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The Prime Minister’s Internship Scheme, announced in the Union Budget 2024-25, is set to offer a tremendous opportunity for young Indians to gain hands-on experience in leading companies across diverse sectors.<br /><br />As of October 12, the portal for this ambitious initiative is open for registrations, with over 90,000 internship positions posted by top companies like <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword>, <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="261" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS), ONGC, Maruti Suzuki, and more. Here’s everything you need to know about how to apply, the companies participating, and answers to frequently asked questions.<br /><h2>Step-by-Step Guide to Applying for the <keyword id="23273918" type="General" weightage="100" keywordseo="PM-Internship-Scheme" source="keywords">PM Internship Scheme</keyword></h2><ol><li>Visit the Official Portal: The PM Internship Scheme’s application process takes place on the official website,<a href="http://pminternship.mca.gov.in"> pminternship.mca.gov.in</a>.</li><li>Register and Set Up Your Profile: After opening the portal, you’ll need to register and fill out basic information, including educational qualifications, age, and internship preferences.</li><li>Explore Internship Listings: With over 90,000 internships available from 193 companies, you can browse listings in sectors like Oil &amp; Gas, Travel &amp; Hospitality, Automotive, Banking, and more. Each listing will provide details on job roles, skills required, and specific fields like Operations Management, Production, Maintenance, and Sales.</li><li>Apply for Your Chosen Roles: You can apply for up to five internships based on your interests, qualifications, and preferred location. The portal allows for an easy application submission and lets you track your applications.</li><li>Confirmation and Next Steps: Once you apply, download the confirmation page for reference. Internships are set to begin on December 2, 2024, so selected candidates will receive further instructions as the start date approaches.</li></ol><h2>Major Companies Participating in the PM Internship Scheme</h2>Here are some of the top companies that have already posted internships on the portal, with more joining every day:<br /><br /><ul><li>Reliance Industries Ltd.</li><li>HDFC Bank</li><li>Tata Consultancy Services (TCS)</li><li>Oil and Natural Gas Corporation (ONGC)</li><li>State Bank of India (SBI)</li><li>Maruti Suzuki India Ltd.</li><li>Jubilant FoodWorks</li><li>Larsen &amp; Toubro Ltd.</li><li>Eicher Motors Ltd.</li><li>Muthoot Finance</li></ul>These companies are providing internships across over 20 fields, covering a wide range of skills and sectors. The biggest opportunities are currently in the Oil &amp; Gas sector, followed by industries like Travel, Automotive, and Financial Services.<br />    <div type="Article" hostid="261" msid="113986236" title="Why so many entry-level jobs aren&amp;#39;t entry-level" mstype="2" mssubtype="0"></div><h2>Key Features of the Internship Scheme</h2>Under the scheme, interns will receive a stipend of Rs 5,000 per month, plus a one-time grant of Rs 6,000 to support miscellaneous expenses. These internships are available across 737 districts in all 37 states and Union Territories, making this a truly inclusive national program.<br /><br />Interns can indulge in many diverse internship roles. From operations to maintenance, sales, marketing, and production, these internships offer a variety of hands-on experiences that match real-world corporate needs.<br /><h2>FAQs about the PM Internship Scheme</h2><h5>Who is eligible?</h5>The scheme is open to Indian citizens aged 21 to 24 who are not employed full-time or enrolled in full-time study programs. Candidates in online or distance learning programs are eligible.<br /><h5>What sectors offer the most internships?</h5>The largest number of internships are in the Oil &amp; Gas, Travel &amp; Hospitality, Automotive, and Banking &amp; Financial Services sectors, with positions also available in fields like Manufacturing, IT, and Retail.<br /><h5>When do the internships start?</h5>Internships for this year will begin on December 2, 2024. The scheme aims to facilitate 1.25 lakh internships this financial year and eventually reach one crore internships over the next five years.<br /><h5>What are the application deadlines?</h5>The portal is open from October 12 for candidates to start applying, with companies continuing to post positions as the scheme rolls out. It’s recommended to apply early, as some positions may fill up quickly.<br />    <div type="Article" hostid="261" msid="114029056" title="Read 5 résumés that helped techies land $300,000-plus jobs at Google, Meta, Amazon, and Salesforce" mstype="2" mssubtype="0"></div><br />

PM Internship Scheme finally launched — here’s how you can apply to work with Reliance, TCS, SBI and more!

<p>Welcome to <keyword id="933977" type="ORGANIZATION" weightage="60" keywordseo="power-line">Power Line</keyword>, a weekly <keyword id="6357014" type="ORGANIZATION" weightage="60" keywordseo="energy">energy</keyword> newsletter brought to you by Business Insider.</p><p>Here's what you need to know:</p><ul><li>Want to get this newsletter in your inbox every Friday? <a href="http://newsletter.businessinsider.com/join/4np/power-line">Sign up here</a>. </li><li>Most of our content is available to BI Prime subscribers. <a href="https://www.businessinsider.com/subscription/prime-discount?r=birefer-bjoneshttps://www.businessinsider.com/subscription/prime-discount?r=birefer-bjones">Click here for 20% off</a>. </li><li>Got feedback or tips? Please email us at <a href="mailto:energy@businessinsider.com">energy@businessinsider.com</a>. </li></ul><p>We're almost in July, which means I've started planning my 30th birthday. I've thrown out dreams of a densely packed NYC dance floor and replaced them with a day trip to find otters in the rivers of Eastern Iowa. Those are the same, right? </p><p>We skipped last week because Insider Inc. was closed <a href="https://www.pbs.org/wnet/african-americans-many-rivers-to-cross/history/what-is-juneteenth/">in honor of Juneteenth</a>. Next week, we have an exciting feature coming out — the rising stars of <keyword id="154273" type="ORGANIZATION" weightage="60" keywordseo="clean-energy">clean energy</keyword>. Stay tuned. </p><p>Now, let's get to it. </p><h2><strong>Investors are throwing money at clean energy as spending in <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">oil</keyword> and gas wanes </strong></h2><p>On Tuesday, <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword> announced a new <a href="https://press.aboutamazon.com/news-releases/news-release-details/amazon-announces-2-billion-climate-pledge-fund-invest-companies">$2 billion</a> VC fund dedicated to technologies that reduce the impact of climate change, such as energy storage and electric transportation. </p><ul><li>"Companies from around the world of all sizes and stages will be considered, from pre-product startups to well-established enterprises," Jeff Bezos, Amazon's founder and CEO, said in a public statement.  </li><li>The Seattle-based behemoth — which is worth more than $1.3 trillion in today's market value — didn't specify over what time frame the "initial" $2 billion would be dished out. </li><li>The announcement follows <a href="https://www.washingtonpost.com/technology/2020/01/26/amazon-employees-plan-mass-defiance-company-communications-policy-support-colleagues/">criticism</a> of the firm's environmental record. </li></ul><p><em><a href="https://www.businessinsider.com/list-of-clean-energy-startups-bill-gates-is-backing-2020-4"><strong>Read more: Batteries, fusion, and hydropower: Meet the 24 clean-energy startups that Bill Gates is backing</strong></a></em></p><p><strong>A broader trend: </strong>Amazon's new fund widens a growing stream of money emptying into the clean-energy industry. </p><ul><li>In February, Jeff Bezos, himself, said he would spend <a href="https://www.nytimes.com/2020/02/17/technology/jeff-bezos-climate-change-earth-fund.html">$10 billion</a> to address climate change through an initiative called the Bezos Earth Fund. </li><li>In January, Microsoft committed $1 billion to <a href="https://www.businessinsider.com/meet-the-5-buzziest-startups-turning-carbon-emissions-into-profit-2020-1">carbon capture and removal technologies.</a></li><li>The investment firm Generate Capital raised <a href="https://www.wsj.com/articles/generate-capital-raises-1-billion-for-clean-energy-investments-11580824808">$1 billion</a> for clean energy. </li><li>Sequoia Capital hinted it's now investing in climate tech.</li><li>A nonprofit called Prime Coalition recently closed a new <a href="https://www.greentechmedia.com/articles/read/50-million-prime-impact-fund-launches-to-invest-in-early-stage-cleantech">$50 million fund</a> that will channel investment into early-stage clean-energy startups</li><li> … to name a few!</li></ul><p><strong style="color: #222222;">Oil and gas faces a different reality: </strong>New clean-energy investment heavily contrasts what's happening in the oil and gas industry.</p><ul><li>Global spending on oil exploration and production is poised to fall to $383 billion this year, the lowest level in 15 years, according to a new analysis by Rystad Energy. </li><li>About 125 exploration and production companies have indicated that they're cutting spending, Rystad said. </li><li>The research firm said spending would stay pretty much flat next year. </li><li>Shale is among the oil classes that will be hit the hardest, Rystad says.  </li></ul><p><strong>Flashback: </strong>As we <a href="https://www.businessinsider.com/outlook-for-private-equity-energy-investments-oil-price-collapse-2020-4">previously reported</a>, private equity investors, who fueled the US shale revolution with $125 billion, are facing a reckoning. </p><ul><li>Small- and medium-sized PE firms focused on oil and gas will struggle to raise new funds in the future, experts told us.</li><li><a href="https://www.businessinsider.com/us-shale-oil-industry-vaporized-money-before-energy-markets-collapsed-2020-5">Roughly 80%</a> of the 500 or so PE-backed shale firms in North America will struggle to find buyers, <a href="https://www.businessinsider.com/us-shale-oil-industry-vaporized-money-before-energy-markets-collapsed-2020-5">one investor said</a>. Exits are traditionally how PE firms recoup their investment. </li></ul><p><div type="image" title="FILE PHOTO - The exterior of a Schlumberger Corporation building is pictured in West Houston January 16, 2015. REUTERS/Richard Carson  " height="2351" width="3135" msid="76649830" hostid="261"></div></p><h2><a href="https://www.businessinsider.com/leaked-documents-schlumberger-rescinds-job-offers-internships-2020-6"><strong>'We have taken the difficult decision to rescind your job offer': Cheap oil evaporates new Schlumberger jobs </strong></a></h2><p><strong>Price check: </strong>US crude oil opened this morning just under $40 a barrel. That's double where it was at the start of May, but it's still down more than 35% since the start of the year. </p><p>Oilfield services (OFS) companies — which provide drilling tech and services — are among the companies most exposed to low oil prices.  </p><ul><li>There are just 189 active drill rigs across the US, down 72% since March, <a href="https://www.bloomberg.com/news/articles/2020-06-24/shale-oil-recovery-is-seen-taking-years-after-decade-of-excess">Bloomberg reported</a>. </li><li>Almost 2 million barrels of oil per day have been taken out of production in that same period. The US was producing a record 13 million barrels per day in February. </li></ul><p><strong>Schlumberger reacts: </strong>Schlumberger is the largest OFS company in the world, with a market value of more than $24 billion, but that doesn't mean it's immune to cheap oil. Since the pandemic took root, the firm <a href="https://www.businessinsider.com/leaked-documents-schlumberger-rescinds-job-offers-internships-2020-6">has laid off workers, cut pay, and rescinded job and internship offers</a>. </p><ul><li>Scores of fresh college graduates had their job offers rescinded including international students who are now racing to find new positions that will allow them to stay in the country.</li><li>"Schlumberger's activity and outlook has been negatively impacted by two unforeseen events: decline in <keyword id="51471" type="PERSON" weightage="60" keywordseo="Oil-price">oil price</keyword> and the impact of COVID-19," the company wrote in a letter to a student whose offer was revoked. "Unfortunately, we have taken the difficult decision to rescind your job offer."</li><li>Schlumberger has laid off about 2,000 people this year, <a href="https://www.houstonchronicle.com/business/energy/article/Schlumberger-restructuring-plan-comes-with-1-4-15344107.php">according to the Houston Chronicle</a>.</li><li>In April, the firm also implemented two furlough programs for its North American staff and cut pay for some workers, <a href="https://www.businessinsider.com/schlumberger-furloughed-staff-cut-wages-oil-price-2020-5">according to letters</a> we obtained.</li></ul><p><strong>In other news: </strong>"A woman who worked as [a] field engineer at Schlumberger has sued the oil-field services company for $100 million, alleging pervasive sexual harassment and a workplace culture that accepted it," the <a href="https://www.houstonchronicle.com/business/energy/article/Schlumberger-sued-for-100M-in-sex-discrimination-15361525.php">Houston Chronicle reports</a>. </p><p><em>Has your career in the energy industry been impacted by the oil price downturn? Please reach out to me at <a href="mailto:bjones@businessinsider.com">bjones@businessinsider.com</a></em><em>. </em></p><h2><a href="https://www.businessinsider.com/goldman-sachs-list-energy-stocks-to-buy-oil-markets-recover-2020-6"><strong>Goldman Sachs: 22 energy stocks worth buying as oil trends up</strong></a></h2><p>Analysts at Goldman Sachs say oil <keyword id="31671" type="CITY" weightage="60" keywordseo="markets">markets</keyword>, while still down, are entering the next leg of the recovery. That bodes well for a handful of stocks in each segment of the energy industry.</p><ul><li>The bank favors utilities and expects the sector, as a whole, to perform well over the next year. </li><li>On the flip side, the analysts are more hesitant to invest in companies that refine crude oil into products like fuel. </li><li>The bank says that fuel demand is expected to recover, but it adds that "absolute gasoline demand in the US peaked in 2018." </li></ul><p><a href="https://www.businessinsider.com/goldman-sachs-list-energy-stocks-to-buy-oil-markets-recover-2020-6"><strong>You can see all 22 of the bank's top picks here, across refiners, oil majors, utilities, midstream, and exploration and production. </strong></a></p><h2><strong>This week's top stories</strong></h2><ul><li><strong>Oil majors: </strong>The London-based oil giant BP said it's "writing down as much as $17.5 billion of its assets and might leave some of its oil and gas in the ground because of lower energy prices and weakened demand," the <a href="https://www.wsj.com/articles/bp-takes-17-5-billion-write-down-expects-oil-price-to-stay-low-11592211169">Wall Street Journal reports</a>. </li><li><strong>Racial disparities: </strong>"Black renters and homeowners face substantially higher residential energy costs than white residents, and these persistent differences are present almost throughout the income scale," <a href="https://www.axios.com/energy-environment/2020/6/24">Axios reports</a>. </li><li><strong>Solar: </strong>Sunrun, the nation's leading rooftop solar installer, is working with utilities to aggregate power from batteries across its customer base in an effort to create virtual power plants, <a href="https://www.greentechmedia.com/articles/read/sunrun-will-turn-home-batteries-into-grid-resources-for-two-major-utilities">Greentech Media reports</a>. </li><li><strong>Wind: </strong>The CEO of Ørsted, one of the world's largest wind energy companies based in Denmark, is stepping down after eight years leading the company, <a href="https://www.reuters.com/article/us-orsted-moves/ceo-of-wind-farm-group-orsted-to-step-down-idUSKBN23M2EH">Reuters reports</a>. </li></ul><p>That's it! Have a great weekend. </p><p>- Benji</p><p>Ps. Here's a lil robin family on my porch that does not give a damn about anti-bird spikes. </p><p><div type="image" title="Robin nest Benji Jones" height="2268" width="3024" msid="76649834" hostid="261"></div></p>

Power Line: $2 billion for clean energy — Schlumberger job offers disappear — 22 top energy stocks

Chevron CEO John Watson on oil prices, what makes America No. 1 in energy, and why he wants to keep his company in California 

<p><a href="https://www.businessinsider.com/top-wall-street-executives-and-rising-stars-investing-trading-dealmaking-2023"></a></p><ul class="summary-list"><li><em>This post originally appeared in the Insider Today newsletter.</em></li></ul><p><strong>Halfway there! </strong>After spending three days in an upturned boat at the bottom of the ocean, you'd think Harrison Okene would steer clear of the water. Instead, <a href="https://www.insider.com/man-who-capsized-boat-spent-3-days-air-bubble-diver-2023-9" target="_blank" rel="noopener">he became a diver making underwater repairs</a> on oil and gas facilities.</p><p>In today's big story, we're unveiling our annual list of the <a href="https://www.businessinsider.com/top-wall-street-executives-and-rising-stars-investing-trading-dealmaking-2023" target="_blank" rel="noopener">rising stars of Wall Street</a>.</p><p><strong>What's on deck: </strong></p><ul><li><strong>Markets:</strong> These stocks are <a href="https://markets.businessinsider.com/news/stocks/investing-stocks-to-buy-interest-rates-bond-yields-goldman-sachs-2023-9" target="_blank" rel="noopener">positioned to perform</a> even as rates stay high.</li><li><strong>Tech: </strong>An Amazon exec told employees the <a href="https://www.businessinsider.com/amazon-svp-full-return-to-office-could-take-3-years-2023-9" target="_blank" rel="noopener">tech giant's RTO plans</a> could take up to three years.</li><li><strong>Business:</strong> Trump's "<a href="https://www.businessinsider.com/trump-fraud-ruling-corporate-death-penalty-for-his-empire-experts-2023-9" target="_blank" rel="noopener">corporate death penalty</a>" explained.</li></ul><p>But first, keep an eye on these folks.</p><p><strong><em>If this was forwarded to you, </em></strong><a href="https://www.businessinsider.com/subscription/newsletter/insider-today"><strong><em>sign up here.</em></strong></a></p><h2><strong>The big story</strong></h2><h3>New kids on the block</h3><p><a href="https://www.businessinsider.com/top-wall-street-executives-and-rising-stars-investing-trading-dealmaking-2023"></a></p><div type="image" title="portraits of Insider's 2023 rising stars of Wall Street" height="600" width="1200" msid="103996567" hostid="261" sizebytes="76232"></div><p><strong>Get to know these names.</strong></p><p>Insider is again highlighting some of the brightest young minds in finance with our <a href="https://www.businessinsider.com/top-wall-street-executives-and-rising-stars-investing-trading-dealmaking-2023">annual list of Wall Street's rising stars</a>.</p><p>Since 2017, Insider has identified top investors, dealmakers, and traders who are 35 and under. Recommendations come from across the industry, with editors making the final call on who makes the cut. <strong> </strong></p><p>Our list of rising stars is a helpful exercise for identifying the industry's top young talent and getting a sense of the biggest trends.</p><p>We've even kept tabs on where some of our stars ended up. Last year, we caught up with <a href="https://www.businessinsider.com/wall-street-rising-stars-2017-where-are-they-now-2022" target="_blank" rel="noopener">13 members of the inaugural class</a>. (Here's a rundown of all our previous classes: <a href="https://www.businessinsider.com/business-insider-rising-stars-under-35-asset-management-2017-10">2017</a>, <a href="https://www.businessinsider.com/wall-street-rising-stars-investing-trading-dealmaking-2018-10">2018</a>, <a href="https://www.businessinsider.com/wall-street-rising-stars-investing-trading-dealmaking-2019-10">2019</a>, <a href="https://www.businessinsider.com/rising-stars-wall-street-investing-trading-dealmaking-2020-9">2020</a>, <a href="https://www.businessinsider.com/wall-street-rising-stars-investing-trading-dealmaking-2021">2021</a>, and <a href="https://www.businessinsider.com/rising-stars-wall-street-investing-trading-dealmaking-2022">2022</a>.)</p><p><strong>I spoke to senior finance editor Michelle Abrego, who oversees the list, about what stood out in this year's class. </strong></p><p>The strong representation of debt-focused roles was high on her list. That speaks to the rise of <a href="https://www.businessinsider.com/private-debt-credit-market-risks-outlook-2023-2022-11">private credit</a>, which is now considered one of the <a href="https://www.businessinsider.com/wall-street-private-credit-careers-asset-management-2023-9">hottest career moves</a> on the Street. </p><p>Take Luna McKeon, 35, who leads Blue Owl Capital's healthcare underwriting team, which has deployed $10 billion in capital over the past four years. </p><p>Some of the achievements of this year's class are downright eye-popping. </p><p>Apollo's Michael Dunn Goekjian, who is only 28, has already worked on transactions totaling more than $50 billion in deal value since joining the firm in 2018. Meanwhile, Anne-Victoire Auriault was one of the youngest women to make partner at Goldman Sachs at just 32 years old in 2020.</p><p>Others stand out for their unique career paths. When Jack Dillon didn't nab his dream investment-banking internship, he found a cool backup plan: Working with fashion designer Thom Browne. Dillon, now 35, leveraged that experience into a successful career at Vista Equity Partners. </p><p>And sometimes it's just a willingness to raise your hand, which Patrick McGoldrick did when the New England Patriots needed a substitute for their Pat Patriot mascot. McGoldrick, 32, is now a managing partner at J.P. Morgan Asset Management.</p><h2><strong>3 things in markets</strong></h2><p><strong>Before the opening bell: </strong>US stock futures <a href="https://markets.businessinsider.com/premarket">traded higher Wednesday</a> after <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-dow-worst-loss-march-economic-data-2023-9" target="_blank" rel="noopener">stocks suffered</a> their worst loss since March.</p><p><a href="https://www.businessinsider.com/government-shutdown-limits-economic-data-release-federal-reserve-interest-rates-2023-9"></a></p><div type="image" title="US Federal Reserve Chair Jerome Powell attends a press conference in Washington, DC, on March 22, 2023." height="960" width="1280" msid="103996568" hostid="261" sizebytes="85162"></div><ol><li><p><strong>A government shutdown means the Fed's job will be a lot harder.</strong> If the government shuts down, new economic data like the jobs report and consumer price index won't be released until it reopens. That'll leave the Fed to <a href="https://www.businessinsider.com/government-shutdown-limits-economic-data-release-federal-reserve-interest-rates-2023-9" target="_blank" rel="noopener">rely on private sector data</a>.</p></li><li><p><strong>If rates stay up, these stocks are a good bet. </strong>With the Fed indicating it's likely to keep interest rates high, plenty of hedge funds are <a href="https://markets.businessinsider.com/news/stocks/hedge-funds-us-stocks-bearish-short-bets-leverage-2020-crash-2023-9" target="_blank" rel="noopener">increasingly betting against stocks</a>. But a recent note from Goldman Sachs <a href="https://markets.businessinsider.com/news/stocks/investing-stocks-to-buy-interest-rates-bond-yields-goldman-sachs-2023-9">highlighted 22 stocks</a>, including Delta and Verizon, that would benefit from a high-rate environment. </p></li><li><p><strong>JPMorgan settles lawsuit from the US Virgin Islands over links with Jeffrey Epstein. </strong>The bank agreed to <a href="https://www.businessinsider.com/jp-morgan-settles-virgin-islands-jeffrey-epstein-sex-trafficking-suit-2023-9">pay $75 million to settle the civil lawsuit</a>, which claimed JPMorgan facilitated Epstein's sex trafficking operation. It also settled litigation with former executive Jes Staley, who kept close ties with Epstein.</p></li></ol><h2><strong>3 things in tech</strong></h2><p><a href="https://www.businessinsider.com/amazon-svp-full-return-to-office-could-take-3-years-2023-9"></a></p><div type="image" title="Peter DeSantis on stage at Amazon's AWS re:Invent conference" height="396" width="528" msid="103996569" hostid="261" sizebytes="18410"></div><ol><li><p><strong>Leaked meeting recording: Amazon SVP says a full return to office could take three years. </strong>He <a href="https://www.businessinsider.com/amazon-svp-full-return-to-office-could-take-3-years-2023-9" target="_blank" rel="noopener">also told employees</a> to share anecdotes of being pressured to immediately relocate with his HR team so that he could "dig into" those situations.</p></li><li><p><strong>Microsoft plans to use nuclear energy to power its AI data centers. </strong>The tech giant shared a job opening for a "principal program manager for nuclear technology." This person would assess how nuclear energy could be used to <a href="https://www.businessinsider.com/microsoft-plan-to-use-nuclear-energy-power-ai-data-centers-2023-9" target="_blank" rel="noopener">power the data centers</a> hosting AI models.</p></li><li><p><strong>FTC says Amazon punished sellers for offering their items at a lower price elsewhere. </strong>The Federal Trade Commission and 17 state attorneys general are banding together to <a href="https://www.businessinsider.com/how-amazon-forces-customers-to-pay-more-ftc-lawsuit-2023-9">sue the e-commerce giant</a>. They accused it of monopolistic practices and causing higher prices for customers.</p></li></ol><h2><strong>3 things in business</strong></h2><p><a href="https://www.businessinsider.com/trump-fraud-ruling-corporate-death-penalty-for-his-empire-experts-2023-9"></a></p><div type="image" title="Trump Org" height="1440" width="1920" msid="103996570" hostid="261" sizebytes="79116"></div><ol><li><p><strong>A Manhattan judge found Donald Trump and his real-estate company liable for fraud</strong>, and ordered what experts are calling a "corporate death penalty." A receiver will be appointed to <a href="https://www.businessinsider.com/trump-fraud-ruling-corporate-death-penalty-for-his-empire-experts-2023-9" target="_blank" rel="noopener">"dissolve" the company</a> – but years of appeals may play out first.</p></li><li><p><strong>The job Americans would likely want replaced by robots: umpires. </strong>Automating the strike zone seems like a no-brainer. But in practice, <a href="https://www.businessinsider.com/rise-of-robot-umpires-mlb-postseason-hawk-eye-2023-9">it's been more challenging</a> — what does the perfect strike zone even look like anyway?</p></li><li><p><strong>Silicon Valley investors secretly bought up $800 million of property in Northern California. </strong>The 52,000 acres outside San Francisco will become a "<a href="https://www.businessinsider.com/solano-county-flannery-associates-city-of-yesterday-silicon-valley-billionaires-2023-9">city of yesterday</a>." It'll be built in a way that "someone who was born 100 years ago will recognize."</p></li></ol><h2><strong>In other news</strong></h2><p><a href="https://www.businessinsider.com/hollywood-studios-and-writers-reached-agreement-to-end-strike-2023-9"></a></p><div type="image" title="WGA protesters with a sign that reads &quot;You're gonna need a bigger offer.&quot;" height="3612" width="4817" msid="103996571" hostid="261" sizebytes="600830"></div><ul><li><p><strong>Hollywood writers </strong>are set to go back to work today as <a href="https://www.businessinsider.com/hollywood-studios-and-writers-reached-agreement-to-end-strike-2023-9" target="_blank" rel="noopener">historic strike ends</a>.</p></li><li><p>A <strong>26-year-old tech CEO</strong> was found dead with <a href="https://www.insider.com/pava-lapere-tech-ceo-dead-signs-blunt-force-trauma-police-2023-9" target="_blank" rel="noopener">signs of blunt force trauma</a>, police say.</p></li><li><p>Friendship breakups via text are painful, but <strong>therapy-speak</strong> is <a href="https://www.insider.com/text-bombing-phenomena-destroying-friendships-relationships-2023-9" target="_blank" rel="noopener">making them worse</a>.</p></li><li><p>A <strong>longevity exper</strong>t shares three tips for a <a href="https://www.insider.com/antiaging-victor-longo-breakfast-diet-live-longer-2023-9" target="_blank" rel="noopener">nutritious, anti-aging breakfast</a>.</p></li><li><p><strong>Verizon's CEO</strong> has been tracking his mood (out of 10) <a href="https://www.businessinsider.com/verizon-ceo-good-leader-tracked-mood-spreadsheet-since-2009-2023-9">in a spreadsheet</a> every day since 2009.</p></li><li><p>A <a href="https://www.businessinsider.com/former-white-house-intern-day-in-the-life-2023-9">day in the life</a> of an unpaid <strong>White House intern</strong>.</p></li><li><p>A roughly 10% stake in the <strong>Golden State Warriors</strong> could go for <a href="https://markets.businessinsider.com/news/stocks/golden-state-warriors-stake-up-for-sale-700-million-valuation-2023-9" target="_blank" rel="noopener">$700 million</a>.</p></li><li><p>The favorite <strong>sports betting apps</strong> among <a href="https://www.businessinsider.com/sports-betting-apps-young-nfl-fans-gambling-football-2023-9">NFL fans in their 20s</a>.</p></li></ul><h2><strong>What's happening today</strong></h2><ul><li><p><strong>The second Republican presidential debate is happening today. </strong>The debate, hosted by Fox Business, will feature Florida Gov. Ron DeSantis, former Vice President Mike Pence, <a href="https://www.businessinsider.com/vivek-ramaswamy-republican-presidential-candidate-strive-roivant-demanding-manager-2023-9" target="_blank" rel="noopener">biotech executive-turned-presidential candidate Vivek Ramaswamy</a>, and other presidential hopefuls.</p></li><li><p><strong>Developer conference Meta Connect kicks off. </strong>Meta CEO Mark Zuckerberg will be the keynote speaker.</p></li><li><p><strong>Happy birthday, Lil Wayne! </strong>Avril Lavigne, Jenna Ortega, and Gwyneth Paltrow were also born on this day.</p></li></ul><h2><strong>For your bookmarks</strong></h2><h3>Which iPhone is worth it?</h3><p><a href="https://www.businessinsider.com/what-to-consider-upgrade-to-iphone-15-2023-9"></a></p><div type="image" title="iPhones on display" height="1261" width="1681" msid="103996572" hostid="261" sizebytes="54374"></div><p><strong>If you're upgrading phones, consider the iPhone 14 instead of the 15. </strong>Unless you have a model from before 2020, the iPhone 14 might <a href="https://www.businessinsider.com/what-to-consider-upgrade-to-iphone-15-2023-9">make more sense</a>.</p><p><strong>The Insider Today team: </strong><a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.</p>

Insider Today: Finance's next generation

<p class="p1"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Qualtrics</span></p><p class="caption">Qualtrics Jared Smith</p></div><p></p></div></div>Jared Smith is one of the most famous names in the tech industry you've never heard of. </p><p class="p1">Today he's the COO and cofounder of billion-dollar startup Qualtrics, working with his younger brother, CEO Ryan Smith.</p><p class="p1">But Smith doesn't like to work, "as a matter of principal," he tells Business Insider. He likes to travel. </p><p class="p1">Still, he's so good at what he does - building tech products and managing people - that companies from startups to Google have begged him to work for them, turning him into a millionaire and huge success, almost in spite of himself.</p><h2 class="p1">Teen tech star</h2><p class="p1">His phenomenal career story began when he was in high school in Utah.</p><p class="p1">He got an internship at word processing software maker WordPerfect, which was bought by Novell. He worked his way up to product manager by age 18.</p><p class="p1">But Microsoft was killing Novell, so <span style="line-height: 1.5em;">Novell hired Eric Schmidt as CEO. <span>T</span><span>hat's when the teenage Smith first met him. </span></span></p><p class="p1"><span style="line-height: 1.5em;">A</span><span style="line-height: 1.5em;">lthough Schmidt didn't end up saving Novell, he did give it a few years of breathing room. Then</span> Novell began tanking again, and Smith quit his high-paying job to go to college in London, studying economics.</p><p class="p1"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Business Insider</span></p><p class="caption">Qualtrics cofounder Jared Smith</p></div><p></p></div></div>While in London he learned he was a "horrible" driver. So after he graduated, he took a job in a startup called Juice Software in New York, just to live in a city where he wouldn't have to drive.</p><p class="p1">Juice was started by Kim Scott (who would later lure him to Google). The company designed software for the financial services industry.</p><p class="p1">It launched on September 10, 2001. </p><p class="p1">The next day was 9/11. New York was in tatters, as was Smith's apartment which was near the World Trade Center towers. </p><p class="p1">Ultimately, the company bounced back and was sold to Microsoft. But as soon as he could - and before it was sold - Smith left New York to decompress. He spent a year hitchhiking around South America.</p><p class="p1">Having hitchhiked around Africa in college, he was an "incredibly seasoned traveler" who wasn't afraid of dangerous situations, he said. Still, his trip ended in Caracas, Venezuela, when he got caught in the "oil riots and coup against [President] Chavez. It was really tense," he said. "Tear gas in the plazas and everything else."</p><p class="p1">It was time to go home to Utah.</p><h2 class="p1">A new product and a fistfight</h2><p>Back home, his dad, BYU professor Dr. Scott Smith had been diagnosed with cancer. The prognosis wasn't good. His younger brother Ryan had moved home to be with his dad. They were working in the basement "twiddling around on a survey product" and they asked Smith to help them sell it.</p><p>He looked at the product, declared it "worthless" and built them a new version, which would ultimately become the product used by millions of people and lead the company to big profits and a big valuation.  </p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Qualtrics</span></p><p class="caption"> Qualtrics brothers and cofounders CEO Ryan Smith and COO Jared Smith </p></div><p></p></div></div>He also convinced Ryan to change the name of the company to Qualtrics, from a variety of product names it was using. "Ryan and I got in a fistfight at a restaurant over that," he laughed.</p><p>The brothers and cofounders are opposites in every way; they disagree often, but they rarely come to blows.</p><p>They usually fight, dig in, then compromise, he said. "Normally, in every argument we're both right."</p><p>Meanwhile, his dad made a miraculous recovery thanks to the doctors at the Huntsman Cancer Center. (Qualtrics just donated a $1 million dollars to Huntsman and launched the <a href="http://www.businesswire.com/news/home/20160217005573/en/Qualtrics-Partners-Huntsman-Cancer-Foundation-Launches-Major">Five for the Fight</a> campaign).</p><p>With the product built, his dad on the mend, Smith hired the company's first engineer and told his brother he was leaving again.</p><p>He didn't want to work on Qualtrics. <span style="line-height: 1.5em;">That was "always Ryan's dream," he said.</span></p><p>He wanted to travel. He bought a ticket to New Zealand intending to hitchhike through Asia.</p><p>Right before he left, Kim Scott called. She was working for Google and was offering him a job that would change his life, and Qualtrics, forever.</p><h2 class="p2">Dragged to Google</h2><p class="p2">Smith didn't want to work there. "I was opposed to work on principal. I was going to go traveling. This tells you how stupid I was," he said. </p><p class="p2"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Qualtrics</span></p><p class="caption">Kim Scott</p></div><p></p></div></div>This was the end of 2004, right after the IPO when the stock was trading at under $200 and employees' stock options sold for far less than that. </p><p class="p2">Scott wouldn't give up. She flew him out to Mountain View at Google's expense where he reluctantly interviewed.</p><p class="p2">"I think the only reason I got the job is that I didn't really want the job and they thought I was so humble," he says. 'It was like, 'How are you at this?' I was like, 'I suck at this.'"</p><p class="p2">For instance, he says of his programming skills, "I'm a hacker at best. I have good design skills, but I would not consider myself an engineer. I'm not a computer scientist. I'm an economist. Compared to Google engineers, I would never make it in the engineering department." </p><p class="p1">Scott disagrees, calling him a great coder. He saw Google's daunting hiring process as a challenge, and did well, she remembers. And after he was hired, he earned the respect of the Google engineers, who even let him code a few things himself, the first non-engineer at Google given that honor, Scott said. </p><p class="p1">But, according to Kim Scott, Smith's real gift is guiding engineers to build products that wowed the business side:</p><h2>From Google, to quagmire, to Qualtrics</h2><p class="p1">He took the job at Google and discovered he didn't fit in, he recalled, thanks to his time at Novell.</p><p class="p1"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Business Insider / Matthew Lynley</span></p><p class="caption">Deep Nishar</p></div><p></p></div></div>"I ruffled some feathers," he said. "Google was straightforward and you had to play no games. You just had to use data and be honest. Novell was much more political and all about fiefdoms."</p><p class="p1">With Scott's help, he learned the Google way and did well. He worked on ad products, then on internal tools for the sales team. He learned how to hire and manage.</p><p class="p1">He got stock options, which a New York financial industry friend advised him not to sell off every month like the other employees did. So he held onto them all.</p><p class="p1">One day, he went to lunch with his friend, <a href="https://www.linkedin.com/in/deepnishar">Deep Nishar</a>, another well-respected product manager. At the end of lunch, Deep asked him to lead Google's products in China.</p><p class="p1">"It didn't make sense. How do you lead products if you don't speak the language? So I turned him down. Similarly stupid to turning Kim down," Smith said.</p><p class="p1">Deep was also persistent, and eventually Smith was talked into the China job, working under "Kai-Fu Lee, the guy we stole from Microsoft," he said. (Lee's resignation caused Steve Ballmer to throw a chair at Lee, and declare war on Google and Eric Schmidt, <a href="http://battellemedia.com/archives/2005/09/ballmer_throws_a_chair_at_fing_google.php">court documents later revealed</a>).</p><p class="p1">Once again, he was scaling an operation from a few people to hundreds, this time in a foreign country.</p><p class="p1"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters</span></p></div><p></p></div></div>Under Lee, Google China grew from 9% market share to 30% share - and to about 900 people, Smith said.</p><p class="p1">Then Google discovered that hackers, presumably from the government, were attacking Google to help track down dissidents. Google went public about it all, but the PR was terrible all the same.</p><p class="p1">Unhappy with the situation, Google yanked its operations out of China, moving them to Hong Kong. </p><p class="p2">"I had a front-row seat through all of that," he remembered. The situation put him, a product manager, in constant contact with some of Google's most senior executives, including Schmidt.</p><p class="p2">Meanwhile, Qualtrics was taking off, too. It had customers. It was profitable. Ryan now had 40 employees and he was calling Smith regularly for advice, hounding him to quit Google and come back to help at Qualtrics.</p><p class="p2">Ryan pressed: How high did Google's shares have to go before he was willing to sell them all and become wealthy enough to quit Google and come work for his startup? Google had been flirting around the $600 mark.</p><p class="p2">"And in a moment of weakness, I gave him the price," he says. It was a price that would make Smith financially well off for life. </p><p class="p1">The day the shares hit that price, Ryan called Smith. "I sold all my shares the same day," he says. Then Ryan flew out, helped him pack and escorted Smith back to Utah. </p><h2 class="p1">'Rude' to VCs</h2><p>The truth was, the whole China thing had also worn him out. But when he got to the startup, he said, "I was bored. A 40-person operation, it took me about 20 minutes a day to manage."</p><p>But the company "was a sales machine" and growing. Soon, he was back to hiring and scaling.</p><p>VCs had also found Qualtrics and were calling. Ryan was "rude" to them, Smith said, and Ryan confirmed. He saw investors like predatory lenders. "Why would I want to take on a mortgage?" Ryan Smith remembers telling them. Ryan also <a href="http://www.businessinsider.com/qualtrics-becomes-1-billion-business-2014-9">turned down a $500 million acquisition</a> offer.</p><p>But, eventually Ryan decided that he wanted a board of people who had grown huge tech companies. That meant VCs and they would want a stake in the company.</p><p>Smith hated the idea. "I thought it was silly to sell any part of the company because it was doing so well, profitably, growing 100% year on year," he recalled.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Qualtrics</span></p><p class="caption">Ryan Smith and Jared Smith</p></div><p></p></div></div>So, the brothers fought. They dug in. They compromised. "The detente was if he could raise $100 million, for a small percentage of the company, then we would fund-raise," Smith said.</p><p>Ryan got the terms that Smith demanded.</p><p>And, looking back, Smith said, "Ryan was incredibly right." The cash and the board pushed Qualtrics to grow in new ways. Without it they would have gotten "fat and lazy," satisfied with the old products and the profits it generated, Smith admitted.</p><p>As for the investors, "They've all done phenomenally well. A dream investment," he says.</p><p>While Qualtrics, a private company, doesn't release revenue, and is officially valued at a billion as of its last raise - $<span>150 million in 2014, $220 million total raised</span> - at one point, Smith told attendees at its annual customer conference last month that it was a "multibillion" company. It claims over 8,000 customers. In any case, it's still highly profitable.</p><p class="p1">As Qualtrics grew, Smith implemented all of the employee management tools he learned at Google, plus wrote a few new ones.</p><p class="p1">"<span>I really love building systems that transform organizations</span>" he said. And since Qualtrics is his company, he's been known to take liberties. "Imagine Ryan's surprise when one day he walks in and I've coded something that puts all the salespeople on a curve and made it public. That's radical transparency."</p><p class="p2">The company now has closer to 1,000 employees including seasoned leaders. It just launched a second generation survey products and new data analysis products, retiring the original product Smith built in the basement 12 years ago.</p><p class="p2">And Smith is once again talking about not working.  </p><p class="p1">"I put all the processes, machinery, and management stuff in place to scale the organization. Ryan is the CEO. I've started to slow down and spend more time at my beach house to give execs more space to work. When I left Google, I thought I was retiring and I'd like to end up there again," he said.</p><p class="p1">Then again, if Ryan were to call him and insist he take on something new, he could be dragged in, again. "Everyone knows that eventually I'll get bored."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/reason-drug-cartel-members-get-tattoos-narconomics-tom-wainwright-2016-3">The weird economic reason drug cartel members get head-to-toe tattoos</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="YzdjJ2MTE6yH_qyuiiA1yDVsbuFYH48Q" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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