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Greater Noida, Feb 6 () Olectra Greentech on Thursday said it plans to add over 700 electric buses this year that will be deployed in the country across various cities like Indore, Surat and Dehradun. The company, which has a strategic partnership with China's BYD, the world's largest electric vehicle maker, currently has over 270 buses running on Indian roads. It supplies electric buses to various state transport undertakings (STUs) and municipalities. "By the end of this year, we are going to have 735 new buses deployed in India across various locations. Currently, we have over 270 buses," Olectra Greentech Executive Director Naga Satyam told . He added that 200 buses will be added in Madhya Pradesh (Indore, Jabalpur, Ujjain and Bhopal), 150 each in Surat and Nasik and, 50 buses in Goa. Olectra has a manufacturing unit near Hyderabad. "We have been spearheading the electric vehicle adoption in the country with a focus not only to 'Make in India' but also 'Made for India'. We have covered significant ground in meeting the requirements of several states in the country and being the partners of choice for the EV revolution in the country for Mumbai, Pune, Nagpur, Himachal Pradesh, Hyderabad and Kerala where our eBuses are already plying," he said. Talking about the C9 - which is slated to be unveiled later on Thursday by Transport Minister Nitin Gadkari - Satyam said the vehicle is the company's first intercity electric bus. "We have now taken this initiative to the intercity routes also which will address the concerns of the distance covered by ebuses. C-9 can cover up to 300 km on a single charge which makes it an apt zero-emission travel option for the intercity travel operators leading to savings in the longer run," he added. The bus is equipped with various safety features including EU standard FDSS System with TUV certification, ADAS System (Driver Fatigue System) and ITS System as per Indian Regulatory requirement. To handle any crisis, it offers a Panic Alarm System and Emergency lighting system in case of an accident. The Defroster fitted on the bus enables the driving in foggy conditions due to better visibility. SR ANS MRMR

Olectra to deploy over 700 electric buses across cities this year

A corpus of Rs 1 lakh crore will be established with 50-year interest free loans to encourage the private sector to scale up research and innovation in sunrise domains, Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> announced on Thursday. Presenting the interim Budget 2024-25, Sitharaman said this will be a golden era for India's tech savvy youth. "A corpus of Rs 1 lakh crore will be established with 50-year interest free loan. The corpus will provide long-term financing or refinancing with long tenures and low or nil interest rates," the minister said. "This will encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programmes that combine the powers of our youth and technology," she added. EV stocks rally Shares of companies related to the electric vehicle segment jumped on Thursday after the announcement that the government will expand the electric vehicle ecosystem to support charging infra, and e-buses for public transport networks will be encouraged. The stock of Olectra Greentech jumped 6.21% to reach its 52-week high of Rs 1,849.25 on the BSE. JBM Auto climbed 4.96% to hit its one-year peak of Rs 2,010.80. Greaves Cotton went up by 3% to the day's high of Rs 168.55. The government will expand the electric vehicle ecosystem to support charging infra, and e-buses for public transport networks will be encouraged, Finance Minister Nirmala Sitharaman said on Thursday. Sitharaman, in her pre-election Budget, which is technically a vote on account and popularly termed an interim Budget, also said the blending of compressed biogas into compressed natural gas for transport and piped natural gas will be mandatory. Biomanufacturing and bio foundry scheme will be launched to provide environment-friendly alternatives for bio-degradable production, she added.

Corpus of Rs 1 lk cr to scale up research in sunrise domains: FM Sitharaman

India Inc on Saturday termed the Budget as "growth provoking and welfare inducing" but said that urgent implementation of the measures proposed will be crucial for achieving desired outcomes, while acknowledging that Finance Minister Nirmala Sitharaman had "little room" to manoeuvre. Soon after Sitharaman unveiled the Union Budget for 2020-21 in Parliament woven around the themes of aspirational India, and economic development for all and caring society, India Inc took to Twitter to share views on the announcements.
 The finance minister proposed new slabs and reduced tax rates under them for an individual income of up to Rs 15 lakh per annum, if a taxpayer opts for foregoing exemptions and deductions.
 She also proposed to remove dividend distribution tax on companies, and henceforth the tax will be shifted to recipients at the applicable rate.
 "Amidst global turbulence and nations dealing with bushfires &amp; corona virus, FM Sitharaman has looked to craft a granular long-term strategy to focus on vital issues. The nation was requesting kuch 'caro na' to her, however she had little room to manoeuvre! (sic)," RPG Enterprises Chairman <keyword id="52673" type="PERSON" weightage="20" keywordseo="harsh-goenka">Harsh Goenka</keyword> tweeted. "FM promises end to tax harassment to India Inc. correcting companies act to decriminalise many non-compliances. A much needed message to infuse trust," Biocon CMD <keyword id="55796" type="PERSON" weightage="20" keywordseo="Kiran-Mazumdar-Shaw">Kiran Mazumdar Shaw</keyword> tweeted. PHDCCI President D K Aggarwal said the focus on economic development is the need of the hour to rejuvenate the growth momentum of the country.
 "Right areas of thrust for manufacturing - to be part of GVC, attract investment in electronics, focus on quality and facilitate export. Urgent implementation will be the key," Mahindra &amp; Mahindra Managing Director <keyword id="156418" type="PERSON" weightage="20" keywordseo="Pawan-Goenka">Pawan Goenka</keyword> tweeted. "Budget has put more disposable income in the hands of the common man by the rationalisation of the personal income tax slabs. Secondly, the removal of the dividend distribution tax is a welcome move and has great benefit for all those mutual fund investors who rely on dividend income from their mutual fund investments," Mahindra Mutual Fund MD &amp; CEO <keyword id="961366" type="PERSON" weightage="20" keywordseo="Ashutosh-Bishnoi">Ashutosh Bishnoi</keyword> said. Olectra Greentech Limited Executive Director Naga Satyam said the allocation of Rs 4,400 crore towards promoting clean air in the cities with 1 million plus population and steps to close the thermal power stations surpassing the permissible emission limits, reaffirms the government's commitment towards curbing pollution.
 "Sector specific allocations and reforms in direct tax will firmly handhold industry and startups in their economic pursuits. Budget envisages creating a caring society, greater trust in citizens and transparency in administration which is a sign of a matured economy," said Suraj Malik Partner, BDO India LLP.
 "DDT removal is good as it increases dividends received in the hands of the taxpayer - however, such receipts to now are taxable in their hands. Those above 20 per cent tax slab - will now face more tax on their dividend income," Archit Gupta, Founder, and CEO, <keyword id="2763190" type="PERSON" weightage="20" keywordseo="Cleartax">ClearTax</keyword> said.

India Inc acknowledges that FM had little room to manoeuvre

<div class="image-container float_right" style="width:480px"><div class="image">AP<keyword id="10212" type="PERSON" weightage="60" keywordseo="Bill-Clinton">Bill Clinton</keyword> speaks at the opening of GreenTech automotive. Close friend and company chairman Terry McAulliffe sits in the background.</div></div>TUNICA, Miss. (AP) — Four years ago, a startup car company announced with great fanfare big plans for the Mississippi Delta: Using money from foreign investors and other sources, it would build a massive auto plant to churn out a new line of energy-efficient cars and bring thousands of jobs to the area.
It seemed like a win for everyone involved. The foreign investors who plunked down at least $500,000 for the venture would get the opportunity to stay in the United States and a path to citizenship, an impoverished area of Mississippi would get some desperately needed jobs, the state would generate tax revenues, and the political leaders involved would be able to tout job-creation prowess.
Today, the place where the plant was to be remains mostly vacant except for a temporary construction trailer. The company — GreenTech Automotive Inc. — is under investigation by the Securities and Exchange Commission and the probe is reverberating well beyond Mississippi's borders, bringing scrutiny to a Virginia gubernatorial candidate and the company run by the brother of former Secretary of State Hillary Rodham Clinton.
"Back in 2009, it was a big deal," said 21-year-old casino employee Perry Turner, who lives across the highway from GreenTech's mostly empty site in rural Tunica County. "I haven't heard much else about it."
Some analysts say it was a risky business plan and foreign investors may have been more interested in an easy way to get a visa and a chance at citizenship than trying to support a venture that had a good chance to turn a profit or create jobs.
In October 2009, GreenTech's owner, Chinese businessman Xiaolin "Charles" Wang, unveiled four prototype cars during a flashy ceremony and promised to build a $2 billon plant in the heart of the Mississippi Delta.
Besides backing from foreign investors, some 100 acres were donated by Tunica County's economic development foundation, at a cost of $1.8 million, and in 2011 the state gave a $3 million loan toward site preparation. For a time, the company's chairman was politically connected heavyweight <keyword id="215050" type="PERSON" weightage="60" keywordseo="Terry-McAuliffe">Terry McAuliffe</keyword>, a close adviser to both former President Bill Clinton and his wife, a former Democratic national chairman. McAuliffe is now a contender for Virginia governor.
The cars were supposed to start rolling off the assembly line in 2012. The company now hopes to start producing cars next year. And while they say they still plan to build a plant in Tunica County, all that was on the land on a recent afternoon was a construction trailer, a few pieces of equipment and a few workers strolling around.
The company instead now uses a former elevator factory 30 miles away in Horn Lake. A McAuliffe spokesman said about 100 small electric vehicles were built by the time McAuliffe resigned from the company in December. The thousands of promised jobs have yet to materialize.
"It takes time to build a brand new company in a capital-intensive industry like electric vehicles, and we will not cut corners on quality or safety as we progress. We have a plan. The plan is working. We're sticking to it," GreenTech said in a statement.
The company said it has more than 100 workers and "once production is ramped up" should employ at least 350 — the same number of jobs required under the state loan agreement.
Jeff Rent, a spokesman for the Mississippi Development Authority, said the company has assured the agency they're on track to meet hiring goals.
Industry analysts say the company faces hurdles to succeed.
"A brand-new electric car company without an established U.S. partner, or global partner, is a lofty goal," said Joe McCabe, president of AutomotiveCompass, which forecasts global vehicle and power train production. "They're one of several other electric manufacturing startups entering a tough market. They have to come with something better to the game, not just an also-ran."
Other analysts say GreenTech exposes problems with a program used to attract foreign investors — known as the EB-5 visa program.
David North, a fellow with the Center for Immigration Studies, a nonprofit based in Washington, D.C., that examines immigration policies, said the foreign investors in the EB-5 program are primarily motivated by a desire to get green cards for them and their families, not to find lucrative propositions.
"So this EB-5 program by its very nature is often linked to second- and third-class investments," he said.
Under the EB-5 visa program, foreigners can invest $500,000 or $1 million in American business ventures depending on the location of the project. In GreenTech's case, the program called for $500,000 investments.
The EB-5 program is capped at 10,000 investors a year, and had 6,106 applicants in 2012.
Under the rules of the program, each EB-5 investment must create at least 10 jobs. In exchange, the foreign investors get to stay in the United States for up to two years and can then apply for full citizenship, a speedier process than afforded to most other immigrants who must wait five years after establishing residency before being eligible for citizenship.
The federal U.S. Citizenship and Immigration Services' Immigrant Investor Program also designates so-called "regional centers," companies that have authorization to handle the company's EB-5 investments — and can collect thousands of dollars in fees from foreign investors to process their visa applications.
In this case, Gulf Coast Funds Management — a company headed by Tony Rodham, Hillary Clinton's brother — is the designated "regional center" and has raised 45.5 million from foreign investors for GreenTech, according to an internal immigration services document obtained by The Associated Press that outlines background information about the firm. Rodham has not responded to phone messages at Gulf Coast Funds or a message sent to an email address listed in government reports submitted to the government.
Hybrid Kinetic Motors, a predecessor to GreenTech, paid Gulf Coast $250,000 for assistance in setting up the EB-5 program, according to a lawsuit between Wang and his former partner. Regional centers collect additional fees for processing the investments.
Of GreenTech's 91 foreign investors, only one has received permanent residency status, according to an internal immigration services document obtained by the AP that outlines background information about the firm; the name of the investor was not disclosed.
Simone Williams of GreenTech said "every one of our first two rounds of EB-5 investors was approved and their investment was released to GreenTech Automotive." But she did not provide the number of investors.
She said the government's pace in approving foreign investors has slowed down plans to start construction at its Tunica County facility.
Christopher Bentley, spokesman for immigration services, said in an email he couldn't comment on details on the plans by GreenTech and Gulf Coast Funds.
In May, the SEC subpoenaed unspecified documents from GreenTech and banking records from Gulf Coast, according to nearly 100 pages of documents recently released by Sen. Charles Grassley, R-Iowa.
The documents indicate GreenTech allegedly improperly guaranteed investors returns on their money. GreenTech has acknowledged receiving the subpoenas and said the company is cooperating with investigators.
The Department of Homeland Security inspector general also is investigating allegations that USCIS director Alejandro Mayorkas— President Barack Obama's pick for the No. 2 slot at DHS — used his influence to help Gulf Coast obtain a foreign investor visa for a Chinese executive.
Since the 2009 groundbreaking, GreenTech has changed its business plan. Instead of producing versions of the four prototypes it showcased then, including hybrid cars, it now says its plant, when built, will have the capacity to make 30,000 electric vehicles each year, including a sedan and small electric vehicles known as MyCars. It now aims to have the first ones rolling off the line in Tunica by April.
In the meantime, GreenTech has been using space at an old elevator factory in Horn Lake, Miss., where the company says it's building MyCars, neighborhood electric cars that are a cross between a golf cart and a full-sized vehicle. It's not clear how many of the MyCars — which are not legal to drive on U.S. highways — have been sold.
GreenTech recently declined an AP request to tour the Horn Lake facility. The company won't say how many MyCars it has produced or sold, but says it has "international distribution agreements for 30,000 vehicles over the next three years."
Local officials haven't lost hope it will all still happen as advertised.
"I still look at this as an ongoing economic development project," said Lyn Arnold, president and CEO of the Tunica County Chamber of Commerce.
Some residents are ready to see results, like 33-year-old waitress Shaquita Pickett, who said a car plant would be a big boost for the county.
"We really do need one here because we need better jobs," she said.
___
Weiss reported from Charlotte, N.C. Associated Press writers Jeff Amy in Jackson, Miss.; Bob Lewis in Richmond, Va.; Alicia A. Caldwell in Washington D.C.; Michael Kunzelman in New Orleans; and AP researchers Judy Ausuebel and Rhonda Shafner contributed to this report.
___
Follow Holbrook Mohr on Twitter at http://twitter.com/holbrookmohr
Follow Mitch Weiss on Twitter at http://twitter.com/mitchsweiss
<div class="nc_footer">
Copyright (2013) Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
</div>

'Green' Car Startup Associated With Clinton Pal Has Been A Flop, And Is Now Being Investigated By The SEC

<ul class="summary-list"><li>Well-known venture capitalist <a href="https://www.businessinsider.com/category/fred-wilson">Fred Wilson</a> released his predictions for the 2020s this week.</li><li>He predicted that <a href="https://www.businessinsider.com/category/climate-change">climate change</a> will be the major crisis of the century, comparable to world wars of the previous century. </li><li>Wilson also predicted the collapse of real estate values in particularly vulnerable areas, and a resurgence of nuclear power.</li><li>Other VCs have predicted growth in "greentech" and interest in sustainability over the next decade.</li><li><a href="https://www.businessinsider.com/">Visit Business Insider's homepage for more stories.</a></li></ul>Legendary venture capitalist Fred Wilson calls himself an optimist, but his first prediction for the 2020s sounds bleak. Wilson is the cofounder of Union Square Ventures, a New York-based venture capital firm that's invested in companies like Stripe, Coinbase, Cloudflare, and Twitter. He's historically released his predictions for the coming year each January, and in his <a href="https://avc.com/2020/01/what-will-happen-in-the-2020s/">10 predictions for 2020</a>, Wilson places climate change - which he says will be the defining crisis of the century, akin to the world wars of the 20th century - at the top of his list."It will require countries and institutions to re-allocate capital from other endeavors to fight against a warming planet," Wilson wrote. "This is the decade we will begin to see this re-allocation of capital." Wilson predicted a few of the ways the imminent climate crisis will play out. He expects to see carbon "taxed like the vice that it is" in countries around the world, including the US. A carbon tax has been proposed in the US before: In 2016, a <a href="https://www.businessinsider.com/mit-carbon-tax-only-way-to-break-dependence-on-fossil-fuels-2016-3">study from economists</a> at MIT and the University of Chicago suggested that it was the most promising way to fight climate change, and in 2019, 45 economists <a href="https://www.businessinsider.com/climate-change-economists-agree-policy-needed-lawmakers-not-on-board-2019-1">published a letter</a> in The Wall Street Journal advocating for a carbon tax. According to Wilson, this decade may also bring a change in real estate, as values collapse in areas most detrimentally affected by climate change, and grow in areas that benefit from a warming planet. Others have seen this coming as well, with some investors demanding <a href="https://www.businessinsider.com/rising-seas-are-threatening-the-value-of-costal-real-estate-2018-8">discounts on coastal properties</a> due to the anticipated effects of climate change. Some millenials are even <a href="https://www.businessinsider.com/millennials-buying-property-rural-areas-climate-disaster-vermont-oregon-2018-12">reportedly buying land in rural locations</a> as a climate crisis backup plan.Maybe more optimistically, Wilson wrote that he expects to see "massive capital investments made in protecting critical regions and infrastructure." One of the major criticisms of President Trump's <a href="https://www.businessinsider.com/trumps-infrastructure-plan-climate-change-environment-2018-2">$1.5 billion infrastructure plan</a> is that it fails to address resilience in the face of climate change.Wilson also predicted investment in alternative energy sources, including nuclear power and solar power."All of these things and many more will cause the capital markets to focus on and fund the climate issue to the detriment of many other sectors," he wrote.In a <a href="https://www.businessinsider.com/venture-capitalist-tech-predictions-for-2020">Business Insider roundup</a> of VC predictions for 2020, others noted that increasing awareness of climate change will make sustainability and "greentech" major areas of investment in the near future. Wilson echoed this idea in another of his predictions, suggesting that plant-based diets will become dominant by the end of the decade as food production moves to labs and people seek to lessen the environmental impact of their diets.

Venture capitalist Fred Wilson made an ominous prediction that climate change will be this century's world war

<ul class="summary-list"><li><keyword id="10247921" type="UNKNOWN" weightage="60" keywordseo="president-biden">President Biden</keyword> is set to unveil the second part of his infrastructure-spending package, dubbed the American Families Plan.</li><li><keyword id="142216" type="COMPANY" weightage="60" keywordseo="UBS-Wealth-Management">UBS Wealth Management</keyword> says greentech, semiconductors, financials, and industrials will benefit from the new bill.</li><li>The UBS team also believes Biden's planned tax increases will only mildly affect earnings per share.</li></ul>In a new client note, UBS Global Wealth Management laid out four sectors set to benefit from President Biden's second <keyword id="426176" type="PERSON" weightage="60" keywordseo="infrastructure-spending">infrastructure spending</keyword> bill, dubbed the American Families Plan.<keyword id="3648399" type="PERSON" weightage="60" keywordseo="mark-haefele">Mark Haefele</keyword>, the firm's chief investment officer, said that unlike many market commentators, he doesn't believe Biden's infrastructure spending has been fully priced in.According to Haefele, President Biden's American Families Plan - together with the American Jobs Plan - could amount to a $4 trillion investment in US infrastructure, and much of it has yet to be accounted for.Haefele's UBS team said they believe four sectors will see gains from the historic infrastructure spend: greentech, semiconductors, industrials, and financials.<h3>(1) Green tech</h3>With "a meaningful portion" of President Biden's infrastructure spending plan dedicated to decarbonization initiatives, UBS expects Greentech companies to be the biggest beneficiary of the incoming record spend.Companies that operate in electric vehicles, renewable power, clean energy, energy efficiency, and water and electric grid upgrades should perform well, according to UBS.The suppliers for Greentech firms are also set to outperform during 2021. UBS said it has been "tactically adding exposure" in Greentech firms and their suppliers over the last few months amid a pullback for high-flying tech names.<h3>(2) Semiconductors</h3>President Biden has allocated $50 billion to subsidize domestic semiconductor manufacturing and research in a move to combat China's growing dominance in the field.UBS expects this will help US-based manufacturers expand their footprint in 2021 and beyond, making the sector a top pick for investors.Intel already announced plans to add <a href="https://www.businessinsider.com/intel-pat-gelsinger-20-billion-manufacturing-factories-fabs-semiconductors-2021-3">$20 billion worth of foundry capacity</a> in March.<h3>(3) Industrials</h3>The obvious pick to benefit from infrastructure spending is industrials, and UBS agrees. The wealth management office said steel and aggregate (cement) companies stand to benefit from Biden's spending. However, the UBS team also said it cut exposure to steel companies recently due to outperformance in the sector caused by supply imbalances.The wealth management group said as supply constraints improve over the next year they expect steel companies to "come under pressure." <a href="https://markets.businessinsider.com/stocks/x-stock">US Steel</a> is already up nearly 250% over the past year alone. <h3>(4) Financials</h3>Finally, UBS believes the financial sector will benefit from infrastructure spending due to higher interest rates.The wealth management office said a move toward higher interest rates as the economy reopens will "more than offset" modest drags from tightening regulations.The team also said they see President Biden's combined infrastructure plans boosting GDP by 0.5 percentage points and that earnings per share will grow 12% next year thanks to above-trend GDP growth.Higher taxes, which are expected to pay for at least part of the infrastructure spending, will also only trim S&amp;P 500 profits by about 4% in 2022, based on UBS' research.

These 4 sectors are set to benefit from President Biden's American Families Plan, UBS says

<ul><li> <keyword id="6365707" type="ORGANIZATION" weightage="60" keywordseo="ubs">UBS</keyword> said that investors will benefit from buying fintech, healthtech, greentech, and 5G stocks as these 4 sectors will disrupt the technology industry and become the dominant investment themes throughout the next decade. </li></ul><ul><li>These themes will dominate the market as last decade's leaders—technology and consumer discretionary—lag behind. </li></ul><ul><li>UBS added that the coronavirus pandemic triggered a permanent shift towards telemedicine and contactless payments, two investment themes with upside ahead.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest">Visit Business Insider's homepage for more stories</a>.</li></ul>If the last decade was about <keyword id="35175" type="ORGANIZATION" weightage="60" keywordseo="investing">investing</keyword> in technology, the "Next Big Thing" in the 10 years ahead will be investing in "disruptors" in sectors ripe for technological transformation, according to UBS. In its "Year Ahead <keyword id="3718131" type="PERSON" weightage="60" keywordseo="2021">2021</keyword>" outlook note released last week, the world's largest wealth manager said that investments in fintech, healthtech, greentech, and 5G will dominate the market as broader technology stocks lag behind. "Since 1973, if a US equity sector was a top two performer over the previous 10 years, it had only an 8% chance of staying there over the next 10 years, and a 25% chance of fall- ing into the bottom two," UBS said. "This pattern suggests that 'the Next Big Thing' probably won't come from the top two sectors of the last decade: technology and consumer discretionary." Here are four up-and-coming investment themes that UBS says have massive upside in the next decade.<h3>Fintech</h3>The coronavirus pandemic has sparked a shift towards contactless and mobile payments and e-commerce that UBS says will lead to a permanent shift in consumer spending habits. At the beginning of 2020, cash and checks still accounted for 39% of payment flows around the world, indicating the fintech space has further growth ahead."We expect fintech firms to enjoy earnings growth rates in the mid-to- high teens over the next decade, making the industry one of the fastest-growing globally. We think the industry has the potential to expand to USD 500 billion by 2030 from USD 150 billion in 2018," said UBS. <h3>Healthtech</h3>UBS said the pandemic has simultaneously increased patient focus on health while reducing people's ability to access health care. Because of this, telemedicine will gain rapidly in the next decade. UBS added that investors should seek out stocks in advanced diagnostics as well. "We think health technology will play a critical role in improving the efficiency and quality of healthcare in the decade ahead," UBS said.Read more: <a href="https://www.businessinsider.com/investing-strategy-top-percentile-fund-manager-how-he-invests-mcgill-2020-11">Brad McGill's fund is beating 99% of its peers this year. The small-cap manager shares how he invests for big wins and where he is finding opportunities amid a 39% return year-to-date.</a><h3>Greentech</h3>Investors should be on the lookout for opportunities in <keyword id="34553" type="ORGANIZATION" weightage="60" keywordseo="renewable-energy">renewable energy</keyword>, especially as more major economies of the world like the EU and Japan pledge to go carbon neutral in the next 30 years, UBS says. Today, only around 8% of global electric power is generated by solar and wind, but that figure will need to rise to around 30% to meet sustainability goals, indicating strong growth prospects for renewable energy. UBS also sees investment opportunities in batteries for electric vehicles and hydrogen energy. <h3>5G</h3> Following Apple's launch of its first 5G-enabled iPhone, UBS expects a wave of interest in the technology in a wide range of industries including real-time automation, video services, highly-connected smart cities, and connected vehicles.

The world's largest wealth manager breaks down 4 sectors that will disrupt the technology industry and become major investment themes over the next decade

<ul><li><keyword id="6365707" type="ORGANIZATION" weightage="60" keywordseo="ubs">UBS</keyword>'s <keyword id="3648399" type="PERSON" weightage="60" keywordseo="mark-haefele">Mark Haefele</keyword> said in a Friday note that while <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> and <keyword id="4675570" type="PERSON" weightage="60" keywordseo="SPACs">SPACs</keyword> show signs of "irrational exuberance," investors shouldn't worry that the whole stock market is in a bubble. </li><li>Within the IPO and <keyword id="10080892" type="UNKNOWN" weightage="60" keywordseo="spac-market">SPAC market</keyword> and cryptocurrencies, prices are discounting future rapid price appreciation, a factor that's typically present during market bubbles, said Haefele.</li><li>But large parts of the stock market are not expensively valued by historical comparison, the chief investment officer of global wealth management said. </li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>. </li></ul>While many parts of the market are showing signs of "irrational exuberance" that should alarm some investors, UBS's Mark Haefele says there are still some risk assets outside of bubble territory."All of the bubble preconditions are in place," he explained in a Friday note, citing record low financing costs, new participants entering into the market, and a combination of historically low interest rates and high savings rates from government stimulus that's left investors who are searching for returns with no alternative but equities.However, Haefele said that while parts of the market seem speculative, investors shouldn't worry that the whole market is in a bubble."The cryptocurrency <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> are exhibiting signs of excessive speculation and the IPO/SPAC markets are the hottest in two decades. But these markets do not yet pose a broader systemic risk," the chief investment officer of global wealth management said.Within the IPO and SPAC market, as well as crypto, prices are discounting future rapid price appreciation, a factor that's typically present during market bubbles, said Haefele.Speculation is pushing up prices for bitcoin, especially as major investors raise their long-term price targets for the coin, like Guggenheim's Scott Minerd who sees bitcoin hitting $400,000 in the future.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-best-profit-growth-reopening-goldman-sachs-2021-1" target="_blank" rel="noopener">GOLDMAN SACHS: Buy these 25 stocks best-positioned to juice profits in 2021 as stimulus and vaccine progress spur economic growth</a>First-day IPO performance is also the strongest in around two decades. Airbnb <a href="https://markets.businessinsider.com/news/stocks/airbnb-stock-price-ipo-trading-debut-valuation-past-100-billion-2020-12-1029882956?utm_campaign=browser_notification&amp;utm_source=desktop?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest">leaped 115%</a> on its first day of trading, while DoorDash opened 78% higher than its offer price. SPACs raised more than $70 billion in 2020, more than the entire prior decade combined, he said.But equities as a whole are not in a bubble, said Haefele. For one, he explained that large parts of the market are not expensively valued by historical comparison. Removing Facebook, Amazon, Apple, Microsoft, Netflix, and Google, the <keyword id="123873" type="PERSON" weightage="60" keywordseo="SP-500">S&amp;P 500</keyword> only rose 6% in 2020. He also said that valuations of indices look reasonable against the backdrop of low interest rates, and used an equity risk premium approach to explain why stocks still look cheap relative to bonds. Against that backdrop, he recommends investors "think beyond the bubbles." "One reason that bubbles can be so deceptive is that there is often a grain of truth behind their narratives. The dotcom bubble, for example, correctly anticipated the impact of the internet," said Haefele. "Many of the narratives linked to today's bubbles may also prove to be correct. Investors may be able to capture some upside but reduce the risk associated with bubbles by identifying the narrative, yet investing in a more diversified way." He reiterated <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-ubs-sectors-disrupt-technology-next-decade-fintech-2020-11-1029831521">his suggestion to investors to buy emerging technology investment themes</a> like 5G, fintech, greentech, and healthtech, while staying diversified. He also said UBS is bullish on emerging market stocks.Read more: <a href="https://www.businessinsider.com/stock-market-crash-biggest-bubble-ever-bearish-indicator-sven-henrich-2021-1" target="_blank" rel="noopener">'Extremes are becoming ever more extreme': A Wall Street strategist who sounded the alarm before last year's 35% crash showcases the evidence that a similar meltdown is looming</a>

Cryptocurrencies and SPACs show signs of 'irrational exuberance,' but the stock market is not in a bubble, says UBS

<ul><li>The <keyword id="123873" type="PERSON" weightage="60" keywordseo="SP-500">S&amp;P 500</keyword> could rally about 14% to hit 3,900 if President Donald <keyword id="6354862" type="UNKNOWN" weightage="60" keywordseo="trump">Trump</keyword> wins the November election, according to <keyword id="44660" type="CITY" weightage="60" keywordseo="JPMorgan">JPMorgan</keyword>.</li><li>A Trump victory is the "most favorable outcome for equities," a team of analysts led by the chief US equity strategist Dubravko Lakos-Bujas said in a note on Friday.</li><li>They said a "Blue Sweep" scenario would be mostly neutral for equities in the short term, because more federal stimulus could be offset by rising corporate taxes.</li><li>JPMorgan said it expected energy, financials, and healthcare to see the biggest moves, as both Joe Biden and Trump mentioned the sectors specifically on their campaign trails.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>The <a href="https://markets.businessinsider.com/index/s&amp;p_500_500">S&amp;P 500</a> could rise 14%, to 3,900, if President Donald Trump retains his position in the White House, JPMorgan analysts said on Friday.A Trump victory could push the mega-cap index 300 points higher than the firm's base-case target for year-end, the analysts said. The S&amp;P 500 stood at about 3,400 at Monday's close.<keyword id="31671" type="CITY" weightage="100" keywordseo="markets">Markets</keyword> have been <a href="https://markets.businessinsider.com/news/stocks/markets-outlook-biden-election-victory-democratic-senate-fiscal-stimulus-jpmorgan-2020-10-1029694606#">preparing for a Democratic sweep and frontloaded stimulus</a> to boost the economic recovery. But JPMorgan analysts led by Dubravko Lakos-Bujas, the chief US equity strategist, said they expected "an 'orderly' Trump victory as the most favorable outcome for equities."On the other hand, "a 'Blue Sweep' scenario is expected to be mostly neutral in the short term, as it would likely be accompanied by some immediate positive catalysts (i.e. larger fiscal stimulus / infrastructure) but also negative catalysts (i.e. rising corporate taxes)," the team wrote.JPMorgan said that after analyzing Twitter sentiment and comparing it with traditional polling data, it found more evidence that the race was tightening, while traders seemed to be minimizing the risk of a contested election.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-companies-beat-q3-earnings-expectations-bofa-2020-10" target="_blank" rel="noopener noreferrer">BANK OF AMERICA: Buy these 11 underowned stocks ahead of their earnings reports because they're the most likely candidates to beat expectations in the weeks ahead</a>The bank said it expected the energy, financials, and healthcare sectors to see the biggest price swings, as both Trump and Joe Biden, the Democratic nominee, referred to them on their campaign trails.JPMorgan has created baskets of <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> that bet on winners from either Democratic or Republican victories in November. A glance at the top components of both baskets showed that the Biden basket, including alternative-energy and green-tech stocks, was outperforming the Trump basket, with traditional energy and fossil-fuel companies, by 66%.<div type="image" title="Screenshot 2020 10 27 at 11.48.05" height="942" width="1064" msid="78893237" hostid="261"></div>"Given the large divergence between these two baskets (i.e. similar to momentum/value), coupled with our expectation that COVID-19 headline risk likely declines post-election, we see an increasingly compelling case for Value in the coming period," the analysts said.Read more: <a href="https://www.businessinsider.com/chamath-palihapitiya-shares-5-sectors-shaping-long-term-investing-plan-2020-10" target="_blank" rel="noopener">'I'm basically going to be long growth': Billionaire investor Chamath Palihapitiya has hauled in a 997% return since 2011. He details the 5 sectors shaping his long-term investment playbook.</a>

The S&P 500 could jump 14%, to 3,900, if Trump wins the election, JPMorgan says

<ul><li>Jeremy Grantham's early stake in battery producer <a href="https://markets.businessinsider.com/stocks/qs-stock">QuantumScape</a> has surged following the firm's merger with a special-purpose acquisition company, but Grantham still isn't sold on the blank-check IPO trend.</li><li>Grantham invested $12.5 million into the company seven years ago. That stake now stands at roughly $278 million thanks to a <keyword id="1817616" type="ORGANIZATION" weightage="60" keywordseo="SPAC">SPAC</keyword> merger and <keyword id="9411489" type="UNKNOWN" weightage="60" keywordseo="QuantumScape">QuantumScape</keyword>'s subsequent stock rally.</li><li>The position is "by accident the single biggest investment I have ever made," Grantham told the <a href="https://www.ft.com/content/faedd2a1-2008-4f1e-9198-7694fba791b0">Financial Times</a>.</li><li>Still, the investor sees SPACs as a "reprehensible instrument, and very very speculative by definition," largely due to their lack of listing requirements and overall regulation.</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurl?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest">Visit the Business Insider homepage for more stories</a>.</li></ul>The very kind of dealmaking that Jeremy Grantham previously deemed "reprehensible" netted the famous investor a $265 million profit.Grantham, who founded investment management firm GMO and serves as its long-term investment strategist, invested $12.5 million in battery producer <a href="https://markets.businessinsider.com/stocks/qs-stock">QuantumScape</a> seven years ago as one of several stakes in early green-tech companies, according to the <a href="https://www.ft.com/content/faedd2a1-2008-4f1e-9198-7694fba791b0">Financial Times</a>.The position swelled after Kensington Capital Partners announced plans to merge QuantumScape with a special-purpose acquisition company, or SPAC, in September.The deal valued QuantumScape at $3.3 billion, and shares traded at more than four times their listing price when the acquisition was completed on November 30. The company's stock rallied another 31% on Tuesday alone, valuing Grantham's stake at roughly $278 million.Read more: <a href="https://www.businessinsider.com/top-wall-street-investors-of-2020-stock-picks-2021-outlook-2020-12" target="_blank" rel="noopener">We spoke with Wall Street's 9 best-performing fund managers of 2020 to learn how they crushed the chaotic market - and compile the biggest bets they're making for 2021</a>Yet the legendary investor isn't convinced Wall Street's SPAC frenzy will last. The QuantumScape position is "by accident the single biggest investment I have ever made," Grantham told the FT, partially fueled by the so-called blank-check companies' lack of regulation."It gets around the idea of listing requirements, so it is not a useful tool for a lot of successful companies. But I think it is a reprehensible instrument, and very very speculative by definition," he added.Grantham's profit stands to climb even higher. QuantumScape soared as much as 37% in early Wednesday trading. Should the rally hold into the market close, it would add another $100 million to his total gains. SPAC firms raise capital through an initial public offering with the intention of using the cash to acquire a firm and take the merged entity public. The last two years have seen market favorites including Virgin Galactic, DraftKings, and Nikola go public through such deals.Read more: <a href="https://www.businessinsider.com/investing-strategy-hedge-fund-managers-trades-bets-2020-emmet-peppers-2020-12" target="_blank" rel="noopener">Emmet Peppers grew his accounts from $30,000 in 2010 to over $70 million this year. The newly minted hedge fund manager breaks down how he spotted early opportunities in Tesla, Facebook, and the COVID-19 market crash - and shared one IPO on his radar.</a>Blank-check IPOs exploded in 2020 as firms looked to take advantage of a surge in participation from retail investors and hopes for an economic recovery. More than $74 billion has been raised across 218 SPAC debuts in 2020, according to data from <a href="https://spacinsider.com/stats/">SPACInsider.com</a>. That compares to just $13.6 billion raised across 59 deals in 2019.Wall Street's obsession with the vehicles could be a sign of unsustainable market optimism, Grantham told the FT, rivaling the overwhelming bullishness seen during the 1920s and the late-1990s tech bubble.Tesla's meteoric rise through the year has made electric-vehicle SPACs - and any SPAC related to the EV market - particularly popular. QuantumScape lands in that basket. The firm produces solid-state batteries used in electric cars and has backing from industry giant Volkswagen.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/stocks-to-buy-cheap-high-quality-lgbt-inclusive-credit-suisse-2020-12" target="_blank" rel="noopener">Credit Suisse maintains an index of LGBT-inclusive firms that's crushed its global benchmark since 2010. Here are the top 28 stocks the firm says to buy now from the basket.</a><a href="https://markets.businessinsider.com/news/stocks/doordash-ipo-stock-offering-price-filing-dash-trading-debut-nyse-2020-12-1029875380">DoorDash prices IPO at $102 per share, will raise $3.4 billion</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-stretched-investor-positioning-sp500-strategy-goldman-sachs-2020-12-1029874597">Stocks could stumble in early 2021 as investor sentiment surges past market fundamentals, Goldman Sachs says</a>

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