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<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/renting-airbnb-not-passive-wont-do-it-again-2024-7">Airbnb</a> reported earnings after the market closed on Thursday.</li><li>CEO Brian Chesky pointed to multiple growth areas for the company.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/category/airbnb">Airbnb</a>'s third-quarter earnings report showed that the company keeps growing — and that 2025 will be the year it breaks into a new business.The short-term rental platform grew revenue and bookings during the quarter that ended September 30, it said after the stock market closed on Thursday. Executives said they're lining up long-term growth with its co-host program and an expansion beyond accommodations.Here are the highlights from the earnings report:<h2 id="06331326-417d-467b-843c-62561752f50c">Airbnb's third-quarter revenue grew despite a slow start</h2>Airbnb's revenue for the quarter rose 10% to $3.73 billion. Analysts surveyed by Reuters expected revenue of $3.72 billion. Earnings per share of $2.13 missed analysts' estimates of $2.14.Nights and experiences booked jumped 8% to 122.8 million from the same period in 2023. Bookings were slow early in the quarter but picked up later, CEO Brian Chesky said on Thursday's earnings call.Shares of Airbnb were 4% lower at $141.55 in after-hours trading on Thursday.<h2 id="8864efa4-c78c-476c-a7cc-e3f4be22aebc">Airbnb wants to get more people to list properties using co-hosts</h2>In October, Airbnb started offering its hosts <a target="_blank" class="" href="https://news.airbnb.com/airbnb-2024-winter-release/">co-hosts</a>, or people who can help manage a property that's listed on Airbnb. The company launched its co-host network with about 10,000 people signed up for the role in 10 countries, Chesky said on the call.The goal, as Chesky said, is to make hosting on Airbnb less of a burden — and attract more hosts and properties to the platform. While many people are interested in listing their properties on Airbnb, many don't want to spend the time managing the property, the CEO said."That's why we asked ourselves, what if we could match people with homes that don't have time with people that have extra time but don't have homes?" Chesky said."Not only would this unlock more supply, I think in the coming years, this can unlock millions of listings," Chesky added.<h2 id="d263d6c5-cd68-4ad1-85bb-a25ad5cbd34c">Airbnb has plans for an AI chat assistant that will be able to cancel and rebook reservations for you</h2>Airbnb is rolling out an AI chat agent that can answer basic questions, Chesky said on Thursday's call. But the company sees opportunities for AI to do a lot more, he said.Chesky said that future versions of the chat agent will offer personalized options based on users' bookings. The result: An AI assistant that can see your upcoming reservation and cancel or rebook it for you.Eventually, the AI assistant could take care of most customer queries instead of traditional customer support agents, Chesky said. "We think, in the future, the vast majority of our chats are going to be intercepted and handled directly by the AI agent," Chesky said.<h2 id="7cf99a7d-08d7-4282-8d44-895e3d03acb0">Airbnb is planning to expand beyond short-term rentals next year</h2>Airbnb said in its press release that it will break into a new business next year, though the company didn't offer many details on Thursday."We'll remain focused on accelerating growth while preparing for Airbnb's next chapter, which will take us beyond accommodations," the press release read. "You'll see more on this next year."On the call, Chesky said that Airbnb's expansion would start "with the nearest adjacencies around travel" before going "far beyond travel" over the next decade. He declined to say exactly what Airbnb's plans are.Chesky compared the expansion to Amazon growing beyond its bookselling business by adding CDs, DVDs, and other consumer products in the late 1990s."What I expect is, every year now for the coming years, we will launch one-to-two new businesses that will generate a billion dollars or more of revenue incrementally a year," he said.Axel Springer, Insider Inc.'s parent company, is an investor in Airbnb.

The 4 most interesting things from Airbnb's earnings

New Delhi: As the earnings season for the second quarter of FY25 unfolds, <keyword id="19959986" type="General" weightage="20" keywordseo="public-sector-banks" source="keywords">public sector banks</keyword> (PSBs) are expected to see a slight dip in profits compared to the previous quarter, according to a report by <keyword id="19896146" type="General" weightage="100" keywordseo="Motilal-Oswal" source="keywords" meta.keywordsubtype="org" meta.entityname="Motilal Oswal" meta.hostid="153" meta.entityid="Motilal Oswal">Motilal Oswal</keyword>. The report estimates that PSBs' Profit After Tax (PAT) will decline by 0.6 per cent quarter-on-quarter (QoQ), while showing a stronger year-on-year (YoY) growth of 17.2 per cent. "We estimate PSBs to report moderate <keyword id="19899597" type="General" weightage="20" keywordseo="earnings-growth" source="keywords">earnings growth</keyword> of 17.2 pc YoY/ a decline of 0.6 pc QoQ in 2QFY25," the report stated. The slower pace of growth can be attributed to flat net interest margins (NIMs) and a slight increase in loan loss provisions (LLP). The <keyword id="20171160" type="General" weightage="20" keywordseo="Net-Interest-Income" source="keywords">Net Interest Income</keyword> (NII) for PSBs is expected to grow by around 6 per cent YoY, although interest margins are likely to remain under pressure. Despite these near-term challenges, the report suggests that public sector banks are on track to post a compound annual growth rate (CAGR) of 15 per cent between FY24 and FY26, pointing to sustained long-term growth. In the private sector banking space, the report forecasts mixed results for the same quarter. For private banks under the coverage, Pre-Provision Operating Profit (PPoP) is expected to grow by 12 per cent YoY and 1 per cent QoQ. However, PAT growth is predicted to be more modest, increasing by 5 per cent YoY and 0.6 per cent QoQ. "For our private bank coverage universe, we estimate a PPoP growth of 12 pc YoY/1 pc QoQ and a PAT growth of 5 pc YoY/0.6 pc QoQ in 2QFY25," the report added. Looking ahead, private sector banks are expected to experience steady profitability growth, with earnings projected to grow at a CAGR of 12.4 per cent over FY24-FY26. Overall, while both public and private sector banks may face moderate growth in the second quarter due to margin pressures and higher provisions, their long-term earnings prospects remain positive. (ANI)

Profit of public sector banks expected to decline by 0.6 percent QoQ : Motilala Oswal

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk</a> talked more about the autonomous Cybercab during Tesla's third-quarter earnings call.</li><li>He said Cybercab will reach volume production in 2026 and aims to produce 2 million a year.</li></ul>It's been less than a month since Elon Musk unveiled the Tesla <a target="_blank" class="" href="https://www.businessinsider.com/tesla-robotaxi-elon-musk-ride-hailing-uber-lyft-waymo-rivals-2024-10">Cybercab</a>, an autonomous robotaxi without a steering wheel or pedals, at the company's "We, Robot" event.Wall Street analysts looked to Tesla's third-quarter earnings on Wednesday for more details on the upcoming vehicle and its corresponding ride-hailing app, which is a key part of Musk's vision for a "robotaxi fleet."During a call with analysts, Musk talked more about what's coming for the Cybercab and his thoughts on when Tesla could offer its first autonomous rides, pending regulatory approval.Here are the major takeaways.<h2 id="1aec9399-0eab-4560-a29e-22722585ebc1">Musk says Cybercab will reach volume production in 2026</h2><div type="image" title="Tesla Cybercab press image" height="2160" width="3840" msid="114557727" hostid="261" sizebytes="506384"></div>Musk said during the analyst call that he feels "confident" that Cybercabs will reach volume production in 2026."I do feel confident of Cybercab reaching volume production in '26, not just starting production, reaching volume production in '26," he said.Musk also said he estimated 20% to 30% growth in vehicle sales next year "notwithstanding negative external events."The company will need regulatory approval to operate the Cybercab, and Musk said he expects to get such approval next year in Texas and California, which would also allow it to roll out its ride-hailing app.<h2 id="f7931ae8-4d66-411f-9e02-6fa93c9b8167">Tesla aims to produce at least 2 million Cybercabs a year</h2>Musk said in the call that Tesla wants to produce a "substantial" amount of the robotaxi every year.The Tesla CEO said, "We're aiming for at least 2 million units a year of Cybercab. That will be in more than one factory, but I think it's at least 2 million units a year, maybe 4 million ultimately."Musk hedged, calling these numbers his "best guesses."<h2 id="1a93a048-0bfe-4a42-b7f8-ee5e6a9d640d">Musk says the Cybercab will cost 'roughly $25,000'</h2>When Musk first showed off the Cybercab at the "We, Robot" event, he said the company expected to sell it for "below $30,000."On Wednesday's earnings call, Musk said it'll cost "roughly $25,000.""What we designed is optimized for autonomy," Musk said. "It will cost on the order of — cost roughly 25K, so it is a 25K car. And you can, you will be able to buy one exclusively if you want. So, it just won't have steering wheels and pedals.<h2 id="e135c33a-7797-4fb3-8bee-ed44008a8e4e">Tesla isn't making a version of the Cybercab with a steering wheel or pedals</h2>If you were hoping for a more traditional sub-$30,000 Tesla car with a steering wheel and pedals, it won't be the Cybercab."So, I think we've made very clear that we're — the future is autonomous," Musk said in response to a question about when to expect a $25,000 non-robotaxi vehicle.Musk said having a regular $25,000 model would be "pointless," and that a "hybrid, manual, automatic" vehicle wouldn't be "as good" as an autonomous version. Musk said Tesla is designing a vehicle that is "optimized for autonomy."<h2 id="29b4a458-6268-4b7e-bf50-f1addf198e0a">Musk says riding in the Cybercab is 'like being in a personal move theatre'</h2>Musk said Tesla will keep expanding offerings on Tesla car screens and once full autonomy is reached, "you can do anything you want" while in the vehicle because it will be driving on its own.Musk gave examples like browsing the internet, asking AI questions, watching a movie, playing a video game, or doing some "productivity thing.""So that's why the Cybercab got a nice big screen and a great sound system so you can watch it, watch a great movie," Musk said.<h2 id="70030db9-f65a-4ab4-b2f2-9c9b2222e504">The machine making the Cybercab 'revolutionary,' Musk says</h2>Musk said Tesla is "designing a lot of high volume production," and also designing the "machine that builds the machine," which he said is "revolutionary.""It's not, it's especially not just a revolutionary vehicle design, but a revolution in vehicle manufacturing that is also coming with the Cybercab," Musk said. "The cycle time, like, the, the units per hour of the Cybercab line it is — like, this is just really something special."Musk said the machine that builds the machine is designed to be five times better than a traditional factory in terms of cycle time.Tesla said that it's done a good job combining factors like who's going to make the vehicle, where it will be made, how it will be shipped, and how it will be assembled to be "the most efficient factor possible." That will show in Tesla's capital expenditures efficiency when it's deployed, as well as the number of parts chosen and how it performs, the company said during the call.

6 interesting things Elon Musk said about the Cybercab during Tesla's earnings call   

<ul class="summary-list"><li>My bank has lowered the APY on my high-yield savings account by almost half a percent recently.</li><li>I'm not happy that my cash is generating less returns now, and I don't know what to do.</li></ul>It's never pleasant to receive an email from your bank informing you that the interest rate on your <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/best-high-yield-savings-accounts-rates-right-now">high-yield savings account</a> is decreasing.Unfortunately, like many Americans happy to collect a robust yield on their savings, I've gotten three of these notifications in the last three months as the Federal Reserve has begun to lower interest rates. From August until the end of October, the annual percentage yield (APY) on my high-yield savings account has fallen from 4.6% to 4.2%.I opened this bank account almost two years ago, right after graduating from college. Back in 2023, with inflation still elevated, interest rates were at their highest levels since the Great Financial Crisis, and it seemed like most banks were offering near-5% yields on savings. After paying off my bills every month, I would put the remainder of my paycheck into my high-yield savings account and watch the number creep up.Now, it looks like the days of a 5% APY are in the past. In September, the Federal Reserve dished out a 50 basis-point rate cut, signifying the beginning of the end for high rates. Continuing this trend, the central bank's chair, Jerome Powell, announced a <a target="_blank" href="https://www.businessinsider.com/federal-reserve-cuts-interest-rates-quarter-point-powell-inflation-election-2024-11">25 basis-point cut</a> last week, and is expected to slash rates further in the months ahead.Is there anything I can do about the state of my savings account, or do I have to watch my yield erode away slowly? Curious, I asked three financial experts for their advice on this topic.As a famous politician once said, we didn't just fall out of a coconut tree. Context is important. Patti Black, a financial advisor at Savant Wealth Management, reminded me that the recent high interest rate environment is a marked departure from the last decade, where interest rates were near zero and there was no yield on cash to be found. So, while yields dropping from nearly 5% might seem like a tough pill to swallow for someone like me who just opened an account in the last couple of years, it's still a pretty good deal when you consider where rates have been in the past.I didn't have a bank account during the post-2008 zero-interest rate policy era, so this was helpful context to have. Perhaps my generation is indeed coddled — first by our parents and now by Jerome Powell's post-pandemic rate hikes.Black also suggested that I switch up my perspective. While a rate-cutting cycle means less return on my cash, it also means lower borrowing costs for a car loan or a mortgage, which is good news for the housing market.But there are other options for where I can have my money sit, Black said. Of course, one alternative is a <a target="_blank" href="https://www.businessinsider.com/cd-rates-certificate-deposit-high-interest-where-to-invest-now-2024-10">certificate of deposit</a> (CD), which is essentially a savings account that holds money at a fixed interest rate for a fixed period of time. CDs generally pay higher interest rates than savings and money market accounts in exchange for locking up your money for anywhere between three months to many years. However, my hands are a little tied. A well-known rule of thumb is to keep three to six months of living expenses available in your bank account as an emergency fund (read: liquid and highly accessible), so it's not a good idea to lock up money in my high-yield savings account for a prolonged period time. I could withdraw my money from the CD if needed, but I'd have to pay back some or all of the interest I'd generated up until that point as a penalty.With this in mind, Black said that sometimes it doesn't matter what the rate on the high-yield savings account is — it's the best place to park cash for easy access.Armed with this context, I still wanted to see if there were more ways to put my cash to work for me.Daniel Milan, financial advisor at Cornerstone Financial Services, had some more thoughts on CDs. A three-month CD could be a good option if I were comfortable locking up my money for that period of time, according to Milan.My bank didn't offer CDs, so I would need to open up a new bank account, which isn't necessarily a bad thing. Some financial experts recommend having <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/how-many-savings-accounts-can-you-have">multiple bank accounts</a> for different savings goals. Searching online, I saw <a target="_blank" href="https://www.businessinsider.com/personal-finance/banking/best-3-month-cd-rates">multiple options</a> yielding over 4.6%.However, Milan didn't recommend locking up my money for longer. Usually, the longer the term of the CD, the higher the rate. But that's not always the case in today's market."In this current environment, it makes no sense to go further out than three months on a CD because the three-month CD is paying you more than a one-year or two-year right now," Milan said.Looking at CD offerings from a variety of banks, I discovered that this was indeed true — generally, the longer the CD duration, the lower the rate, especially after a 1-year duration. Rates on 6-month and 9-month CDs were also attractive depending on the bank, but again, my liquidity needs take those off the table.Many of the banks I looked at didn't offer short-term CDs, either. For example, one option offered a 4.5% APY on an 11-month CD, 3.7% on a 2-year, and 3.5% on a 5-year.It wouldn't make sense to move my money out of my savings account without high enough compensation for the lower liquidity."You're not getting paid for that illiquidity," Milan told me.Short-term <a target="_blank" href="https://markets.businessinsider.com/bonds">Treasury bills</a> are another investment option for higher yield, and they offer more liquidity than CDs, according to Richard McHorter, a private wealth advisor at SRM Private Wealth. A three-month Treasury bill currently yields 4.43%.There's also the added benefit of tax savings, which is especially appealing for McHorter, who lives in California: "If you're a resident of a high-income tax state, I would be looking at Treasury bills."As a resident of New York City, the idea of lower taxes certainly appeals to me. If I were to buy Treasury bills, I would only need to pay federal taxes, bypassing state and local income taxes.McHorter also said that there's a lot of uncertainty about interest rates right now, and they could actually start going back up again. Trump's proposed <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-hit-company-stock-profits-hardest-china-investing-manufacturing-2024-11">tariff policies</a> could increase inflation, in which case the Fed would probably increase rates to combat an overheating economy, he said.If I buy a three-month Treasury bill, I can reassess the inflation situation when I get my money back in three months and reinvest it accordingly, McHorter said.When it comes to interest rates and inflation, pay attention to the data and don't try to predict the market with your money, Milan advised. <a target="_blank" href="https://www.businessinsider.com/federal-reserve-cuts-interest-rates-quarter-point-powell-inflation-election-2024-11">Jerome Powell</a> himself has said that it's too soon to say how the election results could reshape markets and interest rates."My advice to anybody would be: just be diligent in reading and interpreting the data as it comes out," Milan said. Watch inflation data and Fed commentary, and base your investing decisions on the information you have at hand.It feels like the market is a bit in limbo as everyone waits for the effects of the election to ripple through, but as Black mentioned, not taking any action right now isn't the worst decision.What's next? For starters, I'm going to sit down and crunch some numbers for what three to six months of living expenses look like for me and keep that in my high-yield savings account. With the money I have left over, I have some good options.Are you a Gen-Zer who has recently been faced with an investing predicament? Feel free to reach out to Christine at <a target="_blank" href="mailto:cji@businessinsider.com">cji@businessinsider.com</a> to share your story.

The interest rate on my high-yield savings account keeps dropping. I asked 3 experts how to earn more on my cash.

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning. Memorials are being <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/middle-east-israel-iran-lebanon-high-alert-october-anniversary-attacks-2024-10">held across Israel today</a> to mark the one year anniversary of the October 7 terror attacks.In today's newsletter, earnings season is upon us. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-q3-earnings-preview-investors-themes-ai-interest-rates-2024-10">Here's what to look out for</a>.What's on deck:<ul><li>Markets: The 49 fintech startups worth keeping an eye on, <a target="_blank" href="https://www.businessinsider.com/49-most-promising-fintech-startups-according-top-vc-investors-2024">according to VCs</a>.</li><li>Tech: Amazon's Prime Day kicks off tomorrow, and there are some deals on <a target="_blank" href="https://www.businessinsider.com/amazon-october-prime-day-sale-includes-unusual-holiday-items-2024-10">surprising items</a>.</li><li>Business: Activist investor Starboard has informed Pfizer it has <a target="_blank" rel="noopener" href="https://www.businessinsider.com/starboard-activist-significant-stake-in-drugmaker-pfizer-2024-10">taken a significant stake</a>.</li></ul>But first, let's double-click on that for a second.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">EBITDA for everybody</h2><div type="image" title="trader at desk" height="1500" width="3000" msid="114018838" hostid="261" sizebytes="186350"></div>It's beginning to look a lot like earnings season.The numbers are being crunched and talking points prepared as companies get ready to report their financials and discuss expectations for the final stretch of 2024.Business Insider's Matthew Fox has a rundown of the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-q3-earnings-preview-investors-themes-ai-interest-rates-2024-10">biggest themes investors are watching this earnings season</a>.This crop of earnings is particularly important. It follows the first interest-rate cut in more than four years as the economy is on the cusp of nailing its soft landing. Meanwhile, the S&amp;P 500 gained 5% in the third quarter while trading near record highs.That translates into big expectations from investors, with Wall Street analysts looking for the S&amp;P 500 to see year-over-year earnings growth of 4.6%.Luckily for us, we'll get a sense of where things are headed early on. Big banks begin reporting at the end of the week, with JPMorgan and Wells Fargo kicking things off. The sector can act as a proxy for the wider market, with its insight into the health of consumers and corporations.But the true test will come in a few weeks when Big Tech reports, offering another update on how its massive bets on AI are paying off (or not at all).<div type="image" title="Jerome Powell Photo illustration" height="600" width="1200" msid="114018843" hostid="261" sizebytes="29880"></div>We've already got one indication companies are in good shape: <a target="_blank" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10">Friday's blockbuster jobs report</a>.The US economy added 254,000 jobs in September (the consensus forecast was 147,000), and unemployment dropped to 4.1% (estimates were it would stay at 4.2%).Considering the jobs market is the top priority of the Fed now that inflation is under control, that's good news … sort of.If you were banking on another jumbo rate cut next month, <a target="_blank" href="https://www.businessinsider.com/september-jobs-report-fed-rate-cut-outlook-november-labor-market-2024-10">those hopes have been dashed</a>. (One firm thinks there's still a chance, pointing to a low response rate on the survey that <a target="_blank" href="https://www.businessinsider.com/september-jobs-payroll-report-fed-rate-cut-outlook-labor-market-2024-10">could lead to a revision down</a>.)Philipp Carlsson-Szlezak, Boston Consulting Group's global chief economist, told me he expects the Fed to stick with the standard 25-basis-point cuts.But another blowout report — 250,000 jobs added and at least 4% wage growth — could lead the Fed to reconsider its easing policy."Just wait and see how this is going. This is so strong. There's no need to cut. We need to restrain the economy a little. Let's just pull back on the pace," he said.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Elon Musk <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-donald-trump-rally-butler-pennsylvania-assassination-attempt-2024-10">speaks at Donald Trump's rally</a> in Pennsylvania.</li><li>'Trump is going to win': Latino voters explain <a target="_blank" href="https://www.businessinsider.com/texas-latinos-shifting-right-trump-harris-gop-democrats-starr-county-2024-10">why they're moving to the right</a>.</li><li>Kamala Harris' tax plan for small businesses sounds like it will cost a lot of money. <a target="_blank" href="https://www.businessinsider.com/harris-tax-deduction-plan-small-business-startup-cost-2024-10">It won't</a>.</li><li>Jamie Dimon: <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-denies-donald-trump-claim-endorse-2024-10">No, I haven't endorsed Donald Trump</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="divorced elderly couple collaged with money and scribbles" height="900" width="1200" msid="114018835" hostid="261" sizebytes="221900"></div><ol><li>A major curveball in retirement preparedness. Divorce can derail the best-laid retirement plans, particularly for baby boomers (especially older women). <a target="_blank" href="https://www.businessinsider.com/divorced-boomers-lower-retirement-savings-401ks-social-security-income-2024-10">An analysis by BI shows</a> divorcees often have lower incomes and savings than married people.</li><li>The future of fintech. More than two dozen VCs nominated <a target="_blank" rel="noopener" href="https://www.businessinsider.com/49-most-promising-fintech-startups-according-top-vc-investors-2024">49 fintechs they believe are on the rise</a>. The startups, which haven't raised beyond a Series C, are focused on everything from AI (of course) to disrupting the insurance and healthcare industries.</li><li>More bad news for Trump Media. The No. 2 executive at former President Donald Trump's social media company resigned last week, with one report alleging his exit is tied to a whistleblower complaint. That follows a major shareholder selling their stake. <a target="_blank" href="https://www.businessinsider.com/donald-trump-truth-social-resignation-whistleblower-propublica-2024-10">But don't expect shares to crater</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Shopping bags with the Amazon logo in front of an orange grid background" height="1000" width="2000" msid="114018840" hostid="261" sizebytes="82008"></div><ol><li>Amazon Prime Day may look a little different this year. In addition to the usual Prime Day gadgets, like TVs and Airpods, Amazon is dishing out deals on tents, pocket knives, and chainsaws. It's a way for Amazon to market those items, typically sold at steep end-of-season discounts, as <a target="_blank" rel="noopener" href="https://www.businessinsider.com/amazon-october-prime-day-sale-includes-unusual-holiday-items-2024-10">early holiday deals</a>.</li><li>Microsoft told customers it lost log data for key security products. According to an update viewed by BI, <a target="_blank" href="https://www.businessinsider.com/microsoft-tells-customers-it-lost-log-data-key-security-products-2024-10">a software bug caused inconsistent collection of log data</a> for several important cloud services. Affected products included Microsoft Entra and Sentinel, though there's no evidence of cyberattacks stemming from the incident.</li><li>Hard times a-falling on the influencer middle class. Marketers are turning away from the small-time creators and micro influencers in favor of big stars and celebrities, a new survey found. It's a tough draw for those with less than 500,000 followers; the survey found more and <a target="_blank" href="https://www.businessinsider.com/micro-influencer-campaigns-decline-marketers-turn-to-big-stars-2024-10">more deals are going to those with audiences of millions</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A man sits at a bar while being surrounded by dogs." height="1000" width="2000" msid="114018845" hostid="261" sizebytes="76756"></div><ol><li>It's not just you. Dogs are everywhere. Fewer adults may be having children, but that's not the case for pet ownership. Americans are spending more time and money on their "fur babies" — and public spaces are becoming more welcome to dogs. <a target="_blank" href="https://www.businessinsider.com/rise-of-dogs-and-childless-adults-shaping-real-estate-urban-amenities-2024-10">It might be the new normal</a>.</li><li>Starboard Value has its next target: pharma giant Pfizer. The activist investor has informed Pfizer that it has <a target="_blank" rel="noopener" href="https://www.businessinsider.com/starboard-activist-significant-stake-in-drugmaker-pfizer-2024-10">taken a significant stake in the drugmaker</a>, people familiar with the matter told BI. It comes after Pfizer's stock dropped significantly since it reached record highs in 2021 during the rollout of its COVID-19 vaccine.</li><li>The great stuff transfer. Baby boomers are starting to pass their wealth to younger generations, but it doesn't end there. They're also handing down their decades-old collection of prized possessions and <a target="_blank" href="https://www.businessinsider.com/millennial-gen-x-boomer-inheritance-stuff-house-collectibles-2024-10">leaving Gen Xers, millennials, and Gen Zers to deal with the mess</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Tim Tully taught himself to code at age 6 and still codes daily. Here's how computer science <a target="_blank" href="https://www.businessinsider.com/menlo-ventures-partner-tim-tully-invests-in-generative-ai-startups-2024-10">took him from startups to AI investing at Menlo Ventures</a>.</li><li>There are 3 signs that generative AI might be reaching peak market froth — <a target="_blank" href="https://www.businessinsider.com/generative-ai-market-froth-openai-cerebras-meta-2024-10">and it's not just OpenAI</a>.</li><li>China's stimulus won't fix its economy, <a target="_blank" href="https://www.businessinsider.com/china-stimulus-wont-fix-economy-xi-jinping-isnt-done-yet-2024-10">but Beijing isn't done yet</a>.</li><li>Why so many entry-level jobs <a target="_blank" rel="noopener" href="https://www.businessinsider.com/entry-level-jobs-tech-roles-require-years-of-experience-2024-10">aren't entry-level.</a></li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Kamala Harris' "60 Minutes" interview airs on CBS at 8 p.m. EDT.</li><li>ASEAN summit continues in Vientiane, Laos.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Earnings season kicks off after a blowout jobs report upended investors' hopes of another interest-rate cut

The Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) is likely to transfer approximately Rs 1000 billion to the <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword> IN <keyword id="19965933" type="General" weightage="20" keywordseo="FY25" source="keywords">FY25</keyword> according to a report by Union Bank of India. The report highlights that RBI is anticipated to maintain a robust <keyword id="20047030" type="General" weightage="20" keywordseo="dividend" source="keywords">dividend</keyword> payout for the <keyword id="20093202" type="General" weightage="20" keywordseo="fiscal-year" source="keywords">fiscal year</keyword> 2025 (FY25). This projection represents a slight increase from Rs 874 billion transferred in the previous fiscal year. "The government has budgeted the FY25 dividend for RBI and PSU banks &amp; financial institutions at INR 1020bn, vis-a-vis INR 1044bn in FY24. In our view, a positive surprise is likely, similar to last year when initial budget estimate for overall dividend was only INR 480bn" said the report. Analysts in the report predict a potential positive surprise, akin to the previous fiscal year, when the initial budget estimate for dividends was significantly lower at INR 480 billion. Despite several factors influencing RBI's dividend calculation, such as <keyword id="21195402" type="General" weightage="20" keywordseo="interest-earnings" source="keywords">interest earnings</keyword> and foreign exchange (FX) gains, analysts predict a continuation of strong dividend figures. The majority of RBI's balance sheet, approximately 70 percent, consists of foreign currency assets, with another 20 per cent in domestic government bonds. Interest earnings from these securities are expected to range from Rs 1.5-1.7 trillion. Additionally, interest from liquidity operations has increased RBI's earnings, particularly as the banking system returned to a deficit mode from September 2023. While income gains of RBI from FX (Forex) sales decreased slightly due to lower sales volumes, they are expected to remain substantial despite a rise in the weighted average cost of <keyword id="20102143" type="General" weightage="20" keywordseo="reserves" source="keywords">reserves</keyword>. Moreover, a decline in provisions likely contributed to boosting RBI's dividend. Provisions for reserves, as per the Economic Capital Framework outlined by the Jalan committee, saw a rise in the contingency fund provision due to increased balance sheet growth. The impact of the RBI dividend announcement on markets may be limited in the near term, especially with ongoing elections potentially delaying government spending. However, if the surplus balance is utilized for activities like G-Sec buybacks, it could support the shorter end of the G-Sec curve. Overall, analysts maintain a positive outlook on longer-duration G-Secs due to favorable demand-supply dynamics. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms" target="_blank">Indian smartphone market up 8%, 5G smartphones account for over 70% of shipments</a><a href="https://www.businessinsider.in/sports/webstories/ipl-decoded-highest-individual-scores-in-ipl-2024-so-far-from-stoinis-to-kohli/slidelist/110008351.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/ipl-decoded-highest-individual-scores-in-ipl-2024-so-far-from-stoinis-to-kohli/slidelist/110008351.cms" target="_blank">IPL Decoded: Highest individual scores in IPL 2024 so far, from Stoinis to Kohli</a><a href="https://www.businessinsider.in/tech/mobile/news/apple-and-samsung-dominate-the-top-selling-smartphones-in-q1-2024/slidelist/109977094.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-and-samsung-dominate-the-top-selling-smartphones-in-q1-2024/slidelist/109977094.cms" target="_blank">Apple and Samsung dominate the top-selling smartphones in Q1 2024</a>

RBI likely to transfer ₹1 trillion to government in FY25

<keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> on Saturday posted a marginal 5 per cent increase in its standalone profit at Rs 16,821 crore in the second quarter ended September 2024. The country's biggest private sector lender had earned a <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> of Rs 15,976 crore in the same quarter a year ago. Total income increased to Rs 85,500 crore during the quarter under review against Rs 78,406 crore in the same period last year, HDFC Bank said in a regulatory filing. The bank reported <keyword id="20202322" type="General" weightage="20" keywordseo="interest-income" source="keywords">interest income</keyword> of Rs 74,017 crore during the quarter compared to Rs 67,698 crore in the same period a year ago. Net Interest Income (NII) improved to Rs 30,110 crore, from Rs 27,390 crore in the second quarter of previous year, registering a 10 per cent growth. As regards asset quality, the bank witnessed slight deterioration with gross <keyword id="19927319" type="General" weightage="20" keywordseo="Non-Performing-Assets" source="keywords">Non-Performing Assets</keyword> (NPAs) rising to 1.36 per cent of the gross loans by the end of September 2024 from 1.34 per cent a year ago. Similarly, net NPAs or bad loans rose to 0.41 per cent from 0.35 per cent at the end of the second quarter of the previous fiscal. On a consolidated basis, the bank logged a growth of 6 per cent in net profit to Rs 17,826 crore as against Rs Rs 16,811 crore in Q2FY24. SEE ALSO:<a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms" target="_blank"></a> <a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms" target="_blank">Best credit cards for online shopping this festive season</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india-in-october-2024/slidelist/114339207.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india-in-october-2024/slidelist/114339207.cms" target="_blank">Best smartphones under ₹25,000 in India in October 2024</a><a href="https://www.businessinsider.in/stock-market/webstories/waaree-energies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114350114.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/waaree-energies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114350114.cms" target="_blank">Waaree Energies IPO – Price band to risk factors, all you need to know</a>

HDFC Bank Q2 profit soars 5% to ₹16,821 crore

<ul class="summary-list"><li>JPMorgan and Wells Fargo kick off bank earnings on Friday.</li><li>Expect lots of questions about how lower rates will impact business going forward.</li></ul>When Wall Street's biggest banks report earnings this week, led by JPMorgan Chase, investors will be listening closely for clues about how a changing interest-rate environment could impact business in 2025.The Federal Reserve in September cut the so-called federal funds rate by 50 basis points — <a target="_blank" href="https://markets.businessinsider.com/news/stocks/fed-interest-rate-cut-ai-stocks-nvidia-broadcom-asml-tech-2024-9?_gl=1*1ax8rwf*_ga*MzQwMzI0MDQ1LjE3MjEzMDM4ODI.*_ga_E21CV80ZCZ*MTcyODQ5MTE5OC4yOTAuMS4xNzI4NDkxMjEwLjQ4LjAuMA..">the central bank's first cut</a> in more than four years. The September 18 move took place too late to impact third-quarter results, but stock research analysts are expected to pepper executives this earnings season about what a lower interest-rate environment might mean for business going forward.Lower rates can be a mixed blessing for banks. On the one hand, the Fed's campaign to increase the cost of borrowing has contributed to an era of sky-high returns for traditional lenders like JPMorgan, which have been making more money on loans than they have been paying for deposits. But that party was never going to last forever. (Indeed, top JPMorgan exec <a target="_blank" href="https://www.ft.com/content/c11b59f6-4827-4c4e-9f24-2f075b85f665">Daniel Pinto warned last month</a> that stock analysts' so-called NII expectations were too high.)Plus, lower rates could help unleash <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-2q-earnings-david-solomon-investment-banking-forecast-2024-7">the dealmaking backlog</a> that investment bankers have been talking about since the pandemic-era M&amp;A boom started to slow in 2022. Their bonuses are counting on it.Speaking of bonuses, third-quarter results will also be closely watched on Wall Street as an indication of how well investment bankers may get paid this year.JPMorgan and Wells Fargo will kick off earnings on Friday, followed by Goldman Sachs, Citi, and Bank of America on Tuesday. Morgan Stanley will report its earnings on Wednesday. Here are the top four things to look for this bank earnings season:<h2 id="629d7158-9393-4502-a5a4-b8a898b107c5">Investment banking</h2>Investment bankers have been predicting dealmaking will return since it started slowing in 2022. But this year, there are strong signs that companies are ready to start going public and merging again.<a target="_blank" href="https://www.businessinsider.com/megamergers-deals-m-a-wall-street-comeback-2024-9">Preliminary data compiled by LSEG</a> shows 425 mergers globally so far this year valued at more than $1 billion. That's up 24% from the same period in 2023. What's more, deals valued at greater than $10 billion were recently up 39% compared with the same period last year.The number of companies going public is also soaring. 106 US companies have gone public through the third quarter, raising a total of $24.7 billion, according to IPO tracker Renaissance Capital. That's up from 71 in 2022 and 108 in 2023 and on track to beat the $27 billion raised in those two years.Third-quarter results — and commentary about 4Q dealmaking so far — will be closely watched for further signs of progress in M&amp;A, equity underwriting, and debt underwriting.<h2 id="bf745d80-abee-4488-881c-e8551a17811c">Trading</h2>At the Barclays Financial Services conference in September, big bank executives warned that trading revenues may be muted compared to 2023.Goldman Sachs CEO David Solomon described a "more challenging macro environment, particularly in the month of August," and warned that the bank's trading business "is trending down close to 10%." Solomon cited the bank's revenues for FICC, or fixed-income, currencies and commodities, saying that results were "very, very strong" in the third quarter of 2023.At the same conference, JPMorgan's president and chief operating officer, Daniel Pinto, predicted that trading revenues would be "flat to slightly up 2%." "It was a bit more challenging environment to monetize client flows, particularly in rates," he said.<h2 id="723af9a4-99cc-49fd-b909-2fc736985cbb">Lending</h2>Stock analysts will be watching what banks say about net interest income, which is how much banks earn off the difference between what they pay on deposits and what they earn on loans. When the Fed started raising rates, banks were making out like bandits because they were able to charge more for loans more quickly than they were raising rates on savings accounts.But banks have been warning that this dichotomy wouldn't last forever, and loan growth has indeed been slowing as the economy slows. Lower rates could boost lending yet again, but that could take time. In the meantime, JPMorgan's Pinto in September warned that Wall Street stock analysts' 2025 predictions for NII of between $91.5 billion and $90 billion were too high, sending the bank's stock down."I think that that number will be lower," Pinto said at the Barclays Financial Services conference. "We are not going to guide on that now, but the $90 billion is a bit too high."<h2 id="b126e3af-7e38-4ed0-b6d7-4e67905737f9">Bonuses</h2>Banks tend not to talk about bonuses on earnings calls, but how bankers will be paid will be reflected in C-Suite comments about dealing and trading generally — as well as their predictions for the rest of 2024 and into next year.In good news, compensation expert Johnson Associates sees bonuses up this year across the board, an analysis that's reflective in part of <a target="_blank" href="https://www.osc.ny.gov/press/releases/2024/10/dinapoli-wall-streets-2024-first-half-profits-232b-were-793-higher-last-year">Wall Street's earnings results</a> so far this year. See here for the compensation expert's views on bonuses for debt underwriting, equity underwriting, sales and trading, and more.<div type="image" title="Wall Street bonus predictions" height="630" width="1950" msid="114096916" hostid="261" sizebytes="88820"></div>

4 trends to watch this bank earnings season

<div type="image" title="In case RBI is in the mood to hike the interest, your home loan EMIs might end up taking more from your pockets. Or, if it leaves the rates unchanged, your EMIs wont budge one bit" msid="114284206" hostid="261" caption="&amp;lt;p&amp;gt;In case RBI is in the mood to hike the interest, your home loan EMIs might end up taking more from your pockets. Or, if it leaves the rates unchanged, your EMIs wont budge one bit&amp;lt;/p&amp;gt;"></div> On September 18, 2024, the <keyword id="19951097" type="General" weightage="20" keywordseo="us-fed" source="keywords">US Fed</keyword> delivered a jumbo-sized surprise to the global economy. Not only did they trim their interest rates by a massive 50 basis points to bring their yields down to 5%, but also hinted at further rate cuts in the upcoming months. This move from the fed and several other central banks globally had pushed expectations high for a similar rate slash closer home, from the <keyword id="19899808" type="General" weightage="100" keywordseo="rbi" source="keywords">RBI</keyword> this month. But governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword>, in a “picture abhi baaki hai” moment, decided to hold the repo rates here steady, leaving them unchanged at 6.5% for the record 10th straight time. Although, he did tinker with the policy stand, changing it from “rate cuts are absolutely off the table” to a more accommodating “we’re okay with bringing down the rates, if needed”. This, rather neutral, stance from India’s financial custodian sparked hopes for a rate cut in December this year. However, the stubborn <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> levels in September have again dented such hopes. As consumers, you may be wondering what all the hullabaloo this is about, since it hardly makes a difference to your regular financial routine. Well, the majority of both economic growth and inflation is closely connected to this policy stance from the central bank and it does have a rather indirect effect on both our earnings and spending. But more directly, it would have clear implications for those looking to own a house. Even the slightest modification of interest rates, or the lack of it, influences the <keyword id="19916018" type="General" weightage="20" keywordseo="emi" source="keywords">EMI</keyword> you pay significantly. So, all aspiring homebuyers, is this the right time to take out a loan and buy a house? Can you expect a rate cut anytime soon, and what will that mean for your home-owning dreams? We lay it out. <h2>What’s the connection?</h2>You see, buying a house is no small feat, at least financially. The task becomes even more herculean if you are scouting for your own roof in cities like Delhi, Noida, Bangalore or Mumbai where, as Circuit from Munnabhai says, “room shuru hote hi khatam ho jata hai”. Naturally, you’ll have to take a <keyword id="6354730" type="General" weightage="20" keywordseo="Home-loan" source="Orion">home loan</keyword> from the bank. Don’t be mistaken, the bank won't give you a loan that covers 100% of the value of the property you want to own. Rather, your loan amount will be equivalent to a certain percentage of the property’s total value. RBI’s guidelines on this are pretty clear: <ul><li>If your loan amount is up to Rs 30 lakh, you can get a loan worth 90% of the property’s value.</li></ul><ul><li>If the loan amount is between Rs 30 lakh and Rs 75 lakh, you are eligible for a loan worth 80% of the property’s value. </li><li>If you are taking a loan of more than Rs 75 lakh, your loan amount will be equivalent to 70% of the property’s value. </li></ul>Now assuming that you have the money, it's all about paying back the principal amount, but not without a little (read hefty) interest added on top. See, when you’re taking a home loan, you are actually signing up for a long-term, even multi-decadal financial commitment, which will unfailingly present itself to your bank accounts and finances every single month, in the form of EMIs, or equated monthly instalments). When you take a home loan, you can choose to pay the interest in two ways (talk about choices!). One is that you decide to keep a fixed rate of interest throughout the tenure of your home loan. So, if you opt for a 25-year fixed-rate home loan at the rate of 8.8% p.a., you’ll have to pay interest at this rate for the next 25 years, till your entire loan is paid off. Yes, you can go backsies and switch to a floating-rate home loan by paying a fee. Floating, as the name suggests, means that your interest rate is not set in stone. But starting October 2019, when it comes to a floating interest rate home loan, your payable interest and EMIs are directly impacted by any changes in <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword>, which were left unchanged by RBI this time around. Why are these two so chummy, you might ask. Well, <keyword id="173069" type="General" weightage="20" keywordseo="Home-loan-interest" source="Orion">home loan interest</keyword> rates are a sum of two things: <ol><li>Repo Rate (the rate at which RBI lends money to banks)</li><li>Operational cost + margins</li></ol>Any plus or minus in this equation would send your home loan interests tanking, or skyrocketing. Vivek Iyer, Partner, Grant Thornton Bharat explains that any change in the repo rates impacts the cost of funds and thereby the home loan interest rates. “When the interest rates are expected to reduce, the corresponding impact will be in the form of a reduced EMI. Home loan borrowers should always try to borrow at a floating rate when interest rates are expected to reduce and at a fixed rate when the interest rates are expected to increase. This minimizes the outflow in the form of EMIs that the home loan borrowers will experience”, he continues. So, no change in repo rates means no change in your home loan interest payout and no financial relief whatsoever. A rate cut, which most experts are anticipating will start this December, would mean your EMI payments come down, and your wallet might save a little more. But there’s also a chance of an UNO reverse happening. In case RBI is in the mood to hike the interest, your home loan EMIs might end up taking more from your pockets. Consider this. You took a floating interest rate home loan worth Rs 50 lakh in January 2022 at 8% p.a., for a period of 20 years. This brings your total monthly EMI to Rs Rs 41,822. But, as luck would (or won't) have it, RBI raised the interest rate by 250 basis points between May 2022 and February 2023, bringing it to its current status of 6.5%. Some back-of-the-envelope calculations suggest that now, your home loan interest payout will also rise by a hefty 2.5%, taking the total to 10.5%. In other words, you’ll have to dish out Rs 49,919 per month as EMI. Now, won't you heave a sigh of relief if the RBI were to bring down the interest rate by say, even 50 basis points, or 0.5%? Agreed, your EMI will come down just marginally, to Rs 48,251. But look at this over a 20-year period, and you’ll see how big the difference is. <h2>Are rates set to change anytime soon?</h2>Generally, RBI hikes the repo rates if it sees inflation spiralling out of control. Then, in a bid to reduce consumer spending, it raises interest rates to make borrowing expensive. But when the apex bank sees sluggish consumption in the economy, inflation in control and wants to boost spending, it slashes down on interest rates, making it more lucrative for people to borrow. As of now, most experts are not anticipating any changes in the interest rates anytime soon. This means home loans are not getting cheaper anytime soon. The CPI data, which came out yesterday, saw inflation rise to 5.49% in September, compared to 3.65% last month. Food and beverage prices jumped to a four-month high of 8.36% in September, as opposed to a 5.3% rise in August. So a rate cut seems a no-go at the moment! Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities explains that the RBI had probably expected a hardening of inflation and that's why it chose to hold on to the rates in the monetary policy announcement last week. “Now, it seems that RBI will take a cautious stance going ahead and will not be in a hurry into rate cuts like its global peers”, he added. In all this, one thing is clear, in the grand movie of the Indian economy, the RBI has chosen stability over drama. And just like in every good Bollywood film, we're left wondering what twist the sequel will bring. Until then, it might be “The End" for rate cuts, but the show must go on for the Indian economy!

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