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Foreign Institutional Investors (FIIs) have been rapidly exiting Indian markets, and this high-speed exodus does not look like it will stop anytime soon. In October 2024, FIIs withdrew Rs 1,14,445.89 crores from Indian markets. Yesterday, FIIs withdrew $770.67 million from the markets, with equity outflows of $440.86 million and debt outflows standing at $327.44 million across various categories. Per NSDL data, hybrid outflows amounted to $2.31 million. While this may sound dissuading at first, a recent SBI report underlined that FIIs still hold a massive $ 18.241 billion in Indian markets. So far, FY25 has seen FII inflows worth $ 8.924 billion. However, the situation may quickly turn alarming as well, given that FII holdings in Indian equities have already come down to a 12-year low. Says Anirudh Garg, Partner and Fund Manager at Invasset PMS, "The current valuation of Indian stocks, trading at around 24 times expected earnings, appears high compared to Chinese stocks, which are at approximately 10 times. Economic concerns, including weak corporate earnings and declining consumer demand, further exacerbate this situation. Additionally, renewed fears of inflation and potential monetary tightening by central banks have led FIIs to withdraw from the Indian market." In the meantime, DIIs (domestic institutional investors) are stepping in big time. During October 2024, DIIs infused Rs 1,07,254.68 crore in Indian markets. In November so far, DIIs have been keeping the fund momentum going, infusing Rs 12,265.74 crore in India, while FIIs have offloaded Rs 16,445.49 crore this month. But despite this strong uptick, SBI's recent report suggests that consumer confidence in India remains below 100, signaling muted positivity and optimism in the economy. While household consumption is gradually recovering, it grew at 4% last year, much below the 7% levels recorded pre-pandemic. <h2>FII share in <keyword id="20868945" type="General" weightage="20" keywordseo="NSE-listed-companies" source="keywords">NSE-listed companies</keyword> takes a dip, DII stake rise </h2>FIIs share in NSE-listed companies stood at 15.98% in October, with assets under their custody in the equity segment coming to Rs 71.08 lakh crore last month. In September, this stood at Rs 77.96 crore. Experts suggest that this is likely to continue for some time to come. Mutual funds, on the other hand, saw their share in NSE-listed companies hit a record high of 9.58%, as opposed to their 9.32% stake in September 2024. FIIs turned net sellers in the debt segment as well in October, dumping $771 million in Indian markets. This comes after 2 consecutive months of healthy inflows in this segment in August and September 2024, where the figures stood at $2,806 million and $2,295 million, respectively.

FII stake in Indian equities dips to a 12-year low

Singapore Airlines will make an additional investment of Rs 3,194.5 crore in Tata Group-owned Air India post-merger of Vistara in November. The merger, announced on November 29, 2022, and set to be completed on November 11, 2024, will result in Singapore Airlines having a 25.1% stake in the enlarged Air India. Full-service carrier Vistara, which started flying on January 9, 2015, is a joint venture between Tatas and Singapore Airlines, where the latter holds a 49% shareholding. Vistara's last flight will take off tomorrow i.e. November 11, 2024. Singapore Airlines (SIA) Group on Friday said its consideration for the merger comprises the 49% interest in Vistara and Rs 20,585 million (Rs 2,058.5 crore) in cash in exchange for a 25.1% equity interest in the enlarged Air India. Post-merger, SIA expects to recognize a non-cash accounting gain of around 1.1 billion Singapore dollars and also start equity accounting for its share of Air India's financial results. According to a release on Friday, the merger includes an agreement for SIA to contribute its share of any funding previously provided by Tata prior to the completion of the merger, together with relevant funding costs up to Rs 5,020 crore that would allow it to maintain a 25.1% stake in Air India. "SIA's additional capital injection is expected to be Rs 31,945 million (equivalent to SGD 498 million), based on Tata's funding to Air India to date. This will occur after the completion of the merger and within November 2024 through subscription to new Air India shares. "Future capital injections will be considered based on Air India's requirements and available funding options," according to the release issued while announcing the airline's financial performance for the six months ended September 2024. The merger of Vistara with Air India will mark a major consolidation in the fast-growing Indian aviation space. SIA said the merged entity will have a significant presence across all key Indian air travel segments, including domestic, international, full-service, and low-cost operations. "This will strengthen SIA's multi-hub strategy, allowing it to continue participating directly in India's large and fast-growing aviation market," it added. Recently, Air India and SIA agreed to significantly expand their codeshare agreement, adding 11 Indian cities and another 40 international destinations to their network.

Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

New Delhi: Life Insurance Corporation of India (<keyword id="19903588" type="General" weightage="100" keywordseo="LIC" source="keywords">LIC</keyword>) has increased its stake in <keyword id="19984004" type="General" weightage="20" keywordseo="Bank-of-Maharashtra" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Maharashtra" meta.hostid="83" meta.entityid="Bank of Maharashtra">Bank of Maharashtra</keyword>, the company informed the exchange in a filing. In an official statement on Saturday, LIC announced that it has raised its shareholding in the bank from 4.05 per cent to 7.10 per cent following a <keyword id="19984002" type="General" weightage="20" keywordseo="Qualified-Institutional-Placement" source="keywords">Qualified Institutional Placement</keyword> (<keyword id="19984001" type="General" weightage="20" keywordseo="QIP" source="keywords">QIP</keyword>). "..the Life Insurance Corporation of India ("the Corporation") has increased its shareholding in Bank of Maharashtra ("Company") from 4.05 per cent (pre-allotment) to 7.10 per cent (post allotment)" said LIC. The increased shareholding comes after LIC was allotted 25.96 crore equity shares as part of the QIP issued by the Bank of Maharashtra. Prior to this allotment, LIC held a 4.05 per cent stake in the bank. With the new shares, LIC now owns a 7.10 per cent stake, marking a significant rise in its ownership. The allotment was made under the guidelines of Regulation 30 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations. LIC noted that it has complied with the regulatory requirements, including the details stipulated under the SEBI circular issued in July 2023, which governs disclosure obligations for listed entities. A Qualified Institutional Placement is a way for listed companies to raise capital by issuing equity shares to institutional investors, and this transaction indicates LIC's confidence in the growth potential of Bank of Maharashtra. Bank of Maharashtra is one of the public sector banks, and this infusion of capital through QIP will help strengthen its balance sheet and support its expansion plans.

LIC increases stake in Bank of Maharashtra from 4.05 percent to 7.1 percent through QIP

<keyword id="20024191" type="General" weightage="20" keywordseo="Reliance-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Power" meta.hostid="261" meta.entityid="Reliance Power">Reliance Power</keyword> said it has received <keyword id="21075266" type="General" weightage="20" keywordseo="shareholders-approval" source="keywords">shareholders' approval</keyword> to raise <keyword id="23666886" type="General" weightage="20" keywordseo="Rs-1524-60-crore" source="keywords">Rs 1,524.60 crore</keyword> through issuance of <keyword id="20770487" type="General" weightage="20" keywordseo="preferential-shares" source="keywords">preferential shares</keyword>. A resolution through a postal ballot notice has been passed with requisite majority, the company said in a late night stock exchange filing on Wednesday. According to the postal ballot notice, the company will raise up to Rs 1,524.60 crore by preferential issue of up to 46.20 crore <keyword id="20035340" type="General" weightage="20" keywordseo="equity-shares" source="keywords">equity shares</keyword> and/or warrants convertible into equivalent number of equity shares at a price of Rs 33 per apiece. On September 23, the board of Reliance Power Ltd had approved raising Rs 1,524.60 crore through issue of preferential shares, wherein promoters will infuse Rs 600 crore into the company to advance its business. <div type="Article" hostid="261" msid="79183505" title="Happy Dhanteras 2024 messages and wishes" mstype="2" mssubtype="0"></div> Reliance Infrastructure, the promoter of the company, will enhance its equity stake by over Rs 600 crore. The other investors who will participate in the preferential issue include Authum Investment and Infrastructure Ltd and Sanatan Financial Advisory Services. The fresh fund would be utilised for expansion of business operations directly and/or through investment in subsidiaries and joint ventures, debt reduction and for general corporate purposes, the company said. The preferential issue will enhance the company's net worth from about Rs 11,155 crore to over Rs 12,680 crore, it said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms" target="_blank">Afcons Infrastructure IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms" target="_blank">UPI refund to digital arrest scam, here are some online scams you need to be aware of</a><a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms" target="_blank">Waaree Energies IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Reliance Power gets shareholders' nod to raise ₹1,525 crore via preferential shares

<ul class="summary-list"><li>KKR is in talks to acquire adtech firm Integral Ad Science, sources told Business Insider.</li><li>IAS appointed investment bank Jefferies to explore options after receiving takeover interest.</li></ul>Private equity firm KKR is in talks to acquire the publicly listed adtech company Integral Ad Science, three people familiar with the process said.It couldn't be immediately determined whether the discussions were at an advanced stage, and the plans could change.One of those people and an additional source said other potential acquirers had also expressed an interest in IAS but didn't offer further information. All of the people asked for anonymity to protect their business relationships; their identities are known to Business Insider.<a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-25/integral-ad-science-is-said-to-explore-potential-sale?embedded-checkout=true">Bloomberg</a> reported last month that IAS had appointed the investment bank Jefferies to explore its options after receiving takeover interest. IAS shares popped more than 10% on the news at the time.KKR and IAS declined to comment.Founded in the US in 2009, IAS offers technology that advertisers use to measure the quality and performance of their ads and to help them avoid their campaigns appearing next to unseemly content. It also offers solutions to publishers that help them verify that their ads are viewable, fraud-free, and placed in suitable environments for brands.IAS has recently signed new or expanded partnerships with major tech companies like Google, Amazon, and Reddit. In its second quarter, the company grew revenue by 14% to $129 million and raised its full-year guidance. IAS is due to report its third-quarter earnings on November 12.A take-private deal by a private equity firm like KKR could help IAS grow further without the quarterly Wall Street scrutiny. IAS was previously private equity-owned after Vista Equity Partners acquired it in 2018. Vista retains a more than 40% stake in IAS, which went public in 2021.KKR already has an ad industry footprint. It has stakes in the public adtech company AppLovin, the corporate communications firm FGS Global, and the customer experience software provider Alchemer.(KKR was also a shareholder in Business Insider's parent company Axel Springer. In September, Axel Springer announced it would <a target="_blank" class="" href="https://www.axios.com/2024/09/19/axel-springer-kkr-break-up">separate</a> its media properties into a privately-owned company, while KKR retained the classifieds side of the business.)KKR has <a target="_blank" class="" href="https://ir.kkr.com/app/uploads/2024/10/KKR-Q324-Earnings-Release.pdf">over $600 billion</a> in assets under management.<a target="_blank" class="" href="https://www.businessinsider.com/private-equity-firms-investing-in-advertising-and-marketing-companies-2024-3#kkr-7">Ted Oberwager</a>, a partner at KKR who leads its gaming, entertainment, media, and sports verticals, told BI earlier this year that the firm was looking to invest in companies that had "great teams and leaders who can navigate the rapidly shifting advertising, marketing, and communications landscapes."IAS fiercely competes with ad verification rival DoubleVerify, which is larger in terms of annual revenue and has a market capitalization of $3.3 billion to IAS's $1.99 billion as of publication time.Both companies came under recent <a target="_blank" class="" href="https://www.businessinsider.com/doubleverify-integral-ad-science-face-fresh-brand-safety-scrutiny-2024-6">scrutiny</a> after a series of reports found their advertiser clients had run ads in <a target="_blank" class="" href="https://adalytics.io/blog/ai-brand-safety">unsavory</a> corners of the web, such as sites with graphically violent, racist, or pornographic content — despite using the companies' brand safety software. The companies have disputed those reports' methodologies and findings.Publishers have also <a target="_blank" class="" href="https://www.businessinsider.com/integral-ad-science-doubleverify-help-brands-avoid-coronavirus-news-2020-3">criticized</a> brand safety methods such as keyword blocking and exclusion lists — words that trigger ads to be blocked on a webpage — as blunt instruments that unfairly demonetize their content. IAS and DoubleVerify have said they have refined their brand safety tools by pushing further into areas like AI and other technologies that analyze the context and semantics of an article.

Private equity giant KKR is in talks to acquire the adtech company Integral Ad Science

<div type="image" title="For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire" height="900" width="1200" msid="114064202" hostid="261" caption="&amp;lt;p&amp;gt;For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire&amp;lt;/p&amp;gt;"></div> Once upon a time, there thrived a wild, wild land. Here, it was all about super high monetary stakes, lightning-fast trade deals, and bucketloads of money shifting hands every single second. This wilderness lured millions of individuals with the promise of super duper high returns. But, at what cost? Welcome to the unforgiving, ultra-risky wild west of <keyword id="19991165" type="General" weightage="20" keywordseo="Indian-equity-markets" source="keywords">Indian equity markets</keyword> called the <keyword id="145718" type="General" weightage="100" keywordseo="Futures-and-Options" source="Orion">futures and options</keyword>. Here, everyone seems to just fly right through the bright red-flagged warnings of financial risks to earn even a fraction of these promised returns. Most burn themselves in the process, but carry on nevertheless, as if nothing ever happened. <h2>Chasing the cloudy profits</h2>The data conclusively proves that every 9 out of 10 individuals only lost their hard-earned money in this land. But hey, what do the numbers know? Some hide their losses out of shame, some out of fear. The proponents, meanwhile, proudly boast unusually high returns on their investments, some open social media channels while others encourage their friends and family to take the plunge. Naturally, news of this unstoppable and humongous en-masse migration to the F&amp;O (futures and options) town has reached sheriff <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, galvanising them into action. After all, it was time to put a leash on this madness and save the common man. The inhabitants of this town doubled in the last 2 years, from 51 lakh in FY22 to 96 lakh in FY24—99.8% of whom were small and mid-income traders. But profits? Well, that's a different, rather completely absent story. <h2>Que Sera Sera, much?</h2>A recent report by SEBI (Securities and Exchange Board of India) that studied profits and losses made by traders in the equity derivatives segment between FY22-24 exposed the mad mania of futures and options trading in India, especially since the pandemic. Per the report, 91.1% of individual traders, or about 73 lakh traders had only lost money trading in futures and options in FY24. Between FY 22-24, over 1 crore traders, or about 92.8% of individual traders, had lost Rs 2 lakh each. But once bitten, twice shy? Well, not in this case. More than 75% of individuals, who had only made losses trading in F&amp;O in FY22 and FY23, continued to trade vigorously in FY24 as well, without any changes in the bottom line, which remained deep in red and negative. So, then all these traders must be uber-rich, with tons of cash and not much care to spare? Nope. 76% of traders in the F&amp;O space in FY24 had an annual income of less than Rs 5 lakh. 2 years ago, their share stood at 71%. And their choice of poison? Options! In FY24, 60% of traders made losses trading in futures, but a whopping 91.5% burnt their funds trading in options. Mind you, futures are riskier than options. With futures, which require significant capital investment, the buyer and seller both are contractually bound to adhere to the pre-determined strike price of the futures or options contract, irrespective of whether the prevailing prices are higher or lower (and thus, resulting in losses for either the buyer or seller). With options, since this adherence ain't necessary, individuals end up taking debt to take highly leveraged positions while trading here. <h2>Scale of the explosion</h2>Anyone who trades even infrequently will tell you that a demat account is the mitochondria or powerhouse of the trading cell. As of August 2024, India had over 17.1 crore <keyword id="20957284" type="General" weightage="20" keywordseo="demat-accounts" source="keywords">demat accounts</keyword>, which are a prerequisite for trading in the markets. India is the 9th biggest country in the world, in terms of total demat accounts. Did you know that our demat accounts are at par with the entire population of Bangladesh? Talk about scale! Just 4 years ago, in March 2020, this number was a mere 4 crore. Naturally, the total F&amp;O turnover on both <keyword id="20004725" type="General" weightage="20" keywordseo="NSE" source="keywords" meta.keywordsubtype="org" meta.entityname="NSE" meta.hostid="261" meta.entityid="NSE">NSE</keyword> and BSE has hit the roof, and also broken it. As of October 4, 2024, the total futures and options turnover on NSE stood at a massive Rs 4,78,27,27,750.30 crore. Good luck counting the thousands! <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Turnover (Both Futures and Options) (In Rs Crore) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020-21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64,36,03,951.51 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021-22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,69,52,33,134.47 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022-23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,82,23,26,468.06 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2023-24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,99,27,67,152.43 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source : NSE Another metric that underlines the meteoric growth of trading in India is the collection of STT or <keyword id="20930760" type="General" weightage="20" keywordseo="Securities-Transaction-Tax" source="keywords">Securities Transaction Tax</keyword>. As of September 2024, India's STT mop-up had gone past Rs 26,000 crore. Traders have to pay STT whenever they buy or sell any security in the market. So, more trading brings in more STT, and hence, more revenue for the government, so they're not really complaining. After all, this is certainly what they'd call enviable growth. As of August 2023, our STT collection stood at about Rs 21,599 crores. And in FY20-21, India's STT collection had been Rs 16,000 crore. If only our salaries also managed to grow at this rate! <h2>So, what's happening?</h2>Two things. One, it's the big bulls who are raking in all the moolah. And it's the younger lot (those aged under 30) who are propping them up for this. In FY24, 43% of individual traders in the market were less than 30 years of age. In just one year, this number has swelled by 12 percentage points from just 31% of individual traders. But who says ageing is bad? Wrinkles and silver hair seemingly have a propensity of incurring lesser losses in the market. In FY24, only 79% of traders aged above 60 years made losses, as compared to 93% of those aged below 30. Small and mid-income traders, which make up 98% of the total trader base, witnessed average losses per person of Rs 65,000 and Rs 1.5 lakh in FY24 in futures and options, respectively. The winner here? Clearly, the big bulls, who declared an annual income of over Rs 1 crore, ended up with average profits of Rs 96,000 per person this year. <h2>What’s the sheriff up to?</h2>The government has finally swung into action, hiking the STT rate for F&amp;O during this year’s budget. Effective October 1, 2024, the STT on futures stands at 0.02%, up from 0.0125%. For options, it was upped to 0.1% versus 0.0625% previously. Small margins, but huge impact oncoming. Says Puneet Sharma- CEO and Fund Manager at Whitespace Alpha, “SEBI aims to enhance market stability while safeguarding investor interests, reflecting the regulator's intent to balance risk management with market participation”. But this might come with its own share of challenges, too. “Stricter norms around leverage, transparency, and capital adequacy could limit the ability of investors to determine their own risk appetite, thereby stifling innovation in trading strategies. Over-regulation in an environment that thrives on strategic flexibility and creativity could dampen the market’s dynamism, affecting India's competitiveness in the global derivatives landscape”, he observes. SEBI recently came out with a set of guidelines that aim to thwart <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword>' participation in futures and options and hinder them from taking undue risks. Here's a quick recap of what's to come for the residents of the F&amp;O town Margin Requirements: To battle the high volatility and chaos which is generally seen on expiry days(i.e the last mandated date, post which an option becomes invalid), SEBI will put in place an extreme loss margin (ELM) of 2% for all open short options on the day of expiry. Translation? Traders will need to pony up more cash upfront, leaving them with fewer funds to take on risky bets. It ain't a choice: No more of one expiry every single day! Going ahead, an exchange like BSE or NSE will just be able to offer weekly expiries, that too, only on one benchmark index, as opposed to an entire buffet it currently offers. At present, NSE offers weekly options contracts for its financial index, bank and midcap indices. But say goodbye to this, and hello to derivatives on only 1 index per exchange. Raising the bar: Effective November 30, 2024, the minimum contract value for index derivatives will be upped to Rs 15 lakh, from the present Rs 5-10 lakh. The hope is that by making it ultra-expensive to enter these trades, investors will be dissuaded from taking on risky trades. Pay upfront: Starting February 2025, those trading in options will have to pay the entire options premium upfront, even before their trades are executed. This is because options generally carry very high leverage, and paying a significant sum upfront can force traders to think twice. Invigilation Pro Max: Starting April 1 2025, to make sure that the number of positions for equity index derivatives does not slyly slip over the mandated limit, especially on expiry days when trade volumes are huge, the exchanges will have to take a minimum of 4 position snapshots randomly. The question is, will these injections of sobriety be enough to calm down the steroid-fed bull of the futures and options market in India? Well, only time and market turnover will tell! For more insights into the financial markets and business news, stay tuned to our site and social media handles. And don’t forget to subscribe to Business Insider India’s newsletters for your weekly dose of Simply Put! Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

SIMPLY PUT: SEBI is on a mission to take on the wild, wild west of futures and options in India. Here’s why, what, and how

The ongoing issue involving Supreme Infrastructure India Limited (<keyword id="23294280" type="General" weightage="20" keywordseo="SIIL" source="keywords">SIIL</keyword>) and the State Bank of India (<keyword id="19898108" type="General" weightage="100" keywordseo="SBI" source="keywords">SBI</keyword>) has become a focal point in India’s financial and political landscape. It concerns SIIL’s default on significant loans and SBI’s decision to convert this debt into equity, raising concerns about the precedent it may set for future debt resolutions in India. <h2>SIIL's financial troubles</h2>SIIL, a construction and infrastructure company, was once engaged in large-scale projects such as roads and bridges across India. Over the years, however, the company faced severe financial troubles due to project delays and insufficient revenues. As SIIL’s cash flow problems worsened, it struggled to repay its loans, leading to the company’s default. The State Bank of India (SBI), being SIIL’s largest lender, found itself at the centre of this financial turmoil, as SIIL declared bankruptcy. In response, SBI decided to take an unusual step to recover its dues. <h2>SBI's debt-to-equity conversion decision</h2>In a surprising move, SBI converted its outstanding debt into equity in SIIL. This means that instead of pursuing traditional recovery methods or selling off assets, SBI has now become an equity stakeholder in SIIL, shifting from being its primary lender to part-owner. The controversial decision also involved other lenders who agreed to take a 93.45% “haircut” on the debt, which indicates that they are recovering only a fraction of the original loans extended to SIIL. <h2>Criticism and concerns</h2>The decision has drawn sharp criticism, particularly from political circles. <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> leader Jairam Ramesh, through a post on the social media platform X (formerly Twitter), criticised SBI’s approach and raised several concerns. He highlighted that SBI’s decision to become an equity stakeholder in a company that declared bankruptcy could set a "dangerous precedent in India’s <keyword id="20575563" type="General" weightage="20" keywordseo="corporate-debt" source="keywords">corporate debt</keyword> landscape". "This arrangement creates a dangerous precedent in India's corporate debt landscape — it encourages other defaulting companies to seek similar deals, where they can retain control and value even after significant defaults," Ramesh noted. <div type="Article" hostid="261" msid="112987756" title="Congress alleges SEBI Chairperson Madhabi Puri Buch of office for profit" mstype="2" mssubtype="0"></div>His concerns extend to how this move might affect the <keyword id="20158086" type="General" weightage="20" keywordseo="Insolvency-and-Bankruptcy-Code" source="keywords">Insolvency and Bankruptcy Code</keyword> (IBC) and India’s overall framework for handling distressed companies. By converting <keyword id="22921090" type="General" weightage="20" keywordseo="debt-to-equity" source="keywords">debt to equity</keyword>, SBI could be seen as aligning itself with the interests of the defaulting borrower (SIIL) rather than prioritising the recovery of public funds, which are at stake in cases involving <keyword id="19959986" type="General" weightage="20" keywordseo="public-sector-banks" source="keywords">public sector banks</keyword> like SBI. “The SBI appears to be aligning itself with the interests of the defaulting borrower (SIIL) rather than prioritising the recovery of public funds,” Ramesh further argued. "The Reserve Bank of India (RBI) needs to step in and examine SBI's decision-making process in this matter." Given the unusual nature of this debt restructuring and the potential risks it introduces, Congress is urging the Reserve Bank of India (RBI) to step in and examine SBI’s decision-making process. Ramesh emphasised the need for regulatory scrutiny to ensure that public sector banks maintain discipline in their approach to resolving bad loans. Congress' position is that SBI’s move could create a moral hazard within India’s <keyword id="19964544" type="General" weightage="20" keywordseo="banking-sector" source="keywords">banking sector</keyword>, encouraging more companies to default on their loans with the hope of retaining control through similar debt-to-equity swaps. Ramesh pointed out that the entire situation raises questions about how distressed assets should be managed by public sector banks, and whether SBI’s actions are truly in the best interests of the public. <div type="Article" hostid="261" msid="113620397" title="SEBI report reveals the ugly truth of F&amp;amp;O trading in India – 93% of retail traders incurred losses" mstype="2" mssubtype="0"></div>"There is a pressing need to ensure that public sector banks maintain strict discipline in their approach to debt resolution and avoid creating moral hazards in the financial system." <h2>Broader implications</h2>This situation shines a light on broader challenges in India’s banking and insolvency frameworks. When public sector banks like SBI take significant financial losses (haircuts) and switch from creditors to shareholders, it risks undermining confidence in the banking sector’s ability to handle bad loans effectively. Moreover, it raises questions about the long-term sustainability of the Insolvency and Bankruptcy Code (IBC) if companies that default can avoid paying back substantial portions of their debt and still retain operational control. (With inputs from PTI)

Congress criticises SBI's decision to convert SIIL debt into equity, urges RBI intervention

<ul class="summary-list"><li>Globalstar Inc. closed up over 31% after Apple invested $1.1 billion in a satellite expansion deal.</li><li>Apple is taking a 20% stake under the new agreement, which follows a $450 million deal in 2022.</li></ul>A satellite services company got a boost on Friday following its disclosure that Apple is taking a stake as part of a new investment deal.Shares of Globalstar Inc. closed up over 31% on the news that the iPhone giant had agreed to expand its deal with an additional $1.1 billion investment.The partnership has been extended to cover a new satellite constellation and more ground infrastructure, Globalstar <a target="_blank" class="" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001366868/000136686824000105/gsat-20241029.htm">disclosed in an SEC filing</a> that was made public on Friday. Apple is also set to acquire a 20% equity stake in Globalstar for $400 million, and the deal is expected to close on November 5.The new deal expands on the tech giant's <a target="_blank" href="https://affiliate.insider.com?h=7dcf4cd5b5916ecea5202a36fb1e950be048921efc114fe43fb07c4286816924&amp;postID=6724da7b50b43983ecd1d3d8&amp;postSlug=apple-invests-globalstar-stock-price-satellite-services-2024-11&amp;site=bi&amp;u=https%3A%2F%2Fwww.apple.com%2Fnewsroom%2F2022%2F11%2Femergency-sos-via-satellite-made-possible-by-450m-apple-investment%2F">previous $450 million investment</a> in 2022, which went primarily to Globalstar to help support Apple's Emergency SOS feature that first launched with iPhone 14 models.Emergency SOS enables satellite messaging to emergency services when an iPhone is not in range of WiFi or cellular connectivity. The feature was <a target="_blank" class="" href="https://www.businessinsider.com/apple-iphone-satellite-message-feature-saving-lives-during-hurricane-helene-2024-10">recently used by victims of Hurricane Helene.</a> Apple since looked to offer more satellite-based texting features.<div type="image" title="iPhone with Satellite messaging notification" height="856" width="760" msid="114862704" hostid="261" sizebytes="26904"></div>Most recently, <a target="_blank" class="" href="https://www.businessinsider.com/best-apple-ios-18-features-2024-6">Apple's iOS 18</a>, which launched in September, introduced <a target="_blank" class="" href="https://www.businessinsider.com/apple-ios-18-messages-via-satellite-could-be-services-moneymaker-2024-6">non-emergency satellite messaging</a>, enabling iPhone users to send and receive text messages, emojis, and tap-backs, still with end-to-end encryption.Although the emergency service is currently free, with Apple extending its free period for another year, its non-emergency counterpart may see pricing added as Apple looks to <a target="_blank" class="" href="https://www.businessinsider.com/apple-earnings-service-growth-iphone-drop-antitrust-google-app-store-2024-5">grow its services business.</a>Neither Globalstar nor Apple responded to a request for comment from Business Insider.

A satellite services company is up 31% after announcing Apple is taking a stake

<ul class="summary-list"><li>Goldman Sachs and Morgan Stanley have reportedly been tapped on a valuation of OpenAI.</li><li>The transformative AI startup is evaluating what it could take to become a for-profit company.</li></ul>As <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-3q-results-dealmaking-trading-resurgence-david-solomon-2024-10">third-quarter earnings demonstrated</a>, Wall Street dealmaking appears to be bouncing back after three years of lackluster activity.For bank bosses, it signals a return to vying for the <a target="_blank" class="" href="https://www.businessinsider.com/megamergers-deals-m-a-wall-street-comeback-2024-9">biggest M&amp;As</a>, IPOs, and debt-capital raises in hopes of the largest paydays for themselves and their firms. Yet, one of the most coveted projects on the Street right now is unlikely to mint much money for the investment banks involved — at least in the short term.Last week, the <a target="_blank" href="https://www.wsj.com/tech/ai/the-14-billion-question-dividing-openai-and-microsoft-71cf7d37">Wall Street Journal reported</a> that OpenAI and its longtime backer, Microsoft, have begun talks to determine how much money Microsoft stands to receive if OpenAI converted to a for-profit institution. The Journal reported that OpenAI tapped advisors at <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-2q-earnings-david-solomon-investment-banking-forecast-2024-7">Goldman Sachs</a>, and Microsoft, which has poured some $14 billion into the AI startup as a nonprofit, is relying on Morgan Stanley to facilitate the negotiations. Spokespersons for both Goldman Sachs and Morgan Stanley declined to comment or confirm their reported participation in the project.BI called up two Wall Street dealmakers who specialize in tech banking to walk us through what the process could look like, as well as a valuation expert on the faculty of the <a target="_blank" class="" href="https://www.businessinsider.com/wharton-data-science-class-upenn-madoff-diamonds-airbnb-finance-jobs-2022-3">Wharton School at the University of Pennsylvania</a>. They also shared a look at what it could mean for the banks that won this business, both in terms of pay and reputation. The two investment bankers – neither of whom are affiliated with Goldman, Morgan Stanley, OpenAI, or Microsoft — requested anonymity to preserve industry relationships.The experts said the OpenAI valuation process stands to be stressful and drawn out — potentially taking up to six months — and could come with little to no financial reward for the banks involved. That said, the job still represents a huge win for Goldman and Morgan Stanley's tech teams since they now stand at the front of the line for whatever comes next for OpenAI.Thanks to ChatGPT, San Francisco-based OpenAI stands at the forefront of the artificial-intelligence revolution, which is <a target="_blank" href="https://www.pwc.com/gx/en/issues/artificial-intelligence/publications/artificial-intelligence-study.html">projected</a> to contribute nearly $16 trillion to the world economy by 2030, according to consulting firm PwC. <a target="_blank" href="https://www.wsj.com/tech/ai/openai-nearly-doubles-valuation-to-157-billion-in-funding-round-ee220607?mod=article_inline">A recent fundraise</a> valued the company at more than $150 billion. After it converts to a for-profit company, it could seek to raise money through the stock market or make acquisitions — all of which could prove lucrative for its Wall Street partners.Even the banks that are not part of this process stand to win if the final valuation is high enough, said Michael Roberts, the finance professor at Wharton. "If it comes at a really high multiple, what does that mean? It means you can raise an enormous amount of money if you are an AI company," he said, adding: "If I go back 15 years, the place to be as an investment banker was in Silicon Valley. But this could be sort of the next Silicon Valley 3.0."Here's a look inside the process and what it means for the Wall Street dealmakers who won this business, according to the tech bankers and the finance professor.<h2 id="277fe458-53dd-471b-bcca-880ebd8043d7">The banks have different goals: 'You're going to do battle'</h2>Morgan Stanley's objective will be to secure the greatest equity for its client, Microsoft, while Goldman's goal may be the opposite — pitting the two sides against one another."You're going to do battle," said one of the sources — a senior tech banker at a midsize investment bank — about the bankers on either side of the negotiating table.The valuation could take as much as six months, depending on what legal snags crop up, these people said. Since there's no obvious precedent for valuing this company, the bankers will want to get creative, which could open the door to lots of debate.The tech banker at the midsize firm said the goal will be to find comparisons in the real world that would make a compelling case for what OpenAI could be worth. "You might look at some of the early days of the last couple of generations of very disruptive technologies," he said, citing Apple in its early iPhone era and Google "back in the early days of disrupting the search market."The second banker, a former executive at a large-cap investment bank who now handles some tech deals at a small, independent firm, said that the banks will do a "landscape analysis" and ask questions about whether OpenAI could one day take Google's place.Roberts, the Wharton professor, proffered the name of another disruptive tech company: Uber. As it redefined the ride-hailing industry, there were "enormous" variations in its valuation projections. For OpenAI, though, the situation could be even more complex since its impact on the economy stands to be more dramatic.<h2 id="f2400755-f31e-489f-891d-876291a5211f">Risks and rewards</h2>Two of the experts BI spoke to estimated that the banks' fees for their work on the valuation could be low, at under $25 million each, with one suggesting it could even be gratis due to the competitive nature of the business. A third expert estimated the fees would likely be greater than $25 million but under $100 million.For context, advising on an actual merger or big-ticket public offering can <a target="_blank" class="" href="https://www.cnbc.com/2021/07/04/banks-earn-650-million-in-fees-and-stock-gains-from-ipo-flurry.html">generate many multiples of that</a> for investment-banking advisors — to the tune of hundreds of millions.The fees, however, are not likely the focus. "The goal is to lock the relationship up," said the senior technology dealmaker at the midsize firm, noting that OpenAI and Microsoft are companies that bankers would kill to have as clients.This banker said <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-chatgpt-openai-ceo-career-net-worth-ycombinator-prepper-2023-1">Sam Altman</a>, the founder of OpenAI, appears to put a premium on trust and interpersonal relationships, which could be to Goldman's benefit. He has a reputation for being "loyalty-driven," said the banker, who has met Altman and knows his reputation through conversations with the tech community.Morgan Stanley, for its part, has enjoyed a relationship with Microsoft that stretches back years. In 2016, the firm was the <a target="_blank" href="https://www.businessinsider.com/microsoft-and-linkedin-bankers-2016-6">only advisor to Microsoft</a> on its $26 billion acquisition of social-networking-giant LinkedIn.This wouldn't be the first time banks have shown a willingness to play the long game in exchange for future potential gains.In 2022, a syndicate of banks led by Morgan Stanley <a target="_blank" href="https://www.businessinsider.com/how-elon-musk-was-able-to-buy-twitter-despite-risks-2022-4">assembled $25 billion in capital</a> to lend to Tesla founder Elon Musk to finance his acquisition of X, the social-media platform formerly known as Twitter. X's lackluster financial performance prevented some banks <a target="_blank" href="https://www.businessinsider.com/elon-musk-x-twitter-debt-financing-banks-2008-financial-crisis-2024-8">from offloading the debt</a>, leading to losses. However, the goal, as one banker said at the time, was to "get a foot in the door with the man and his business."The investment banker who formerly worked at a large-cap bank said potential drawbacks could include some banks being excluded from other AI deals for competitive reasons."The likelihood that Google would take a very stance and be less willing to work with them is probably high because whenever you're involved in something like this, you're 'under the tent,' and you're seeing a lot of very sensitive things about where something is going and not going," this person explained.Largely speaking, however, Wall Street is poised to win, Roberts said."Given how much money's at stake here, even the loser isn't really going to lose, are they?" he said, adding, "It's all relative."Are you an investment-banking insider? Get in touch with this reporter. Reed Alexander can be reached via email at ralexander@businessinsider.com, and SMS/the encrypted app Signal at (561) 247-5758.

Inside Wall Street's efforts to value OpenAI: Who's involved, how it could work, and what's at stake for the banks

<ul class="summary-list"><li>Saudi Arabia's Public Investment Fund, led by Crown Prince Mohammed Salman, is going global.</li><li>The sovereign wealth fund is investing in everything from Uber and Blackstone to Heathrow and LIV Golf.</li></ul>In the months before <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-crown-prince-mohammed-bin-salman-mbs-2023-10">Mohammed bin Salman</a> celebrated his 30th birthday nearly a decade ago, the yet-to-be anointed Crown Prince of Saudi Arabia was gifted a vital key to unlocking the kingdom's future: full purview of its Public Investment Fund.Back in 2015, MBS became chairman of the sovereign wealth fund established in 1971 by a former king at a time when it was ready to be transformed. A slow-moving cog of the state no more, PIF was ready to become an investment juggernaut with global presence.It's a task the fast-rising royal hasn't shied away from. PIF, officially led by governor Yasir Al-Rumayyan, has been stepping up its mission to invest in high-profile assets globally in recent years to help fulfill its mission of reducing Saudi Arabia's economic dependence on oil.That mission, a fundamental part of <a target="_blank" class="" href="https://www.businessinsider.com/vision-2030-saudi-arabia-plan-future-proof-oil-economy-2023-8">an ambitious program called Vision 2030</a> that MBS is in charge of, depends in part on how successful the PIF is in generating returns from its big bets overseas — and leveraging those bets to build hot new industries at home."MBS' personal ambition is very much to make Saudi Arabia a highly visible and internationally respected post-oil economy," Steffen Hertog, associate professor at the London School of Economics, told Business Insider. "The PIF is by far his most important vehicle in this endeavor."But as PIF spreads its wings, it is becoming increasingly unclear as to just how successful it stands to be beyond the Gulf.<h2 id="ab7cae77-96ba-4c12-be58-1085931cd388">Saudi Arabia goes global</h2><div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>A look at the <a target="_blank" class="" href="https://www.pif.gov.sa/en/our-investments/our-portfolio/#ourportfolio_e=0">PIF's portfolio</a> presents a show reel of some of the most prolific names in global business.In the tech sector, it has <a target="_blank" href="https://www.businessinsider.com/how-investment-in-uber-brought-saudi-prince-to-silicon-valley-2020-9">pumped $3.5 billion into Uber</a>, poured $45 billion into SoftBank's Vision Fund, taken a 60% stake in <a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> rival Lucid, and become majority owner of augmented reality startup Magic Leap.Beyond that, it has pumped <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-pif-sports-influence-pga-liv-2023-6">billions of dollars into LIV Golf</a>, led a $415 million takeover of Newcastle United, backed up a Blackstone infrastructure fund with $20 billion and invested in Carnival, the world's biggest cruise operator. In June, PIF expanded its stake in London's Heathrow Airport.Figures published in July by <a target="_blank" href="https://globalswf.com/reports/2024gsr#market-update-1h-2024-1">GlobalSWF</a>, a data firm tracking sovereign-wealth-fund activity, found that PIF deployed more capital in the first half of 2024 than all other state-owned investors, which collectively invested close to $100 billion in the six-month period.According to LSE's Hertog, PIF's attraction to high-profile brands isn't just about making itself more visible to the West. "These for the most part are corporates active in sectors that the PIF and MBS see as key for Saudi Arabia's domestic economic diversification."To make these deals happen, the kingdom has been busy doing a lot of courting.In February, it backed a two-day conference in Miami, where the likes of Blackstone leader Stephen Schwarzman and Donald Trump's son-in-law Jared Kushner were <a target="_blank" class="" href="https://fii-institute.org/wp-content/uploads/2023/12/02.22_FII-PRIORITY-Miami-2nd-Edition-Program.pdf">billed as speakers.</a> In October, the kingdom will be prepared for the global elite to descend on capital city Riyadh for its "<a target="_blank" class="" href="https://www.businessinsider.com/saudi-business-conference-davos-in-desert-costs-15000-attend-2023-9">Davos in the desert</a>" investment conference.<div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>The event, which has previously attracted the likes of JP Morgan and BlackRock CEOs <a target="_blank" class="" href="https://www.businessinsider.com/jamie-dimon-career">Jamie Dimon</a> and <a target="_blank" class="" href="https://www.businessinsider.com/blackrock-ceo-larry-fink-net-worth-career-history">Larry Fink</a>, has proven controversial in the past. <a target="_blank" class="" href="https://www.businessinsider.com/biden-mbs-responsible-for-jamal-khashoggi-murder-2022-7">MBS's alleged role</a> in the murder of journalist Jamal Khashoggi in 2018, which he denies having involvement in, gave some dealmakers pause for thought.That said, the world's corporate elite appear to be looking past the incident as time passes — something the Saudis seem to be aware of. This year's theme, <a target="_blank" href="https://fii-institute.org/conference/fii8/">"Infinite Horizons,"</a> offers a nod to the global scope it has in mind for its future.For global companies, fund managers, and bankers, Saudi Arabia's wealth has been a big draw at a critical time. While other investors have exercised caution in the face of a higher interest rate environment, the kingdom has kept its money flowing.That's partly because the fund has set a target of $2 trillion in assets under management by the end of the decade, and is racing against the clock to meet the deadline for its ambitious Vision 2030 program.Saudi Arabia also finds itself l<a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-vs-uae-middle-east-economic-power-supremacy-dubai-2023-9">ocked in a tense rivalry with other economic powerhouses</a> in the region such as the United Arab Emirates, where funds such as Mubadala and <a target="_blank" class="" href="https://www.businessinsider.com/satya-nadella-microsoft-ai-kingpin-g42-openai-china-2024-4">G42 have been busy securing their own big international deals</a>. Bragging rights are on the table.<h2 id="daf6e7aa-7788-42a8-84dd-cb066c69057e">Risky high-stakes game</h2><div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>However, while the Saudis prepare to continue flashing their cash abroad, the PIF faces some risks.For one, the fund has had to learn the hard reality of going big, as a number of its high-profile investments overseas have struggled financially. Earlier this month, for instance, <a target="_blank" class="" href="https://www.businessinsider.com/middle-east-funds-racing-rescue-investments-saudi-arabia-pif-mubadala-2024-8">PIF had to plug a funding gap for Lucid</a> by pumping in an extra $1.5 billion.The electric vehicle maker first <a target="_blank" href="https://lucidmotors.com/fr-ca/media-room/lucid-motors-executes-us1bn-investment-agreement-public-investment-fund-saudi-arabia">raised more than $1 billion from the Saudis in 2018</a> after <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-blames-saudi-investor-backpedaling-taking-tesla-private-trial-2023-1">PIF's talks with Elon Musk to take Tesla private fell through</a>, but has struggled with a high burn rate and waning demand for EVs.PIF has also had to backstop another company. According to filings released in the UK this month, the fund has put $750 million into Magic Leap since the start of 2023, as it struggling to take its immersive reality headsets mainstream.For Hertog, though companies like Lucid have "fallen on hard times" — and other bets from PIF on the likes of the <a target="_blank" class="" href="https://www.businessinsider.com/inside-softbank-vision-funds-awful-year-former-employees-rival-vcs-2022-12">SoftBank Vision Fund</a> have "indeed not done well" — it is still too early to say how the overall performance will turn out. The fund did swing to an annual profit in 2023 following an $11 billion loss the previous year, Bloomberg reported, though many bets are still in their early days."There are inherent risks in investing in new sectors so what matters is not individual failures but the performance of the whole portfolio," Hertog said.PIF's tanglings with political figures are also raising concerns. Donald Trump's son-in-law Kushner, who started private equity firm Affinity Partners in 2021, <a target="_blank" class="" href="https://www.businessinsider.com/jared-kushner-private-equity-firm-funding-from-saudi-arabia-report-2022-4">received a $2 billion commitment from PIF</a> for its debut fund, with that commitment now facing an investigation by Senate Finance Committee chair Sen. Ron Wyden.<div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>In <a target="_blank" class="" href="https://www.finance.senate.gov/chairmans-news/wyden-probes-kushner-firm-payments-from-gulf-states-potential-fara-loophole">a letter published in June</a>, the senator raised concerns that PIF and other Middle Eastern funds were "using payments to Affinity executives as a means to influence Kushner and other politically powerful individuals."For Abdullah Alaoudh, a director at the Middle East Democracy Center, it seems clear that buying "a lot of influence" — or "whitewashing" as he puts it — is a key part of the fund's dealmaking overseas. If potential partners can gloss over some of its more controversial activities, such as <a target="_blank" class="" href="https://www.businessinsider.com/biden-investigation-us-military-aid-saudi-arabia-massacre-migrants-yemen-2023-9">the Kingdom's war in Yemen</a>, it'll have an easier time seeing deals through.As Hertog notes, it's worth remembering that PIF's main priority remains its domestic portfolio. "While some domestic investments have been pruned, the fund's main ambition is domestic diversification," he said.Still, Saudi Arabia seems intent on making its mark on the global stage through the PIF. The world will be keeping watch.The PIF did not immediately respond to a request for comment from BI.

Saudi Arabia is on a high-stakes mission to buy the world 

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! Ah, to be young and optimistic. Gen Z's <a target="_blank" href="https://www.businessinsider.com/gen-z-reject-corporate-jargon-corporate-accent-2024-7">latest takedown target is corporate jargon</a>. Let's put a pin in that and circle back in a couple of years.In today's big story, what to expect from <a target="_blank" href="https://www.businessinsider.com/openai-gpt5-gpt4-expectations-ai-2024-7">OpenAI's newest AI model</a> that's in the works.What's on deck:<ul><li>Markets: A research firm says this chart shows why <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-chart-prediction-cyclical-bull-rally-last-years-2024-7">the current bull market is far from over</a>.</li><li>Tech: One canceled Microsoft AI deal <a target="_blank" href="https://www.businessinsider.com/pharma-cio-cancelled-microsoft-copilot-ai-tool-2024-7">should worry the whole industry</a>.</li><li>Business: Internal documents show Amazon's <a target="_blank" href="https://www.businessinsider.com/amazon-healthcare-one-medical-billion-loss-cost-cutting-profitability-2024-7">projections for its healthcare business</a>.</li></ul>But first, let me upgrade you.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="0642bd0e-e971-4663-bff4-7c413bf24f3d">The big story</h3><h2 id="8e8b25cf-af5c-4ba5-823b-ade7efe8b096">Great expectations</h2><div type="image" title="Photo illustration of Sam Altman." height="1500" width="2000" msid="112172694" hostid="261" sizebytes="132654"></div>OpenAI shook up the world with the launch of ChatGPT in 2022. But can its latest upgrade do the same?GPT-5, the newest model upgrade for OpenAI's chatbot, <a target="_blank" href="https://www.businessinsider.com/openai-launch-better-gpt-5-chatbot-2024-3">is coming soon</a>. Business Insider's Darius Rafieyan spoke to OpenAI customers and developers about <a target="_blank" href="https://www.businessinsider.com/openai-gpt5-gpt4-expectations-ai-2024-7">their expectations for the latest iteration</a>.Plenty of people have high hopes, and for good reason. The jump between GPT-3, which powered ChatGPT when it launched, and GPT-4, which came out last year, was substantial. One user compared it to going from grade school to undergrad.But others don't see the newest model making as big a step as its predecessor. One potential customer told Darius the gap between GPT-4 and GPT-5 will be more like going from undergrad to a PhD program.But they can still dream! High on the wishlist is "agentic actions," or when a model performs <a target="_blank" href="https://www.businessinsider.com/multi-agent-systems-are-the-next-big-thing-in-ai-2024-7">multiple complex steps in a row</a>. Instead of just giving you a trip itinerary, ChatGPT could actually book the trip. Being able to seamlessly work across audio, video, and text is also high on the list.<div type="image" title="sam altman" height="950" width="1440" msid="112172688" hostid="261" sizebytes="167996"></div>Users aren't the only ones with big hopes for GPT-5.OpenAI has a lot riding on its newest model, including its ability to get customers to cough up more cash. The startup hasn't been shy about spending big, with operating costs that could <a target="_blank" href="https://www.businessinsider.com/how-much-big-tech-spending-on-ai-investments-2024-7#open-ai-2">reportedly surpass $8 billion this year</a>.With investors pressing tech companies on their <a target="_blank" href="https://www.businessinsider.com/ai-hype-train-profits-valuations-startups-google-openai-2024-7">AI projects' paths to profitability</a>, OpenAI could quickly face pressure if GPT-5 can't attract more customers.But it's not just about making money. (I'll wait for you to stop laughing.)OpenAI took considerable heat during its last big unveiling. The launch of GPT-4o in May <a target="_blank" href="https://www.businessinsider.com/openai-chatgpt-audio-feature-talk-ai-2024-5">was initially praised</a>, but it wasn't long before a literal superhero <a target="_blank" href="https://www.businessinsider.com/scarlett-johansson-angry-chatgpt-voice-declined-offer-openai-sam-altman-2024-5">came after the startup</a>.Criticism <a target="_blank" href="https://www.businessinsider.com/openai-mess-concerns-over-nda-safety-sam-altman-2024-6">continued to mount against OpenAI</a> and CEO Sam Altman about its lack of focus on safety.A new model is bound to get plenty of scrutiny — remember the <a target="_blank" href="https://www.businessinsider.com/google-gemini-bias-sundar-pichai-memo-2024-2">Google Gemini controversy</a> earlier this year? — which could open the startup to additional risk.That's not ideal for a company that's preparing to take on one of the biggest juggernauts in tech: Google's Search. OpenAI announced plans for SearchGPT that's <a target="_blank" href="https://www.businessinsider.com/openai-searchgpt-search-engine-prototype-declares-war-with-google-2024-5">a direct shot at Google's business</a>.SearchGPT relies on GPT-4 at the moment, but it's safe to assume that GPT-5 will take on that underlying role in the future. A big stumble by the latter would almost certainly hurt the former's chances of competing with one of the most widely used tools on the web.<h2 id="e7ad5a04-e409-4b8e-a5a6-9c0198f1ef94">3 things in markets</h2><div type="image" title="wall street bull with illustration of cash floating behind" height="1000" width="2000" msid="112172695" hostid="261" sizebytes="321014"></div><ol><li>The bull market isn't going anywhere. Ned Davis Research highlighted historical trends indicating the current cyclical bull rally will last well into 2025. Slight market corrections like the Nasdaq's dip last week are expected, but the risk of a new bear market is low, according to the research firm. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-chart-prediction-cyclical-bull-rally-last-years-2024-7">This chart maps out the length of previous rallies</a>.</li><li>David Solomon is feeling more bullish about interest rate cuts. The Goldman Sachs CEO, who previously said the Fed would skip rate cuts this year, now believes we could get as many as two. He credits the shift in consumer behavior in the face of inflation <a target="_blank" href="https://www.businessinsider.com/next-interest-rate-cut-forecast-goldman-sachs-ceo-david-solomon-2024-7">as a reason for his U-turn</a>.</li><li>Inside Blackstone's summer internship. It's 10 times harder to score a first-year analyst job at Blackstone than it is to get into Harvard. But the easiest way for undergrads to get a foot in the door is through the private equity giant's <a target="_blank" rel="noopener" href="https://www.businessinsider.com/inside-blackstone-summer-analyst-program-and-internship-2024-7">10-week summer internship program</a>. Two executives walked BI through recruitment, the internship, and how to land a return offer.</li></ol><h2 id="62bb4334-a805-49b4-89b9-d7825f87b766">3 things in tech</h2><div type="image" title="mark and jensen" height="1000" width="2000" msid="112172690" hostid="261" sizebytes="219782"></div><ol><li>Inside the tech industry's most powerful bromance. Mark Zuckerberg and Jensen Huang have a lot in common, and have become increasingly close. But it's not all cozy cookouts and <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-meta-nvidia-jensen-huang-bromance-cooking-2024-4">leather-jacket swaps</a>: Behind their shared experiences and mutual flattery are billions of dollars in deals, and <a target="_blank" href="https://www.businessinsider.com/business-bromance-nvidia-jensen-huang-mark-zuckerberg-siggraph-2024-7">an increasingly tied future</a>.</li><li>The collapse of a Microsoft AI deal is cause for industry-wide concern. A pharmaceutical company stopped using Microsoft's Copilot AI because of high cost and low value, comparing its AI-generated slides to "middle school presentations." <a target="_blank" href="https://www.businessinsider.com/pharma-cio-cancelled-microsoft-copilot-ai-tool-2024-7">The canceled deal is a warning sign</a> for companies hoping their AI products will catch on with consumers — and <a target="_blank" rel="noopener" href="https://www.businessinsider.com/microsoft-investors-freaked-out-about-ai-spending-azure-growth-2024-7">for already freaked-out investors</a>.</li><li>The networking queen of New York City's tech and venture scene. Alexa von Tobel is the <a target="_blank" href="https://www.businessinsider.com/alexa-von-tobel-super-connector-new-york-buzzy-tech-scene-2024-7">superconnector of New York's tech entrepreneurs and investors</a>. Those who work with her say she has a natural extroversion that makes her extremely good at bringing high-powered people together.</li></ol><h2 id="3c244a91-acbf-4e23-8cde-90d1f2a8f4a7">3 things in business</h2><div type="image" title="One Medical Collage" height="1000" width="2000" msid="112172687" hostid="261" sizebytes="99028"></div><ol><li>A leaked document gives a rare look inside the projected finances of Amazon's big healthcare bet. In December, the company forecast more than $1 billion in losses in 2024 for its healthcare business. But that's an improvement from last year, when it lost $1.28 billion. The tech giant also expected revenue <a target="_blank" href="https://www.businessinsider.com/amazon-healthcare-one-medical-billion-loss-cost-cutting-profitability-2024-7">to jump 30% to over $3 billion this year</a>.</li><li>Your trip to Starbucks just got shorter. Long lines, plunging sales, and frustrated workers are all contributing to the chain's downwards spiral. Earlier this month, though, it changed the way it runs its cafes — and it could <a target="_blank" href="https://www.businessinsider.com/starbucks-reinvented-cafes-managment-plan-lines-waits-sales-2024-7">turn things around for the company and customers alike</a>.</li><li>What to expect when Apple and Meta report earnings. Mark Zuckerberg's company reports Q2 earnings today, and investors will likely <a target="_blank" href="https://www.businessinsider.com/meta-q2-earnings-preview-tiktok-uncertainty-and-political-ad-boost-2024-7">focus on AI-investment returns</a>. Meanwhile, Apple reports its third-quarter earnings tomorrow, and analysts are expected to ask questions on the recently delayed Apple Intelligence and the <a target="_blank" href="https://www.businessinsider.com/apple-q3-earnings-what-to-look-for-ai-china-services-2024-7">iPhone's lagging performance in China</a>.</li></ol><h2 id="b691d3d2-a3d7-4ee3-8890-aa84cf68a80c">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/women-men-medicine-drug-reviews-online-health-medical-advice-webmd-2024-7">Worried about starting a new drug? See how women say it works</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/jd-vance-couch-sex-joke-author-speaks-2024-7">The author of the viral joke post about JD Vance having sex with a couch breaks his silence</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/harris-vp-pick-roy-cooper-gretchen-whitmer-rule-selves-out-2024-7">Harris' running mate list is narrowing after 2 top contenders ruled themselves out</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/meta-whatsapp-growth-us-messaging-app-ai-apple-imessage-2024-7/">Meta's $19 billion bid to own messaging in the US gains steam — and AI could give it an edge over Apple's iMessage</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/miu-miu-revenue-jumps-93-gen-z-asia-sales-prada-2024-7">One of Prada's red-hot brands for Gen Z luxury shoppers just posted crazy growth numbers</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/coffee-badging-crackdown-rto-rules-must-change-2024-7">Stop the crackdown on coffee-badging — here's the real problem</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/googles-ai-powered-olympics-ad-faces-backlash-scores-viewers-2024-7">Google's AI Olympics ad is drawing jeers online but scores surprisingly well among viewers</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/analyst-says-near-tesla-crash-tesla-shows-fsd-not-ready-2024-7">Tesla keeps touting self-driving but one analyst's near-crash shows it's 'not even close' to autonomy</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/white-dudes-for-harris-twitter-account-elon-musk-donald-trump-2024-7">'White Dudes for Harris' fundraiser thinks Elon Musk might have suspended his account. He's going to keep using Twitter</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/ubi-universal-basic-income-ai-risks-destroying-jobs-solutions-2024-7">The tech industry wants to create an AI utopia. Its leaders think Universal Basic Income is the answer</a>.</li></ul><h2 id="265f2581-0e55-4ab6-8ce7-1a67b2d79f37">What's happening today</h2><ul><li>The Fed announces its July interest rate decision. It's expected to hold rates steady today, though analysts believe a rate cut is likely in September.</li><li>Meta, Boeing, Kraft, and <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">other companies</a> are reporting.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

OpenAI's releasing a new AI model soon, and there's a lot at stake

<ul class="summary-list"><li>Arizona opened the doors for outside investors in law firms, and Steve German had high hopes.</li><li>But he says his co-owner, 777 Partners, was hit by scandal and didn't invest the millions it promised.</li></ul>Two years ago, Steve German was optimistic.He'd done well for himself as a trial lawyer in Phoenix, suing insurance companies on behalf of workers who were denied benefits. And he'd just launched a venture with the Miami investment firm 777 Partners that he hoped would revolutionize the legal business.Arizona had recently begun permitting nonlawyers to invest in law firms, which is banned in nearly every other state. German seemed poised to ride the wave of deregulation and build what he'd later describe as "generational wealth."State bar associations have long restricted lawyers from selling stakes in their firms to outside investors, out of a desire to protect consumers from bad advice, to keep financiers from distorting firms' ethical obligations to their clients — and to keep profits in the hands of lawyers. That meant that firms basically had to eat what they killed: Any investments in marketing, technology, or building cases had to come from client fees or the firm's cut of jury awards and settlements.Allowing private-equity riches to pour into law firms looked like it could be a game changer. When he spoke with Business Insider <a target="_blank" href="https://www.businessinsider.com/how-to-benefit-from-arizona-law-firm-ownership-structure-2022-10">in 2022</a>, German excitedly described how he might use 777's money to take lower fees and allow clients to designate charities they'd like to benefit. He was making connections with referral sources and said he'd hired BerlinRosen, one of the better-known public-relations firms that work with plaintiffs' lawyers."It was something that was revolutionary in many ways, and it was something I saw as a way to do good," German said. The firm, called Scout Law Group, was one of the first such firms — known as an <a target="_blank" href="https://www.businessinsider.com/how-to-benefit-from-arizona-law-firm-ownership-structure-2022-10">alternative business structure</a> — to be approved by state regulators."The ABS program reminds me of when Uber first came to town and everyone was like, 'Oh, my god, that's crazy,'" Andy Kvesic, who serves on the state committee that approves ABS applications, said.German's optimism was short-lived. Before 2022 came to an end, his relationship with 777 had begun to sour amid disputes over funding. Now, German has become a vocal critic of Arizona's hands-off approach to regulating these new entities.German said 777 didn't supply money on the terms or timeline it promised and planned. While he got some funding and was able to build a portfolio of about 300 to 400 cases, German said the millions that his partner had promised never flowed in. He had to whip out his own checkbook to pay vendors and employees, he said in a <a target="_blank" href="https://www.documentcloud.org/documents/24752517-german-v-scout-law-group-and-777-partners-et-al">lawsuit filed in April</a> alleging fraud, breach of contract, and unpaid wages. It's one of several lawsuits involving 777, which, according to <a target="_blank" href="https://www.semafor.com/article/11/30/2023/feds-probe-sports-investor-777-over-money-flows">Semafor,</a> has also been under Justice Department scrutiny.777 has not yet filed an answer to German's complaint. The firm did not respond to a request for comment.He first decided to resign from Scout last summer, a few months after the firm and its leaders filed licensing paperwork with state regulators that he said he now believed was incomplete. But he told BI that after he forwarded his "break-up letter" to state regulators, he came to regret the decision; it touched off a bar investigation and resulted, for a period, in the suspension of Scout's license. He ended up rescinding the resignation and sticking around until 777 picked a new compliance lawyer in December, he said.After all that, he expected that the firm and its new leaders' license application would be closely scrutinized. He said the steady drumbeat of negative reporting made it clear that 777 hadn't been up front about the controversies it was involved in.But, he said, the committee that reviews ABS applications renewed Scout's license with barely any discussion. German also sits on the committee, and he was recused from the decision. But he said that and subsequent board decisions, like giving a pass to a lawyer who failed to mention that he'd been suspended in another state, unsettled him."What we're doing is sending the wrong message," he said. "What we're saying is, don't disclose your bad stuff."<h2 id="36d168a2-3b57-4875-b8ab-b0c81b9db7d8">Regulators approved 777 Partners despite litigation, DOJ probe</h2>German isn't the first business partner to sue 777 Partners, and he may not be the last. After the firm began investing in soccer clubs, Brazil's news outlet O Globo reported that one of its owners, Josh Wander, was on probation until 2018 for a cocaine-related charge. (At the time, 777 called it "ancient history.") The firm's reliance on insurance premiums, which are normally invested conservatively to ensure future claims can be paid, to fund its risky bets in sports teams and other speculative investments was <a target="_blank" href="https://www.semafor.com/article/11/15/2023/mystery-investor-777-partners-bought-european-sports-teams-with-insurance-customers-cash">unearthed</a> by Semafor, and insurance regulators and business partners have been asking questions and filing lawsuits.But German said on some level, it's about more than money. Revelations about 777's other business lines — for instance, its work with online payday lenders that charge sky-high interest rates and pay Native American tribes to use their sovereign immunity as a legal shield — repulsed him when he learned about them in July after reading about the firm in the soccer publication Josimar, he said.Asked how he didn't know about the controversies until 2023, German said he'd asked Steven Pasko, one of 777's principals, whether the firm was the subject of any lawsuits while he was filling out ABS licensing paperwork, and he had denied it. He said he still didn't know how the controversies didn't come to the attention of ABS committee staff."These people are the exact opposite of who should be approved," he said. "We're supposed to be looking out for the public interest, and we're letting in guys who are sued for RICO?"The ABS committee's minutes <a target="_blank" href="https://www.azcourts.gov/Portals/26/ABS%20Regular%20Minutes.pdf">show</a> that Scout's renewal application passed 5-1, with two recusals and two absences. According to the committee's <a target="_blank" href="https://www.azcourts.gov/Portals/26/ABS%20Committee%20Annual%20Report%20to%20Supreme%20Court%20for%202023%20-%20FINAL.pdf">most recent annual report</a>, 25 new entities got a green light last year; one application was denied. The number of complaints jumped from zero in 2022 to 24 in 2023, though no discipline was imposed on any of the four entities that were the subject of complaints.Lynda Shely, an Arizona legal-ethics lawyer who is also a member of the committee, said she would not comment specifically on German's dispute with 777 and Scout, which she has advised. She was also recused from the vote on Scout's renewal application. But she pushed back on the idea that Arizona was being too permissive, saying many applications didn't even make it to a vote because of the heavy scrutiny applied by committee staff. Funding and marketing firms were cutting deals with law firms in nonpublic arrangements for years before Arizona changed its rules, she added."There's a whole lot of disclosure that occurs through our model," she said. "There's more transparency about the relationship with an ABS."As BI reported in 2022, <a target="_blank" href="https://www.businessinsider.com/how-to-benefit-from-arizona-law-firm-ownership-structure-2022-10">Arizona's ABS structure</a> has unleashed a wave of experimentation. In some entities, lawyers and accountants are working side by side to serve clients better, and in others, technologists are helping traditional law firms work more efficiently, with the potential to share in the upside. Advocates see it as a way for lawyers to sell packages of valuable services, instead of selling billable hours.But one of the most common uses of an ABS has been for personal-injury and mass-tort attorneys to team up with funders and marketers more directly than is possible under legal-ethics rules in other states.Defenders of traditional law-firm structures say lawyers take an oath to do what's best for their clients. They argue that involving outside funders in firm management creates a risk that profits come first and clients come second.But some advocates for systems like Arizona's say those risks can be managed by requiring lawyers to have the final say, keeping a close eye on the new firms, and taking complaints seriously. They say there's nothing wrong with lawyers using outside money to reach more injured clients, who may not know where to turn when facing medical bills from car wrecks and dangerous drugs."So far, it is a success," Shely said. As with any new initiative, she said, it "will have growing pains and need to adjust and tweak things as we go."For much of 2023, German said, he expressed his discontent with 777's leadership, including its then-general counsel, Ed Gehres, and its chief financial officer, Damien Alfalla. He said he had conversations with other investors about buying 777's stake in Scout, but the talks ultimately went nowhere. He said other investors wanted to borrow money against Scout's unearned contingency fees, which could have made it impossible for those clients to find a new lawyer if they had to leave Scout for some reason.Gehres and Alfalla didn't respond to emails seeking comment.In the wake of his own dispute with 777, he said, he has become alarmed by the permissive approach the state has taken toward licensing and thinks more scrutiny is needed. He still believes that the ABS model has the potential to fill gaps in the legal marketplace, he said, but that greenlighting any applicant — many of which have little connection to Arizona — is a mistake.Allowing outside investment into law firms, he said, "is a privilege." "It serves a purpose for access to justice," he added. "It's not for a billionaire equity fund to use to game the process."Correction: June 18, 2024 — An earlier version of this story misspelled the name of 777 Partners' former chief financial officer. He is Damien Alfalla, not Damian Alfalla.

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