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<ul><li><keyword id="19896909" type="General" weightage="20" keywordseo="Airtel" source="keywords" meta.keywordsubtype="org" meta.entityname="Airtel" meta.hostid="261" meta.entityid="Airtel">Airtel</keyword> has announced an AI-powered solution to tackle <keyword id="20649571" type="General" weightage="20" keywordseo="spam-calls" source="keywords">spam calls</keyword> and messages.</li><li>The telco will use AI to scan and alert users about spam calls and messages.</li><li>The company will roll out the new feature to all users for free.</li></ul> Spam calls and messages are a nuisance and while the <keyword id="19945464" type="General" weightage="20" keywordseo="Telecom-Regulatory-Authority-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Telecom Regulatory Authority of India" meta.hostid="261" meta.entityid="Telecom Regulatory Authority of India">Telecom Regulatory Authority of India</keyword> (TRAI) has taken steps to tackle the issue, it has failed to do so completely. Telecom operator <keyword id="19951944" type="General" weightage="20" keywordseo="Bharti-Airtel" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharti Airtel" meta.hostid="261" meta.entityid="Bharti Airtel">Bharti Airtel</keyword> has now deployed <keyword id="21310835" type="General" weightage="20" keywordseo="AI-powered-technology" source="keywords">AI-powered technology</keyword> to try to solve the issue. The company termed it as the country’s “first AI-powered <keyword id="23323248" type="General" weightage="20" keywordseo="spam-detection-solution" source="keywords">spam detection solution</keyword>”. The company has said that it will offer this spam detection solution to all users for free. "Spam has become a menace for customers. We have spent the last twelve months solving this comprehensively," said <keyword id="20174209" type="General" weightage="20" keywordseo="Gopal-Vittal" source="keywords">Gopal Vittal</keyword>, Managing Director and Chief Executive Officer, Bharti Airtel. <div type="Article" hostid="261" msid="113548793" title="Jio and Airtel lost subscribers in July after tariff hike, BSNL records growth" mstype="2" mssubtype="0"></div> As per the company, the tool will alert customers in real time to all suspected spam calls and messages. Customers won’t have to do anything to enable this and it will be auto-activated for all Airtel customers without them having to raise a service request or download any app. "Our solution has been able to successfully identify 100 million potential spam calls and 3 million spam SMSes originating every day," Vittal added. Airtel has claimed that the AI-powered spam detection solution, developed in-house by Airtel's data scientists flags suspected spam calls and messages accurately. <div type="Article" hostid="261" msid="112841081" title="Airtel customers to get access to Apple TV+, Apple Music – telco to absorb Wynk Music employees" mstype="2" mssubtype="0"></div> In addition to alerting users about spam calls and messages, this tool will also alert customers about malicious links received via SMS. To address this, Airtel said it has built a centralised database of blacklisted URLs and every SMS is scanned in real-time by an AI algorithm to caution users from accidentally clicking on suspicious links. "There are several indicators based on which we have identified spammers. We have developed an AI-enabled spam detection solution which analyses calls in 2 milliseconds and alerts users on the dialer," Vittal added. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/diffusion-engineers-ipo-quick-review-ipo-gmp-risk-factors-and-more/slidelist/113687580.cms">Diffusion Engineers IPO quick review – IPO GMP, risk factors and more</a> <a href="https://www.businessinsider.in/stock-market/news/manba-finance-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113667907.cms">Manba Finance IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/entertainment/news/it-is-cheaper-to-watch-coldplay-perform-in-abu-dhabi-than-to-pay-scalpers-for-mumbai-tickets/articleshow/113665893.cms">It is cheaper to watch Coldplay perform in Abu Dhabi than to pay scalpers for Mumbai tickets</a>

Airtel is using AI-powered technology to block spam calls and messages

<ul class="summary-list"><li>Two new studies found that sports betting has taken a toll on some Americans' finances.</li><li>Sports betting was tied to lower credit scores and less investing in assets like stocks.</li></ul>Football season is right around the corner — when millions of Americans will bet on everything from who will <a target="_blank" href="https://www.businessinsider.com/super-bowl-prop-bets-travis-kelce-taylor-swift-engagement-2024-2">win the Super Bowl</a> in February to how many passing touchdowns Denver Broncos quarterback Bo Nix will throw during his rookie season.For the majority of gamblers in the <a target="_blank" class="" href="https://www.actionnetwork.com/news/legal-sports-betting-united-states-projections">38 states</a> plus DC, where <a target="_blank" href="https://www.businessinsider.com/sports-gambling-sportsbook-wall-street-betting-hedging-2024-5">sports betting</a> is legal through a combination of retail and online sportsbooks, their wagers are likely to have a modest impact on their finances — most people <a target="_blank" class="" href="https://www.businessinsider.com/sports-betting-fanduel-draftkings-advice-super-bowl-common-mistakes-2024-2">don't get rich</a> betting on sports. Meanwhile, many bettors will chalk up their gambling losses as worthwhile entertainment expenses.However, some gamblers could end up regretting more than their losing bets. That's because there's growing evidence that <a target="_blank" href="https://www.businessinsider.com/rising-stars-sports-betting-and-gaming-at-draftkings-fanduel-more-2024-6">sports gambling</a> is taking a toll on some Americans' finances.A <a target="_blank" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4903302">working paper</a> published in August by University of Southern California and University of California Los Angeles researchers found that sports gambling is "harming consumer financial health." In the 30 states with just legal online sports gambling, the average credit score declined by about 1% roughly four years after legalization, and bankruptcy likelihood increased by 28% after about two years. The analysis was based on financial information of roughly 7 million US adults, which was provided by the University of California Consumer Credit Panel."We find broad evidence that legal sports betting, and in particular mobile/online access to betting, has led to significant increases in problematic debt activity and a worsening of consumer financial health," Brett Hollenbeck, one of the paper's authors, <a target="_blank" href="https://x.com/econominable/status/1816217781416718534?utm_campaign=mb&amp;utm_medium=newsletter&amp;utm_source=morning_brew">wrote</a> on X.Another <a target="_blank" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4881086">working paper</a>, published in July by Northwestern University, the University of Kansas, and Brigham Young University researchers, found that for every $1 a person bet on sports, it <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-investing-impact-legal-sport-betting-gambling-study-2024-8">reduced their net investment</a> in financial instruments like stocks by roughly $2 on average. Net investments in a state typically fell about 14% in the two to three years after sports betting was legalized, and among some households, sports betting was associated with rising credit card balances and overdraft payments. The analysis was based on a dataset of billions of US consumer transactions between 2010 and 2023, which was provided by a data aggregation and analytics platform."Our results show that not only does sports betting lead to increased betting activity, but it also leads to higher credit card balances, less available credit, a reduction in net investments, and an increase in lottery play," the researchers wrote.In recent years, the widespread legalization of sports betting has convinced many Americans to get in on the action. The total amount wagered on sports in the US rose to $14 billion in January 2024 from about <a target="_blank" href="https://www.sportsbookreview.com/news/us-betting-revenue-tracker/">$1 billion</a> in January 2019, and a Seton Hall University <a target="_blank" class="" href="https://www.shu.edu/business/news/sports-poll-finds-slowed-growth-for-sports-betting.html">poll</a> of 1,523 US adults conducted in February found that 37% of Americans had bet on a sporting event, up from 34% in 2023 and 28% in 2022.While the industry has boosted states' tax revenues, created jobs, made some people a lot of <a target="_blank" href="https://www.axios.com/local/charlotte/2024/03/21/online-mobile-sports-betting-apps">money</a>, and entertained millions, some experts have raised concerns about the financial impact sports betting losses could have on some Americans — and questioned whether the benefits of the industry <a target="_blank" href="https://www.washingtonpost.com/opinions/2024/05/14/sportsbooks-sports-gambling-prop-bets-state-tax-jontay-porter/">outweigh</a> the potential costs.<h2 id="8c71879a-9975-433e-bb12-31aef60d06bc">Sports betting can lead to addiction and harm low-income Americans</h2>When sports betting becomes a problem for one's finances, gambling addiction tends to be one of the main culprits. A Siena College <a target="_blank" href="https://scri.siena.edu/wp-content/uploads/2024/02/ASFS_Release-2_-Online-Sports-Betting.pdf">poll</a> of over 3,000 Americans conducted in January found that 15% of respondents knew someone who has or had a problem with online sports betting. Among those who had placed bets with an online sportsbook, 18% said they'd had trouble meeting a "financial obligation" due to a gambling loss."We believe, nationwide, the rate and severity of gambling problems have increased across the United States since 2018," Keith Whyte, executive director of the National Council on Problem Gambling, <a target="_blank" class="" href="https://www.nbcnews.com/health/mental-health/gambling-addiction-hotline-calls-online-sports-betting-rcna145539">told</a> CNBC in April. In 2018, the Supreme Court <a target="_blank" class="" href="https://www.businessinsider.com/states-where-sports-betting-legal-usa-2019-7">lifted the federal ban</a> on sports betting, clearing the way for its legalization across the country.Online sportsbooks such as FanDuel and DraftKings provide bettors with responsible gaming <a target="_blank" href="https://www.draftkings.com/about/responsible-gaming/?wpsrc=Organic%20Search&amp;wpaffn=Google&amp;wpkw=https%3A%2F%2Fwww.draftkings.com%2Fabout%2Fresponsible-gaming%2F&amp;wpcn=about&amp;wpscn=responsible-gaming%2F">resources and tools</a>, including information on where they can <a target="_blank" href="https://www.fanduel.com/responsible-play/about">seek help</a> in their state. Many platforms also allow bettors to place <a target="_blank" href="https://sportsbook.draftkings.com/help/responsible-gaming?wpsrc=Organic%20Search&amp;wpaffn=Google&amp;wpkw=https%3A%2F%2Fsportsbook.draftkings.com%2Fhelp%2Fresponsible-gaming&amp;wpcn=help&amp;wpscn=responsible-gaming">restrictions</a> on their deposits, wages, and time spent on the platform.However, some experts believe significant risks remain."Here's a product that we know is addictive," Timothy Fong, co-director of the UCLA Gambling Studies Program, <a target="_blank" href="https://www.businessinsider.com/sports-betting-addiction-warns-bettors-lose-money-march-madness-2023-3">previously told Business Insider</a> regarding sports betting. "Here's an American appetite for that product. And then you combine the forces of a very powerful and effective industry combined with technology. This is where potentially it could go really bad."When sports betting leads to financial challenges, it tends to be low-income Americans who are the most impacted.The USC and UCLA analysis found that young men, particularly those based in low-income counties, were the most likely to see their financial health deteriorate due to online sports betting. Additionally, the Northwestern, Kansas, and BYU researchers found that "financially constrained households" with less savings were more likely to "divert funds from their investment portfolios to betting activity."Gambling has long had a disproportionately negative impact on the finances of lower-income Americans. An <a target="_blank" href="https://www.economist.com/graphic-detail/2024/04/02/the-economics-of-american-lotteries">analysis</a> from The Economist published in April found that in the poorest 1% of US zip codes, the average adult spends nearly 5% of their annual income on lottery tickets — or around $600 a year. The richest 1% of zip codes spent 0.15% of their incomes on average, or $150 a year.The impact of gambling on people's finances isn't the only reason the sports betting boom has received mixed feedback in recent years.For example, some sportsbooks haven't <a target="_blank" href="https://www.washingtonpost.com/sports/2024/01/17/sports-bets-errors-payouts/">paid out</a> winning customers because of errors in their betting odds, which they said gave bettors an unintended advantage. Others have placed <a target="_blank" href="https://www.washingtonpost.com/sports/2022/11/17/betting-limits-draft-kings-betmgm-caesars-circa/">significant limits</a> on how much money some of their most successful bettors can wager. While these developments have frustrated some gamblers, these sportsbooks generally haven't violated any laws or regulations.Additionally, while sports betting has generated millions of dollars in tax revenues, the proceeds have <a target="_blank" href="https://www.fox10phoenix.com/news/sports-betting-arizona-revenue">fallen short</a> of expectations in some states — and not everyone thinks the tax dollars have been wisely spent. In Arkansas, roughly 18% of tax proceeds go to "horse breeding awards and racing purses," according to a Bloomberg <a target="_blank" class="" href="https://news.bloombergtax.com/financial-accounting/states-spend-money-from-sports-betting-in-strange-places">analysis</a>. Between the second quarter of 2023 and the first quarter of this year, less than 2% of US sports betting tax dollars went to problem gambling programs.In the years ahead, the sports betting industry could see some changes, including <a target="_blank" href="https://frontofficesports.com/more-states-hiking-sports-betting-taxes-eyeing-revenue-windfall/">higher taxes</a> and <a target="_blank" href="https://affiliate.insider.com?h=710b8e78807ba9d19695e87cd1d217595594ee44e28274a9241dd581a1d0d883&amp;postID=66c39a24b9a36536265541f4&amp;postSlug=sports-betting-legalization-hurts-americans-finances-credit-score-investing-stocks-2024-8&amp;site=bi&amp;u=https%3A%2F%2Fwww.espn.com%2Fespn%2Fbetting%2Fstory%2F_%2Fid%2F39766929%2Fcongressman-paul-tonko-introduce-legislation-aimed-sports-betting-marketing-tactics">increased regulation</a> of its marketing practices to minimize the risk of problem gambling. The former could boost states' tax coffers but potentially lead to fewer <a target="_blank" class="" href="https://www.businessinsider.com/espn-bet-sports-betting-penn-entertainment-disney-deal-barstool-sportsbook-2024-5">promotions</a> and less favorable odds for bettors, sportsbooks say.For industry executives, arguably the biggest change would come if <a target="_blank" href="https://www.latimes.com/opinion/story/2024-03-29/shohei-ohtani-california-sports-betting-gambling-dodgers">California</a> and <a target="_blank" href="https://www.kwtx.com/2024/02/09/sports-gambling-texas-approaching-super-bowl-weekend/">Texas</a> — the two most populous states in the nation — legalized sports betting. Despite these states' <a target="_blank" class="" href="https://www.businessinsider.com/moved-california-texas-conservative-affordable-realtor-helps-others-2023-8">political differences</a>, a variety of factors have prevented many of their lawmakers and citizens from getting on board, and it remains unclear when — or if — legalization will happen.Regardless of how it plays out, the US sports betting boom — and efforts to evaluate its impact on society — appear to be in the early innings.If you or someone you know has a gambling addiction, call the <a target="_blank" href="https://www.ncpgambling.org/help-treatment/national-helpline-1-800-522-4700/">National Council on Problem Gambling Helpline</a> (1-800-522-4700), which provides resources and referrals for all 50 states, Canada, and the US Virgin Islands. Help is available 24/7 and is 100% confidential.Are you a sports bettor willing to share your story? If so, reach out to this reporter at <a target="_blank" href="mailto:jzinkula@businessinsider.com">jzinkula@businessinsider.com</a>.

Sports gambling is taking a toll on Americans' finances

Earlier this week, the death of yet another corporate employee shook the nation. Various other incidents also made headlines last month, where employees of some big companies reportedly died of work pressure. With a rise in such incidents, people are talking about the importance of <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword> and <keyword id="19956983" type="General" weightage="20" keywordseo="mental-health" source="keywords">mental health</keyword> at workplace. <keyword id="20253489" type="General" weightage="100" keywordseo="Zoho" source="keywords" meta.keywordsubtype="org" meta.entityname="Zoho" meta.hostid="261" meta.entityid="Zoho">Zoho</keyword> CEO and Co-founder <keyword id="19914274" type="General" weightage="20" keywordseo="Sridhar-Vembu" source="keywords">Sridhar Vembu</keyword>, in a new interview with PTI, has called for a fundamental shift in how companies treat their employees. In the interview, the entrepreneur warned that organisations pushing their workforce to unsustainable limits will not be able to keep up the pace. He also called for a shift in mindset and said that people are being put in a "very big pressure cooker." <h2>Zoho CEO on putting employees in pressure cooker </h2> <keyword id="21154651" type="General" weightage="20" keywordseo="vembu" source="keywords">Vembu</keyword>, who has spent over two decades building Zoho into one of India’s leading tech companies, expressed deep concern over the increasing pressure faced by employees, particularly in large cities. He said that we are creating environments where workers are trapped in a ‘pressure cooker’, referring to the convergence of long working hours, grueling commutes, and the isolation many young professionals experience after migrating from smaller towns. "You already have loneliness, long-commutes, stressful work condition. So, you are throwing people into a very big pressure cooker, and very tragically, some people break, other people are broken," he told PTI. Reflecting on his own experience, Vembu stressed the importance of pacing oneself in order to sustain a long and productive career. “I have been working for 27-28 years, and I hope to work for another 28 if possible. But to do that, I cannot allow myself, or my employees, to burn out,” he explained. He argued that companies prioritising short-term gains at the expense of their workers’ health are doomed to falter in the long run. <h2>What's the solution?</h2>Vembu’s advocacy for a healthier work culture is grounded in his broader vision for corporate India. A long-time proponent of decentralising business operations, he believes that one solution to the high-stress environment is to diversify away from major urban centres. “We bring young people from small towns into big cities, and their first challenge is loneliness. Then, they face commutes that can stretch up to two hours each way, particularly in cities like Bengaluru. It’s no surprise that many feel overwhelmed,” he said. The Zoho chief pointed out that by expanding operations into smaller towns and rural areas, companies can alleviate some of these pressures, allowing employees to stay closer to their homes and communities. This approach, he believes, not only reduces stress but also fosters a more sustainable, human-centric model of growth. Beyond <keyword id="22447710" type="General" weightage="20" keywordseo="workplace-stress" source="keywords">workplace stress</keyword>, Vembu touched on the role of technology in shaping the future of business. He reiterated his call for tighter regulations on big tech companies, particularly in preventing the monopolisation of digital services. Drawing parallels between email, which is an open standard, and messaging services that are often locked within proprietary ecosystems, he urged the government to push for greater interoperability. “Messaging platforms should not operate in silos. We need standards that prevent monopolies and ensure a level playing field for all,” he remarked. Vembu also praised India’s Digital Public Infrastructure (DPI) initiatives, calling them a “shining success story” and a model for other nations. He highlighted how India has become a global leader in digital infrastructure, with initiatives such as the ONDC (Open Network for Digital Commerce) and the health stack setting new standards for the world to follow.

People being thrown in pressure cooker, different mindset is needed: Zoho CEO Sridhar Vembu on India’s work culture

<ul><li><keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> opened in the green and climbed in early trade.</li><li>The increase was reported amid buying in IT and <keyword id="20193591" type="General" weightage="20" keywordseo="bank-stocks" source="keywords">bank stocks</keyword>.</li><li>Tata Steel, Power Grid, Axis Bank, JSW Steel, Reliance and NTPC were the laggards.</li></ul>Equity benchmark indices rallied in early trade on Tuesday amid buying in IT and bank stocks along with a sharp cut in Brent crude oil prices. The BSE Sensex climbed 327.39 points to 82,300.44 in early trade. The NSE Nifty went up by 84.1 points to 25,212.05. Asian Paints, Bharti Airtel, Infosys, Mahindra &amp; Mahindra, Titan, Bajaj Finance, <keyword id="20032279" type="General" weightage="20" keywordseo="HCL-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="HCL Technologies" meta.hostid="261" meta.entityid="HCL Technologies">HCL Technologies</keyword> and ICICI Bank were among the major gainers. From the blue-chip pack, Tata Steel, Power Grid, Axis Bank, JSW Steel, Reliance and NTPC were the laggards. IT services major HCL Technologies on Monday reported a 10.51% increase in consolidated net profit to ₹4,235 crore in the July-September quarter of FY25, as the company raised the lower band of its growth guidance on the back of better-than-expected performance. Reliance Industries on Monday reported a 5% fall in the July-September quarter net profit as weak oil refining and petrochemical business hurt operational performance. "The sharp cut in Brent crude by 3% is a macro positive for India, but CPI inflation for September coming worse-than-expected at 5.49% is a concern...," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. Soaring vegetable prices pushed the retail inflation rate to a nine-month high of 5.49% in September, according to government data released on Monday. Global oil benchmark Brent crude dropped 2.98% to $75.15 a barrel. In <keyword id="20155107" type="General" weightage="20" keywordseo="Asian-markets" source="keywords">Asian markets</keyword>, Seoul and Tokyo were quoting in the positive territory while Shanghai and Hong Kong traded lower. Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,731.59 crore on Monday, according to exchange data. However, Domestic Institutional Investors (DIIs) bought equities worth ₹2,278.09 crore. "Even though FIIs continue to sell, the intensity of their selling has come down reducing the pressure on largecaps," Vijayakumar added. The BSE benchmark Sensex jumped 591.69 points or 0.73% to settle at 81,973.05 on Monday. The Nifty climbed 163.70 points or 0.66% to 25,127.95. "The Nifty continues to show resilience, with bullish momentum supported by positive global market trends and strong Q2 earnings from HCL Tech," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said. With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/apple-ipad-mini-with-a17-pro-chip-launched-starting-at-49900/articleshow/114259209.cms">Apple iPad mini with A17 Pro chip launched starting at ₹49,900</a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-record-4-growth-in-q3-2024-samsung-leads-the-market/articleshow/114241402.cms">Global smartphone shipments record 4% growth in Q3 2024, Samsung leads the market</a> <a href="https://www.businessinsider.in/stock-market/webstories/hyundai-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114235421.cms">Hyundai IPO – Price band to risk factors, all you need to know</a>

Sensex, Nifty climb in early trade on buying in IT, bank stocks

Mumbai, Benchmark equity indices climbed in early trade on Thursday, extending their previous day's rally, on foreign fund inflows and positive trend in the US markets. The 30-share BSE <keyword id="19896382" type="General" weightage="20" keywordseo="sensex" source="keywords">Sensex</keyword> climbed 342.48 points to 73,338.79 in early trade. The <keyword id="19950205" type="General" weightage="20" keywordseo="nse-nifty" source="keywords">NSE Nifty</keyword> went up by 96.25 points to 22,219.90. From the Sensex basket, <keyword id="19950210" type="General" weightage="20" keywordseo="bajaj-finserv" source="keywords">Bajaj Finserv</keyword>, <keyword id="19955371" type="General" weightage="20" keywordseo="bajaj-finance" source="keywords">Bajaj Finance</keyword>, <keyword id="19900482" type="General" weightage="20" keywordseo="icici-bank" source="keywords">ICICI Bank</keyword>, <keyword id="19934368" type="General" weightage="20" keywordseo="state-bank-of-india" source="keywords">State Bank of India</keyword>, Power Grid and Infosys were the major gainers. <keyword id="20032279" type="General" weightage="20" keywordseo="hcl-technologies" source="keywords">HCL Technologies</keyword>, Maruti, <keyword id="19924892" type="General" weightage="20" keywordseo="tech-mahindra" source="keywords">Tech Mahindra</keyword> and Asian Paints were among the laggards. In Asian markets, Shanghai and Hong Kong traded in the positive territory while Tokyo and Seoul quoted lower. Wall Street ended higher on Wednesday. <keyword id="19932515" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="keywords">Foreign Institutional Investors</keyword> (FIIs) bought equities worth Rs 2,170.32 crore on Wednesday, according to exchange data. "In the final trading session of the week, month, and fiscal year 2023-24, heightened volatility is expected, driven by the March F&amp;O expiry. Investors are poised for bargain hunting as optimism pervades Dalal Street, with positive catalysts including significant FII buying and a global stock market rally," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. Global oil benchmark Brent crude climbed 0.24 per cent to USD 86.30 a barrel. The BSE benchmark climbed 526.01 points or 0.73 per cent to settle at 72,996.31 on Wednesday. The NSE Nifty went up by 118.95 points or 0.54 per cent to 22,123.65. Equity markets would remain closed on Friday for 'Good Friday'.

Market extends winning momentum on foreign fund inflows, US rally

According to a new analysis, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> contributed $1.28 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> through <keyword id="20401772" type="General" weightage="20" keywordseo="multilateral-development-banks" source="keywords">multilateral development banks</keyword> (MDBs) in 2022, surpassing the contributions of many developed countries. The study, conducted by the UK-based think tank ODI and the <keyword id="23038658" type="General" weightage="20" keywordseo="Zurich-Climate-Resilience-Alliance" source="Orion">Zurich Climate Resilience Alliance</keyword>, comes amid a renewed push by some developed countries to broaden the donor base for climate finance to include developing countries like China and <keyword id="50996" type="General" weightage="20" keywordseo="Saudi-Arabia" source="Orion">Saudi Arabia</keyword>. The report reveals that only 12 developed countries provided their fair share of international climate finance in 2022. These countries are -- Norway, France, Luxembourg, Germany, Sweden, Denmark, Switzerland, Japan, the Netherlands, Austria, Belgium and Finland. Researchers noted that the significant gap in climate finance is largely due to the United States failing to contribute its fair share. Australia, Spain, Canada and the United Kingdom also performed relatively poorly in this regard. The analysis has identified the top 30 non-Annex II countries that provided substantial climate finance to developing countries in 2022 through multilateral contributions to development banks and climate funds. This group includes former economies in transition like Poland and Russia, countries that have achieved high-income status since 1992, such as Chile, Kuwait, Saudi Arabia and South Korea, and middle-income countries with large populations, including Brazil, China, India, Indonesia, Mexico, Nigeria, the Philippines and Pakistan. India provided $1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece ($0.23 billion), Portugal ($0.23 billion), Ireland ($0.3 billion) and New Zealand ($0.27 billion). China provided $ 2.52 billion in climate finance through MDBs in 2022, Brazil gave $ 1.135 billion, South Korea gave $1.13 billion and Argentina gave $1.01 billion. According to the United Nations Framework Convention on Climate Change (<keyword id="21931277" type="General" weightage="20" keywordseo="UNFCCC" source="keywords">UNFCCC</keyword>), adopted in 1992, high-income, industrialised countries (referred to as Annex-II countries) are responsible for providing finance and technology to help developing countries combat and adapt to climate change. These countries, including the US, Canada, Japan, Australia, New Zealand and European Union (EU) member states, such as Germany, France and the UK, have historically benefitted from industrialisation and contributed the most to greenhouse gas emissions. At COP15 in Copenhagen in 2009, these developed countries pledged to jointly provide $100 billion each year by 2020 to help developing countries mitigate and adapt to climate change. However, this target has not been fully met, leading to a significant finance gap. This shortfall has eroded trust and hindered climate action in developing countries. In May, the Organisation for Economic Cooperation and Development (<keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords">OECD</keyword>) claimed that developed countries had met the long-standing $ 100 billion-a-year promise by providing nearly $ 116 billion in climate finance to developing countries in 2022, with nearly 70 % of the money given in the form of loans. The ODI researchers pointed out that many developed countries, despite performing well in terms of climate-finance contributions, would make "markedly less progress towards meeting their fair share if the finance provided was accounted for on grant-equivalence terms" -- in other words, if it reflected their real fiscal effort. The report calls for the inclusion of a "burden-sharing mechanism" in the New Collective Quantified Goal (NCQG) to provide clarity on each country's obligations and hold countries accountable. The NCQG refers to the new, larger amount that developed nations must mobilise annually, starting 2025, to support climate action in developing countries. Countries are expected to finalise the NCQG at this year's UN climate conference -- <keyword id="20082972" type="General" weightage="20" keywordseo="COP29" source="keywords">COP29</keyword> -- in Baku, Azerbaijan in November. The current $100 billion annual climate-finance goal is a collective commitment by developed countries. Its collective nature has meant that individual developed countries are not accountable for specific sums of money, potentially reducing the overall amount of climate finance provided due to the lack of individual scrutiny. The inclusion of a burden-sharing arrangement among developed countries could potentially strengthen the NCQG by fostering greater accountability and trust among parties, according to the ODI researchers. Many developing countries, including India, have recently advocated for such an arrangement to enhance accountability among developed countries.

India provided more climate finance in 2022 than many rich nations, noted recent report

On September 12, Business Insider convened a roundtable of top technology executives as part of our <a target="_blank" class="" href="https://www.businessinsider.com/build-it-series">"Build IT" series</a>.These executives spoke about how they use AI large language models in their personal and professional lives, how their roles have evolved as a result of the AI boom, and their top priorities. The conversation was moderated by BI's senior tech reporter Emma Cosgrove.The roundtable participants were:<ul><li>La'Naia Jones, the chief information officer of the <a target="_blank" class="" href="https://www.cia.gov/">CIA</a>.</li><li>John Roese, the global chief technology officer and chief AI officer of <a target="_blank" href="https://affiliate.insider.com?h=89435d8fc76d09828f04475db59d25e39ae30562373c6e7d81ff9d9cffa72374&amp;postID=66eb0f7b69657a7deb4351bd&amp;postSlug=technology-executives-on-artificial-intelligence-applications-role-of-cto-cio-2024-9&amp;site=bi&amp;u=https%3A%2F%2Fwww.dell.com%2Fen-us">Dell Technologies</a>.</li><li>Elaine Zhou, a co-CEO of <a target="_blank" class="" href="https://www.sagecxo.com/">SageCXO</a> and <a target="_blank" class="" href="https://www.change.org/">Change.org's</a> former CTO.</li><li>Faisal Masud, the president of worldwide digital services at <a target="_blank" href="https://affiliate.insider.com?h=b9201568fbe393fd7c8826f24b11068b25db2ec28af44407721de564b92896e5&amp;postID=66eb0f7b69657a7deb4351bd&amp;postSlug=technology-executives-on-artificial-intelligence-applications-role-of-cto-cio-2024-9&amp;site=bi&amp;u=https%3A%2F%2Fwww.hp.com%2Fus-en%2Fhome.html">HP</a>.</li><li>Erin DeCesare, the CTO of <a target="_blank" class="" href="https://www.ezcater.com/">ezCater</a>.</li></ul>The following transcript of the discussion was edited for length and clarity.Emma Cosgrove: What's your favorite use of an LLM in your daily life right now?Erin DeCesare: My favorite use of an LLM lately is trying to do more cross-functional, creative prompting. So using ChatGPT to say, "Can you give me some creative prompts to start the meeting?" has been a super fun way to bring energy into these conversations.John Roese: I renovated a 1780 house a couple of years ago, and I embedded a home AI system called <a target="_blank" href="https://www.josh.ai/">Josh</a>, which runs on a server in my basement.It's very privacy-oriented. I have a house that I just talk to or ask a question. I could ask it to close the shades, turn up the air conditioning, or tell me what the weather is. Or, I can say, "Could you explain something about the historical house down the street?"We all know that intrusive and difficult technology is never successful until it becomes invisible. That's what's happening in my world, where I forgot that I have an LLM in my house.Faisal Masud: For me on the personal front, it's been medical issues. A friend of our son recently had an issue. We just took a picture of it, and <a target="_blank" class="" href="https://www.businessinsider.com/anthropic-claude-chatbot-google-chatgpt-2023-3">Claude</a> gave an unbelievable diagnosis. Turns out the doctor's review was 100% identical to that diagnosis as well.I was at an outdoor event, got a rash, and did the same thing, just took a picture of it. It's literally having access to the world's encyclopedia at your fingertips.La'Naia Jones: I typically ask general questions and summarizations. I also look at how the LLMs are formulated to include topics such as bias, and how the underlying technology is used, which largely consists of data from the internet.Elaine Zhou: The thing I find most exciting about AI usage is my mom. She's turning 80. She's using it to plan for her Spain trip in November. She asked ChatGPT in Chinese, "How do you spend your time in Spain?" and it spit out all the recommendations for what you should do in Madrid.Cosgrove: How has the role of the CTO and CIO changed in the past 18 months?DeCesare: Historically, we thought of the CTO as leading engineering and the CIO as leading all the technology, the business uses. But we've had all these dynamics coming together, like cloud-based AI, where that line is completely blurred.My team realized this past year how things operate very differently. <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-strategy-low-code-development-market-cloud-wars-2021-6">Low code</a> was a promise a few years back, but now it's a necessity. And we are in the phase where we want to move away from costly engineering and toward more automated practices.Things like Retool or Nintex are platforms that allow us to move what would be a software-engineering concern over to an IT-like business-operated capability.These distinctions are going away, and having the whole organization partner and cocreate is really testing people's identities. It's a creative, fun way to challenge people to think differently and out of their comfort zones.Roese: Every industry has technology disruptions that show up every few years. When you think about the speed at which we have to take advantage of these, that's not a typical IT cycle; that is a research and development cycle. So, obviously, we're blurring the lines, not just in terms of who does what work but how that work is done.We have to be able to interface in ways that we didn't before. The question is, how do you get the internal part of a giant company to move faster and behave more like an R&amp;D organization?We've been focused on understanding how our processes are evolving before we AI them. We don't waste a lot of time AI-ing bad processes, which was our biggest strategic risk at our scale. So there's lots of discipline and prioritization, but most importantly, a dramatic blurring of advanced software-development culture and the rest of the company. In the long term, those two have to come closer together to achieve the speed necessary for an AI cycle.Masud: To me, a lot of CIOs, specifically, as the lines blur, are looking at AI for all the purposes that we mentioned earlier but also to have fewer people because AI will solve XYZ problems.I feel like it's the opposite. It's about doing more with what you have versus what you potentially can get rid of. There has been a massive shift in consumer expectations and end-user expectations. If you look at Gen Z, they don't expect to wait five minutes for the computer to boot up. That's just not acceptable. They were born and raised in this generation, they use all the LLMs, and they're expecting a seamless experience.The challenge is going to come in where a lot of orgs are not going to allow you to use publicly available, cloud-sourced LLMs on corporate devices because they want to protect their data. Of course, they need to, but policing that is not going to be anywhere near easy. It's probably never going to happen because people have their own devices. So the quality of what you produce in your organization as a CTO — if you're going to provide models built in-house — better be superstar quality, or no one's using it.Another challenge is that the adoption of things like <a target="_blank" href="https://www.businessinsider.com/microsoft-copilot-everyday-ai-companion-paid-subscription-2024-1">Copilot</a> is <a target="_blank" class="" href="https://www.businessinsider.com/pharma-cio-cancelled-microsoft-copilot-ai-tool-2024-7">not as rapid</a> as one would have expected because the end users are used to a lot more, so the corporate user is still behind.Jones: Many of our colleagues have backgrounds in the IT or the defense community. There is nothing that we do singularly within the intelligence community because it's a team effort and a team sport.When talking about the question of the CTO and the CIO and about how it's changed in the last 18 months, I do think that government and public sector have a little bit of a different perspective versus the private sector, partially because within the public sector and more directly within government, the role of the chief information officers is actually listed or written in policy and statute.I think the role of the CIO has become, at least in government, a little more ingrained. We meet with lawyers, civil liberty and privacy experts, policy SMEs, and many others since data is foundational to the intelligence mission.We also do a lot of large-scale procurements and acquisitions with technology companies. We want to ensure that the contracts and the business relationships are fair and equitable as they may serve a government organization or even the nation from a broader national security perspective.Cosgrove: What's the most important North Star priority that you're looking at?DeCesare: It is trying to make something that's either benefiting the customer or driving productivity internally. You've got to have every function thinking of themselves as customers and seeking the solution because it's changing by the month — and unless you're having them actively test and try out new AI products, you're unlikely to find that value.I'll give a recent example: Our whole product team, we've been trying to encourage them to leverage AI to move faster on getting ideas to market and to test in our software product and having them pay attention to the GPT store. The recent <a target="_blank" href="https://www.chatprd.ai/">ChatPRD</a> is a way to automate creating the product-requirements documents. It's sort of fascinating how great it can actually get an initial baseline and just having the product manager create some edits, and that is enabling our speed to market for our own features out into the product. Everyone's got to be looking for the solutions and then understanding if it is actually helping them do their job better.Roese: The first and most important questions you have to answer as a company to figure out where to apply this technology are pretty simple: What makes you special? What is the core of your company?At Dell, it's four things: We have a giant at-scale engineering capability, the largest secure supply chain in the world, a global services capability, and the largest enterprise sales force in the world. You take those four things, and anything I do to them that makes them more competitive materially impacts my business. What you'll notice isn't on that list: HR and finance facilities. I could do lots of <a target="_blank" class="" href="https://www.businessinsider.com/dell-workers-layoffs-reaction-ai-restructuring-jobs-tech-2024-8">AI projects</a> there.We are interested in other areas, but in terms of prioritization, where do we land on <a target="_blank" class="" href="https://www.businessinsider.com/chatgpt-openai-ai-dictionary-help-understand-nvidia-2023-12">our GPUs</a>? What do we run in our data center? Where do we put the resources today? They are in those four areas as a priority. Once you understand that those are high level, then you have to ask if you are actually on a path where if you apply AI, you're going to get to an outcome.Are your processes and people even oriented to be successful when you bring AI into the equation? Each of those needed to go through a level of process re-engineering consideration. If you can't get to a point where your vision of a process re-engineered to solve a strategic problem is executable, your path to production is questionable.Masud: I spent the early part of my career at Amazon, and we were always about the inputs and not the outputs. When you focus on the inputs, the single biggest import in your company is your customer. Everything else, honestly, has to take a back seat.The implementation of any gen-AI or AI capabilities is first a crawl. What are the thorniest issues that the company faces today? If you can't solve those in a rapid fashion with the most basic, easy use cases, then trying to go from crawling to walking is a bit of a mirage because you're assuming you'll have some capability when you haven't even solved the most basic issues.What we should be measuring is how to use AI to prevent those issues from happening. That's the focus area for us at HP, through all sorts of mechanisms that we deploy in anomaly detection and remediations that don't require humans to be out of the loop.Zhou: The hardest part is to determine what is the problem. The No. 1 thing for me is that once you determine that, then, based on the problem, you can have all kinds of metrics and figure out how to measure the successes. The bottom line is to actually solve the problem in a good way.Cosgrove: How do you keep up with the artificial-intelligence space?Jones: It's constant learning. I would say we all deal with that, but the beauty of technology is it's always changing and evolving, and so I think all of us should focus on continuously learning, evolving, and embracing new ideas and not getting stuck in the same way of dealing with the issues that we have.Masud: I have two older kids, 26 and 22. Both of them code, so they are immensely involved in everything from ChatPRD and <a target="_blank" href="https://www.nytimes.com/2024/02/15/arts/design/aaron-ai-whitney.html">Aaron</a>, and I get links every day from my son on what he is building next. I think this rapid transformation of what [<a target="_blank" class="" href="https://www.businessinsider.com/nvidia-taiwan-tsmc-jensen-huang-china-disruption-2024-9">Nvidia CEO</a>] <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ceo-jensen-huang-details-ai-infrastructure-roi-goldman-sachs-2024-9">Jensen [Huang]</a> <a target="_blank" href="https://www.tomshardware.com/tech-industry/artificial-intelligence/jensen-huang-advises-against-learning-to-code-leave-it-up-to-ai">said</a>: Not a single line of code is going to be written after next year by a developer. Well, let's see. <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-swift-returns-on-ai-infrastructure-2024-8">Jensen</a> is somebody I follow. Jensen is somebody I have an unbelievable amount of respect for. This is the GOAT.Zhou: So I love the concept of mom tests. If I can explain to my mom or someone who has absolutely no background in tech and then, in the way that I can explain, she can understand, that means I truly get it. And second, I keep up with my developers and many youngsters and crazy ideas, and they help me keep up and then use AI to help me keep up to date for AI development.DeCesare: I've been most inspired to drive the leverage of AI through the company by finding out how people have applied it. So honestly, with anyone that I'm meeting, whether it's on my team or my colleagues at other companies, I'm asking, "Where have you been applying?" and, "What are you learning?" Because it's the use cases that spark most of the creativity, leading me to a new idea of how we could use it in our company.Roese: Your customers will tell you what the problem is. They don't know what the solution is, but you have to listen to them about what the problem and the pain point is to figure out the solution. I spend a great deal of time out with startups and Silicon Valley companies and anybody in academics, anybody I can talk to, not because any of them have the answer but because they expose patterns. So it's very important to talk to the industry and the innovators to see what they're thinking about, even if they don't know what problem they're solving.

Leaders from the CIA, Dell Technologies, HP, SageCXO, and ezCater share how they keep up with AI development 

The <keyword id="20449324" type="General" weightage="20" keywordseo="Finance-Bill" source="keywords">Finance Bill</keyword> 2024 was passed by <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Sabha" meta.hostid="261" meta.entityid="Lok Sabha">Lok Sabha</keyword> on Wednesday evening, with a few amendments moved by the government. Replying to the debate, Finance Minister Nirmala Sitharman said the approach of the government has been to bring greater simplification of <keyword id="19987671" type="General" weightage="20" keywordseo="tax" source="keywords">tax</keyword> laws and procedures and enable growth and employment in the country. She responded to points made by members. The Finance Minister clarified that in real estate, the roll over provisions have not been withdrawn and are applicable. She said if the capital gain in a property transaction is invested in buying another one or two properties up to a maximum value of Rs 10 crore, no capital gain tax is required to be paid on such profits. <keyword id="20619608" type="General" weightage="20" keywordseo="capital-gains" source="keywords">Capital gains</keyword> can also still be invested in bonds which are notified under Section 54 of the Income Tax Act up to a maximum of Rs 50 lakh annually and save on taxes. To give relief on budget proposals, Sitharaman also moved an amendment in the Finance Bill on the changes in the capital gains tax on <keyword id="20412285" type="General" weightage="20" keywordseo="property-transactions" source="keywords">property transactions</keyword>. The amendment implies that taxpayers can avail either a lower tax of 12.5% without indexation or a rate of 20% with indexation, if the property is acquired prior to July 23, 2024, the day union budget was presented in the Lok Sabha. Sitharaman clarified that taxpayers can compute taxes under both provisions and choose to pay tax under the scheme where lower tax is applied. Effectively, July 23, 2024, is now set as the cut-off date for the calculation of the capital gains versus the earlier cut-off of 2001. Sitharaman said she has proposed these amendments as some members have raised hypothetical calculation to prove that under new provisions taxpayers will have to pay higher taxes. The new tax proposals on capital gains tax was brought in to bring in parity among different asset classes like equities, mutual funds and real estate. In the Finance Bill introduced on July 23, the Finance Minister had proposed a flat long term capital gains tax of 12.5% with no <keyword id="943856" type="General" weightage="100" keywordseo="indexation-benefit" source="Orion">indexation benefit</keyword>s, prior to it property transactions used to be taxed at 20% with indexation benefit. The minister also clarified that the grandfathering proposal will be allowed only for individual and Hindu Undivided Family (HUF) taxpayers and not for companies and Non Resident Individuals. They have to pay flat 12.5% LTCG tax without indexation. The proposed amendment will apply not only on real estate transactions, but also on unlisted equity transactions, which are done before July 23, 2024. All such transactions will be taxed at 10% long term capital gains instead of FY24-25 budget provision of 12.5% tax. With the opposition members demanding removal of <keyword id="19951327" type="General" weightage="20" keywordseo="GST" source="keywords">GST</keyword> on health insurance, Sitharaman said tax was there on medical insurance even before GST was introduced. "There was already a Service Tax on medical insurance, before the GST was introduced. This is not a new tax, it was already there in all the states. Those protesting here, did they discuss regarding the removal of this tax in their states? Did they write to the Finance Ministers of their respective states about it and asked them to raise it in the GST Council where states have 2/3rd part? No, but they are protesting here. This is their double standards, this is their drama," she said. "Wrongful protests have happened recently, and comments have been passed on the basis of a news report which suggested that the 'Centre has pocketed Rs. 24,529 crores of health insurance premiums alone'. This is incorrect and highly misleading. The GST rate of 18% on health insurance comprises of 9% CGST and 9% SGST. Thus, of the total collections of Rs 24,529 crores from health insurance in the last 3 years, Half of it, Rs. 12,264 crores, went straight to the states as SGST. It doesn't even come to the Centre," she added. The minister said that apart from this, roughly 41%of the Centre's share of GST collection on health insurance is devolved back to the states again, as part of Tax Devolution as per the Finance Commission's formula. Sitharaman said the new income tax regime is simpler and offers lower income tax rates for individuals. "It gives flexibility to the taxpayer to see where he wants to put his money in the absence of exemptions which is available in the old income tax regime. The old regime has not been dissolved and is still an alternative to the new tax regime. It still offers benefits of various deductions such as interest on home loan, etc. Individuals without business income can choose between regimes once and can revert back too. Hence, a choice has been provided to assesse," she said. For the previous Assessment Year 2023-24 till December 31, 2023, about 3.8% of taxpayers opted for the new tax regime, which equates to 30.93 lakh individuals, from a total of 7.98 crore ITRs filed in the categories of ITR-1 to ITR-4, she said. "However, for the Assessment Year 2024-25 until July 31, 2024, there was a dramatic increase in adoption of the new regime, with approximately 72.8% of taxpayers choosing the new tax regime. This represents about 5.25 crore individuals, out of a total of 7.22 crore ITRs filed in the same category." Sitharaman said this shows a substantial shift in taxpayer preference towards the new tax regime, over the span of just one year. "Taxpayers opting for the new regime does not mean savings and investments are not happening in the economy by the middle-class. Due to growth in fintech, better awareness, and ease of investment due to UPI, e-KYC, progressive regulations, investments in mutual funds have increased tremendously. On an average, 17.88 lakh new folios have been added every month in the last 5 years since June 2019. The number of unique mutual fund investors has grown from under 1 crore in 2014 to about 4 crore today," she added. The Finance (No.2) Bill, 2024 was passed after amendments moved by opposition were negatived. Sitharaman said the vision of Prime Minister Narendra Modi has been to establish a simple, efficient and fair technology-driven taxation regime in the country. "So, simplification and ease of compliance for the taxpayer has been the primary objective. In the last 10 years, and this year, in the third term of PM Modi, the approach to taxation has been to simplify it, reduce the burden on taxpayer and make sure it is transparent and equitable," she said. "This year also, our approach has been that we bring in greater simplification of tax laws and procedures, and that we enable growth and employment in this country," she added. Sitharaman presented the Union Budget in Parliament on July 23. This is the first full budget of the NDA government led by PM Modi. The BJP-led alliance won a third successive term earlier this year. The Lok Sabha took up discussion on the Finance Bill after the Appropriation Bill for the central government's expenditure for 2024-25 was passed by the House on Monday. The Finance Bill will now be discussed by Rajya Sabha. The passage of bill will complete the budget process.

Lok Sabha passes Finance Bill, provision on LTCG tax on property transactions amended

<keyword id="19934680" type="General" weightage="20" keywordseo="Amul" source="keywords" meta.keywordsubtype="org" meta.entityname="Amul" meta.hostid="261" meta.entityid="Amul">Amul</keyword>, has been recognized as the strongest food and <keyword id="20467955" type="General" weightage="20" keywordseo="dairy-brand" source="keywords">dairy brand</keyword> globally, according to the <keyword id="20220223" type="General" weightage="20" keywordseo="Brand-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Brand Finance" meta.hostid="261" meta.entityid="Brand Finance">Brand Finance</keyword> Food &amp; Drink 2024 report. In a post on X (formerly Twitter), Amul posted, "We are pleased to inform you that Amul is ranked as the strongest <keyword id="22460165" type="General" weightage="20" keywordseo="food-brand" source="keywords">food brand</keyword> and strongest dairy brand in the world as per Food &amp; Drink 2024, the annual report on the most valuable and strongest food, dairy &amp; non-alcoholic drinks brands by @BrandFinance , world's leading brand consultancy" The annual report by Brand Finance, a global brand valuation consultancy, highlights the growing influence of Amul in the international market. The company's <keyword id="22862818" type="General" weightage="20" keywordseo="brand-strength" source="keywords">brand strength</keyword> was evaluated with a Brand Strength Index (BSI) score of 91.0 out of 100, earning it the prestigious AAA+ rating. Amul's performance in familiarity, consideration, and recommendation metrics solidified its position as a global leader in the food and dairy sectors. While Amul shines in brand strength, the report identifies Nestle and Lay's as leaders in brand value. Nestle retained its title as the world's most valuable food brand, despite a 7 per cent decline in brand value to USD 20.8 billion. The company's ability to adapt to changing consumer preferences and maintain a diverse product portfolio has been key to its enduring success. Lay's, on the other hand, saw a 9 per cent increase in brand value, rising to USD 12 billion and securing the second spot globally. Lay's innovative product offerings, including its Flavour Swap and MAX lineups, have driven its brand value growth. The Brand Finance report also notes a 4 per cent decline in the overall brand value of the food and beverage sector, now totalling around USD 268 billion. This decline is attributed to consumers increasingly favoring smaller, private-label brands offering unique, personalized products over traditional big names. Convenience foods, however, are bucking the trend, with rising brand value due to growing demand from busy consumers. Brands like Healthy Choice and DiGiorno have seen a 17 per cent increase in brand value, driven by innovative product releases and strategic marketing. Amul's ascension as the world's strongest food and dairy brand is a testament to its consistent innovation, effective marketing strategies, and strong consumer trust. The cooperative's commitment to quality and its extensive product range has made it a household name not just in India but across the globe. With an 85 per cent share in the Indian butter market and a 66 per cent market share in cheese, Amul's brand equity continues to grow stronger each year. The dairy industry, however, faces its own set of challenges. The report notes a 6 per cent dip in the total brand value of the top 10 dairy brands, now at USD 43.8 billion. Despite this, Amul has retained its title as the strongest dairy brand for the fourth consecutive year, thanks to its unique cooperative structure and impactful branding efforts. Meanwhile, Valio, a Finnish dairy brand, has emerged as the fastest-growing dairy brand, with a 31 per cent increase in brand value, driven by its acquisition of Planti, a producer of plant-based dairy alternatives. Sustainability continues to be a critical factor for brands. Nestle leads the food sector with the highest Sustainability Perceptions Value at USD 1.4 billion, while Coca-Cola tops the non-alcoholic drinks sector with a value of USD 5.2 billion. The report suggests that brands like Lay's and Pepsi, with high positive gap values, could further enhance their market positions by better communicating their sustainability efforts. 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Amul emerges as world's strongest food and dairy brand, topping global rankings in Brand Finance Food & Drink 2024 Report

<ul class="summary-list"><li>Yi Ke Cao did her first internship at a hedge fund when she was 16.</li><li>Cao says the two week stint, though brief, was a pivotal moment in her career development.</li></ul>This as-told-to essay is based on a conversation with <a target="_blank" class="" href="https://www.linkedin.com/in/yi-ke-cao-12b769201/">Yi Ke Cao</a>, 20, a sophomore at Singapore's Nanyang Technological University. Cao started her internship journey back in secondary school when she interned at a hedge fund. The following has been edited for length and clarity. Business Insider has verified her education and employment history.My parents both worked in finance. When I was much younger, like most kids, I didn't have much of an idea of what my path in the working world would look like. But my folks told me stories about corporate finance and what it was like being a part of the industry. That sparked my interest in the field.I'm not gonna lie. Money was one of the key draws of the sector, though for me, it wasn't the only thing that mattered.When it came to looking for a job, I knew I wanted to work for an employer that could give me a positive work-life balance and hopefully a place with a good environment and great colleagues.That said, I wasn't dead set on working in finance from the get-go. I didn't have any practical experience back then, but I was keen to explore what a career in finance would look like.<h2 id="b70bf579-92f5-4c54-80e2-5486a3ba892c">Joining a hedge fund as their youngest intern</h2>Unexpectedly, an opportunity to intern at a hedge fund came to me when I was 16.I was still a secondary school student when I received a list of internship opportunities from my school as part of their work experience programme.That was when I chanced upon a two-week stint with a Singapore-based hedge fund, Modular Asset Management.This was during the COVID-19 pandemic, so most of the internships listed were remote positions. But the position with Modular Asset Management was different — it was held on-site.I figured it would be a great opportunity for me to gain some exposure to the industry and broaden my network.As part of my application, I sent in my resume and a video introduction. I managed to secure the internship after I was shortlisted and passed an interview with my future mentor and supervisor.To be honest, I don't think I had the best resume out of the 10 other candidates I was competing against. For instance, I didn't have as many on-paper achievements. However, my mentor said she decided to take a chance on me because I seemed curious and willing to learn.I started my internship in December 2020 and was the youngest intern there.<h2 id="2d29c6a0-d211-4bcf-bda6-44413156b087">Getting over my imposter syndrome</h2><div type="image" title="Yi Ke typing on her laptop at Singapore's Nanyang Technological University campus." height="2164" width="3843" msid="113831398" hostid="261" sizebytes="1044676"></div>The first few days of my internship were terrifying.I felt overwhelmed by the new environment. I didn't know what my colleagues were expecting from me because I had no prior knowledge or technical skills to offer.I did try my best to contribute to the team. I had a foundational knowledge of Excel, but the learning curve was steep. I had to pick up advanced Excel techniques in a matter of days so I could help my supervisor compile profit and loss sheets.That experience has benefited me to this day — I use the Excel techniques I learned at my internship in business school now.And though I didn't contribute to major projects at the hedge fund, I was still able to get a better sense of how its different departments worked together.I got to sit in on strategic discussions between departments and witness part of their decision-making process as traders. I began to see how meticulous and exacting you have to be if you wanted to be a good portfolio manager.<h2 id="2639d674-d076-49c4-8035-4e93138ce7d8">Interning at the fund as a 16-year-old was a pivotal moment in my career development</h2>Looking back, interning at the hedge fund was a pivotal moment in my life.Besides giving me early exposure to a professional working environment, it helped me confirm my interest in a finance career and solidified my decision to go to business school.If I could turn back the clock, I would have done more internships as a teenager. Even though the work scope would likely have been limited, it would still have been good exposure for me.Most people don't know what they want to do for a living at 16. But by interning earlier, I think one can gain a better understanding of the corporate world.

I interned at a hedge fund when I was 16. It was the smartest decision I made as a teen, and it set me on the path to a career in finance.

<ul class="summary-list"><li>Apple discontinued its buy-now, pay-later service on Monday.</li><li>It's planning to launch a new suite of Apple Pay features later this year.</li></ul>It looks like Apple is still having a hard time figuring out the best way to disrupt the world of finance.On Monday, the iPhone maker told <a target="_blank" href="https://9to5mac.com/2024/06/17/apple-pay-later-united-states-ending/">9to5Mac</a> it was discontinuing its buy-now, pay-later service, <a target="_blank" href="https://support.apple.com/en-gb/120431">Apple Pay Later</a>, just months after it was <a target="_blank" href="https://www.businessinsider.com/apple-introduces-buy-now-pay-later-service-2023-3">rolled out</a> across the US.In its place, the company is betting on a new suite of Apple Pay features that will be launched later this year. These features include "access to installment loans offered through credit and debit cards, as well as lenders" such as Affirm."With the introduction of this new global installment loan offering, we will no longer offer Apple Pay Later in the US," the company said in a statement to <a target="_blank" href="https://9to5mac.com/2024/06/17/apple-pay-later-united-states-ending/">9to5Mac.</a>Its plans to introduce new Apple Pay services later this year show that it still has serious ambitions to provide financial services to its user ecosystem.Apple, after all, has been busy building up a multibillion-dollar services arm in recent years that aims to cater to all digital needs of users plugged into its devices, be it sorting out their entertainment fix through Apple TV+, or helping them keep on top of key fitness markers with Apple Health.So, providing services that support their financial needs seems to be a bold but understandable ambition for CEO Tim Cook.That said, Apple rarely drops a feature as quickly as Apple Pay Later was dropped — a sign that the company is having difficulty landing on a financial services solution that gets considerable buy-in from its user base. Apple Pay Later allowed users to split their purchases into four, interest-free payments over a period of six weeks.This isn't the first time Apple's ambitions in the world of finance have taken a hit.Late last year, reports emerged that <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/goldman-sachs-may-break-up-apple-consumer-losses-deepen-report-2023-7">Apple's partnership with Goldman Sachs</a> was in jeopardy. The companies had joined forces to offer an <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/personal-finance/apple-card-review">Apple-branded credit card</a> in 2019, followed by a <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/personal-finance/apple-savings-account-review">high-yield savings account</a> in 2023.It's unclear whether Apple will seek another financial-services partner, though the chances of that happening appear slim.Representatives for Apple didn't immediately respond to a request for comment from Business Insider.<h2 id="5fac0664-4d45-410a-866f-9d82c50498be">Disrupting is a tough business</h2>Apple's travails in the financial services sector underscore the immense challenges it can face when trying to disrupt an established industry.The Cupertino giant previously had an enviable track record for disruption — whether it was in the music industry with the <a target="_blank" href="https://www.businessinsider.com/rise-and-fall-apple-ipod-2020-1">iPod</a> and <a target="_blank" href="https://www.businessinsider.com/apple-itunes-replace-success-windows-music-ipod-2019-6">iTunes</a> or when it reinvented the phone with the <a target="_blank" href="https://www.businessinsider.com/apple-thinner-iphone-slim-down-product-range-ipad-mac-watch-2024-6">iPhone</a>.But Apple's recent attempts at innovation haven't hit the same bar.For one, the company's attempt at a mixed-reality headset, the Apple Vision Pro, was met with <a target="_blank" href="https://www.businessinsider.com/apple-fans-may-already-moving-on-from-the-vision-pro-2024-4">muted sales</a> and <a target="_blank" href="https://www.businessinsider.com/my-apple-vision-pro-nightmare-surveillance-privacy-2024-3">middling reviews</a>.And if that wasn't enough, Apple said in the same month that it was <a target="_blank" href="https://www.businessinsider.com/apple-car-dead-elon-musk-speaking-at-its-funeral-2024-2">pulling the plug on its electric-car project</a> after working on it for nearly a decade.The late Steve Jobs once dreamed of <a target="_blank" href="https://www.businessinsider.com/steve-jobs-no-television-2014-3">reinventing the television</a>, telling his biographer Walter Isaacson: "It will have the simplest user interface you could imagine. I finally cracked it."It's been more than a decade since Jobs died, and while no television has emerged, the company has produced a popular set-top box, <a target="_blank" href="https://www.businessinsider.com/guides/apple-tv-4k-review">Apple TV</a>, and created the <a target="_blank" href="https://www.businessinsider.com/apple-tv-plus-shows-movies-streaming-raising-prices-2023-10">Apple TV+</a> streaming service.To be sure, disruption is tough, even for a <a target="_blank" href="https://www.businessinsider.com/apple-watch-vision-pro-problems-at-3-trillion-peak-2023-12">trillion-dollar tech behemoth</a> such as Apple. But the company could increase its chances of success by sticking to what it knows best — making great consumer-facing technology.While some may view Apple as a <a target="_blank" href="https://www.businessinsider.com/apple-hired-ex-googler-lead-ai-efforts-but-fell-apart-2024-6">laggard in AI</a>, it's managed to <a target="_blank" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-soars-new-record-high-ai-focused-wwdc-2024-6">charm the markets</a> with its vision of <a target="_blank" href="https://www.businessinsider.com/apple-winner-big-tech-company-artifical-intelligence-google-microsoft-openai-2024-6">practical</a> and <a target="_blank" href="https://www.businessinsider.com/apple-intelligence-wwdc-kinder-gentler-ai-iphone-explained-why-2024-6">user-centric</a> AI tools.Much could still happen down the line, but offering a highly personalized and seamless AI service is right up Apple's alley.Correction: June 18, 2024 — An earlier version of this story misstated the year Apple began offering a high-yield savings account with Goldman Sachs. It was 2023, not 2022.

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