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<keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="261" meta.entityid="Reserve Bank">Reserve Bank</keyword> Governor Shaktikanta Das on Thursday said surge in top-up <keyword id="21191532" type="General" weightage="20" keywordseo="housing-loans" source="keywords">housing loans</keyword> is not a system-wide issue but confined to few entities. Briefing media after the announcement of bi-monthly monetary policy review, Das said, "regulatory requirements in top-up housing loans are not being followed by certain entities and it is not a system-level problem." Such cases are being dealt at the supervisory level bilaterally, he said. Banks and <keyword id="19938300" type="General" weightage="20" keywordseo="NBFCs" source="keywords" meta.keywordsubtype="org" meta.entityname="NBFCs" meta.hostid="261" meta.entityid="NBFCs">NBFCs</keyword> have also been offering top-ups on other collateralised loans like gold loans. "Such practices may lead to loaned funds being deployed in unproductive segments or for speculative purposes. Banks and NBFCs would, therefore, be well-advised to review such practices and take remedial action," he said. Therefore, he said, banks should adhere to regulatory prescriptions relating to loan-to-value (LTV) ratio, risk weights and monitoring of end use of funds with regard to top-ups. Das further said that the divergence between loan and deposit growth may create asset liability mismatch or <keyword id="22712997" type="General" weightage="20" keywordseo="liquidity-management-issue" source="keywords">liquidity management issue</keyword>. It may potentially expose the banking system to structural liquidity issues, he said. He urged banks to mobilise deposits through innovative products and services by leveraging their vast branch network. On inflation, Das said, it is moderating but the pace of disinflation is uneven and slow. Pinning hopes on monsoon, which is 7 per cent higher than long-term average so far, the Governor said, it will have a good impact on Kharif output as well as Rabi because of improvement in moisture content in the soil. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Surge in top-up housing loans not system-wide issue, says RBI Governor

<ul class="summary-list"><li>Russian banks are running low on yuan, Bloomberg reported.</li><li>That's forced Russian firms to pay more to access the currency.</li></ul>An intensifying supply crunch in the Chinese yuan has pressured Russians to embrace a costlier method of securing the needed currency, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-08-13/russian-banks-scramble-for-yuan-as-liquidity-shortfall-doubles?srnd=phx-markets">Bloomberg</a> reported.While the yuan has been a go-to tender for the Russian economy amid Western sanctions, fresh constraints from the US this summer have forced <a target="_blank" href="https://www.businessinsider.com/russia-economy-yuan-trade-payments-ending-war-sanctions-dedollarization-crypto-2024-7">some Chinese lenders to cut ties</a>, deepening payment issues between Moscow and Beijing.With the yuan liquidity shortfall doubling, Russian firms have grown increasingly dependent on yuan swaps provided by the Bank of Russia, Bloomberg said, but borrowing the yuan this way comes at a higher rate.This hasn't stopped yuan swap activity from ballooning.According to the outlet's calculations, the average daily volume of swap borrowing climbed to 20 billion yuan this month, double the 10 billion yuan borrowed in June.That month, the US provided the Treasury Department broader power to penalize foreign institutions that do business with Russia and support Moscow's war machine. This involved many Chinese entities, given that Beijing has become a major trade partner to Russia following the Kremlin's 2022 invasion of Ukraine.But even before the fresh sanctions package took effect this summer, Chinese banks were already halting yuan payments with Russia over fears of Western repercussions. The trend only swelled in June, and Russian exporters now note difficulty getting paid.And yet, the US may still have more planned for China. Last month, National Security Adviser Jake Sullivan hinted that fresh sanctions could target Chinese dealers that have not ended their support of Russia:"We think China should stop because we think it is profoundly outside of the bounds of decent conduct by nation states," he said at a forum.Ironically, June's sanctions have <a target="_blank" href="https://markets.businessinsider.com/news/currencies/china-yuan-russia-trade-dedollarization-dollar-dominance-war-us-sanctions-2024-6">boosted the yuan's importance in Russia</a>, given that the restrictions prompted the country's main exchange to restrict the trade of dollars and euros.The Carnegie Russia Eurasia Center then argued that China and Russia will find ways to get around Western sanctions, and noted that restrictions should have been put in place much earlier to be most effective.For now, as liquidity stumbles, Russian firms increasingly turn to former Soviet countries to make payments, Bloomberg said.

Russian banks are grappling with liquidity issues as US sanctions choke supply of yuan

When George Coulam decided to retire, he had a problem. He owned the Texas Renaissance Festival — which bills itself as the largest such gathering in America, drawing over 500,000 annual visitors — and he needed to find a successor. Several longtime associates were eager to take over, but Coulam had run the fair for decades; he wanted his pride and joy to land in the right hands. Suitor after suitor put in bids to buy the business, but none felt like the right fit.Across the US, older business owners are arriving at the same juncture. Over half of <a target="_blank" class="" href="https://www.businessinsider.com/recession-outlook-small-business-owner-economy-interest-rate-cuts-2024-9">small businesses</a> — those with a single owner and fewer than 500 employees — are owned by people over 50. The wealth-management firm NewEdge Wealth has estimated that boomer-owned businesses in the US are worth about $10 trillion. Those boomers can't retire and enjoy their sunset years until they figure out <a target="_blank" class="" href="https://www.businessinsider.com/entrepreneurs-small-business-owners-share-challenges-of-starting-company-2023-10">what to do with their businesses</a>. Can a relative or longtime employee take over? Should they shut down? Or can they sell?For millennials with the entrepreneurial bug, this <a target="_blank" class="" href="https://www.businessinsider.com/boomers-not-enough-retirement-savings-gen-z-millennials-eldercare-2024-1">boomer retirement bomb</a> could be a boon. As they enter their prime wealth-building years, many are anxious about how they'll <a target="_blank" class="" href="https://www.businessinsider.com/how-much-millennials-need-for-retirement-savings-strategies-401k-ira-2024-5">save up for retirement</a>; in a <a target="_blank" href="https://www.businessinsider.com/home-sellers-summer-disappointment-mortgage-rates-house-prices-real-estate-2024-5">turbulent housing market</a>, buying an existing business offers a tantalizing opportunity. The market-research firm Forrester found in a survey it conducted last year that 64% of people buying businesses were millennials or younger. Sure, many small businesses aren't glamorous — think dental practices or accounting firms — and they involve long hours and unpredictable market forces. But they might just be a better pathway to retirement than building a business from scratch.<a target="_blank" href="https://www.businessinsider.com/more-startups-get-bought-up-by-private-equity-vc-2024-8">Private-equity firms</a> have long seen the wisdom in acquiring small businesses. Why should they be the only ones reaping the fruits of boomer labor?In the late 1990s, Nancy Forster-Holt, an accountant at Ernst &amp; Young, was transferred from Sacramento, California, to Maine. She fell in love with the state and her now-husband, Steve Holt. They decided to buy a business together. Since she had experience as a chief financial officer and he was an engineer, they focused on manufacturing companies. They soon found Shaw &amp; Tenney, a century-and-a-half-old manufacturer of wooden paddles and oars in Orono. Before the Holts bought it in 2003, Shaw &amp; Tenney had had only two other owners: the Tenney family, which operated it until 1978, and Paul and Helen Reagan.When they decided to retire two years ago, the Holts thought their children might want to take over. But no one showed any interest. "They all grew up in it and worked in it," Forster-Holt, who's also a clinical associate professor at the University of Rhode Island's business school, told me. "Our last one graduated in 2022, and he's a food scientist, and we're a manufacturer of oars and paddles." The couple realized they had to sell, and they started marketing the company while planning the graduation party.That's when Jennifer and Neil Gutekunst came along. When they acquired Shaw &amp; Tenney in 2023, they had two other small businesses under their belt. They took what the Holts built — a recognized brand, equipment, a highly skilled workforce, and customer relationships — and ran with it."The businesses we purchased all had cash day one," Neil Gutekunst said. Neither of the Gutekunsts had a sales background, but the three companies they purchased had strong customer bases and solid reputations. All they had to do was keep things running.The US Small Business Administration said in July that there were nearly 35 million small businesses in the US. The vast majority of those, 82%, had no employees other than the owner, meaning they probably wouldn't make sense to sell. But each year, about 65,000 of the remaining chunk of businesses are listed on BizBuySell, an online listing service of businesses for sale.Edie Ellis, who runs a consulting firm in Chicago and has advised industrial companies on acquisitions, said the peak of small-business sales began when baby boomers started to turn 60, in about 2006. Many owners found that their children didn't want to take over, so they looked for buyers. The kids of small-business owners "run the opposite direction, because they saw the lifestyle," Ellis said. "They saw that mom and dad worked 24/7, they didn't have a weekend off, you know? They don't want to do that."Data from BizBuySell indicates that sales of small businesses have been lower since the 2006 peak and dipped during the pandemic, but quarterly transaction volume has largely recovered from 2020 and has held steady. In the second quarter of this year, BizBuySell had listings for over 35,000 businesses with a median asking price of $395,000 and a median revenue of over $700,000 — meanwhile, in the housing market, the median home price recently hit $412,000. Demand for these businesses is growing, pushing the median sales price up 25% over last year. While not all of these companies will be a good investment, the right venture could offer an edge over more traditional wealth-building routes.The upside of buying an existing small business, besides inheriting foundational elements — a brand, suppliers, systems, and customers — is that financing an acquisition is often easier than financing a brand-new business. You don't need to have hundreds of thousands in cash on hand to take advantage. In some cases, sellers are willing to assist in financing because they want the business out of their hands. Some will accept deferred compensation or a share of future earnings as a way to lessen the up-front cost. Buyers with good credit can also borrow money through the Small Business Administration.Existing companies often have assets that can help make financing easier. If the business owns land, buildings, or equipment, that can serve as collateral for a bank loan. Plus, with revenue already coming in the door, lenders know they won't have to wait to receive payment. Of course, there are some logistical challenges in finding the right business — fewer than a quarter of the businesses listed on BizBuySell sell in a given year. For one thing, great small businesses aren't always in places where people want to move. Dave Specht, the director of the Drucker School Global Family Business Institute at Claremont Graduate University, told me that the situation is compounded when people in small towns don't want to talk to their neighbors about their plans for their businesses. "There's great secrecy around the timing of transitions and things like that," Specht, who lives in a small town in Washington, said. Often, potential buyers end up looking elsewhere. "They go to a larger town or a larger city because they just don't know."Some businesses need a buyer with a combination of skills that isn't easy to find. Some have real estate that's worth more than the rest of the assets. And some are "lifestyle companies," such as bookstores, yarn stores, and other Main Street businesses, that don't generate much profit beyond the owner's small salary.Other businesses might have hidden problems, Ellis told me. "Have they been paying their bills? Have they been paying the IRS? You don't know what you don't know," she said.The challenges don't stop once you've made the purchase. Fewer than two-thirds of small businesses in the US in 2022 were profitable, and over a million businesses of all sizes close each year. "You get people that come up from Wall Street and they want to buy a bed-and-breakfast in Maine because they've always loved Maine," Forster-Holt said. "But guess what? They're working 24/7, 365, helping other people enjoy Maine."She's noticed that people with experience working in corporations sometimes struggle with the flat hierarchy and ever-changing priorities of a small business. "You come to work and you've got your to-do list, and a truck has hit your building, and now your day is something completely different," she said. "Do you have the temperament for that?"The Holts found that they did. "I loved working there," Forster-Holt told me. And those who can roll with a little bit of upheaval can reap the financial upsides.<a target="_blank" class="" href="https://www.businessinsider.com/startups-deals-private-equity-acquihires-ai-tech-vc-2024-8">Private-equity firms</a> are certainly familiar with those upsides. The American Investment Council reported that 85% of private-equity investments in 2022 were small businesses. Citing the data provider Preqin, PwC recently reported that, as of the end of May, private equity firms had $1 trillion in liquid assets that were looking for investments. These companies are interested in small businesses that operate similarly in many markets and can be rolled up together, such as plumbing or HVAC companies."Private equity is smart in targeting family businesses," Specht told me. "Many of them are great businesses." Fortunately for millennial buyers, many family owners would prefer not to deal with Wall Street.In 2022, Dinkel's Bakery, a beloved Chicago institution, closed after a century in business. Norm Dinkel, the third-generation owner, wanted to retire, and he <a target="_blank" href="https://blockclubchicago.org/2022/04/05/dinkels-bakery-is-closing-after-100-years-on-the-north-side/?fbclid=IwAR0BZXSbl9TRiwoiT-brphpBBhEbM9RU9LgMygGULYZg0kNZpESJxBYUxyU">couldn't find a buyer</a> who also wanted to operate the business. Anyone fortunate enough to have had a Dinkel's chocolate doughnut or fresh strawberry paczki knows the loss.Traditionally, small businesses were family businesses, and the eldest male child was expected to take it over when the patriarch was ready to step down. That got Dinkel's through a hundred years of operation. Many small-business owners want to keep the company in the family, said Brian Brogan, who works as a wealth advisor to family-business owners and teaches in the family-business program at Saint Joseph's University in Pennsylvania. If that isn't an option, they look for someone they can trust to carry on the business. Coulam, the owner of the Texas Renaissance Festival, is slightly older than the average boomer business owner — he's entering his late 80s. But even he hasn't found a suitable buyer. His succession search, which was documented in the recent HBO series "Ren Faire," highlights the difficulty of passing along a business someone spent their whole life building. With small businesses especially, it's not just about the numbers — it's a very personal decision.Still, for buyers able to find the right match, snatching up an existing business could be a smart move. For the Gutekunsts, one acquisition intended as a lifestyle change has turned into a collection of businesses built around southern Maine's deep tradition of woodcrafting. "It's fun," Jennifer Gutekunst tells me. It also beats not having a satisfying retirement plan.Last year I wrote about the <a target="_blank" href="https://www.businessinsider.com/boomer-wealth-transfer-myth-dont-count-on-inheritance-estate-planning-2023-10">myth of the "Great Boomer Wealth Transfer</a>" — about how most boomers don't have many assets to pass along, and those that do are likely to get eaten up by the high cost of elder care. But even if you can't plan on receiving an inheritance, you can create one for yourself (and your own children). Buying up small businesses allows people without wealthy boomer parents to cash in on the trillions of dollars of wealth the generation is sitting on.<a target="_blank" rel="" href="https://www.businessinsider.com/author/ann-c-logue">Ann C. Logue</a> is a writer specializing in business and finance. She lives in Chicago.

Boomers are selling off their businesses. Millennials are swooping in. 

<ul class="summary-list"><li>Industry leaders hope that candidates commit to having clearer crypto guidelines and AI regulations.</li><li>Harris has a chance to lean into her California roots and demonstrate knowledge of the tech world.</li></ul>When Vice President Kamala Harris uttered the word "founder" — Silicon Valley's preferred lingo for entrepreneur — during her acceptance speech at the Democratic National Convention, many venture capitalists cheered. But when she <a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-presidential-debate-preview-2024-9">debates</a> former President Donald Trump on Tuesday night, the business and tech worlds will be watching closely to see how the candidates address key issues for their industries.Industry leaders told Business Insider that <a target="_blank" href="https://www.businessinsider.com/election-a-distraction-silicon-valley-wants-to-be-over-2024-8">investors, venture capitalists, and the Silicon Valley crowd</a> will be listening for clear crypto guidelines, clarity on federal appointments, and a balance of innovation and regulation. With Harris at the podium instead of President Joe Biden, the business and tech sectors see a new opportunity for progress.Chris Larsen, the billionaire co-founder of blockchain payments company Ripple, hopes that Harris strikes a similar tone to her "pitch perfect" speech at the Democratic National Convention, which distinguished her from what he called the Biden administration's "anti-business rhetoric." He recently <a target="_blank" class="" href="https://www.businessinsider.com/murdoch-cuban-corporate-executives-silicon-valley-wall-street-endorse-harris-2024-9">signed a letter endorsing Harris</a> and is confident that she, a <a target="_blank" href="https://www.businessinsider.com/harris-july-fundraising-california-tech-silicon-valley-2024-8">California native</a> with strong ties to <a target="_blank" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8">Silicon Valley</a>, understands the tech industry far better than the president. Larsen hopes to see her display that intimate knowledge at the debate.For Bradley Tusk, a co-founder of venture capitalist firm Tusk Venture Partners and Democratic political strategist, policy proposals put forth during the campaign are mostly irrelevant, because they are merely designed to attract voters."Where the rubber meets the road is who they appoint. And that really, for tech, is going to determine what matters," he told Business Insider. For starters, he is eager to see candidates replace Gary Gensler of the Securities and Exchange Commission, whom he described as "the worst regulator ever for the [crypto] sector."Larsen agrees that <a target="_blank" class="" href="https://www.businessinsider.com/crypto-bitcoin-election-spending-kamala-harris-donald-trump-2024-8">crypto policy was chaotic under Biden</a>, and said it's crucial that Harris commits to making the rules clear. He would also want the next president to replace Gensler, and so would Jordan Nof, another co-founder of Tusk Venture Partners"It would be helpful for both candidates to articulate how they plan to manage key agencies that impact tech and VC," he said in a statement to Business Insider. "We need to appoint leaders who understand the balance between regulation and innovation. At the SEC, we need someone who provides clear guidelines for crypto, unlike Gary Gensler's approach, which has stifled the industry.""Let's just be honest here — the far left tries to argue that crypto and technology, we want no regulation. It's absolute bullshit. We want clear regulation," Larsen said.Few are better acquainted with the <a target="_blank" class="" href="https://www.businessinsider.com/silicon-valley-political-divide-twitter-elon-musk-kamala-harris-2024-8">priorities of Silicon Valley</a> executives than Kieran Snyder, a venture capitalist who organized a survey of <a target="_blank" href="https://www.businessinsider.com/silicon-valley-leaders-support-harris-musk-andreessen-support-trump-2024-7">VCsForKamala signatories</a>, a group of VCs who have pledged to support the vice president. Despite their stated support for Harris, the 225 survey respondents were bipartisan — among those who chose to share their political affiliations, 30% self-identified as Republicans.Though Snyder didn't have a question explicitly targeted toward crypto regulation in the survey, several of the respondents addressed the topic in their written answers and sought "a clearer regulatory environment."<a target="_blank" href="https://www.businessinsider.com/harris-lina-khan-balance-billionaires-silicon-valley-hoffman-progressives-ftc-2024-8">Lina Khan of the Federal Trade Commission</a>, who is known for her ambitious antitrust agenda, is another sticking point for industry leaders. Larsen wants to see her replaced, and though Tusk supports her efforts to break up big tech, he takes issue with other aspects of her leadership."Her general end-to-compete to any sort of brokers and acquisitions and activity is incredibly damaging for innovation and early-stage tech, because she's created such a chilling effect," he said, noting that venture funding and new company formation have fallen."At the FTC, leadership should support mergers and acquisitions crucial for venture capital liquidity, rather than hindering growth as Lina Khan has done," Nof said in his statement to Business Insider.On the question of AI, the venture capitalists that Business Insider spoke to stressed that the candidates need to demonstrate they can implement safety regulations without being heavy handed. Trump has promised to roll back Biden's executive order on AI, which ensures that developers test the safety of future models. Harris said she would assess the risks and benefits of AI while speaking at a panel at the DNC.But neither candidate has put forward a comprehensive plan. All the while, the U.S. lags behind Europe in terms of AI regulation."You need to be both the champions of innovation and thoughtful about AI safety. It cannot be an either-or situation," Larsen said. Overall, he wants the candidates to demonstrate that they understand the complexity of the issue.Harris recently distinguished herself from Biden on some aspects of <a target="_blank" class="" href="https://www.businessinsider.com/trump-trade-vs-kamala-harris-opportunity-economy-policies-market-impact-2024-8">economic policy</a>: She rolled back his top capital gains tax proposal, saying that there should be a rate of 28% compared to Biden's desired 39.6%. Her advisors believe a lower tax could spur entrepreneurship and help small businesses, the <a target="_blank" href="https://www.wsj.com/politics/elections/kamala-harris-to-pare-back-bidens-capital-gains-tax-proposal-14c537b1">Wall Street Journal reported</a>."That was a clear effort to court business and tech," Tusk said. And the pitch seems to have landed, at least with some — industry titans <a target="_blank" class="" href="https://x.com/mcuban/status/1831439600767955328">Mark Cuban</a> and <a target="_blank" class="" href="https://x.com/levie/status/1831442705991479485">Aaron Levie</a> celebrated the move on X.Trump has said that he wants to <a target="_blank" href="https://www.businessinsider.com/what-us-economy-would-look-like-with-trump-biden-presidency-2024-5#taxes-6">cut taxes for corporations</a> and top earners. He also wants to institute strict tariffs: 10% on all goods coming to the U.S. and 60% for those coming from China.Snyder's survey focused on issues with the biggest impact on business and tech innovation — things like taxing carried interest, government appointments, regulating mergers — but respondents showed a surprising amount of investment in what are typically seen as social issues. Immigration and reproductive rights emerged as areas of focus.A vast majority of respondents said that the US should offer startup visas to qualified entrepreneurs and issue more high-skilled visas. And like the general electorate, the tech leaders who responded were motivated by the question of abortion — a full 97% said that it was a mistake to repeal Roe."That was really eye-opening, because that is not usually thought of as a business issue, it's thought of as a social issue," Snyder told Business Insider. "But when you think about who is in the workforce and people's ability to build predictable careers that they can autonomously drive, reproductive rights are really important."Respondents also agreed that policies combating climate change are beneficial for American business, and Larsen said he hopes to hear the candidates talk about the issue at the debate.But business and tech leaders will be looking at more than just policy on Tuesday night. In industries that are already subject to the whims of the market, having a stable leader is uniquely important."If you are a venture capitalist and the only thing you care about is your pocketbook, it is not irrational to say that you prefer Trump," Tusk said. "But I don't like living in a world of total chaos. It is stressful when Donald Trump is president. It is stressful every day to have the stability of the country, the stability of the government, the stability of the economy at risk."Snyder echoed that sentiment. "In general, people are looking for calmness in the face of chaos, not chaos in the face of chaos," he said. The debate stage offers an opportunity to project that strength — or flounder amid tough questions.Tusk said that debates matter "tremendously" and that his colleagues will certainly be watching, especially after Biden's campaign-ending performance in June.Larsen believes that Harris may be able to provide the country with the reset that he and other business leaders are looking for. He hopes that she leans into her Bay Area roots on Tuesday and demonstrates that she understands the business world more intimately than Biden."Maybe go ask Joe Biden if debates still matter. They matter a ton, maybe never more than now," he said.

Tech and business leaders will be looking for 3 things during the Harris-Trump debate 

<ul class="summary-list"><li>Harris has proposed expanding the small business tax credit from $5,000 to $50,000.</li><li>Experts told BI the proposal would shift the timing of deductions and isn't all that pricey.</li></ul>Patricia Oswlad, 55, and her husband have spent years building up their retirement fund. But when Oswald decided to launch a small business in the fall of 2022, the couple liquidated some of their assets to fund the company, throwing their financial planning to the wind.With fewer than five weeks until Election Day, Vice President Kamala Harris is <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-small-businesses-tax-breaks-cut-red-tape-2024-9">making a targeted pitch to entrepreneurs</a> like Oswald, who are burdened by startup expenses. She even mentioned a key proposal in her opening answer at the presidential debate: expand the small business tax credit 10-fold, from $5,000 to $50,000.In a pamphlet on her economic plan, dubbed the <a target="_blank" class="" href="https://www.businessinsider.com/what-you-need-to-know-about-kamala-harris-opportunity-economy-2024-9">"Opportunity Economy,"</a> Harris explains that she would let business owners take advantage of the $50,000 tax deduction right away or a few years after launching, to help lower taxes once they start turning a profit. The proposal, <a target="_blank" class="" href="https://www.businessinsider.com/harris-added-policy-website-before-trump-debate-venture-capital-startups-2024-9">like many of her others</a>, would need <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-senate-races-ted-cruz-rick-scott-2024-9">congressional</a> approval.Oswald told Business Insider the credit would have been "invaluable" in getting Brisa Systems, which offers powered drying racks, off the ground.<h2 id="7006e4c2-613d-4eb9-8fc4-ad020faacaad">Harris' proposal shifts the tax timeline for entrepreneurs.</h2>Tax experts told BI that enacting the credit would mean a change in timing more than anything else. Under current law, small businesses can deduct up to $5,000 in expenses immediately and must deduct any future expenses against their income over 15 years. Harris' proposal would let entrepreneurs deduct more money quickly.Owners have expenses before even launching their business, and the deduction would help cover those costs.Rhett Buttle, the co-executive director of Small Business Roundtable and a former business advisor for President Joe Biden, told Business Insider that startup costs accumulate in three primary areas: marketing, basic equipment, and hiring.For Oswald, most early costs have been in manufacturing and intellectual property services. Taylor McCleneghan, who launched her product development company, Small Shop LLC, in 2018, named inventory and marketing as the biggest upfront costs. Both women are based in the Chicago area.<div type="image" title="Kamala Harris at a campaign event about small businesses" height="3439" width="5159" msid="113963121" hostid="261" sizebytes="769310"></div>Brett Theodos, a senior fellow at Urban Institute who specializes in small business loans, told BI that entrepreneurs would "love" to be able to deduct more of those expenses right away. Moving up the timeline would, he said, make many feel less strapped for cash from the very outset.And there's another potential upside, according to Garret Watson, a senior policy analyst at the nonpartisan Tax Foundation. Small businesses would likely benefit from getting the deduction more quickly because of inflation, he said.Many entrepreneurs are psyched about the effort. Theodos struggled to think of a reason why they wouldn't want this, and Buttle said that those he works with are overwhelmingly excited about the plan.McCleneghan, of the Small Shop, said having access to a $50,000 tax deduction early on would have allowed her to do better long-term planning. With the expanded tax deduction, Oswald said she might not have had to divest retirement funds or take out lines of credit."Getting money in the hands of entrepreneurs sooner is going to allow them to hire, to get equipment, to get a space, to pay off some debt, to pay themselves," Theodos said. "So it's meaningful to allow them to accelerate the deduction of startup expenses."But while small business owners may jump at the opportunity for more early cash flow, where this money would come from is more unclear. McCleneghan herself acknowledged that the details seem hazy.<h2 id="af50011b-34e9-4f5e-9a3b-b001ea7f148b">Despite the flashy numbers, the proposal likely wouldn't have a significant impact on the federal budget.</h2>Though $50,000 sounds like a big-ticket promise, the experts BI spoke to said Harris' proposal actually wouldn't make a big dent in the federal budget. The Tax Foundation, where Watson works, examined cost estimates from prior expansions and found that the proposal would cost about $24.5 billion over 10 years."Relative to the federal government's budget and spending, it's very small," Watson said. "This $25 billion number is in the context of a tax plan for the Harris campaign that would raise about $5 trillion over 10 years. So you're talking about orders of magnitude more money on the tax hike side."<div type="image" title="Kamala Harris and Mike Johnson during the State of the Union speech" height="4000" width="6000" msid="113963120" hostid="261" sizebytes="522916"></div>Some of the loss, he said, stems from the likelihood that certain entrepreneurs will use the deduction and then go out of business. Since the proposal changes when businesses can deduct rather than how much they deduct, it will cost some money, but not "big money," Theodos said.And the proposal could help spur growth, if it becomes law. According to a study from the <a target="_blank" class="" href="https://www.pewresearch.org/short-reads/2024/04/22/a-look-at-small-businesses-in-the-us/">Pew Research Center</a> published in April 2024, small businesses employ nearly half of the country's private sector employees.Theodos called small businesses "essential" for the US economy, and Buttle said they're a<a target="_blank" class="" href="https://www.businessinsider.com/harris-sec-ftc-khan-gensler-crypto-regulation-biden-warren-2024-9"> crucial source of innovation</a>. But the tax experts said the full potential economic impact of the proposed expansion is still up in the air."The question is, will this significantly contribute to a startup boom or really change the needle there or move the needle there? I think that's a reasonable question. It's up for debate, particularly because this is such a narrow provision," Watson told BI, while noting that giving businesses deductions is generally a good policy.If the policy did spur more development, though, Mary Hansen, an economics professor at American University and co-director of the nonpartisan Institute for Macroeconomic and Policy Analysis, said it would eventually have a net positive impact on government revenue.As of now, Harris' promise is just that — a promise.Should she win the election, Congress would need to pass legislation to turn her expanded tax deduction idea into a reality. Despite the prevailing congressional gridlock, all of the experts BI spoke with said small businesses are a rare point of potential bipartisan agreement. Watson predicted that lawmakers would likely tie the proposal to their actions on the expiring 2017 tax provisions.<div type="image" title="Kamala Harris and Doug Emhoff go shopping to support Small Business Saturday" height="3788" width="5973" msid="113963117" hostid="261" sizebytes="2365956"></div>Should Congress ever pass the expanded tax deduction, all startups and small businesses would access the same amount of money — but the experts told BI that some would feel the impact more than others. Entrepreneurs with less initial cash flow would disproportionately benefit from the change, they said.Buttle said it would help women and people of color who have a harder time accessing capital. The Pew Research study found 61% of small businesses are majority-owned by men and, as of 2021, 85% were majority-white owned."We're talking about community businesses, micro-businesses, businesses where the founder doesn't have as much net worth," Theodos told BI. "Everybody can benefit from $45,000, but the question is, who is that making the critical difference for?"

Kamala Harris' tax plan for small businesses sounds like it will cost a lot of money — it won't 

<keyword id="19894961" type="General" weightage="20" keywordseo="apple" source="keywords">Apple</keyword> on Monday unveiled a new <keyword id="19927330" type="General" weightage="20" keywordseo="macbook-air" source="keywords">MacBook Air</keyword> with the powerful M3 chip, and the 13-inch and 15-inch devices feature a thin and light design, up to 18 hours of battery life, <keyword id="20830443" type="General" weightage="20" keywordseo="liquid-retina" source="keywords">Liquid Retina</keyword> display and new capabilities. With M3, MacBook Air is up to 60 per cent faster than the model with the M1 chip and up to 13 times faster than the fastest Intel-based MacBook Air, the company said in a statement. The new capabilities include support for up to two external displays and up to two times faster Wi-Fi than the previous generation. "From college students pursuing their degrees, to business users who need powerful productivity, or anyone who simply wants the unmatched combination of performance, portability, and industry-leading battery life, all in a fanless design, the new MacBook Air continues to be the world's best thin and light laptop," said <keyword id="20364351" type="General" weightage="20" keywordseo="greg-joswiak" source="keywords">Greg Joswiak</keyword>, Apple's senior vice president of Worldwide Marketing. Customers can now order the new MacBook Air with M3 and it will arrive on March 8. The 13-inch MacBook Air with M3 starts at Rs 114,900 and Rs 104,900 for education, and the 15‑inch MacBook Air with M3 starts at Rs 134,900 and Rs 124,900 for education. Both are available in midnight, starlight, silver, and space grey colours. The 13-inch MacBook Air with M2 chip now starts at Rs 99,900 and Rs 89,900 for education, informed the company. Featuring a powerful 8-core CPU, up to a 10-core GPU, and support for up to 24GB of unified memory, the new MacBook Air supports hardware-accelerated mesh shading and ray tracing. MacBook Air supports cloud-based solutions, enabling users to run powerful productivity and creative apps that tap into the power of AI, such as Microsoft Copilot for Microsoft 365, Canva, and Adobe Firefly, said the company. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/mukka-proteins-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/108212514.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/mukka-proteins-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/108212514.cms" target="_blank">Mukka Proteins IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/business/auto/news/passenger-vehicles-record-11-3-growth-in-february-2024-two-wheelers-record-35-growth/articleshow/108204817.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/passenger-vehicles-record-11-3-growth-in-february-2024-two-wheelers-record-35-growth/articleshow/108204817.cms" target="_blank">Passenger vehicles record 11.3% growth in February 2024, two-wheelers record 35% growth</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-12-5g-with-dimensity-7050-chipset-to-launch-in-india-on-march-6/articleshow/108129873.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-12-5g-with-dimensity-7050-chipset-to-launch-in-india-on-march-6/articleshow/108129873.cms" target="_blank">Realme 12+ 5G with Dimensity 7050 chipset to launch in India on March 6</a>

Apple introduces new MacBook Air laptop with M3 chip

<ul class="summary-list"><li>Mechanics at a Boeing supplier used liquid soap as a lubricant to fit a 737 Max door seal, <a target="_blank" href="https://www.nytimes.com/2024/03/11/us/politics/faa-audit-boeing-737-max.html?smtyp=cur&amp;smid=tw-nytimes">per NYT.</a></li><li>The instance was mentioned in a document discussing FAA audits of Boeing and its supplier, per NYT.</li></ul>The Federal Aviation Administration auditors saw mechanics for a Boeing supplier using liquid Dawn soap as a lubricant for fitting a door seal, <a target="_blank" href="https://www.nytimes.com/2024/03/11/us/politics/faa-audit-boeing-737-max.html?smtyp=cur&amp;smid=tw-nytimes">The New York Times reported.</a>The regulator then observed mechanics at Spirit AeroSystems, which builds the fuselage of <a target="_blank" href="https://www.businessinsider.com/boeing-737-max-safety-record-crashes-issues-2024-1">Boeing's 737 Max</a>, cleaning up using a wet cheesecloth, per The Times' Mark Walker.These findings were part of a six-week audit documented in a set of FAA presentation slides upon which The Times based its report.The slides said that Boeing had failed 33 of 89 product audits related to 737 Max production, while Spirit failed seven of 13 audits, per The Times.Global scrutiny is building on the quality of the 737 Max's fuselage after a <a target="_blank" href="https://www.businessinsider.com/alaska-boeing-737-max-9-door-blowout-company-response-earnings-2024-1">door plug on an Alaska Airlines</a> flight blew out in January while the aircraft was still midair.The incident triggered a push to investigate <a target="_blank" href="https://www.businessinsider.com/john-barnett-boeing-manager-whistleblower-dead-self-inflicted-wound-2024-3">safety standards at Boeing</a>, which had been <a target="_blank" href="https://www.washingtonpost.com/local/trafficandcommuting/long-before-the-max-disasters-boeing-had-a-history-of-failing-to-fix-safety-problems/2019/06/26/b4f5f720-86ee-11e9-a870-b9c411dc4312_story.html">accused of quality assurance lapses for several years.</a>The Times reported that most of the issues flagged by the FAA involved manufacturing staff not following approved procedures, while some involved issues with documenting quality control.A note for the liquid soap incident said the door seal fitting instructions were "vague and unclear on what specifications or actions are to be followed or recorded by the mechanic,'" per The Times.In response to The Times' report, Boeing told Business Insider in a statement that it would "continue to implement immediate changes and develop a comprehensive action plan to strengthen safety and quality.""We are squarely focused on taking significant, demonstrated action with transparency at every turn," the statement said.Spirit did not immediately respond to a request for comment sent outside regular business hours by Business Insider.A spokesperson for Spirit told The Times the firm is "reviewing all identified nonconformities for corrective action."The report comes after the FAA <a target="_blank" href="https://twitter.com/i/broadcasts/1MnxnMXwdgdJO">said in late February</a> that it had found quality control issues at Boeing, and gave the aviation company 90 days to submit a plan for fixing these problems.In response, Boeing CEO Dave Calhoun said the company plans to <a target="_blank" href="https://www.reuters.com/business/aerospace-defense/faa-tells-boeing-come-up-with-plan-90-days-fix-quality-issues-2024-02-28/#:~:text=WASHINGTON%2C%20Feb%2028%20(Reuters),month%20sparked%20renewed%20safety%20concerns.">follow through with the FAA's demands</a>. "We have a clear picture of what needs to be done," he said.

The FAA found staff at Boeing's supplier using liquid Dawn soap as lubricant for a 737 Max door seal: NYT

<ul><li>One of the biggest risks to the stock market in 2024 is the Federal Reserve's balance sheet reduction program.</li><li>Ned Davis Research said the Fed could spark a liquidity shock as Treasury issuances remain high.</li><li>"Powell has pledged that quantitative tightening will continue unless the economy collapses," NDR said.</li></ul>While the <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-long-term-secular-bull-market-trend-alive-2023-12">stock market catapults to new all-time highs to close out 2023,</a> there is still one big risk that is lurking in 2024, according to a Tuesday note from Ned Davis Research.That risk is the the shrinking of the <a href="https://markets.businessinsider.com/news/bonds/federal-reserve-balance-sheet-inflation-rate-hike-monetary-policy-crash-2022-11">Federal Reserve's balance sheet</a> to the tune of almost $100 billion per month, which could spark a liquidity crisis as Treasury issuances remain high."One of the biggest macro risks for 2024 is the continued reduction of the Fed's balance sheet or quantitative tightening (QT)," NDR warned.So far, the Fed has <a href="https://markets.businessinsider.com/news/bonds/fed-balance-sheet-reduction-1-trillion-treasury-bonds-quantitative-tightening-2023-10">reduced its balance sheet by nearly $1.3 trillion from its $9 trillion peak in 2022.</a> But the bulk of that reduction has been from the Fed reducing its usage of the reverse repo facility, resulting in a minimal net impact on reserves US banks hold at the Fed, according to NDR."Effectively, the shrinking of the Fed's balance sheet has had no effect on banking liquidity! No wonder why we are having a tough time seeing the impact of the Fed's tightening cycle on the real economy," NDR said.That's because the reverse repo is simply the Fed selling a security and agreeing to buy it back at a future date. But when the Fed moves past reducing its usage of reverse repos, it is bound to reduce its balance sheet via reserves held by US banks. About half of the Fed's balance sheet is made up of deposits from US banks.But that's set to change in 2024, and it could lead to a sharp decline in liquidity that will ultimately impact the stock market in a negative way."If the Fed keeps going with QT and the Treasury keeps issuing a ton of Treasury bills (both pretty good bets), the Reverse Repo Facility will go to zero, probably sometime in Q2. At that point, QT will begin affecting bank reserves, draining the market of liquidity. That won't be a happy time for the markets," NDR said.A <a href="https://markets.businessinsider.com/news/bonds/treasury-tbill-auctions-fed-quantitative-tightening-liquidity-drain-debt-ceiling-2023-6">decline in liquidity</a> will also limit banks' appetite to give loans to businesses and consumers, restricting the growth of the economy. Unless the Fed scales back QT, consider liquidity a big risk for markets in 2024."Powell has pledged that quantitative tightening will continue unless the economy collapses," NDR said, pouring cold water on the idea that the Fed might end its balance sheet reduction program. Liquidity conditions for Treasury bonds are not showing good signs due to the <a href="https://markets.businessinsider.com/news/bonds/treasury-tbill-auctions-fed-quantitative-tightening-liquidity-drain-debt-ceiling-2023-6">sharp rise in issuances this year amid big budget deficits and a near-government shutdown.</a> NDR said this could hurt the stock market over the next week."The Treasury will be auctioning 2s, 5s, and 7s next week, along with its regular supply of bills. That has resulted in liquidity conditions that are near the worst levels since the pandemic. Next week could see some wild volatility," NDR said.

The biggest risk to the stock market in 2024 may be a liquidity shock from the Fed

<ul class="summary-list"><li>Russia's economy is facing challenges despite resilience and high liquidity, says Rosneft's CEO.</li><li>He said the central bank's 16% interest rate to curb inflation hampers borrowing and investment.</li></ul>Russia's wartime economy appears to be humming along over two years into its war with Ukraine. But doing business is hard, according to the boss of a Russian oil giant."Despite a record 103 trillion ruble of liquidity within the perimeter of the Russian banking system, the industry is unable to raise financing," <a target="_blank" href="https://www.rosneft.com/press/news/item/219917/">said</a> Igor Sechin, the CEO of Rosneft — Russia's largest oil producer — at the <a target="_blank" href="https://www.businessinsider.com/russia-economy-politics-putin-nepo-baby-daughters-st-petersberg-forum-2024-6">St. Petersburg International Economic Forum</a> on Saturday. That's about $1.2 billion of liquidity.The country's top central banker, Elvira Nabiullina, has hiked interest rates up to 16% over the last year to tame inflation.The high rates discourage borrowing and investment, "which are necessary for sustainable development," said Sechin.It wasn't the first time Sechin griped about high interest rates.Last month, after Rosneft's first-quarter results, <a target="_blank" rel="noopener" class="media-ui-Link_link-tVkXhPLPofs-" href="https://www.rosneft.com/press/releases/item/219651/">Sechin said</a> that "market conditions in Russia have already resulted in a significant incremental cost of debt.""The Company's average quarterly debt service cost reached its maximum in the 21st century," Sechin added.On Friday, <a target="_blank" href="https://www.cbr.ru/eng/press/keypr/">Russia's central bank </a>kept its key interest rate at 16% for the fourth straight month. But the bank said in a statement that it "holds open the prospect of increasing the key rate at its upcoming meeting" on July 26 should high inflation continue.<a target="_blank" rel=" nofollow" href="https://tass.com/economy/1798675">Russia's inflation rate</a> stood at 8.17% from May 28 to June 3 — up from 8.07% a week earlier. This is double the central bank's 4% inflation target.<h2 id="baa7bab9-2d82-477a-b58d-fb615b79663e">Russia's overheated economy masks risks</h2>Sechin's comments highlight the challenges in Russia's sanctions-hit economy, which has appeared resilient despite the Ukraine war.Russia posted 3.6%<a target="_blank" rel=" nofollow" href="https://www.reuters.com/world/europe/russian-2024-gdp-growth-seen-matching-2023-36-finance-minister-says-2024-04-19/"> GDP growth last year</a> and unemployment rate hit a record low 2.6% in April. Meanwhile, real wages jumped nearly 13% in March from a year ago due to an ongoing labor crunch.It's so hot that Herman Gref, the CEO of Sberbank — Russia's largest bank by asset value — said last week the <a target="_blank" href="https://www.businessinsider.com/russias-economy-definitely-and-strongly-overheated-sberbank-ceo-2024-6">country's economy</a> is "definitely and strongly overheated." Nabiullina herself warned in December the country's economy was at <a target="_blank" rel="" href="https://www.businessinsider.com/russia-economy-central-bank-governor-nabiullina-warns-overheating-inflation-interest-2023-12">risk of overheating.</a>Reports from Russia suggest the country's economy is <a target="_blank" rel="" href="https://www.businessinsider.com/russia-economy-how-moscow-pays-war-economy-afloat-sanctions-ukraine-2024-2">primarily driven by</a> wartime activities that generate demand for military goods and services, subsidies that steady the economy, and sharp policy-making.But rosy GDP figures alone are not a good measure of economic performance during wartime. The main production — weapons and munitions — doesn't better the quality of life for Russians or contribute to future economic growth, Sergei Guriev, a former chief economist at the European Bank for Reconstruction and Development, <a target="_blank" href="https://daviscenter.fas.harvard.edu/insights/russias-economy-war-ukraine-and-hopes-post-putin-liberalization">said</a> in January.

A key Russian CEO just highlighted the clash between stabilizing the economy and growing business in wartime

<ul class="summary-list"><li>Stocks are in the middle of a liquidity rally, according to Fundstrat's Tom Lee.</li><li>The S&amp;P 500 will rocket to a new high of 5,200 in 2024, Lee said.</li></ul>Stocks will rocket to a new all-time high in 2024 as the Federal Reserve shifts to less-restrictive monetary policy and allows a liquidity rally to take off in the market, according to Fundstrat's Tom Lee.Lee, who has been one of the most persistently bullish forecasters on Wall Street this year, predicted the S&amp;P 500 could end up soaring to a record 5,200 by the end of 2024, implying a 13% upside from the index's current levels.That's largely due to expectations that the Fed could slash interest rates next year as inflation continues to cool off in the economy. Central bankers raised rates to a target range of 5.25%-5.5% to lower high prices, but rates could fall as low as 3.2%-3.5% next year, Fundstrat predicting, implying around 100 basis-points of rate cuts."The Fed is no longer fighting an inflation war, but really shifting towards managing the business cycle — huge change," Lee said in an interview with <a href="https://www.youtube.com/watch?v=zAEWkNWAmC4&amp;ab_channel=CNBCTelevision" target="_blank" rel="noopener">CNBC</a> on Friday.Markets already appear to be pricing in lower rates in the economy. Credit spreads are narrowing, with US investment grade corporate bond spreads recently tightening to their lowest level since 2022, according to <a href="https://www.bnnbloomberg.ca/credit-markets-signal-optimism-with-us-spreads-reaching-year-lows-1.2002980#:~:text=Credit%20Markets%20Signal%20Optimism%20With%20US%20Spreads%20Reaching%20Year%2DLows,-Josyana%20Joshua%2C%20Bloomberg&amp;text=(Bloomberg)%20%2D%2D%20US%20investment%2D,of%20its%20rate%20hiking%20cycle." target="_blank" rel="noopener">Bloomberg data</a>. Meanwhile, high-yield bond prices have rallied. That wouldn't be the case if the current rally in stocks was a fluke, Lee said."It's actually an improving liquidity rally, while investors took $420 billion out of stocks this year," he added.Meanwhile, cyclical stocks, bank stocks, and small-cap stocks have all turned higher in recent weeks, which is atypical for the later stages of the business cycle. That suggests the market is in a state of expansion, he added, supporting the uptrend in equities.Other forecasters on Wall Street have generally warmed up to the prospect of a soft-landing and so-called <a href="https://www.businessinsider.com/inflation-stocks-recession-paul-krugman-us-economy-outlook-immaculate-disinflation-2023-11">immaculate disinflation</a>, a dream scenario for stocks that involves the <a href="https://www.businessinsider.com/recession-2024-inflation-economy-interest-rates-stock-market-layoffs-fed-2023-11">US avoiding a recession</a> while inflation cools. Another positive year for the S&amp;P 500 is becoming a widely held view on Wall Street, with <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-2024-sp-500-record-bank-of-america-2023-11?utm_medium=ingest&amp;utm_source=markets" rel="">Bank of America</a>, <a href="https://www.businessinsider.com/stock-market-outlook-all-time-high-sp-500-deutsche-bank-2023-11?utm_medium=ingest&amp;utm_source=markets" rel="">Deutsche Bank</a>, and <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-2024-recession-sp-500-crash-societe-generale-2023-11?utm_medium=ingest&amp;utm_source=markets" rel="">Société Générale</a> also predicting the index could notch a new all-time-high in 2024.

Stocks are taking off on a 'liquidity rally' and will rocket to new highs in 2024, Fundstrat says

<ul class="summary-list"><li>A woman said she doesn't take her liquids out of her carry-on at airport security.</li><li>She said she has "never been bothered" about it by TSA.</li></ul>A woman has generated discussion about airport security after saying she never bothers taking liquids <a target="_blank" href="https://www.businessinsider.com/surprising-carry-on-items-arent-allowed-tsa-airport-security-2023-9">out of her carry-on</a> because she never gets caught.TikToker Emily Broxton told her followers she never removes liquids and gels from <a target="_blank" href="https://www.businessinsider.com/guides/travel/best-carry-on-bag">her hand luggage</a> and thinks the whole thing is a "scam.""One thing about me is I will never be taking my liquids out of my carry-on," she wrote as the caption of her video, which amassed 1.2 million views."I have never been bothered about this by TSA and am convinced the whole 'liquid' thing is a scam to inconvenience travelers." Broxton <a target="_blank" href="https://www.dailydot.com/news/liquid-rule-tsa/">told the Daily Dot</a> she was only referring to liquids and gels that are permitted in carry-on luggage in the US — 3.4 ounces (100ml) or less per container in one zip-lock bag per passenger, <a target="_blank" href="https://www.tsa.gov/travel/travel-tips/travel-checklist">according to TSA guidelines</a>.A similar limit is in place at many other overseas airports, although it has proven to be controversial. It was first introduced in 2006 as a temporary measure to protect against explosives. However, countries such as the UK are looking to remove the restriction, thanks to the introduction of advanced airport scanning technology."I have never had an issue at TSA with liquid containers of that size," she said.Frozen water is also permitted, a former TSA agent <a target="_blank" href="https://www.businessinsider.com/ex-tsa-agent-travel-tips-getting-through-security-frozen-water2024-1">previously told Business Insider</a>.In the comments, people were divided. Some said they don't worry about taking their liquids and gels out either because their bags have never been checked."I have never once taken my liquids out or even put them in a ziplock bag," one viewer wrote, saying they don't even make sure they are within the size allowance. "I just hope for the best."But others said they constantly had items confiscated."I have had my bags searched every single time I accidentally left liquid in my backpack or carry-on," wrote fellow TikToker Elyse Myers. "Idk how you've managed to avoid this."One viewer said she got "full on screamed at" when she forgot to remove a tube of toothpaste. Another said: "They tossed my favorite moisturizer once."Several people said they usually didn't have trouble, but mentioned London's Heathrow Airport was particularly thorough with its searches."It's all fun and games until you do this at Heathrow accidentally," one comment reads.The airport's CEO has previously stated that<a target="_blank" href="https://www.businessinsider.com/heathrow-airport-john-holland-kaye-ceo-blames-passengers-luggage-liquids-2022-7"> bag checks caused by people trying to take too much liquid on flights caused the most delays</a>.

A woman said she never bothers taking liquids out of her bag at airport security, sparking a heated debate

<ul class="summary-list"><li>99 Cents Only Stores, a discount chain with branches in several states, is winding down operations.</li><li>It's selling its 371 stores and will liquidate its merchandise and fixtures.</li></ul>Discount chain 99 Cents Only Stores is closing down.The retailer, which has 371 stores in California, Texas, Arizona, and Nevada, <a target="_blank" href="https://www.prnewswire.com/news-releases/99-cents-only-stores-announces-wind-down-of-business-operations-302108746.html">said</a> on Thursday that it was winding down its business operations.It will have liquidation at all its stores and will also sell its real estate."This was an extremely difficult decision and is not the outcome we expected or hoped to achieve," Mike Simoncic, interim CEO of the company, said in a statement.The chain sells a range of items including fresh produce, food cupboard items, home goods, and beauty products. It also sells products by name brands — ones shown on its website include Nivea, Lego, and Heinz — which it <a target="_blank" href="https://99only.com/99-brand-name-closeouts">says</a> it gets from big-box stores that over-order. Some of 99 Cents Only Stores' products are obtained through liquidation deals. The company owns its own fleet of trucks "to keep costs down."The chain, which opened its first store in Los Angeles in 1982, originally charged 99 cents for most of its items. Over the last two decades, the company has deviated from this price "to provide our customers with a wider assortment of product offerings and extreme value products and also to keep pace with rising operating costs," it <a target="_blank" href="https://99only.com/legal-stuff/pricing-policy">said</a>.In 2008, it raised the price of 99-cent products to 99.99 cents. "In almost all instances, this price was rounded up to one dollar at the register, and since that time, that is the amount a customer will be charged for merchandise at this price point," the company said.It said that over the years, it has also increased the number of products it sells priced at more than $1.Other discount chains have struggled to stick by low price points, too. <a target="_blank" href="https://www.businessinsider.com/dollar-tree-bargain-giant-is-raising-prices-inflation-2021-9">Dollar Tree</a> — the last of the US' three big dollar-store chains to stick to $1 — moved away from the price point in 2021.<h2>The pandemic, shrink, and inflation</h2>Simoncic, who will step down from his role, cited factors such as the pandemic, shifting consumer demand, <a target="_blank" href="https://www.businessinsider.com/what-is-retail-shrink-2023-11">rising levels of shrink</a>, and <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-consumer-price-index-food-gas-housing-prices-february-2024-3">persistent inflationary pressures </a>as hindering the company's ability to operate.The pandemic caused major shifts in the way that people shop, with a huge jump in online shopping. The last few years have also been characterized by high inflation, which has pushed up operating costs.The company said that it had conducted an "extensive analysis" of ways to continue operating. "Following months of actively pursuing these alternatives, the company ultimately determined that an orderly wind-down was necessary and the best way to maximize the value of 99 Cents Only Stores' assets," it added.

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