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India could see a shift in foreign direct investment (FDI) trends in the second term of Donald Trump (Trump 2.0) as President of the United States, says a research report by the State Bank of India. The report highlighted that under his first term, Trump 1.0, the Trump administration made sweeping regulatory changes aimed at attracting investments back to the U.S., which impacted FDI inflows globally, including India. It added that if similar policies are reintroduced in Trump 2.0 also, it could create challenges for emerging markets like India, which rely on FDI as a significant driver of economic growth. Notably, a recent Kotak report highlighted that a complete Republican control over all arms of the US government would mean increased US earnings via corporate tax cuts, higher tariffs on imports into the US and greater US fiscal deficits. The first two could spell doom for emerging markets like India and China, since foreign investors will make a beeline for investing more money in the US markets, which will come at the cost of intense selloff in emerging markets. However, higher fiscal deficits will eventually lead to the dollar weakening after the initial euphoria dies down. "India may see shifts in foreign direct investments (FDIs) during Trump 2.0. The Trump 1.0 administration saw significant regulatory changes aimed at attracting investments back to the US," the SBI report stated. However, given that India has been gradually diversifying its sources of FDI (foreign direct investments), this trend could serve as a buffer against any potential decline. Moreover, domestic institutional investors have been stepping up big time, maintaining some balance to the massive exodus of FIIs over the past month. So far in November 2024, FIIs have withdrawn Rs 19,849 crores from the cash segment in Indian markets, while DIIs have poured in Rs 14,014.18 crores as of November 10th, 2024. "India is no longer dependent on the traditional sources of FDI inflows... unlike the recent past, FDI is now coming in many new sectors," noted the SBI report. Unlike a decade ago, when most FDI inflows came from a limited number of traditional sectors, India is now attracting investment in a wide array of industries, including renewable energy, sea transport, medical devices, and surgical appliances. Data suggests over the last 24 years, i.e., between April 2000 and June 2024, FDIs have poured in $1,013.4 billion in the Indian economy. Out of this, 67%, i.e., $689.88 billion, has come in just the last 10 years. The report added there are up to 12 emerging sectors showing strong FDI interest, which could help offset any loss of inflows in conventional sectors if there is a shift in global investment patterns under another Trump administration. In the last financial year, the top 5 sectors that have received the highest quantum of FDI inflow include the services sector (finance, banking, insurance, and business) which makes up about 16% of the inflows. This is followed computer software &amp; hardware, which constitute around 15% of total FDI flows. Trading and telecommunications follows with a share of 6% each, and Automobile Industry comes next with a 5% share. In the short term, the potential for increased U.S. tariffs, more restrictive H-1B visa policies, and a stronger dollar could bring some volatility to India's trade and investment landscape. However, in the long term, these challenges might also encourage India to expand its manufacturing capabilities, diversify export markets, and focus on becoming economically more self-reliant. Notably, India has maintained a merchandise trade surplus with the U.S. despite tariffs imposed during Trump's first term. This indicates that Indian exports have remained resilient, and there is potential to strengthen this trade relationship further by capitalizing on emerging sectors and reducing dependency on traditional industries. Suman Chowdhury, Executive Director &amp; Chief Economist, Acuité Ratings &amp; Research Limited cautions that in the medium to long term, the trade relationship with the US may see a structural improvement. "Higher tariff and trade restrictions in the US with China should translate into better opportunities for exports of manufactured goods from India", he adds.

FDIs may shift to US under Trump 2.0 but it is unlikely to severely impact FDIs inflow to India, says SBI Report

The International Cricket Council (ICC) officials are trying to urge the Pakistan Cricket Board (PCB) to work towards the <keyword id="21473003" type="General" weightage="20" keywordseo="Hybrid-model" source="keywords">hybrid model</keyword> for the upcoming ICC Champions Trophy next year through <keyword id="24047280" type="General" weightage="20" keywordseo="back-channel-talks" source="keywords">back-channel talks</keyword>, as per sources. Sources said that back channel talks are going on to make PCB understand why the hybrid model is the best way to go for the tournament and why there cannot be an ICC tournament without the Indian cricket team. The sources have also said that top ICC officials are trying to get Pakistan stop making any statements against India. There are discussions going on with the host Pakistan and other participating teams of the Champions Trophy next year about the schedule and it is likely to be out in a couple of days or so, the sources added. India, the 2017 finalists, will not be playing their matches in Pakistan and their matches will be held in the United Arab Emirates (UAE), said the source. PCB wrote to the International Cricket Council (ICC) seeking reasons behind India's refusal to travel to Pakistan to play the ICC Champions Trophy next year, Geo News reported. India conveyed its stance of not travelling to Pakistan for the ICC Champions Trophy, citing 'security concerns'. Speaking at a press interaction at Lahore's Gaddafi Stadium, Naqvi said that PCB is still waiting for a reply from ICC. He also asked not to mix sports and politics."We have sent them [ICC] the questions we had. We are still waiting for their response. I believe that sports and politics are separate and no country should mix the two. Even now I still have positive expectations about the Champions Trophy," Naqvi was quoted by ESPNcricinfo as saying. He added that all the countries who qualified for the Champions Trophy 2025 are ready to visit Pakistan except India."At this moment, every team that has qualified for the Champions Trophy is ready to come. Nobody has any issues. I will say today also, if India has any concerns, speak to us about them, we can ease those concerns. I don't think there is any reason for them not to visit," he added. Earlier in the month, ICC conveyed to the PCB in writing that India would not travel to Pakistan to participate in the Champions Trophy, which will be held in early 2025.PCB consulted with the Pakistan government on the issue and is looking to present its stance. The Pakistan board wants India to travel to Pakistan as their team also went during the time of the ICC Men's ODI World Cup in 2023. Last year, Pakistan hosted the Asian Trophy, but it was held in a hybrid model, with India playing its matches in Sri Lanka. India and Pakistan played their last bilateral series in 2012-13 in India, a white-ball series and now mostly play in ICC tournaments and Asia Cup. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/tata-to-buy-a-majority-stake-in-pegatrons-iphone-plant-in-india/articleshow/115414852.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/tata-to-buy-a-majority-stake-in-pegatrons-iphone-plant-in-india/articleshow/115414852.cms" target="_blank">Tata to buy a majority stake in Pegatron's iPhone plant in India</a><a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms" target="_blank">NTPC Green Energy IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/entertainment/news/jiostar-announces-plans-starting-at-15-heres-everything-you-need-to-know/articleshow/115326701.cms" target="_blank"></a> <a href="https://www.businessinsider.in/entertainment/news/jiostar-announces-plans-starting-at-15-heres-everything-you-need-to-know/articleshow/115326701.cms" target="_blank">JioStar announces plans starting at ₹15 – here’s everything you need to know</a>

Top ICC officials trying to convince PCB for adoption of Hybrid model for Champions Trophy: Sources

<ul class="summary-list"><li>Elon Musk has proposed a crowd-sourced leaderboard to crack down on government wastefulness.</li><li>It taps into our natural drive for competition and play, psychologists say.</li></ul>It was perhaps inevitable that Elon Musk — a tech titan and a <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-video-games-grand-theft-auto-elden-ring-2023-12">prolific gamer</a> — would try to turn <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-leaderboard-government-spending-marketing-genius-doge-donald-trump-2024-11">government spending</a> into a game.As soon as Musk became co-leader of a newly-minted <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://www.businessinsider.com/elon-musk-doge-leaderboard-federal-government-spending-trump-2024-11">Department of Government Efficiency (DOGE for short)</a>, he proposed a crowd-sourced leaderboard for the dumbest uses of tax dollars. It's a natural move for Musk, who came up in the tech world in the early 2000s, as "gamification" took hold. The concept — using gaming features like points and leaderboards to optimize real-world scenarios — was <a target="_blank" href="https://books.google.com/books?id=vDxTBgAAQBAJ&amp;pg=PA31#v=onepage&amp;q&amp;f=false">first described</a> by software engineers in 2008. The gamification movement in business and tech was born from the central idea that "reality is broken," as futurist Jane McGonigal <a target="_blank" href="https://www.google.com/books/edition/Reality_Is_Broken/yiOtN_kDJZgC?hl=en&amp;gbpv=1&amp;pg=PT11&amp;printsec=frontcover">wrote</a> in her 2011 bestseller. "Game developers know better than anyone else how to inspire extreme effort and reward hard work," McGonigal wrote.Fundamentally, these features — real-time updates and comparisons — tap into our natural appetite for control, Adrian Hon, cofounder of the gaming studio Six to Start and author of "You've Been Played" on the dark side of gamification, told Business Insider."Most common forms of gamification are based around ideas of reward and punishment. That's basically behaviorism that's 100 years old," Hon said. "It's very easy to do. It's very easy to understand."These days, gaming features are baked into the fabric of much of modern life, particularly social. Millions of people "like" opinions on X, down-vote news on Reddit, and earn badges on DuoLingo. We chase steps, close rings, and compete with strangers to spin the fastest.The question is how to add context to make complex goals understandable, exciting, and achievable.Urging someone with a sprained ankle to hit <a target="_blank" class="" href="https://www.businessinsider.com/walking-10000-steps-for-health-not-science-based-in-marketing-2021-7">10,000 steps a day</a> regardless could do more harm than good. In government, pointing to a simple metric that captures "efficiency" is a tall order — on paper, slashing budgets could look good but bring unintended consequences, according to Richard Landers, a psychology professor at University of Minnesota who specializes in gamification."The number one most efficient way to have a firefighting department in a small town is don't have one, because then they never fail," he said. "That's that kind of logic that you end up having if you're not really cautious about how it's designed."<h2 id="7b471489-75c6-444a-b6f2-8827e89f261e">Why comparing scores is hardwired into our psychology</h2>A game undeniably makes tasks more digestible — something Musk has been talking about for years. He <a target="_blank" class="" href="https://www.youtube.com/watch?v=lz3A6AtX27c">argued</a> at SXSW in 2014 that education should be "as close to a video game as possible." "You do not need to tell your kid to play video games. They will play video games on autopilot all day. So if you can make it interactive and engaging, then you can make education far more compelling and far easier to do," Musk told the audience.Throw in other players, and you've got a race.Humans have a natural competitive streak. Going head-to-head with a rival can help boost our focus, enhance our attention, and motivate us to stick to a task, <a target="_blank" href="https://academic.oup.com/book/45435/chapter-abstract/389436570?redirectedFrom=fulltext">research</a> suggests, but it can also backfire if the pressure gets too intense.A leaderboard works psychologically by incentivizing behavior with a reward like public recognition, maybe a prize, or a sense of accomplishment at winning a competition.It's often used for behaviors people already want to do, but need an extra nudge, according to Landers. Think taking a spin class when you're tempted to watch Netflix, or walking more so you can get the highest step count in the group chat."Good gamification is hypothetically the same way, so that when you achieve well on the Nike app, you're like, 'yeah, I really did do something for myself this week. That was great,'" he said."There's no question that it motivates people," said Natalia Mehlman Petrzela, professor of history at the New School and author of "Fit Nation: The Gains and Pains of America's Exercise Obsession.""You're in the gym running next to someone on the treadmill, you see them speed up, and you want to speed up. Take that experience and multiply it by however many people you're ranking."<h2 id="ac2e7636-bdbf-425b-8204-07cd0abd6bbe">Politicians love leaderboards</h2>Leaderboards zero in on a specific, measurable goal, like your step count for fitness.That's not so straightforward in politics, but it's incredibly alluring. "Politicians like them because it makes them feel like they have more knowledge and real-time knowledge than they might get otherwise," Hon said, referring to rankings of programs like schools, hospitals, and fire departments.Take healthcare. Increasing productivity in an emergency department is complicated — more complicated than any hospital ranking can communicate. In the real world, that sometimes translates to doctors turning down tricky cases in favor of easy ones to pump up their success metrics, according to Landers.This is one of the biggest unanswered questions facing gamification — can boiling down complex issues into crunchable numbers miss the point?Landers said leaderboard systems generally require one precise, agreed-upon goal in order to work. If a metric is oversimplified, it can risk losing sight of the original goal as participants start to value the game for its own sake."Empowering individuals to call out true waste is not inherently a bad idea," Landers said. "The challenge would be in defining that. How do you know when something is legitimately wasteful?"For the government, that might hinge on what counts as waste and whether Musk's leaderboard can get people to agree."You can't just call it waste because you're like, wow, I don't think Jill over there is a good use of money. You should fire her. It's not a productive approach. Trying to figure out how to create a system like that would be incredibly complicated," Landers said. "They would have to do that investment in really understanding the problems deeply and then creating a system to reward what actually should be rewarded."<h2 id="7d6f8bf4-31df-4ff6-8c83-b288ff90ae8b">Gaming the system can backfire</h2>At the height of Peloton's popularity, the home fitness brand's competitive leaderboard quickly became overrun by people <a target="_blank" href="https://www.businessinsider.com/peloton-bike-tablets-rooted-watch-netflix-spotify-hacked-cheat-leaderboards-2019-9">hacking their Pelotons</a> to artificially boost their scores.As a result, some users felt less motivated instead of more."The demotivating power of being low on a leaderboard is well understood," Landers said. "If you're like 500,000th, nobody cares. You're like, why even try?"Petrzela said that even if people play by the rules, overgamifying might mean missing out on valuable but hard-to-quantify things."If your only goal in Peloton is to be at the top of the leaderboard, you completely sacrifice a lot of the things that might slow you down but make your ride injury-free or something you really enjoy," she said. "Musk's proposed leaderboard is a much higher stakes version of that."In terms of government services, a goal like reducing wait times for doctors' visits might translate well to a leaderboard, since they're easy to compare. But more complicated variables — like whether a cancer program can treat a patient's specific diagnosis — might fall through the cracks, particularly when people without healthcare expertise are doing the ranking without the full context.To create a leaderboard that can make meaningful change, it's crucial to understand what context matters. Otherwise, Hon said gamification might have short-term benefits but backfire in the long term as important, less-tangible factors are crowded out by overemphasizing one metric.Case in point: Hon said he's currently hooked on a popular puzzle game. The online leaderboard keeps him logging in long after the game itself stopped bringing much joy to his routine."It's just like, what's the point of this really? Am I just playing this game to maintain my position? Do I even really enjoy it anymore?" he said. "I probably would play it less if actually that leaderboard didn't exist. So that is really for the benefit of the site. It's not for the benefit of me."

Elon Musk's 'gamification' of government spending taps into our natural competitive instinct

<ul class="summary-list"><li>Donald Trump's tariff proposals and pushback on EVs could have a significant impact on automakers.</li><li>Rivian CEO RJ Scaringe said during an earnings call the company has been bracing for tariffs.</li></ul>EV company <a target="_blank" class="" href="https://www.businessinsider.com/what-is-rivian-ev-startup-amazon-backed-tesla-challenger-2021-2">Rivian</a> says it's already bracing for the impact that the increased tariffs proposed by President-elect Donald Trump would have on its supply chain.<a target="_blank" class="" href="https://www.businessinsider.com/rivian-ceo-rj-scaringe-explains-slowdown-ev-growth-tesla-variety-2024-7">Rivian CEO RJ Scaringe</a> said that to prepare for potential <a target="_blank" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">tariffs Trump has proposed</a> on foreign goods, the company has been deliberate about materials sourcing for its upcoming lower-cost <a target="_blank" class="" href="https://www.businessinsider.com/rivian-r2-suv-release-price-range-specs-photos-2024-3">SUV, the R2</a>."The R2 sourcing process is something we've looked at very strategically and certainly have contemplated even prior to the election, just what the impact would be, should the overall approach to tariffs change," Scaringe during the company's Q3 earnings call on Thursday — a day after the election was called for Trump."So a lot of our focus has been on sourcing suppliers that are not going to be subject to large tariffs."The CEO said Rivian also structured its partnerships with overseas suppliers that could be subject to tariffs so that the company is "not carrying much of the risk." He did not specify where the suppliers are based.Still, analysts say uncertainty surrounding the incoming administration could hurt already <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">slowing demand for EVs</a>.The stocks of Lucid and Rivian — smaller auto companies dedicated to EVs — saw a brief jolt. Rivian's stock dropped as low as 9.7% on Wednesday before recovering some of the losses by the next day.On the campaign trail, the president-elect has also targeted the Biden administration's <a target="_blank" class="" href="https://www.businessinsider.com/inflation-reduction-act-how-it-reduces-price-growth-deficit-pressures-2022-8">Inflation Reduction Act,</a> which includes a <a target="_blank" class="" href="https://www.businessinsider.com/what-trump-presidential-victory-could-mean-for-evs-tesla-musk-2024-7">$7,500 tax credit</a> for SUV and pickup truck EVs that cost $80,000 or less.Claire McDonough, Rivian's chief financial officer, said during the call that Rivian customers who qualify for the tax credit are largely those who lease. The CFO said the "lease penetration," or percentage of total cars sold through leases, was 42%.Rivian's R1S and R1T pickup trucks have a base price of $75,900 and $69,900 respectively, while the company plans to sell the R2 for $45,000."Given the price point of our vehicles and the overall income levels, most of our customers don't qualify on a financed or cash purchase," she said.RBC Capital Markets auto analyst Tom Narayan told Business Insider that he's concerned Rivian could lose the tax credit incentive under the new administration.A Rivian spokesperson declined to comment.Scaringe said during the call that Rivian also is on the lookout for potential policy impacts on the "upstream supply chain," which includes raw materials. On top of the uncertainty that comes with the second Trump administration, Rivian continues to face hurdles toward profitability — a challenge many new automakers face, with the exception of <a target="_blank" class="" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10">Tesla</a>.Rivian reported a negative gross profit of $392 million in the third quarter compared to a negative gross profit of $477 million for the same period of last year.Total Q3 revenue was down 35% from last year, to $874 million, driven by the delivery of 10,018 vehicles, the company reported. Regulatory credits, or credits automakers receive from the government for producing EVs, accounted for $8 million of the total revenue for Q3 2024.Scaringe said he was optimistic about Rivian's path to profitability, noting an expected 20% reduction in material costs to produce Rivian's pickup truck, the R1, between Q1 and Q4 this year."As we look forward, we're excited to work with the new administration," Scaringe said in an interview with CNBC before the earnings call, "but really our focus is making sure the vehicles really can help customers make the switch from internal combustion to electrification."

Rivian is shoring up sourcing for its R2 affordable SUV with Trump's proposed tariffs in mind, CEO says

<ul class="summary-list"><li>As the chief AI and innovation officer of <keyword id="20663742" type="General" weightage="20" keywordseo="Anaconda" source="keywords" meta.keywordsubtype="org" meta.entityname="Anaconda" meta.hostid="261" meta.entityid="Anaconda">Anaconda</keyword>, Peter Wang helps the programming-language distributor improve <keyword id="20110666" type="General" weightage="20" keywordseo="AI-solutions" source="keywords">AI solutions</keyword>.</li><li>This includes supporting on-prem IT and running AI models locally to boost security and efficiency.</li></ul>Peter Wang is the chief AI and innovation officer of <a href="https://www.anaconda.com/about-us" target="_blank">Anaconda</a>, a company he cofounded in 2012 with the goal of democratizing business-data analytics by making <keyword id="23150763" type="General" weightage="20" keywordseo="Python-tools" source="keywords">Python tools</keyword> easier to use. With Python established as a leading language for <keyword id="21065919" type="General" weightage="20" keywordseo="AI-workloads" source="keywords">AI workloads</keyword>, Anaconda is broadening its focus to <keyword id="19897745" type="General" weightage="20" keywordseo="data-science" source="keywords">data science</keyword> and artificial intelligence, with the goal of becoming a common software layer for high-performance AI. Anaconda has introduced tools to help companies and people get started with AI <keyword id="19897804" type="General" weightage="100" keywordseo="large-language-models" source="keywords">large language models</keyword>. One such tool is <a target="_blank" class="" href="https://www.anaconda.com/products/ai-navigator">AI Navigator</a>, a desktop app that can run AI models locally on Windows and Mac, with Linux support coming soon. The company has 300 full-time employees and 40 million users worldwide. Business Insider spoke with Wang to learn more about how AI workloads are prompting companies to think about bringing more of their <a target="_blank" class="" href="https://www.businessinsider.com/artificial-intelligence-data-privacy-on-premises-information-technology-solutions-2024-8">IT infrastructure on-premises</a> — and the hardware and software challenges that come with making such a move. The following has been edited for clarity and length. Can you talk about on-premises infrastructure and what that term means to you in 2024? On-premises initially meant servers within the company's physical location. Now it's more about the governance of infrastructure, including data, networking, and servers. Who manages it? Who gets to say, "No, absolutely, you can't do that," or, "Yes, you can do that?" At Anaconda, we see customers across the spectrum. Some have what we call air-gapped systems, not connected to the internet at all. These might be a box in a building somewhere, oftentimes guarded by people with machine guns, where you go in with a flash drive. That's the hardcore level of secure on-prem. On the other end, we see businesses that use a lot of cloud resources. But even they need stricter boundaries. They work with cloud providers to set up virtual private clouds or to provision resources with specific governance rules and policies. Why are companies interested in on-premises solutions for AI and large language models? We see a lot of interest from companies wanting control over their own destiny. They want to fine-tune models on their own data, connect them to internal databases for <a target="_blank" href="https://www.businessinsider.com/retrieval-augmented-generation-making-ai-language-models-better-2024-5">retrieval-augmented generation</a>, and use agent-based models. If a company can only consume AI as a cloud end point, you have to tie all your internal systems to that cloud AI service, which is difficult. And many of these cloud AI companies, while they are well capitalized, are still relatively new as enterprise-software players. There are a lot of concerns about data leakage and compliance. Running locally gives more control and reduces the risk of accidental data exposure. You don't have to worry about a junior IT person at a cloud startup accidentally misconfiguring something and causing a data breach. The risks of a data breach are clear, but many companies seem concerned about any external use of their data for AI. Why is that? People have said that data is oil. If your data is oil, LLMs are like the internal-combustion engine, meaning they provide a much more interesting way to use that oil. Companies want to use their sensitive "crown jewel" data with LLMs to gain insights and improve predictive analytics. These use cases are central to their business, so they're protective of this data. They don't trust putting it on external systems where it could leak valuable information like customer insights or product preferences. When people think of "on-prem," they tend to focus on hardware. But much of what you are describing seems like software. Can you explain that in more detail? The hardware for AI work is often similar across setups. It's typically high-end <a target="_blank" href="https://www.businessinsider.com/nvidia-gpu-chips-ai-branding-popularity-2024-6">Nvidia GPUs</a>, though not always the latest or most expensive versions. On top of that hardware stack, the software needed to run an LLM isn't exotic if you know what you're doing. But there's a big asterisk here. The challenges often come from internal IT policies, organizational competencies, and the dynamic nature of AI workloads. For example, if your organization is familiar with Docker or Kubernetes, great. But if you're a Java shop used to deploying with Maven, or a Ruby shop unfamiliar with Python, that creates hurdles. When these companies want to start an internal LLM, that's where they can use help. AI workloads require varying amounts of computing power at different times. When you're training, you might need a lot of GPUs, fewer, or different kinds — or <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/what-is-a-cpu">even just CPUs</a>. This dynamic set of hardware requirements, sometimes very bursty in terms of when and how long you need it, creates an orchestration challenge. That becomes a software challenge, and then an organizational one. Are you saying the challenge is optimizing software for efficient and dynamic use of hardware? I actually think it's more of a broad competency challenge for a company. In traditional software development, the IT group talks to the software-development group. The developers specify their needs for memory, bandwidth, storage, and IT provisions for them. But data scientists and machine-learning teams have dynamic needs. They require newer, more advanced hardware, and the software they run is Python with many dependencies, like specific GPU-driver versions. The challenges organizations face in on-premises AI relate to the dynamic nature of server and machine orchestration and the open-source-software ecosystem they're tapping into. This is especially true for compliance and security requirements. Speaking of open source, what are your thoughts on open versus closed LLMs? I've tried to stay out of the fray on social media, but my take is that current LLMs, especially the frontier models, have a lot of overlap in capabilities. Some are better than others in certain aspects, but at their core, once you throw enough data at them, these models start to become similar to each other. Making open models like Meta's Llama freely available is a game changer. The original Llama release was significant, and <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-meta-llama-ai-model-praise-open-source-musk-2024-7">the latest Llama 3.1 model</a>, with 400 billion parameters, is a massive step forward. It will increase interest in running models on-premises, especially for fine-tuning on sensitive data. But while these models are often called open, they're not open in the traditional open-source sense. You can use them freely, but you can't rebuild them from scratch or modify them at will. The training data, scripts, and hyperparameters are often not disclosed. It's a complex issue that involves considerations of safety and licensing. The data used for training is a particularly big issue that no one really talks about. How should a company looking to implement on-premises AI get started? Anaconda has an <keyword id="23150764" type="General" weightage="20" keywordseo="AI-Navigator" source="keywords">AI Navigator</keyword> tool that is a great way to get started. It's a simple graphical interface where you can download appropriate models for your computer. We're currently running this in beta, and we're eager to get feedback from users. Our tool connects to our curated model repository. We've quantized models to make them smaller and more efficient for different machines, which is important because downloading models from public repositories can pose security risks. For example, we've seen attacks where someone uploads a fine-tuned code-generation model that hallucinates nonexistent Python packages. It generates code that tries to import or install these fake packages, and then the attacker creates malicious versions of these packages in the real world. When users try to run the generated code, they install these malicious packages. Our tool helps users get past many initial hurdles in setting up and running AI models locally. It accelerates the process of getting the software running correctly for a given machine, making it easier and safer for businesses to start exploring on-premises AI solutions. Correction: August 28, 2024 — An earlier version of this story misstated Peter Wang's title. He's the chief AI and innovation officer of Anaconda, not the CEO. He was the CEO from October 2019 to January 2024.

Anaconda's chief AI and innovation officer says Python can make on-premises IT solutions 'easier and safer' as companies seek stronger data protection

<ul><li>The <keyword id="19909268" type="General" weightage="20" keywordseo="Indian-government" source="keywords">Indian government</keyword> is expected to extend the <keyword id="20180867" type="General" weightage="20" keywordseo="import-management-system" source="keywords">import management system</keyword> by three months.</li><li>The import management system has been developed by <keyword id="21064214" type="General" weightage="20" keywordseo="IT-hardware" source="keywords">IT hardware</keyword> such as <keyword id="23249347" type="General" weightage="20" keywordseo="laptops-and-tablets" source="keywords">laptops and tablets</keyword>.</li><li>The deadline for the review of the scheme is September 30.</li></ul>The Indian government is expected to extend the current import management system for the import of certain IT hardware such as laptops and tablets for three months ahead of the September 30 deadline. According to a PTI report, an official source familiar with the matter confirmed that the import management system will be extended. According to the official, these imports stood at $8.4 billion in 2023-24 against the authorisation of about $9.5 billion. The official also added that most of these imports were from China. In October 2023, the government had rolled out an import management/ authorisation for imports of laptops, personal computers and certain other IT hardware products. The system is aimed at monitoring inbound shipments of these items into the country without hurting market supply. “The current system, which the government calls the Inventory Management System, essentially a registration programme, expires on September 30. We don't know what's going to happen after that, because even trusted companies are required to register their products and get import permissions. There's a real risk that if this programme isn’t reinstated, all of these products are going to be cut off,” said Jason Oxman, President, Information Technology Industry Council (ITI) earlier this month. On November 1, 2023, the government cleared over 100 applications, including those of Apple, Dell and Lenovo, which sought permission for imports of these IT hardware products worth nearly USD 10 billion, on the first day of implementation of the new system. "A formal request is coming for an extension of the existing system. With a three month extension, this whole year will be covered. So this current year, I do not see any disruption," the official said. The new licence regime applies to laptops, personal computers, microcomputers, large or mainframe computers, and certain data processing machines. With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/arkade-developers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493854.cms">Arkade Developers IPO allotment – Check allotment status, GMP, listing date and more</a> <a href="https://www.businessinsider.in/stock-market/news/western-carriers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113511375.cms">Western Carriers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-series-allows-users-to-wirelessly-restore-the-firmware-using-an-iphone-or-ipad/articleshow/113455048.cms">iPhone 16 series allows users to wirelessly restore the firmware using an iPhone or iPad</a>

Government expected to extend the import management system for laptops and tablets for three months

<ul class="summary-list"><li>The Trump campaign said it was hacked and suggested that Iran was behind the breach.</li><li>The campaign pointed to a Microsoft report referencing Iranian hackers' "spear phishing emails."</li></ul>The campaign of former President <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-joe-rogan-rfk-jr-endorsement-2024-8">Donald Trump</a> on Saturday said it had been hacked following Politico's receipt of internal campaign documents from an anonymous email account.Documents sent to Politico included vice-presidential <a target="_blank" class="" href="https://www.businessinsider.com/vance-secret-family-trump-vice-presidential-vetting-2024-8">vetting materials</a> related to Ohio Sen. <a target="_blank" class="" href="https://www.businessinsider.com/trump-selects-jd-vance-running-mate-vice-president-2024-6">JD Vance</a>, who Trump selected as his running mate shortly before the Republican National Convention in July.So far, Politico has been unable to pinpoint the identity of the person behind the email account or the individual's reasoning for sending the materials to their outlet.The Trump campaign, in a statement to BI, didn't offer direct evidence supporting the claim of Iranian involvement in the breach but pointed to a recent Microsoft report referencing Iranian hackers sending a "spear phishing email" to a presidential campaign in June."These documents were obtained illegally from foreign sources hostile to the United States, intended to interfere with the 2024 election and sow chaos throughout our Democratic process," Trump campaign spokesman Steven Cheung told Business Insider in a statement. "On Friday, a new report from Microsoft found that Iranian hackers broke into the account of a 'high ranking official' on the US presidential campaign in June 2024, which coincides with the close timing of President Trump's selection of a vice presidential nominee."Cheung did not disclose to Business Insider whether the campaign had contacted Microsoft or law enforcement officials.<h2 id="ebc2697f-8528-46e6-bb7b-2e42473f765f">What the Microsoft report said</h2>Microsoft did not immediately respond to a request for comment from Business Insider, but in its <a target="_blank" class="" href="https://blogs.microsoft.com/on-the-issues/2024/08/08/iran-targeting-2024-us-election/">assessment report</a> found that groups tied to the Iranian government had laid the foundation to "stir up controversy or sway voters," especially in <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-leads-trump-michigan-pennsylvania-wisconsin-swing-state-polls-2024-8">key swing states</a>.The report said that an Iranian group tied to the Islamic Revolutionary Guard Corps in June sent a phishing email to a top campaign official that originated from the "compromised" email account of an ex-advisor."The email contained a link that would direct traffic through a domain controlled by the group before routing to the website of the provided link. Within days of this activity, the same group unsuccessfully attempted to log into an account belonging to a former presidential candidate," the report said.<h2 id="4046446c-b76d-483f-8345-3e710f57e8c3">Emails from an AOL account</h2>In late June, a user calling himself "Robert" began sending emails to Politico from an AOL account with what looked like internal documents from a top Trump staffer.Two individuals verified to Politico that the documents — which were from late February — were genuine. An individual with knowledge of the matter told the outlet that the Vance file was an early step in examining the Ohioan's record. Some of <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-never-trump-to-vice-president-nominee-timeline-2024-7">Vance's public critiques of Trump</a> before the senator's political career were labeled as "POTENTIAL VULNERABILITIES" in the file, per Politico."Robert" also sent a portion of documents that included information on Florida Sen. <a target="_blank" class="" href="https://www.businessinsider.com/lindsey-graham-jd-vance-vice-president-marco-rubio-2024-7">Marco Rubio</a>, who Trump also considered as his running mate.

The Trump campaign, citing a Microsoft threat report, says it was hacked and blames 'foreign sources'

In a significant <keyword id="20359239" type="General" weightage="20" keywordseo="political-development" source="keywords">political development</keyword>, <keyword id="19969165" type="General" weightage="20" keywordseo="Atishi" source="keywords">Atishi</keyword> is poised to become the next Chief Minister of Delhi, following the resignation of Arvind Kejriwal. The <keyword id="19935664" type="General" weightage="20" keywordseo="Aam-Aadmi-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Aam Aadmi Party" meta.hostid="261" meta.entityid="Aam Aadmi Party">Aam Aadmi Party</keyword> (AAP) convened a legislative meeting earlier today, where all MLAs unanimously accepted Kejriwal's proposal to nominate Atishi for the top post. <h2>Who is Atishi?</h2>Atishi Marlena, widely known as Atishi, is a prominent figure within the AAP and currently holds multiple key portfolios in the <keyword id="19925995" type="General" weightage="20" keywordseo="Delhi-government" source="keywords">Delhi government</keyword>. A Rhodes scholar, she has long been a key architect of AAP’s <keyword id="20374249" type="General" weightage="20" keywordseo="education-reforms" source="keywords">education reforms</keyword> in Delhi, which transformed the public schooling system and gained national attention. Her work has earned her recognition as a progressive leader committed to enhancing education, governance, and <keyword id="20228723" type="General" weightage="20" keywordseo="public-welfare" source="keywords">public welfare</keyword>. Atishi has served as a Delhi MLA, representing the Kalkaji constituency, and has been an essential part of the Kejriwal-led government. She took on many responsibilities when Kejriwal was jailed in connection with the excise policy case, and her reputation for efficiency and dedication helped solidify her as a strong contender for the chief ministerial position. <div type="Article" hostid="261" msid="113312516" title="Supreme Court grants bail to Chief Minister Arvind Kejriwal in Liquor scam case" mstype="2" mssubtype="0"></div><h2>Kejriwal’s resignation and resultant suspense</h2>The sequence of events leading to Atishi's ascension began with Arvind Kejriwal's sudden announcement that he would resign as Delhi’s Chief Minister. On September 13, 2024, Kejriwal was released from Tihar Jail, where he was lodged for his alleged involvement in the Delhi liquor policy scam. Following his release, Kejriwal took to the public platform to declare that he would step down, pending a “certificate of honesty” from the people of Delhi. In a political gambit that stunned many, Kejriwal pushed for advancing the polls to November 2024, ahead of the originally scheduled February 2025 elections. His rationale was that only a fresh mandate from the people, whom he asked to consider his honesty as the deciding factor, would validate his return to power. Until then, he vowed not to reassume the office of Chief Minister. "I didn't resign (after arrest in excise policy case) because I respect democracy and the Constitution is supreme for me," Kejriwal had said earlier. <div type="Article" hostid="261" msid="113364559" title="Delhi CM Arvind Kejriwal announces resignation, demands Delhi elections in November" mstype="2" mssubtype="0"></div>Kejriwal’s resignation prompted a flurry of activity within AAP, as speculation mounted about who would succeed him. The party’s Political Affairs Committee (PAC) and other senior leaders, including Manish Sisodia, Saurabh Bharadwaj, and Gopal Rai, held several rounds of discussions. Names floated for the role included Atishi, Gopal Rai, Kailash Gahlot, Saurabh Bharadwaj, and even Kejriwal’s wife, Sunita Kejriwal. Some sources hinted that a surprise candidate from a minority community could also emerge. However, Atishi was always seen as the frontrunner. She holds a majority of the key portfolios in the Delhi government and was handpicked by Kejriwal to unfurl the national flag on August 15 while he was in jail — a symbolic gesture that hinted at her growing political stature within the party. <h2>Atishi’s nomination and the path ahead</h2>The AAP legislative meeting, held at Kejriwal’s residence earlier today, saw Atishi’s nomination as the new Chief Minister of Delhi. The decision was unanimously accepted by all AAP MLAs, with Kejriwal personally proposing her name. Once Kejriwal officially tenders his resignation later today, Atishi will likely meet Lieutenant Governor VK Saxena to stake her claim for the CM’s office. It is expected that Atishi will not take the oath of office immediately, as the process involves proving majority on the floor of the Delhi Assembly and appointing a new council of ministers. Sources suggest that the swearing-in ceremony may take place closer to the next Assembly session. Atishi’s rise to the Chief Ministerial post comes at a time of political turbulence for AAP. Kejriwal’s resignation, driven by his desire to restore his public image following his incarceration, has put the party in a precarious position. The opposition <keyword id="14666" type="General" weightage="20" keywordseo="bjp" source="Orion">BJP</keyword> has termed Kejriwal’s resignation a "PR stunt" aimed at deflecting attention from the corruption charges. Atishi, with her track record of governance and public service, represents a fresh face for AAP, one that can potentially rejuvenate the party’s image. She will need to navigate a host of challenges, including the corruption allegations surrounding Kejriwal and the upcoming elections. Whether she will be able to maintain the party’s grip on Delhi or lead it to a new electoral victory remains to be seen. (With inputs from agencies)

Atishi set to become Delhi's new Chief Minister as Arvind Kejriwal steps down months before the assembly elections

<ul class="summary-list"><li>Shadow banking tops commercial real estate as the most likely source of a credit event, according to a BofA survey.</li><li>Alarm has risen over private credit, given its rapid growth and loose oversight.</li></ul>Bank of America's latest Global Fund Managers survey found that shadow banking has surpassed commercial real estate as the likeliest culprit of a future credit event.Nearly a third of surveyed investors consider the opaque sector of the financial markets the most likely source of future fallout, overtaking the 24% who still see a bigger risk in the property market. In June's survey, commercial real estate held the top spot.<div type="image" title="Bank of America chart comparing likely source of a credit event" height="1352" width="2164" msid="111840550" hostid="261" sizebytes="67136"></div><a target="_blank" href="https://www.businessinsider.com/private-credit-lenders-middle-market-deals-2023-11">Shadow banking</a> refers to a group of lenders outside of the traditional banking system and which are often less regulated. Worries have risen in recent years over <a target="_blank" href="https://www.businessinsider.com/banks-shadow-lenders-1-trillion-fed-private-credit-hedge-funds-2024-2">unforeseen systemic risks.</a>Outside the purview of regulators, this area of the credit market has ballooned. According to the IMF, it notched <a target="_blank" href="https://markets.businessinsider.com/news/funds/private-credit-risk-leverage-debt-interest-rates-imf-financial-stability-2024-4">$2.1 in assets and capital last year</a>. But while its high returns have attracted investors, the space is dominated by opaque credit quality and infrequent valuations, analysts wrote in April.Top Wall Street commentators have also bashed shadow banking. JPMorgan chief Jamie Dimon went on the offensive last May, warning of bad actors in the industry."There could be hell to pay," he <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-private-credit-market-risks-retail-investors-debt-investing-2024-5#:~:text=%22There%20could%20be%20hell%20to,expect%20there%20to%20be%20problems.%22">then said</a>. "I've seen a couple of these deals that were rated by a rating agency and, I have to confess, it shocked me what they got rated."Meanwhile, BofA's survey indicates that fund managers are still keeping their eyes on commercial real estate, a sector that has wobbled under the weight of high interest rates.Between tighter monetary policy and a significant pullback in office demand, worry has mounted regarding whether commercial real estate entities can pay off their debt. Already, <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-big-trouble-crash-bank-crisis-2024-2">$1 trillion is due to mature by the end of this year</a>, and defaults are hitting even <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-debt-property-losses-mortgage-interest-rates-prices-2024-7">high-quality bonds</a>.Most exposed to the sector are regional banks, and concern <a target="_blank" href="https://www.businessinsider.com/real-estate-ceo-scott-rechler-regional-banks-commercial-real-estate-2023-3">has persisted</a> about consequences in this sector.Otherwise, BofA found that investors remain optimistic overall, with 68% expecting the global economy to achieve a "soft landing." In fact, 39% consider monetary policy as too strong worldwide.Concerning the US, the bank indicated that this enthusiasm may be too strong:"We believe "hard landing" risks are underpriced given the slowdown of US consumer, labor market, government spending… this makes us most bullish on bonds and gold in H2'24," it wrote.Meanwhile, "geopolitical conflict" topped "higher inflation" as the biggest tail risk for the first time in six months, BofA found.

Wall Street sees this opaque corner of financial markets as the likeliest source of a credit crisis, Bank of America says

<ul class="summary-list"><li>Elon Musk has long accused OpenAI and Sam Altman of keeping their technology closed-source.</li><li>But Altman seems to have come round to Musk's point of view.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/history-of-openai-company-chatgpt-elon-musk-founded-2022-12">OpenAI</a> CEO<a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-chatgpt-openai-ceo-career-net-worth-ycombinator-prepper-2023-1"> Sam Altman</a> has a vision for open-source AI, and it's not far from what the company's former cofounder, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk,</a> has been asking for.On Thursday, Altman wrote an op-ed for <a target="_blank" class="" href="https://www.washingtonpost.com/opinions/2024/07/25/sam-altman-ai-democracy-authoritarianism-future/?pwapi_token=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9.eyJyZWFzb24iOiJnaWZ0IiwibmJmIjoxNzIxODgwMDAwLCJpc3MiOiJzdWJzY3JpcHRpb25zIiwiZXhwIjoxNzIzMjYyMzk5LCJpYXQiOjE3MjE4ODAwMDAsImp0aSI6ImZjM2E5MDFlLWM2ZjItNGFiNi05ZmM1LTE4ZWFhMzA4MzJlNyIsInVybCI6Imh0dHBzOi8vd3d3Lndhc2hpbmd0b25wb3N0LmNvbS9vcGluaW9ucy8yMDI0LzA3LzI1L3NhbS1hbHRtYW4tYWktZGVtb2NyYWN5LWF1dGhvcml0YXJpYW5pc20tZnV0dXJlLyJ9.tbBMRGTwX-6Cr9x11U82MkrjJBQu9WwSgSn-cLxirR0">The Washington Post</a> outlining a <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-strategy-china-competition-2024-7">four-point plan</a> to fortify US AI dominance by implementing safeguards, building infrastructure, regulating AI-related exports, and forging a global community.But what's notable in Altman's proposal was how he highlighted the role open-source AI models could have in strengthening America's hold on the field."Making sure open-sourced models are readily available to developers in those nations will further bolster our advantage," Altman wrote. "The challenge of who will lead on AI is not just about exporting technology, it's about exporting the values that the technology upholds."Musk has <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-not-done-sam-altman-ai-race-just-yet-2024-6">repeatedly criticized Altman's leadership</a> since he left the <a target="_blank" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">ChatGPT</a> maker's board in 2018. Musk has been pummeling Altman based on his stance that OpenAI's systems aren't as open as they should, ideally, be."OpenAI was created as an open source (which is why I named it 'Open' AI), non-profit company to serve as a counterweight to Google, but now it has become a closed source, maximum-profit company effectively controlled by Microsoft," Musk wrote in an <a target="_blank" class="" href="https://x.com/elonmusk/status/1626516035863212034?s=20">X post</a> in February 2023."Not what I intended at all," he added,Musk <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-sues-sam-altman-betrays-openai-mission-chatgpt-2024-3">filed a lawsuit</a> against OpenAI in February this year, where he accused the company of violating its nonprofit mission by partnering with Microsoft. He later <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-drops-lawsuit-against-sam-altman-and-openai-2024-6">withdrew his lawsuit</a> in June.To be sure, Musk also has some reservations about how open AI models should be. In private correspondence, the Tesla and xAI chief appeared to agree with OpenAI's then-chief scientist, Ilya Sutskever, that there should be limits to openness."As we get closer to building AI, it will make sense to start being less open," Sutskever said in an <a target="_blank" class="" href="https://openai.com/index/openai-elon-musk/#email-4">email</a> to Musk in January 2016."The Open in OpenAI means that everyone should benefit from the fruits of AI after its built, but it's totally OK to not share the science (even though sharing everything is definitely the right strategy in the short and possibly medium term for recruitment purposes)," Sutskever continued."Yup," Musk replied.Representatives for Altman and Musk didn't immediately respond to requests for comment from Business Insider sent outside regular business hours.Altman's position on open-source AI might also be less of a mea culpa to Musk, as it is a recognition that it could be <a target="_blank" href="https://www.businessinsider.com/elon-musk-finally-found-something-agree-with-mark-zuckerberg-on-2024-7">where the industry is headed</a>.On Tuesday, Meta CEO <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-makeover-reason-email-2024-7">Mark Zuckerberg</a> unveiled his company's latest AI model, <a target="_blank" class="" href="https://ai.meta.com/blog/meta-llama-3-1/">Llama 3.1</a>.The model, which Meta says can outperform OpenAI's GPT-4o, is open source and has been made available for the public to use for free."I believe that open source is necessary for a positive AI future," Zuckerberg wrote in a <a target="_blank" class="" href="https://about.fb.com/news/2024/07/open-source-ai-is-the-path-forward/">blog post</a> on the same day."There is an ongoing debate about the safety of open source AI models, and my view is that open source AI will be safer than the alternatives. I think governments will conclude it's in their interest to support open source because it will make the world more prosperous and safer," Zuckerberg wrote.

Sam Altman, under fire from Elon Musk, has now offered his own vision of open-source AI

<keyword id="19936600" type="General" weightage="20" keywordseo="Dhaka" source="keywords">Dhaka</keyword>: Several residents across Bangladesh spent a sleepless night as they gathered in groups to guard the streets amid fears of robbery and <keyword id="20721949" type="General" weightage="20" keywordseo="looting" source="keywords">looting</keyword> by criminals in the violence-hit country, where an <keyword id="21030472" type="General" weightage="20" keywordseo="interim-government" source="keywords">interim government</keyword> headed by Nobel laureate <keyword id="20024384" type="General" weightage="20" keywordseo="Muhammad-Yunus" source="keywords">Muhammad Yunus</keyword> is all set to take oath on Thursday. <keyword id="20083313" type="General" weightage="20" keywordseo="security-concerns" source="keywords">Security concerns</keyword> have gripped the country since Prime Minister Sheikh Hasina's ouster on Monday as police observed a work abstention, citing fears for their safety amid reports of deadly attacks on security personnel. The Yunus-led interim government - appointed by President Mohammed Shahabuddin who had dissolved the parliament - is set to take oath in the evening after weeks of tumultuous <keyword id="21440425" type="General" weightage="20" keywordseo="student-protests" source="keywords">student protests</keyword> that forced Hasina to resign and flee the country. The chaos and fear created by the deadly protests remained. Gangs of criminals have been looting and robbing homes in the absence of law enforcers over the last two days. Many residents spent a sleepless night on Wednesday amid fears of robbery and looting. From one end of Dhaka to another, particularly Uttara to Mohammadpur, people were concerned about their safety. Facebook users were posting in different groups and streaming live. Residents in many areas, including in Uttara and Mohammadpur, formed neighbourhood watch groups to stand guard, bdnews24.com news portal reported. Nazvi Islam, a part-time teacher at Dhaka University and resident of Mohammadpur's Bosila, said that robbers had terrorised the area on Tuesday night. Mosques were regularly making announcements, asking everyone to remain on alert. On Wednesday night, residents gathered in groups to guard the streets with sticks and bats. Hundreds of students from the local madrasa also came to guard the area. After standing watch all night, they returned home in the morning. The students divided themselves into small groups and guarded the government buildings and public properties. Zakirul Islam, a resident of Chanmia Housing in Mohammadpur, said guards were posted at the gates to the housing area on Wednesday night, but residents still could not sleep due to fear. Abir Hossain, a resident of Mirpur-14, where many government officials live, says that everyone panicked when news spread that robbers had entered their housing complex. "Last night, a group of people carrying local weapons came and attacked a neighbouring house. They forcefully opened the main gate and looted cash and jewellery," The Daily Star newspaper quoted a resident of the Naboday Housing area as saying. Many Facebook users posted or live-streamed videos of robbers attacking a building in the ECB Chattar area adjacent to the Mirpur cantonment. Sounds of Army patron sirens could be heard in the videos. People posted on Facebook about the attacks and robberies throughout the night. Many have questioned where so many robbers had sprung up from. Most ATMs were out of cash and even many bank branches were running low on cash as the money supply had been disrupted due to inadequate security, The Daily Star reported, citing bankers. "Overall, I visited almost 10 booths but failed to withdraw a single penny. Either they had run out of money or restricted the use of ATM cards issued by other banks," Nasir Hossain, a resident of the capital's Dhanmondi area, was quoted as saying by the paper. Managing Director of Pubali Bank Mohammad Ali said although there is no cash crisis in the banking sector, they have been unable to deliver money to booths and branches as security companies that transport money have halted services. "The security agencies that carry our cash told us that they will not provide services in the current situation," he said. Hence, banks are struggling to supply money, especially to remote branches and booths, he added. Meanwhile, political parties in the country discussed the structure of the interim Cabinet. The anti-discrimination student movement has reportedly prepared a list of 15 names in the interim government. The list will be finalised after discussions with Yunus after he returns home on Thursday. According to multiple sources in the Bangladesh Nationalist Party, the leaders of the student movement met BNP Secretary General Mirza Fakhrul Islam Alamgir yesterday and discussed the list. The anti-discrimination student movement has formed a liaison committee to discuss the list with various parties.

You Searched For "government source" and got 11 results

FDIs may shift to US under Trump 2.0 but it is unlikely to severely impact FDIs inflow to India, says SBI Report

Ira Alok Puranik

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ANI

Elon Musk's 'gamification' of government spending taps into our natural competitive instinct

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Rivian is shoring up sourcing for its R2 affordable SUV with Trump's proposed tariffs in mind, CEO says

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Anaconda's chief AI and innovation officer says Python can make on-premises IT solutions 'easier and safer' as companies seek stronger data protection

Matthew S. Smith

Government expected to extend the import management system for laptops and tablets for three months

BI India Bureau

The Trump campaign, citing a Microsoft threat report, says it was hacked and blames 'foreign sources'

John L. Dorman

Atishi set to become Delhi's new Chief Minister as Arvind Kejriwal steps down months before the assembly elections

BI India Bureau

Wall Street sees this opaque corner of financial markets as the likeliest source of a credit crisis, Bank of America says

Filip De Mott

Sam Altman, under fire from Elon Musk, has now offered his own vision of open-source AI

Kwan Wei Kevin Tan

Bangladesh protests: Bangladeshis spend sleepless night amid fears of robbery and looting

PTI

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