a lot of capex already on the ground.
A lot of registrations have been done and the best part of all of this is the Indian companies are gaining market share against the counterparts in the West. So it's a kind of an IT cycle playing out wherein Indian pharma companies are going to take their fair amount of market share in the international arena, whether the rest of the world market or the US. So I would watch that space. We're very optimistic about that part of the environment.
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Are you going out on a limb and trying to take an early position into information technology or are you avoiding it? The commentary even from Accenture recently had no ray of hope if you will.
","answer":"Kenneth Andrade: So they're fairly mature companies. So let's divide them into large companies and small companies. The large companies are fairly mature businesses. Now to trade them at extremely high multiples may not be the right case to see them dip in terms of margins and retrace them back immediately, over the course of the next one or two years is extremely difficult.
So you have to grade yourself. They are going to be very stable businesses, a very stable part of your portfolio. If you expect some of the large IT companies to have a blue sky scenario, it may not be the case out there. So they are stable businesses, great for a part of the portfolio, look for kitchen-sinking in some of these companies, as new management comes in place. Take the opportunity of that and utilise that. So, when I come down to very stock-specific and stock-picking in this industry, I wouldn't categorise the entire industry as a buy.
"},"subtype":"q-and-a","text":"Are you going out on a limb and trying to take an early position into information technology or are you avoiding it? The commentary even from Accenture recently had no ray of hope if you will.
Kenneth Andrade: So they're fairly mature companies. So let's divide them into large companies and small companies. The large companies are fairly mature businesses. Now to trade them at extremely high multiples may not be the right case to see them dip in terms of margins and retrace them back immediately, over the course of the next one or two years is extremely difficult.
So you have to grade yourself. They are going to be very stable businesses, a very stable part of your portfolio. If you expect some of the large IT companies to have a blue sky scenario, it may not be the case out there. So they are stable businesses, great for a part of the portfolio, look for kitchen-sinking in some of these companies, as new management comes in place. Take the opportunity of that and utilise that. So, when I come down to very stock-specific and stock-picking in this industry, I wouldn't categorise the entire industry as a buy.
May I ask you what is it that you are most constructive on. Where is it that if you had a chance to put in money, currently, without bothering about when the return will come as long as the return is magnified, what would that bucket be?
","answer":"Kenneth Andrade: Let me break this down again. So we're at 3% or 3.5% of world GDP. And we are at 22-23% of population.
As we continue to grow, we have to take market share from the rest of the world. You have to go and figure out companies that will build their franchises in the rest of the world. That’s one element of all of it. We've seen how much wealth I.T. has gotten created. We've seen the dominance of Indian pharmaceutical businesses in the West. We've seen how Indian chemical companies have gone out and made their mark.
And from there, you'll see multiple businesses. I mean, we are the second-largest steel manufacturers in the world right now and we are growing capacity out there. So all of this is coming together quite nicely. Now pick up your franchise out there and this is the large trend that is playing out.
Domestically, infra businesses and utilities are expanding. If you put the numbers together, it's going to be a scale business out there. Now in that scale business you got to allocate your capital to parts of the value chain, where you feel comfortable with, and where you think the returns will be outlier. So these are two pockets that are there.
The third pocket is the consumer economy. I think that will come back. It might have a shorter cycle than the last time, but whenever it does come back you got to be a little ready for some of those businesses. Now, case in point—if you look at QSR businesses, they're going through a massive expansion in number of stores or capacity, but the market cap has just gone one way which is down. So look for these trends, look for a bottoming out of the entire cycle and just work your way around it.
So the first two are my priorities. The third one is essentially something that we're waiting and watching for.
"},"subtype":"q-and-a","text":"May I ask you what is it that you are most constructive on. Where is it that if you had a chance to put in money, currently, without bothering about when the return will come as long as the return is magnified, what would that bucket be?
Kenneth Andrade: Let me break this down again. So we're at 3% or 3.5% of world GDP. And we are at 22-23% of population.
As we continue to grow, we have to take market share from the rest of the world. You have to go and figure out companies that will build their franchises in the rest of the world. That’s one element of all of it. We've seen how much wealth I.T. has gotten created. We've seen the dominance of Indian pharmaceutical businesses in the West. We've seen how Indian chemical companies have gone out and made their mark.
And from there, you'll see multiple businesses. I mean, we are the second-largest steel manufacturers in the world right now and we are growing capacity out there. So all of this is coming together quite nicely. Now pick up your franchise out there and this is the large trend that is playing out.
Domestically, infra businesses and utilities are expanding. If you put the numbers together, it's going to be a scale business out there. Now in that scale business you got to allocate your capital to parts of the value chain, where you feel comfortable with, and where you think the returns will be outlier. So these are two pockets that are there.
The third pocket is the consumer economy. I think that will come back. It might have a shorter cycle than the last time, but whenever it does come back you got to be a little ready for some of those businesses. Now, case in point—if you look at QSR businesses, they're going through a massive expansion in number of stores or capacity, but the market cap has just gone one way which is down. So look for these trends, look for a bottoming out of the entire cycle and just work your way around it.
So the first two are my priorities. The third one is essentially something that we're waiting and watching for.
Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.
"}],"card-updated-at":1711556460886,"content-version-id":"86f3246b-1a7d-4b95-a19a-a5c1be05668b","card-added-at":1711556398558,"status":"draft","id":"9d692a07-9731-47c8-9413-a02ffabb7d9e","content-id":"9d692a07-9731-47c8-9413-a02ffabb7d9e","version":4,"metadata":{"social-share":{"shareable":true,"title":"Kenneth Andrade Sees Opportunity Across Energy Sector Value Chain","message":"Investors should look at the entire value chain and then see where there is opportunity to make long-term gains, he says.","image":{"key":"bloombergquint/2024-03/42f6d110-3d66-4122-af22-6812392cd33f/TGIF_kenneth_andrade.jpg","url":null,"attribution":null,"caption":"Kenneth Andrade, founder and chief investment officer at Old Bridge Capital. (Source: NDTV Profit)
Investing abroad through the mutual fund route is a very convenient way of taking exposure to global assets without having to go through a lot of procedures and compliances for small investors.
This route has become popular over the years but the Reserve Bank of India has been putting restrictions on how much funds can invest abroad leading to a restriction for investors.
Now from April 1, 2024, mutual fund houses cannot accept further subscriptions into foreign Exchange Traded Funds (ETFs) too. This will require a recalibration of the strategy from investors.
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There is a limit that is present for the mutual fund industry as well as individual mutual fund houses for the amount that they can invest in foreign assets.
The industry wide limit is $7 billion for investments in overseas stocks and $1 billion for investment in foreign ETFs. The limit for investment in overseas stocks was hit some time ago and this led to a halt in further investments into this area.
Later fund houses were given permission to accept additional inflows only to the extent of redemptions from the existing investments. This left the ETF route open for investments for those who wanted a foreign exposure but with the industry now coming close to the overall limit here there is a curb on the investments.
"}],"card-updated-at":1711510407363,"content-version-id":"e96585b9-b8f4-4d7d-b513-804ab3dbfefd","card-added-at":1711509542525,"status":"draft","id":"34ac6fa2-7d4e-4a62-be6f-9bf4fa94c33e","content-id":"34ac6fa2-7d4e-4a62-be6f-9bf4fa94c33e","version":25,"metadata":{"social-share":{"shareable":true,"title":"How To Navigate Latest Restriction On Foreign Mutual Fund ETFs","message":"Here's how to navigate the latest restriction that does not allow further subscription into foreign mutual fund exchange traded funds. ","image":{"key":"bloombergquint/2024-03/047c2545-ad27-4097-8706-42f1441e9e81/Untitled_design__1_.png","url":null,"attribution":null,"caption":"The Mutual Funds Show: Is It Time To Invest In Balanced Advantage Funds? (Source: Canva)
Investors need to understand this situation carefully because an ETF is different from a normal mutual fund scheme in one major respect.
When an investor goes to transact in a normal open ended mutual fund scheme they are dealing with the mutual fund at the other end who will create additional units and then deploy the necessary funds. This makes its vital for the mutual funds to stop inflows into such schemes immediately when the limit for investment is breached so that they remain within the requirements.
In case a fund invests both locally and abroad then they can take new inflows but not deploy this overseas to conform to the rules. On the other hand the ETF involve trading between investors on the stock exchange and there are market makers too who create new units. While the restriction will come on creating new units the trading between existing investors can continue which will provide a relief to the investors to some extent.
"}],"card-updated-at":1711510407363,"content-version-id":"1bc77756-e592-483b-97e8-8d0631bd96a8","card-added-at":1711509542525,"status":"draft","id":"04dbf78d-4795-4c36-8f98-12a0b251fe39","content-id":"04dbf78d-4795-4c36-8f98-12a0b251fe39","version":25,"metadata":{"social-share":{"shareable":true,"title":"How To Navigate Latest Restriction On Foreign Mutual Fund ETFs","message":"Here's how to navigate the latest restriction that does not allow further subscription into foreign mutual fund exchange traded funds. ","image":{"key":"bloombergquint/2024-03/047c2545-ad27-4097-8706-42f1441e9e81/Untitled_design__1_.png","url":null,"attribution":null,"caption":"The Mutual Funds Show: Is It Time To Invest In Balanced Advantage Funds? (Source: Canva)
The restrictions that are imposed on the various fund houses from April 1, 2024, will impact them from launching new funds in this space.
When a new fund is launched and subscription collected then new units are issued and the amount is deployed in the areas where the fund has the mandate to invest. There will not be any restrictions on investors to buy into existing ETF that are listed on the stock exchanges. However, there might be an impact in terms of liquidity in the fund that you want to invest in as market makers who are appointed for the ETF will not be able to create new underlying units. This can impact the volumes in several ETFs as new supply of units will cease post April 1 and only existing units can be traded between investors.
"}],"card-updated-at":1711510407363,"content-version-id":"3f6d9c2c-ef9b-42f6-92a5-5e450b668db1","card-added-at":1711509542525,"status":"draft","id":"cf1d370f-77e9-4f5e-84b1-2f940dc48cb2","content-id":"cf1d370f-77e9-4f5e-84b1-2f940dc48cb2","version":25,"metadata":{"social-share":{"shareable":true,"title":"How To Navigate Latest Restriction On Foreign Mutual Fund ETFs","message":"Here's how to navigate the latest restriction that does not allow further subscription into foreign mutual fund exchange traded funds. ","image":{"key":"bloombergquint/2024-03/047c2545-ad27-4097-8706-42f1441e9e81/Untitled_design__1_.png","url":null,"attribution":null,"caption":"The Mutual Funds Show: Is It Time To Invest In Balanced Advantage Funds? (Source: Canva)
Slowly as one route after the other are shut, those wanting a foreign exposure in their portfolio would have to look at the Liberalised Remittance Scheme, or LRS, route to meet their needs.
There are some factors that will impact such decisions. One is that using this route for small amounts of investment might not be feasible in terms of cost of transacting and management. In addition there is also a 20% tax collection at source that one would have to contend with when using this route.
"}],"card-updated-at":1711510407363,"content-version-id":"0afc1bf3-0916-4c39-afd4-a62766f62bee","card-added-at":1711509542525,"status":"draft","id":"3a5403b3-8552-42d6-9b4c-a0bc75658697","content-id":"3a5403b3-8552-42d6-9b4c-a0bc75658697","version":25,"metadata":{"social-share":{"shareable":true,"title":"How To Navigate Latest Restriction On Foreign Mutual Fund ETFs","message":"Here's how to navigate the latest restriction that does not allow further subscription into foreign mutual fund exchange traded funds. ","image":{"key":"bloombergquint/2024-03/047c2545-ad27-4097-8706-42f1441e9e81/Untitled_design__1_.png","url":null,"attribution":null,"caption":"The Mutual Funds Show: Is It Time To Invest In Balanced Advantage Funds? (Source: Canva)
Arnav Pandya is the founder of Moneyeduschool.
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The Mutual Funds Show: Is It Time To Invest In Balanced Advantage Funds? (Source: Canva)
Factor investing funds target specific traits like value or momentum to achieve returns by exploiting market inefficiencies.
Factor investing works in different market conditions, according to Pratik Oswal, head of passive funds at Motilal Oswal Asset Management Company Ltd.
The fund is the second-biggest fund category in the world. \"We see a huge opportunity for this segment in India in the next 4-5 years,\" he said.
He lists the key highlights for factor investing:
Combines active and passive investing.
It is rules-based and transparent.
There are a lot of factor funds today that offer different strategies in the form of a simple index fund or an ETF, he said.
Globally, there are four important factor funds—momentum, value, quality and low volatility.
\"Lack of awareness is the big reason why factor funds have not really gained ground in India. There are not many products in the factor funds in India. Plus, customers like to invest in a product that has a track record of at least 3-5 years,\" Oswal said, while explaining why factor funds are not that popular in India.
While value factor works really well in a recovery market, after a crash, momentum strategy does well in bull markets, he explained.
\"Low volatility is the largest bought factor fund globally as essentially the stable companies come under this fund. It works in both bull and bear conditions,\" he said.
Quality factor looks at the Nifty 200 and selects the 30 companies that are the best quality. The fund does extremely well in bear markets, said Oswal.
"},{"description":"","page-url":"/story/4cbba2ab-7322-4dee-93da-bac126af7514/element/9818a332-5a11-4b51-ac80-bdf9c80a0263","type":"title","family-id":"15a7ef25-bb99-4116-9f22-34934c4e855e","title":"","id":"9818a332-5a11-4b51-ac80-bdf9c80a0263","metadata":{},"subtype":null,"text":"Watch the full video here:"},{"description":"","page-url":"/story/4cbba2ab-7322-4dee-93da-bac126af7514/element/606e30c9-d58e-447a-8d22-6ce3c58b46f1","type":"youtube-video","family-id":"01d3d37c-56e0-41b2-b937-0fb7011977bb","title":"","id":"606e30c9-d58e-447a-8d22-6ce3c58b46f1","url":"https://www.youtube.com/watch?v=y5l-NgRJIo8","embed-url":"https://www.youtube.com/embed/y5l-NgRJIo8","metadata":{},"subtype":null}],"card-updated-at":1711596557257,"content-version-id":"05e071bd-f0fb-4b5a-8200-b36e38ed5b39","card-added-at":1711522445385,"status":"draft","id":"7ad6a63e-658e-429f-8bf6-f6de97b409fe","content-id":"7ad6a63e-658e-429f-8bf6-f6de97b409fe","version":58,"metadata":{"social-share":{"shareable":true,"title":"The Mutual Fund Show: What Is Factor Investing?","message":"Globally, there are four important factor funds—momentum, value, quality and low volatility. ","image":{"key":"bloombergquint/2024-03/ce014cd3-def6-4aa9-a8ac-a71747c7d7bb/jar_with_savings_little_tree_inside__1_.jpg","url":null,"attribution":null,"caption":"(Source: Freepik)
In selecting themes, alignment should be made with sectors where visibility is clear, according to Taher Badshah, chief investment officer of Invesco Mutual Fund.
The industrial cycle has been experiencing strong momentum and is expected to continue on this trajectory for an extended period, benefiting India, he told NDTV Profit's Niraj Shah in an interview.
There are no concerns regarding visibility of growth. The sector has potential for value opportunities to unfold, according to Badshah.
"},{"description":"","page-url":"/story/a9fddb24-0332-40ba-840e-f94f152300a4/element/9a087d22-70f1-4580-827f-599524f8c5fe","type":"text","family-id":"44863227-14d9-41f5-b229-45bd643f6192","title":"","id":"9a087d22-70f1-4580-827f-599524f8c5fe","metadata":{},"subtype":null,"text":"Insurance stocks are akin to stocks with a reasonably well-diversified product basket, and this sector still exhibits growth characteristics, Badshah said. \"It is still a reasonable growth portion in the economy.\"
The defence theme will have long-lasting momentum and increased visibility. The sector is reasonably concentrated, with a few dominant players in their respective sub-segments, and each of them has a significant role to play in the sector, he said.
"}],"card-updated-at":1711443265608,"content-version-id":"ca8be354-4367-4b39-83af-b05a97be98ec","card-added-at":1711430696332,"status":"draft","id":"7d4e5a61-b6e2-44ff-8de8-d212d56fa4d6","content-id":"7d4e5a61-b6e2-44ff-8de8-d212d56fa4d6","version":31,"metadata":{"social-share":{"shareable":true,"title":"Industrials Show Potential For Value Opportunities, Says Invesco's Taher Badshah","message":"The defence theme will have a long-lasting momentum and increased visibility, he says.","image":{"key":"bloombergquint/2024-03/066c621e-3a9c-4977-ad2c-8704ceed4c4c/Taher_Badshah_Hero_Image.png","url":null,"attribution":null,"caption":"Taher Badshah, president and chief investment officer of Invesco Mutual Fund. (Source: NDTV Profit)
Taher Badshah, president and chief investment officer of Invesco Mutual Fund. (Source: NDTV Profit)
Taher, a clutch of your colleagues—maybe your fund as well—have taken this step that let's be a bit more cautious at the broader end of the spectrum because valuations are substantially higher. What is your view about the core fundamentals versus the other high-flying indicators around? How does that translate into your view on markets currently?
","answer":"Taher Badshah: Between those two factors—essentially the core fundamental factors and some of the other elements also which come as part and parcel of a reasonably decent bull market—I think there is a fair bit of predominance of the former. That probably makes this rally a little different compared to what it used to be in the past. It is not probably the first time that we've seen a reasonably decent broad-based market rally and, you know, fairly strong performance as we all know, of mid caps and small caps, particularly in the space of the last 12 months.
But I think this time it is different from the perspective that it's supported by, as you know, reasonably decent earnings trajectory and earnings growth as well and the outlook and the forecast as the things stand today are looking reasonably healthy.
So I think under the circumstances therefore, if I were to probably you know, contrast it with let's say, the last mid-cap, small-cap rally, which we saw around the end of 2017, or early 2018, or towards, or during the period of 2017, if I reflect right, it was a very strong rally at that point in time as well. But would you argue that it was also supported by strong earnings growth at that point in time? Probably not. I think, in that year too, we saw a very strong performance of the broader market in India, probably led by different kinds of factors at that point in time which were at play.
But I think, this time around, therefore, to the extent it gives that added layer of confidence. However, I am not saying that we can't have periodic draw downs. We will, and especially the market tends to at times get a little ahead of itself, versus even the good fundamentals that we see. I think that's likely to happen and probably, we will see those kinds of instances as we saw in the last couple of weeks where there was a reasonably sharp draw down. But I would like to think that's part of course, if you get those kinds of corrections and valuations at some level. Therefore do become a little more amenable, palatable. I think those will only be good entry opportunities. We still see the overall economic configuration as reasonably healthy. I don't really see a lot of devil in it at this stage.
"},"subtype":"q-and-a","text":"Taher, a clutch of your colleagues—maybe your fund as well—have taken this step that let's be a bit more cautious at the broader end of the spectrum because valuations are substantially higher. What is your view about the core fundamentals versus the other high-flying indicators around? How does that translate into your view on markets currently?
Taher Badshah: Between those two factors—essentially the core fundamental factors and some of the other elements also which come as part and parcel of a reasonably decent bull market—I think there is a fair bit of predominance of the former. That probably makes this rally a little different compared to what it used to be in the past. It is not probably the first time that we've seen a reasonably decent broad-based market rally and, you know, fairly strong performance as we all know, of mid caps and small caps, particularly in the space of the last 12 months.
But I think this time it is different from the perspective that it's supported by, as you know, reasonably decent earnings trajectory and earnings growth as well and the outlook and the forecast as the things stand today are looking reasonably healthy.
So I think under the circumstances therefore, if I were to probably you know, contrast it with let's say, the last mid-cap, small-cap rally, which we saw around the end of 2017, or early 2018, or towards, or during the period of 2017, if I reflect right, it was a very strong rally at that point in time as well. But would you argue that it was also supported by strong earnings growth at that point in time? Probably not. I think, in that year too, we saw a very strong performance of the broader market in India, probably led by different kinds of factors at that point in time which were at play.
But I think, this time around, therefore, to the extent it gives that added layer of confidence. However, I am not saying that we can't have periodic draw downs. We will, and especially the market tends to at times get a little ahead of itself, versus even the good fundamentals that we see. I think that's likely to happen and probably, we will see those kinds of instances as we saw in the last couple of weeks where there was a reasonably sharp draw down. But I would like to think that's part of course, if you get those kinds of corrections and valuations at some level. Therefore do become a little more amenable, palatable. I think those will only be good entry opportunities. We still see the overall economic configuration as reasonably healthy. I don't really see a lot of devil in it at this stage.
Would you believe that between 28 and 33 times—or whatever number you peg—this SMID valuation at, will the pace of earnings growth come off or do you reckon that at that end, with the kind of growth promises that a lot of new sectors are making, we might see elevated multiples for a while?
","answer":"Taher Badshah: You are absolutely right in saying that. Look, if the growth rate tapers off meaningfully or materially, I think obviously that will lead to a fair bit of compression and the valuations as they stand today. But, I would like to think that it's not as much only about tapering. I mean, that's likely to happen. At any base, you will have to contend with the fact that you know, you can't have 25% or 30% compounding every year and you will slow down to some extent.
But if it is reasonably healthy, and if it doesn't slip down too much, I think what the market will probably focus on is it reasonable, lower, but is it longer enough and is it sustainable enough for relatively longer duration compared to what it has been in the past? And if that were to be the case, then probably what we can argue for, is valuations peak perhaps at least a couple of notches higher than what they used to be in the past averages, at the same point of time in the cycle. I hope you know what I mean.
So basically, what I'm just saying is that you probably have a case for a rerating, probably of a somewhat better magnitude on a longer history and especially if earnings growth is of a better trajectory or better magnitude compared to what it has been in the past and the longevity is probably somewhat better than what it used to be in the past.
"},"subtype":"q-and-a","text":"Would you believe that between 28 and 33 times—or whatever number you peg—this SMID valuation at, will the pace of earnings growth come off or do you reckon that at that end, with the kind of growth promises that a lot of new sectors are making, we might see elevated multiples for a while?
Taher Badshah: You are absolutely right in saying that. Look, if the growth rate tapers off meaningfully or materially, I think obviously that will lead to a fair bit of compression and the valuations as they stand today. But, I would like to think that it's not as much only about tapering. I mean, that's likely to happen. At any base, you will have to contend with the fact that you know, you can't have 25% or 30% compounding every year and you will slow down to some extent.
But if it is reasonably healthy, and if it doesn't slip down too much, I think what the market will probably focus on is it reasonable, lower, but is it longer enough and is it sustainable enough for relatively longer duration compared to what it has been in the past? And if that were to be the case, then probably what we can argue for, is valuations peak perhaps at least a couple of notches higher than what they used to be in the past averages, at the same point of time in the cycle. I hope you know what I mean.
So basically, what I'm just saying is that you probably have a case for a rerating, probably of a somewhat better magnitude on a longer history and especially if earnings growth is of a better trajectory or better magnitude compared to what it has been in the past and the longevity is probably somewhat better than what it used to be in the past.
Policy-linked spaces. Now, people cite past history to point at execution slippages and intentions expressed in the past, but not quite fulfilled. Therefore, the run-up in some of these themes deserves to be brought down.
On the other end, the bulls are saying this time it seems to be different. In select pockets, the targets are so tall and the policy push is there for the companies to execute well. Therefore, earnings growth might surprise on the upside. Which side are you on?
","answer":"Taher Badshah: So you know, we are to be on the side where you see visibility. I think, you see visibility in the camp where there's a possibility of growth being relatively stronger compared to what it used to be in the past. There have been policy initiatives earlier and there have been policy initiatives now as well. But, you want to just try and understand as to what is the stability of these policy reforms and probably what kind of longevity it can bring. You can be in one camp but you don't have a choice but then keep assessing and reassessing at all points in time.
So even though we may be in the positive camp as of now we don't have a choice but to continuously reassess what the landscape is looking like, how our assumptions are being fulfilled, and if there is any detraction from that. We, as money managers, we don't have a choice but to kind of take the reality into account and start trying to see as to what kind of precautionary measures we need to take, or reallocations that we need to do in our portfolios.
But as things stand, I think, like I said, it's all about assessing the visibility and you know that there are certain factors which are driving and likely to drive the growth of a particular theme. If those come into question, and you strongly believe that those questions are merited, I think you don't have a choice but, irrespective of whatever camp you are, you need to reassess the situation.
"},"subtype":"q-and-a","text":"Policy-linked spaces. Now, people cite past history to point at execution slippages and intentions expressed in the past, but not quite fulfilled. Therefore, the run-up in some of these themes deserves to be brought down.
On the other end, the bulls are saying this time it seems to be different. In select pockets, the targets are so tall and the policy push is there for the companies to execute well. Therefore, earnings growth might surprise on the upside. Which side are you on?
Taher Badshah: So you know, we are to be on the side where you see visibility. I think, you see visibility in the camp where there's a possibility of growth being relatively stronger compared to what it used to be in the past. There have been policy initiatives earlier and there have been policy initiatives now as well. But, you want to just try and understand as to what is the stability of these policy reforms and probably what kind of longevity it can bring. You can be in one camp but you don't have a choice but then keep assessing and reassessing at all points in time.
So even though we may be in the positive camp as of now we don't have a choice but to continuously reassess what the landscape is looking like, how our assumptions are being fulfilled, and if there is any detraction from that. We, as money managers, we don't have a choice but to kind of take the reality into account and start trying to see as to what kind of precautionary measures we need to take, or reallocations that we need to do in our portfolios.
But as things stand, I think, like I said, it's all about assessing the visibility and you know that there are certain factors which are driving and likely to drive the growth of a particular theme. If those come into question, and you strongly believe that those questions are merited, I think you don't have a choice but, irrespective of whatever camp you are, you need to reassess the situation.
Taher Badshah, president and chief investment officer of Invesco Mutual Fund. (Source: NDTV Profit)
Where is it that you find the strongest visibility?
","answer":"Taher Badshah: Today it goes without saying that the industrial cycle—which has been in a decently strong momentum and which we all actually should wish continues for a longer period of time for the good of India—I think is still in good shape. And that is where much of the incremental opportunities at least from a point of view of not having to worry about the visibility of growth is going to come through. And that is where a larger part, a larger section of our portfolios is, obviously, directed.
But be that as it may, I mean, we don't have a choice but to also look at value opportunities, which might unfold as a result of the market being significantly attentive or concentrated towards one particular area. It always happens that if a larger section of the market looks at only a certain set of companies and a certain set of stocks and industries, there will be laggards, there will be value which will start developing in some other parts of the market.
So, I think, from a growth standpoint, clearly the industrial segment and everything related to the investment cycle by and large is likely to continue to do well. But we try to mix it with some of the value opportunities that we might probably spot at various points in time and different sectors. It could be consumption at some stage. It was pharma—let's say about 3-6 months ago—which is just trying to kind of make a reasonably decent comeback. They—pharma and healthcare—have played out pretty well. It could be banks at certain points in time, although we may probably find it difficult to actually see triggers around it at this stage. I will probably also be constrained to give you what would be the catalyst which will probably take some of these banks up in terms of the valuations that we are on. But value does tend to develop at certain points in time and if you believe these are franchises, which are reasonable to bet on and they provide value. I think we don't have a choice but as managers to reflect those in our portfolios.
"},"subtype":"q-and-a","text":"Where is it that you find the strongest visibility?
Taher Badshah: Today it goes without saying that the industrial cycle—which has been in a decently strong momentum and which we all actually should wish continues for a longer period of time for the good of India—I think is still in good shape. And that is where much of the incremental opportunities at least from a point of view of not having to worry about the visibility of growth is going to come through. And that is where a larger part, a larger section of our portfolios is, obviously, directed.
But be that as it may, I mean, we don't have a choice but to also look at value opportunities, which might unfold as a result of the market being significantly attentive or concentrated towards one particular area. It always happens that if a larger section of the market looks at only a certain set of companies and a certain set of stocks and industries, there will be laggards, there will be value which will start developing in some other parts of the market.
So, I think, from a growth standpoint, clearly the industrial segment and everything related to the investment cycle by and large is likely to continue to do well. But we try to mix it with some of the value opportunities that we might probably spot at various points in time and different sectors. It could be consumption at some stage. It was pharma—let's say about 3-6 months ago—which is just trying to kind of make a reasonably decent comeback. They—pharma and healthcare—have played out pretty well. It could be banks at certain points in time, although we may probably find it difficult to actually see triggers around it at this stage. I will probably also be constrained to give you what would be the catalyst which will probably take some of these banks up in terms of the valuations that we are on. But value does tend to develop at certain points in time and if you believe these are franchises, which are reasonable to bet on and they provide value. I think we don't have a choice but as managers to reflect those in our portfolios.
Financials and banks in particular could be a pocket to focus on. Don't be too perturbed about valuations because if growth story stays on, then some of these valuations could well get justified in the times to come. I think that's the aggregate that I got. Taher, please correct me if I'm wrong there?
","answer":"Taher Badshah: Probably only want to add that sometimes we don't really know whether these valuations are true or not, in the sense that you might get earnings upgrades along the way, and especially if the cycle is strong.
So, what appears to be high valuations might be apt valuations and we've seen that happen a fair bit in the last 2-3 quarters, where some of these companies in these sectors which have looked apparently very expensive, have turned out to deliver relatively robust earnings and once upgrades to earnings come in, then the upgrade cycle itself is sufficient enough to ride these stocks.
"},"subtype":"q-and-a","text":"Financials and banks in particular could be a pocket to focus on. Don't be too perturbed about valuations because if growth story stays on, then some of these valuations could well get justified in the times to come. I think that's the aggregate that I got. Taher, please correct me if I'm wrong there?
Taher Badshah: Probably only want to add that sometimes we don't really know whether these valuations are true or not, in the sense that you might get earnings upgrades along the way, and especially if the cycle is strong.
So, what appears to be high valuations might be apt valuations and we've seen that happen a fair bit in the last 2-3 quarters, where some of these companies in these sectors which have looked apparently very expensive, have turned out to deliver relatively robust earnings and once upgrades to earnings come in, then the upgrade cycle itself is sufficient enough to ride these stocks.
Tahir, you spoke about financials at the start. You spoke about banks. The newsmakers of the day are IRDAI regulation, status quo on the surrender value of the non-league products, etc. Do you look at life insurance as a bucket? Do you like it or do you think there are better plays out there? Why so?
","answer":"Taher Badshah: We do have some exposure to life insurance companies and very selectively though. We like the proposition in a couple of cases, especially where the product basket is reasonably well-diversified.
Last year when we saw the changes brought about in the 2023 budget, with regard to the insurance companies, I think it was a reasonably decent value opportunity, which got created at that point in time in some of the reasonably decent front-line insurance companies. We did approach it from a value standpoint at that time and it reflected in some of our value strategies, or at least a value portion of some of our funds. So I think that is something which we were able to play but from a value standpoint at that point in time.
I think, in general, this is a sector which still has growth characteristics. We know that, right? We might not be underpenetrated as far as life insurance is concerned, but it is still a reasonably decent growth portion of the economy and the financial services segment.
Incrementally, I think, the approach that we've had to banking and financial services is also a little different compared to what we've been used to in the past. Five years ago, we were always largely focused on lenders. So whether it be the banks and the NBFCs, today, the landscape has changed as far as banks and financial services together is concerned. There are good number of opportunities in non-lending financial services and I think insurance is one part of that opportunity. So it does make sense to look at some of them particularly where we see the product basket as I said, being relatively more broad-based and appropriate.
"},"subtype":"q-and-a","text":"Tahir, you spoke about financials at the start. You spoke about banks. The newsmakers of the day are IRDAI regulation, status quo on the surrender value of the non-league products, etc. Do you look at life insurance as a bucket? Do you like it or do you think there are better plays out there? Why so?
Taher Badshah: We do have some exposure to life insurance companies and very selectively though. We like the proposition in a couple of cases, especially where the product basket is reasonably well-diversified.
Last year when we saw the changes brought about in the 2023 budget, with regard to the insurance companies, I think it was a reasonably decent value opportunity, which got created at that point in time in some of the reasonably decent front-line insurance companies. We did approach it from a value standpoint at that time and it reflected in some of our value strategies, or at least a value portion of some of our funds. So I think that is something which we were able to play but from a value standpoint at that point in time.
I think, in general, this is a sector which still has growth characteristics. We know that, right? We might not be underpenetrated as far as life insurance is concerned, but it is still a reasonably decent growth portion of the economy and the financial services segment.
Incrementally, I think, the approach that we've had to banking and financial services is also a little different compared to what we've been used to in the past. Five years ago, we were always largely focused on lenders. So whether it be the banks and the NBFCs, today, the landscape has changed as far as banks and financial services together is concerned. There are good number of opportunities in non-lending financial services and I think insurance is one part of that opportunity. So it does make sense to look at some of them particularly where we see the product basket as I said, being relatively more broad-based and appropriate.
Taher Badshah, president and chief investment officer of Invesco Mutual Fund. (Source: NDTV Profit)
Among the newer themes—that have been created or rechristened in the last few years—where is it that you have the strongest conviction from things?
","answer":"Taher Badshah: We had started off with conviction around a couple of them, about a year-and-a-half back and then a couple of others have joined the party or joined that proposition as we felt all along.
So I still, personally like the defence theme. That's something which I believe is something which will probably have stronger legs and more visibility as we go along. I think that sector is reasonably concentrated, in the sense that you have a few players who are dominant in their respective sub-segments of their defence ecosystem, and each one of them has an important role to play.
Within that as well, we probably like a couple of them over a couple of others. But, by and large, I'm reasonably constructive on that space. I've been for a reasonably good period of time and that still seems to be the best place to be around in this thematic-driven or policy-driven part of the market. I think, railways is another where we have probably not been able to have a lot of exposure. But that's something which is, again quite exciting because there could be a couple of plays which are even in that segment, which are not necessarily capital-intensive based, in the sense that they're probably not as balance sheet driven as what probably other such segments are. So I think that's something which is another area that we've liked.
I think power along the way has provided some opportunities either in the form of certain utilities or probably even in the case of certain financiers. Those are the players which have made a pretty strong cyclical comeback after a very long period of time. Obviously, the cycle as of now is still in their favour, and we're still in the early stages of that cycle. Probably that is what you would like to think, but then we have to be watchful. I mean, these are some of the segments, which have shown certain challenges as the sizes have grown and as the cycle has tended to become more peakish. So I think we have to be careful about those. We have to be watchful and careful about some of those challenges and risks, which are associated.
But at this stage, we would like to think that these are still either in the early or in the mid-cycle stages of their new cycle.
"},"subtype":"q-and-a","text":"Among the newer themes—that have been created or rechristened in the last few years—where is it that you have the strongest conviction from things?
Taher Badshah: We had started off with conviction around a couple of them, about a year-and-a-half back and then a couple of others have joined the party or joined that proposition as we felt all along.
So I still, personally like the defence theme. That's something which I believe is something which will probably have stronger legs and more visibility as we go along. I think that sector is reasonably concentrated, in the sense that you have a few players who are dominant in their respective sub-segments of their defence ecosystem, and each one of them has an important role to play.
Within that as well, we probably like a couple of them over a couple of others. But, by and large, I'm reasonably constructive on that space. I've been for a reasonably good period of time and that still seems to be the best place to be around in this thematic-driven or policy-driven part of the market. I think, railways is another where we have probably not been able to have a lot of exposure. But that's something which is, again quite exciting because there could be a couple of plays which are even in that segment, which are not necessarily capital-intensive based, in the sense that they're probably not as balance sheet driven as what probably other such segments are. So I think that's something which is another area that we've liked.
I think power along the way has provided some opportunities either in the form of certain utilities or probably even in the case of certain financiers. Those are the players which have made a pretty strong cyclical comeback after a very long period of time. Obviously, the cycle as of now is still in their favour, and we're still in the early stages of that cycle. Probably that is what you would like to think, but then we have to be watchful. I mean, these are some of the segments, which have shown certain challenges as the sizes have grown and as the cycle has tended to become more peakish. So I think we have to be careful about those. We have to be watchful and careful about some of those challenges and risks, which are associated.
But at this stage, we would like to think that these are still either in the early or in the mid-cycle stages of their new cycle.
Volume growth has been absent now for a while in consumption. With recent developments around commodity prices shooting up,the input costs are also now starting or will probably start to pinch. Should investors hunt for value there or avoid it?
","answer":"Taher Badshah: Hunt for value, to some extent. But it's clearly very difficult. And it's just started nibbling at it, if at all. It's not something that we are able to get our hands around, and probably develop a lot of confidence.
But like I said at some point of time in the earlier part of the conversation, we need to be watchful of some of those value pockets which might develop and we probably may not have the necessary triggers. I mean, we might have some expectations but the triggers may not have fully manifested. So we are approaching it from that standpoint. We're taking some baby steps. So we would like to think that there can be a couple of things, which can change the fortunes of the sector.
I hear you when you say that raw material prices have probably once again started to go up. And that takes away some part of the sheen from the sector once again. (That) at least supported the companies during the last 12-18 months, when volumes were actually a little difficult to come by. Probably the next leg of the story, if at all it unfolds the way we think, might come from recovery in volumes. The margins may not necessarily be as strong at that point in time.
But I think in this sector, valuations do tend to get driven by what we see on the volume side and on the revenue side. And I think if that starts looking up, it would be after a fairly decent gap. The triggers could probably range from let's say, good monsoon coming through in the next some time versus let's say what we've had in the last couple of years or probably some policy changes, which start to address some of the low to mid segments of the income pyramid.
I think those are things which can probably resuscitate the sector as such. But, we'll have to wait and watch. So like, I said, there are some triggers in mind but we don't have a choice but to kind of wait for them to manifest a little more strongly before we move in a lot more confidently than we are today.
"},"subtype":"q-and-a","text":"Volume growth has been absent now for a while in consumption. With recent developments around commodity prices shooting up,the input costs are also now starting or will probably start to pinch. Should investors hunt for value there or avoid it?
Taher Badshah: Hunt for value, to some extent. But it's clearly very difficult. And it's just started nibbling at it, if at all. It's not something that we are able to get our hands around, and probably develop a lot of confidence.
But like I said at some point of time in the earlier part of the conversation, we need to be watchful of some of those value pockets which might develop and we probably may not have the necessary triggers. I mean, we might have some expectations but the triggers may not have fully manifested. So we are approaching it from that standpoint. We're taking some baby steps. So we would like to think that there can be a couple of things, which can change the fortunes of the sector.
I hear you when you say that raw material prices have probably once again started to go up. And that takes away some part of the sheen from the sector once again. (That) at least supported the companies during the last 12-18 months, when volumes were actually a little difficult to come by. Probably the next leg of the story, if at all it unfolds the way we think, might come from recovery in volumes. The margins may not necessarily be as strong at that point in time.
But I think in this sector, valuations do tend to get driven by what we see on the volume side and on the revenue side. And I think if that starts looking up, it would be after a fairly decent gap. The triggers could probably range from let's say, good monsoon coming through in the next some time versus let's say what we've had in the last couple of years or probably some policy changes, which start to address some of the low to mid segments of the income pyramid.
I think those are things which can probably resuscitate the sector as such. But, we'll have to wait and watch. So like, I said, there are some triggers in mind but we don't have a choice but to kind of wait for them to manifest a little more strongly before we move in a lot more confidently than we are today.
Taher Badshah, president and chief investment officer of Invesco Mutual Fund. (Source: NDTV Profit)
Managers of flexi-cap funds can decide the allocation to large-, mid- and small-cap stocks. Given the recent underperformance of the broader markets, investors may have second thoughts about such funds.
However, Rushabh Desai, founder of Rupee With Rushabh Investment Services, urged investors to take a long-term view.
It's very natural for flexi-cap funds to underperform in the short- to medium-term perspective, he said on The Mutual Fund Show. \"It's important to look at the fund from a long-term perspective since inception.\"
Flexi-cap mutual funds offer investors the freedom to invest across segments and sectors based on the outlook, Kshitiz Mahajan, managing partner and chief executive officer of Complete Circle Wealth Solutions LLP Pvt., said. \"One can invest with a horizon of 5-7 years,\" he said.
He listed the factors to shortlist such schemes:
Consistency in five-year rolling returns.
Longevity of fund manager with fund.
Compare with category and index average.
See out performance or underperformance.
Evaluate risk taken for 1-2% of outperformance.
Mahajan urged investors to focus on value growth. On this count, he listed the metrics they must examine:
Price-to-earnings ratio.
Price-to-book ratio.
Price-to-sales ratio.
Price-to-cash flow ratio.
Dividend yield.
Long-term earnings.
Historical earnings.
Sales growth.
Cash-flow growth.
Book-value growth.
\"70% and above since inception is healthy,\" Desai said on flexi-cap funds' outperformance strike rate. \"From fund's inception shows broader performance and outperformance from recent years is key.\"
Desai's top picks: Parag Parikh Flexi Cap Fund, Franklin India Flexi Cap Fund, DSP Flexi Cap Fund, Canara Robeco Flexi Cap Fund and UTI Flexi Cap Fund.
\"Franklin India Flexi Cap Fund, HDFC Flexi Cap Fund and Quant Flexi Cap Fund are the funds that we are looking at,\" said Mahajan.
"},{"description":"","page-url":"/story/5ab29f09-752a-4704-ac95-b870a4a8cf42/element/55205119-f718-44e6-9e14-32ec4b06983f","type":"text","family-id":"ffb5d925-a40b-40c7-b05e-bd207649bb4e","title":"","id":"55205119-f718-44e6-9e14-32ec4b06983f","metadata":{},"subtype":null,"text":"Query 1: I want to retire by the time I'm 45 years old. Currently, I have no mutual fund investments and can invest Rs 5,000 per month. What (Retire Early) funds can you recommend?
Name Santosh Kumar I Age: 32 years
Kshitiz Mahajan: Invest Rs 5,000 in monthly SIPs (systematic investment plans) for 13 years. Increase the investible amount by 15% annually. With 13% expected returns, one can yield a corpus of Rs 42 lakh. Increase SIP amount or time of retirement.
Rushabh Desai: As and when he can increase the amount, he should invest in flexi-cap and mid-cap funds.
"},{"description":"","page-url":"/story/5ab29f09-752a-4704-ac95-b870a4a8cf42/element/8f6d53a2-6881-4362-9de2-26c4291a1c18","type":"text","family-id":"fcb359e3-d0c9-4a2d-bf83-5e723caba408","title":"","id":"8f6d53a2-6881-4362-9de2-26c4291a1c18","metadata":{},"subtype":null,"text":"Query 2: I have invested Rs 10 lakh in Aditya Birla PSU Fund in January. The returns from this fund have been fluctuating since investment. Should I switch to some other fund or stay invested?
Name: Krishnan I Age: 46 years
Rushabh Desai: Unfortunately, he has entered at a very wrong time for a PSU Fund. If he is in profit right now, I would suggest him to shift to a flexi-cap fund. But, if you're in loss, then just be patient and wait for the right time.
Kshitiz Mahajan: Hold the fund, as we're at the peak of the interest cycle. Allow rate cut and appreciation to come. You can withdraw funds once benefits are reflected in NAV (net asset value of mutual fund). Keep a portfolio with equity participation as post-tax returns in fixed income won't be able to beat inflation.
"},{"description":"","page-url":"/story/5ab29f09-752a-4704-ac95-b870a4a8cf42/element/cd4ec3de-9d8c-4b7c-b6c6-b5839547edae","type":"title","family-id":"fe26777d-596d-44ea-b079-b66865682ed6","title":"","id":"cd4ec3de-9d8c-4b7c-b6c6-b5839547edae","metadata":{},"subtype":null,"text":"Watch the full conversation here:"},{"description":"","page-url":"/story/5ab29f09-752a-4704-ac95-b870a4a8cf42/element/925ae1dd-0077-415b-bb46-56f744b81a14","type":"youtube-video","family-id":"416de317-90bb-4113-be58-b4f4c6521615","title":"","id":"925ae1dd-0077-415b-bb46-56f744b81a14","url":"https://www.youtube.com/watch?v=tkBevcgtcYk","embed-url":"https://www.youtube.com/embed/tkBevcgtcYk","metadata":{},"subtype":null}],"card-updated-at":1711507705509,"content-version-id":"ada5e69d-a2f4-4c92-9d96-1334cacea5ee","card-added-at":1711440109705,"status":"draft","id":"f295ccf7-fd22-4c5a-91b8-9f2ebddca16d","content-id":"f295ccf7-fd22-4c5a-91b8-9f2ebddca16d","version":60,"metadata":{"social-share":{"shareable":true,"title":"The Mutual Fund Show: Should You Keep Investing In Flexi-Cap Funds?","message":"Investors need to consider a long-term view when it comes to such schemes. Here's why.","image":{"key":"bloombergquint/2024-03/dc1156e2-9908-45a2-883f-b80a5122d49c/columns_coins_grass.jpg","url":null,"attribution":null,"caption":"(Source: Freepik)
The bloodbath triggered by concerns of froth in the small- and mid-cap stocks has left investors in the initial-public-offering space scrabbling for profits.
Ten of the 21 companies that went for the public offer this year have seen their market prices trade below their IPO price, even as the equity markets scaled new highs.
This comes after a panic selling of investors after the market regulator warned of \"froth\" in the system. This was later followed by a stress test for all asset management companies dealing with small- and mid-cap funds.
Capital Small Finance Bank Ltd., Entero Healthcare Solutions Ltd., JG Chemicals Ltd. and Gopal Snacks Ltd. are among the companies that saw their price fall below their IPO price after their issue.
Krystal Integrated Services Ltd., Platinum Industries Ltd. and Rashi Peripherals Ltd. did not see a major change and were trading around their issue price. However, BLS E-Services Ltd. and Jyoti CNC Automation Ltd. saw their prices double since their listing.
"},{"description":"","embed-js":"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","page-url":"/story/fad1d83c-1a80-4362-ba60-d74672d1793a/element/74c915a6-024c-4384-aec3-493628009366","type":"jsembed","family-id":"843ed982-a3ce-4e97-a9cf-cdb8418b6591","title":"","id":"74c915a6-024c-4384-aec3-493628009366","metadata":{},"subtype":null},{"description":"","page-url":"/story/fad1d83c-1a80-4362-ba60-d74672d1793a/element/1a878ccd-a398-4b77-a1f8-1a834886b97c","type":"text","family-id":"98f399bc-40a6-4ea9-b445-90dbc45cd551","title":"","id":"1a878ccd-a398-4b77-a1f8-1a834886b97c","metadata":{},"subtype":null,"text":"The BSE IPO, a gauge that tracks the performance of companies for two years after their offering, saw a deep dip in March after SEBI's warnings about the valuations in the SMIDs.
The index, which was at a peak of 14,181 on Feb. 6, saw a 12% decline during mid-March. On a year-to-date basis, the index advanced 2.83%.
"},{"description":"","embed-js":"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","page-url":"/story/fad1d83c-1a80-4362-ba60-d74672d1793a/element/c29cde4a-83f1-44f0-8b30-ca69de355241","type":"jsembed","family-id":"03b364b5-8745-4a1a-8a05-0b6a7a026c71","title":"","id":"c29cde4a-83f1-44f0-8b30-ca69de355241","metadata":{},"subtype":null},{"description":"","page-url":"/story/fad1d83c-1a80-4362-ba60-d74672d1793a/element/865d10fd-696b-41fc-8fef-aea19404601c","type":"text","family-id":"64cfe56e-5c32-4d90-a24a-ea501ec007e3","title":"","id":"865d10fd-696b-41fc-8fef-aea19404601c","metadata":{},"subtype":null,"text":"So far in 2024, companies that raised smaller capital witnessed a huge subscription, while the companies that raised huge sums saw a muted subscription.
While the markets hit new highs in 2023, India recorded the fourth-highest number of initial public offerings in the year. By value, however, the mop-up fell over 2022.
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The Securities and Exchange Board of India asked mutual funds to proactively protect investor interest amid \"froth\" building up in the broader end of the Indian equity market. The market regulator has asked AMCs to be cautious and consider moderating flows and rebalancing portfolios.
"},{"description":"","page-url":"/story/fad1d83c-1a80-4362-ba60-d74672d1793a/element/21275571-9813-47af-85b3-3cfb7f4273b9","type":"text","family-id":"ef73eb55-5792-41df-8fc4-06a4cfdb260a","title":"","id":"21275571-9813-47af-85b3-3cfb7f4273b9","metadata":{"linked-story-id":"250b1487-1053-4c99-a0cb-257f2e87e8ff","linked-story":{"headline":"Excess Froth In Small- And Mid-Cap Stocks Drained, Says ValueQuest's Ravi Dharamshi","story-content-id":"250b1487-1053-4c99-a0cb-257f2e87e8ff","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"250b1487-1053-4c99-a0cb-257f2e87e8ff","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Excess Froth In Small- And Mid-Cap Stocks Drained, Says ValueQuest's Ravi Dharamshi"}],"card-updated-at":1711438772964,"content-version-id":"5f686092-11f8-4950-8f35-8540bd03d511","card-added-at":1711432558796,"status":"draft","id":"4d718a2f-e88a-495b-9afa-0a48114d08a5","content-id":"4d718a2f-e88a-495b-9afa-0a48114d08a5","version":68,"metadata":{"social-share":{"shareable":true,"title":"Mid-, Small-Cap Selloff Drives Half Of 2024 IPO Stocks Below Issue Price","message":"The BSE IPO index saw a 12% decline during mid-March after a peak of 14,181 on Feb. 6.","image":{"key":"bloombergquint/2024-03/bdbcdf32-e787-4b7c-92e0-4cb97d8494a9/business_2023_11_27_05_35_45_utc.jpg","url":null,"attribution":null,"caption":"(Source: Envato)
Bonds have emerged as a prominent option within investors' portfolios once again, signalling a shift in the investment landscape, according to Vetri Subramaniam, chief investment officer at UTI Asset Management Co.
This resurgence of bonds presents a challenge for equities as investors reassess their asset-allocation strategies, he told NDTV Profit's Niraj Shah in an interview.
Subramaniam pointed out that Indian equities reached premium valuations, prompting global companies to consider divesting some of their stakes. \"With high valuations, it's not surprising to witness global firms opting to reduce their exposure to India.\"
"}],"card-updated-at":1711094239504,"content-version-id":"bc87e027-2421-404a-ab11-e59eca1f9423","card-added-at":1711090324662,"status":"draft","id":"2f6dfd3f-0286-4f1c-8a83-9fb66894be13","content-id":"2f6dfd3f-0286-4f1c-8a83-9fb66894be13","version":55,"metadata":{"social-share":{"shareable":true,"title":"Bond A Valid Class In Global Investors' Portfolio: UTI Asset's Vetri Subramaniam","message":"Investors seek valuations that offer a greater margin of comfort, he says.","image":{"key":"bloombergquint/2024-03/45358265-ac8c-4e16-a6a5-527bfd1d7ab6/Copy_of_Copy_of_Untitled_Design.png","url":null,"attribution":null,"caption":"Vetri Subramaniam, chief investment officer at UTI Asset Management Co. (Source: LinkedIn)
Despite optimism surrounding India's economic prospects in the coming decade, Subramaniam emphasised the importance of reasonable valuations for equities. He said investors seek valuations that offer a greater margin of comfort.
Many investors view India as a structural component of their portfolios and intend to increase their exposure to Indian equities. However, the challenge lies in reconciling high valuations with investor expectations, the CIO said.
\"While there is a desire to increase exposure to Indian equities, investors are cautious about the expensive valuations,\" Subramaniam said. Nevertheless, he pointed out, this caution has been mitigated by strong domestic inflows.
Valuations are notably more discomforting within the small and mid-cap space. Given these elevated valuations, this segment of the market must demonstrate significant upside surprises in earnings growth to justify current levels, according to Subramaniam.
"},{"description":"","page-url":"/story/0ff9b8fb-a358-4b0f-9b7a-f138a658b7ef/element/e4becb48-30f5-445c-8608-ba91170d58fa","type":"text","family-id":"cea2ab75-c332-429b-aae7-4548843bf89c","title":"","id":"e4becb48-30f5-445c-8608-ba91170d58fa","metadata":{"linked-story-id":"250b1487-1053-4c99-a0cb-257f2e87e8ff","linked-story":{"headline":"Excess Froth In Small- And Mid-Cap Stocks Drained, Says ValueQuest's Ravi Dharamshi","story-content-id":"250b1487-1053-4c99-a0cb-257f2e87e8ff","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"250b1487-1053-4c99-a0cb-257f2e87e8ff","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Excess Froth In Small- And Mid-Cap Stocks Drained, Says ValueQuest's Ravi Dharamshi"}],"card-updated-at":1711117959579,"content-version-id":"66d74f4d-1873-4bac-8bc6-d9837dc32e4d","card-added-at":1711093901457,"status":"draft","id":"341dd31f-61e6-4ca8-b2ce-41158bf36e9f","content-id":"341dd31f-61e6-4ca8-b2ce-41158bf36e9f","version":16,"metadata":{"social-share":{"shareable":true,"title":"Bond A Valid Class In Global Investors' Portfolio: UTI Asset's Vetri Subramaniam","message":"Investors seek valuations that offer a greater margin of comfort, he says.","image":{"key":"bloombergquint/2024-03/45358265-ac8c-4e16-a6a5-527bfd1d7ab6/Copy_of_Copy_of_Untitled_Design.png","url":null,"attribution":null,"caption":"Vetri Subramaniam, chief investment officer at UTI Asset Management Co. (Source: LinkedIn)
Vetri Subramaniam, chief investment officer at UTI Asset Management Co. (Source: LinkedIn)
How do you feel about the whole process of investing, because the volatility in news flow is always high, but it's certainly not low this time?
","answer":"Vetri Subramaniam: The way I look at this, actually, I don't see volatility as being high because if you look at volatility either in terms of historical volatility, or in terms of the volatility that we can look at in the options market, both are actually very muted.
I think the definition of volatility sometimes hides the language that we should be using, which is that the markets are not going up every day, but the market is not supposed to go up every day. So I think that's the wrong definition of volatility. The market actually remains very, very low in terms of volatility and you know, the bigger point that I would make and always tell investors is this, if you're going to invest in equities, expect that the market will drop at least 10% once every year, expect to the market will drop 20-25% every two to three years and once every 10 years, it might even drop 30-40-50%. That's going to be part and parcel of your journey. When you look at it in that context, I don't think anything we've experienced in the last few months amounts to volatility.
"},"subtype":"q-and-a","text":"How do you feel about the whole process of investing, because the volatility in news flow is always high, but it's certainly not low this time?
Vetri Subramaniam: The way I look at this, actually, I don't see volatility as being high because if you look at volatility either in terms of historical volatility, or in terms of the volatility that we can look at in the options market, both are actually very muted.
I think the definition of volatility sometimes hides the language that we should be using, which is that the markets are not going up every day, but the market is not supposed to go up every day. So I think that's the wrong definition of volatility. The market actually remains very, very low in terms of volatility and you know, the bigger point that I would make and always tell investors is this, if you're going to invest in equities, expect that the market will drop at least 10% once every year, expect to the market will drop 20-25% every two to three years and once every 10 years, it might even drop 30-40-50%. That's going to be part and parcel of your journey. When you look at it in that context, I don't think anything we've experienced in the last few months amounts to volatility.
The volatility in news flow is what I meant because there, it's very chop and change. For all the hawks around the Fed and what the Fed delivered was pretty different from what anybody could have anticipated. So in some sense is there a bit of a chalk and cheese effect?
","answer":"Vetri Subramaniam: Partly true. But again, I would say look, you know, in the markets, there's always something going on. If you were to tell me that there's more news flow today as compared to 2020, when at this point of time, we were all getting locked up at home and we didn't know where the future looked like, I would say that was a lot more uncertain than it is today. So yes, these are all small things. Look, the Fed policy, MPC policy, these are all part and parcel of the discussion about markets, but these can’t be the sole determinant of what investors choose to do.
So you know, I treat this as part of the weather. You know, should you dress appropriately for the weather? The answer is yes. But you don't change your strategic objective because of what the short-term weather forecast is. So that's the way I look at it.
"},"subtype":"q-and-a","text":"The volatility in news flow is what I meant because there, it's very chop and change. For all the hawks around the Fed and what the Fed delivered was pretty different from what anybody could have anticipated. So in some sense is there a bit of a chalk and cheese effect?
Vetri Subramaniam: Partly true. But again, I would say look, you know, in the markets, there's always something going on. If you were to tell me that there's more news flow today as compared to 2020, when at this point of time, we were all getting locked up at home and we didn't know where the future looked like, I would say that was a lot more uncertain than it is today. So yes, these are all small things. Look, the Fed policy, MPC policy, these are all part and parcel of the discussion about markets, but these can’t be the sole determinant of what investors choose to do.
So you know, I treat this as part of the weather. You know, should you dress appropriately for the weather? The answer is yes. But you don't change your strategic objective because of what the short-term weather forecast is. So that's the way I look at it.
Does it look like the mood might have changed at the margin because of what the Fed reiterated, nothing different, just reiterated?
","answer":"Vetri Subramaniam: I think that's a good question. You go back to January and I remember looking at the data. People were expecting as many as almost, you know, five to six rate cuts during this year; 140 basis points was what the Fed implied was showing. That's now obviously down to about 75. You know, to that extent, I would say the market has already sort of shifted in its expectation that growth is going to be much better than anticipated, inflation seems to be coming down, not yet near target but coming down.
But to my mind, the more interesting thing which actually emerged from the Fed messaging day before yesterday was the fact that they have actually indicated a willingness to walk back on quantitative tightening. To my mind, that was actually the most critical part of the messaging as opposed to anything else because I think one of the challenges that the US Fed in particular, and the US Treasury in particular, face is that unlike central banks all over the world, or governments all over the world who increased their average tenure of borrowings in the post -pandemic periods when rates were close to zero, the US Treasury never did that. They actually continued to borrow very, very short term. In fact, in the last one year, they have predominantly borrowed Treasury bills, which I would actually submit is a very dangerous strategy to follow, but therefore, they will sooner or later have to replace that Treasury bill borrowing with dated security borrowing.
Now, imagine a scenario in which the US government is continuing to happily run deficits of $6-7 trillion a year, they're going to have to issue long-dated bonds and now the biggest holder of bonds, which is the US Fed, is also saying I need to sell bonds into the market.
So if there was a reason to breathe a sigh of relief, it's simply that the Fed for the first time in a way sort of blinked and said, ‘Okay, you know, we might have to rethink how much and how aggressively we sell bonds’. So that messaging on QT (quantitative tightening) was, to my mind, the most significant part of what came out and maybe there is nervousness, and rightly so there should be nervousness because I think the US Treasury has played what I would say is a fairly risky game of borrowing so much in T- bills and not in dated securities.
"},"subtype":"q-and-a","text":"Does it look like the mood might have changed at the margin because of what the Fed reiterated, nothing different, just reiterated?
Vetri Subramaniam: I think that's a good question. You go back to January and I remember looking at the data. People were expecting as many as almost, you know, five to six rate cuts during this year; 140 basis points was what the Fed implied was showing. That's now obviously down to about 75. You know, to that extent, I would say the market has already sort of shifted in its expectation that growth is going to be much better than anticipated, inflation seems to be coming down, not yet near target but coming down.
But to my mind, the more interesting thing which actually emerged from the Fed messaging day before yesterday was the fact that they have actually indicated a willingness to walk back on quantitative tightening. To my mind, that was actually the most critical part of the messaging as opposed to anything else because I think one of the challenges that the US Fed in particular, and the US Treasury in particular, face is that unlike central banks all over the world, or governments all over the world who increased their average tenure of borrowings in the post -pandemic periods when rates were close to zero, the US Treasury never did that. They actually continued to borrow very, very short term. In fact, in the last one year, they have predominantly borrowed Treasury bills, which I would actually submit is a very dangerous strategy to follow, but therefore, they will sooner or later have to replace that Treasury bill borrowing with dated security borrowing.
Now, imagine a scenario in which the US government is continuing to happily run deficits of $6-7 trillion a year, they're going to have to issue long-dated bonds and now the biggest holder of bonds, which is the US Fed, is also saying I need to sell bonds into the market.
So if there was a reason to breathe a sigh of relief, it's simply that the Fed for the first time in a way sort of blinked and said, ‘Okay, you know, we might have to rethink how much and how aggressively we sell bonds’. So that messaging on QT (quantitative tightening) was, to my mind, the most significant part of what came out and maybe there is nervousness, and rightly so there should be nervousness because I think the US Treasury has played what I would say is a fairly risky game of borrowing so much in T- bills and not in dated securities.
Vetri Subramaniam, chief investment officer at UTI Asset Management Co. (Source: LinkedIn)
Considering the “policy normalization” that is happening and central banks talking in a very different tune than what they have in the last few years, what's the probable impact on risk assets, per se, over the next nine months?
","answer":"Vetri Subramaniam: We talked about Tina (There Is No Alternative) versus Tara (There Are Reasonable Alternatives). I think in the Indian context, it certainly didn’t work. Global equities work very well.
But I think the fact of the matter remains that what we discussed last time in terms of the underlying change in not just weather, but in terms of climate is very, very pronounced. It is pronounced because we've now made it very clear, we have moved away from zero-interest rates. Japan is the last one to sort of exit that territory. Therefore, as a result, bonds have become a valid asset class in any global investor's portfolio and this is already visible in what's happened in the US. So, which asset class in the US pulled in the largest amount of money last year? It was US money market funds. They pulled in almost $6 trillion of money simply because people are saying, ‘Hey, I can actually get, you know, 4.5-5% over there. You know, I'm happy to take that because I haven't seen this kind of, you know, reasonably safe return on a safe liquid asset for a long period of time’.
So I think that will continue to remain a challenge, that bonds have once again become a valid asset class in the pools of money, which are the largest pools of money, which are trying to meet retirement obligations and you know, you want to use a balanced portfolio of bonds, equities, so on and so forth.
The mad rush to go down the risk curve to get better returns, that period is now behind us. So I think this is a change in temperature that we will have to continue to deal with—that bonds are once again a valid investment instrument in global investor portfolios. I think that will continue to pose challenges to equities and from that point of view, therefore, high equity valuations and I would be a little bit worried and circumspect because incrementally, rather than people hunting for yield by going down the risk curve, they're going to go back to the stability of what bonds are willing to offer them.
"},"subtype":"q-and-a","text":"Considering the “policy normalization” that is happening and central banks talking in a very different tune than what they have in the last few years, what's the probable impact on risk assets, per se, over the next nine months?
Vetri Subramaniam: We talked about Tina (There Is No Alternative) versus Tara (There Are Reasonable Alternatives). I think in the Indian context, it certainly didn’t work. Global equities work very well.
But I think the fact of the matter remains that what we discussed last time in terms of the underlying change in not just weather, but in terms of climate is very, very pronounced. It is pronounced because we've now made it very clear, we have moved away from zero-interest rates. Japan is the last one to sort of exit that territory. Therefore, as a result, bonds have become a valid asset class in any global investor's portfolio and this is already visible in what's happened in the US. So, which asset class in the US pulled in the largest amount of money last year? It was US money market funds. They pulled in almost $6 trillion of money simply because people are saying, ‘Hey, I can actually get, you know, 4.5-5% over there. You know, I'm happy to take that because I haven't seen this kind of, you know, reasonably safe return on a safe liquid asset for a long period of time’.
So I think that will continue to remain a challenge, that bonds have once again become a valid asset class in the pools of money, which are the largest pools of money, which are trying to meet retirement obligations and you know, you want to use a balanced portfolio of bonds, equities, so on and so forth.
The mad rush to go down the risk curve to get better returns, that period is now behind us. So I think this is a change in temperature that we will have to continue to deal with—that bonds are once again a valid investment instrument in global investor portfolios. I think that will continue to pose challenges to equities and from that point of view, therefore, high equity valuations and I would be a little bit worried and circumspect because incrementally, rather than people hunting for yield by going down the risk curve, they're going to go back to the stability of what bonds are willing to offer them.
If there is a series of rate cuts, it may not be seven, it may not be six, it may be three. In some sense, if it enhances the appeal of emerging markets by and large, what is that next nine to 12 months of presumably three rate cuts have in store for equities, and EM equities in particular, considering the point that you just made in the previous answer, versus the appeal of EMs in a rate downward trajectory?
","answer":"Vetri Subramaniam: So I think the critical difference here, I would submit, is that we don't see the long bond yield coming down dramatically. And equities are eventually priced relative to the long-bond yield rather than to the short-term money market rate.
So will the Fed cut? Sure, they most probably will cut. It should get cut at some point of time. Likely in India, as well at some point towards the end of the year, we will cut. But that's not the important number on which people price equities. What they price it on is where is the 10-year bond yield. The key, I think, is that that is not going to come down for the simple reason that inflation looks like it is higher for longer. The West, and particularly the US, has suddenly discovered this new toy called fiscal deficit, no signs of bringing it down, unlike India, where we are actually continuously looking to tighten fiscal deficit going into 2026.
And if you look at what the finance minister has actually now even talked and if you see recent commentary, not just the fact that we need to bring down the fiscal deficit and be disciplined, but also talking about debt to GDP. And this is happening in an environment where the US is not even talking about these things. The CBO (Congressional Budget Office) is there but the government is, you know, pretty happy to run fiscal deficit.
So I think equities will get priced off the long end and that is where we need to be cautious. I don't see the long end coming down.
"},"subtype":"q-and-a","text":"If there is a series of rate cuts, it may not be seven, it may not be six, it may be three. In some sense, if it enhances the appeal of emerging markets by and large, what is that next nine to 12 months of presumably three rate cuts have in store for equities, and EM equities in particular, considering the point that you just made in the previous answer, versus the appeal of EMs in a rate downward trajectory?
Vetri Subramaniam: So I think the critical difference here, I would submit, is that we don't see the long bond yield coming down dramatically. And equities are eventually priced relative to the long-bond yield rather than to the short-term money market rate.
So will the Fed cut? Sure, they most probably will cut. It should get cut at some point of time. Likely in India, as well at some point towards the end of the year, we will cut. But that's not the important number on which people price equities. What they price it on is where is the 10-year bond yield. The key, I think, is that that is not going to come down for the simple reason that inflation looks like it is higher for longer. The West, and particularly the US, has suddenly discovered this new toy called fiscal deficit, no signs of bringing it down, unlike India, where we are actually continuously looking to tighten fiscal deficit going into 2026.
And if you look at what the finance minister has actually now even talked and if you see recent commentary, not just the fact that we need to bring down the fiscal deficit and be disciplined, but also talking about debt to GDP. And this is happening in an environment where the US is not even talking about these things. The CBO (Congressional Budget Office) is there but the government is, you know, pretty happy to run fiscal deficit.
So I think equities will get priced off the long end and that is where we need to be cautious. I don't see the long end coming down.
Yesterday, Morgan Stanley reiterated their call that it is India's decade. In some sense, we are talking about a very fiscally responsible finance ministry at the helm of affairs currently, and growth numbers, not anaemic, certainly, even if not as strong as the last three years. How favourably does that place Indian equities in light of the fact that the valuations are still high for them?
","answer":"Vetri Subramaniam: I think you're absolutely right. In all our conversations—and we raise money from a lot of global investors, which we manage almost $3 billion of global money—I think there's no doubt about the fact that most people say look, India is a very structural component of our portfolio and we want to continue raising our exposure to equity in India simply because we can see the long-term structural opportunity.
But that's one part of the story. The other part is what am I paying for it. And I think that's where it starts to get slightly more tricky, because valuations in India are expensive. Equities, in general, across the world are expensive at this point of time, particularly the US. In India as well you're having to pay a significant premium to that. So I think to that extent, the sort of appetite has been a little bit more muted. I would submit more muted than what perhaps people have hoped for. That's been offset by the fact that domestic demand has been very strong. But I would really interpret the setup to say that if for whatever reason Indian equities were to correct, or come down, you will start to see a lot more stronger foreign bid.
Just two points I want to make here. You know, Indian equities have reached a premium where it's interesting to just think through the mindset of global companies. We've had two or three global companies in recent times come and say, ‘You know, what, we're happy to sell down some of our stake in India’. So when you have these high valuations, it's not surprising that rather than seeing a rush of global M&A inbound into India, you're actually seeing some of these MNCs saying, hey, we can actually sell some of these rich assets in India. The other interesting thing that I want to point out is that everybody only talks about how much money is coming into the market, particularly the local money is coming into the market. Look at the amount of stock sales which are being made by PE funds, VC funds, promoters, QIPs, OFS, IPO.
If you look at that number for 2023, actually, there was $45 billion of buying by FPIs and domestic institutional investors. There was close to $38 billion of what I can count of sales of primary fundraising or secondary selldowns by these investors. So you know at these valuations, you're also attracting a lot of supply. I think it is a great decade for India as a country—capital availability, the economy grows, all of that. Equities—I argue that I want valuations, which offer more margin for comfort.
"},"subtype":"q-and-a","text":"Yesterday, Morgan Stanley reiterated their call that it is India's decade. In some sense, we are talking about a very fiscally responsible finance ministry at the helm of affairs currently, and growth numbers, not anaemic, certainly, even if not as strong as the last three years. How favourably does that place Indian equities in light of the fact that the valuations are still high for them?
Vetri Subramaniam: I think you're absolutely right. In all our conversations—and we raise money from a lot of global investors, which we manage almost $3 billion of global money—I think there's no doubt about the fact that most people say look, India is a very structural component of our portfolio and we want to continue raising our exposure to equity in India simply because we can see the long-term structural opportunity.
But that's one part of the story. The other part is what am I paying for it. And I think that's where it starts to get slightly more tricky, because valuations in India are expensive. Equities, in general, across the world are expensive at this point of time, particularly the US. In India as well you're having to pay a significant premium to that. So I think to that extent, the sort of appetite has been a little bit more muted. I would submit more muted than what perhaps people have hoped for. That's been offset by the fact that domestic demand has been very strong. But I would really interpret the setup to say that if for whatever reason Indian equities were to correct, or come down, you will start to see a lot more stronger foreign bid.
Just two points I want to make here. You know, Indian equities have reached a premium where it's interesting to just think through the mindset of global companies. We've had two or three global companies in recent times come and say, ‘You know, what, we're happy to sell down some of our stake in India’. So when you have these high valuations, it's not surprising that rather than seeing a rush of global M&A inbound into India, you're actually seeing some of these MNCs saying, hey, we can actually sell some of these rich assets in India. The other interesting thing that I want to point out is that everybody only talks about how much money is coming into the market, particularly the local money is coming into the market. Look at the amount of stock sales which are being made by PE funds, VC funds, promoters, QIPs, OFS, IPO.
If you look at that number for 2023, actually, there was $45 billion of buying by FPIs and domestic institutional investors. There was close to $38 billion of what I can count of sales of primary fundraising or secondary selldowns by these investors. So you know at these valuations, you're also attracting a lot of supply. I think it is a great decade for India as a country—capital availability, the economy grows, all of that. Equities—I argue that I want valuations, which offer more margin for comfort.
Vetri Subramaniam, chief investment officer at UTI Asset Management Co. (Source: LinkedIn)
Do you foresee earnings growth to be a challenge in FY 25-26? What are the pockets of challenge? Could it be BFSI, which hasn't quite delivered on stock-wise returns? Could it be technology on the back of even Accenture saying that they don't see a demand, or some others?
","answer":"Vetri Subramaniam: If you look at the Bloomberg consensus, it's now pencilling in about 14% growth in earnings for the Nifty 50. That's the consensus number for 2025, not too different from what actually happened in 2024. It will happen, because the final quarter numbers are yet to come in, but I think that's pretty much in the bag.
I think the big difference is if you look at the 2024 number, the challenge is that top line growth was actually very weak and the entire growth and earnings was actually driven more by Ebitda expansion, because the base year actually had a lot of the impact of the post Russia-Ukraine disruption in supply chain and prices.
I think, the key for 2025 is that it will have to be more revenue led. I don't think there is scope now for Ebitda margins to expand any more. In fact given—as you rightly said—there are some pockets within the economy where for a variety of reasons, things are a little bit tighter, there is very limited scope for margin expansions. So I think it will have to be now led more by revenue growth, rather than by margins. That's point number one.
The outlook I think for revenue growth is reasonably good. The consumption side of the economy as we can see most high frequency numbers is challenged. The investment side is doing better, but I would still submit you know, it's not necessarily doing great. So that whole pick up that we have been hoping for—in terms of private capex—is still something that we are hoping for. It's not yet visible in the numbers at this point of time. It's only the government capex, which has sort of held up. But even there, if you take government capex plus PSU capex, the overall impulse is actually more or less flatline now for a few years. And remember that you're going into continued fiscal compression, 5.1% fiscal deficit this year, then again, 4.5%. So I think the backdrop has certain challenges. We cannot say zero challenges. Some of those challenges could be related to global growth, some of those challenges could be related to NIM compression, which the banks might experience this year. So there are some challenges in getting to 14%. But at least the bar is not set at 25% earnings growth. So the market is looking at a number which is perhaps slightly more in the realm of what is possible.
"},"subtype":"q-and-a","text":"Do you foresee earnings growth to be a challenge in FY 25-26? What are the pockets of challenge? Could it be BFSI, which hasn't quite delivered on stock-wise returns? Could it be technology on the back of even Accenture saying that they don't see a demand, or some others?
Vetri Subramaniam: If you look at the Bloomberg consensus, it's now pencilling in about 14% growth in earnings for the Nifty 50. That's the consensus number for 2025, not too different from what actually happened in 2024. It will happen, because the final quarter numbers are yet to come in, but I think that's pretty much in the bag.
I think the big difference is if you look at the 2024 number, the challenge is that top line growth was actually very weak and the entire growth and earnings was actually driven more by Ebitda expansion, because the base year actually had a lot of the impact of the post Russia-Ukraine disruption in supply chain and prices.
I think, the key for 2025 is that it will have to be more revenue led. I don't think there is scope now for Ebitda margins to expand any more. In fact given—as you rightly said—there are some pockets within the economy where for a variety of reasons, things are a little bit tighter, there is very limited scope for margin expansions. So I think it will have to be now led more by revenue growth, rather than by margins. That's point number one.
The outlook I think for revenue growth is reasonably good. The consumption side of the economy as we can see most high frequency numbers is challenged. The investment side is doing better, but I would still submit you know, it's not necessarily doing great. So that whole pick up that we have been hoping for—in terms of private capex—is still something that we are hoping for. It's not yet visible in the numbers at this point of time. It's only the government capex, which has sort of held up. But even there, if you take government capex plus PSU capex, the overall impulse is actually more or less flatline now for a few years. And remember that you're going into continued fiscal compression, 5.1% fiscal deficit this year, then again, 4.5%. So I think the backdrop has certain challenges. We cannot say zero challenges. Some of those challenges could be related to global growth, some of those challenges could be related to NIM compression, which the banks might experience this year. So there are some challenges in getting to 14%. But at least the bar is not set at 25% earnings growth. So the market is looking at a number which is perhaps slightly more in the realm of what is possible.
If there was a disappointment indicated by Q1 earnings where we might see maybe margin compression because of higher commodity costs or otherwise, could there be a possibility of a swifter than anticipated corrective move in the markets because it also coincides very, very interestingly with the election calendar?
","answer":"Vetri Subramaniam: Look, the valuations are rich. They're slightly rich in the case of the large caps, slightly above the comfort zone, but at least they are not blinking red. They're far more uncomfortable in the mid-cap and small-cap place and I would submit that, you know, at these valuations, you really need earnings growth to not only deliver but even to deliver some upside surprise. I think that's a very high bar. So I would be sceptical about earnings ability to sort of really outperform significantly on the upside.
You know, whether the markets correct by going nowhere for a period of time or whether they correct in valuation terms by, you know, coming down sharply, that's very hard to predict. But I think people should be aware that valuations are posing a challenge to, you know, the returns that you can get from economies. A lot of the potential of businesses is reflected in their multiples. And if it is reflected in their multiples, it means those earnings expectations are baked in. Now, you really need something far better than that, to give the stock price a lift.
"},"subtype":"q-and-a","text":"If there was a disappointment indicated by Q1 earnings where we might see maybe margin compression because of higher commodity costs or otherwise, could there be a possibility of a swifter than anticipated corrective move in the markets because it also coincides very, very interestingly with the election calendar?
Vetri Subramaniam: Look, the valuations are rich. They're slightly rich in the case of the large caps, slightly above the comfort zone, but at least they are not blinking red. They're far more uncomfortable in the mid-cap and small-cap place and I would submit that, you know, at these valuations, you really need earnings growth to not only deliver but even to deliver some upside surprise. I think that's a very high bar. So I would be sceptical about earnings ability to sort of really outperform significantly on the upside.
You know, whether the markets correct by going nowhere for a period of time or whether they correct in valuation terms by, you know, coming down sharply, that's very hard to predict. But I think people should be aware that valuations are posing a challenge to, you know, the returns that you can get from economies. A lot of the potential of businesses is reflected in their multiples. And if it is reflected in their multiples, it means those earnings expectations are baked in. Now, you really need something far better than that, to give the stock price a lift.
Would there be a cushion of domestic flows at the dips, you yourself would be getting in money every month, every quarter? How strong is that flow to cushion the impact of the fall?
","answer":"Vetri Subramaniam: Very good question. Two ways of looking at this and I think everybody should be aware of it.
Obviously, the SIP flow gives us a lot of visibility. But when I peel back the SIP flow and I look at the rate of cancellation of SIPs, it does seem that there is some momentum seeking behavior, visible even in the SIP flow. How many SIPs are actually persisting beyond one year, two years, or three years? The numbers, I must say, are slightly disappointing. They're still good, in an absolute sense, compared to where we used to be five years ago. But if you just look at the headline number, that's a bit misleading because there is a high number of SIPs which are getting cancelled and then you know, people are opening new SIPs again.
My interpretation of that is, there is some bit of return-seeking, momentum-chasing behaviour which is there, but I still think the SIP will give stability, it will give support. You know, the Mutual Fund Sahi Hai programme, which AMFI has been running, goes back now almost seven years, since 2017.
And I do think that, in my travels across the country, when I meet people, there are a large number of investors who have started to think about this long term—they're thinking 10 years, 20 years. But on top of that, there are some people playing momentum and that's what we should be a little bit worried about.
"},"subtype":"q-and-a","text":"Would there be a cushion of domestic flows at the dips, you yourself would be getting in money every month, every quarter? How strong is that flow to cushion the impact of the fall?
Vetri Subramaniam: Very good question. Two ways of looking at this and I think everybody should be aware of it.
Obviously, the SIP flow gives us a lot of visibility. But when I peel back the SIP flow and I look at the rate of cancellation of SIPs, it does seem that there is some momentum seeking behavior, visible even in the SIP flow. How many SIPs are actually persisting beyond one year, two years, or three years? The numbers, I must say, are slightly disappointing. They're still good, in an absolute sense, compared to where we used to be five years ago. But if you just look at the headline number, that's a bit misleading because there is a high number of SIPs which are getting cancelled and then you know, people are opening new SIPs again.
My interpretation of that is, there is some bit of return-seeking, momentum-chasing behaviour which is there, but I still think the SIP will give stability, it will give support. You know, the Mutual Fund Sahi Hai programme, which AMFI has been running, goes back now almost seven years, since 2017.
And I do think that, in my travels across the country, when I meet people, there are a large number of investors who have started to think about this long term—they're thinking 10 years, 20 years. But on top of that, there are some people playing momentum and that's what we should be a little bit worried about.
Vetri Subramaniam, chief investment officer at UTI Asset Management Co. (Source: LinkedIn)
Does the commentary from a company like Accenture worry you, for what could be happening to what is arguably a very large sector in India, which is IT services, because aside of banks, that's the other key conundrum for markets?
","answer":"Vetri Subramaniam: I think, certainly, there are challenges on the IT side. It's been visible for a while. Even the Indian companies have been articulating challenges over there. They've been winning big deals, but the challenge is, in many of these cases, you're losing something which was a legacy business, and now you're announcing a new deal. So the net benefit to the company you have to offset the legacy lost with the new deal wins. You can't just keep adding the new deals without recognising the fact that there is some legacy business which is going away. So I think that challenge will continue.
Everything that we hear from the US suggests that you know, tech spending is going through a difficult period. This is visible in technology, it's visible in the classic IT services and it is visible in support and it's also visible in the consulting side.
So the top end of the market discretionary consulting is badly affected, services less so. The only point that I would make is that from a domestic economy perspective, one of the strengths that we've seen in the economy in recent times, is not the growth of just the classic IT services but the rise of global capability centres in India, where you have multinationals setting up their own sort of research units here doing research, doing coding, and doing a lot of stuff which is core to their own enterprise and that I think will continue to sort of grow.
So overall IT services and related exports from India should continue to do well. But the classic listed IT services companies, particularly the ones with a lot of legacy business, I think they are going to struggle a little bit more to handle this transition.
"},"subtype":"q-and-a","text":"Does the commentary from a company like Accenture worry you, for what could be happening to what is arguably a very large sector in India, which is IT services, because aside of banks, that's the other key conundrum for markets?
Vetri Subramaniam: I think, certainly, there are challenges on the IT side. It's been visible for a while. Even the Indian companies have been articulating challenges over there. They've been winning big deals, but the challenge is, in many of these cases, you're losing something which was a legacy business, and now you're announcing a new deal. So the net benefit to the company you have to offset the legacy lost with the new deal wins. You can't just keep adding the new deals without recognising the fact that there is some legacy business which is going away. So I think that challenge will continue.
Everything that we hear from the US suggests that you know, tech spending is going through a difficult period. This is visible in technology, it's visible in the classic IT services and it is visible in support and it's also visible in the consulting side.
So the top end of the market discretionary consulting is badly affected, services less so. The only point that I would make is that from a domestic economy perspective, one of the strengths that we've seen in the economy in recent times, is not the growth of just the classic IT services but the rise of global capability centres in India, where you have multinationals setting up their own sort of research units here doing research, doing coding, and doing a lot of stuff which is core to their own enterprise and that I think will continue to sort of grow.
So overall IT services and related exports from India should continue to do well. But the classic listed IT services companies, particularly the ones with a lot of legacy business, I think they are going to struggle a little bit more to handle this transition.
Amid this rather cautious note, where is it that you're the most optimistic?
","answer":"Vetri Subramaniam: I should just add one more point on that IT bit, which is, look, these are India's most globally competitive businesses. So our view on I.T. is really that, you know, buy the dips. If they get cheaper, we're happy to buy them because we think they will eventually come out on the right side of this.
So not that despondent, in that sense. I think equities are just rich. So really what we're trying to tell people is, go back to the drawing board, look at your asset allocation framework. It's very likely that with the strong rally in stock prices, your equity allocation may have moved higher than where you were in your asset allocation framework. Go back to what your framework is telling you to do. So even in some of the schemes that we run—which sort of run our own internal asset allocation models—we used to be at 65-70% asset allocation, those have progressively kept getting cut and they are down to about 50% equity allocation and 50% in a strategy which can be as low as 30, as high as 90.
So that should give you a sense of the fact that you know, the equity allocation is somewhere more neutral at this point and these valuation metrics largely look at large cap, not mid and small cap. If I were to use that, the numbers might look worse. But I don't have 20 years of history. So we run it only on the large-cap space. But that's my simple message to investors. That's been the message from January—rebalance, rebalance, rebalance—keeping in mind your long-term goals. Rather than falling for the narrative of this is India's decade. It might be, but that's no reason for you to move away from your asset allocation framework.
"},"subtype":"q-and-a","text":"Amid this rather cautious note, where is it that you're the most optimistic?
Vetri Subramaniam: I should just add one more point on that IT bit, which is, look, these are India's most globally competitive businesses. So our view on I.T. is really that, you know, buy the dips. If they get cheaper, we're happy to buy them because we think they will eventually come out on the right side of this.
So not that despondent, in that sense. I think equities are just rich. So really what we're trying to tell people is, go back to the drawing board, look at your asset allocation framework. It's very likely that with the strong rally in stock prices, your equity allocation may have moved higher than where you were in your asset allocation framework. Go back to what your framework is telling you to do. So even in some of the schemes that we run—which sort of run our own internal asset allocation models—we used to be at 65-70% asset allocation, those have progressively kept getting cut and they are down to about 50% equity allocation and 50% in a strategy which can be as low as 30, as high as 90.
So that should give you a sense of the fact that you know, the equity allocation is somewhere more neutral at this point and these valuation metrics largely look at large cap, not mid and small cap. If I were to use that, the numbers might look worse. But I don't have 20 years of history. So we run it only on the large-cap space. But that's my simple message to investors. That's been the message from January—rebalance, rebalance, rebalance—keeping in mind your long-term goals. Rather than falling for the narrative of this is India's decade. It might be, but that's no reason for you to move away from your asset allocation framework.
Vetri Subramaniam, chief investment officer at UTI Asset Management Co. (Source: LinkedIn)
Investors must pocket opportunities in select small-cap stocks as the large caps are yet to undergo proper correction, according to Goldilocks Premium Research Pvt.'s Gautam Shah.
For the kind of crazy up moves the markets saw in the last couple of months, a cleanup was always required, the chief strategist of the research firm told NDTV Profit on Friday. \"The market went through an amazing internal correction,\" he said. \"In general, stocks are now down anywhere between 20% and 40%.\"
This is still a consolidation phase, and the markets were still not out of the woods. It is likely to spend more time in a range and not make new highs in a hurry, according to Shah. \"The correction started with small caps, they moved to mid-caps and now, we are seeing some large caps come under pressure.\"
Till the NSE Nifty 50 does not clear the 22,050 level on a closing basis, chances of a dip towards 21,000 are big. It is still a very stock-specific market, but given the big damages seen in the small caps, there are some select opportunities in this space, Shah said.
\"I haven't seen in 20 years that the Nifty has lost 2% and the small caps have lost 12%. It's a very unique internal rotational correction that we have gone through,\" he said.
Shah has a positive outlook on the metal and pharma sectors for the long term. He is bullish on State Bank of India and Reliance Industries Ltd.
"}],"card-updated-at":1711092280992,"content-version-id":"fa8d5519-5736-4bfe-b5b5-6d92df9b4447","card-added-at":1711086754430,"status":"draft","id":"7b0fd6a3-2b21-435a-845f-029ebbafb94d","content-id":"7b0fd6a3-2b21-435a-845f-029ebbafb94d","version":60,"metadata":{"social-share":{"shareable":true,"title":"Pick Select SMIDs As Large Caps To See Further Cleanup: Goldilocks' Gautam Shah","message":"Shah has a positive outlook on the metal and pharma sectors for the long term.","image":{"key":"bloombergquint/2024-03/292ec023-fdbc-44ab-8e1f-ba5d181e0f81/Hero.png","url":null,"attribution":null,"caption":"Gautam Shah, founder and chief strategist of Goldilocks Premium Research. (Source: NDTV Profit)
Gautam Shah, founder and chief strategist of Goldilocks Premium Research. (Source: NDTV Profit)
The Nippon India Mutual Fund has announced measures aimed at limiting fresh inflows into its popular small-cap scheme.
The mutual fund, in a notice, said it was reducing the amount that can be invested via fresh applications of systematic investment plans and systematic transfer plans.
Starting Friday, the scheme will only accept SIPs and STPs with a limit of Rs 50,000 per day per PAN, it said. The scheme, which is the largest in the category with assets under management of over Rs 46,000 crore in February, had already stopped lumpsum investments and had limited fresh inflows through SIPs and STPs to Rs 5 lakh per day per PAN.
“The limit on subscriptions of units has been proposed to facilitate the gradual deployment of corpus in order to align with the nature of small-cap investing,” the mutual fund said in its notice. “The step is warranted considering the recent sharp rally in the small-cap space and increased investor participation through high-ticket investments, which would be in the best interest of existing unit holders and appropriate for incremental investment.”
Nippon India MF has also changed the exit load charged on the scheme. Where earlier an exit load of 1% would be levied if units were sold within one month of the date of allotment, now it will be charged if units are sold within a year of allotment.
The announcement by the mutual fund comes soon after the market regulator, the Securities Exchange Board of India, wrote to the Association of Mutual Funds in India, asking it to take the necessary steps to protect the interests of investors in the small- and mid-cap space. A stress test was then introduced to disclose several parameters, including portfolio liquidity, the first result of which was released on March 15.
"},{"description":"","page-url":"/story/a79552a9-ed95-4be2-85b7-68670f486739/element/4ff26945-55f5-436e-a207-d6fb081c6c72","type":"text","family-id":"4207241c-9c87-47b3-bfbc-757e04855773","title":"","id":"4ff26945-55f5-436e-a207-d6fb081c6c72","metadata":{"linked-story-id":"300cf27b-facc-47b8-bfe6-1d97e62e2105","linked-story":{"headline":"Adani Enterprises' Airport Business To Be Key Growth Driver In Medium Term: Jefferies","story-content-id":"300cf27b-facc-47b8-bfe6-1d97e62e2105","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"300cf27b-facc-47b8-bfe6-1d97e62e2105","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Adani Enterprises' Airport Business To Be Key Growth Driver In Medium Term: Jefferies"}],"card-updated-at":1711082382476,"content-version-id":"33676dd9-b4b8-4765-9d54-78c62b462f78","card-added-at":1711081943752,"status":"draft","id":"bfba29fb-c5e2-4c75-9cb0-5102ccf629ca","content-id":"bfba29fb-c5e2-4c75-9cb0-5102ccf629ca","version":10,"metadata":{"social-share":{"shareable":true,"title":"Nippon India Mutual Fund Places More Curbs On Small-Cap Inflows","message":"Starting Friday, the scheme will only accept SIPs and STPs with a limit of Rs 50,000 per day per PAN, it said. ","image":{"key":"bloombergquint/2019-10/337c1045-e6a0-4117-9c9d-3a09095aff79/Nippon_India_Mutual_Fund.jpeg","url":null,"attribution":null,"caption":"The unveiling of RNAM’s new name, Nippon India Mutual Fund, in New Delhi on Monday. (Photo: NDTV Profit)
A Systematic Transfer Plan involves initially investing funds in a liquid form, which are then periodically transferred to either equity or debt mutual funds within the same fund house, according to Ruchi Sankhe, investment adviser at Infinity Investment Advisors.
In comparison, an SIP is when you put money from your bank account to your investments on a regular basis, she said.
Sankhe lists three key benefits of STPs:
Helps you stick to your allocation.
Keeps the investment process objective and disciplined.
Advisable in the current market scenario.
STP is ideal for someone who has regular income coming in and they can do such kind of investment, according to Arnav Pandya, founder of Moneyeduschool. All types of investors can look into STPs when large amounts have to be allocated to equities, he said.
STP ensures proper allocation of large amount and gives an average cost for the investor, Pandya said. But it is applicable only when you have a lumpsum, he noted.
He lists the investment pattern for STPs:
Initial lumpsum investment is in a short duration debt fund.
A regular sum is transferred to the equity fund each month.
\"I would advice to defer the investment over the period of time. It makes sense to do an STP for a 6-8 month period ... given the way the market is right now, the levels at which the market is and the concerns that even the regulators are seeing at this point of time,\" Sankhe said.
\"When you're investing in the small and mid caps, the horizon for investments should be long,\" she advised.
"},{"description":"","page-url":"/story/27279cf7-ac48-492c-acc9-660df8d1c039/element/01001a44-a0ce-48d7-8c0a-af2b99affaa2","type":"youtube-video","family-id":"816a02a5-5dd8-4b99-9043-97dff9f99505","title":"","id":"01001a44-a0ce-48d7-8c0a-af2b99affaa2","url":"https://www.youtube.com/watch?v=BA5ss9YCgl0&ab_channel=NDTVProfit","embed-url":"https://www.youtube.com/embed/BA5ss9YCgl0","metadata":{},"subtype":null},{"description":"","page-url":"/story/27279cf7-ac48-492c-acc9-660df8d1c039/element/c28db917-b366-4b07-9d8f-207c0f001c0b","type":"text","family-id":"6b850fdf-e09d-41c5-a757-3a277f4f9f7b","title":"","id":"c28db917-b366-4b07-9d8f-207c0f001c0b","metadata":{},"subtype":null,"text":"Query 1: I am an NRI living in the U.K. I want to start SIP and invest in the share market. I am looking to invest Rs 50,000-80,000 per month for the next 10 years, as I am planning to move back to India in the next 10-15 years.
Can you please suggest some funds that can give me at least Rs 10-15 crore returns, with adjusted inflation after 15 years.
Name: Divya I Age: 38 years.
Arnav Pandya: Need to have realistic expectation. For 10 years time period, an equity portfolio is suitable. Expect 12% returns from the portfolio. Rs 80,000 per month for 10 years, earning 12% will be approximately Rs 1.84 crore after 10 years and Rs 3.2 crore after 15 years. Rs 10-15 crore return should be moderated.
Ruchi Sankhe: Expectations need to be tapered. Need to have high growth portfolio, with complete equity allocation. Allocation needs to be tilted towards mid and small caps. The Parag Parikh Flexi Cap and Kotak Multi Cap will allocate across segments.
Query 2: I currently hold Rs 15 lakh in mutual funds and would like to create a retirement corpus of Rs 5 crore, along with some extra funds for my child's education. Need some guidance in terms of my current investments.
Name: Swapnil I Age: 30 years.
Ruchi Sankhe: The fund quality of the portfolio looks good. Make sure to have a large-cap exposure through index funds. I will suggest that actively monitor the Smart Beta fund.
"}],"card-updated-at":1711082771070,"content-version-id":"c1af0057-1d4a-4962-a259-34dab7a6071b","card-added-at":1711008330790,"status":"draft","id":"0a29e644-36c0-43fd-8cef-989ccec47b7d","content-id":"0a29e644-36c0-43fd-8cef-989ccec47b7d","version":64,"metadata":{"social-share":{"shareable":true,"title":"The Mutual Fund Show: Can STP Give Better Returns Than SIP? ","message":"STP is ideal for someone who has regular income coming in, say experts.","image":{"key":"bloombergquint/2024-03/33442182-cec1-4865-b132-eb2edb632d1c/coin_wooden_table_blurred_nature.jpg","url":null,"attribution":null,"caption":"(Source: Freepik)
A crackdown by the goods and services tax authorities has revealed 1,999 cases of false input-tax-credit claims worth over Rs 19,690 crore in the current financial year till January, NDTV Profit has learned.
In comparison, 1,940 cases worth Rs 13,175 crore were detected in a similar exercise in the previous financial year, according to data viewed by NDTV Profit. Of this, Rs 1,597 crore was recovered by authorities and 68 arrests were made. This is a 49% spike in the value of fake claims.
Such fake cases involve claims of ITC where there has been no real supply of goods or services, mostly through falsified invoicing.
The pace of recovery from these cases stands at 12.71%, lagging in Delhi and West Bengal, which have seen a high level of falsification in ITC claims.
The highest number of instances reported was in Gujarat (241 cases), followed by West Bengal (227 cases), Haryana (186), Assam (168), Rajasthan (143), Maharashtra (130), Karnataka (122) and Delhi (105).
Cracking down on fake ITC claims is an area the department is focusing on. It is an ongoing exercise that is widespread across sectors, an official with knowledge of the matter told NDTV on the condition of anonymity.
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The review of the 28% Goods and Services Tax on online gaming will likely be done after the general elections as the council's meeting is expected to be delayed and held after the polls, according to an official with knowledge of the matter.
The model code of conduct is in force currently after the Election Commission of India announced the poll schedule. The Lok Sabha election will be held in seven phases over 44 days from April 19 and the counting of votes will be taken up on June 4.
In its August 2023 meeting, the GST Council had notified that it would review its levy of 28% GST on casinos, online gaming and horse racing in six months' time.
At the time of implementation from Oct. 1, 2023, there was also a mandate for registration of offshore gaming platforms, which could be blocked if they fail to register in accordance with the provisions of the Information Technology Act.
In line with the rules notified for the registration for offshore companies, the government has blocked over 60 platforms that had not complied with its mandate almost a month ago, the official said on the condition of anonymity.
More such blockages are underway, according to the official.
In a conversation with NDTV Profit after the interim budget, Revenue Secretary Sanjay Malhotra had said that after four months of implementation and three months of revenue collection, the government is seeing a five-time hike in revenue from the online gaming sector.
\"In comparison, in the last three months preceding Oct. 1, we got revenues of only Rs 605 crore. So, this is a jump of five times and we now hope to get a revenue of about Rs 13,000–14,000 crore if we are able to maintain the same pace,\" Malhotra had said.
Revenue from online gaming companies in the last financial year was forecasted at Rs 1,600 crore, making the current fiscal's estimates an annual jump of Rs 12,000 crore, he had said.
"},{"description":"","page-url":"/story/656f6da0-79cd-4b60-b0f9-78dfb91209a7/element/874e99ea-751e-4c4f-8168-09a5fc44d0be","type":"text","family-id":"991253b1-305a-4475-8281-105b3643348e","title":"","id":"874e99ea-751e-4c4f-8168-09a5fc44d0be","metadata":{"linked-story-id":"ce734a8a-e3c4-4ec2-8e67-ea7fd00ade78","linked-story":{"headline":"Supreme Court To Hear All Pleas Challenging Retrospective 28% GST On Online Gaming Firms","story-content-id":"ce734a8a-e3c4-4ec2-8e67-ea7fd00ade78","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"ce734a8a-e3c4-4ec2-8e67-ea7fd00ade78","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Supreme Court To Hear All Pleas Challenging Retrospective 28% GST On Online Gaming Firms"}],"card-updated-at":1710842420044,"content-version-id":"33a91d80-13ac-4cce-8ed5-b96a369723c0","card-added-at":1710834767769,"status":"draft","id":"1096ca36-6ba8-44e2-97dc-7621198f73b5","content-id":"1096ca36-6ba8-44e2-97dc-7621198f73b5","version":58,"metadata":{"social-share":{"shareable":true,"title":"Review Of Online Gaming GST Likely To Happen After Lok Sabha Election","message":"The GST Council had notified earlier that it would review its levy of 28% GST on casinos, online gaming and horse racing in six months' time.","image":{"key":"bloombergquint/2023-08/92fbdd83-db0a-46c0-9894-79892ffc701e/Central_GST_bhavan.jpeg","url":null,"attribution":null,"caption":"Central GST Bhavan, Rajkot. (Source: CBIC website)
The heavy industries ministry is examining requests seeking reduction in GST on flexible fuel vehicles (FFVs) from the current 28 per cent, sources said.
"},{"description":"","page-url":"/story/4bed945c-6f68-44a8-a3fb-ed278e4ac083/element/4f1819b2-66a1-4556-83de-5cd70ad8c9b2","type":"text","family-id":"db51ad05-13ff-4d57-91e6-20866f5221b5","title":"","id":"4f1819b2-66a1-4556-83de-5cd70ad8c9b2","metadata":{},"subtype":null,"text":"The ministry is in consultation with various stakeholders and other government departments. Once the consultations are completed, the ministry will submit a recommendation to its finance counterpart. Thereafter, the GST Council will take a decision on the issue, a senior official said.
"},{"description":"","page-url":"/story/4bed945c-6f68-44a8-a3fb-ed278e4ac083/element/ff32abe1-a762-4097-94f9-47581a716d74","type":"text","family-id":"26a94657-10fe-4572-9255-1d6381112d70","title":"","id":"ff32abe1-a762-4097-94f9-47581a716d74","metadata":{},"subtype":null,"text":"'We have received representations seeking reduction in GST on flex fuel vehicles. We are conducting meetings on this issue to ascertain the views of various stakeholders and different ministries. But we are getting a mixed response. Some people say that GST and cess should be reduced on FFVs because the government is promoting their adoption. Currently FFVs attract GST rate of 28 per cent, plus 15 per cent cess,' the official added.
"},{"description":"","page-url":"/story/4bed945c-6f68-44a8-a3fb-ed278e4ac083/element/0c53aa71-66c4-4af7-8e58-fe62dc4ce4e7","type":"text","family-id":"ca1b2c39-2880-44be-b269-44134ce46b08","title":"","id":"0c53aa71-66c4-4af7-8e58-fe62dc4ce4e7","metadata":{},"subtype":null,"text":"'We have been asked to review whether or not the GST on FFVs needs to be brought down,' the official said requesting anonymity.
"},{"description":"","page-url":"/story/4bed945c-6f68-44a8-a3fb-ed278e4ac083/element/1cd385af-d2c9-4cd9-90d0-167b718f60b5","type":"text","family-id":"25ad5f58-6bdd-4526-9036-10ebe0481e67","title":"","id":"1cd385af-d2c9-4cd9-90d0-167b718f60b5","metadata":{},"subtype":null,"text":"Flex fuel is an alternative fuel made of a combination of petrol and methanol or ethanol. FFVs come equipped with internal combustion engines designed to run on more than one type of fuel.
"}],"card-updated-at":1709645680564,"content-version-id":"ef5c5b94-41e9-43e7-933e-b50463c1fb0b","card-added-at":1709636110807,"status":"draft","id":"07ae35fd-c5a4-4b8e-8809-60cf555fdfe9","content-id":"07ae35fd-c5a4-4b8e-8809-60cf555fdfe9","version":3,"metadata":{"social-share":{"shareable":true,"title":"Heavy Industries Ministry Weighs Reduction Of GST On Flex Fuel Vehicles","message":"The heavy industries ministry is examining requests seeking reduction in GST on flexible fuel vehicles (FFVs) from the current 28 per cent, sources said.","image":{"key":"bloombergquint/2023-08/92fbdd83-db0a-46c0-9894-79892ffc701e/Central_GST_bhavan.jpeg","url":null,"attribution":null,"caption":"Central GST Bhavan, Rajkot. (Source: CBIC website)
The gross Goods and Services Tax collections rose 12.5% year-on-year to Rs 1.68 lakh crore in February for transactions conducted in January, reflecting a slight dip as seen in the first month of every quarter.
However, on a month-on-month basis, the figures fell 2.2% from Rs 1.74 lakh crore in January for transactions in December. But, cumulatively, the last quarter rakes in higher revenues closer to its end.
This puts the average monthly gross collection for FY24 at Rs 1.67 lakh crore, exceeding the Rs 1.5 lakh crore collected in the previous year's corresponding period.
In absolute terms, the collection came at Rs 1,68,337 crore, compared with Rs 1,49,577 crore collected in February 2023, according to data released by the government on Friday.
\"As of February 2024, the total gross GST collection for the current fiscal year stands at ₹18.40 lakh crore, which is 11.7% higher than the collection for the same period in FY23,\" the ministry said in a release. \"GST revenue net of refunds as of February 2024 for the current fiscal year is ₹16.36 lakh crore, which is a growth of 13.0% over that for the same period last year.
\"Overall, the GST revenue figures demonstrate continued growth momentum and positive performance,\" it said.
The increase in GST collections stems on the basis of growth in economic activity, especially major states like Maharashtra, Karnataka and Gujarat showing growth rates close to 15–20% on a YoY basis, according to Gunjan Prabhakaran, a partner and leader with the indirect tax practice at BDO India.
"},{"description":"","page-url":"/story/3ff176f4-3f2b-4ce7-8bca-ee546a4768b1/element/6e71defe-c61b-4713-b40c-d6ab56c8af64","type":"title","family-id":"2a1c6c07-d8ed-43f9-8826-b3142f4edee7","title":"","id":"6e71defe-c61b-4713-b40c-d6ab56c8af64","metadata":{},"subtype":null,"text":"The Fineprint"},{"description":"","page-url":"/story/3ff176f4-3f2b-4ce7-8bca-ee546a4768b1/element/f225c734-614c-4584-859f-d2bc9c840b96","type":"text","family-id":"fb04fcf5-b7ba-462c-97d4-0055ecdcd10e","title":"","id":"f225c734-614c-4584-859f-d2bc9c840b96","metadata":{},"subtype":null,"text":"Gross GST revenue: Rs 1,68,337 crore.
Central GST: Rs 31,785 crore.
State GST: Rs 39,615 crore.
Integrated GST: Rs 84,098 crore, including Rs 38,593 crore collected on imports of goods.
Cess: Rs 12,839 crore, including Rs 984 crore collected on the import of goods.
The department's collections crossed the Rs 1.7-lakh-crore mark three times in FY24 — in April, October and January. April saw the highest-ever collection recorded at Rs 1.87 lakh crore, Sanjay Agarwal, chairperson for the Central Board of Indirect Taxes and Customs, had told NDTV Profit after the budget.
Agarwal expects collections to the tune of Rs 1.7 lakh crore every month to become the norm in the next fiscal.
"},{"description":"","page-url":"/story/3ff176f4-3f2b-4ce7-8bca-ee546a4768b1/element/a237759e-a2b6-47b1-9521-2e781e32fe6a","type":"text","family-id":"e5a189e7-cd16-48f1-9e1f-edc2bd6d3459","title":"","id":"a237759e-a2b6-47b1-9521-2e781e32fe6a","metadata":{"content":"“A strong 12.5% growth in overall GST collections and specially 13.9% growth in GST collections from domestic transactions have added to the cheer of 8.4% growth in GDP in Q3. This collectively shows the robustness of the Indian economy and domestic consumption story going strong”","attribution":"Abhishek Jain, Partner and National Head for Indirect Tax at KPMG"},"subtype":"quote","text":"“A strong 12.5% growth in overall GST collections and specially 13.9% growth in GST collections from domestic transactions have added to the cheer of 8.4% growth in GDP in Q3. This collectively shows the robustness of the Indian economy and domestic consumption story going strong”Abhishek Jain, Partner and National Head for Indirect Tax at KPMG
State-wise trends indicate that post-SGST settlement, Odisha recorded the highest percentage increase in growth at 28%, which translates to Rs 22,636 crore against Rs 17,636 crore for the same period last year.
Maharashtra continued to dominate state-wise collections in terms of absolute volume at Rs 1.35 lakh crore, growing 14% from Rs 1.18 lakh crore.
Uttar Pradesh and Karnataka followed Maharashtra, although they lagged behind at Rs 69,782 crore and Rs 68,428 crore respectively.
"},{"description":"","page-url":"/story/3ff176f4-3f2b-4ce7-8bca-ee546a4768b1/element/c09855fa-a369-43ee-8385-d7b6c05d5016","type":"text","family-id":"772a652f-1a81-45eb-abf1-f061ff8f7018","title":"","id":"c09855fa-a369-43ee-8385-d7b6c05d5016","metadata":{"linked-story-id":"b66549e4-ff9e-4854-add4-ce07100bfc5f","linked-story":{"headline":"Rs 1.7 Lakh Crore Average Monthly GST Collection May Be The Norm In FY25: CBIC Chairman","story-content-id":"b66549e4-ff9e-4854-add4-ce07100bfc5f","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"b66549e4-ff9e-4854-add4-ce07100bfc5f","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Rs 1.7 Lakh Crore Average Monthly GST Collection May Be The Norm In FY25: CBIC Chairman"}],"card-updated-at":1709295948193,"content-version-id":"71602d0d-ea00-48cb-ad88-4ff59bf94c03","card-added-at":1709263774547,"status":"draft","id":"3b249a45-eca7-4f44-a749-e7860efd215f","content-id":"3b249a45-eca7-4f44-a749-e7860efd215f","version":86,"metadata":{"social-share":{"shareable":true,"title":"India's GST Collection Rises 12.5% To Rs 1.68 Lakh Crore In February ","message":"This puts the average monthly gross collection for FY24 at Rs 1.67 lakh crore.","image":{"key":"bloombergquint/import/rupee---unsplash_625x300_1526367659228.jpg","url":null,"attribution":null,"caption":"Rupee bank note. (Source: NDTV Profit)
The CBIC on Saturday cautioned against fraudsters issuing fake GST summons and asked taxpayers to check the veracity of any communication received from GST authorities.
"},{"description":"","page-url":"/story/838c521a-e006-4460-9337-efc0788abb44/element/bb1522ec-f1db-4fb1-ba0a-b5b31337fbd7","type":"text","family-id":"527185b8-a306-4c73-8339-b333ccf9bd9c","title":"","id":"bb1522ec-f1db-4fb1-ba0a-b5b31337fbd7","metadata":{},"subtype":null,"text":"In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said the Directorate General of GST Intelligence has recently noticed that some individuals with fraudulent intent are creating and sending fake summons to taxpayers who may or may not be under investigation by the DGGI.
"},{"description":"","page-url":"/story/838c521a-e006-4460-9337-efc0788abb44/element/c506cd8f-bd16-4432-a8d6-8bfeb276137d","type":"text","family-id":"d3cf05c8-d068-4d94-9df9-34dbc15c6da8","title":"","id":"c506cd8f-bd16-4432-a8d6-8bfeb276137d","metadata":{},"subtype":null,"text":"\"The fake summons that are being sent out might look real because they have a Document Identification Number (DIN), but these DIN numbers are not issued by DGGI in the case of these entities. To deal with this issue, DGGI has been taking serious steps by informing and filing complaints with the Police against those involved in creating and sending fake and fraudulent summons,” an official statement said.
"},{"description":"","page-url":"/story/838c521a-e006-4460-9337-efc0788abb44/element/630e88e9-bae6-422d-99b5-9e80d02962c3","type":"text","family-id":"bd4f42ab-6fa5-4443-9e62-cf7a872a73e6","title":"","id":"630e88e9-bae6-422d-99b5-9e80d02962c3","metadata":{},"subtype":null,"text":"Taxpayers can verify the genuineness of any communication (including summons) from the department by using the 'VERIFY CBIC-DIN' window on the CBIC's website or the DIN Utility Search on the online portal of Directorate of Data Management (DDM), CBIC.
"},{"description":"","page-url":"/story/838c521a-e006-4460-9337-efc0788abb44/element/084341d0-55a9-4c56-ad17-8dd65f528744","type":"text","family-id":"0b5d9ee3-f0c7-485c-a6d5-fb32a1fd01c9","title":"","id":"084341d0-55a9-4c56-ad17-8dd65f528744","metadata":{},"subtype":null,"text":"\"Individual taxpayers who get summons from DGGI/CBIC formations that seem suspicious or possibly fake may immediately report them to the concerned jurisdictional DGGI/ CBIC office also for verification so that necessary action against those responsible for these fraudulent activities can be taken,” the statement added.
"}],"card-updated-at":1707578555204,"content-version-id":"babb7b66-7c09-4ea1-9d90-d1d40aa2dabc","card-added-at":1707577805066,"status":"draft","id":"902c64f3-fe51-45c6-a5cd-96ee88575548","content-id":"902c64f3-fe51-45c6-a5cd-96ee88575548","version":11,"metadata":{"social-share":{"shareable":true,"title":"CBIC Cautions Against Fake GST Summons; Asks Taxpayers To Check Veracity Of Communications","message":"Taxpayers can verify the genuineness of any communication (including summons) from the department by using the 'VERIFY CBIC-DIN' window on the CBIC's website.","image":{"key":"bloombergquint/2024-02/c4292655-bfb8-4439-bdfa-624896fc004f/towfiqu_barbhuiya_JhevWHCbVyw_unsplash.jpg","url":null,"attribution":null,"caption":"Photo by Towfiqu barbhuiya on Unsplash
The Telangana High Court decided on Friday that the Goods and Services Tax will be applicable to the transfer of development rights by landowners under a Joint Development Agreement.
In the previous hearings, the revenue argued before the bench that although there is no GST on land, rights arising from land, including TDR, are subject to GST.
However, the petitioner argued that development rights are inherently linked and inseparable from the sale of land, suggesting there is no TDR independent of the land transfer.
The petitioner contended that relying on the Income Tax Act would not be helpful, emphasising that under GST, the crucial aspect is 'when' the transfer occurs, not 'whether' as in the Income Tax Act.
The petitioner's counsel urged the bench to recognise that the transfer of TDR is not a 'Service' and does not fall under 'Supply'.
Exploring statutory interpretation and the use of schedules in legislation, the petitioner argued that schedules are tools for assisting in the levy of tax on a transaction. The court had previously reserved its judgement.
The applicability of GST on the transfer of development rights has been a persistent issue since the introduction of GST, according to Parag Mehta, partner at NA Shah Associates LLP.
Stakeholders argue that as the sale of land is exempt from GST, development rights being inherent to land should also be exempt, he said.
"},{"description":"","page-url":"/story/5c05140e-d3c9-44d5-9e69-059d1f8bdcd0/element/be1a470d-52cc-49b6-8844-cc75b3a637a3","type":"text","family-id":"6765f339-7c16-4937-80fe-e6d98bfed3b6","title":"","id":"be1a470d-52cc-49b6-8844-cc75b3a637a3","metadata":{"content":"This ruling will have substantial implications for builders and developers. Further with no Input Tax credit available to builders and developers, the GST on development rights for residential projects will be a cost to them.","attribution":"Parag Mehta, Partner, N. A. Shah Associates LLP"},"subtype":"quote","text":"This ruling will have substantial implications for builders and developers. Further with no Input Tax credit available to builders and developers, the GST on development rights for residential projects will be a cost to them.Parag Mehta, Partner, N. A. Shah Associates LLP
RS Associates represented the petitioner, while the revenue was represented by Gadi Praveen Kumar, Deputy Solicitor General of India.
"},{"description":"","page-url":"/story/5c05140e-d3c9-44d5-9e69-059d1f8bdcd0/element/c0522c6d-32b3-403d-90bd-5d7078890f71","type":"text","family-id":"e8dff00a-c27d-4135-8d14-4847f1696eae","title":"","id":"c0522c6d-32b3-403d-90bd-5d7078890f71","metadata":{"linked-story-id":"74415ac5-c634-4b6d-9183-82973a2f99e5","linked-story":{"headline":"Finance Ministry Calls For GST Reduction On Insurance Among Other Demands In Lok Sabha","story-content-id":"74415ac5-c634-4b6d-9183-82973a2f99e5","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"74415ac5-c634-4b6d-9183-82973a2f99e5","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Finance Ministry Calls For GST Reduction On Insurance Among Other Demands In Lok Sabha"}],"card-updated-at":1707475492258,"content-version-id":"0b80027c-0df2-4b5a-89c0-aa7ba87a294c","card-added-at":1707469359551,"status":"draft","id":"b0948297-1aad-47ce-9b46-38b33662012a","content-id":"b0948297-1aad-47ce-9b46-38b33662012a","version":21,"metadata":{"social-share":{"shareable":true,"title":"GST Applicable To Transfer Development Rights In Joint Agreements: Telangana HC","message":"The petitioner contended that relying on the Income Tax Act would not be helpful, emphasising that under GST, the crucial aspect is 'when' the transfer occurs, not 'whether' as in the Income Tax Act.","image":{"key":"bloombergquint/2023-01/e6a99a4d-734d-4ebd-ac24-0fbb474d7eb0/tingey_injury_law_firm_veNb0DDegzE_unsplash.jpg","url":null,"attribution":null,"caption":"(Source: Tingey Injury Law Firm on Unsplash)
In response to Karnataka's 'Chalo Delhi' protest at the capital, Union Finance Minister Nirmala Sitharaman said that claims raised by the state had \"factual errors, false monetary claims, misleading statements, and selective mention of certain losses allegedly suffered\".
Karnataka has now joined Kerala, Telangana and Tamil Nadu in protests against the current sharing of taxes and grants to southern states. The debate comes with the recent formation of the 16th Finance Commission, which will be headed by Arvind Panagariya, former vice chairman of NITI Aayog. The commission is expected to make its recommendations available by Oct. 31, 2025, covering an award period of five years commencing April 1, 2026.
Karnataka Revenue Minister Krishna Byre Gowda told NDTV Profit that the state has missed out on an estimated Rs 62,098 crore of revenue on account of tax devolution, projected revenue prior to GST rollout, and rising cess and surcharges.
In a press conference and clarification on Wednesday, Sitharaman's team refuted discrimination claims, adding that the share of each state in the divisible pool of revenues fluctuates from commission to commission, following consultations with state governments.
\"During the 14th FC’s five-year award period (FY16 to FY20), Karnataka received Rs 1,51,309 crore as tax devolution. However, in the first four years of the current FC (15th) period, Karnataka would have already received Rs 1,29,854 crore by March 2024,\" the clarification said.
The government has projected a further release of Rs 44,485 crore in the interim budget for FY25, taking the total to Rs 1,74,339 crore in five years. This is higher than the 14th FC period despite the precipitous drop in revenue during the Covid-19 period, the team said.
On the subject of cess and surcharges, the minister noted that a large part of the collection comprises GST compensation cess.
\"...This cess does not belong to the centre and goes entirely for the benefit of the states. For instance, out of a total of Rs 4.81 lakh crore of cess and surcharge collections in FY22, an amount of Rs 1,04,769 crore was towards compensation cess, which was released exclusively for the states,\" the clarificatory note said.
"},{"description":"","page-url":"/story/0ff67f22-53e6-4c41-9e78-d8e8d83fd332/element/f0a1fedd-9aea-4cf0-b733-301c89678094","type":"title","family-id":"e5a24c11-eb5d-4a89-97ad-d8d9837f06e0","title":"","id":"f0a1fedd-9aea-4cf0-b733-301c89678094","metadata":{},"subtype":null,"text":"Karnataka's Revenue Deficit Grant"},{"description":"","page-url":"/story/0ff67f22-53e6-4c41-9e78-d8e8d83fd332/element/5f557181-d414-4b92-ad0c-faefdccebf77","type":"text","family-id":"cb7d0f83-6d97-4f99-903f-7075ebd01aca","title":"","id":"5f557181-d414-4b92-ad0c-faefdccebf77","metadata":{},"subtype":null,"text":"On the subject of tax devolution, Karnataka is said to have received a revenue deficit grant of Rs 1,631 crore recommended by the 15th FC, as well as Kerala.
\"The selective reference on devolution and ignoring grants is mischievous and unfair to the non-partisan expert constitutional body, that is, the finance commission,\" the minister's team said.
In assistance under the 50-year interest-free loan scheme and central funding towards disaster relief during the 15th FC period, Karnataka was provided an amount of Rs 6,280 crore and Rs 6,196 crore respectively, the government said.
Refuting the figures in media, Sitharaman's team noted that Karnataka has claimed compensation of Rs 21,075 crore from July 2022 and March 2023 and Rs 34,570 crore for FY24, which \"are clearly outside the five year transition period provided under the Act and hence inadmissible.\"
"}],"card-updated-at":1707376414677,"content-version-id":"8e13045b-2fe7-4e3c-a2e4-de9f1c3dc570","card-added-at":1707370707933,"status":"draft","id":"26889f1e-b42f-45eb-92e2-32fa1104ddab","content-id":"26889f1e-b42f-45eb-92e2-32fa1104ddab","version":86,"metadata":{"social-share":{"shareable":true,"title":"Nirmala Sitharaman Calls Karnataka's Claims On Devolution 'Mischievous, Misleading'","message":" Sitharaman's team refuted discrimination claims, adding that share of each state in the divisible pool of revenues fluctuates from commission to commission.","image":{"key":"bloombergquint/2024-02/2c63784f-06cb-489d-b4b4-e120f007f4d8/Screenshot_2024_02_07_at_12_51_11.png","url":null,"attribution":null,"caption":"(Source: Finance Minister Nirmala Sitharaman.)
GST officers are using data analytic and artificial intelligence tools like Business Intelligence and Fraud Analytics to identify risky taxpayers suspected of passing or availing fake input tax credits, Parliament was informed on Monday.
"},{"description":"","page-url":"/story/1ae2f226-96ee-4291-bd0a-4b1f2f4a6196/element/c13d958c-6d69-4a19-a5bf-3909fa19444a","type":"text","family-id":"c4a06cb4-51d9-4d75-ba9e-39440319221a","title":"","id":"c13d958c-6d69-4a19-a5bf-3909fa19444a","metadata":{},"subtype":null,"text":"In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said a total of 14,597 cases of GST evasion have been registered by central tax officers during April-December 2023.
"},{"description":"","page-url":"/story/1ae2f226-96ee-4291-bd0a-4b1f2f4a6196/element/ac744f8c-2c0b-4cd1-bd5a-42732eff087a","type":"text","family-id":"3a7ff78b-54aa-4131-95e6-a391aa05e76c","title":"","id":"ac744f8c-2c0b-4cd1-bd5a-42732eff087a","metadata":{},"subtype":null,"text":"A maximum number of such cases was registered in Maharashtra (2,716), followed by Gujarat (2,589), Haryana (1,123) and West Bengal (1,098).
"},{"description":"","page-url":"/story/1ae2f226-96ee-4291-bd0a-4b1f2f4a6196/element/5f5f60de-9548-467c-b4b1-d75946e8c4df","type":"text","family-id":"9d54839b-1075-4099-b1b8-4c830033285d","title":"","id":"5f5f60de-9548-467c-b4b1-d75946e8c4df","metadata":{},"subtype":null,"text":"'Various data analytic and artificial intelligence tools such as NETRA (Networking Exploration Tools for Revenue Augmentation), BIFA (Business Intelligence and Fraud Analytics) & ADVAIT (Advanced Analytics in Indirect Taxation) are being used to identify risky taxpayers, suspected of passing or availing fake input tax credit, including in the State of Andhra Pradesh,' Chaudhary said.
"},{"description":"","page-url":"/story/1ae2f226-96ee-4291-bd0a-4b1f2f4a6196/element/fe46d857-5e94-4ebc-8b82-a7c904befe46","type":"text","family-id":"885be2c4-a173-4a13-a322-a02ef5cc975c","title":"","id":"fe46d857-5e94-4ebc-8b82-a7c904befe46","metadata":{},"subtype":null,"text":"GST intelligence officers have detected fake input tax credit (ITC) cases worth Rs 18,000 crore in April-December of the current fiscal and arrested 98 fraudsters/ masterminds.
"},{"description":"","page-url":"/story/1ae2f226-96ee-4291-bd0a-4b1f2f4a6196/element/59318b1f-4017-41e6-8d1d-8815842464c2","type":"text","family-id":"2e0edb0b-7a8a-4529-b5ac-470f132fe0b8","title":"","id":"59318b1f-4017-41e6-8d1d-8815842464c2","metadata":{},"subtype":null,"text":"Based on the feedback received from the field formations, these tools are updated/modified from time to time, he added.
"},{"description":"","page-url":"/story/1ae2f226-96ee-4291-bd0a-4b1f2f4a6196/element/33e3aa1e-e8c2-4ebe-94b5-f8e2095b539a","type":"text","family-id":"2fe4f859-945e-427c-8a86-da345f83af8c","title":"","id":"33e3aa1e-e8c2-4ebe-94b5-f8e2095b539a","metadata":{},"subtype":null,"text":"Chaudhary said the GST registration process has robust checks in the form of physical verification of premises and Aadhar authentication.
"},{"description":"","page-url":"/story/1ae2f226-96ee-4291-bd0a-4b1f2f4a6196/element/6831be31-2482-4412-b079-3003e7513bfb","type":"text","family-id":"2b112d49-7112-43a5-b0b7-d71aabeac1ba","title":"","id":"6831be31-2482-4412-b079-3003e7513bfb","metadata":{},"subtype":null,"text":"The said checks have enabled in early detection of fraudulent registrations and also curbed fraudulent registrations to a great extent.
"},{"description":"","page-url":"/story/1ae2f226-96ee-4291-bd0a-4b1f2f4a6196/element/c749b40d-2fca-4bcd-af8d-9fef87bf2d4d","type":"text","family-id":"6b620895-b5fd-4e44-a33f-0a365601553c","title":"","id":"c749b40d-2fca-4bcd-af8d-9fef87bf2d4d","metadata":{},"subtype":null,"text":"In Gujarat, Andhra Pradesh and Puducherry a pilot on risk-based biometric-based Aadhaar authentication is being carried out for registration applications.
"}],"card-updated-at":1707135581669,"content-version-id":"b5e56b3c-d35c-4d88-aac8-93c064470814","card-added-at":1707135308296,"status":"draft","id":"121dc466-034a-4cd4-b6b9-9522e10d2bae","content-id":"121dc466-034a-4cd4-b6b9-9522e10d2bae","version":4,"metadata":{"social-share":{"shareable":true,"title":"GST Officials Detect 14,597 Tax Evasion Cases In April-December 2023","message":"Minister of State for Finance Pankaj Chaudhary said a total of 14,597 cases of GST evasion have been registered by central tax officers during April-December 2023.","image":{"key":"bloombergquint/2018-12/6efcdfa4-5cd7-4a83-8f1b-7e16a4f80952/GST.jpg","url":null,"attribution":null,"caption":"GST evasion
Finance Minister Nirmala Sitharaman said that states were not being discriminated against regarding their dues.
\"The apprehension that some states are being discriminated against is a politically vitiated narrative,\" she said while answering questions on the devolution of direct taxes and Goods and Services Tax share to states on Monday.
In her response to a question by Lok Sabha member NK Premchandran, Sitharaman said that the GST law on compensation expired as of June 30, 2022. \"Meaning giving compensation to fill the gap between assumed income and shortfall has come to an end as of June 30, 2022.\"
The continued collection of the compensation cess was only to service the debt (and its interest) undertaken to pay GST compensation to states during the Covid-19 pandemic, when collections were low, she said.
\"With the advice of the Attorney General of India, the council took a decision to extend collecting compensation cess till such a time that the borrowed money and the interest that has to be paid to it are repaid,\" Sitharaman said.
The compensation cess that is being collected now, beyond 2022, is only for that point and will also technically come to an end by March 31, 2026, according to the minister. \"Hopefully, we will be able to pay it back even earlier. Any extension of paying compensation beyond the amount (for) which it is being borrowed is not envisaged in the act.\"
Finance Secretary TV Somanathan also hinted that the payment duration for settling GST compensation loans might be shorter.
The lower gross borrowing target budgeted for FY25 also comes on the back of expectations to repay some of the maturing debt through the Goods and Services Tax Compensation Fund, according to the budget documents presented on Feb. 1.
The government aims to lower its fiscal deficit level to 5.1% of GDP in FY25, easing the pressure to reach the goalpost of 4.5% by FY26. According to revised estimates, FY24 is expected to end with a fiscal deficit of 5.8%, which is revised downward from the FY24 budget estimates of 5.9% of GDP.
"},{"description":"","page-url":"/story/50a98d86-ea29-4881-872a-1930bfa38a2b/element/875626e9-b22d-43d6-86a1-36d4684f27b8","type":"text","family-id":"b3dc1710-62e9-4935-bb27-3a3d74363f8a","title":"","id":"875626e9-b22d-43d6-86a1-36d4684f27b8","metadata":{"linked-story-id":"d4cb067c-5e89-4118-b306-7bf716767f29","linked-story":{"headline":"Budget 2024: Government Sets FY25 Fiscal Deficit Target At 5.1%, Revises FY24 Number To 5.8%","story-content-id":"d4cb067c-5e89-4118-b306-7bf716767f29","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"d4cb067c-5e89-4118-b306-7bf716767f29","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Budget 2024: Government Sets FY25 Fiscal Deficit Target At 5.1%, Revises FY24 Number To 5.8%"}],"card-updated-at":1707125773719,"content-version-id":"a40f992f-29e8-4b42-b1ce-103874710771","card-added-at":1707112983144,"status":"draft","id":"523e54dc-6f8d-485c-ae5c-80a05e4f00bd","content-id":"523e54dc-6f8d-485c-ae5c-80a05e4f00bd","version":74,"metadata":{"social-share":{"shareable":true,"title":"Expect To Pay Back GST Compensation Loans Earlier, Says Nirmala Sitharaman","message":"The continued collection of compensation cess was to service debt undertaken to pay GST compensation to states during the pandemic, she said.","image":{"key":"bloombergquint/2024-02/b5ee5fd4-0aff-4a89-989f-8dd93545f4bb/FM_Nirmala_Sitharaman.jpeg","url":null,"attribution":null,"caption":"Finance Minister Nirmala Sitharaman. (Photo: Nirmala Sitharaman/X)
Monthly GST collections from online gaming companies have jumped over 400% to about Rs 1,200 crore since Oct. 1 when the 28% levy on e-gaming platforms has come into effect, a senior official said on Friday.
"},{"description":"","page-url":"/story/b306af80-205f-4419-91db-eef25848fa6b/element/80733b5c-77b1-4da0-9485-f0c0f2389d00","type":"text","family-id":"3ec4c9d6-4e88-486a-b420-d71bf6ee737f","title":"","id":"80733b5c-77b1-4da0-9485-f0c0f2389d00","metadata":{},"subtype":null,"text":"The GST Council had in August last year clarified that online gaming companies will have to pay 28% Goods and Services Tax (GST) on the full face value of bets placed on their platforms. Foreign e-gaming companies were mandated to register with the GST authorities, failing which their portals will be blocked.
"},{"description":"","page-url":"/story/b306af80-205f-4419-91db-eef25848fa6b/element/a59538eb-2c03-4a1c-aae6-9fce24423515","type":"text","family-id":"cd1d4cf9-134b-4d8a-ad47-936b3c897867","title":"","id":"a59538eb-2c03-4a1c-aae6-9fce24423515","metadata":{},"subtype":null,"text":"The amendments to GST law came into effect from Oct. 1, 2023.
"},{"description":"","page-url":"/story/b306af80-205f-4419-91db-eef25848fa6b/element/a81d6618-876b-4d14-94e4-3da0dbecc66b","type":"text","family-id":"09072395-1db5-4c85-9b5a-a16dcf8faafb","title":"","id":"a81d6618-876b-4d14-94e4-3da0dbecc66b","metadata":{},"subtype":null,"text":"'There has been a jump in GST revenues from online gaming companies post Oct. 1. From monthly revenue of Rs 225 crore, the aggregate tax paid by the sector now stands at about Rs 1,200 crore,' the official told PTI.
"},{"description":"","page-url":"/story/b306af80-205f-4419-91db-eef25848fa6b/element/8a263442-da63-4b9a-81c1-5efb94d95fb1","type":"text","family-id":"15958dc5-9335-43f6-ad05-2de88675d30b","title":"","id":"8a263442-da63-4b9a-81c1-5efb94d95fb1","metadata":{},"subtype":null,"text":"GST officers had last year sent around 71 show cause notices to online gaming companies for alleged GST evasion of over Rs 1.12 lakh crore during financial years 2022-23 and 2023-24.
"},{"description":"","page-url":"/story/b306af80-205f-4419-91db-eef25848fa6b/element/2e43e86e-b1af-49f1-a02e-0f1b3d391bdd","type":"text","family-id":"bd3144e3-1eb1-4acb-b921-ea569a0179d0","title":"","id":"2e43e86e-b1af-49f1-a02e-0f1b3d391bdd","metadata":{},"subtype":null,"text":"However, no overseas online gaming company has registered in the country since October 2023.
"},{"description":"","page-url":"/story/b306af80-205f-4419-91db-eef25848fa6b/element/94211bbd-9ea4-4999-9b20-9dfd208510f9","type":"text","family-id":"6642a799-6f99-43df-808a-dc73ee2f0437","title":"","id":"94211bbd-9ea4-4999-9b20-9dfd208510f9","metadata":{},"subtype":null,"text":"'These overseas companies keep changing their VPNs and change their websites when they are blocked. It is a challenge that the tax officers are facing,' the official added.
"},{"description":"","page-url":"/story/b306af80-205f-4419-91db-eef25848fa6b/element/ab635f01-5a0a-4cea-a840-139b6c188a42","type":"text","family-id":"4ba81a1e-5a36-4bff-8dd5-1631f1cffcd7","title":"","id":"ab635f01-5a0a-4cea-a840-139b6c188a42","metadata":{},"subtype":null,"text":"The spate of notices to online gaming companies follows the GST Council's clarification in August that 28% tax would be levied on full value of bets placed on online gaming platforms.
"},{"description":"","page-url":"/story/b306af80-205f-4419-91db-eef25848fa6b/element/8ffd5ffd-443d-4d04-b3cc-95cf96daefbb","type":"text","family-id":"f8c10cbb-4fa5-4130-9f8f-55d28b19c40c","title":"","id":"8ffd5ffd-443d-4d04-b3cc-95cf96daefbb","metadata":{},"subtype":null,"text":"GST Council is chaired by the Union finance minister and comprises finance ministers from all states and Union Territories.
"},{"description":"","page-url":"/story/b306af80-205f-4419-91db-eef25848fa6b/element/70acc8e2-896f-459e-b291-187fa48e0715","type":"text","family-id":"5693e3dd-123e-433d-997d-478a5668ed79","title":"","id":"70acc8e2-896f-459e-b291-187fa48e0715","metadata":{},"subtype":null,"text":"Online gaming companies have been approaching High Courts against such GST demands contesting the claims of revenue authorities. These companies claim they were paying taxes at the rate of 18% as games played on their platforms were 'games of skill'.
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Now it’s heading into its inevitable end game.","id":"e72fc819-401a-4303-bb24-4d113c0e584f","hero-image-s3-key":"bloombergquint/2023-10/dcbfa8cf-1757-48fd-a6cb-502968b70ea3/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/e72fc819-401a-4303-bb24-4d113c0e584f/element/d5eb7255-fbc3-4035-a0f1-ad81448082bd","type":"text","family-id":"84293b3c-c547-47f9-93f8-3a658afc029f","title":"","id":"d5eb7255-fbc3-4035-a0f1-ad81448082bd","metadata":null,"subtype":null,"text":"(Bloomberg Opinion) -- In 2021, almost two-thirds of respondents said they considered environmental, social and governance (ESG) factors when investing. In 2022, that number was 60%, and this year it’s 53%, according to the annual ESG Attitudes Survey from the Association of Investment Companies. Asked why they were over ESG, the top reason given was that performance was more important.
"},{"description":"","page-url":"/story/e72fc819-401a-4303-bb24-4d113c0e584f/element/1d717297-4eb6-4f54-a17d-6eaf9bc39e7a","type":"text","family-id":"68a274e1-9bf9-4919-ad14-c78c88c0586e","title":"","id":"1d717297-4eb6-4f54-a17d-6eaf9bc39e7a","metadata":null,"subtype":null,"text":"Next up: greenwashing. In 2021, only 48% of investors said they were “not convinced by ESG claims from funds.” That number is now up to 63%. The same investors look like they are putting their money where their mouths are: The most recent data from the Investment Association showed a third month of outflows from the Responsible Investments category — a record £448 million ($547 million) in August.
"},{"description":"","page-url":"/story/e72fc819-401a-4303-bb24-4d113c0e584f/element/81756875-ded3-499b-b7dd-5fe4908e187a","type":"text","family-id":"0829642d-4b7f-4646-9343-6793a713f016","title":"","id":"81756875-ded3-499b-b7dd-5fe4908e187a","metadata":null,"subtype":null,"text":"Anyone in doubt about the market’s attitude toward ESG investing today need only look at the share price of Impax Asset Management Group Plc. It rose 33 times from late 2015 to late 2021 — and is down 70% since. Bubble, bubble crash.
"},{"description":"","page-url":"/story/e72fc819-401a-4303-bb24-4d113c0e584f/element/1a432a63-bbfd-46a3-b2f2-379c38e0409a","type":"text","family-id":"4f0aa1c8-3892-42c1-9a20-c776688b85ee","title":"","id":"1a432a63-bbfd-46a3-b2f2-379c38e0409a","metadata":null,"subtype":null,"text":"The exodus makes complete sense. That’s partly about performance. It’s a lot easier to feel pro-ESG when it’s making you a big pile of money, as it was three years ago. It’s harder when you are underperforming — and when the stuff you were told is absolutely not OK to touch with a barge pole is doing just fine. Note that the S&P Global Clean Energy Index is down 30% year-to-date and 12% over three years (low interest rates don’t suit the kind of long-duration companies that make up this sort of index). Meanwhile, the S&P 500 Energy gauge is flat year-to-date but up 43% over the last three years. In the UK, shares of Shell Plc hit an all time high this week.
"},{"description":"","page-url":"/story/e72fc819-401a-4303-bb24-4d113c0e584f/element/b0976e40-e60b-4c64-9b26-e8d04dbfc11e","type":"text","family-id":"c5f500d3-e311-47ca-bff8-7a919651e5c4","title":"","id":"b0976e40-e60b-4c64-9b26-e8d04dbfc11e","metadata":null,"subtype":null,"text":"But it’s not about performance. It’s also about the constantly changing definitions of ESG. Remember how defense stocks used to be Not OK. No longer. As soon as Russia invaded Ukraine, it became clear to all but the most ideologically blinkered that having adequate national defense is the very definition of a social good (assuming you believe in democracy and freedom, of course). In a war, defense is about as ESG as you can get. It is also one of the few areas where, sadly, you can be sure the money will keep pouring in: Right now only 11 members of NATO spend 2% of GDP on defense. That will change as everyone recognizes that short-term higher defense spending is the only option and that the long-term deterrence it provides is the best economic insurance money can buy.
"},{"description":"","page-url":"/story/e72fc819-401a-4303-bb24-4d113c0e584f/element/c9c67b56-57a5-4107-880c-1ef50f5522f9","type":"text","family-id":"d8add6af-eb73-472c-ae0f-7929ec1ecc1b","title":"","id":"c9c67b56-57a5-4107-880c-1ef50f5522f9","metadata":null,"subtype":null,"text":"The sands have shifted in energy investing, too. Is it good governance and a social essential to provide energy security to your population? Of course. Does that, in the short- and medium-terms at the very least, involve fossil fuels? Of course. But in the longer-term it also involves an awful lot of digging, something that now makes mining full-on ESG.
"},{"description":"","page-url":"/story/e72fc819-401a-4303-bb24-4d113c0e584f/element/96678292-92ad-4289-b9c9-a2273cc4358f","type":"text","family-id":"243e8570-238d-4f9c-b06f-bca09f9a625e","title":"","id":"96678292-92ad-4289-b9c9-a2273cc4358f","metadata":null,"subtype":null,"text":"A note just out from asset manager Janus Henderson titled “Doing Good Feeling Good” explains: Many investors, says portfolio manager Tal Lomnitzer, have been focused on investing in firms with high ESG ratings and low emissions. But along the way they have given too little thought to “the vast quantities of critical enabling raw materials required to build the low carbon economy such as copper, lithium, cobalt, nickel and steel and rare earths.” Yet without these — and the mess their extraction causes — “there can be no low carbon future.”
"},{"description":"","page-url":"/story/e72fc819-401a-4303-bb24-4d113c0e584f/element/fd229f64-674c-460d-98e4-7d3b6f3be120","type":"text","family-id":"673e0f1b-1be5-4399-821a-1646d7ec2c76","title":"","id":"fd229f64-674c-460d-98e4-7d3b6f3be120","metadata":null,"subtype":null,"text":"One example from the International Energy Agency: At the moment, total annual global nickel production is around 2.8 million tonnes; by 2040, the electric-vehicle and battery-storage sector alone will require 3.3 million tonnes. Green is grubby. Time to accept that and consider that perhaps these unpleasant-sounding industries — with their massive diesel machines, low levels of diversity and disruptive use of resources such as water — are actually “doing good” by enabling a low-carbon future. Things need to get dirtier to have any hope of ever getting cleaner. Or as GMO’s Jeremy Grantham put it on our “Merryn Talks Money” podcast last week, “Sorry purists.”
"},{"description":"","page-url":"/story/e72fc819-401a-4303-bb24-4d113c0e584f/element/cb2e2d29-2fcd-4d3f-ac34-2f30d825a2c3","type":"text","family-id":"742b2703-54ae-4048-9e1a-a0b4ed6e8af7","title":"","id":"cb2e2d29-2fcd-4d3f-ac34-2f30d825a2c3","metadata":null,"subtype":null,"text":"You can take this pragmatic approach to ESG as far you like. Take tobacco companies. It would obviously be better if they never existed and if they disappeared faster. But you have to admit, they are remarkably well-run: They have survived longer and chucked out more cash in dividends for our pensioners than anyone could possibly have imagined when the consequences of smoking became clear. And think of the amount of tax they pour into our treasuries — cash that on some estimates outweighs the medical costs of dealing with ill smokers and that finances other parts of the state. Is that a social good? Most of us would say it’s definitely not enough of one, but you get the point — it’s hard to find absolutes.
"},{"description":"","page-url":"/story/e72fc819-401a-4303-bb24-4d113c0e584f/element/2ca407f2-0629-4319-a4ee-d6d48cf65e21","type":"text","family-id":"d0e2e836-8730-474d-883f-40cbb63ed0da","title":"","id":"2ca407f2-0629-4319-a4ee-d6d48cf65e21","metadata":null,"subtype":null,"text":"The idea of ESG has been changing since the day it was just a twinkle in a marketing man’s eye. But it is now heading into its inevitable end game, the bit where the pragmatic can make pretty much any well-run company fit one ESG metric or the other.
"},{"description":"","page-url":"/story/e72fc819-401a-4303-bb24-4d113c0e584f/element/00927b21-13e7-4192-9dbb-9c37974e72cd","type":"text","family-id":"94bfe3d1-22e2-4bba-88e2-6fa87129a77b","title":"","id":"00927b21-13e7-4192-9dbb-9c37974e72cd","metadata":null,"subtype":null,"text":"The key word here is well-run. As Alex Edmans, a professor of finance at London Business School points out, “ESG is both extremely important and nothing special.” It’s important because good relationships with suppliers, customers, employees and communities are vital for the long-term success of a company, and nothing special because that is not exactly new news. Take out the tick box “woke” element that fund management marketers have added over the last decade, and we are back to understanding that good companies have always thought about this stuff — just without the relentless greenwashing and grandstanding.
"},{"description":"","page-url":"/story/e72fc819-401a-4303-bb24-4d113c0e584f/element/6e8a185d-0f99-44bd-baa0-19bf3c84d780","type":"text","family-id":"54df4b37-91d5-4362-856e-40bfe56f2908","title":"","id":"6e8a185d-0f99-44bd-baa0-19bf3c84d780","metadata":null,"subtype":null,"text":"More From Bloomberg Opinion:
"},{"description":"","page-url":"/story/e72fc819-401a-4303-bb24-4d113c0e584f/element/dd288e23-9d7f-4cb8-bd3f-8e84e94609d2","type":"text","family-id":"7f2f213f-127e-4fee-89b6-fec8c7b60340","title":"","id":"dd288e23-9d7f-4cb8-bd3f-8e84e94609d2","metadata":null,"subtype":null,"text":"This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
"},{"description":"","page-url":"/story/e72fc819-401a-4303-bb24-4d113c0e584f/element/9ca70785-ebee-4f10-b035-fb3db0b29820","type":"text","family-id":"cbfb382b-64e1-4a41-850a-910a815e410d","title":"","id":"9ca70785-ebee-4f10-b035-fb3db0b29820","metadata":null,"subtype":null,"text":"Merryn Somerset Webb is a senior columnist for Bloomberg Opinion, covering personal finance and investment, and host of the Merryn Talks Money podcast. Previously, she was editor in chief of MoneyWeek.
"},{"description":"","page-url":"/story/e72fc819-401a-4303-bb24-4d113c0e584f/element/251c429d-db32-44bc-bc26-f8b1744916be","type":"text","family-id":"9bd756be-d691-46ac-946c-5873567a664d","title":"","id":"251c429d-db32-44bc-bc26-f8b1744916be","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com/opinion
"},{"description":"","page-url":"/story/e72fc819-401a-4303-bb24-4d113c0e584f/element/59be23fd-9e50-4c5d-a983-f7b4fa68efb3","type":"text","family-id":"0c9bd28b-bcce-4b61-a5b4-32572ec07624","title":"","id":"59be23fd-9e50-4c5d-a983-f7b4fa68efb3","metadata":null,"subtype":null,"text":"©2023 Bloomberg L.P.
"}],"card-updated-at":1697690776057,"content-version-id":"a8f7d7e2-d546-4ecb-89fe-ee1e6506ee29","card-added-at":1697690776057,"status":"draft","id":"1f89c07c-8a4f-4ae0-bfe3-b86ab4a4945b","content-id":"1f89c07c-8a4f-4ae0-bfe3-b86ab4a4945b","version":10,"metadata":{"social-share":{"shareable":true,"title":"The Tyranny of ESG Has Run Its Course","message":"The idea of ESG has been changing since the day it was just a twinkle in a marketer’s eye. Now it’s heading into its inevitable end game.","image":{"key":"bloombergquint/2023-10/dcbfa8cf-1757-48fd-a6cb-502968b70ea3/_1x_1.jpg","url":null,"attribution":null,"caption":"Skyscraper office buildings beyond trees in La Defense business district of Paris France, on Monday, Aug. 28, 2023. LaRef runs from Aug. 28-29.","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/irbuPHgPDkQs/v1/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","width":2000,"height":1334}}}}}],"author-id":1711339,"first-published-at":1697703321964,"story-template":"syndicated","authors":[{"slug":"merryn-somerset-webb","social":{},"name":"Merryn Somerset Webb","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1711339,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["view"]},"original-url":"https://www.bloomberg.com/opinion/articles/2023-10-19/personal-finance-the-tyranny-of-esg-investing-has-run-its-course","imported-card-id":"1f89c07c-8a4f-4ae0-bfe3-b86ab4a4945b","card-share":{"shareable":true}}}},{"id":"be07dee1-c712-4458-9a39-c0953c6ff409","score":null,"type":"story","item":{"headline":["ESG Investing Set To Get Boost In India As More Funds Permitted"]},"story":{"author-name":"Abhishek Vishnoi","headline":"ESG Investing Set To Get Boost In India As More Funds Permitted","slug":"business/esg-investing-set-to-get-boost-in-india-as-more-funds-permitted","last-published-at":1690428952328,"alternative":{},"sections":[{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"esg-investing","name":"ESG Investing","section-url":"https://www.ndtvprofit.com/esg-investing","id":31958,"parent-id":null,"display-name":"ESG Investing","collection":{"slug":"esg-investing","name":"ESG Investing","id":88884},"data":{"color":"#00DC3C"}},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iuRfujAiApUM/v0/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","width":2000,"height":1333},"published-at":1690428952328,"summary":"India has authorized the country’s asset managers to launch multiple plans tied to ESG, potentially giving a boost to a globally-hot theme of investing that is still in its infancy in Asia’s third largest economy.","id":"be07dee1-c712-4458-9a39-c0953c6ff409","hero-image-s3-key":"bloombergquint/2023-07/a73cfecc-782a-465e-964f-3c82334cfcab/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/be07dee1-c712-4458-9a39-c0953c6ff409/element/bf1cf3ff-fe24-4b5e-96da-d8cf6281dedb","type":"text","family-id":"4b31346e-335c-45ca-b0d8-eddde83ff4e4","title":"","id":"bf1cf3ff-fe24-4b5e-96da-d8cf6281dedb","metadata":null,"subtype":null,"text":"(Bloomberg) -- India has authorized the country’s asset managers to launch multiple plans tied to ESG, potentially giving a boost to a globally-hot theme of investing that is still in its infancy in Asia’s third largest economy.
"},{"description":"","page-url":"/story/be07dee1-c712-4458-9a39-c0953c6ff409/element/07aedc4a-910e-41dc-9467-192fc32067e6","type":"text","family-id":"183bacb4-f156-4818-8f99-cdcfd0fda8bd","title":"","id":"07aedc4a-910e-41dc-9467-192fc32067e6","metadata":null,"subtype":null,"text":"Fund managers will be allowed to launch plans under six strategies of environmental, social, and governance investing with immediate effect, the nation’s market watchdog said in a circular dated July 20. Previously, funds were permitted to launch only one ESG investing vehicle under the thematic category.
"},{"description":"","page-url":"/story/be07dee1-c712-4458-9a39-c0953c6ff409/element/5665d05a-0ec5-4bb2-b4d2-44b92a9fbcb2","type":"text","family-id":"e6ca6e0b-989b-4bc6-a435-48c8b4f0a22d","title":"","id":"5665d05a-0ec5-4bb2-b4d2-44b92a9fbcb2","metadata":null,"subtype":null,"text":"The new strategies include investing in companies and issuers that perform better than peers on one or more performance metrics related to ESG matters and facilitate environmental transition, according to the Securities and Exchange Board of India.
"},{"description":"","page-url":"/story/be07dee1-c712-4458-9a39-c0953c6ff409/element/e5db1c65-743b-49d2-a030-e53e760fa1d1","type":"text","family-id":"b2bd2f78-6f32-4a1a-b508-c466870d0646","title":"","id":"e5db1c65-743b-49d2-a030-e53e760fa1d1","metadata":null,"subtype":null,"text":"Funds should invest at least 80% of their assets in equities and equity-related products, according to the regulator’s circular.
"},{"description":"","page-url":"/story/be07dee1-c712-4458-9a39-c0953c6ff409/element/dca7b66f-91a3-40e8-b7fb-501c2407abfe","type":"text","family-id":"0a6ed452-d032-4458-9ecf-9cee5bb26561","title":"","id":"dca7b66f-91a3-40e8-b7fb-501c2407abfe","metadata":null,"subtype":null,"text":"Even as ESG investing has gained popularity as one of the hottest strategies globally, it has struggled to acquire a substantial foothold in emerging economies like India, which is still largely reliant on fossil fuels such as coal for its needs.
"},{"description":"","page-url":"/story/be07dee1-c712-4458-9a39-c0953c6ff409/element/8e7a40d8-be7a-464f-8957-804c0a5b740d","type":"text","family-id":"88022457-3446-4183-b671-b253ab227953","title":"","id":"8e7a40d8-be7a-464f-8957-804c0a5b740d","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/be07dee1-c712-4458-9a39-c0953c6ff409/element/ab478501-9c0d-4aa7-8d1c-08d7bc7a21cc","type":"text","family-id":"e1e93f6f-7ef0-4d28-88b1-acc4b3805025","title":"","id":"ab478501-9c0d-4aa7-8d1c-08d7bc7a21cc","metadata":null,"subtype":null,"text":"©2023 Bloomberg L.P.
"}],"card-updated-at":1690350004559,"content-version-id":"a79fb916-dfcd-440f-ae9c-975a65874918","card-added-at":1690350004559,"status":"draft","id":"01b24554-c3b7-47e1-bd7e-1913c9bbef35","content-id":"01b24554-c3b7-47e1-bd7e-1913c9bbef35","version":7,"metadata":{"social-share":{"shareable":true,"title":"ESG Investing Set To Get Boost In India As More Funds Permitted","message":"India has authorized the country’s asset managers to launch multiple plans tied to ESG, potentially giving a boost to a globally-hot theme of investing that is still in its infancy in Asia’s third largest economy.","image":{"key":"bloombergquint/2023-07/a73cfecc-782a-465e-964f-3c82334cfcab/_1x_1.jpg","url":null,"attribution":null,"caption":"Workers from EKI Energy Services Ltd. at a ReGen Powertech Pvt. wind farm in Dewas, Madhya Pradesh, India, on Friday, Sept. 9, 2022. Prime Minister Narendra Modi is pushing a 2070 net-zero goal, and his Power Minister, Raj Kumar Singh, has said the country will limit exports of credits to prioritize its own climate goals. Photographer: Aparna Jayakumar/Bloomberg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iuRfujAiApUM/v0/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","width":2000,"height":1333}}}}}],"author-id":1670346,"first-published-at":1690426338632,"story-template":"syndicated","authors":[{"slug":"abhishek-vishnoi-4","social":{},"name":"Abhishek Vishnoi","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1670346,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["markets"],"reactions":["a globally-hot theme"]},"original-url":"https://www.bloomberg.com/news/articles/2023-07-26/esg-investing-set-to-get-boost-in-india-as-more-funds-permitted","imported-card-id":"01b24554-c3b7-47e1-bd7e-1913c9bbef35","card-share":{"shareable":true}}}},{"id":"25a53b1d-0f91-44cf-b507-1332dab392de","score":null,"type":"story","item":{"headline":["India Tightens ESG Reporting, Audit Rules For Top Companies"]},"story":{"author-name":"Menaka Doshi","headline":"India Tightens ESG Reporting, Audit Rules For Top Companies","slug":"business/sebi-leads-on-esg-reporting-audit-rules-for-top-companies","last-published-at":1689301076991,"alternative":{},"sections":[{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"esg-investing","name":"ESG Investing","section-url":"https://www.ndtvprofit.com/esg-investing","id":31958,"parent-id":null,"display-name":"ESG Investing","collection":{"slug":"esg-investing","name":"ESG Investing","id":88884},"data":{"color":"#00DC3C"}},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"law-and-policy","name":"Law & Policy","section-url":"https://www.ndtvprofit.com/law-and-policy","id":2729,"parent-id":null,"display-name":"Law & Policy","collection":{"slug":"law-and-policy","name":"Law & Policy","id":15814},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i5Q84UOhJwto/v0/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","width":2000,"height":1352},"published-at":1689301076991,"summary":"India’s top companies will have to step up ESG reporting and show credibility of such disclosures as a slew of regulations take effect this financial year.","id":"25a53b1d-0f91-44cf-b507-1332dab392de","hero-image-s3-key":"bloombergquint/2023-07/4436210d-06ad-4d06-89a1-664c441fc096/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/25a53b1d-0f91-44cf-b507-1332dab392de/element/aa94f61b-2e99-441c-afb1-44732090f72c","type":"text","family-id":"c955ffcf-7aaf-4711-8dc6-c2c4fa021dff","title":"","id":"aa94f61b-2e99-441c-afb1-44732090f72c","metadata":null,"subtype":null,"text":"(Bloomberg) -- India’s top companies will have to step up ESG reporting and show credibility of such disclosures as a slew of regulations take effect.
"},{"description":"","page-url":"/story/25a53b1d-0f91-44cf-b507-1332dab392de/element/04e7adec-7714-4557-b48f-387d5b5abfaa","type":"text","family-id":"f5d6dfb3-ef7b-4ee5-9e65-221a8331f31a","title":"","id":"04e7adec-7714-4557-b48f-387d5b5abfaa","metadata":null,"subtype":null,"text":"The biggest 1,000 firms by market value have to start publishing a Business Responsibility and Sustainability Report from the year ended March 2023. The Securities and Exchange Board of India will also require a ‘reasonable’ audit for a select set of indicators — known as core BRSR — for 150 of the largest on the list effective in the current financial year, according to a circular Wednesday.
"},{"description":"","page-url":"/story/25a53b1d-0f91-44cf-b507-1332dab392de/element/037eb10b-ced6-4cbd-901f-1ba9d1a2483c","type":"text","family-id":"e92b5f39-bcf3-4cec-b6fe-289024ebbcee","title":"","id":"037eb10b-ced6-4cbd-901f-1ba9d1a2483c","metadata":null,"subtype":null,"text":"The move makes Sebi the first among global regulators to impose tighter norms. Globally, most ESG information is subject to a limited assurance, which means assurance of no negative observations, while ‘reasonable’ assurance is more comprehensive and robust, said Sumit Seth, partner at Price Waterhouse & Co.
"},{"description":"","page-url":"/story/25a53b1d-0f91-44cf-b507-1332dab392de/element/26b2a730-0ad7-4e78-96d5-65cceef161aa","type":"text","family-id":"46399cea-c981-49a8-b584-e5ad8cc0eb28","title":"","id":"26b2a730-0ad7-4e78-96d5-65cceef161aa","metadata":null,"subtype":null,"text":"The audit requirement will expand to all 1,000 companies over four years and, gradually, will also cover vendors and partners, Sebi said.
"},{"description":"","page-url":"/story/25a53b1d-0f91-44cf-b507-1332dab392de/element/c9f67299-8818-449c-97ce-8559fdbd6808","type":"text","family-id":"b7c5d3be-8e2f-4136-8cff-70f323ebd938","title":"","id":"c9f67299-8818-449c-97ce-8559fdbd6808","metadata":null,"subtype":null,"text":"The additional compliance by companies will improve credibility of disclosures and mitigate greenwashing risks, Seth said. A PWC survey last year showed that 75% of investors would have more confidence in corporate sustainability reporting with reasonable assurance, which is the same level as a financial audit.
"},{"description":"","page-url":"/story/25a53b1d-0f91-44cf-b507-1332dab392de/element/c96cdaa8-3a1b-4a34-9b5b-f04540c785d2","type":"text","family-id":"0e70b8ca-0f06-473f-9ff1-15058d9f03fa","title":"","id":"c96cdaa8-3a1b-4a34-9b5b-f04540c785d2","metadata":null,"subtype":null,"text":"World over, the focus on environment, social and governance practices has run into political and activist backlash accusing businesses and investors of too much talk and too little action. That’s put the onus on financial regulators to speed up frameworks for standardized reporting and scrutiny of ESG parameters.
"},{"description":"","page-url":"/story/25a53b1d-0f91-44cf-b507-1332dab392de/element/cb59a0e3-6dc3-4963-868c-0c88b17894de","type":"text","family-id":"1285a902-30a5-45df-a190-1a880c30c71e","title":"","id":"cb59a0e3-6dc3-4963-868c-0c88b17894de","metadata":null,"subtype":null,"text":"The ESG regulatory ecosystem in India is getting built quickly. India’s accounting institute earlier this year issued a globally-adapted sustainability assurance standard to guide auditors. For now, Sebi has given companies discretion to pick any ESG audit service provider as long as it poses no conflict of interest.
"},{"description":"","page-url":"/story/25a53b1d-0f91-44cf-b507-1332dab392de/element/083481b0-97d0-4c61-8c59-7942f31f2230","type":"text","family-id":"0ff5c7a0-570f-4a93-865f-2fd8be07cb5e","title":"","id":"083481b0-97d0-4c61-8c59-7942f31f2230","metadata":null,"subtype":null,"text":"Several international assurance providers have India offices, said Prabodha Acharya, chief sustainability officer at Mumbai-based JSW Group. He added that many large Indian companies including his already follow global ESG reporting standards and limited third party assurance.
"},{"description":"","page-url":"/story/25a53b1d-0f91-44cf-b507-1332dab392de/element/f9352419-3e56-4b7d-acc5-125bdbd2d3d3","type":"text","family-id":"7c6f94cf-bc90-4426-8f16-bc7d177d2181","title":"","id":"f9352419-3e56-4b7d-acc5-125bdbd2d3d3","metadata":null,"subtype":null,"text":"The challenge now lies in standardizing ESG ratings. No two rating companies work on the same criteria and there is a trend now that even ESG rating providers are being rated, Acharya said.
"},{"description":"","page-url":"/story/25a53b1d-0f91-44cf-b507-1332dab392de/element/4d7348b3-3fb5-47d4-a01b-ef1087ed4982","type":"text","family-id":"5634fa6d-7afe-47b7-b319-c294e661b315","title":"","id":"4d7348b3-3fb5-47d4-a01b-ef1087ed4982","metadata":null,"subtype":null,"text":"Sebi recently prescribed who can provide ratings in India, but harmonization remains a hurdle across international financial markets.
"},{"description":"","page-url":"/story/25a53b1d-0f91-44cf-b507-1332dab392de/element/eedee740-7283-4d8a-a20f-3e301684578b","type":"text","family-id":"4caa7612-527d-4508-b414-9fae9580d11b","title":"","id":"eedee740-7283-4d8a-a20f-3e301684578b","metadata":null,"subtype":null,"text":"Read More:
"},{"description":"","page-url":"/story/25a53b1d-0f91-44cf-b507-1332dab392de/element/488dc827-3ae4-40b6-b528-2d34b357506c","type":"text","family-id":"efbc91d5-22cd-4f58-8589-14232fc9f211","title":"","id":"488dc827-3ae4-40b6-b528-2d34b357506c","metadata":null,"subtype":null,"text":"ESG Investors Get First-Ever Set of Global Reporting Standards
"},{"description":"","page-url":"/story/25a53b1d-0f91-44cf-b507-1332dab392de/element/d4fa46cd-b816-44ff-a43c-2548d6933407","type":"text","family-id":"b7a2581b-4a96-40e8-b0bb-ae38063f7520","title":"","id":"d4fa46cd-b816-44ff-a43c-2548d6933407","metadata":null,"subtype":null,"text":"Larry Fink Warning on ESG Disclosure Resonates With Key Watchdog
"},{"description":"","page-url":"/story/25a53b1d-0f91-44cf-b507-1332dab392de/element/9e066392-418d-4966-9f7e-f8a8c8595e1f","type":"text","family-id":"4a2707c0-904d-4d32-808b-5104389adb43","title":"","id":"9e066392-418d-4966-9f7e-f8a8c8595e1f","metadata":null,"subtype":null,"text":"HSBC Says Rising ‘Anti-ESG’ Sentiment in US Is Impacting Funds
"},{"description":"","page-url":"/story/25a53b1d-0f91-44cf-b507-1332dab392de/element/47e8fd1e-8ae0-447d-874a-cb965a77508a","type":"text","family-id":"0ce58344-6981-4ac5-9606-4a9fb5f7701c","title":"","id":"47e8fd1e-8ae0-447d-874a-cb965a77508a","metadata":null,"subtype":null,"text":"(Updates with comment in fifth paragraph. A previous version corrected year in second paragraph)
"},{"description":"","page-url":"/story/25a53b1d-0f91-44cf-b507-1332dab392de/element/128fa533-2dc1-4d3a-abd4-e0bc02f71a30","type":"text","family-id":"d090c697-1bc1-420a-971a-fd86580e7410","title":"","id":"128fa533-2dc1-4d3a-abd4-e0bc02f71a30","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/25a53b1d-0f91-44cf-b507-1332dab392de/element/71442a7d-c968-4a12-9731-40d974f658e5","type":"text","family-id":"76b3a9c6-344d-4453-aa76-82b4b94bc972","title":"","id":"71442a7d-c968-4a12-9731-40d974f658e5","metadata":null,"subtype":null,"text":"©2023 Bloomberg L.P.
"}],"card-updated-at":1689243006590,"content-version-id":"bf51860b-86d7-47a7-879c-8f2f9814b3ec","card-added-at":1689243006590,"status":"draft","id":"f88491d7-15dd-499d-9490-0038a71c973a","content-id":"f88491d7-15dd-499d-9490-0038a71c973a","version":6,"metadata":{"social-share":{"shareable":true,"title":"India Tightens ESG Reporting, Audit Rules For Top Companies","message":"India’s top companies will have to step up ESG reporting and show credibility of such disclosures as a slew of regulations take effect this financial year.","image":{"key":"bloombergquint/2023-07/4436210d-06ad-4d06-89a1-664c441fc096/_1x_1.jpg","url":null,"attribution":null,"caption":"India Tightens ESG Reporting, Audit Rules for Top Companies","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i5Q84UOhJwto/v0/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","width":2000,"height":1352}}}}}],"author-id":1713832,"first-published-at":1689301076991,"story-template":"syndicated","authors":[{"slug":"menaka-doshi-3","social":{},"name":"Menaka Doshi","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1713832,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["markets"]},"original-url":"https://www.bloomberg.com/news/articles/2023-07-13/sebi-leads-on-esg-reporting-audit-rules-for-top-companies","imported-card-id":"f88491d7-15dd-499d-9490-0038a71c973a","card-share":{"shareable":true}}}},{"id":"7a488f32-58ca-4631-87b4-6949429d6f02","score":null,"type":"story","item":{"headline":["Fund Manager Trounces Most India Peers Betting Against ESG Trade"]},"story":{"author-name":"Ashutosh Joshi","headline":"Fund Manager Trounces Most India Peers Betting Against ESG Trade","slug":"markets/fund-manager-trounces-most-india-peers-betting-against-esg-trade","last-published-at":1686038300725,"alternative":{},"sections":[{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"mutual-funds","name":"Mutual Funds","section-url":"https://www.ndtvprofit.com/mutual-funds","id":3402,"parent-id":null,"display-name":"Mutual Funds","collection":{"slug":"mutual-funds","name":"Mutual Funds","id":8282},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null},{"domain-slug":null,"slug":"esg-investing","name":"ESG Investing","section-url":"https://www.ndtvprofit.com/esg-investing","id":31958,"parent-id":null,"display-name":"ESG Investing","collection":{"slug":"esg-investing","name":"ESG Investing","id":88884},"data":{"color":"#00DC3C"}}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iRrNB.9S3Z6U/v0/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg"},"published-at":1686038300725,"summary":"Even as ESG investing gains traction globally as one of the hottest strategies, one Indian fund manager’s bet against the trade has proved to be a big boon.","id":"7a488f32-58ca-4631-87b4-6949429d6f02","hero-image-s3-key":"bloombergquint/2023-06/b5677f12-b35a-4552-8c97-7f15473b9628/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/7a488f32-58ca-4631-87b4-6949429d6f02/element/0e897442-83d5-45ee-8106-8b555128f104","type":"text","family-id":"50cd395b-5255-47a1-b0af-c28da27889f8","title":"","id":"0e897442-83d5-45ee-8106-8b555128f104","metadata":null,"subtype":null,"text":"(Bloomberg) -- Even as ESG investing gains traction globally as one of the hottest strategies, one Indian fund manager’s bet against the trade has proved to be a big boon.
"},{"description":"","page-url":"/story/7a488f32-58ca-4631-87b4-6949429d6f02/element/0fbb9a43-4c9f-47a5-8f7f-3efa7741c97e","type":"text","family-id":"3befcbdd-8884-49b7-9b86-1585e0217dbd","title":"","id":"0fbb9a43-4c9f-47a5-8f7f-3efa7741c97e","metadata":null,"subtype":null,"text":"The Parag Parikh Flexi Cap Fund boosted holdings of Asia’s largest cigarette maker ITC Ltd. and the world’s top miner by production Coal India Ltd. at low valuations three years ago, when some large investors balked at them. Those bets helped the fund deliver a return of 14% so far this year, outperforming 90% of its peers.
"},{"description":"","page-url":"/story/7a488f32-58ca-4631-87b4-6949429d6f02/element/f2e17461-cd95-464f-813a-aa7e159ad60b","type":"text","family-id":"ea6d9fc6-8bd7-4a65-86b9-33ca84eeb2f5","title":"","id":"f2e17461-cd95-464f-813a-aa7e159ad60b","metadata":null,"subtype":null,"text":"“For some time the whole thinking in the investing world was that everything should be ESG and how can you have fossil or tobacco companies,” Rajeev Thakkar, who manages about $4 billion as the chief investment officer for Parag Parikh Financial Advisory Services Ltd., said in an interview last week.
"},{"description":"","page-url":"/story/7a488f32-58ca-4631-87b4-6949429d6f02/element/93ac74d3-243d-4edb-b729-ea7dda1004e0","type":"text","family-id":"08ff07c6-9a8a-4007-9c38-3ba30d28e812","title":"","id":"93ac74d3-243d-4edb-b729-ea7dda1004e0","metadata":null,"subtype":null,"text":"Global funds, especially money managers based in Europe, have been trimming their exposures to tobacco, coal and oil companies in recent years to comply with their environmental, social and governance mandates. That drove the valuations of companies in these sectors to “ridiculously low levels,” and that’s when we realize there lies a great opportunity, Thakkar said.
"},{"description":"","image-metadata":null,"page-url":"/story/7a488f32-58ca-4631-87b4-6949429d6f02/element/d7686ba4-de27-4a2f-8f76-0f28d819138b","type":"image","family-id":"98acef9b-bea3-4ee4-a0f0-405e64d81476","image-attribution":"","title":"","id":"d7686ba4-de27-4a2f-8f76-0f28d819138b","hyperlink":null,"image-s3-key":"bloombergquint/2023-06/51bcbd86-0e82-4200-a99f-b8cab17f12e9/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i4u8dRORz2vs/v2/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/7a488f32-58ca-4631-87b4-6949429d6f02/element/436c24f3-ef63-4213-ab52-c6e37cfe83f7","type":"text","family-id":"0ca0ee55-e105-49b4-8797-5070977b69d5","title":"","id":"436c24f3-ef63-4213-ab52-c6e37cfe83f7","metadata":null,"subtype":null,"text":"READ: Meme Stock ITC Is Top Gainer as Adani Saga Spurs Rush to Quality
"},{"description":"","page-url":"/story/7a488f32-58ca-4631-87b4-6949429d6f02/element/bec03ab2-bb5f-4e1d-8630-38ee56c49c4c","type":"text","family-id":"4193ed58-1537-4177-9e1a-0ffca125853a","title":"","id":"bec03ab2-bb5f-4e1d-8630-38ee56c49c4c","metadata":null,"subtype":null,"text":"European funds’ ownership of ITC shares declined by about 5% over the past five years, according to data compiled by Bloomberg. Abrdn PLC, Deutsche Bank AG and Principal Financial Group Plc are among funds that narrowed holdings in the firm, which earns more than 40% of its revenue from tobacco.
"},{"description":"","page-url":"/story/7a488f32-58ca-4631-87b4-6949429d6f02/element/411506f1-fa86-401e-a7ca-464d9f3c44ea","type":"text","family-id":"3bdefb31-56f4-4666-913a-7a63cf2c634a","title":"","id":"411506f1-fa86-401e-a7ca-464d9f3c44ea","metadata":null,"subtype":null,"text":"ITC’s shares trailed the Sensex for five out of eight years through 2020 but have turned into one of the benchmark’s best performers since then, a period during which Thakkar raised his fund’s holdings in the Kolkata-headquartered firm, which counts British American Tobacco Plc among its key stake holders.
"},{"description":"","page-url":"/story/7a488f32-58ca-4631-87b4-6949429d6f02/element/3f5841d6-1c1d-47fc-b882-4e82b40ef68f","type":"text","family-id":"e1172492-c0be-47c0-8cfe-396ca83bb1ab","title":"","id":"3f5841d6-1c1d-47fc-b882-4e82b40ef68f","metadata":null,"subtype":null,"text":"The fund has ITC as its second-largest holding and Coal India as the tenth-biggest, according to the latest filing. The coal producer’s shares have more than doubled since a 2020 low. It also has one-fifth of its investments in US companies, including Microsoft Corp and Alphabet Inc.
"},{"description":"","page-url":"/story/7a488f32-58ca-4631-87b4-6949429d6f02/element/b6b751ac-3dcc-4227-b52d-1aecebfc2e47","type":"text","family-id":"d93bcd9e-8eb9-4039-a3e9-ee671ce6e9b9","title":"","id":"b6b751ac-3dcc-4227-b52d-1aecebfc2e47","metadata":null,"subtype":null,"text":"Thakkar’s conviction in ITC and Coal India is also guided by the companies’ strategy to wean away from their traditional businesses. ITC is looking to expand its presence in consumer space, agriculture and information technology, while Coal India is investing into gasification and renewable energy.
"},{"description":"","page-url":"/story/7a488f32-58ca-4631-87b4-6949429d6f02/element/04a7ad98-30f2-4f86-a41b-d697f8916406","type":"text","family-id":"14702356-a762-413b-b772-d55564dc8fd3","title":"","id":"04a7ad98-30f2-4f86-a41b-d697f8916406","metadata":null,"subtype":null,"text":"“They are clearly working toward a transition, and what matters for us is the direction rather than the current position,” said Thakkar. “Obviously things cannot change overnight and it has to be a process, which we invested and sort of benefited from.”
"},{"description":"","page-url":"/story/7a488f32-58ca-4631-87b4-6949429d6f02/element/2f039927-4ef2-49c9-9dcb-79f828f08596","type":"text","family-id":"98fcd653-0f49-4a18-a1c7-4acb8955cd6c","title":"","id":"2f039927-4ef2-49c9-9dcb-79f828f08596","metadata":null,"subtype":null,"text":"--With assistance from Satviki Sanjay.
"},{"description":"","page-url":"/story/7a488f32-58ca-4631-87b4-6949429d6f02/element/66d44622-202a-4ce7-b192-4c2ae951a31b","type":"text","family-id":"ace9ae5d-8d07-4380-9715-84a85030ff0e","title":"","id":"66d44622-202a-4ce7-b192-4c2ae951a31b","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/7a488f32-58ca-4631-87b4-6949429d6f02/element/e764e165-76bb-4a25-a8a4-c40fc83b0beb","type":"text","family-id":"7c876238-7e02-4cbc-ac60-7c1a6d3d5221","title":"","id":"e764e165-76bb-4a25-a8a4-c40fc83b0beb","metadata":null,"subtype":null,"text":"©2023 Bloomberg L.P.
"}],"card-updated-at":1685941310298,"content-version-id":"61839616-b524-4056-8903-977ca3c3ca7a","card-added-at":1685940004076,"status":"draft","id":"b5ecbc7d-fb38-4bc2-87e1-d366b4950156","content-id":"b5ecbc7d-fb38-4bc2-87e1-d366b4950156","version":32,"metadata":{"social-share":{"shareable":true,"title":"Fund Manager Trounces Most India Peers Betting Against ESG Trade","message":"Even as ESG investing gains traction globally as one of the hottest strategies, one Indian fund manager’s bet against the trade has proved to be a big boon.","image":{"key":"bloombergquint/2023-06/51bcbd86-0e82-4200-a99f-b8cab17f12e9/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}},"attributes":{}}}],"author-id":1669846,"first-published-at":1685941317876,"story-template":"syndicated","authors":[{"slug":"ashutosh-joshi-4","social":{},"name":"Ashutosh Joshi","contributor-role":null,"avatar-url":null,"bio":null,"id":1669846,"avatar-s3-key":null,"twitter-handle":null},{"slug":"chiranjivi-chakraborty","social":{},"name":"Chiranjivi Chakraborty","contributor-role":null,"avatar-url":null,"bio":null,"id":1753264,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["markets"],"reactions":["a big boon"]},"original-url":"https://www.bloomberg.com/news/articles/2023-06-05/fund-manager-trounces-most-india-peers-betting-against-esg-trade","imported-card-id":"b5ecbc7d-fb38-4bc2-87e1-d366b4950156","card-share":{"shareable":true}}}},{"id":"0fa0c5c9-d301-46bf-9913-c2eb2b45a955","score":null,"type":"story","item":{"headline":["Is India Inc. Ready For Carbon Border Tax? — BQ Explains"]},"story":{"author-name":"Janani Janarthanan","headline":"Is India Inc. Ready For Carbon Border Tax? — BQ Explains","slug":"explainers/is-india-inc-ready-for-carbon-border-tax-bq-explains","last-published-at":1684291224140,"alternative":{},"sections":[{"domain-slug":null,"slug":"explainers","name":"Explainers","section-url":"https://www.ndtvprofit.com/explainers","id":28248,"parent-id":null,"display-name":"Explainers","collection":{"slug":"explainers","name":"Explainers","id":55046},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"global-economics","name":"Global Economics","section-url":"https://www.ndtvprofit.com/global-economics","id":1250,"parent-id":null,"display-name":"Global Economics","collection":{"slug":"global-economics","name":"Global Economics","id":15813},"data":null},{"domain-slug":null,"slug":"economy-finance","name":"Economy & Finance","section-url":"https://www.ndtvprofit.com/economy-finance","id":9609,"parent-id":null,"display-name":"Economy & Finance","collection":{"slug":"economy-finance","name":"Economy & Finance","id":22396},"data":null},{"domain-slug":null,"slug":"esg-investing","name":"ESG Investing","section-url":"https://www.ndtvprofit.com/esg-investing","id":31958,"parent-id":null,"display-name":"ESG Investing","collection":{"slug":"esg-investing","name":"ESG Investing","id":88884},"data":{"color":"#00DC3C"}},{"domain-slug":null,"slug":"notifications","name":"Notifications","section-url":"https://www.ndtvprofit.com/notifications","id":16055,"parent-id":null,"display-name":"Notifications","collection":{"slug":"notifications","name":"Notifications ","id":32342},"data":null}],"hero-image-metadata":{"width":4929,"height":3296,"mime-type":"image/jpeg","file-size":8017646,"file-name":"low-angle-shot-factory-with-smoke-steam-coming-out-chimneys-captured-sunset.jpg"},"published-at":1684291224140,"summary":"From Oct. 1, steel and aluminium exporters to the EU must measure carbon intensity and provide statements on production processes.","id":"0fa0c5c9-d301-46bf-9913-c2eb2b45a955","hero-image-s3-key":"bloombergquint/2023-05/52545fff-348f-4a61-abe1-4424ccade995/low_angle_shot_factory_with_smoke_steam_coming_out_chimneys_captured_sunset.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/0fa0c5c9-d301-46bf-9913-c2eb2b45a955/element/69faa440-1afd-46c3-bdc9-3d0e99a6c962","type":"text","family-id":"3bc27e23-f0d4-4935-9b2c-8b23c6f60852","title":"","id":"69faa440-1afd-46c3-bdc9-3d0e99a6c962","metadata":{},"subtype":null,"text":"Indian companies will soon need to factor in the European Carbon Border Adjustment Mechanism in their export calculations, presenting a significant challenge for these businesses.
In the past, India's expressed concerns over climate justice and unfair treatment towards emerging economies, at international fora. However the European Union is likely to proceed with this measure to cut its emissions. As a result, India might face stiff competition from other countries, particularly those in ASEAN.
While India's domestic industries have already begun investing in methods to reduce their carbon footprint during production, it remains uncertain how quickly India Inc. can make the transition to greener methods of metal production.
"},{"description":"","page-url":"/story/0fa0c5c9-d301-46bf-9913-c2eb2b45a955/element/4904efbd-2424-49fd-a27b-999cadfbd148","type":"title","family-id":"443f3b51-dbc8-4afd-8f4a-aaf1f5d12689","title":"","id":"4904efbd-2424-49fd-a27b-999cadfbd148","metadata":{},"subtype":null,"text":"The Ticking Clock"},{"description":"","page-url":"/story/0fa0c5c9-d301-46bf-9913-c2eb2b45a955/element/8d054a7e-8a88-43ef-93ac-7a1275f71285","type":"text","family-id":"de0aa59f-9b56-476c-b140-443f4a998b21","title":"","id":"8d054a7e-8a88-43ef-93ac-7a1275f71285","metadata":{},"subtype":null,"text":"Starting from Oct. 1, companies exporting steel and aluminium to the EU will be required to implement mechanisms to measure the carbon intensity of their production process and provide statements on it. While industries like cement, fertiliser and electricity are also included, they are not major exports from India to the EU.
In 2022, the EU received 27% of India's total exports of iron, steel, and aluminium products, amounting to a value of $8.2 billion, as reported by the Press Trust of India. According to the Commerce Ministry, the carbon tax approved by the EU would impact 1.8% of India's total exports.
According to Santosh Sarangi, director general for foreign trade, among the commodities subject to carbon tariffs, steel and aluminium are the two areas that would impact Indian exporters. The exact monetary impact is still being assessed, he said.
\" ...the EU has prescribed different mechanisms of imposing carbon tax for commodities. For example, for steel manufacturing through electric arc furnace and blast furnace route, the carbon tax will be different,\" Sarangi said.
The Commerce Secretary and other secretaries are engaged in discussions on how it can be tackled, he said.
\"...the extent to which it can be mitigated and our industries can adapt, and the extent to which mutual recognition of the testing and certification can happen, are areas on which the interministerial group is coordinating,\" Sarangi said.
Sanjay Budhia, chairperson at the Confederation of Indian Industry's National Committee on Exports and Imports, said that the current production processes of steel and aluminium sectors have high emission intensity and would attract high taxes.
\"The estimated tax for steel made from the blast furnace route is 39.6%, and using an electric arc furnace is 19.8%. The tax is zero if steel is made using green hydrogen as fuel and a reducing agent. Tax for iron ore pellet is 52.7 % and aluminium is 20.3%,\" he said.
"},{"description":"","page-url":"/story/0fa0c5c9-d301-46bf-9913-c2eb2b45a955/element/f1df5720-1c88-4d0c-bf80-19392bf07421","type":"title","family-id":"39edb9e9-ee4c-4244-b03b-4c7e63d7f386","title":"","id":"f1df5720-1c88-4d0c-bf80-19392bf07421","metadata":{},"subtype":null,"text":"Where Does India Inc. Stand?"},{"description":"","page-url":"/story/0fa0c5c9-d301-46bf-9913-c2eb2b45a955/element/787297dc-e600-425f-aa10-564137a627a5","type":"text","family-id":"448ce0b7-694e-41a4-b7e4-a1234114e993","title":"","id":"787297dc-e600-425f-aa10-564137a627a5","metadata":{},"subtype":null,"text":"Ritabrata Ghosh, vice president and sector head for corporate ratings at ICRA, told BQ Prime that the majority of Indian companies in the steel industry are positioned within the fourth quartile of the global carbon dioxide emission curve.
\"At present, the domestic primary steel producers have an average CO2 emission intensity of 2.6 MT (million tonnes) CO2 per MT crude steel (this is an average of Tata Steel Ltd., JSW Steel Ltd., SAIL Ltd., JSPL Ltd. and RINL Ltd.), which is higher by 26% over the global average of 1.9 MT CO2/MT crude steel, putting Indian mills at a disadvantage as far as carbon footprint is concerned,\" Ghosh said.
A sizeable share of the production to EU is through the scrap-based electric arc furnace route, which has an even lower average emission intensity than the global average, at 1.15 MT CO2/MT crude steel, he said.
According to Ghosh, Indian domestic aluminium manufacturers have one of the highest levels of carbon intensity, with approximately 17-20 tonnes of CO2 emissions (tCO2e) per tonne of aluminium. This is primarily attributed to the predominant use of coal for generating captive power. It is significantly higher as compared to Europe’s average of 7 tCO2e per tonne of aluminium.
Also, for the sectors covered by CBAM, the EU Emissions Trading System Directive stipulates a phaseout of free allowances from 2026 to 2034.
"},{"description":"","page-url":"/story/0fa0c5c9-d301-46bf-9913-c2eb2b45a955/element/814453c7-ac00-43ee-a463-c51f05d6c80b","type":"title","family-id":"f07fe500-9f0c-4f75-b5f3-3c91c6b22142","title":"","id":"814453c7-ac00-43ee-a463-c51f05d6c80b","metadata":{},"subtype":null,"text":"How Is India Inc. Preparing?"},{"description":"","page-url":"/story/0fa0c5c9-d301-46bf-9913-c2eb2b45a955/element/ced4ee0c-1dfe-4281-944f-ad2c4f994c7e","type":"text","family-id":"91bdadb1-6bff-408b-b6e0-62394f16d10e","title":"","id":"ced4ee0c-1dfe-4281-944f-ad2c4f994c7e","metadata":{},"subtype":null,"text":"The level of preparedness among Indian exporters in the aluminium and steel sector also depends on the scale of the operations, according to Budhia.
Medium and small-scale enterprises need increased awareness of sustainability standards and the adoption of low carbon emissions practices in their production processes, he said.
Vijay Kalantri, chairman at the World Trade Centre in Mumbai, said that large Indian steel exporters have already begun taking measures to address their carbon footprint. These measures include the adoption of carbon capture technology, utilisation of recycled steel and leveraging renewable energy sources.
Medium and small-scale steel and aluminum producers are gradually adopting the Perform Achieve and Trade, or PAT, scheme initiated by the Indian government to reduce energy consumption, he said.
\"Indian steel producers are also gradually adopting best available technologies such as hot stove waste heat recovery in blast furnace, top pressure recovery turbine, and direct rolling process to reduce carbon emissions,\" he said.
The government has set a target to reduce the average CO2 emission intensity of the steel industry from 2.64 tonne per tonne of crude steel in 2020 to 2.4 tonne per tonne of crude steel by 2030.
However, this target will fall short of the current EU specifications.
"},{"description":"","page-url":"/story/0fa0c5c9-d301-46bf-9913-c2eb2b45a955/element/2eec27f1-3295-49dc-b5cc-6b1ae0c176d3","type":"title","family-id":"32e38a39-6e0b-477e-8fd3-e1ea817bcd4c","title":"","id":"2eec27f1-3295-49dc-b5cc-6b1ae0c176d3","metadata":{},"subtype":null,"text":"Who Can Capture India's Market Share?"},{"description":"","page-url":"/story/0fa0c5c9-d301-46bf-9913-c2eb2b45a955/element/5f654549-bd37-4dc8-8483-c4601d2bb3b9","type":"text","family-id":"e62a9edf-debb-4f8a-b457-9d992b2ac36c","title":"","id":"5f654549-bd37-4dc8-8483-c4601d2bb3b9","metadata":{},"subtype":null,"text":"India's market position could be at risk as it faces competition from other developing nations such as China, Brazil and the ASEAN (Association of Southeast Asian Nations).
Data from the IMF climate change dashboard revealed that India holds the second highest CO2 emission intensity per $1 million of output for base metals worldwide. In contrast, countries such as Brazil, China, and ASEAN countries perform much better than India in terms of sustainability in the metal industry.
Highlighting the discrepancy, Kalantri said that Brazil emits 59% less CO2 than India, while China emits 63% less CO2 than India for the same value of output.
\"Among the ASEAN nations, Vietnam may benefit from EU’s carbon tax on Indian metal exporters. Vietnamese base metal exporters already have a substantial presence in the EU and these exporters report 76% less CO2 emission intensity compared to India,\" Kalantri said.
Looking at suppliers to Europe specifically, ICRA's Ghosh said large steel exporters to Europe are mainly from Turkey, Russia, Ukraine, and South Korea.
The greenhouse gas intensity of South Korean producers is 1.64 MT CO2/MT crude steel, which is significantly lower than India's 2.6 MT Co2/MT crude steel.
\"Two third of Turkey’s crude steel production is manufactured through the electrical route using scrap, which has a much lower GHG footprint of 1 MT CO2/MT crude steel,\" Ghosh said.
Starting Jan. 1, 2026, the EU has made a decision requiring companies exporting to it to purchase CBAM certificates. These certificates aim to bridge the gap between the carbon price paid in the country of production and the cost of carbon allowances in the EU Emissions Trading Scheme.
\"With Indian steel mills already at the fourth quartile of the emission curve, unless domestic steelmakers are able to bring down their GHG intensities at a much faster pace than what has been envisioned in the EU-ETS regime, the carbon cost disadvantage for Indian producers can widen further over time,\" Ghosh said.
In terms of aluminum, Ghosh said that some of the large aluminium exporters to EU are Norway, United Arab Emirates and Iceland.
In 2021, Norway alone accounted for 40% of the European Union's total imports. The major operating entity in Norway is Norsk Hydro, with a much lower carbon intensity of 4.5 tCO2e per tonne of aluminium, Ghosh said.
The carbon intensity of Emirates Global Aluminium, a large player from U.A.E., is 8 tCO2e/tonne of aluminium, he said.
Therefore, the EU carbon tax will be a \"cost disadvantage to Indian players\" as compared with some other large suppliers to the EU. The Netherlands, Italy, Belgium and Greece are the major aluminium export destinations, Ghosh said.
The decision regarding the EU’s importance as a market will likely shape India’s transition towards incorporating renewable energy sources, which offer more cost effective fuel rates for blast furnaces as well as complete elimination of coal utilisation in smelters.
"},{"description":"","page-url":"/story/0fa0c5c9-d301-46bf-9913-c2eb2b45a955/element/f6627f14-f5a2-4ca6-bad2-bbbae8e67b91","type":"text","family-id":"af61dbf9-7b3f-4acd-b9f8-b018e7ecdf79","title":"","id":"f6627f14-f5a2-4ca6-bad2-bbbae8e67b91","metadata":{"linked-story-id":"c150c978-2cac-40e3-aadf-da2b53f7281d","linked-story":{"headline":"How Indian Firms Should Deal With The European Carbon Border Levy","story-content-id":"c150c978-2cac-40e3-aadf-da2b53f7281d","highlighted-text":"","id":"c150c978-2cac-40e3-aadf-da2b53f7281d","highlighted-headline":null}},"subtype":"also-read","text":"How Indian Firms Should Deal With The European Carbon Border Levy"}],"card-updated-at":1684291221465,"content-version-id":"a0593c70-bb83-4380-8798-27185ad88475","card-added-at":1684244911037,"status":"draft","id":"8dad2ed7-5d38-4669-bbf6-1144e8b96bb1","content-id":"8dad2ed7-5d38-4669-bbf6-1144e8b96bb1","version":298,"metadata":{"social-share":{"shareable":true,"title":"Is India Inc. Ready For Carbon Border Tax? — BQ Explains","message":"From Oct. 1, steel and aluminium exporters to the EU must measure carbon intensity and provide statements on production processes.","image":{"key":"bloombergquint/2023-05/52545fff-348f-4a61-abe1-4424ccade995/low_angle_shot_factory_with_smoke_steam_coming_out_chimneys_captured_sunset.jpg","url":null,"attribution":null,"caption":"(Source: wirestock/Freepik)
(Bloomberg) -- Metals recycling startup Runaya is planning to boost its processing of industrial waste about eightfold in the next two years as the Indian company adds zinc and copper to its existing aluminum portfolio.
"},{"description":"","page-url":"/story/89757196-97fe-4bad-8bd9-262caadb6081/element/22dd1f46-121b-4eaf-a899-706d9ea4fe29","type":"text","family-id":"280eab9d-374c-45f6-a357-25141445ad21","title":"","id":"22dd1f46-121b-4eaf-a899-706d9ea4fe29","metadata":null,"subtype":null,"text":"The Mumbai-based company plans to process 300,000 tons of metals waste by March 2025 from 40,000 tons in the financial year ended March 31, co-founder and Chief Executive Officer Annanya Agarwal said in an interview with Bloomberg Television. Revenue is expected to double this year to $100 million, he said.
"},{"description":"","page-url":"/story/89757196-97fe-4bad-8bd9-262caadb6081/element/4d821da9-dd6f-487d-84e2-0b167eb230e2","type":"text","family-id":"c82ba1fc-bb73-42ee-adc4-03769c8cdb16","title":"","id":"4d821da9-dd6f-487d-84e2-0b167eb230e2","metadata":null,"subtype":null,"text":"“We started Runaya with the vision that sustainability will be be the largest driver of profitability for the resources sector in the years to come,” Agarwal said. “We want to enable the resources sector to meet their carbon neutrality and ESG goals.”
"},{"description":"","page-url":"/story/89757196-97fe-4bad-8bd9-262caadb6081/element/222203cf-3973-47bd-b49a-da8fa4657850","type":"text","family-id":"e633a190-f1db-438f-a025-f2202197e8f5","title":"","id":"222203cf-3973-47bd-b49a-da8fa4657850","metadata":null,"subtype":null,"text":"Runaya was founded in 2017 by brothers Annanya and Naivedya Agarwal. They are sons of Navin Agarwal, the executive vice chairman of commodities conglomerate Vedanta Resources Ltd., and nephews of Chairman Anil Agarwal.
"},{"description":"","page-url":"/story/89757196-97fe-4bad-8bd9-262caadb6081/element/ef41756b-8a4a-4212-bc9b-54744c928ff3","type":"text","family-id":"db26992e-a1cf-48e8-81b4-0c1efe58682e","title":"","id":"ef41756b-8a4a-4212-bc9b-54744c928ff3","metadata":null,"subtype":null,"text":"The startup was initially funded by a mix of family equity and debt and the firm is currently being funded through internal cash flows, Annanya Agarwal said, adding that the company is also eyeing tie-ups up with global strategic partners.
"},{"description":"","image-metadata":null,"page-url":"/story/89757196-97fe-4bad-8bd9-262caadb6081/element/a0121716-eecf-4b1a-9888-c2280b35e80a","type":"image","family-id":"00b999b5-2016-4123-bbe4-5e9dc59b33b8","image-attribution":"","title":"Runaya CEO Annanya Agarwal discusses the company’s ESG goals. He speaks with Haslinda Amin and Yvonne Man on “Bloomberg Markets: Asia”.Markets: Asia”.","id":"a0121716-eecf-4b1a-9888-c2280b35e80a","hyperlink":null,"image-s3-key":"bloombergquint/2023-04/c55f8ffa-e4aa-4449-bae8-00f1555464af/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ioQe0zP6gETo/v3/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/89757196-97fe-4bad-8bd9-262caadb6081/element/ac4cb54d-71cf-45ea-bbb2-214b7c2917da","type":"text","family-id":"83ebdfb9-d192-47e9-b1d9-5cdc3e1e84bf","title":"","id":"ac4cb54d-71cf-45ea-bbb2-214b7c2917da","metadata":null,"subtype":null,"text":"“We are looking for strategic partnerships with companies that align with our values” and which offer financing according to ESG criteria, he said. “In India and everywhere in the world today there is so much ESG funding available but unfortunately there aren’t so many avenues for these funds to deploy because there aren’t many startups that are meeting the criteria.”
"},{"description":"","page-url":"/story/89757196-97fe-4bad-8bd9-262caadb6081/element/09d7fa2b-4924-470f-aff3-5b9730b9d724","type":"text","family-id":"0048f304-f38f-4378-badb-881a23ff1955","title":"","id":"09d7fa2b-4924-470f-aff3-5b9730b9d724","metadata":null,"subtype":null,"text":"--With assistance from Anand Menon, Haslinda Amin, Yvonne Man and Divya Patil.
"},{"description":"","page-url":"/story/89757196-97fe-4bad-8bd9-262caadb6081/element/bcf164d6-d3d4-4c76-ab6e-bb11f694ecd6","type":"text","family-id":"5103af51-c28c-4fa1-aeea-c1e7536dda65","title":"","id":"bcf164d6-d3d4-4c76-ab6e-bb11f694ecd6","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
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"}],"card-updated-at":1681203315027,"content-version-id":"5709bfac-6f1f-40f5-b2f9-611d7188e88b","card-added-at":1681197003867,"status":"draft","id":"c76b5b9c-3601-4408-8f44-3b31d0dba722","content-id":"c76b5b9c-3601-4408-8f44-3b31d0dba722","version":5,"metadata":{"social-share":{"shareable":true,"title":"Indian Metals Recycling Startup Sees Eightfold Processing Growth","message":"Metals recycling startup Runaya is planning to boost its processing of industrial waste about eightfold in the next two years as the Indian company adds zinc and copper to its existing aluminum portfolio.","image":{"key":"bloombergquint/2023-04/c55f8ffa-e4aa-4449-bae8-00f1555464af/_1x_1.jpg","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1669863,"first-published-at":1681201727612,"story-template":"syndicated","authors":[{"slug":"swansy-afonso-4","social":{},"name":"Swansy Afonso","contributor-role":null,"avatar-url":null,"bio":null,"id":1669863,"avatar-s3-key":null,"twitter-handle":null},{"slug":"p-r-sanjai-4","social":{},"name":"P R Sanjai","contributor-role":null,"avatar-url":null,"bio":null,"id":1668676,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["technology"]},"original-url":"https://www.bloomberg.com/news/articles/2023-04-11/indian-metals-recycling-startup-sees-eightfold-processing-growth","imported-card-id":"c76b5b9c-3601-4408-8f44-3b31d0dba722","card-share":{"shareable":true}}}},{"id":"d9e89d5c-e1fc-465d-8c02-019fbc8c3158","score":null,"type":"story","item":{"headline":["ESG Disclosures Associated With Higher Stock Returns, Lower Volatility: RBI Article"]},"story":{"author-name":"Jaspreet Kalra","headline":"ESG Disclosures Associated With Higher Stock Returns, Lower Volatility: RBI Article","slug":"economy-finance/esg-disclosures-associated-with-higher-stock-returns-lower-volatility-rbi-article","last-published-at":1676643906583,"alternative":{"home":{"default":{"headline":"ESG Disclosures Lead To Higher Stock Returns, Lower Volatility, Says RBI Article","hero-image":null}}},"sections":[{"domain-slug":null,"slug":"economy-finance","name":"Economy & Finance","section-url":"https://www.ndtvprofit.com/economy-finance","id":9609,"parent-id":null,"display-name":"Economy & Finance","collection":{"slug":"economy-finance","name":"Economy & Finance","id":22396},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"law-and-policy","name":"Law & Policy","section-url":"https://www.ndtvprofit.com/law-and-policy","id":2729,"parent-id":null,"display-name":"Law & Policy","collection":{"slug":"law-and-policy","name":"Law & Policy","id":15814},"data":null},{"domain-slug":null,"slug":"esg-investing","name":"ESG Investing","section-url":"https://www.ndtvprofit.com/esg-investing","id":31958,"parent-id":null,"display-name":"ESG Investing","collection":{"slug":"esg-investing","name":"ESG Investing","id":88884},"data":{"color":"#00DC3C"}}],"hero-image-metadata":{"width":1200,"file-size":292620,"mime-type":"image/jpeg","file-name":"solar-panels.jpg","focus-point":[535,344],"height":675},"published-at":1676643906583,"summary":"RBI also plans to issue guidelines governing green deposits, climate associated risks and climate scenario analysis. ","id":"d9e89d5c-e1fc-465d-8c02-019fbc8c3158","hero-image-s3-key":"bloombergquint/2022-07/a45cfb20-c237-4a34-a440-88a6b2617bee/solar_panels.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/d9e89d5c-e1fc-465d-8c02-019fbc8c3158/element/54143712-4817-4d0a-b417-014d59374b98","type":"text","family-id":"5c4168b2-a7f6-47a8-b478-ca48b3d63a0d","title":"","id":"54143712-4817-4d0a-b417-014d59374b98","metadata":{},"subtype":null,"text":"Disclosures related to environmental, social, and governance measures adopted by companies lead to higher returns on their stocks and lower price volatility, according to a study by Reserve Bank of India.
The study's findings \"broadly underline the fact that ESG disclosures may be associated with improved corporate outlook both in the short and long run\", the RBI article said. The study compared and analysed data from countries such as China, the U.S., U.K., Japan, and India.
The evidence from the study suggests that \"ESG disclosures are associated with better stock returns and reduced volatility of stock prices\", the article said. On comparing the relative returns that are derived out of regular and ESG-focused indices for markets in different countries, India ranks ahead of all countries—except China and Taiwan—as of FY21.
\"Companies which managed and disclosed their ESG related risks better were associated with higher price for their equities compared to a larger set of listed companies,\" the article said.
Given that green bonds and green financing are likely to play an important role in allocating financial resources in the future, adequate ESG reporting is likely to gain more prominence.
The RBI plans to issue guidelines related to climate change risk and sustainable finance for entities regulated by the Indian central bank, RBI Governor Shaktikanta Das said, during his speech on Feb. 8, following the Monetary Policy Committee meeting.
The guidelines will cover areas such as acceptance of green deposits, disclosure of climate risk and climate scenario analysis and risk assessment, the RBI Governor said, during his address. \"These measures together will ensure that our financial system also starts developing and starts building in the forces of resilience to withstand any possible emergence of vulnerability to climate change,\" he said.
In the post-Covid period, ESG-related risks could be integrated with the bank's risk management framework, emphasising the crucial role banks play in financial intermediation in emerging market economies. \"Such disclosures would eventually culminate into databases that will be effective in monitoring, stress testing and forward looking analysis\" of ESG risks, the article said.
"}],"card-updated-at":1676643072766,"content-version-id":"0284e228-283e-4333-855f-8f46aa0cfd5c","card-added-at":1676639903876,"status":"draft","id":"d054b8d9-21ef-4c84-a932-e8f9eb5e8e6e","content-id":"d054b8d9-21ef-4c84-a932-e8f9eb5e8e6e","version":51,"metadata":{"social-share":{"shareable":true,"title":"ESG Disclosures Associated With Higher Stock Returns, Lower Volatility: RBI Article","message":"RBI also plans to issue guidelines governing green deposits, climate associated risks and climate scenario analysis. ","image":{"key":"bloombergquint/2022-07/a45cfb20-c237-4a34-a440-88a6b2617bee/solar_panels.jpg","url":null,"attribution":null,"caption":"Solar cells. (Photo: American Public Power Association/Unsplash)
The green bond market in the country, which is projected to require more than $10 trillion to meet its green goals, accounts for just 3.8% of the overall outstanding corporate bonds worth more than $500 billion, says a report.
"},{"description":"","page-url":"/story/5d6ce88c-0637-427e-a0ee-eafc236070ed/element/667ef01e-f845-4a91-a257-034b64cde3f0","type":"text","family-id":"f2692e5f-4a7f-4835-a918-9d5c19446d1c","title":"","id":"667ef01e-f845-4a91-a257-034b64cde3f0","metadata":{},"subtype":null,"text":"In a report on Friday, Fitch Ratings said that as of January 2023, GSSS (Green, Social, Sustainability and Sustainability-linked Debt) bonds accounted for $20 billion or 3.8% of the country's overall corporate bond market while the government bond market is more than double this size.
"},{"description":"","page-url":"/story/5d6ce88c-0637-427e-a0ee-eafc236070ed/element/4ccdd9bd-3f10-4a0c-8c90-4c6b2dd92bf3","type":"text","family-id":"818731c2-14d1-42ea-bacf-02c8c527c1d6","title":"","id":"4ccdd9bd-3f10-4a0c-8c90-4c6b2dd92bf3","metadata":{},"subtype":null,"text":"One of the main reasons for the small size of the domestic green bond market is that issuers are heavily concentrated in the energy sector and especially renewable energy led by solar projects, it said.
"},{"description":"","page-url":"/story/5d6ce88c-0637-427e-a0ee-eafc236070ed/element/9976193d-153d-4f9a-8d92-43af5a8ad757","type":"text","family-id":"6451d011-5518-4821-83e1-54f627019de6","title":"","id":"9976193d-153d-4f9a-8d92-43af5a8ad757","metadata":{},"subtype":null,"text":"As per the report, another reason for the low green bonds base is that all of them are denominated in the rupee and held by domestic banks, insurers and the RBI while vast majority of issuers—as much 90%—prefer issuing GSSS bonds in dollars.
"},{"description":"","page-url":"/story/5d6ce88c-0637-427e-a0ee-eafc236070ed/element/a9871634-48f1-4019-a056-256f3251c38c","type":"text","family-id":"6f7dd8c2-89ad-419b-b9e2-12f6fccfe35a","title":"","id":"a9871634-48f1-4019-a056-256f3251c38c","metadata":{},"subtype":null,"text":"It can be noted that the Reserve Bank of India issued Rs 16,000 crore worth sovereign green bonds in two equal tranches on Jan. 23 and Feb. 9, respectively.
"},{"description":"","page-url":"/story/5d6ce88c-0637-427e-a0ee-eafc236070ed/element/35555ed0-8838-4aa2-99f7-7f7c5b3ccb6c","type":"text","family-id":"12f42e3f-6864-47a3-8dff-99973259ecfb","title":"","id":"35555ed0-8838-4aa2-99f7-7f7c5b3ccb6c","metadata":{},"subtype":null,"text":"The maiden issuance, according to Fitch, reflects the growing policy focus to scale up domestic financing capacity on climate mitigation and adaptation. It also expects these bonds will be held largely by domestic investors due to the incentives from the national climate policy.
"},{"description":"","page-url":"/story/5d6ce88c-0637-427e-a0ee-eafc236070ed/element/5e6ca8e7-abb4-4b89-a195-bf87987f8513","type":"text","family-id":"95b06a16-5a81-464e-9449-f7c3e5b58839","title":"","id":"5e6ca8e7-abb4-4b89-a195-bf87987f8513","metadata":{},"subtype":null,"text":"The proceeds from the sovereign green bonds will go towards projects that meet the decarbonisation targets, which include achieving net-zero emissions by 2070, reducing emission intensity of GDP by 45% by 2030 over the 2005 levels, and increasing the share of non-fossil fuel energy resources to 40% by 2030.
"},{"description":"","page-url":"/story/5d6ce88c-0637-427e-a0ee-eafc236070ed/element/16a9234a-6529-4cb2-b144-9a48503181f4","type":"text","family-id":"f895cbbe-9c3c-472a-ba0a-236e7379e9a4","title":"","id":"16a9234a-6529-4cb2-b144-9a48503181f4","metadata":{},"subtype":null,"text":"The country's sovereign green bond framework, published in October 2022, identifies how the proceeds from green bonds will be allocated to projects like renewable energy, energy efficiency, clean transportation, sustainable water and waste management, and green buildings.
"},{"description":"","page-url":"/story/5d6ce88c-0637-427e-a0ee-eafc236070ed/element/0dd826f1-ac8e-4c84-944e-dfc963acd539","type":"text","family-id":"c2dd772f-3c21-4b51-9924-b8e2974004d4","title":"","id":"0dd826f1-ac8e-4c84-944e-dfc963acd539","metadata":{},"subtype":null,"text":"The report listed out many difficulties domestic issuers face in accessing the domestic capital market such as low credit rating, lack of credit guarantees, and low investor demand for local bonds.
"},{"description":"","page-url":"/story/5d6ce88c-0637-427e-a0ee-eafc236070ed/element/cc927ed6-1235-46ad-89e4-c29918e16907","type":"text","family-id":"795e39ac-16b5-4ad5-8ccf-884d61787052","title":"","id":"cc927ed6-1235-46ad-89e4-c29918e16907","metadata":{},"subtype":null,"text":"This has led to a shallow domestic sustainable debt market in contrast to the large amount of infrastructure capital being allocated to renewable energy, which in FY22 stood at $14.5 billion, it added.
"},{"description":"","page-url":"/story/5d6ce88c-0637-427e-a0ee-eafc236070ed/element/466ba69f-7160-4719-b7e1-c4e257798ae5","type":"text","family-id":"6bf108c4-530f-4fa1-9cb7-f289dea68536","title":"","id":"466ba69f-7160-4719-b7e1-c4e257798ae5","metadata":{},"subtype":null,"text":"According to the rating agency, new manufacturing policies, especially the PLI scheme that seeks to boost domestic manufacturing of wind turbines and solar components, and other incentives will spur further GSSS debt issuances.
"},{"description":"","page-url":"/story/5d6ce88c-0637-427e-a0ee-eafc236070ed/element/9922fc1f-abc5-4891-ab45-52c191ec175c","type":"text","family-id":"c73b5142-ec15-4928-a514-c15d74d83de6","title":"","id":"9922fc1f-abc5-4891-ab45-52c191ec175c","metadata":{},"subtype":null,"text":"Renewable generation will see an annual average growth of 8.7% between FY22 and FY32, it added.
"},{"description":"","page-url":"/story/5d6ce88c-0637-427e-a0ee-eafc236070ed/element/80dfb60e-aff5-4a3d-bead-adba6f7efb90","type":"text","family-id":"8da0ed82-9b29-468b-b54b-ff7991c7d353","title":"","id":"80dfb60e-aff5-4a3d-bead-adba6f7efb90","metadata":{},"subtype":null,"text":"As per an estimate by the Council on Energy, Environment and Water, over the years, the country will need $10.1 trillion to scale up generation from renewable energy and associated generation, distribution and transmission infrastructure.
"},{"description":"","page-url":"/story/5d6ce88c-0637-427e-a0ee-eafc236070ed/element/9e34a64f-3fdd-47f1-a178-10b381efd9b7","type":"text","family-id":"554f20b8-ef99-4c90-ae5b-d573f2c62bf9","title":"","id":"9e34a64f-3fdd-47f1-a178-10b381efd9b7","metadata":{},"subtype":null,"text":"Even though the maiden sovereign green bond sale was successful, Fitch said that for the segment to gain more traction, more structural changes are needed towards improving financing conditions by offering public-sector credit guarantees to lower financing cost, or increased default protection for investors through credit default swaps.
"}],"card-updated-at":1676057074877,"content-version-id":"4549a4b4-2635-48f6-a316-7d6cf06fe89c","card-added-at":1676035208724,"status":"draft","id":"26f7add9-4601-4a3b-89f0-83233036e585","content-id":"26f7add9-4601-4a3b-89f0-83233036e585","version":16,"metadata":{"social-share":{"shareable":true,"title":"India's Green Bond Issuances Just 3.8% Of Overall Domestic Corporate Bond Market: Report","message":"Reserve Bank of India issued Rs 16,000 crore worth sovereign green bonds in two equal tranches on Jan. 23 and Feb. 9","image":{"key":"bloombergquint/2022-12/f567368d-6ac3-4b6c-a34d-7bf3a728c2dd/RBI_Building__Photo_BloombergQuint_.jpeg","url":null,"attribution":null,"caption":"RBI headquarters in Mumbai. (Photo: BQ Prime)
(Bloomberg) -- India defended its use of fossil fuels citing energy security priorities, even as the country vowed to remain committed to decarbonization.
"},{"description":"","page-url":"/story/3926abd1-21ae-4d36-b051-f61e77a89a29/element/a515fe78-337a-45be-a08b-7e2d801ee32c","type":"text","family-id":"37f60c32-0148-4d1b-aa86-f998aeb0da83","title":"","id":"a515fe78-337a-45be-a08b-7e2d801ee32c","metadata":null,"subtype":null,"text":"The country, one of the world’s largest producers of coal, has often countered demands to curb use of the dirtiest fossil fuel, arguing it is key to its energy security and economic development. The war in Ukraine saw energy rise to the fore of the agenda for developed nations, many of which revived use of coal after supplies of Russian oil and natural gas shrank.
"},{"description":"","page-url":"/story/3926abd1-21ae-4d36-b051-f61e77a89a29/element/8a5f739d-21ec-4edd-a062-67eb989b0302","type":"text","family-id":"22a1f196-b7f5-4110-986d-a332e823a819","title":"","id":"8a5f739d-21ec-4edd-a062-67eb989b0302","metadata":null,"subtype":null,"text":"“The behaviour of European nations in 2022, eminently understandable, demonstrates the return of energy security as a prime requirement for countries,” according to India’s Economic Survey, tabled in parliament Tuesday. “Therefore, it stands to reason that it would be no different for developing economies too.”
"},{"description":"","page-url":"/story/3926abd1-21ae-4d36-b051-f61e77a89a29/element/fba54284-80d6-412c-9fb7-55d8f13eac1b","type":"text","family-id":"b63ef255-b591-4567-b4f9-bd8c3c82b3f2","title":"","id":"fba54284-80d6-412c-9fb7-55d8f13eac1b","metadata":null,"subtype":null,"text":"Developing economies are being asked to shoulder the burden of a global transition to green fuels, despite their lower contribution to accumulated emissions compared with developed nations that prospered on the back of “unrestricted use of fossil fuels,” the Economic Survey said. The document, presented a day before the annual budget, is an account of the government’s performance and ambitions for various sectors of the economy.
"},{"description":"","page-url":"/story/3926abd1-21ae-4d36-b051-f61e77a89a29/element/fbd80a48-c0a2-42b5-8ed5-2029aa607a03","type":"text","family-id":"bddcfc2b-c279-484b-b8b8-0b3311dafba6","title":"","id":"fbd80a48-c0a2-42b5-8ed5-2029aa607a03","metadata":null,"subtype":null,"text":"The arguments reflect the country’s stance at the COP27 summit in November pushing for a discussion on fossil fuels, instead of coal alone, and to hold rich nations to account for their use of natural gas and oil.
"},{"description":"","page-url":"/story/3926abd1-21ae-4d36-b051-f61e77a89a29/element/f639604b-f4c4-4c67-b03b-158c8d6030a5","type":"text","family-id":"b4612bf2-572e-46ab-a179-1bbc7d478640","title":"","id":"f639604b-f4c4-4c67-b03b-158c8d6030a5","metadata":null,"subtype":null,"text":"READ: India May Boost Coal Power Fleet 25% by 2030 Amid Rising Demand
"},{"description":"","page-url":"/story/3926abd1-21ae-4d36-b051-f61e77a89a29/element/52fe0b1f-48b2-402b-93e9-111697f4b6ff","type":"text","family-id":"ed9c3088-c9e7-44e6-81da-39dc88c9e984","title":"","id":"52fe0b1f-48b2-402b-93e9-111697f4b6ff","metadata":null,"subtype":null,"text":"Besides energy security, potential job losses in the fossil fuels supply chain — from coal mines to refineries — is another issue India is concerned with. State-run miner Coal India Ltd., the country’s biggest producer of the fuel, is among the nation’s largest corporate employers, with a headcount of almost 242,000 employees. Hundreds of thousands more work at other mines, oil wells and processing facilities.
"},{"description":"","page-url":"/story/3926abd1-21ae-4d36-b051-f61e77a89a29/element/4694c43a-d7d8-4cdc-970b-849c34845fe5","type":"text","family-id":"e78e049c-961e-4316-b63d-eb316d199d51","title":"","id":"4694c43a-d7d8-4cdc-970b-849c34845fe5","metadata":null,"subtype":null,"text":"While experts have said clean energy can generate more jobs, the Economic Survey said it “seldom works out so smoothly in practice.”
"},{"description":"","page-url":"/story/3926abd1-21ae-4d36-b051-f61e77a89a29/element/d338380b-66bc-46f0-b56a-d5556116efed","type":"text","family-id":"e792aaa0-be6d-4ea2-a778-95fea5d271c6","title":"","id":"d338380b-66bc-46f0-b56a-d5556116efed","metadata":null,"subtype":null,"text":"Still, the country “remains steadfast in its commitment to combating climate change,” the document said, laying out efforts to expand clean energy capacity, plant more trees for carbon sequestration, and promote a green hydrogen-based economy. The country has set a target to zero out emissions by 2070.
"},{"description":"","page-url":"/story/3926abd1-21ae-4d36-b051-f61e77a89a29/element/a0fcc633-f657-4953-a903-99db766543ed","type":"text","family-id":"c741b25f-c88c-4c82-990b-125abf6a44d0","title":"","id":"a0fcc633-f657-4953-a903-99db766543ed","metadata":null,"subtype":null,"text":"While the Survey documented India’s position with respect to carbon emissions, it was silent on a domestic problem caused in part by coal burning: air pollution.
"},{"description":"","page-url":"/story/3926abd1-21ae-4d36-b051-f61e77a89a29/element/74bb0307-f94f-48d1-9d07-e9c8280c0335","type":"text","family-id":"7cd178c5-91b1-4725-9a75-66bf099ee626","title":"","id":"74bb0307-f94f-48d1-9d07-e9c8280c0335","metadata":null,"subtype":null,"text":"Environmentalists have blamed the fuel — along with other factors like crop burning, construction dust and vehicle emissions — for the country’s toxic air that reaches alarming proportions every winter.
"},{"description":"","page-url":"/story/3926abd1-21ae-4d36-b051-f61e77a89a29/element/1101e5b1-1ed4-46dd-bfb3-593566f28026","type":"text","family-id":"b85caaa5-b3c2-4352-a233-65c9eb973d7b","title":"","id":"1101e5b1-1ed4-46dd-bfb3-593566f28026","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/3926abd1-21ae-4d36-b051-f61e77a89a29/element/9853b032-3458-4e87-a522-d171ecd1f9c4","type":"text","family-id":"7c418725-3d26-45b9-8bf9-4b3004fe6cf6","title":"","id":"9853b032-3458-4e87-a522-d171ecd1f9c4","metadata":null,"subtype":null,"text":"©2023 Bloomberg L.P.
"}],"card-updated-at":1675217722923,"content-version-id":"a1428b3a-51a1-48e5-bc7b-31f862f7dfac","card-added-at":1675200314779,"status":"draft","id":"0d1d4a86-bc16-4fa3-a553-aa7bf21c3af1","content-id":"0d1d4a86-bc16-4fa3-a553-aa7bf21c3af1","version":4,"metadata":{"social-share":{"shareable":true,"title":"India Says Its Path to Net Zero Must Pass Through Fossil Fuels","message":"India defended its use of fossil fuels citing energy security priorities, even as the country vowed to remain committed to decarbonization.","image":{"key":"bloombergquint/2023-01/c5f108ec-916c-44f2-b0b1-9e7fd10818a0/_1x_1.jpg","url":null,"attribution":null,"caption":"SONBHADRA, INDIA - NOVEMBER 22: A man stands near burning coal waste inside a coal mine on November 22, 2021 in Sonbhadra, Uttar Pradesh, India. India is rapidly transitioning to renewables, investing in widespread solar and wind installations, though it still remains reliant on coal for about 70% of its energy needs, media reports said. India's heavy reliance on coal was a key issue at the recent Cop26 conference. Many coal-producing regions within the country remain essential for the functioning of the economy, employing many thousands of laborers, though they have been criticized for what activists say is their contribution to air and groundwater pollution, as well as for the detrimental effects coal-related pollution is said to have on respiratory diseases. (Photo by Ritesh Shukla/Getty Images)","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iAFRzFVk0wis/v1/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","width":2000,"height":1333}}}}}],"author-id":1668633,"first-published-at":1675217418764,"story-template":"syndicated","authors":[{"slug":"rajesh-kumar-singh-7","social":{},"name":"Rajesh Kumar Singh","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1668633,"avatar-s3-key":null,"twitter-handle":null},{"slug":"rakesh-sharma-15","social":{},"name":"Rakesh Sharma","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1724577,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["green"],"reactions":["energy security"]},"original-url":"https://www.bloomberg.com/news/articles/2023-01-31/india-says-its-path-to-net-zero-must-pass-through-fossil-fuels","imported-card-id":"0d1d4a86-bc16-4fa3-a553-aa7bf21c3af1","card-share":{"shareable":true}}}},{"id":"ae81c798-13b2-4e52-83f7-67a3d8ef9f17","score":null,"type":"story","item":{"headline":["Promise And Problems Of Green Hydrogen As India Offers Incentives — BQ Explains"]},"story":{"author-name":"BQ Desk","headline":"Promise And Problems Of Green Hydrogen As India Offers Incentives — BQ Explains","slug":"business/promise-and-problems-of-green-hydrogen-as-india-offers-incentives-bq-explains","last-published-at":1672996706366,"alternative":{"home":{"default":{"headline":"Promise And Problems Of Green Hydrogen As India Offers Incentives","hero-image":null}}},"sections":[{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"esg-investing","name":"ESG Investing","section-url":"https://www.ndtvprofit.com/esg-investing","id":31958,"parent-id":null,"display-name":"ESG Investing","collection":{"slug":"esg-investing","name":"ESG Investing","id":88884},"data":{"color":"#00DC3C"}},{"domain-slug":null,"slug":"markets","name":"Markets","section-url":"https://www.ndtvprofit.com/markets","id":1243,"parent-id":null,"display-name":"Markets","collection":{"slug":"markets","name":"Markets","id":15816},"data":null},{"domain-slug":null,"slug":"economy-finance","name":"Economy & Finance","section-url":"https://www.ndtvprofit.com/economy-finance","id":9609,"parent-id":null,"display-name":"Economy & Finance","collection":{"slug":"economy-finance","name":"Economy & Finance","id":22396},"data":null},{"domain-slug":null,"slug":"bq-blue-exclusive","name":"Exclusives","section-url":"https://www.ndtvprofit.com/bq-blue-exclusive","id":6566,"parent-id":null,"display-name":"Exclusives","collection":{"slug":"bq-blue-exclusive","name":"Exclusives","id":13126},"data":null}],"hero-image-metadata":{"width":2976,"height":1984,"mime-type":"image/jpeg","file-size":508530,"file-name":"eelco-bohtlingk-H9c9HuYfbbc-unsplash.jpg"},"published-at":1672996706366,"summary":"Is green hydrogen the key to a low carbon future? Maybe. Maybe not.","id":"ae81c798-13b2-4e52-83f7-67a3d8ef9f17","hero-image-s3-key":"bloombergquint/2023-01/a4453a41-4b1d-41e2-891e-47742deb829b/eelco_bohtlingk_H9c9HuYfbbc_unsplash.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/5314acd9-6521-42c3-848f-4f1c18ff5f00","type":"text","family-id":"5d5927fa-c4e2-44ec-bac7-554e4f4d8274","title":"","id":"5314acd9-6521-42c3-848f-4f1c18ff5f00","metadata":{},"subtype":null,"text":"India on Jan. 4 announced Rs 19,744 crore worth of incentives under the National Green Hydrogen Mission as the nation continues to look for ways to cut reliance on imported fossil fuels.
This proposed spending includes Rs 17,490 crore for the Strategic Interventions for Green Hydrogen Transition programme, Rs 1,466 crore on pilot projects, Rs 400 crore on research and Rs 388 crore on other parts of the mission.
The government will use the mission to target domestic electrolyser manufacturing and green hydrogen or GH2 production from splitting water into hydrogen and oxygen by passing electricity through it.
Indian companies, including Gautam Adani-led conglomerate and Mukesh Ambani-controlled Reliance Industries Ltd., have made pledges worth billions of dollars to develop the green hydrogen ecosystem. They are betting on the nation's plan to produce 5 million tonnes of green hydrogen per year by 2030.
BQ Prime had earlier analysed the costs and challenges that the green hydrogen dream faces. Here's all you need to know:
"},{"description":"","page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/b050cf4a-87b7-4487-ac05-d4a9e4eae460","type":"text","family-id":"11462f83-ef7f-4334-92b6-784f84050d58","title":"","id":"b050cf4a-87b7-4487-ac05-d4a9e4eae460","metadata":{"linked-story-id":"8926125e-5459-4124-85d0-0c53a1e658e7","linked-story":{"headline":"The Promise And Problems Of Hydrogen — BQ Explains","story-content-id":"8926125e-5459-4124-85d0-0c53a1e658e7","highlighted-text":"","id":"8926125e-5459-4124-85d0-0c53a1e658e7","highlighted-headline":null}},"subtype":"also-read","text":"The Promise And Problems Of Hydrogen — BQ Explains"},{"description":"","page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/3645bfbd-1296-4cea-babc-818dc397a50f","type":"title","family-id":"22493039-5dee-481b-a604-d76755da681b","title":"","id":"3645bfbd-1296-4cea-babc-818dc397a50f","metadata":{},"subtype":null,"text":"Why Green Hydrogen Can Help"},{"description":"","page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/07b06f56-f64a-472e-b98d-e782d1a99c18","type":"text","family-id":"4297d998-eb63-47f3-94f8-9318db67e78e","title":"","id":"07b06f56-f64a-472e-b98d-e782d1a99c18","metadata":{},"subtype":null,"text":"When hydrogen burns, the byproduct is heat and water without greenhouse gas emissions.
That makes it a great substitute to fossil fuels, in theory, to produce everything from steel, cement and fertilisers to trains, ships and aircraft. That too, without increasing carbon footprint.
As of now, India's annual hydrogen consumption is 6.7 million tonnes —half of which is used for petroleum refining, while bulk of the rest is in fertiliser manufacturing. The Energy and Resources Institute or TERI estimates this demand to go up 10 times by 2050.
But that hydrogen is 'grey' — produced using fossil fuels and releases carbon dioxide.
"},{"description":"","page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/3c64c946-978e-42d8-a115-ae63cff25691","type":"title","family-id":"d89dab99-59a6-4a0d-ab21-85a33b2abe0d","title":"","id":"3c64c946-978e-42d8-a115-ae63cff25691","metadata":{},"subtype":null,"text":"The Challenge"},{"description":"","page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/5679f9d1-f293-41e2-91a9-5167a13e52e1","type":"text","family-id":"77d30c9c-2fd6-47c4-985b-36e903dced40","title":"","id":"5679f9d1-f293-41e2-91a9-5167a13e52e1","metadata":{},"subtype":null,"text":"The biggest hurdle is the cost of producing green hydrogen. It's very high.
While electrolysis is easy to perform in a lab setting, using it to generate hydrogen at an industrial scale requires huge investments.
BQ Prime earlier reported that according to the International Energy Agency, producing a kilogram of green hydrogen can cost $3-$7 right now. That compares to $0.7-$1.6 for producing the same amount of hydrogen using natural gas and up to $2.5 per kg with coal.
Globally, the $2-mark is seen as a tipping point for green hydrogen to start seeing widespread adoption. Ambani has to deliver it at $1 per kg by 2030.
"},{"description":"","image-metadata":{"width":1920,"height":1764,"mime-type":"image/png","file-size":411672,"file-name":"Chart_03.png"},"page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/a327f613-7a99-41eb-9acf-08be7e4480ac","type":"image","family-id":"b62f34a6-1ce1-4755-8c78-eaf2e66aee40","image-attribution":"","title":"","id":"a327f613-7a99-41eb-9acf-08be7e4480ac","hyperlink":null,"image-s3-key":"bloombergquint/2023-01/9c39dcf2-f40d-4b15-90e7-94599bb15372/Chart_03.png","metadata":{},"subtype":null},{"description":"","page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/ea9e30e7-6c8c-42cf-9477-94779ea9d67d","type":"text","family-id":"b5a79fbf-f70d-4f5d-a55a-f98bcd219c86","title":"","id":"ea9e30e7-6c8c-42cf-9477-94779ea9d67d","metadata":{},"subtype":null,"text":"There is another problem. As hydrogen is the lightest gas, it needs to be compressed, mixed with natural gas or chilled into a liquid for transportation. That adds to the costs.
"},{"description":"","page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/be546596-c0ca-4486-956f-fa76bc7afe08","type":"title","family-id":"4afc6b60-c2e6-498e-99bb-76760f077230","title":"","id":"be546596-c0ca-4486-956f-fa76bc7afe08","metadata":{},"subtype":null,"text":"Why The Cost Is High"},{"description":"","page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/a8204eb9-dd8c-48cb-96fd-62fece1dd0bf","type":"text","family-id":"1cdf4d5a-76de-466d-93e3-336d7b1a5f9b","title":"","id":"a8204eb9-dd8c-48cb-96fd-62fece1dd0bf","metadata":{},"subtype":null,"text":"Hydrogen production requires electrolysers and renewable energy.
Electrolysers are pricey. Kashish Shah, energy analyst at the Institute for Energy Economics and Financial Analysis, told BQ Prime earlier that electrolyser prices need to come down from the current $750 per kilowatt on an average to around $250 for green hydrogen to be viable.
Renewable energy also is costlier then coal-generated power, though prices have been declining over the years.
Renewable energy costs around $30 per megawatt-hour of electricity. That needs to come down to below $20 per MWh, Shah said. That will bring the green hydrogen cost down to $1.5 per kg, he said.
"},{"description":"","page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/d2bd41e5-bdf1-4661-9607-9d0963d7e3e6","type":"title","family-id":"502d7a4f-b718-45dd-a000-668bb2374496","title":"","id":"d2bd41e5-bdf1-4661-9607-9d0963d7e3e6","metadata":{},"subtype":null,"text":"How Costs Can Be Reduced"},{"description":"","page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/5245bab5-2de4-4ec7-a1b7-b15b5461956f","type":"text","family-id":"7131fcc9-a597-4201-a90c-0fa0e36ef40a","title":"","id":"5245bab5-2de4-4ec7-a1b7-b15b5461956f","metadata":{},"subtype":null,"text":"Economies of scale, higher demand, investments and production volumes will make electrolysers and, in turn, green hydrogen cheaper.
Shah cited the example of how battery and solar modules prices came down over the years.
For India's target of producing 5 million tonne of green hydrogen a year, it will need at least 10 gigawatts of electrolyser capacity.
Adani and Ambani plan to set up electrolyser factories.
"},{"description":"","image-metadata":{"width":1920,"height":1080,"mime-type":"image/png","file-size":820889,"file-name":"Chart_02.png"},"page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/9ba424e4-b4c2-4b39-bebd-c1522a5c06bc","type":"image","family-id":"fb2e88b2-5b6b-4869-b231-9468b965939d","image-attribution":"","title":"","id":"9ba424e4-b4c2-4b39-bebd-c1522a5c06bc","hyperlink":null,"image-s3-key":"bloombergquint/2023-01/e7dbfb8f-8c81-43d1-b654-7c0152d7512d/Chart_02.png","metadata":{},"subtype":null},{"description":"","page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/4ca5e1a5-4da5-4acf-bcdc-d3944f211d8c","type":"text","family-id":"d2ee6547-2ce4-4de7-9564-651b6cb2b960","title":"","id":"4ca5e1a5-4da5-4acf-bcdc-d3944f211d8c","metadata":{},"subtype":null,"text":"The other issue comes from the nature of renewable energy—electricity is generated only when the sun is out or the wind is blowing at a certain velocity.
Shah had told BQ Prime that most renewable plans operate at a low capacity utilisation of 25-30%.
One way to offset that could be by using excess electricity on the grid to generate hydrogen, which can be stored and used as an energy source, Shah said.
"},{"description":"","page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/b4d91b12-4a06-4676-bb41-2e1da67a9fe4","type":"title","family-id":"b47fd437-a19d-480e-a705-c17738f5fa6c","title":"","id":"b4d91b12-4a06-4676-bb41-2e1da67a9fe4","metadata":{},"subtype":null,"text":"Other Types Of Hydrogen"},{"description":"","page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/ccecc551-9897-47e7-a8f2-29a13f66d466","type":"text","family-id":"c1a20a4e-ed64-4972-b16b-d03ee670cc24","title":"","id":"ccecc551-9897-47e7-a8f2-29a13f66d466","metadata":{},"subtype":null,"text":"Hydrogen is colourless, but it is identified with colours based on the source.
The most-used method from natural gas or methane, using steam reformation, produces grey hydrogen. It is the most environmentally-damaging variant—10kg of CO2 are released for producing 1kg of hydrogen gas.
Blue hydrogen—touted for use till green hydrogen costs come down—uses the same process as grey, but captures the CO2 that is released at the end. Ambani is planning to make Reliance Industries Ltd the largest blue hydrogen maker in the world by repurposing a $4-billion plant.
A study from last year showed that blue hydrogen has a 20% higher global-warming footprint, compared to if natural gas was burned directly instead. Besides, it also leads to methane leakage that is 80 times more potent than CO2 in heating the Earth.
And carbon capture systems are expensive and unproven.
"},{"description":"","image-metadata":{"width":1920,"height":2163,"mime-type":"image/png","file-size":228770,"file-name":"Chart_01.png"},"page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/0314f794-9780-463b-b583-1819367a82e4","type":"image","family-id":"57d2bc0c-a2d4-4173-b516-4efcd44c767b","image-attribution":"","title":"","id":"0314f794-9780-463b-b583-1819367a82e4","hyperlink":null,"image-s3-key":"bloombergquint/2023-01/7d42b99b-9dc9-445f-ae73-dff8362efc54/Chart_01.png","metadata":{},"subtype":null},{"description":"","page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/73dca40b-ec61-4edd-99bd-294032339642","type":"text","family-id":"ec00d7d5-b1cc-4308-99a7-59894a64c76b","title":"","id":"73dca40b-ec61-4edd-99bd-294032339642","metadata":{},"subtype":null,"text":"'Turquoise' hydrogen is a low-emissions alternative that also uses natural gas as feed, but siphons the polluting carbon as a solid instead. However, this technology is very much in a nascent stage.
Then, there is pink (produced from nuclear energy) and white (encrusted in earth) hydrogen, but are considered for commercial use.
"},{"description":"","page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/ce475fb8-9e53-4734-98c9-f8cb70f6a048","type":"title","family-id":"d2f0be6b-181b-4fd6-be98-3c655f179c04","title":"","id":"ce475fb8-9e53-4734-98c9-f8cb70f6a048","metadata":{},"subtype":null,"text":"The Road Ahead"},{"description":"","page-url":"/story/ae81c798-13b2-4e52-83f7-67a3d8ef9f17/element/9d2854f6-47c3-4f49-b20b-ad9c03f6ad2a","type":"text","family-id":"44b13f8f-2670-42b4-a268-f1c3c7d17156","title":"","id":"9d2854f6-47c3-4f49-b20b-ad9c03f6ad2a","metadata":{},"subtype":null,"text":"The government has announced Rs 19,744 crore worth of incentives. CLSA says now it's time to take measures to generate demand for the cleaner fuel.
\"We now look forward to steps for demand creation with mandates and viability gap funding for early adopters,\" CLSA said in a note dated Jan. 5.
\"Overall, green hydrogen opens up an alternative front for renewables to seek better profitability versus supply in the competitive power market, apart from helping India on its net-zero pathway,\" it said.
Apart from Adani Group and Reliance Industries, NTPC Ltd., PowerGrid India Ltd., Larsen & Toubro Ltd., MTAR Technologies Ltd., Greenko Group, ACME Solar Ltd., Linde India, Indian Oil Corp. and GAIL (India) Ltd. have firmed up plans.
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"},{"description":"","page-url":"/story/033978d3-3760-4f88-bd5f-b6e741cef25c/element/c5c0a66b-59a0-42ae-80b8-8de6b3ffb1e7","type":"text","family-id":"f3e1b311-a8b8-4d14-b147-b7bee5b8af1c","title":"","id":"c5c0a66b-59a0-42ae-80b8-8de6b3ffb1e7","metadata":{},"subtype":null,"text":"The new unit, which will commence production by 2026, will have an annual capacity of 1 lakh units in two shifts.
"},{"description":"","page-url":"/story/033978d3-3760-4f88-bd5f-b6e741cef25c/element/1f1f63fa-61b4-4acc-9d97-e3fbae041bbe","type":"text","family-id":"76a2c91b-2ccd-459a-9c76-5981686dc3ec","title":"","id":"1f1f63fa-61b4-4acc-9d97-e3fbae041bbe","metadata":{},"subtype":null,"text":"It will come up at the company's existing facility at Bidadi, near here where it currently has two units with a combined installed production capacity of up to 3.42 lakh units annually.
"},{"description":"","page-url":"/story/033978d3-3760-4f88-bd5f-b6e741cef25c/element/db2bfc7f-57e5-4b88-8e6b-735f2d28095f","type":"text","family-id":"8bf7c83f-45e4-4d12-90b5-37bd133ed88b","title":"","id":"db2bfc7f-57e5-4b88-8e6b-735f2d28095f","metadata":{},"subtype":null,"text":"The new plant, apart from producing multi-utility vehicle Innova HyCross, will be \"future ready\" to roll out models spanning across different fuel technologies, Toyota Kirloskar Motor (TKM) Executive Vice President & Country Head Vikram Gulati told PTI.
"},{"description":"","page-url":"/story/033978d3-3760-4f88-bd5f-b6e741cef25c/element/86e7cb4b-add0-4d55-9e0e-1afc9f3d1ddc","type":"text","family-id":"65157fb0-90e2-4f42-9644-c1f23d9ccbfe","title":"","id":"86e7cb4b-add0-4d55-9e0e-1afc9f3d1ddc","metadata":{},"subtype":null,"text":"\"I believe, we are as a company future-ready, both in terms of access to technology, access to well-accepted products across various powertrains as also access to the ability to bring these products to market,\" he said.
"},{"description":"","page-url":"/story/033978d3-3760-4f88-bd5f-b6e741cef25c/element/ba4817a3-780b-4e1a-91f1-01b986765cec","type":"text","family-id":"19d5c3d5-397f-4649-a299-45a4a3c4aa0a","title":"","id":"ba4817a3-780b-4e1a-91f1-01b986765cec","metadata":{},"subtype":null,"text":"He further said in the industry, it doesn't take too much for the same line or some lines to be made ready for introducing any kind of powertrains.
"},{"description":"","page-url":"/story/033978d3-3760-4f88-bd5f-b6e741cef25c/element/539412e0-a8bf-4e27-addd-33161e9ed6b9","type":"text","family-id":"416527f3-3055-4cc9-8e19-26811e9acd4a","title":"","id":"539412e0-a8bf-4e27-addd-33161e9ed6b9","metadata":{},"subtype":null,"text":"\"It does take a bit of doing but it's not really a huge barrier, in my opinion. So that that makes us ready and flexible in terms of any of the powertrains going forward. And I'm sure the new plant is going to be much more advanced and much more future ready,\" Gulati said when asked if the third plant will have the provision for producing new technology vehicles such as electric vehicles.
"},{"description":"","page-url":"/story/033978d3-3760-4f88-bd5f-b6e741cef25c/element/a9e25a3b-3e8b-4cd5-8fbf-4264f02aa16f","type":"text","family-id":"65752834-131d-4cb0-ae6d-99e62b3c3680","title":"","id":"a9e25a3b-3e8b-4cd5-8fbf-4264f02aa16f","metadata":{},"subtype":null,"text":"He, however, said it is too early to give any specifics.
"},{"description":"","page-url":"/story/033978d3-3760-4f88-bd5f-b6e741cef25c/element/cf7b641d-fdb8-4040-99b3-b9e96c523440","type":"text","family-id":"20728361-6c48-4348-a5aa-321c5976e13a","title":"","id":"cf7b641d-fdb8-4040-99b3-b9e96c523440","metadata":{},"subtype":null,"text":"The third plant will create 2,000 jobs, adding to the current 11,200 strong workforce across the existing two plants, he added.
"},{"description":"","page-url":"/story/033978d3-3760-4f88-bd5f-b6e741cef25c/element/f17d0910-24d5-4f21-884b-2813ed51310d","type":"text","family-id":"184525ee-5f32-4009-bba0-17d0f053fea8","title":"","id":"f17d0910-24d5-4f21-884b-2813ed51310d","metadata":{},"subtype":null,"text":"The company has signed a memorandum of understanding with the Karnataka government regarding the fresh investment to set up the third plant coinciding with its 25th year of operations in India.
"},{"description":"","page-url":"/story/033978d3-3760-4f88-bd5f-b6e741cef25c/element/4b2c8aec-f2aa-48db-a18d-901e2b357244","type":"text","family-id":"a7033d79-6c97-44e9-a9e8-8b6eb414e358","title":"","id":"4b2c8aec-f2aa-48db-a18d-901e2b357244","metadata":{},"subtype":null,"text":"\"As a future-ready mobility company, we are certain that today's significant MoU with the Karnataka government for the new plant will positively contribute through consequent employment generation and expand adoption of advanced clean technologies,\" TKM Managing Director and CEO Masakazu Yoshimura said at the event.
"},{"description":"","page-url":"/story/033978d3-3760-4f88-bd5f-b6e741cef25c/element/765736ca-303b-41c6-aef6-4ce6614e8f75","type":"text","family-id":"91657282-b2f2-466c-b392-34d2e0dae017","title":"","id":"765736ca-303b-41c6-aef6-4ce6614e8f75","metadata":{},"subtype":null,"text":"He further said TKM would continue to work with the government to develop a world-class local system that promises best solutions for India by focusing in improving energy security, promoting economic growth and achieving carbon neutrality.
"},{"description":"","page-url":"/story/033978d3-3760-4f88-bd5f-b6e741cef25c/element/30b56907-f537-4089-a90c-9ac060e6c396","type":"text","family-id":"3215870c-f5c7-462a-8008-827b126e3938","title":"","id":"30b56907-f537-4089-a90c-9ac060e6c396","metadata":{},"subtype":null,"text":"In a statement, Toyota CEO Asia Region Masahiko Maeda said, \"The Indian market has always been of great importance of us. We are confident that the new investments in India, we will further elevate TKM's role in our global vision for a more promising future by creating sustainable mobility solutions that enrich people's lives worldwide.\"
Last year, Toyota group firms comprising TKM and Toyota Kirloskar Auto Parts had signed an MoU with Karnataka government to invest Rs 4,100 crore to enhance electrification, fast paced shift towards greener technologies and deeper cut in CO2 emissions.
"},{"description":"","page-url":"/story/033978d3-3760-4f88-bd5f-b6e741cef25c/element/fa89180e-22c7-4bd7-83ce-5babac22b138","type":"text","family-id":"074ac54f-00cb-4148-9e74-58712db027dd","title":"","id":"fa89180e-22c7-4bd7-83ce-5babac22b138","metadata":{},"subtype":null,"text":"So far Toyota has invested a total of Rs 16,000 crore in India on various activities.
"}],"card-updated-at":1700575239665,"content-version-id":"4b2abd69-1ad9-4b6c-90d7-ca681cb3568b","card-added-at":1700574006437,"status":"draft","id":"5d08642b-4b0b-4497-bcf1-7096f4abddbd","content-id":"5d08642b-4b0b-4497-bcf1-7096f4abddbd","version":6,"metadata":{"social-share":{"shareable":true,"title":"Toyota Kirloskar Motor To Invest Rs 3,300 Crore To Set Up 3rd Plant In Karnataka","message":"The new unit, which will commence production by 2026, will have an annual capacity of 1 lakh units in two shifts.","image":{"key":"bloombergquint/2023-11/55a170a8-3cb9-4d4d-9fa1-6d0aeb051cb5/unmatched_design1600x1000.jpg","url":null,"attribution":null,"caption":"(Source: Toyota Website)
In an inflationary environment, investors should look for companies which have pricing power and can absorb additional costs, according to Rajesh Bhatia.
Telecom, IT, and auto are three long themes to play while consumer electronics, asset management, and metals are short theme plays, said Bhatia, managing director and chief investment officer at ITI Long Short Equity Fund, said during BQ Prime Edge event.
"},{"description":"","page-url":"/story/90374a0d-c77c-4440-9259-21552358e60b/element/c3e32d08-9aa8-40ab-84ba-d3f026f3ac9c","type":"title","family-id":"fc5287e8-2ef1-41da-9f08-5434899f95a8","title":"","id":"c3e32d08-9aa8-40ab-84ba-d3f026f3ac9c","metadata":{},"subtype":null,"text":"Long Themes"},{"description":"","page-url":"/story/90374a0d-c77c-4440-9259-21552358e60b/element/747f07ef-81d1-4e03-ba8d-9cf351a9f80a","type":"text","family-id":"5db59b22-9d61-4f45-81ca-8972e1e536f7","title":"","id":"747f07ef-81d1-4e03-ba8d-9cf351a9f80a","metadata":{},"subtype":null,"text":"Telecom is \"definitely\" a theme where companies are gaining pricing power, Bhatia said.
\"It has low cyclicality of revenue. While there will be some challenges with upgrading customers, but they will still be sticky. Also, India has the world's lowest tariffs, and there's been an improvement in pricing power given the consolidation in the business.\"
The top two players in the market are gaining market share and the third player is becoming weaker, he said. \"Given this consolidation and the ability to improve pricing power, telecom is a thesis that one must be long on.\"
Information technology is another theme that should be played long, according to Bhatia. \"As a fund, we have been extremely bullish over the last 2-3 years on IT. Having said that, we have taken that money off the table in a significant manner. Inflation in the U.S. is at 8%, and these companies will see employee costs going up in the U.S. as well. 'The Great Resignation' is also going on, along with a risk of recession.\"
Given these macro challenges, Bhatia said, valuations are still premium, especially in midcap IT firms. \"As valuations correct, they will become a good opportunity.\"
The third long theme that Bhatia recommends is auto companies. \"These are good quality, highly profitable businesses and have shown ability to pass on costs. If volumes go up, the risk-return ratios are attractive.\"
From a three-five year perspective, this sector \"needs to be watched out for\", with commercial vehicles being the preferred pick within autos, Bhatia said.
"}],"card-updated-at":1653568382210,"content-version-id":"68bfb323-c087-439d-9dea-8c3bd7829ef3","card-added-at":1653455808793,"status":"draft","id":"02860592-e661-45f6-94ff-5f07ea3f0754","content-id":"02860592-e661-45f6-94ff-5f07ea3f0754","version":96,"metadata":{"social-share":{"shareable":true,"title":"ITI Long Short Equity Fund's Rajesh Bhatia On 6 Themes To Watch — BQ Prime Edge","message":"Investors should look for companies which have pricing power and can absorb additional costs, says- this long-short fund manager.","image":{"key":"bloombergquint/2022-05/637d773d-90a5-4b45-a5f0-4e79e04966d0/cropped_image_businessman_sitting_by_table_cafe_analyzing_indicators_laptop_computer__1_.jpg","url":null,"attribution":null,"caption":"(Photo: drobotdean/Freepik)
With slowing growth and inflation, there will be challenges in passing on costs, which can impact profit. Certain sectors with expensive valuations then become good short theme plays, Bhatia said.
Some companies in the consumer electronics sector are quoting at valuations of 30-48 times earnings, he said.
\"Some companies in this sector are quoting as if they will have smooth long-term significant earnings CAGR, but there are shorter-term challenges manifesting.\"
The sector is seeing intense competition for market share along with rising costs, and the K-shaped recovery shows weak consumer demand, according to him.
"}],"card-updated-at":1653468235853,"content-version-id":"e74dbf76-52c4-4704-b6e1-5cde92b34f51","card-added-at":1653457126735,"status":"draft","id":"8ec73cd6-c0d3-491e-8088-b04de3f67149","content-id":"8ec73cd6-c0d3-491e-8088-b04de3f67149","version":69,"metadata":{"social-share":{"shareable":true,"title":"ITI Long Short Equity Fund's Rajesh Bhatia On 6 Themes To Watch — BQ Prime Edge","message":"Investors should look for companies which have pricing power and can absorb additional costs, says- this long-short fund manager.","image":{"key":"bloombergquint/2022-05/637d773d-90a5-4b45-a5f0-4e79e04966d0/cropped_image_businessman_sitting_by_table_cafe_analyzing_indicators_laptop_computer__1_.jpg","url":null,"attribution":null,"caption":"(Photo: drobotdean/Freepik)
The second short theme Bhatia suggested was asset management or capital market-related businesses.
\"Leading mutual fund players have been losing market share because of greater competitive intensity. Instead of having pricing power, their yields are going down a few basis points and costs are still going up.\"
Their assets are also equity-oriented, so if equities fall, it can have an impact on profitability. Hence, these become fairly good shorts for us, Bhatia said.
The third sector he recommended is metals, which he terms as the \"obvious one\". \"The world is seeing a slowdown and there will be pressure on prices as we move forward.\"
There are many more themes that have premium valuations, and yet haven't considered the change that's happening on the growth or the valuation side, he said.
"}],"card-updated-at":1653468235853,"content-version-id":"210e9c07-1ff3-430b-ac3b-1bbbda5939c8","card-added-at":1653459538529,"status":"draft","id":"21ee8167-0f73-4b54-8e38-518034867165","content-id":"21ee8167-0f73-4b54-8e38-518034867165","version":34,"metadata":{"social-share":{"shareable":true,"title":"ITI Long Short Equity Fund's Rajesh Bhatia On 6 Themes To Watch — BQ Prime Edge","message":"Investors should look for companies which have pricing power and can absorb additional costs, says- this long-short fund manager.","image":{"key":"bloombergquint/2022-05/637d773d-90a5-4b45-a5f0-4e79e04966d0/cropped_image_businessman_sitting_by_table_cafe_analyzing_indicators_laptop_computer__1_.jpg","url":null,"attribution":null,"caption":"(Photo: drobotdean/Freepik)
(Photo: drobotdean/Freepik)
Edelweiss Wealth Management sees multiple investment opportunities in India's electric vehicle segment.
The nation lags the global counterparts in the EV race but will be able to pick up some steam after the recent incentives by the government, Anshu Kapoor, president and head (investment management) at Edelweiss Wealth, told Niraj Shah on the sidelines on BQ Prime Edge event.
"},{"description":"","image-metadata":{"width":1920,"height":1072,"mime-type":"image/png","file-size":158250,"file-name":"2021 – Landmark Year For India EV Industry copy.png"},"page-url":"/story/89e5857a-bc1c-4626-a493-0126f1c7d8e7/element/3587255c-269c-4cec-99a8-8831a5d333f4","type":"image","family-id":"39c4ba42-cc16-42e1-b4a3-e844ac1e250e","image-attribution":"","title":"","id":"3587255c-269c-4cec-99a8-8831a5d333f4","hyperlink":null,"image-s3-key":"bloombergquint/2022-05/7f47e278-d477-4a69-8897-381add077ed8/2021___Landmark_Year_For_India_EV_Industry_copy.png","metadata":{},"subtype":null},{"description":"","page-url":"/story/89e5857a-bc1c-4626-a493-0126f1c7d8e7/element/5a8fba54-f3a7-4428-9aad-770354bc772e","type":"text","family-id":"b692b11d-cdd3-413d-9a84-eea22bfb6c1b","title":"","id":"5a8fba54-f3a7-4428-9aad-770354bc772e","metadata":{},"subtype":null,"text":"In India, EV penetration, according to Edelweiss, is led by two-wheelers, unlike the developed markets where it is driven by luxury passenger cars.
And while the incumbent companies have been slow off the blocks, it would be wrong to write them off, he said. A lot of good opportunities are currently available in the private space, Kapoor said, adding that these will get be available for public market investors as well.
"}],"card-updated-at":1653370817721,"content-version-id":"44012949-81f7-4db5-ac37-1be4f0840f9b","card-added-at":1653296274345,"status":"draft","id":"0f1a2d35-fdbc-4d1e-8935-4353a06fa6ec","content-id":"0f1a2d35-fdbc-4d1e-8935-4353a06fa6ec","version":22,"metadata":{"social-share":{"shareable":true,"title":"Edelweiss Wealth's Anshu Kapoor Sees Multiple Investment Themes In India's EV Drive — BQ Prime Edge","message":"Unlike the global market, India's EV revolution is led by two-wheelers, says Edelweiss Wealth's Anshu Kapoor.","image":{"key":"bloombergquint/2022-05/7f47e278-d477-4a69-8897-381add077ed8/2021___Landmark_Year_For_India_EV_Industry_copy.png","url":null,"attribution":"","caption":null,"metadata":{"width":1920,"height":1072,"mime-type":"image/png","file-size":158250,"file-name":"2021 – Landmark Year For India EV Industry copy.png"}}},"attributes":{}}},{"story-elements":[{"description":"","page-url":"/story/89e5857a-bc1c-4626-a493-0126f1c7d8e7/element/90251efd-d3b6-46e8-a398-95d34697f015","type":"text","family-id":"a6ee80c9-c004-4fd9-8b3f-a3904bf83020","title":"","id":"90251efd-d3b6-46e8-a398-95d34697f015","metadata":{},"subtype":null,"text":"Watch the full video here:
"},{"description":"","embed-js":"PGlmcmFtZSBmcmFtZWJvcmRlcj0iMCIgd2lkdGg9IjY0MCIgaGVpZ2h0PSIzNjAiIHNyYz0iaHR0cHM6Ly93d3cuZGFpbHltb3Rpb24uY29tL2VtYmVkL3ZpZGVvL3g4YjFreDciIGFsbG93ZnVsbHNjcmVlbiBhbGxvdz0iYXV0b3BsYXkiPjwvaWZyYW1lPg==","page-url":"/story/89e5857a-bc1c-4626-a493-0126f1c7d8e7/element/d3dcd068-e512-4489-9620-2911b5e006f5","type":"jsembed","family-id":"59b616cd-4490-4602-889b-c3f802bb66d6","title":"","id":"d3dcd068-e512-4489-9620-2911b5e006f5","metadata":{"dailymotion-url":"https://www.dailymotion.com/video/x8b1kx7","provider":"dailymotion-video","video-id":"x8b1kx7","duration":3463},"subtype":"dailymotion-video"}],"card-updated-at":1653360167579,"content-version-id":"0b7d4a4b-ee31-4365-8c2b-11dc5d392afc","card-added-at":1653360167579,"status":"draft","id":"66b16f13-deb4-4267-ac1d-c3ebf084aaf9","content-id":"66b16f13-deb4-4267-ac1d-c3ebf084aaf9","version":1,"metadata":{"social-share":{"shareable":true,"title":"Edelweiss Wealth's Anshu Kapoor Sees Multiple Investment Themes In India's EV Drive — BQ Prime Edge","message":"Unlike the global market, India's EV revolution is led by two-wheelers, says Edelweiss Wealth's Anshu Kapoor.","image":{"key":"bloombergquint/2022-05/10ea8d21-74fc-47c3-8855-9e57048d34fd/chuttersnap_xfaYAsMV1p8_unsplash.jpg","url":null,"attribution":null,"caption":"(Photo: Unsplash)
Vijai Mantri has ways for investors to save tax in the ongoing fiscal.
The co-promoter and chief mentor at Jeevantika, in a conversation with BloombergQuint’s Niraj Shah at an BQ Edge event, suggested investments a savvy investor should make as well as what passive investors can do even as he alluded to some standard deductions and benefits allotted to an Indian citizen.
Disclaimer: Investors are advised to consult their own financial advisers before following Mantri’s suggestions.
"}],"card-updated-at":1649322409775,"content-version-id":"bf289def-af8e-4ee6-adb9-c34bfaf15fa9","card-added-at":1649316699095,"status":"draft","id":"89da794f-21dd-4d30-ab8a-8274e3efddd7","content-id":"89da794f-21dd-4d30-ab8a-8274e3efddd7","version":11,"metadata":{"social-share":{"shareable":true,"title":"Ways To Save Taxes In FY23, Explains Vijai Mantri — BQ Edge","message":"Vijai Mantri has ways for investors to save tax in the ongoing fiscal.","image":{"key":"bloombergquint/2019-01/06cbc950-c4aa-4ba0-a8c3-db985ed028bd/Tax_Hero.png","url":null,"attribution":null,"caption":"Taxing Times! (Source: BloombergQuint)","metadata":{"width":1280,"mime-type":"image/png","focus-point":[613,385],"height":800}}},"attributes":{}}},{"story-elements":[{"description":"","page-url":"/story/175fb0e2-ea66-4356-a42b-60e81af7e96d/element/89a2e963-6383-4e52-ab28-a0a82907f2dd","type":"text","family-id":"9d5676e7-5fbc-489a-b7a8-ed7b5d52cac0","title":"","id":"89a2e963-6383-4e52-ab28-a0a82907f2dd","metadata":{},"subtype":null,"text":"Watch the full interview here:
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While the Relative Strength Index and Nifty Put-Call Ratio levels have risen to points indicating the markets being in the upper end of the range, there was no indication that market participants need to take corrective action or initiate shorts, the head of derivatives strategy at the company told BloombergQuint’s Niraj Shah during a BQ Edge event.
RSI above 75 indicates an opportunity for buying puts as the markets may head lower sometime after this event.
Sharma is positive on select commodities, but said some of the stocks needed to be carefully monitored before a large bet is placed.
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Watch the full interview here:
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India is still learning how to invest in platform or internet companies, according to Itus Capital Advisors Pvt.’s Naveen Chandramohan. He suggests to look at such businesses based on cash flows, not the path to profitability.
Some of these companies will be understood over a period of time, the founder of the portfolio manager, managing assets worth more than Rs 700 crore, told BloombergQuint’s Niraj Shah during a BQ Edge event. Developments over the medium term, he said, may compel Itus to change its views on platform companies.
Itus Capital is still working on PB Fintech Ltd., the parent of Policybazaar, to “understand it better” even as the online platform for insurance and lending products has been listed for more than six months, he said.
Chandramohan is optimistic on Nykaa. The beauty products platform is “different” than other companies as it has a “warehousing model” that helps it clock a higher margin, he said. The developments in the offline and fashion segments, according to him, will determine the route of growth.
Chandramohan, however, isn’t upbeat on the changes in Zomato Ltd.’s business model, especially with some of the new investments being made by the promoters. He hopes that the food aggregator will be able to do well in the medium term.
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Watch the full interview here:
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ICICI Prudential Asset Management Co., India’s second largest mutual fund, is betting on a rebound in India’s automobile sector after a washout 2021.
Weak credit creation due to balance sheet issues of financing partners, Covid-19 related demand shocks, chip shortage, regulatory changes such as the transition to stricter emission norms and higher pricier on account of a surge in commodity costs hurt affordability, Prakash Gaurav Goel, senior fund manager at ICICI Pru AMC, said.
That caused the auto sector to “stay weak” in the last few years. Even in 2021, the Nifty Auto underperformed the Nifty 50 by almost 600 basis points, he told BloombergQuint’s Niraj Shah during a session at a BQ Edge event.
But buoyant hiring, including in IT, salary hikes and a possibility of discretionary spend growing non-linearly post the $2,000-per-capita income mark would augur well for the auto sector, Goel said. The positive wealth effect of equities, too, will aid purchases, he said.
Goel has turned constructive on auto ancillaries, and existing two-wheeler and passenger vehicle makers.
"}],"card-updated-at":1646109802634,"content-version-id":"8a0997e8-492a-4c38-92f6-3e6aee01c33a","card-added-at":1646041497498,"status":"draft","id":"76a8478d-a7ea-4d38-a233-82b651b5bc19","content-id":"76a8478d-a7ea-4d38-a233-82b651b5bc19","version":17,"metadata":{"social-share":{"shareable":true,"title":"Why ICICI Prudential Mutual Fund Is Betting On Auto Sector — BQ Edge","message":"ICICI Prudential MF’s Prakash Gaurav Goel is constructive on auto ancillaries, incumbent two-wheeler and passenger vehicle makers.","image":{"key":"bloombergquint/2022-01/1b88418a-8522-466a-bc9b-3a8e360443b8/thumbs_up_image.jpg","url":null,"attribution":null,"caption":"A man gives the thumbs-up from a car. (Photographer: Karel Navvaro/Bloomberg)
Watch the full interview here:
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Spreading money across industries, sectors or even different countries could help lessen the risk of losses for investors amid volatility.
That's the advice from Devina Mehra, founder of First Global. Having a globally diversified portfolio is important, she said at a BQ Edge event. More so now when returns from one market can be non-linear and very erratic if an economy or a country is involved in a geopolitical issue or stands to get impacted severely due to commodity price inflation.
Diversification helps in “broadening the scope of stable returns through various markets as opposed to taking a single market and a single country risks”, Mehra said in a conversation with BloombergQuint’s Niraj Shah. It, she said, should not only be among markets but also among different asset classes, which would help in negating the negative impact of price fluctuations across assets from time to time.
According to Mehra, it’s difficult to get the kind of returns that investors have gotten in the past 18-24 months during the ongoing geopolitical tensions and risks to equity markets from rising interest rates. “Therefore, selective bottom-up stock picking accompanied by intelligent diversification will be the best bet for investors to make returns.”
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Watch the full interview here:
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The domestic benchmarks recovered some losses on Tuesday after tumbling the most in nine months a day earlier. According to technical analyst Jai Bala, there could be further downside over the next few months.
Investors can expect a fair degree of downside to equities, Bala of Cash The Chaos told BloombergQuint's Niraj Shah.
His medium-term target for the Nifty is at 14,000 and even a bearish 12,500 “if things turn really sour”. However, he asserts that price action is key, and if the indices were \"to reverse sharply from this fall, the bearish view will stand negated\".
Bala is negative on the IT and banking sector, but is selectively bullish on commodities, especially metals.
According to him, while the tech sector is headed for another 25-30% downside from current levels, there will be pockets of outperformance in the commodity space which investors can take advantage of.
"}],"card-updated-at":1643129227553,"content-version-id":"934b96ad-3fc3-443f-9406-33513d475b22","card-added-at":1643089912223,"status":"draft","id":"aa1b5731-7110-4f7d-a214-84de6f944f39","content-id":"aa1b5731-7110-4f7d-a214-84de6f944f39","version":12,"metadata":{"social-share":{"shareable":true,"title":"Nifty To See Further Downside In Next Few Months: Jai Bala—BQ Edge","message":"Markets To See Further Downside In Next Few Months, Says Technical Analyst Jai Bala ","image":{"key":"bloombergquint/2022-01/6554bbec-1de4-4491-a8c3-aeee13299160/1.jpg","url":null,"attribution":null,"caption":"As global markets take a beating, Sensex has fallen 600 points while Nifty is below 17,000 points as of Tuesday, 25 January, morning.
Watch the full conversation here:
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The banking sector will be a long-term theme as it shows potential for higher earnings and valuations for larger lenders, along with loan growth and return on equity, according to Aditya Birla Sun Life AMC.
To deal with the Covid-19 impact, banks preemptively increased provisions. The recovery in corporate asset quality helped banks during the pandemic, and currently bank non-performing assets are lower than March 2020 levels.
Banks will be a key theme in the years to come as return on assets and return on equity are expected to reach decadal highs over FY23/FY24, Mahesh Patil, chief investment officer; and Dhaval Gala, senior investment analyst at Aditya Birla Sunlife AMC; told BloombergQuint's Niraj Shah at a BQ Edge event.
Loan growth could pick up to high single digits in FY22, and double digits in FY23, according to Patil and Gala. With six-seven large lenders getting additional market share, earnings and valuations could rise, which could benefit banking stocks.
Key long-term investment themes in the banking, financial services and insurance space, according to the asset management company, are large lenders who will continue to gain market share, fintech stocks that have emerged in India, and select non-lending financials, which they consider to be “a structural growth story and a play on financial savings”.
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","automated":true,"collection-cache-keys":["c/49/85614","sc/49/30410"],"items":[{"id":"4110eb43-b029-457f-a40e-9a73772e7c51","score":null,"type":"story","item":{"headline":["Bharatiya Sakshya Bill, 2023 - Proposed Changes To Indian Evidence Act, 1872"]},"story":{"author-name":"Cyril Amarchand Mangaldas","headline":"Bharatiya Sakshya Bill, 2023 - Proposed Changes To Indian Evidence Act, 1872","slug":"legal-library/bharatiya-sakshya-bill-2023-proposed-changes-to-indian-evidence-act-1872","last-published-at":1692850125293,"alternative":{},"sections":[{"domain-slug":null,"slug":"legal-library","name":"Legal Library","section-url":"https://www.ndtvprofit.com/legal-library","id":30410,"parent-id":null,"display-name":"Legal Library","collection":{"slug":"legal-library","name":"Legal Library","id":85614},"data":null}],"hero-image-metadata":{"width":2583,"height":2627,"mime-type":"image/jpeg","file-size":4480830,"file-name":"(Source Mikhail Nilov pexels).jpg","focus-point":[1323,1031]},"published-at":1692850125293,"summary":"The most significant changes in this Bill pertain to consolidation of sections and removal of references from the colonial era.","id":"4110eb43-b029-457f-a40e-9a73772e7c51","hero-image-s3-key":"bloombergquint/2023-08/4d4883f2-6c22-4b66-9e3a-5f64c0985a0c/_Source_Mikhail_Nilov_pexels_.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/4110eb43-b029-457f-a40e-9a73772e7c51/element/4168c050-cc15-4703-a16c-5700aa9e9a8b","type":"text","family-id":"21dbe4a7-80c2-4725-9bb5-491af2086109","title":"","id":"4168c050-cc15-4703-a16c-5700aa9e9a8b","metadata":{},"subtype":null,"text":"The Legal Library section collates quality and in-depth reports on regulatory developments, court rulings and policy changes authored by India’s top law firms and consultants. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of law and policy.
"},{"description":"","page-url":"/story/4110eb43-b029-457f-a40e-9a73772e7c51/element/5729e82c-23c7-4a9f-87ab-80fa2c5e24c0","type":"text","family-id":"c79bb45d-ad4b-494a-b3dd-9b4d8326c3ec","title":"","id":"5729e82c-23c7-4a9f-87ab-80fa2c5e24c0","metadata":{},"subtype":null,"text":"The Bharatiya Sakshya Bill, 2023 was introduced in the Lok Sabha on August 11, 2023 with the aim to repeal and replace the existing Indian Evidence Act, 1872 along with two other bills intended to replace the Indian Penal Code, 1860 and the Code of Criminal Procedure, 1973.
This note summarises the most notable changes to the Evidence Act which have been proposed in the Bill.
The most significant changes in this Bill pertain to consolidation of sections and removal of references from the colonial era, while maintaining a construct largely similar to that of the existing Evidence Act.
In terms of notable changes, starting with Chapter I of the Bill and particularly Section 2 which sets out certain definitions, the definitions of ‘conclusive proof’, ‘may presume’ and ‘shall presume’ under Section 4 of the Evidence Act have been consolidated into one definition clause .
Section 2(2) of the Bill provides for interpretation of words used under the Bill but not specifically defined under it to have the same meaning for the same words as defined under Information Technology Act, 2000, Bharatiya Nagarik Suraksha Sanhita, 2023 and Bharatiya Nyaya Sanhita, 2023.
The provisions of Chapter II of the Bill, concerning ‘Closely Connected Facts’ (which includes provisions on evidence of facts in issue and relevant facts, relevancy of facts forming part of the same transaction, facts being occasion, cause or effect of facts in issue; facts showing existence of mind etc.) are identical to the Evidence Act.
The language of Section 12 of the Evidence Act though (which provided the relevance of facts which enable the court to determine damages) has been modified slightly under Section 10 of the Bill, while remaining same in substance.
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This alert does not constitute legal advice and is for information purpose only. This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
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"}],"card-updated-at":1692850111871,"content-version-id":"7e694764-6fd8-4d35-88c1-f3094f470a1e","card-added-at":1692771986962,"status":"draft","id":"e8593434-0489-46d6-89d9-5a4866b136de","content-id":"e8593434-0489-46d6-89d9-5a4866b136de","version":22,"metadata":{"social-share":{"shareable":true,"title":"Bharatiya Sakshya Bill, 2023 - Proposed Changes To Indian Evidence Act, 1872","message":"The most significant changes in this Bill pertain to consolidation of sections and removal of references from the colonial era.","image":{"key":"bloombergquint/2023-08/4d4883f2-6c22-4b66-9e3a-5f64c0985a0c/_Source_Mikhail_Nilov_pexels_.jpg","url":null,"attribution":null,"caption":"(Source: Mikhail Nilov/ pexels)
The Legal Library section collates quality and in-depth reports on regulatory developments, court rulings and policy changes authored by India’s top law firms and consultants. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of law and policy.
"},{"description":"","page-url":"/story/c67b92db-e421-4252-964d-f052d2e45f65/element/84c7a9bb-0469-4f23-bc9e-f0d39fb8c693","type":"text","family-id":"6bcc5b51-cece-4e68-a2a6-8810ec4a2ae5","title":"","id":"84c7a9bb-0469-4f23-bc9e-f0d39fb8c693","metadata":{},"subtype":null,"text":"The Bharatiya Nagarik Suraksha Sanhita, 2023 (bill) was introduced in the Lok Sabha on August 11, 2023 with the aim to repeal and replace the existing Code of Criminal Procedure, 1973 along with two other bills intended to replace the Indian Penal Code, 1860 and the Indian Evidence Act, 1872.
Summarily, the Criminal Procedure Bill has sought to introduce stringent timelines in the investigation, inquiry and trial processes in our criminal justice system, apart from certain new provisions for conducting trial in absentia against persons who have absconded, and allowing police custody beyond 15 days, if there exist adequate grounds for doing so.
The Bill also seeks to formalise the adoption of electronic communication and electronic forms in investigation, inquiry and trial including police processes, taking evidence and in court processes.
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This alert does not constitute legal advice and is for information purpose only. This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
"},{"description":"","page-url":"/story/c67b92db-e421-4252-964d-f052d2e45f65/element/36f62674-cbdd-4f73-aa33-30485e39ad38","type":"text","family-id":"903fb837-13fc-49be-b89a-3e529f3581ff","title":"","id":"36f62674-cbdd-4f73-aa33-30485e39ad38","metadata":{},"subtype":null,"text":"Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
"}],"card-updated-at":1692850007127,"content-version-id":"cc3e2e33-eb2c-4a01-bafe-abf234860c04","card-added-at":1692769704883,"status":"draft","id":"c781d699-e445-4ee2-a4a3-760f89fc4f8d","content-id":"c781d699-e445-4ee2-a4a3-760f89fc4f8d","version":26,"metadata":{"social-share":{"shareable":true,"title":"Bharatiya Nagarik Suraksha Sanhita, 2023 - Key Proposed Changes To The Code Of Criminal Procedure, 1973","message":"This bill has sought to introduce stringent timelines in investigation, inquiry, trial processes in our criminal justice system.","image":{"key":"bloombergquint/2022-12/034e635b-e00d-4986-a630-35effb352799/Indian_Insolvency_Law_responds_to_the_COVID_19_Pandemic.png","url":null,"attribution":null,"caption":"(Source: Cyril Amarchand Mangaldas website)
The Legal Library section collates quality and in-depth reports on regulatory developments, court rulings and policy changes authored by India’s top law firms and consultants. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of law and policy.
"},{"description":"","page-url":"/story/68ac9521-6e6a-4812-a66f-d06af1b1611f/element/6e013336-884a-4886-b2c6-c5c21bac8b8d","type":"text","family-id":"96dcd407-51cf-4969-9e83-00ac23a02c62","title":"","id":"6e013336-884a-4886-b2c6-c5c21bac8b8d","metadata":{},"subtype":null,"text":"The Bharatiya Nyaya Sanhita Bill, 2023 was introduced in the Lok Sabha on August 11, 2023 with the aim to repeal and replace the existing Indian Penal Code, 1860 along with two other bills intended to replace the Code of Criminal Procedure, 1973 and the Indian Evidence Act, 1872.
This note summarises the most notable changes to the IPC which have been proposed in the Bill.
Summarily, the most significant changes sought to be introduced by virtue of the Bill include the consolidation of certain provisions of the IPC to make it more concise (356 sections as compared to 511 sections in the IPC); and introducing certain new offences such as hate speech and terrorism while re-characterising sedition as acts endangering the sovereignty, unity and integrity of India.
"},{"description":"","page-url":"/story/68ac9521-6e6a-4812-a66f-d06af1b1611f/element/7ee1d10f-5a05-49ce-9056-ebf64e686254","type":"text","family-id":"c0634166-46c5-413b-bdad-f6b8732b0bc0","title":"","id":"7ee1d10f-5a05-49ce-9056-ebf64e686254","metadata":{},"subtype":null,"text":"Key Takeaway in relation to Economic Offences
While existing offences pertaining to economic crimes are not significantly changed by virtue of the Bill, the term ‘economic offences’ has been introduced for the first time as part of the offence of organised crime to include criminal breach of trust, forgery, counterfeiting of currency and valuable securities, financial scams, running Ponzi schemes, mass-marketing fraud or multilevel marketing schemes with a view to defraud the people at large for obtaining the monetary benefits or large scale organised betting in any form, offences of money laundering and hawala transactions.
"},{"description":"","page-url":"/story/68ac9521-6e6a-4812-a66f-d06af1b1611f/element/ba0f89d9-d6dc-4bcc-88d0-0b80252af8a1","type":"text","family-id":"2534fa0c-070f-4ec2-a7d7-0f3a9a68607f","title":"","id":"ba0f89d9-d6dc-4bcc-88d0-0b80252af8a1","metadata":{},"subtype":null,"text":"Click on the attachment to read the full report:
"},{"description":"","page-url":"/story/68ac9521-6e6a-4812-a66f-d06af1b1611f/element/592e77df-306d-4fc9-bb37-3cc5eb503b5c","type":"file","family-id":"cc8693ad-63da-4f86-932c-774468751285","title":"","id":"592e77df-306d-4fc9-bb37-3cc5eb503b5c","file-name":"Cyril Amarchand Mangaldas Update - The Bharatiya Nyaya Sanhita, 2023.pdf","url":"https://images.assettype.com/bloombergquint/2023-08/36fbf3c3-c108-4e6d-b110-fc0cd9b31b05/Cyril_Amarchand_Mangaldas_Update___The_Bharatiya_Nyaya_Sanhita__2023.pdf","s3-key":"bloombergquint/2023-08/36fbf3c3-c108-4e6d-b110-fc0cd9b31b05/Cyril_Amarchand_Mangaldas_Update___The_Bharatiya_Nyaya_Sanhita__2023.pdf","content-type":"application/pdf","metadata":{"file-size":530333},"subtype":"attachment"},{"description":"","page-url":"/story/68ac9521-6e6a-4812-a66f-d06af1b1611f/element/6c76ea2f-5fe5-456f-9f33-474f9477aa43","type":"text","family-id":"0ab9cc12-82ee-4050-8a81-cb4f39758f95","title":"","id":"6c76ea2f-5fe5-456f-9f33-474f9477aa43","metadata":{},"subtype":null,"text":"DISCLAIMER
This alert does not constitute legal advice and is for information purpose only. This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
"},{"description":"","page-url":"/story/68ac9521-6e6a-4812-a66f-d06af1b1611f/element/7daf2703-9c21-4109-ac45-68cfb6e02c32","type":"text","family-id":"dfee1763-5c95-4c8f-bb57-6148bf4fcb1c","title":"","id":"7daf2703-9c21-4109-ac45-68cfb6e02c32","metadata":{},"subtype":null,"text":"Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
"}],"card-updated-at":1692792986652,"content-version-id":"c1e5d4ac-89e7-4c58-8e06-23f04e51b267","card-added-at":1692772904958,"status":"draft","id":"7ee97d8a-870f-463a-8144-5968c1d114b7","content-id":"7ee97d8a-870f-463a-8144-5968c1d114b7","version":17,"metadata":{"social-share":{"shareable":true,"title":"Bharatiya Nyaya Sanhita, 2023: Analysing The Proposed Replacement To The Indian Penal Code, 1860","message":"The Bill adds new offences like hate speech and terrorism; treats sedition as act endangering sovereignty, integrity of India.","image":{"key":"bloombergquint/2023-08/b9e5e3d7-b885-4e8a-94f1-cee13a832cc2/pexels_sora_shimazaki_5669602.jpg","url":null,"attribution":null,"caption":"(Source Sora Shimazaki/pexels)
The Legal Library section collates quality and in-depth reports on regulatory developments, court rulings and policy changes authored by India’s top law firms and consultants. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of law and policy.
"},{"description":"","page-url":"/story/e4d545ca-f491-4ed0-a9a5-340ad9a88c7d/element/4848d04f-1ca4-4b2d-ab88-259a98c5470b","type":"text","family-id":"01faede2-d65f-402e-9085-c2572f82cce2","title":"","id":"4848d04f-1ca4-4b2d-ab88-259a98c5470b","metadata":{},"subtype":null,"text":"Only a few days before the Competition Commission of India celebrated its 14th Annual Day on May 20, 2023, the Ministry of Corporate Affairs notified the enforcement of certain provisions of the Competition (Amendment) Act, 2023 (CAA 23), with effect from May 18, 2023.
The enforcement of the provisions comes shortly after the appointment of Ms. Ravneet Kaur as the new Chairperson, CCI was made public. These developments have formally ushered in a fresh and long-awaited chapter in India’s competition law framework; a chapter which promises to be characterised by robust enforcement action and M&A scrutiny.
A quick recap of a few noteworthy amendments that came into force on May 18, 2023.
Amendment to key definitional provisions:
The definition of “relevant product market” now formally recognises supply-side substitutability as a consideration when delineating relevant markets.
A definition of the term “party” has been introduced to refer to a broad set of stakeholders including consumers, trade associations, information providers, opposite parties, and persons or enterprises that may have been impleaded by the CCI to join proceedings.
Ahead of the enforcement of the detailed framework for “settlements” and “commitments”, the definition of the terms themselves have been notified.
Expanding the scope of anti-competitive agreements:
With respect to anti-competitive horizontal agreements under Section 3(3), “hub-and-spoke cartels” have finally received statutory recognition. Now, any party that participates or intends to participate in an anti-competitive horizontal agreement may be found liable under Section 3(3) - irrespective of whether the party is engaged in an identical or similar trade as the remaining participants.
The phrase “exclusive supply agreement” under Section 3(4)(b) has been rechristened “exclusive dealing agreement” and the definition has been updated to expand its scope.
Agreements between an enterprise and an end-consumer has been explicitly excluded from the scope of vertical agreements under Section 3(4).
Expanding the application of “meeting competition” defence:
“Meeting competition” will now be available as a valid defence to justify the imposition of unfair and discriminatory conditions. Reliance on the defence was earlier restricted to cases involving imposition of discriminatory conditions alone.
Click on the attachment to read the full report:
"},{"description":"","page-url":"/story/e4d545ca-f491-4ed0-a9a5-340ad9a88c7d/element/306cc7a9-ba6c-4390-81bd-9fd35300e32e","type":"file","family-id":"3f0daf98-cf97-42c9-b442-5658c17dc416","title":"","id":"306cc7a9-ba6c-4390-81bd-9fd35300e32e","file-name":"Khaitan & Co Update - Amendments to the Indian Competition Law Framework Go Live.pdf","url":"https://images.assettype.com/bloombergquint/2023-06/e90b0149-3945-4d6d-9f60-4c49c72ebff1/Khaitan___Co_Update___Amendments_to_the_Indian_Competition_Law_Framework_Go_Live.pdf","s3-key":"bloombergquint/2023-06/e90b0149-3945-4d6d-9f60-4c49c72ebff1/Khaitan___Co_Update___Amendments_to_the_Indian_Competition_Law_Framework_Go_Live.pdf","content-type":"application/pdf","metadata":{"file-size":712780},"subtype":"attachment"},{"description":"","page-url":"/story/e4d545ca-f491-4ed0-a9a5-340ad9a88c7d/element/69bc1543-2992-4e1a-8a36-8484ab7c3484","type":"text","family-id":"39acbf84-2f18-4c08-af90-1380a9456658","title":"","id":"69bc1543-2992-4e1a-8a36-8484ab7c3484","metadata":{},"subtype":null,"text":"DISCLAIMER
This alert does not constitute legal advice and is for information purpose only. This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
"},{"description":"","page-url":"/story/e4d545ca-f491-4ed0-a9a5-340ad9a88c7d/element/4f8a6c19-acb0-4133-8725-0fe37ed67497","type":"text","family-id":"43834bf9-0eb5-4ad5-9e84-169a80919640","title":"","id":"4f8a6c19-acb0-4133-8725-0fe37ed67497","metadata":{},"subtype":null,"text":"Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
"}],"card-updated-at":1685602958161,"content-version-id":"4f328d9a-294c-40ea-89f6-c1de24ec11c1","card-added-at":1685602255405,"status":"draft","id":"2043fde7-f78e-4f2e-91a4-7e81feef0adb","content-id":"2043fde7-f78e-4f2e-91a4-7e81feef0adb","version":12,"metadata":{"social-share":{"shareable":true,"title":"Amendments To The Indian Competition Law Framework Go Live: Khaitan & Co. Analysis","message":"While numerous provisions of the CAA 23 have been enforced, substantive amendments remain in the pipeline.","image":{"key":"bloombergquint/2022-05/3abb142e-523e-4c7c-b122-e91a37812752/1500x500.jpg","url":null,"attribution":null,"caption":"Competition Commission of India office. (Source: CCI/Twitter)
The Legal Library section collates quality and in-depth reports on regulatory developments, court rulings and policy changes authored by India’s top law firms and consultants. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of law and policy.
"},{"description":"","page-url":"/story/95167a9d-e25b-4693-b9a2-484ae801789b/element/155d3f0f-776a-4ac4-afa2-51ff94a9e145","type":"text","family-id":"aed53467-4f09-475e-84bb-b4e54602071b","title":"","id":"155d3f0f-776a-4ac4-afa2-51ff94a9e145","metadata":{},"subtype":null,"text":"Although, in the Union Budget 23-24, the Government of India had allocated Rs 10 lakh crore (3.3% of gross domestic product) towards infrastructure development, over the past decade, some of the biggest names in infrastructure have faced a torrid time financially.
Some of this has been attributable to the fact that the contractors /concessionaires have been involved in long drawn disputes with the government and its entities resulting in crippling effects to cashflows and over leveraged balance sheets.
With government officials being reluctant to approve payouts (even after arbitral awards / court decrees had been issued in favor of contractors) due to potential vigilance enquiries, private participation in infrastructure development began to adopt a more cautious approach. This approach of the government led to a backlog of litigation cases, working capital constraints, a reduction in competition in public tenders and a downward outlook in fresh investment.
In 2021, the government introduced the novel concept that whilst the government appealed against the arbitral award in favor of the contractor, the government would release funds against security to the contractor.
That concept fell quickly out of favor with contractors who could not utilise such funds except by way of margin money for providing the security to procure these very funds. Most importantly, the litigation between the government and the contractors did not come to an end through the implementation of this concept.
To rectify this, the government, one of the largest litigants in India, has brought out ‘Vivad se Vishwas II (Contractual Disputes)’ Scheme ('Scheme') to settle disputes as set out in the Office Memorandum dated 29.05.2023 issued by Ministry of Finance, Department of Expenditure, Procurement Policy Division ('Office Memorandum').
"},{"description":"","page-url":"/story/95167a9d-e25b-4693-b9a2-484ae801789b/element/f1401417-a0fe-4107-8ea7-fea8cc09c17d","type":"text","family-id":"9df82e08-cae1-4d0b-a5ae-6107ac61835c","title":"","id":"f1401417-a0fe-4107-8ea7-fea8cc09c17d","metadata":{},"subtype":null,"text":"Click on the attachment to read the full report:
"},{"description":"","page-url":"/story/95167a9d-e25b-4693-b9a2-484ae801789b/element/582f5ee3-13b0-45d7-a62a-a8f0e3035a31","type":"file","family-id":"da51839c-5e5c-484b-aec0-2a16158f1348","title":"","id":"582f5ee3-13b0-45d7-a62a-a8f0e3035a31","file-name":"ELP - Vivad se Vishwaas.pdf","url":"https://images.assettype.com/bloombergquint/2023-06/a284ff08-927e-45af-8085-438b882ca89a/ELP___Vivad_se_Vishwaas.pdf","s3-key":"bloombergquint/2023-06/a284ff08-927e-45af-8085-438b882ca89a/ELP___Vivad_se_Vishwaas.pdf","content-type":"application/pdf","metadata":{"file-size":574673},"subtype":"attachment"},{"description":"","page-url":"/story/95167a9d-e25b-4693-b9a2-484ae801789b/element/fb44b81d-128b-43fa-a175-483a516fb941","type":"text","family-id":"fbcb0804-ecab-4a78-b4cc-fbb47afd001d","title":"","id":"fb44b81d-128b-43fa-a175-483a516fb941","metadata":{},"subtype":null,"text":"DISCLAIMER
This alert does not constitute legal advice and is for information purpose only. This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
"},{"description":"","page-url":"/story/95167a9d-e25b-4693-b9a2-484ae801789b/element/1d76c253-2f69-457f-b8d0-57506336d0f9","type":"text","family-id":"fe1602b8-4264-40ed-a534-910859bc4295","title":"","id":"1d76c253-2f69-457f-b8d0-57506336d0f9","metadata":{},"subtype":null,"text":"Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
"}],"card-updated-at":1685599687943,"content-version-id":"545c171b-ac1a-4f98-9c20-80659a40a55e","card-added-at":1685598815300,"status":"draft","id":"2eb88728-ba9d-46fe-bc07-25fbe38d00c3","content-id":"2eb88728-ba9d-46fe-bc07-25fbe38d00c3","version":11,"metadata":{"social-share":{"shareable":true,"title":"Vivad Se Vishwas II – A Window Of Opportunity To Reap The Fruits Of Your Award: EPL Analysis","message":"Disputes between a procuring entity and a contractor can be settled through this scheme.","image":{"key":"bloombergquint/2022-10/6bb972f2-e64a-4611-871d-beaeecce5560/Fin_Min_Source_Fin_Min_FB.jpg","url":null,"attribution":null,"caption":"(Source: Finance Ministry/Facebook)
The Legal Library section collates quality and in-depth reports on regulatory developments, court rulings and policy changes authored by India’s top law firms and consultants. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of law and policy.
"},{"description":"","page-url":"/story/05aa9af5-b022-49cd-beda-a8ce6d67a816/element/29630286-4095-4e9b-8d64-6dec74731492","type":"text","family-id":"3b984e45-2ddd-4e46-a777-bb7c3f4be258","title":"","id":"29630286-4095-4e9b-8d64-6dec74731492","metadata":{},"subtype":null,"text":"In the year 2020, Securities and Exchange Board of India had introduced template(s) for Private Placement Memorandum for Alternative Investment Funds, in order to ascertain that certain minimum level of information in a simple and comparable format is disclosed to investors.
SEBI has now decided to provide guidelines with respect to following disclosures in the PPM:
1. Excuse or exclusion provision, and 2. Direct plan for investors, and constituents of fees that may be charged by the AIF/ scheme of AIF, including distribution fee/ placement fee.
A. Guidelines for excusing or excluding investors from particular investments of Alternative Investment Fund: SEBI observed that there were inconsistencies and lack of adequate disclosures with respect to the information pertaining to ‘excuse and exclusion’ clauses in template PPM. In order to address this, SEBI has now introduced guidelines to provide for circumstances for excusing or excluding an investor from particular investment(s) of an AIF.
An AIF may excuse its investor from participating in a particular investment in the following circumstances:
Violation of Applicable Law or Regulation.
Contravention of the Internal Policy of the Investor,
Violation of Applicable Law or Regulation Resulting in Material Adverse on the AIF.
Our Analysis:
The circular provides much needed clarity on circumstances when an investor of an AIF could be excused or excluded from investments as AIFs work on a blind pool concept. However, there is also emphasis laid on the manager’s role in determining such calls, hence, the grounds on which the managers will take those decisions will be important including legal reasons.
"},{"description":"","page-url":"/story/05aa9af5-b022-49cd-beda-a8ce6d67a816/element/45f27821-0350-473c-897e-d5d390137fe2","type":"text","family-id":"fa700325-5a64-4e51-b6e0-c97cc4f56c7c","title":"","id":"45f27821-0350-473c-897e-d5d390137fe2","metadata":{},"subtype":null,"text":"B. Direct Plan for schemes of Alternative Investment Funds and trail model for distribution commission in AIFs: On February 3, 2023, SEBI, in an effort to, inter alia, address the issue of a potential double charge to investors looking to invest through a SEBI registered intermediary; and reduce mis-selling and high commission charges, thereby ensuring parity across other SEBI products and offerings, came out with a consultation paper on direct plan for schemes of AIFs and trail model for distribution commission in AIFs. SEBI has now laid down and framed directions regarding direct plan and trail model for distribution of commission.
Basis the circular, it is specified that schemes of AIFs shall have an option of a ‘Direct Plan’ for investors, which plan shall not entail any distribution fee or placement fee.
Furthermore, AIFs will also have to ensure that investors who approach them through a SEBI registered intermediary, which separately charges the investor a fee (such as an advisory fee or portfolio management fee), are on-boarded via the ‘Direct Plan’ route only.
The regulator through the circular has also directed AIFs to disclose distribution fee/placement fee, if any, to the investors of AIF/scheme of AIF at the time of on-boarding.
Our Analysis:
The circular has mandated the direct plan for investors and allows the flexibility to investors to come directly without any separate distribution / placement fees. SEBI’s step to prevent mis-selling and curbing expenses will allow clarity on availability of funds with AIFs and help in maintaining a transparent approach with the investors.
"},{"description":"","page-url":"/story/05aa9af5-b022-49cd-beda-a8ce6d67a816/element/99363f33-8c12-497d-a011-0ed7bac0a001","type":"text","family-id":"0e224f62-c0dc-4ccd-9bcf-9d086504d5d8","title":"","id":"99363f33-8c12-497d-a011-0ed7bac0a001","metadata":{},"subtype":null,"text":"Click on the attachment to read the full report:
"},{"description":"","page-url":"/story/05aa9af5-b022-49cd-beda-a8ce6d67a816/element/c3a902a7-1343-4ea7-8b62-00bec7f95902","type":"file","family-id":"5d2c18d0-9a24-454a-8ccb-3594d0d6d3ab","title":"","id":"c3a902a7-1343-4ea7-8b62-00bec7f95902","file-name":"ELP Update - SEBI issues norms for excluding _ excusing investors from AIF’s investments, and provides clarity on placement _ distribution fees.pdf","url":"https://images.assettype.com/bloombergquint/2023-04/427576ea-fb6f-4327-a392-0183d56580c0/ELP_Update___SEBI_issues_norms_for_excluding___excusing_investors_from_AIF_s_investments__and_provid.pdf","s3-key":"bloombergquint/2023-04/427576ea-fb6f-4327-a392-0183d56580c0/ELP_Update___SEBI_issues_norms_for_excluding___excusing_investors_from_AIF_s_investments__and_provid.pdf","content-type":"application/pdf","metadata":{"file-size":113918},"subtype":"attachment"},{"description":"","page-url":"/story/05aa9af5-b022-49cd-beda-a8ce6d67a816/element/983de2a4-ea1e-4b7c-8973-c378a1417197","type":"text","family-id":"83d81d49-b7cf-4712-b79f-d5879dc1feed","title":"","id":"983de2a4-ea1e-4b7c-8973-c378a1417197","metadata":{},"subtype":null,"text":"DISCLAIMER
This alert does not constitute legal advice and is for information purpose only. This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
"},{"description":"","page-url":"/story/05aa9af5-b022-49cd-beda-a8ce6d67a816/element/c25576bd-c5e2-40ae-836e-12cba4cdcd9b","type":"text","family-id":"d2eee671-b58c-4831-a946-af5b638a8eda","title":"","id":"c25576bd-c5e2-40ae-836e-12cba4cdcd9b","metadata":{},"subtype":null,"text":"Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
"}],"card-updated-at":1681370311604,"content-version-id":"b1487e8e-e456-4f58-90f8-2e7a0f35b768","card-added-at":1681369117237,"status":"draft","id":"b58e58b0-81f9-444d-b873-2660deab41a3","content-id":"b58e58b0-81f9-444d-b873-2660deab41a3","version":24,"metadata":{"social-share":{"shareable":true,"title":"SEBI Issues Norms For Excluding Investors From AIF’s Investment; Provides Clarity On Fees: ELP Analysis","message":"The circular provides clarity on when an investor could be excused/excluded from investments as AIFs work on a blind pool concept.","image":{"key":"bloombergquint/2023-04/6ed8a474-6033-4382-9c0b-0cf8acafccdf/Signage_of_SEBI__Securities_and_Exchange_Board_of_India____Photo_Vijay_Sartape_Source_BQ_Prime___7_.JPG","url":null,"attribution":null,"caption":"Signage of SEBI, Securities and Exchange Board of India. (Photo Vijay Sartape Source BQ Prime).
The Legal Library section collates quality and in-depth reports on regulatory developments, court rulings and policy changes authored by India’s top law firms and consultants. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of law and policy.
"},{"description":"","page-url":"/story/b9ce62fb-cce3-4386-bb5a-78147158f7f4/element/c6c1f2d2-3ef5-445e-ab16-380d8b47c37e","type":"text","family-id":"e26d7665-c93a-4b1b-9039-b0edfd94f5e7","title":"","id":"c6c1f2d2-3ef5-445e-ab16-380d8b47c37e","metadata":{},"subtype":null,"text":"The Deputy Chief Minister (Finance) of Maharashtra Devendra Fadnavis in his budget speech on March 09, 2023 made the following key proposals:
1. Amnesty Scheme, 2023: Amnesty Scheme, 2023 will be known as the 'Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2023'. The scheme proposes to cover various taxes levied prior to introduction of Goods and Service Tax. The salient features of the Amnesty Scheme, 2023 are -
Duration of the scheme: The time period for applications for availment of the benefits of the scheme shall be from May 01, 2023 to October 31, 2023. The scheme will be applicable for the arrears pending as on May 01, 2023.
Benefits of the scheme: Complete waiver in cases where arrears amount to Rs 2,00,000 or less per year. Partial waiver for dealers having arrears up to Rs 50,00,000 or less per statutory order. The assessee would need to only pay 20% of the arrears and the balance 80% will be waived.
2. Reduction of Value Added Tax on Aviation Turbine Fuel: VAT on ATF has been proposed to be reduced from 25% to 18% (equivalent to Bengaluru and Goa) in the geographical areas of Brihanmumbai Municipal Corporation, Pune Municipal Corporation and Raigad District. The rationale for this move is to encourage air transport and accelerate economic growth.
3. Profession Tax: The female employees drawing monthly salary up to Rs 25,000 will be exempted from Profession Tax. The definition of ‘Person with Disability’ in the Profession Tax Act is proposed to be amended as per the definition given in the Rights of the Persons with Disabilities Act, 2016 with a wider coverage.
"},{"description":"","page-url":"/story/b9ce62fb-cce3-4386-bb5a-78147158f7f4/element/f71af8cc-8ad6-42d3-95fd-7a7151407ac6","type":"text","family-id":"9ee38548-554a-4803-9ac4-abb0f833ce14","title":"","id":"f71af8cc-8ad6-42d3-95fd-7a7151407ac6","metadata":{},"subtype":null,"text":"Click on the attachment to read the full report:
"},{"description":"","page-url":"/story/b9ce62fb-cce3-4386-bb5a-78147158f7f4/element/de5c6210-a17c-48b7-a115-a68408bae589","type":"file","family-id":"067d48fe-82cd-4ea1-9ff1-647bdd041516","title":"","id":"de5c6210-a17c-48b7-a115-a68408bae589","file-name":"ELP - Key Proposals In The Maharashtra Budget 2023.pdf","url":"https://images.assettype.com/bloombergquint/2023-03/769b8b26-7449-4322-88ca-7d0feb38fe3e/ELP___Key_Proposals_In_The_Maharashtra_Budget_2023.pdf","s3-key":"bloombergquint/2023-03/769b8b26-7449-4322-88ca-7d0feb38fe3e/ELP___Key_Proposals_In_The_Maharashtra_Budget_2023.pdf","content-type":"application/pdf","metadata":{"file-size":71086},"subtype":"attachment"},{"description":"","page-url":"/story/b9ce62fb-cce3-4386-bb5a-78147158f7f4/element/62cc9cbc-bdfd-4c51-b4d2-3540cfe61dc4","type":"text","family-id":"d24b0bc2-056a-4b53-a93d-f539442b0c54","title":"","id":"62cc9cbc-bdfd-4c51-b4d2-3540cfe61dc4","metadata":{},"subtype":null,"text":"DISCLAIMER
This alert does not constitute legal advice and is for information purpose only. This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
"},{"description":"","page-url":"/story/b9ce62fb-cce3-4386-bb5a-78147158f7f4/element/b53a9a45-a34c-4953-b244-6aa017a493a8","type":"text","family-id":"a227a785-080b-462c-af5f-86398d4a168e","title":"","id":"b53a9a45-a34c-4953-b244-6aa017a493a8","metadata":{},"subtype":null,"text":"Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
"}],"card-updated-at":1678716684428,"content-version-id":"50010d46-97d4-416a-8c19-cf3d788c590b","card-added-at":1678687780195,"status":"draft","id":"0e2f4b14-6449-469a-ac75-e58f4ac36244","content-id":"0e2f4b14-6449-469a-ac75-e58f4ac36244","version":25,"metadata":{"social-share":{"shareable":true,"title":"Key Proposals In The Maharashtra Budget 2023: ELP Analysis","message":"Maharashtra announces complete waiver for pre-GST cases if arrears amount to Rs 2,00,000 or less per year. ","image":{"key":"bloombergquint/2023-03/eb153bc2-01a9-4680-b0f2-edac1cf33fe6/Maharashtra_Vidhan_Bhavan__Photo_Vijay_Sartape_Source_BQ_Prime___4_.jpeg","url":null,"attribution":null,"caption":"Maharashtra Vidhan Bhavan (Photo: Vijay Sartape /Source: BQ Prime)
The Legal Library section collates quality and in-depth reports on regulatory developments, court rulings and policy changes authored by India’s top law firms and consultants. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of law and policy.
"},{"description":"","page-url":"/story/b3bb756d-5ad4-45fc-acc4-68574f9d48b4/element/92da8598-2f9e-49db-b308-52ec026d0a7e","type":"text","family-id":"f2ea0a1a-931d-4ee9-86d5-308174c2236a","title":"","id":"92da8598-2f9e-49db-b308-52ec026d0a7e","metadata":{},"subtype":null,"text":"This alert summarises a recent ruling of the Karnataka High Court on taxability of vouchers under Goods and Services Tax.
Assessee is engaged in the transactions of procuring pre-paid payment instruments (PPIs) of gift vouchers, cash back vouchers and e-vouchers from the issuers and supplying them to its clients for specified face value. Such PPIs are recognized by the Reserve Bank of India for purchase of goods and services. Assessee applied for advance ruling to determine taxability on supply of such instruments.
The Karnataka Authority for Advance Ruling and Appellate Authority for Advance Ruling ruled that the supply of vouchers is taxable as goods and the time of supply would be governed by Section 12(5) of the Central Goods and Services Tax Act, 2017. Aggrieved by the same, assessee filed a writ petition before the HC.
Assessee argued that 'vouchers' as defined under the CGST Act makes it clear that the same are mere instruments accepted as consideration for supply and would fall under the definition of 'money'.
The high court observed that in substance, the transaction between the assessee and its clients is procurement of printed forms and their delivery. The printed forms are like currency. The value printed on the form can be transacted only at the time of redemption of the voucher and not at the time of delivery.
Therefore, issuance of vouchers is similar to pre-deposit and not supply of goods or services. Hence, vouchers are neither goods, nor services and accordingly, cannot be taxed. Basis above, HC quashed the orders passed by AAR and AAAR.
Comments
HC ruling is likely to provide guidance on one of the much-debated issue of classification and taxability of vouchers.
In the present case, the PPIs issued by the taxpayer were recognized by RBI as mode of payment and hence, HC considered the same as money. Implication of this ruling on other kinds of vouchers needs to be determined basis facts of each case.
Businesses may also have to analyze whether consideration received for supply of vouchers, wherein such vouchers can only be redeemed against specific goods or services, should be considered as advance payment for the underlying supply and taxed accordingly.
DISCLAIMER
This alert does not constitute legal advice and is for information purpose only. This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
"},{"description":"","page-url":"/story/b3bb756d-5ad4-45fc-acc4-68574f9d48b4/element/ad25a83b-f097-405d-8d98-e784b1425842","type":"text","family-id":"34395f52-f47c-4af7-aa0c-04d3abed270f","title":"","id":"ad25a83b-f097-405d-8d98-e784b1425842","metadata":{},"subtype":null,"text":"Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
"}],"card-updated-at":1676629181114,"content-version-id":"2fd55c63-caf9-4028-9302-ca5d02f434d9","card-added-at":1676627946129,"status":"draft","id":"5600ed7c-b2f3-4f3f-93ec-dc0fd17a8548","content-id":"5600ed7c-b2f3-4f3f-93ec-dc0fd17a8548","version":13,"metadata":{"social-share":{"shareable":true,"title":"GST: Karnataka High Court Rules On Taxability Of Vouchers ","message":"The high court ruling is likely to provide guidance on one of the much-debated issue of classification and taxability of vouchers.","image":{"key":"bloombergquint/2023-02/5d65059d-8667-40a5-998d-c47e16d06a16/Signage_of_High_Court_of_Karnataka_at_its_entrance_gate___Photo_Vijay_Sartape_Source_BQ_Prime__Legal.JPG","url":null,"attribution":null,"caption":"Signage of High Court of Karnataka at its entrance gate. (Photo Vijay Sartape Source BQ Prime).
The Legal Library section collates quality and in-depth reports on regulatory developments, court rulings and policy changes authored by India’s top law firms and consultants. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of law and policy.
"},{"description":"","page-url":"/story/b57791a0-4c89-4908-8ff6-e4d64194c8d5/element/b2fa7ddb-5969-4e54-b476-f1b850ff6779","type":"text","family-id":"bac8fa96-73db-48bb-b284-181cee7f6b13","title":"","id":"b2fa7ddb-5969-4e54-b476-f1b850ff6779","metadata":{},"subtype":null,"text":"The Securities and Exchange Board of India has cast new investor diligence obligations on alternative investment fund managers, which extends to underlying investors. These include:
The manager of an AIF is not permitted to on-board new investors or draw down capital from existing investors unless the diligence conditions have been complied with.
The new rule appears to specifically target Financial Action Task Force ‘grey list’ jurisdictions and may impact fundraising from the UAE and the Cayman Islands.
SEBI has not provided any grandfathering mechanism, which means that some AIFs may face immediate or near-term deal-completion issues.
In the longer term, the new rule may lead to negotiations on various terms of fund economics and governance.
There can be little quarrel with SEBI’s intent behind introducing these diligence conditions for on-boarding investors in AIFs (as well as for drawing down commitments from already on-boarded investors in existing AIFs).
Similar diligence conditions were introduced for non-banking financial companies i.e. investors of existing NBFCs were permitted to continue with their investments or bring in additional investments to support continuity of business in India if their initial contribution was made prior to their jurisdiction being classified as an FATF non-compliant jurisdiction.
The Reserve Bank of India was also mindful to only prohibit new investors of non-compliant jurisdictions from exercising ‘significant influence’ in the NBFC.
So, it may have been more equitable if SEBI had provided for a similar grandfathering mechanism for existing AIFs (as they may now have some immediate issues with deal completion) and applied the diligence requirement only to the on-boarding of investors.
"},{"description":"","page-url":"/story/b57791a0-4c89-4908-8ff6-e4d64194c8d5/element/16c9e92d-547e-4838-83e4-670a6fe0f456","type":"text","family-id":"d9f050bd-e29c-45cd-8bc3-117b600c9086","title":"","id":"16c9e92d-547e-4838-83e4-670a6fe0f456","metadata":{},"subtype":null,"text":"Click on the attachment to read the full report:
"},{"description":"","page-url":"/story/b57791a0-4c89-4908-8ff6-e4d64194c8d5/element/4afd4d51-9f98-4c38-ac5d-90ca3a3b80e8","type":"file","family-id":"f4282ba2-bba0-4a89-a6e8-f71e56e762db","title":"","id":"4afd4d51-9f98-4c38-ac5d-90ca3a3b80e8","file-name":"Resolut-Partners - SEBI Introduces investor diligence requirements for AIFs.pdf","url":"https://images.assettype.com/bloombergquint/2023-01/8be9660e-c4d3-4c94-bb93-d06c588047fb/Resolut_Partners___SEBI_Introduces_investor_diligence_requirements_for_AIFs.pdf","s3-key":"bloombergquint/2023-01/8be9660e-c4d3-4c94-bb93-d06c588047fb/Resolut_Partners___SEBI_Introduces_investor_diligence_requirements_for_AIFs.pdf","content-type":"application/pdf","metadata":{"file-size":1298081},"subtype":"attachment"},{"description":"","page-url":"/story/b57791a0-4c89-4908-8ff6-e4d64194c8d5/element/6e324954-1c86-43db-bc63-f37ac9b16c4c","type":"text","family-id":"764e7c8f-8c4e-4f3d-bdc1-fc64b8942f15","title":"","id":"6e324954-1c86-43db-bc63-f37ac9b16c4c","metadata":{},"subtype":null,"text":"DISCLAIMER
This alert does not constitute legal advice and is for information purpose only. This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
"},{"description":"","page-url":"/story/b57791a0-4c89-4908-8ff6-e4d64194c8d5/element/741c93d6-bad1-4446-b85b-3b965605aeae","type":"text","family-id":"02194a6f-b5a6-494a-8502-8e69af52d8c6","title":"","id":"741c93d6-bad1-4446-b85b-3b965605aeae","metadata":{},"subtype":null,"text":"Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
"}],"card-updated-at":1673068790769,"content-version-id":"4f0b43d3-d696-4f56-8a65-3f9204ecaefd","card-added-at":1672911548204,"status":"draft","id":"1bd59f52-213b-41ff-a219-99dac068f4c9","content-id":"1bd59f52-213b-41ff-a219-99dac068f4c9","version":17,"metadata":{"social-share":{"shareable":true,"title":"Private Funds - SEBI Introduces Investor Diligence Requirements For AIFs: Resolut Partner Analysis","message":"There can be little quarrel with SEBI’s intent behind introducing these diligence conditions for on-boarding investors in AIFs.","image":{"key":"bloombergquint/2023-01/d5312f2d-f203-410a-aefe-3e1e1ddc5beb/Signage_of_SEBI__Securities_and_Exchange_Board_of_India____Photo_Vijay_Sartape_Source_BQ_Prime___5_.JPG","url":null,"attribution":null,"caption":"Signage of SEBI, Securities and Exchange Board of India. (Photo: Vijay Sartape/ BQ Prime)
The Legal Library section collates quality and in-depth reports on regulatory developments, court rulings and policy changes authored by India’s top law firms and consultants. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of law and policy.
"},{"description":"","page-url":"/story/51b4d50d-3dfa-487d-b87d-5db7c776fb63/element/17e8e636-d6a4-4a58-aca3-920c43c1b2ee","type":"text","family-id":"ee1c7b8e-0b7f-40f2-b0fb-f08c379f3617","title":"","id":"17e8e636-d6a4-4a58-aca3-920c43c1b2ee","metadata":{},"subtype":null,"text":"This alert summarises a recent ruling of the Bombay High Court on the admissibility of writ petition against the order of the Appellate Authority for Advance Ruling. The key observations of the HC are:
The legislative scheme indicates that the provisions relating to advance ruling are distinct from the appeal and revision. The order of the AAAR is binding on the applicant and the concerned jurisdictional officer. No further appeal is provided. This legislative scheme has to be kept in mind when the applicant challenges the order passed by the AAAR invoking writ jurisdiction.
In the present case, the AAAR followed the entire procedure, and full opportunity was given to the assessee. There is no ground raised of breach of principles of natural justice on account of not giving an opportunity of being heard.
The view taken by AAAR is based on the material placed before it. The assessee’s intention to convert this limited enquiry into an appellate enquiry is not permissible to be undertaken in the writ jurisdiction.
The authorities have dealt with the issue in extenso, having considered the submissions and the law cited. The view taken in the matter cannot be considered as suffering from fundamental error or absurd or perverse. Accordingly, HC dismissed the writ petition filed by the assessee, challenging the order passed by the AAAR.
In the past, HCs have entertained writ petitions against the orders passed by AAARs in cases where principles of natural justice were violated, proper procedures were not followed, or such orders exceeded the jurisdiction. In such cases, the Courts have remanded the matter back to AAAR for fresh consideration with specific directions.
Since the advance rulings cannot be appealed before the courts on merits, taxpayers may consider adopting different route while taking a position on issues requiring interpretation of law.
"},{"description":"","page-url":"/story/51b4d50d-3dfa-487d-b87d-5db7c776fb63/element/65b01fcb-a79e-42ac-a38c-8c048c76b69d","type":"text","family-id":"bfa02de6-6bc7-49cf-83f9-47216c34bbe3","title":"","id":"65b01fcb-a79e-42ac-a38c-8c048c76b69d","metadata":{},"subtype":null,"text":"Click on the attachment to read the full report:
"},{"description":"","page-url":"/story/51b4d50d-3dfa-487d-b87d-5db7c776fb63/element/fa154f28-f29a-4088-90a3-7641674afd6e","type":"file","family-id":"c185eac0-94a2-45fc-af96-76981445a555","title":"","id":"fa154f28-f29a-4088-90a3-7641674afd6e","file-name":"EY Alert HC restricts scope of writ jurisdiction against order passed by aaar.pdf","url":"https://images.assettype.com/bloombergquint/2023-01/433de236-9790-4fe8-8786-96aa54b933d3/EY_Alert_HC_restricts_scope_of_writ_jurisdiction_against_order_passed_by_aaar.pdf","s3-key":"bloombergquint/2023-01/433de236-9790-4fe8-8786-96aa54b933d3/EY_Alert_HC_restricts_scope_of_writ_jurisdiction_against_order_passed_by_aaar.pdf","content-type":"application/pdf","metadata":{"file-size":164464},"subtype":"attachment"},{"description":"","page-url":"/story/51b4d50d-3dfa-487d-b87d-5db7c776fb63/element/e7ff96f0-414e-42e0-bae9-77f48ac3f084","type":"text","family-id":"a8c368e4-d2e9-4621-94ae-9c6032fcdb26","title":"","id":"e7ff96f0-414e-42e0-bae9-77f48ac3f084","metadata":{},"subtype":null,"text":"DISCLAIMER
This alert does not constitute legal advice and is for information purpose only. This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
"},{"description":"","page-url":"/story/51b4d50d-3dfa-487d-b87d-5db7c776fb63/element/1f3926ce-30f3-48f6-87e5-9916cdc15098","type":"text","family-id":"81c05274-8dbf-4594-ba41-09fabed4f9b3","title":"","id":"1f3926ce-30f3-48f6-87e5-9916cdc15098","metadata":{},"subtype":null,"text":"Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
"}],"card-updated-at":1672912075639,"content-version-id":"b32fc782-6cc8-47dc-a80c-3bb0d310cc88","card-added-at":1672910870357,"status":"draft","id":"70e8c02e-c5cb-425f-942f-c0250a9bc456","content-id":"70e8c02e-c5cb-425f-942f-c0250a9bc456","version":15,"metadata":{"social-share":{"shareable":true,"title":"Bombay High Court Restricts Scope Of Writ Jurisdiction Against Order Passed By AAAR: EY Analysis","message":"Advance rulings cannot be appealed before the courts on merits, says the Bombay High Court.","image":{"key":"bloombergquint/2023-01/c6cde249-91c7-4fc3-8e74-3114610762f9/Longshot_of_Mumbai__Bombay_High_Court__Photo_Vijay_Sartape_Source_BQ_Prime__010622__2_.jpeg","url":null,"attribution":null,"caption":"Ls of Bombay High Court (Photo: Vijay Sartape/ BQ Prime).
(Bloomberg) -- Artificial intelligence is making it easier for fraudsters to carry out more sophisticated attacks on financial firms, the Treasury Department said in a report Wednesday.
"},{"description":"","page-url":"/story/5f72cd87-40f3-4840-bfb4-96c61315c7a9/element/0cf91bf9-9f23-48e7-8945-d97c8951d4c3","type":"text","family-id":"2a2b3f60-f580-4590-a1d0-72afda69a521","title":"","id":"0cf91bf9-9f23-48e7-8945-d97c8951d4c3","metadata":null,"subtype":null,"text":"Recent advancements in AI mean criminals can more realistically mimic voice or video to impersonate customers at financial institutions and access accounts, the agency wrote. They also allow bad actors to craft increasingly sophisticated email phishing attacks with better formatting and fewer typos, according to Treasury.
"},{"description":"","page-url":"/story/5f72cd87-40f3-4840-bfb4-96c61315c7a9/element/6bb4d39f-d288-43c5-a91a-874ad239e959","type":"text","family-id":"664681ad-e4fb-4f5f-993f-e46d7f94eceb","title":"","id":"6bb4d39f-d288-43c5-a91a-874ad239e959","metadata":null,"subtype":null,"text":"“Artificial intelligence is redefining cybersecurity and fraud in the financial services sector,” Under Secretary for Domestic Finance Nellie Liang said in a statement accompanying the report, which was mandated under a presidential executive order last year.
"},{"description":"","page-url":"/story/5f72cd87-40f3-4840-bfb4-96c61315c7a9/element/ac921239-b71c-40b4-b272-9bd91d9e6955","type":"text","family-id":"921b3f54-fa5f-47dc-a111-a9e50d5ff216","title":"","id":"ac921239-b71c-40b4-b272-9bd91d9e6955","metadata":null,"subtype":null,"text":"The agency is the latest to sound warnings about AI, which presents risks as well as opportunities. Key financial regulators, including the Federal Reserve, the Securities and Exchange Commission and the Consumer Financial Protection Bureau, have raised concerns about everything from discrimination to potential systemic risk.
"},{"description":"","page-url":"/story/5f72cd87-40f3-4840-bfb4-96c61315c7a9/element/24ff0b00-5dad-444a-a7ea-f67eecf7f71e","type":"text","family-id":"9e929521-e826-4a49-9f04-bc85f63cfc38","title":"","id":"24ff0b00-5dad-444a-a7ea-f67eecf7f71e","metadata":null,"subtype":null,"text":"The Biden administration will work with financial firms to use emerging technologies while also “safeguarding against threats to operational resiliency and financial stability,” Liang said.
"},{"description":"","page-url":"/story/5f72cd87-40f3-4840-bfb4-96c61315c7a9/element/f107e643-f61a-4002-a8f2-d22cc4b9db99","type":"text","family-id":"1dc288f0-ea1f-43ae-80eb-2929b7f5083a","title":"","id":"f107e643-f61a-4002-a8f2-d22cc4b9db99","metadata":null,"subtype":null,"text":"As part of the report, the Treasury Department conducted 42 interviews with individuals from the financial-services and information-technology sectors, data providers, and anti-fraud and anti-money-laundering firms. One concern was potential “regulatory fragmentation” as federal and state agencies set ground rules for AI.
"},{"description":"","page-url":"/story/5f72cd87-40f3-4840-bfb4-96c61315c7a9/element/603dee01-7e7e-4374-9c2c-0c9610f0522f","type":"text","family-id":"d0c5756e-da24-4bed-b75f-103b4ff8f9f2","title":"","id":"603dee01-7e7e-4374-9c2c-0c9610f0522f","metadata":null,"subtype":null,"text":"Treasury said it will work with the industry-led Financial Services Sector Coordinating Council, and the Financial and Banking Information Infrastructure Committee — tasked with improving collaboration among financial regulators — to ensure regulatory efforts are in sync.
"},{"description":"","page-url":"/story/5f72cd87-40f3-4840-bfb4-96c61315c7a9/element/9e99be7b-5200-4018-abbf-9d74f4867d4f","type":"text","family-id":"80d71fce-3eb5-4e35-8f25-1e9668acac5d","title":"","id":"9e99be7b-5200-4018-abbf-9d74f4867d4f","metadata":null,"subtype":null,"text":"Gaps Between Firms
"},{"description":"","page-url":"/story/5f72cd87-40f3-4840-bfb4-96c61315c7a9/element/63999dc0-64e1-4322-a47e-66a046fb0852","type":"text","family-id":"4464a7c4-e9fd-462e-a6c5-35808ebed5a4","title":"","id":"63999dc0-64e1-4322-a47e-66a046fb0852","metadata":null,"subtype":null,"text":"The report noted that smaller financial firms, unlike larger companies, have fewer IT resources and less expertise to develop AI systems in-house and often have to rely on third parties. They also have access to less internal data to train AI models to prevent fraud.
"},{"description":"","page-url":"/story/5f72cd87-40f3-4840-bfb4-96c61315c7a9/element/6f4b84fc-929d-47c6-a4a0-8e00295521a7","type":"text","family-id":"c7fa4775-28e9-4dfc-a57b-dcd99b51df1f","title":"","id":"6f4b84fc-929d-47c6-a4a0-8e00295521a7","metadata":null,"subtype":null,"text":"To address the gap, the American Bankers Association is designing a pilot program to facilitate industry information-sharing on fraud and other illicit activities. The US government may also be able to help by providing access to historical fraud reports to help train AI models, Treasury said.
"},{"description":"","page-url":"/story/5f72cd87-40f3-4840-bfb4-96c61315c7a9/element/28f6ffb8-d890-435b-97a1-4dfe5beacc7a","type":"text","family-id":"e9343e99-ac69-4719-a07b-f6726d21180f","title":"","id":"28f6ffb8-d890-435b-97a1-4dfe5beacc7a","metadata":null,"subtype":null,"text":"Treasury also laid out a number of other steps that the government and industry should consider, including developing a common language around AI and using standardized descriptions for certain vendor-provided AI systems to identify what data was used to train the model and where it came from.
"},{"description":"","page-url":"/story/5f72cd87-40f3-4840-bfb4-96c61315c7a9/element/879ed543-19c4-48e2-9113-10f9735c9a8b","type":"text","family-id":"e53de9cb-4b97-4211-89fd-2ddfe7c96a40","title":"","id":"879ed543-19c4-48e2-9113-10f9735c9a8b","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/5f72cd87-40f3-4840-bfb4-96c61315c7a9/element/d614c993-3aed-4120-9ad8-0f5e564b6b57","type":"text","family-id":"222c569a-d8a1-45c2-98bb-420bc460d279","title":"","id":"d614c993-3aed-4120-9ad8-0f5e564b6b57","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711547524302,"content-version-id":"753eafb0-d18b-4495-ab33-2713b9fd7c9c","card-added-at":1711547524302,"status":"draft","id":"9893d49f-e509-413e-988c-29d62bc95f10","content-id":"9893d49f-e509-413e-988c-29d62bc95f10","version":4,"metadata":{"social-share":{"shareable":true,"title":"AI Is Making Financial Fraud Easier And More Sophisticated, U.S. Treasury Warns","message":"Artificial intelligence is making it easier for fraudsters to carry out more sophisticated attacks on financial firms, the Treasury Department said in a report Wednesday.","image":{"key":"bloombergquint/2024-03/62eb4bd7-e48a-41b0-af24-935472b3a2c1/_1x_1.jpg","url":null,"attribution":null,"caption":"Nellie Liang, under secretary for domestic finance at the US Treasury","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ih6Raf1zmBUY/v1/-1x-1.jpg","width":2000,"height":1333}}}}}],"author-id":1669461,"first-published-at":1711554457687,"story-template":"syndicated","authors":[{"slug":"allyson-versprille-3","social":{},"name":"Allyson Versprille","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669461,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["technology"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-27/impersonation-phishing-getting-trickier-with-ai-treasury-warns","imported-card-id":"9893d49f-e509-413e-988c-29d62bc95f10","card-share":{"shareable":true}}}},{"id":"3931d6c6-772d-4aa8-bc4f-3a1a5b357432","associated-metadata":{},"type":"story","story":{"author-name":"NDTV Profit Tech","headline":"Only 3% Organisations Have ‘Mature’ Level Of Readiness For Today's Cybersecurity Risks: Cisco","slug":"technology/only-3-organisations-have-mature-level-of-readiness-for-todays-cybersecurity-risks-cisco","last-published-at":1711534733464,"alternative":{},"sections":[{"domain-slug":null,"slug":"technology","name":"Technology","section-url":"https://www.ndtvprofit.com/technology","id":1244,"parent-id":null,"display-name":"Technology","collection":{"slug":"technology","name":"Technology","id":15824},"data":null},{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null}],"hero-image-metadata":{"width":4895,"height":3163,"mime-type":"image/jpeg","file-size":13946352,"file-name":"business-corporate-protection-safety-security-concept.jpg"},"published-at":1711534733464,"summary":"The index showed that readiness has reduced significantly from one year ago, when 15% of companies were ranked 'Mature'.","id":"3931d6c6-772d-4aa8-bc4f-3a1a5b357432","hero-image-s3-key":"bloombergquint/2024-03/e1efd1f1-4f36-468b-b5a9-6d508e8ab929/business_corporate_protection_safety_security_concept.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/3931d6c6-772d-4aa8-bc4f-3a1a5b357432/element/5e21c394-00cb-4ba5-9579-c02c64a8e0b3","type":"text","family-id":"8580b0a3-db16-4c2f-a738-7cd91aa27437","title":"","id":"5e21c394-00cb-4ba5-9579-c02c64a8e0b3","metadata":{},"subtype":null,"text":"Only 3% of organisations across the globe have the ‘Mature’ level of readiness for modern cybersecurity risks, with two-thirds of organisations falling into the 'Beginner' or 'Formative' stages of readiness, according to Cisco’s 2024 Cybersecurity Readiness Index.
The index showed that readiness has reduced significantly from one year ago, when 15% of companies were ranked 'Mature'.
Companies today continue to be targeted with a variety of techniques, ranging from phishing and ransomware to supply chain and social engineering attacks. While organisations are building defences against such attacks, they are struggling and slowed down by their complex security postures that have multiple point solutions, the report noted.
These challenges are compounded in distributed working environments where data can be spread across services, devices, applications and users. However, 80% of companies still feel moderately to very confident in their ability to defend against a cyberattack with their current infrastructure.
This disparity between confidence and readiness indicates that companies may have misplaced confidence in their ability to navigate the threat landscape and may not be properly assessing the true scale of challenges.
The index assessed the readiness of companies on five pillars: identity intelligence, network resilience, machine trustworthiness, cloud reinforcement and AI-fortified. It was based on a survey of more than 8,000 private sector security and business leaders. Companies were classified into four stages of increasing readiness: Beginner, Formative, Progressive and Mature.
“We cannot underestimate the threat posed by our own overconfidence,” said Jeetu Patel, executive vice president and general manager, security and collaboration, Cisco. “Today’s organisations need to prioritise investments in integrated platforms and lean into AI in order to operate at machine scale and finally tip the scales in the favour of defenders.”
Key Insights
Below are some key findings from the index:
Future Cyber Incidents Expected: Of the respondents, 73% said they expect a cybersecurity incident to disrupt their business in the next 12 to 24 months. The cost of being unprepared can be substantial, as 54% of respondents said they experienced a cybersecurity incident in the last 12 months, and 52% of those affected said it cost them at least $3,00,000.
Point Solution Overload: Adopting multiple cybersecurity point solutions has not delivered effective results, as 80% of respondents said that having multiple point solutions slowed down their team’s ability to detect, respond and recover from incidents. This raises concerns as 67% of organisations said they have deployed 10 or more point solutions in their security stacks, while 25% said they have 30 or more.
Unsecure And Unmanaged Devices Add Complexity: Of the companies surveyed, 85% said their employees access company platforms from unmanaged devices, and 43% of those spend one-fifth (20%) of their time logged onto company networks from unmanaged devices. Additionally, 29% said their employees hop between at least six networks over a week.
Cyber Talent Gap Persists: Progress is hampered by talent shortages, with 87% of companies highlighting it as an issue. Also, 46% of companies said they had more than 10 roles related to cybersecurity unfilled in their organisation at the time of the survey.
Future Cyber Investments Ramping Up: Over half (52%) of the companies are planning to upgrade their IT infrastructure in the next 12 to 24 months. Organisations plan to upgrade existing solutions (66%), deploy new solutions (57%) and invest in AI-driven technologies (55%). Also, 97% of companies plan to increase their cybersecurity budget in the next 12 months, and 86% respondents said their budgets will increase by 10% or more.
(Source: rawpixel.com/freepik)
(Bloomberg) -- Tesla Inc. has a plan to fend off cheaper competition from China with a $25,000 electric car. But first it has to overhaul a 100-year-old manufacturing process pioneered by Henry Ford.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/fc36444d-3be6-4b86-ac97-7cfbfc407cdc","type":"text","family-id":"d922feed-acbd-4958-934d-ef59bfb987f7","title":"","id":"fc36444d-3be6-4b86-ac97-7cfbfc407cdc","metadata":null,"subtype":null,"text":"The company is moving to what it calls an “unboxed” approach, which is more like building Legos than a traditional production line. Instead of a large, rectangular car moving along a linear conveyer belt, parts are assembled simultaneously in dedicated areas and then all put together at the end. Tesla says the change could reduce manufacturing footprints by more than 40%, allowing the carmaker to build future plants far faster and at less expense.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/ab192482-c55c-4ac3-a5cd-8b64699951d5","type":"text","family-id":"bf39006b-30d1-4db2-b039-6692cb4d1155","title":"","id":"ab192482-c55c-4ac3-a5cd-8b64699951d5","metadata":null,"subtype":null,"text":"If the new assembly process is successful, Tesla says it can slash production costs in half. That will be key to delivering a cheap enough car to stoke demand that’s slowed of late and pressured the electric-car maker’s stock price.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/110091fe-d48f-4681-9ad4-b936d09498a0","type":"text","family-id":"77b795c2-0852-4d67-8fae-8d5e487123c6","title":"","id":"110091fe-d48f-4681-9ad4-b936d09498a0","metadata":null,"subtype":null,"text":"“If we’re going to scale the way we want to do, we have to rethink manufacturing again,” Lars Moravy, Tesla’s vice president of vehicle engineering, said during the company’s March 2023 investor day.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/81153482-4cc8-42f7-b454-23196b20e554","type":"text","family-id":"f05f6c89-bae6-4d91-a8a4-39d7d0c6129c","title":"","id":"81153482-4cc8-42f7-b454-23196b20e554","metadata":null,"subtype":null,"text":"The problem is that investors haven’t heard many details about how Tesla has progressed since then, even as Chinese automakers have slashed costs and Detroit carmakers have refocused their efforts on cheaper models, as well.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/94de95bd-8b79-45db-97c9-dd97c4110f2a","type":"text","family-id":"d78ad5ca-f06a-44d2-be34-3385204ed9b3","title":"","id":"94de95bd-8b79-45db-97c9-dd97c4110f2a","metadata":null,"subtype":null,"text":"On the company’s most recent earnings call in January, Chief Executive Officer Elon Musk stuck to generalities, saying only that Tesla was “very far along” on making a cheaper car, which is slated to start production at the end of next year. While he mentioned the new “revolutionary manufacturing system,” calling it “far more advanced than any automotive manufacturing system in the world, by a significant margin,” he didn’t elaborate.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/a058767e-d19b-437b-8ff7-68552f2d9557","type":"text","family-id":"fb70bf08-cce0-473a-ac8c-cceedd81e96f","title":"","id":"a058767e-d19b-437b-8ff7-68552f2d9557","metadata":null,"subtype":null,"text":"Musk is notorious for missing deadlines, and some on Wall Street are dubious that Musk can meet his already-delayed timeline — he first teased a $25,000 EV way back in 2020 — much less the savings targets. Tesla’s method is unproven, and may come with its own inefficiencies and risks. A recent analysis by Bloomberg Intelligence estimated that the new modular manufacturing process would cut costs by 33% — not half.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/1a42637e-f114-4c8d-a1da-eda282e6023d","type":"text","family-id":"8e553638-6d2a-4c46-96c1-4a43978cc956","title":"","id":"1a42637e-f114-4c8d-a1da-eda282e6023d","metadata":null,"subtype":null,"text":"Tesla didn’t respond to requests for comment.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/fe9efd6f-494a-457f-9d12-1140a3f0215e","type":"text","family-id":"650debf6-4fc1-429c-82a6-a59f867bb25b","title":"","id":"fe9efd6f-494a-457f-9d12-1140a3f0215e","metadata":null,"subtype":null,"text":"In the absence of details, some people are taking it upon themselves to figure out how well the system might work. Mathew Vachaparampil, CEO of Caresoft, an engineering and automotive benchmarking firm, said his company’s engineers spent 200,000 hours building a digital replica of Tesla’s unboxed platform. They found that Musk’s ambitions are technically possible, and Vachaparampil said they would make “huge financial sense” — if achieved.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/1d2c22ca-7e4a-493a-87c8-5f1407914d16","type":"text","family-id":"29900222-da83-4391-a96c-e85042760cbe","title":"","id":"1d2c22ca-7e4a-493a-87c8-5f1407914d16","metadata":null,"subtype":null,"text":"Ford’s Legacy
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/00c122ba-68e1-409f-8035-bf7761f9e5f2","type":"text","family-id":"15c56922-3a20-4a16-98e4-ce0cb9af6386","title":"","id":"00c122ba-68e1-409f-8035-bf7761f9e5f2","metadata":null,"subtype":null,"text":"Most mass-market automakers still largely adhere to the same basic setup used by Henry Ford in 1913 to make the Model T.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/02e4ee60-99cd-480e-b51b-1dd6463600cd","type":"text","family-id":"11ee939a-45fc-48f0-82d0-a68bb5148d16","title":"","id":"02e4ee60-99cd-480e-b51b-1dd6463600cd","metadata":null,"subtype":null,"text":"Stamped panels are put together in a framing station and welded into a rectangular, boxed-shaped car. Doors are put on. The vehicle then goes through the paint shop — either dipped into a big vat, or sprayed and dried in large ovens. The freshly painted doors are then taken off. Wiring and an engine or motors are dropped in along a winding assembly line. Seats and other parts of the interior are put in, and then glass windshields and windows are added. The doors come back on right before a final inspection.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/8270909b-73fb-4a4e-b622-2679745cd598","type":"text","family-id":"84457278-cf2c-419d-bb86-7e024990b3e8","title":"","id":"8270909b-73fb-4a4e-b622-2679745cd598","metadata":null,"subtype":null,"text":"That process, Tesla executives say, is rife with inefficiencies. Moving a car-sized “box” through a factory takes up a lot of space. Painting an entire machine, instead of just the panels that need it, takes time and wastes energy. And working off of a hulking frame means only a few people can assemble their parts at a given time.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/2771d012-d11e-4eed-a883-90f39ecbd8a5","type":"text","family-id":"bdd0d72b-73a3-4ce1-8128-a58fd7611560","title":"","id":"2771d012-d11e-4eed-a883-90f39ecbd8a5","metadata":null,"subtype":null,"text":"The unboxed method doesn’t require a big skeleton of a machine to move through a factory. Instead, splitting off into small groups, workers labor on various components of a vehicle simultaneously before it comes together at a single point in final assembly.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/4d935f09-fdcc-43a4-85d8-9fcaa61677ec","type":"text","family-id":"82e71917-8bcc-4b73-94f7-ea3f5a106112","title":"","id":"4d935f09-fdcc-43a4-85d8-9fcaa61677ec","metadata":null,"subtype":null,"text":"The potential cost savings are substantial, according to Vachaparampil. Caresoft sees at least a 50% reduction in paint-shop investment in new factories alone.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/3de2c7ab-5a84-4b08-8e51-f7a167936d6a","type":"text","family-id":"0a4f3dd3-32b1-4685-b18c-b06de6666262","title":"","id":"3de2c7ab-5a84-4b08-8e51-f7a167936d6a","metadata":null,"subtype":null,"text":"Paint has long been the most expensive part of any auto plant: The high heat required for automotive paint is energy intensive, and there are strict emissions requirements. The throughput of the paint shop largely determines a plant’s total output, according to auto plant experts.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/af239035-6114-4497-86c1-671197fdbf5a","type":"text","family-id":"29127a71-d133-4b9b-be3d-e2700f61619b","title":"","id":"af239035-6114-4497-86c1-671197fdbf5a","metadata":null,"subtype":null,"text":"A typical car body is 6 feet (1.8 meters) wide and 15 feet long. Instead of sending the entire rectangular body through a paint shop, Tesla’s unboxed process will just paint the actual panels before the car is assembled.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/84a84123-1e96-4492-93d1-f83deb4a8d67","type":"text","family-id":"3a3c94c8-4aca-432e-a66c-0dc11d402e49","title":"","id":"84a84123-1e96-4492-93d1-f83deb4a8d67","metadata":null,"subtype":null,"text":"Untested Method
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/4f7c5f25-2c04-4d57-a979-8027b281304f","type":"text","family-id":"af3305b7-123b-4149-be82-0e5f5a534c1a","title":"","id":"4f7c5f25-2c04-4d57-a979-8027b281304f","metadata":null,"subtype":null,"text":"The unboxed method has plenty of risks of its own, mainly that it’s unproven and requires shifting to a new assembly process, which could lead to production delays.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/5ddbd8f5-366c-4aca-aff4-666901adb2a3","type":"text","family-id":"d1bd5c3d-940b-41c1-9161-db77d37822f4","title":"","id":"5ddbd8f5-366c-4aca-aff4-666901adb2a3","metadata":null,"subtype":null,"text":"But it’s not the first time Tesla has made significant changes to improve long-held manufacturing practices.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/88e4dd8a-4278-4aa0-a4d3-f3d627b24b71","type":"text","family-id":"0c934b0c-79d6-4b6b-9bac-1917e1aa053e","title":"","id":"88e4dd8a-4278-4aa0-a4d3-f3d627b24b71","metadata":null,"subtype":null,"text":"With its Model Y, instead of stamping various pieces of the car, Tesla turned to die-casting machine presses to “gigacast” — or create giant molds — of the front and rear of the vehicle. That eliminated the need for hundreds of parts and welds.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/fe499dfa-dc6c-48dc-abf9-b559f611909b","type":"text","family-id":"192808ca-6b83-4bf4-93d2-2eb6e6e5bdf5","title":"","id":"fe499dfa-dc6c-48dc-abf9-b559f611909b","metadata":null,"subtype":null,"text":"Other US automakers are also working to fend off the competitive threat posed by Chinese cars. Ford Motor Co., for example, is exploring a compact EV that would use a cheaper battery.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/8e7d944b-4e10-4600-ae0e-0d2529dd2624","type":"text","family-id":"ecd38bb0-fdb7-4d5b-88da-8b98ddae89d4","title":"","id":"8e7d944b-4e10-4600-ae0e-0d2529dd2624","metadata":null,"subtype":null,"text":"“The concern is that the lower end of the automotive market isn’t currently being served by electric vehicles, but they will be served by China if US companies can’t cut costs,” said Susan Helper, a professor of economics at Case Western University, who recently served as a senior adviser for industrial strategy at the White House Office of Management and Budget.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/cc13bec8-3e73-4db0-b375-d383cc7a2f9b","type":"text","family-id":"09a2980d-2a4d-4381-985c-f46f8c5b9261","title":"","id":"cc13bec8-3e73-4db0-b375-d383cc7a2f9b","metadata":null,"subtype":null,"text":"But Musk’s company has an edge over longtime automakers in adapting to novel, potentially cheaper manufacturing techniques. Tesla’s factories are newer than most, and some aren’t even under construction yet, so it can more easily and cheaply tailor its facilities to run on cutting-edge manufacturing methods.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/3a4f43fc-8d55-40d6-a2d6-0d8e71289de0","type":"text","family-id":"24f604d7-6595-4379-b67e-3c644ca05039","title":"","id":"3a4f43fc-8d55-40d6-a2d6-0d8e71289de0","metadata":null,"subtype":null,"text":"That doesn’t mean it’s easy. The company has warned investors that it’s “between two major growth waves” as demand for the Model 3 and Y — both of which have been out for years — tops out. Tesla delivered 1.8 million cars last year, but aims to deliver 20 million cars by 2030. To do that, it will need much cheaper cars.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/9934f653-6e53-4aaa-bb87-5b67ea6a0cb7","type":"text","family-id":"d5bb99c5-d61c-4ba3-8721-fcd4993ea51f","title":"","id":"9934f653-6e53-4aaa-bb87-5b67ea6a0cb7","metadata":null,"subtype":null,"text":"--With assistance from Keith Naughton.
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/3f6a5843-a8b5-4f6c-b86e-3fa26bdfd29d","type":"text","family-id":"36d19393-b748-4222-9010-c8c936065794","title":"","id":"3f6a5843-a8b5-4f6c-b86e-3fa26bdfd29d","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/95fce494-ec46-4cb9-8390-a0a2392423a3/element/e162b42b-06d0-4a53-802b-ec4d39305723","type":"text","family-id":"88b0216c-21c2-4358-af0f-f074d31d1966","title":"","id":"e162b42b-06d0-4a53-802b-ec4d39305723","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711623005449,"content-version-id":"8bb52ba6-687e-482b-8c4b-a5de6916a098","card-added-at":1711623005449,"status":"draft","id":"ec77c88a-b648-4fd6-a322-06c0093b06e3","content-id":"ec77c88a-b648-4fd6-a322-06c0093b06e3","version":10,"metadata":{"social-share":{"shareable":true,"title":"Tesla’s $25,000 Car Means Tossing Out The 100-Year-Old Assembly Line","message":"A new ‘unboxed’ production system could slash costs in half — if the EV maker can actually pull it off. ","image":{"key":"bloombergquint/2024-03/4ebe1bd3-e939-407e-a474-6ad87bd76179/_1x_1.jpg","url":null,"attribution":null,"caption":"Teslas at a manufacturing plant in Gruenheide, Germany.","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/imy_T2r2HS6k/v1/-1x-1.jpg","width":2000,"height":1333}}}}}],"author-id":1669300,"first-published-at":1711629352789,"story-template":"syndicated","authors":[{"slug":"dana-hull-4","social":{},"name":"Dana Hull","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669300,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["industries"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-28/tesla-s-tsla-new-unboxed-manufacturing-process-aims-to-cut-costs-50","imported-card-id":"ec77c88a-b648-4fd6-a322-06c0093b06e3","card-share":{"shareable":true}}}},{"id":"1d895fd2-b0f6-4a39-b861-aad6c5b94f84","score":null,"type":"story","item":{"headline":["Myntra Reports Ebitda-Level Profitability In Last Two Quarters"]},"story":{"author-name":"Rishabh Bhatnagar","headline":"Myntra Reports Ebitda-Level Profitability In Last Two Quarters","slug":"business/myntra-reports-ebitda-level-profitability-in-last-two-quarters","last-published-at":1711620426640,"alternative":{},"sections":[{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"technology","name":"Technology","section-url":"https://www.ndtvprofit.com/technology","id":1244,"parent-id":null,"display-name":"Technology","collection":{"slug":"technology","name":"Technology","id":15824},"data":null},{"domain-slug":null,"slug":"notifications","name":"Notifications","section-url":"https://www.ndtvprofit.com/notifications","id":16055,"parent-id":null,"display-name":"Notifications","collection":{"slug":"notifications","name":"Notifications ","id":32342},"data":null}],"hero-image-metadata":{"width":1080,"height":608,"mime-type":"image/jpeg","file-size":149742,"file-name":"Myntra FB.jpg","focus-point":[540,304]},"published-at":1711620426640,"summary":"Myntra says it has been growing faster than the online fashion market since the second half of 2023.","id":"1d895fd2-b0f6-4a39-b861-aad6c5b94f84","hero-image-s3-key":"bloombergquint/2024-03/71010bf6-84c1-445d-8dcb-caf772840f10/Myntra_FB.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/1d895fd2-b0f6-4a39-b861-aad6c5b94f84/element/f50979c9-243d-483b-9d2d-b9d9d7937724","type":"text","family-id":"baa3e4cd-633b-40d6-b352-5cce260db8c5","title":"","id":"f50979c9-243d-483b-9d2d-b9d9d7937724","metadata":{},"subtype":null,"text":"Myntra has turned Ebitda positive in the past two quarters, owing to a rise in customers led by brand associations, according to the company.
In a blog post on Thursday, the Flipkart-owned fashion marketplace said it has turned Ebitda positive since the last quarter of the calendar year 2023 on the back of a growing customer base, domestic and international brand associations, tech-led innovations and a strong foothold among premium fashion-forward customers.
Myntra has tied up with brands like Mango, H&M, Ralph Lauren and Calvin Klein, among about 50 others, in 2023 and launched a differentiated app-in-app proposition for Gen Z, termed FWD.
The Bengaluru-based marketplace said it has been on a \"strong growth trajectory, growing faster than the online fashion market since the second half of 2023, with gross merchandise value growth nearing twice that of the market during the recent festive season.\"
It has also seen a 33% surge in monthly active users, rising from 4.5 crore in 2021 to about 6 crore by the end of 2023.
\"Accomplishing this feat while working in a profitable manner not only speaks volumes about our commitment... but is also a testament to the success of our customer-first approach, ability to invest in the right growth engines and financial resilience, which has held us in good stead,\" Myntra Chief Executive Officer Nandita Sinha said.
"},{"description":"","page-url":"/story/1d895fd2-b0f6-4a39-b861-aad6c5b94f84/element/35db1fa7-0dc2-4aa4-8fd9-f58f29305c02","type":"text","family-id":"607c424d-766e-409b-b6e3-91d5522bb3aa","title":"","id":"35db1fa7-0dc2-4aa4-8fd9-f58f29305c02","metadata":{"linked-story-id":"62578d21-da17-437a-9b11-092412d2342c","linked-story":{"headline":"Myntra Obtains Franchise Rights For U.K.'s Fashion Brand NEXT","story-content-id":"62578d21-da17-437a-9b11-092412d2342c","highlighted-external-id":null,"highlighted-text":"","highlighted-slug":null,"id":"62578d21-da17-437a-9b11-092412d2342c","highlighted-headline":null,"highlighted-public-identifier":null}},"subtype":"also-read","text":"Myntra Obtains Franchise Rights For U.K.'s Fashion Brand NEXT"}],"card-updated-at":1711620424307,"content-version-id":"4c4aa84c-9e20-438b-9428-70712d228ea7","card-added-at":1711614095390,"status":"draft","id":"63094d7a-d597-42d1-890f-a89bbb4c45ee","content-id":"63094d7a-d597-42d1-890f-a89bbb4c45ee","version":21,"metadata":{"social-share":{"shareable":true,"title":"Myntra Reports Ebitda-Level Profitability In Last Two Quarters","message":"Myntra says it has been growing faster than the online fashion market since the second half of 2023.","image":{"key":"bloombergquint/2024-03/71010bf6-84c1-445d-8dcb-caf772840f10/Myntra_FB.jpg","url":null,"attribution":null,"caption":"Image used for representational purpose (Source: Myntra/Facebook)
Adobe has announced new Adobe Experience Cloud solutions to enable brands to unify customer data across their organisation for implementing and deriving value from generative artificial intelligence.
Adobe Experience Platform provides a single view of customers across channels, allowing AI to analyse data and deliver insights in real time, the company said. Brands can then drive activation across marketing channels with applications built on the platform and deliver personalisation.
Adobe said the new releases include an AI Assistant, which provides a conversational interface; federated audience composition, which is designed to help organisations make data residing in enterprise data warehouses actionable; and first-party data activation capabilities in Adobe Real-Time Customer Data Platform.
“Adobe Experience Platform innovations such as an AI Assistant powered by generative AI enables brands to understand individual customer context and generate tailored omnichannel experiences. This increases productivity and boosts experimentation of new ideas, all while ensuring brands adhere to strict governance and security controls,” said Anjul Bhambhri, senior vice president, Adobe Experience Cloud.
The AI Assistant is aimed at allowing brands to improve productivity of experience practitioners, allow access to extended teams and boost new ideas using generative AI and Generative Experience Models. According to Adobe, the conversational interface can answer technical questions and automate tasks, simulate outcomes and generate new audiences and journeys within applications such as Real-Time CDP, Journey Optimizer and Customer Journey Analytics.
Real-Time CDP Collaboration will enable teams to leverage first-party data and collaborate with trusted partners in a privacy-centric manner. Marketers can discover and reach audiences, activate campaigns and measure advertising effectiveness without the need for third-party cookies, Adobe said.
Adobe will allow organisations to securely leverage data from sources such as Amazon Web Services, Databricks, Google, Microsoft Azure and Snowflake. Identity partners such as Acxiom, Blockgraph, Experian, LiveRamp, Merkle and Unified ID 2.0 will help brands scale their audiences.
Federated Audience Composition will allow brands to make data residing in enterprise data warehouses actionable within customer experience workflows, while minimising the need to move or copy data into Adobe applications. Real-Time CDP and Journey Optimizer will enable practitioners to build audiences, enrich customer profiles, make journey decisions and personalise channel content using data and audiences federated from data warehouses and platforms such as AWS Redshift, Azure Synapse, Databricks SQL, BigQuery and Snowflake, Adobe said.
"}],"card-updated-at":1711619901042,"content-version-id":"958967e3-8b32-4e56-87ef-4b3b1df59776","card-added-at":1711607420826,"status":"draft","id":"5d8c71e7-068f-4365-87cd-d7668524d248","content-id":"5d8c71e7-068f-4365-87cd-d7668524d248","version":20,"metadata":{"social-share":{"shareable":true,"title":"Adobe Accelerates Data-Driven Personalisation At Scale With Experience Platform Innovations","message":"Adobe Experience Platform provides a single view of customers across channels, allowing AI to analyse data and deliver insights in real time.","image":{"key":"bloombergquint/2024-03/b100dad7-eecc-4955-9c3c-da5e8a13afa7/marketing_strategy_planning_strategy_concept.jpg","url":null,"attribution":null,"caption":"(Source: rawpixel.com/freepik)
HCLTech has announced the launch of an electronic design automation solution, in partnership with NetApp, to enable enterprises in the semiconductor industry to accelerate large EDA implementations in the hybrid cloud. The solution aims to reduce time-to-market, enhance quality and improve the reliability of products.
With the joint offering, organisations can leverage NetApp’s Design Anywhere solution to streamline the semiconductor design process, from concept to manufacturing, with improved scalability and flexibility, HCLTech said. By using hybrid cloud, enterprises can manage growing data volume and workflow complexities.
“We are thrilled to collaborate with NetApp to unlock the power of hybrid and multi-cloud to help enterprises transform operations and build resilience across their digital businesses. Our new joint solution will enable our clients to make the most of their high-performance compute workloads across a wide range of private or public clouds,” said Rampal Singh, head hybrid cloud services, HCLTech.
HCLTech said it will support enterprises running large EDA projects by optimising their IT environments, managing infrastructure and scheduling for EDA workloads and associated services. The company will also deliver the EDA solution in various consumption models, according to client requirements in collaboration with NetApp.
“The power and availability delivered in the cloud creates new opportunities for our customers to run EDA workloads without the risks of overprovisioning or capacity shortfalls. NetApp’s expertise in unifying data helps HCLTech clients unlock the potential of their hybrid cloud investments to make their product development process more flexible and efficient,” said Cesar Cernuda, president, NetApp.
"}],"card-updated-at":1711619329474,"content-version-id":"d79ad84a-951c-4ef2-9f41-a0927b94b7d1","card-added-at":1711613765597,"status":"draft","id":"f658ba55-3ae1-475e-a742-c9029a4909bf","content-id":"f658ba55-3ae1-475e-a742-c9029a4909bf","version":8,"metadata":{"social-share":{"shareable":true,"title":"HCLTech Launches Electronic Design Automation Solution In Collaboration With NetApp","message":"With the joint offering, organisations can leverage NetApp’s Design Anywhere solution to streamline the semiconductor design process.","image":{"key":"bloombergquint/2024-03/7aea0282-a8ff-4589-ba43-0d3b9ac1333f/HCLTech_1.jpeg","url":null,"attribution":null,"caption":"(Source: Company)
(Bloomberg) -- Shares of Hon Hai Precision Industry Co. soared to a record as a frenzy over artificial intelligence outweighs concerns about a sluggish recovery in the smartphone sector.
"},{"description":"","page-url":"/story/f5872a4f-e74a-4bff-8638-edd451e021fb/element/223ce67d-cc7a-4d1d-9452-d78d080df4ae","type":"text","family-id":"f666e88d-5592-4c2d-9bc9-757c21eb995c","title":"","id":"223ce67d-cc7a-4d1d-9452-d78d080df4ae","metadata":null,"subtype":null,"text":"The Taiwanese maker of Apple Inc.’s iPhones rose as much as 5.1% to NT$156 on Thursday. Shares took off this month as its strong quarterly earnings fueled optimism over demand for the company’s AI servers.
"},{"description":"","page-url":"/story/f5872a4f-e74a-4bff-8638-edd451e021fb/element/35686a44-86d1-46ca-af8d-56655cb5a945","type":"text","family-id":"a87f153b-2370-4df6-8a9c-401918980f4d","title":"","id":"35686a44-86d1-46ca-af8d-56655cb5a945","metadata":null,"subtype":null,"text":"The AI craze has brought big gains in companies like Nvidia Corp. as investors see massive growth potential for the sector. Hon Hai’s AI server revenue is likely to reach 18% of its total revenue in 2025 due to the rising share of Nvidia shipments, JPMorgan Chase & Co. analysts including Gokul Hariharan wrote in a note Wednesday.
"},{"description":"","image-metadata":null,"page-url":"/story/f5872a4f-e74a-4bff-8638-edd451e021fb/element/cd124861-7f88-458c-aa24-2f72f6cdc042","type":"image","family-id":"1b63e6a4-fdf8-42a5-9e2a-a3809fa7d8cf","image-attribution":"","title":"","id":"cd124861-7f88-458c-aa24-2f72f6cdc042","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/1b6eadb6-7a15-42bc-b8dc-6d6d6d92c0d3/_1x_1.png","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ikDrybPqYqP0/v2/-1x-1.png"},"subtype":null},{"description":"","page-url":"/story/f5872a4f-e74a-4bff-8638-edd451e021fb/element/63a7fab9-0b4b-4739-a3a2-021328b4f316","type":"text","family-id":"a41f91cc-fc6a-40cc-94a2-003a6faf6d22","title":"","id":"63a7fab9-0b4b-4739-a3a2-021328b4f316","metadata":null,"subtype":null,"text":"To be sure, Hon Hai’s total revenue exposure to AI is likely to remain at 10% to 12% this year, compared with about 20% for its competitors like Wiwynn Corp., Quanta Computer Inc. and Wistron Corp., according to a JPMorgan note earlier this month.
"},{"description":"","page-url":"/story/f5872a4f-e74a-4bff-8638-edd451e021fb/element/210b022b-cfa9-4cd8-81ba-7af01f7a7f31","type":"text","family-id":"761df953-6830-4cdd-9288-4405b303a592","title":"","id":"210b022b-cfa9-4cd8-81ba-7af01f7a7f31","metadata":null,"subtype":null,"text":"The rally may have gotten excessive, as Hon Hai is now among the most overbought stocks on Taiwan’s benchmark index in terms of 14-day relative strength, according to Bloomberg-compiled data. The stock has advanced 49% so far this year in spite of Apple’s slowing sales in China.
"},{"description":"","page-url":"/story/f5872a4f-e74a-4bff-8638-edd451e021fb/element/d7424543-1cdc-4f0d-b498-a63672dd46a1","type":"text","family-id":"cbe9080a-de56-4fd4-86e1-729275110117","title":"","id":"d7424543-1cdc-4f0d-b498-a63672dd46a1","metadata":null,"subtype":null,"text":"Still, analysts see the positive story for Hon Hai continuing, with Goldman Sachs Group Inc., Morgan Stanley and Citigroup Inc. all lifting their price targets for the stock this month. JPMorgan analysts raised the target by 21% to NT$170 this week.
"},{"description":"","page-url":"/story/f5872a4f-e74a-4bff-8638-edd451e021fb/element/07e7f3d5-7cea-4d24-ac3f-85e52814bd20","type":"text","family-id":"b028caaf-b9e2-4c47-bba9-834a3e7f106f","title":"","id":"07e7f3d5-7cea-4d24-ac3f-85e52814bd20","metadata":null,"subtype":null,"text":"Ramp-ups for AI servers and EVs are key drivers for Hon Hai in 2024, Goldman analysts including Allen Chang wrote in a note, adding that the firm’s valuation is still attractive given stronger earnings growth ahead. The brokerage’s target for Hon Hai stands at NT$172, the highest on the Street.
"},{"description":"","page-url":"/story/f5872a4f-e74a-4bff-8638-edd451e021fb/element/021fa899-fbc6-4cd0-a62f-34eeb772b011","type":"text","family-id":"79902761-a552-4031-8045-d7ac5c977517","title":"","id":"021fa899-fbc6-4cd0-a62f-34eeb772b011","metadata":null,"subtype":null,"text":"Read More: Hon Hai Jumps by Most in Years After Strong AI Outlook
"},{"description":"","page-url":"/story/f5872a4f-e74a-4bff-8638-edd451e021fb/element/783563fe-d119-403a-8da3-021b051a94df","type":"text","family-id":"59cefda9-272d-4e25-9185-356f4124e9a9","title":"","id":"783563fe-d119-403a-8da3-021b051a94df","metadata":null,"subtype":null,"text":"(Updates with more details. An earlier version corrected company name and the overbought level in fourth paragraph.)
"},{"description":"","page-url":"/story/f5872a4f-e74a-4bff-8638-edd451e021fb/element/85a8a9c8-d171-4eb3-afb8-979a1888edee","type":"text","family-id":"f9e25848-5912-4e2f-9a80-5668dda5bda5","title":"","id":"85a8a9c8-d171-4eb3-afb8-979a1888edee","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/f5872a4f-e74a-4bff-8638-edd451e021fb/element/b8381719-d008-4b48-b104-4e53d06c9a40","type":"text","family-id":"a4a94668-26ae-4441-b92f-2fad04a9d23d","title":"","id":"b8381719-d008-4b48-b104-4e53d06c9a40","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711593123991,"content-version-id":"58f9b20b-c0d0-496a-b544-b133b43b204f","card-added-at":1711593123991,"status":"draft","id":"adac6fd1-26e2-4cdd-8f6d-aa8a75fa43e9","content-id":"adac6fd1-26e2-4cdd-8f6d-aa8a75fa43e9","version":7,"metadata":{"social-share":{"shareable":true,"title":"IPhone Maker Hon Hai Sets Record High As AI Mania Persists","message":"The Taiwanese maker of Apple Inc.’s iPhones rose as much as 5.1% to NT$156 on Thursday.","image":{"key":"bloombergquint/2024-03/1b6eadb6-7a15-42bc-b8dc-6d6d6d92c0d3/_1x_1.png","url":null,"attribution":"","caption":null,"metadata":null}}}}],"author-id":1669242,"first-published-at":1711604557292,"story-template":"syndicated","authors":[{"slug":"jeanny-yu-3","social":{},"name":"Jeanny Yu","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1669242,"avatar-s3-key":null,"twitter-handle":null},{"slug":"john-cheng-3","social":{},"name":"John Cheng","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1668623,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["technology"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-28/apple-s-iphone-maker-sets-record-high-as-ai-mania-persists","imported-card-id":"adac6fd1-26e2-4cdd-8f6d-aa8a75fa43e9","card-share":{"shareable":true}}}},{"id":"4b9702ae-8940-41f3-8041-ca56679142dc","score":null,"type":"story","item":{"headline":["Amazon Invests $2.75 Billion In AI Startup Anthropic"]},"story":{"author-name":"Matt Day","headline":"Amazon Invests $2.75 Billion In AI Startup Anthropic","slug":"business/amazon-invests-additional-2-75-billion-in-ai-startup-anthropic","last-published-at":1711588684557,"alternative":{},"sections":[{"domain-slug":null,"slug":"business","name":"Business","section-url":"https://www.ndtvprofit.com/business","id":1292,"parent-id":null,"display-name":"Business News","collection":{"slug":"business","name":"Business","id":15808},"data":null},{"domain-slug":null,"slug":"technology","name":"Technology","section-url":"https://www.ndtvprofit.com/technology","id":1244,"parent-id":null,"display-name":"Technology","collection":{"slug":"technology","name":"Technology","id":15824},"data":null},{"domain-slug":null,"slug":"bloomberg","name":"Bloomberg","section-url":"https://www.ndtvprofit.com/bloomberg","id":37844,"parent-id":null,"display-name":"Bloomberg","collection":{"slug":"bloomberg","name":"Bloomberg","id":102188},"data":null}],"hero-image-metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ibIBSvq8lY.I/v1/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","width":2000,"height":1333,"focus-point":[727,518]},"published-at":1711588684557,"summary":"Amazon.com Inc. says it’s investing an additional $2.75 billion into Anthropic, an artificial intelligence startup.","id":"4b9702ae-8940-41f3-8041-ca56679142dc","hero-image-s3-key":"bloombergquint/2024-03/e0b97e78-31e8-47fa-8320-bad8d6fd2694/_1x_1.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/4b9702ae-8940-41f3-8041-ca56679142dc/element/48ed93b5-208a-47a4-8f9c-34efebdc24e5","type":"text","family-id":"e2cac0de-6504-4592-8a10-47f57cd8892b","title":"","id":"48ed93b5-208a-47a4-8f9c-34efebdc24e5","metadata":null,"subtype":null,"text":"(Bloomberg) -- Amazon.com Inc. says it’s investing an additional $2.75 billion in Anthropic, completing a deal it made last year to back the artificial intelligence startup and expand a partnership between the companies.
"},{"description":"","page-url":"/story/4b9702ae-8940-41f3-8041-ca56679142dc/element/e92c92cd-ae17-4a77-8d38-3c4a8abd7431","type":"text","family-id":"f56bb1c1-2154-40be-b41e-908036eaa1b0","title":"","id":"e92c92cd-ae17-4a77-8d38-3c4a8abd7431","metadata":null,"subtype":null,"text":"The infusion brings Amazon’s total investment in Anthropic, a well-regarded builder of AI tools able to generate text and analysis, to $4 billion, following an earlier investment announced in September. As part of that deal, Amazon had the right to contribute the additional funds in the form of a convertible note, provided it did so before the end of March.
"},{"description":"","page-url":"/story/4b9702ae-8940-41f3-8041-ca56679142dc/element/8f041a73-f31d-449f-9e10-3b025ee147a1","type":"text","family-id":"11b17327-8918-41ba-b9a5-3581c0ac7fb9","title":"","id":"8f041a73-f31d-449f-9e10-3b025ee147a1","metadata":null,"subtype":null,"text":"As part of the tie-up, Anthropic has also agreed to use Amazon Web Services data centers to power some of its operations, and to use Amazon’s custom-built computer chips. Anthropic, based in San Francisco, has also committed to using chips from Alphabet Inc.’s Google, another close partner.
"},{"description":"","page-url":"/story/4b9702ae-8940-41f3-8041-ca56679142dc/element/40fc8eb6-5b52-438b-99c1-d8da33b356bd","type":"text","family-id":"af97cb62-ce4b-4c6e-b924-423f359efc88","title":"","id":"40fc8eb6-5b52-438b-99c1-d8da33b356bd","metadata":null,"subtype":null,"text":"Anthropic is tied up with multiple big tech companies, including Google, which joined a $450 million round of financing last May led by Spark Capital. Google and Amazon Web Services are both Anthropic’s cloud computing partners.
"},{"description":"","page-url":"/story/4b9702ae-8940-41f3-8041-ca56679142dc/element/5949518c-0f4a-427c-b783-fd6961605c7a","type":"text","family-id":"3be333ad-a597-4a6d-8979-2596e9392393","title":"","id":"5949518c-0f4a-427c-b783-fd6961605c7a","metadata":null,"subtype":null,"text":"Anthropic was formed in 2021 by former employees of OpenAI, including Daniela Amodei and her brother Dario, who serves as its chief executive officer. The company has since become one of OpenAI’s most formidable competitors, raising billions in funding. Most of its customers are businesses, ranging from search engine DuckDuckGo to travel guide publisher Lonely Planet.
"},{"description":"","page-url":"/story/4b9702ae-8940-41f3-8041-ca56679142dc/element/bf83c687-ec98-40e8-828f-d66fef300e7b","type":"text","family-id":"c3ccdeb2-b24d-422d-b33c-47f4584824f7","title":"","id":"bf83c687-ec98-40e8-828f-d66fef300e7b","metadata":null,"subtype":null,"text":"The company, which offers a chatbot named Claude, has emphasized developing AI safely and responsibly. In early March, it introduced new software for the chatbot that it said will be better at carrying out complicated instructions and less prone to making things up.
"},{"description":"","page-url":"/story/4b9702ae-8940-41f3-8041-ca56679142dc/element/3fde3ae9-8d6b-4fff-8560-0a00f13addbf","type":"text","family-id":"98064cd7-2eb6-4cae-830f-5838f5527952","title":"","id":"3fde3ae9-8d6b-4fff-8560-0a00f13addbf","metadata":null,"subtype":null,"text":"Chatbots capable of mimicking human conversation have become an increasing focus of Silicon Valley companies — with fast tech advances fueling an investing frenzy. Chatbots themselves are by no means new. But the technology powering Claude and competitors’ bots is a more powerful tool known as a large language model, which is trained on massive swaths of the internet in order to generate text, such as an answer to a question or a poem. Such tools are an application of generative AI, systems that consider input such as a text prompt and use it to output new content.
"},{"description":"","page-url":"/story/4b9702ae-8940-41f3-8041-ca56679142dc/element/a9e811f4-4ac0-49e7-9477-ffe195bea759","type":"text","family-id":"6c25d38d-f45e-40eb-852d-ff7a9dfb337c","title":"","id":"a9e811f4-4ac0-49e7-9477-ffe195bea759","metadata":null,"subtype":null,"text":"(Updates with context starting in the first paragraph)
"},{"description":"","page-url":"/story/4b9702ae-8940-41f3-8041-ca56679142dc/element/aa8dbcdc-c6fa-4a08-b4cb-c7bc983710ba","type":"text","family-id":"40716e6a-5460-4a7d-8cc3-fa6e3ddae0ad","title":"","id":"aa8dbcdc-c6fa-4a08-b4cb-c7bc983710ba","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/4b9702ae-8940-41f3-8041-ca56679142dc/element/c394751b-c61f-4f4a-9bb0-c5fd53a33c92","type":"text","family-id":"4ee9db6a-bab5-415a-b1c7-02999d586e8d","title":"","id":"c394751b-c61f-4f4a-9bb0-c5fd53a33c92","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
"}],"card-updated-at":1711560005263,"content-version-id":"18f3bc49-bd71-42a5-8cd3-a917162903bd","card-added-at":1711560005263,"status":"draft","id":"00bcb240-9665-4212-ab54-5442c1102a7f","content-id":"00bcb240-9665-4212-ab54-5442c1102a7f","version":16,"metadata":{"social-share":{"shareable":true,"title":"Amazon Invests $2.75 Billion In AI Startup Anthropic","message":"Amazon.com Inc. says it’s investing an additional $2.75 billion into Anthropic, an artificial intelligence startup.","image":{"key":"bloombergquint/2024-03/e0b97e78-31e8-47fa-8320-bad8d6fd2694/_1x_1.jpg","url":null,"attribution":null,"caption":null,"metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ibIBSvq8lY.I/v1/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.jpg","width":2000,"height":1333,"focus-point":[727,518]}}}}}],"author-id":1670776,"first-published-at":1711588684557,"story-template":"syndicated","authors":[{"slug":"matt-day-2","social":{},"name":"Matt Day","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1670776,"avatar-s3-key":null,"twitter-handle":null},{"slug":"rachel-metz","social":{},"name":"Rachel Metz","contributor-role":{"id":260,"name":"Author"},"avatar-url":null,"bio":null,"id":1753008,"avatar-s3-key":null,"twitter-handle":null}],"metadata":{"imported-card-is-read-only":null,"story-attributes":{"syndicatedfrom":["Bloomberg-New"],"syndicated-categories":["technology"]},"original-url":"https://www.bloomberg.com/news/articles/2024-03-27/amazon-invests-additional-2-75-billion-in-ai-startup-anthropic","imported-card-id":"00bcb240-9665-4212-ab54-5442c1102a7f","card-share":{"shareable":true}}}},{"id":"3a73a09e-9977-4243-a0e3-f0dc72f374e7","score":null,"type":"story","item":{"headline":["CSIR-NIIST Develops New Technology For Biomedical Waste Disposal"]},"story":{"author-name":"PTI","headline":"CSIR-NIIST Develops New Technology For Biomedical Waste Disposal","slug":"technology/csir-niist-develops-new-technology-for-biomedical-waste-disposal","last-published-at":1711559804387,"alternative":{},"sections":[{"domain-slug":null,"slug":"technology","name":"Technology","section-url":"https://www.ndtvprofit.com/technology","id":1244,"parent-id":null,"display-name":"Technology","collection":{"slug":"technology","name":"Technology","id":15824},"data":null},{"domain-slug":null,"slug":"nation","name":"Nation","section-url":"https://www.ndtvprofit.com/nation","id":38089,"parent-id":null,"display-name":"Nation","collection":{"slug":"nation","name":"Nation","id":103215},"data":null},{"domain-slug":null,"slug":"pti","name":"PTI","section-url":"https://www.ndtvprofit.com/pti","id":4820,"parent-id":null,"display-name":"PTI","collection":{"slug":"pti","name":"PTI","id":10855},"data":null}],"hero-image-metadata":{"width":4032,"height":3024,"mime-type":"image/jpeg","file-size":1292635,"file-name":"gary-chan-YzSZN3qvHeo-unsplash.jpg"},"published-at":1711559804387,"summary":"CSIR-NIIST has developed a groundbreaking technology for the safe and sustainable management of biomedical waste.","id":"3a73a09e-9977-4243-a0e3-f0dc72f374e7","hero-image-s3-key":"bloombergquint/2024-03/88d28722-a431-4496-aa35-378dee879a55/gary_chan_YzSZN3qvHeo_unsplash.jpg","cards":[{"story-elements":[{"description":"","page-url":"/story/3a73a09e-9977-4243-a0e3-f0dc72f374e7/element/f2c7a210-c305-4c07-9a57-e18e695c8cd4","type":"text","family-id":"99c85a53-ebc4-4312-9493-aad842826af4","title":"","id":"f2c7a210-c305-4c07-9a57-e18e695c8cd4","metadata":{},"subtype":null,"text":"The CSIR-National Institute for Interdisciplinary Science and Technology on Wednesday said it has developed a groundbreaking technology, the first of its kind in the country, aimed at ensuring the safe, sustainable, and economical management of biomedical waste.
"},{"description":"","page-url":"/story/3a73a09e-9977-4243-a0e3-f0dc72f374e7/element/ffbdb263-130d-4763-ba49-5d4807960eb8","type":"text","family-id":"e1c9a33e-f4f7-4d11-a336-97ac5d34e2ec","title":"","id":"ffbdb263-130d-4763-ba49-5d4807960eb8","metadata":{},"subtype":null,"text":"The technology was showcased at the one-day Biomedical Waste Management Conclave held at CSIR-NIIST campus in the city on March 26, it said in a statement here.
"},{"description":"","page-url":"/story/3a73a09e-9977-4243-a0e3-f0dc72f374e7/element/cc9626ae-9e06-40e1-9df3-ee9855c5523e","type":"text","family-id":"b33f75fa-3948-450f-bf3c-4772c2df8d8a","title":"","id":"cc9626ae-9e06-40e1-9df3-ee9855c5523e","metadata":{},"subtype":null,"text":"Dr M Srinivas, Director, AIIMS New Delhi, inaugurated the meet, which was presided over by Dr N Kalaiselvi, Secretary, DSIR and Director General, CSIR, through videoconferencing.
"},{"description":"","page-url":"/story/3a73a09e-9977-4243-a0e3-f0dc72f374e7/element/f0ddde1b-daf0-49a8-a774-59a2d55d65f6","type":"text","family-id":"2a290f64-812b-4296-8b2d-afc43d161ddd","title":"","id":"f0ddde1b-daf0-49a8-a774-59a2d55d65f6","metadata":{},"subtype":null,"text":"Noting that innovative technologies are vital in the biomedical field, Dr Srinivas said AIIMS is always committed to collaborating with academic and research institutions, particularly CSIR.
"},{"description":"","page-url":"/story/3a73a09e-9977-4243-a0e3-f0dc72f374e7/element/7ebebee2-f96b-417d-866d-be6234af4cd0","type":"text","family-id":"1156eda6-e4df-496e-bacc-4bbc023b8552","title":"","id":"7ebebee2-f96b-417d-866d-be6234af4cd0","metadata":{},"subtype":null,"text":"He congratulated CSIR-NIIST Director Dr C Anandharamakrishnan and team on coming up with an alternative for pathogenic biomedical waste disposal.
"},{"description":"","page-url":"/story/3a73a09e-9977-4243-a0e3-f0dc72f374e7/element/51fce742-fd03-4686-af8f-8041535cf984","type":"text","family-id":"782b6e4a-f86a-4cbe-a6f8-442bf4c05a8d","title":"","id":"51fce742-fd03-4686-af8f-8041535cf984","metadata":{},"subtype":null,"text":"Kalaiselvi said the biomedical waste treatment technology of CSIR-NIIST will help effectively address one of the biggest challenges of modern times.
"},{"description":"","page-url":"/story/3a73a09e-9977-4243-a0e3-f0dc72f374e7/element/7c5e7e98-eeab-4fb4-aa7c-ec42bb68f514","type":"text","family-id":"6084d114-6150-4baf-aa28-d5252e025a30","title":"","id":"7c5e7e98-eeab-4fb4-aa7c-ec42bb68f514","metadata":{},"subtype":null,"text":"\"This technology will have a great impact on the global biomedical arena by addressing the limitations of conventional technologies, including energy intense incineration,\" she said.
"},{"description":"","page-url":"/story/3a73a09e-9977-4243-a0e3-f0dc72f374e7/element/e7af55e3-8897-4c67-9463-2b3dc981ebf0","type":"text","family-id":"2c83fc47-acb6-449c-b0cf-4eab5f92e900","title":"","id":"e7af55e3-8897-4c67-9463-2b3dc981ebf0","metadata":{},"subtype":null,"text":"Anandharamakrishnan said using the technology, one kilo medical waste can be converted into soil additives in three minutes and it can be used for agriculture purposes. This technology, which is safe and cost effective, will help hospitals dispose of medical waste at its origin very easily, he said.
"},{"description":"","page-url":"/story/3a73a09e-9977-4243-a0e3-f0dc72f374e7/element/9903d2cf-898c-4c58-a219-e7bce3679f56","type":"text","family-id":"9591f861-ea63-4ca7-a111-54301bc63fd2","title":"","id":"9903d2cf-898c-4c58-a219-e7bce3679f56","metadata":{},"subtype":null,"text":"However, the implementation of the technology in hospitals across the country requires the concurrence of the Central Pollution Control Board.
"},{"description":"","page-url":"/story/3a73a09e-9977-4243-a0e3-f0dc72f374e7/element/f94dc2a9-62f1-475b-9511-3cb91d4084e6","type":"text","family-id":"fbf537fe-c997-4211-837f-84f0bb1f0aa7","title":"","id":"f94dc2a9-62f1-475b-9511-3cb91d4084e6","metadata":{},"subtype":null,"text":"\"CSIR-NIIST is actively working on various waste management strategies, including biomedical waste. The technology that we developed for converting pathogenic biomedical waste into value added soil additives is a perfect example for the 'Waste to Wealth' concept,\" he added.
"},{"description":"","page-url":"/story/3a73a09e-9977-4243-a0e3-f0dc72f374e7/element/59bbb84e-3518-44f4-928c-bbbd912f8470","type":"text","family-id":"03cb1006-2540-4e19-a50d-f14aaa0e1005","title":"","id":"59bbb84e-3518-44f4-928c-bbbd912f8470","metadata":{},"subtype":null,"text":"After developing this technology, CSIR-NIIST transferred it to Angamaly-based firm Bio Vastum Solutions, the statement said.
"},{"description":"","page-url":"/story/3a73a09e-9977-4243-a0e3-f0dc72f374e7/element/ba223900-8823-423a-bd95-ed70aaaafc8d","type":"text","family-id":"03329b65-c480-45e8-a5b2-7317ea4746d8","title":"","id":"ba223900-8823-423a-bd95-ed70aaaafc8d","metadata":{},"subtype":null,"text":"The meet also discussed various aspects related to scientific biomedical waste management and its significance.
"},{"description":"","page-url":"/story/3a73a09e-9977-4243-a0e3-f0dc72f374e7/element/43fc05ce-c2a4-4008-a70f-c6fc0a65aca9","type":"text","family-id":"9641f689-1992-4955-aca5-a66d03cf0ecb","title":"","id":"43fc05ce-c2a4-4008-a70f-c6fc0a65aca9","metadata":{},"subtype":null,"text":"In the two panel discussions held at the conclave, experts stressed the need for new technologies that can replace conventional technologies for pathogenic biomedical waste management.
"},{"description":"","page-url":"/story/3a73a09e-9977-4243-a0e3-f0dc72f374e7/element/74d55021-fbfc-4d7f-bd9e-7df442e4c535","type":"text","family-id":"36b0ebd8-3841-4192-bbb5-ef0ac5b2b5aa","title":"","id":"74d55021-fbfc-4d7f-bd9e-7df442e4c535","metadata":{},"subtype":null,"text":"More than 250 delegates including policymakers, major medical colleges/hospitals, technocrats, NGOs, industries and academia attended.
"},{"description":"","page-url":"/story/3a73a09e-9977-4243-a0e3-f0dc72f374e7/element/75b80666-c0be-4494-bde2-c8ef1cc196f9","type":"text","family-id":"1e6e3f19-428f-4492-b1b7-2c29bd1d8fd0","title":"","id":"75b80666-c0be-4494-bde2-c8ef1cc196f9","metadata":{},"subtype":null,"text":"NIIST is a constituent laboratory of Council of Scientific and Industrial Research and National Institute for Interdisciplinary Science.
"}],"card-updated-at":1711559420180,"content-version-id":"56a64839-782f-4d7a-85d3-63905b51ddb6","card-added-at":1711558508899,"status":"draft","id":"81baeb2a-20af-49a9-9b4b-1c6101402d20","content-id":"81baeb2a-20af-49a9-9b4b-1c6101402d20","version":5,"metadata":{"social-share":{"shareable":true,"title":"CSIR-NIIST Develops New Technology For Biomedical Waste Disposal","message":"CSIR-NIIST has developed a groundbreaking technology for the safe and sustainable management of biomedical waste.","image":{"key":"bloombergquint/2024-03/88d28722-a431-4496-aa35-378dee879a55/gary_chan_YzSZN3qvHeo_unsplash.jpg","url":null,"attribution":null,"caption":"(Source: Gary Chan/ Unsplash)
(Bloomberg) -- Bill Gates-backed startup Electra says it can now make emissions-free iron without melting ore on commercial-sized prototypes. That’s a major milestone for a technology that’s only a few years old and promised a step-change in the race to produce steel without a massive carbon footprint.
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/0db6f2e8-40af-4022-b80e-636fde251696","type":"text","family-id":"20e81357-3fa9-4a7e-963b-d4e3dd41fec0","title":"","id":"0db6f2e8-40af-4022-b80e-636fde251696","metadata":null,"subtype":null,"text":"Steel is a crucial building material and accounts for 7% of global carbon-dioxide emissions each year—more than the impact of shipping and aviation combined. When Electra came out of stealth mode in 2022, the Colorado-based startup showcased a technology that pushed the boundaries of known electrochemistry. It soon found itself in a race to scale up and show it can produce green steel cheaply. “We have so much demand for this material,” said Sandeep Nijhawan, chief executive officer of Electra.
"},{"description":"","image-metadata":null,"page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/ad2516cc-30ab-4a1f-b8cc-95a86e4219d4","type":"image","family-id":"e236b303-639c-4bdf-ad88-c9bb94ea7747","image-attribution":"","title":"Sandeep NijhawanPhotographer: Chet Strange/Bloomberg","id":"ad2516cc-30ab-4a1f-b8cc-95a86e4219d4","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/66704ed0-d93a-44d6-b1ea-a51ecdade048/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iNHH6MW_zrcg/v1/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/bd12ad64-5e39-4c5f-b3cb-2053abbd6432","type":"text","family-id":"0f6ed496-c4fe-4c51-9219-3fc694a5a74f","title":"","id":"bd12ad64-5e39-4c5f-b3cb-2053abbd6432","metadata":null,"subtype":null,"text":"The driver of the momentum is automakers, electrical-appliance brands, and equipment manufacturers willing to pay a premium price for emissions-free steel in a bid to meet their climate commitments. “Without customer demand, it's hard to get investors,” said Claire Curry, manager of BloombergNEF’s technology, industry & innovation research. “Big brand names are willing to pay up to 50% price premium for low-carbon steel.”
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/749519fc-61f1-48b1-ab1f-3eb03ac7a4be","type":"text","family-id":"a9b29b42-b675-4c45-9a47-09c784cb9dec","title":"","id":"749519fc-61f1-48b1-ab1f-3eb03ac7a4be","metadata":null,"subtype":null,"text":"It’s why many of the startups have secured blockbuster investments. Last year Sweden-based startup H2 Green Steel raised $1.6 billion in equity, one of the biggest funding rounds for startups in 2023. Electra plans to supply its green iron to steelmakers to turn it into green steel, while H2 Green Steel is planning a large-scale plant that will will be up and running by 2026.
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/7cd0d169-6d93-4049-ba6a-c04690ca9ebf","type":"text","family-id":"f7e70b1c-fbbb-4f32-b529-6a93f015f32d","title":"","id":"7cd0d169-6d93-4049-ba6a-c04690ca9ebf","metadata":null,"subtype":null,"text":"Steel production is a two-step process. The first one involves taking iron ore, which contains compounds of iron and oxygen, and treating it with something—typically coal—that can remove the oxygen, leaving behind iron. More than 90% of carbon-dioxide emissions of steelmaking come from this first step. Then that iron is mixed with small amounts of other metals and even some carbon to make different types of steel, such as carbon steel or stainless steel.
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/09afced4-b030-4b54-a554-93f69d66f5d2","type":"text","family-id":"6521560e-eff3-4b6a-a194-87d463bd990b","title":"","id":"09afced4-b030-4b54-a554-93f69d66f5d2","metadata":null,"subtype":null,"text":"There are three main ways to make emissions-free steel. Capture emissions from conventional steelmaking and bury it deep underground, which has been deployed at a plant in the United Arab Emirates. Replace coal with a carbon-free fuel, such as renewables-powered hydrogen, which is what H2 Green Steel does. And, finally, use carbon-free electricity to go from iron ore to iron, which is what Electra does, and then convert that into steel in existing electric-arc furnaces.
"},{"description":"","image-metadata":null,"page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/d2a836f4-39dd-4285-82ff-ea0e5672be2a","type":"image","family-id":"98c57220-c95d-44e8-a5ec-f6d769fe4e24","image-attribution":"","title":"An employee checks tanks of acid, which is part of a key step in Electra’s process of the dissolution of iron ore.Photographer: Chet Strange/Bloomberg","id":"d2a836f4-39dd-4285-82ff-ea0e5672be2a","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/6e58e499-0cb4-4a8b-8144-5e03a070c0e0/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/id.SVA49cJb4/v1/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/bd11e2d3-1c42-4add-ab30-09bbb4facefb","type":"text","family-id":"d6ffedf5-1cc7-4172-8b09-d0b388467f03","title":"","id":"bd11e2d3-1c42-4add-ab30-09bbb4facefb","metadata":null,"subtype":null,"text":"Carbon capture has failed to take off, with no further construction happening at large steel plants. H2 Green Steel expects to complete its 2.5-million ton plant in 2026, but its process is only price competitive with high-grade iron ore and thus limits its applicability to replacing all steel production. And, so far, none of the startups wanting to use only electricity for steel production have reached the commercial stage.
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/606ec364-0383-423a-aa96-2c592554ef3f","type":"text","family-id":"4fb814e4-98a9-42cc-a7d7-7284266e2b87","title":"","id":"606ec364-0383-423a-aa96-2c592554ef3f","metadata":null,"subtype":null,"text":"It’s one reason why Nijhawan and his team are in a rush. “We went from a PowerPoint vision to a pilot in three and a half years,” said Nijhawan. “That's insane speed.” His goal is to have a 50,000-ton plant built by 2027 and the same site will be expanded to million-ton scale by 2029.
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/c15431f3-e75e-4827-978c-2f85044ee81d","type":"text","family-id":"10f6e26b-ff10-422c-9f57-ecf94478da9a","title":"","id":"c15431f3-e75e-4827-978c-2f85044ee81d","metadata":null,"subtype":null,"text":"Electra’s process involves taking iron ore and heating it up to 400C (752F) with hydrogen. Then dissolving the ore in acid, which also separates out any sand. Running electricity through the iron ore-acid mixture at temperatures of about 60C—cooler than coffee—which is enough to separate oxygen from iron oxide and leave behind silvery-gray plates of emissions-free iron. The whole process takes between three and five days, according to Quoc Pham, chief technology officer of Electra.
"},{"description":"","image-metadata":null,"page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/f1fccaff-6c94-4912-819b-6e39f43c8a9d","type":"image","family-id":"5ae1a26c-26a3-420c-91ab-0d21a5bcdd9b","image-attribution":"","title":"Quoc Pham Photographer: Chet Strange/Bloomberg","id":"f1fccaff-6c94-4912-819b-6e39f43c8a9d","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/4504f9c6-f38f-40b6-b27c-be79ef1daeee/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/io_9XmUE94aA/v1/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/b6bb77cd-a024-4250-8610-82f4c616a455","type":"text","family-id":"9291e32b-bf41-4765-ac5e-f0c676661044","title":"","id":"b6bb77cd-a024-4250-8610-82f4c616a455","metadata":null,"subtype":null,"text":"Electra’s other competitors include US-based Boston Metal. Like Electra, it relies on electricity to make green iron, and has raised $262 million. Founded in 2012, it still hasn’t built a commercial scale plant.
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/61a3d4ce-16fd-4ebf-86e8-de45bd7202c5","type":"text","family-id":"daa3c076-8724-4aec-bce7-1c95a91011c9","title":"","id":"61a3d4ce-16fd-4ebf-86e8-de45bd7202c5","metadata":null,"subtype":null,"text":"And since Electra came out of stealth mode in 2022, another promising startup has emerged: Australia-based Element Zero says it can convert iron ore to iron using only electricity at less than 400C. So far it’s only shown to work at small scale and doesn’t expect to have a commercial scale plant until 2030.
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/f4177708-e61f-4ffa-b1d5-3fde12a62b7e","type":"text","family-id":"8ab9d7c5-29e1-4f59-bc4d-af3cd4e38d04","title":"","id":"f4177708-e61f-4ffa-b1d5-3fde12a62b7e","metadata":null,"subtype":null,"text":"The advantage that Electra and Element Zero have with their lower temperature process is that it allows them to start and stop the conversion of iron ore to iron without hassle. That’s important, if the goal is to use solar and wind power when it’s available. Boston Metal can’t do that without molten metal solidifying and destroying their reactor.
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/fb41e236-a117-41a4-8f25-c201f71ae206","type":"text","family-id":"c5f232e6-2cd3-4707-9c95-6b1f7f114140","title":"","id":"fb41e236-a117-41a4-8f25-c201f71ae206","metadata":null,"subtype":null,"text":"All three startups aim to supply the carbon-free iron to a steelmaker that uses a mixture of scrap steel and virgin iron in an electric-arc furnace to make steel. And if that process is powered by renewables, the entire cycle from iron ore to steel can be emissions-free.
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/4e13dca8-88ab-4a0b-bb3e-3e5efa57fdb8","type":"text","family-id":"ae535ce5-f5de-46a4-8f66-c286157cb706","title":"","id":"4e13dca8-88ab-4a0b-bb3e-3e5efa57fdb8","metadata":null,"subtype":null,"text":"“I expect more startups in this space,” said Venkat Viswanathan, associate professor of mechanical engineering at the University of Michigan. “The electrification of industrial processes is speeding up.”
"},{"description":"","image-metadata":null,"page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/eaf94c26-2999-4595-a3d1-13aaa3ee60e7","type":"image","family-id":"75595153-dbb7-4f50-a421-7a339a27e98c","image-attribution":"","title":"Iron ore and refined alumina on Electra’s finished product.Photographer: Chet Strange/Bloomberg","id":"eaf94c26-2999-4595-a3d1-13aaa3ee60e7","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/1ecf076a-938e-4dbd-95d0-19bcd3e67654/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iwlPE2NHDGOY/v1/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/362b520b-2826-4e79-ba5f-f0a7941a7815","type":"text","family-id":"d6e0ea7e-76c8-49f4-b27f-64f1efcad456","title":"","id":"362b520b-2826-4e79-ba5f-f0a7941a7815","metadata":null,"subtype":null,"text":"In 2022, Electra’s 20 or so workers were able to make iron plates the size of office paper that weighed few kilograms. The company shared its space with a bakery. Now, Electra has taken over the bakery, has about 100 people working and produces carbon-free iron plates of more than 100 kilograms.
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/a00dcc9a-3663-4a7f-9661-dc8892c79968","type":"text","family-id":"1210c69c-20de-40cb-a8f4-ef9a3bb95c68","title":"","id":"a00dcc9a-3663-4a7f-9661-dc8892c79968","metadata":null,"subtype":null,"text":"“We miss the smell,” said Pham, Electra’s CTO. He said that a million-ton iron plant will contain hundreds or thousands of the kinds of plates that Pham’s team has shown to work in the pilot-scale plant today.
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/ab1b30f1-106c-4be0-94e1-2db61937aa26","type":"text","family-id":"6a604ffb-8f58-4bae-9b0a-18e576939911","title":"","id":"ab1b30f1-106c-4be0-94e1-2db61937aa26","metadata":null,"subtype":null,"text":"Crucially, both Nijhawan and Pham say that the one thing that gives electricity-driven iron production an advantage is that it can use any type of iron ore. There are billions of tons of such raw material sitting in dumps around the world, making it very cheap to acquire. The company says that it can even separate out useful raw material, such as alumina which is used to make aluminum, from low-grade ores and create an additional source of revenue.
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/e589cf35-afa0-4d0a-b9b7-15d8b68cd5e6","type":"text","family-id":"e7be143d-cabe-4a13-b714-e973ceada9b2","title":"","id":"e589cf35-afa0-4d0a-b9b7-15d8b68cd5e6","metadata":null,"subtype":null,"text":"Currently, Electra consumes about the same amount of energy as a conventional iron-making process does. Over the past 18 months, Pham and his team has also worked hard to reduce energy consumption. Electricity is more expensive than burning coal, and so lowering energy use is key to being price competitive. “Ideally electrochemical iron-making processes should use a lot less energy than conventional methods,” said Viswanathan.
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/26d3a132-ef8f-4f16-8cd2-2aec11aa512a","type":"text","family-id":"39c9e79e-3ef8-4988-8018-7a92eafc5c02","title":"","id":"26d3a132-ef8f-4f16-8cd2-2aec11aa512a","metadata":null,"subtype":null,"text":"There are a lot of challenges ahead. “Even if you’ve solved the technology problems, there is a whole lot of logistical challenges that you still have to conquer,” said Julia Attwood, BNEF’s analyst covering industrial decarbonization.
"},{"description":"","image-metadata":null,"page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/03e71355-b819-4c68-95a0-1aef1e16e681","type":"image","family-id":"92453c0a-d38c-4c9c-b719-ce24c630ce67","image-attribution":"","title":"Employees guide an electrode coated with 99% pure iron out of the electrochemical cell at an Electra facility. Photographer: Chet Strange/Bloomberg","id":"03e71355-b819-4c68-95a0-1aef1e16e681","alt-text":null,"hyperlink":null,"image-s3-key":"bloombergquint/2024-03/06e92d3e-3f88-471e-8bc5-af14f9a4fd7b/_1x_1.jpg","metadata":{"original-url":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i0r9xBD4zFUY/v1/-1x-1.jpg"},"subtype":null},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/5d78659f-4dee-49f4-8771-ac595a985052","type":"text","family-id":"30682de5-aff0-491e-a01f-3c7695e2f951","title":"","id":"5d78659f-4dee-49f4-8771-ac595a985052","metadata":null,"subtype":null,"text":"Companies relying on either hydrogen or only electricity will need to secure huge amounts of green power which can be tough, with governments around the world struggling to build enough solar and wind energy. And while hydrogen can be retrofit into existing steel plants, the companies relying on electricity-powered iron prodution will have to build new plants from scratch. “It’s a bigger economic hill to climb,” says Attwood.
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/d8cab7db-1746-4d05-96ec-45aaaad75ec4","type":"text","family-id":"0b5947ea-ac04-4664-95e8-594c86c41b46","title":"","id":"d8cab7db-1746-4d05-96ec-45aaaad75ec4","metadata":null,"subtype":null,"text":"Electra is now focused on finding a site to build its first commercial-scale plant. It has shortlisted a few locations already, but Nijhawan won’t reveal details—not even the countries he’s eyeing. The startup has forged partnerships with some of the world’s largest iron-ore producers (including BHP), steelmakers (including Nucor), and equipment manufacturers. Electra has raised $85 million so far from investors including Bill Gates-backed Breakthrough Energy Ventures, Capricorn Investments, Singapore’s Temasek and Amazon’s Climate Pledge Fund. (Michael Bloomberg, the founder and majority owner of Bloomberg News parent Bloomberg LP, is an investor in Breakthrough Energy Ventures.)
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/264cdd98-35dd-4ea4-ba53-a8dfcb2522aa","type":"text","family-id":"190c6de6-9178-4ad7-8cbe-96c452d30a7d","title":"","id":"264cdd98-35dd-4ea4-ba53-a8dfcb2522aa","metadata":null,"subtype":null,"text":"The next round of funding worth $150 million will enable it to acquire land for the commercial plant and fund the engineering design. After that, Nijhawan estimates that a million-ton plant would cost about $1.6 billion, which means that he will have to raise a lot more money.
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/06aeabd7-3708-4dff-8a18-6046bc73923d","type":"text","family-id":"5ccdac14-bc36-4c54-b63f-cd7b616c1432","title":"","id":"06aeabd7-3708-4dff-8a18-6046bc73923d","metadata":null,"subtype":null,"text":"H2 Green Steel was able to raise billions of dollars because it lined up an order book of about 1.2 million tons of emissions-free steel at a higher cost than conventional steel. Nijhawan isn’t worried by the competition. He aims to emulate the Swedish startup and is working to secure orders from automakers and electrical-appliance makers.
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/c0392367-5227-4f4a-b078-a241709d7911","type":"text","family-id":"bd66cc78-30aa-4efc-8724-c0b957dfd13b","title":"","id":"c0392367-5227-4f4a-b078-a241709d7911","metadata":null,"subtype":null,"text":"“The opportunity and the size of the problem is so big that there are going to be multiple paths to solve it,” said Nijhawan. “I’m not being pressed by a competitive threat. Rather I’m being pulled by demand.”
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/54c3777d-5972-4ceb-975f-79ab2cf58b2d","type":"text","family-id":"0e445cc2-a560-42ad-99ee-1bbb489249d5","title":"","id":"54c3777d-5972-4ceb-975f-79ab2cf58b2d","metadata":null,"subtype":null,"text":"More stories like this are available on bloomberg.com
"},{"description":"","page-url":"/story/eda43466-d28a-4d1f-9820-e83c67a52caf/element/aa5c3a97-ae0c-4b28-9e20-e193543abadd","type":"text","family-id":"0cf84ff8-b6aa-4dd2-a249-7329b94cec24","title":"","id":"aa5c3a97-ae0c-4b28-9e20-e193543abadd","metadata":null,"subtype":null,"text":"©2024 Bloomberg L.P.
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